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- 09/18/18--15:14: _Browns and Vikings ...
- 09/18/18--16:16: _'I love it here': M...
- 09/18/18--16:19: _50 epic photos from...
- 09/18/18--16:55: _What to do when gam...
- 09/18/18--17:11: _13 rules to help yo...
- 09/18/18--17:30: _The woman accusing ...
- 09/18/18--18:20: _Brett Kavanaugh's a...
- 09/18/18--18:43: _Top 11 waiver-wire ...
- 09/18/18--19:03: _How insurers are us...
- 09/18/18--20:19: _A long-dormant high...
- 09/18/18--22:09: _The US looks like t...
- 09/18/18--22:52: _Former GM exec Bob ...
- 09/18/18--23:10: _The Conservatives a...
- 09/18/18--23:56: _10 things in tech y...
- 09/19/18--01:03: _The UK could become...
- 09/19/18--01:05: _Barclays research c...
- 09/19/18--01:16: _The $100,000 stocks...
- 09/19/18--01:32: _Frontrunner to repl...
- 09/19/18--01:38: _The Brexit price sq...
- 09/19/18--01:56: _The CEO of Denmark'...
- The Browns and the Vikings both released their kickers after dreadful performances Sunday.
- Vikings head coach Mike Zimmer did not hold back when addressing the media regarding the team's decision to release former Auburn kicker Daniel Carlson.
- Browns head coach Hue Jackson was more sympathetic to kicker Zane Gonzalez, who missed four of six attempts in Cleveland's 21-18 loss to Saints.
- US Defense Secretary Jim Mattis dismissed reports of his impending exit from the Pentagon.
- Mattis attributed repeated suggestions he could be ousted to the what described as the media's enthusiasm for rumors.
- There has been considerable turnover in the Trump administration, but Trump says he's still happy with his Pentagon chief.
- The 185th Oktoberfest celebration starts September 22 and runs through October 7.
- The tradition started as an annual way to celebrate the marriage of Bavarian Crown Prince Ludwig and Princess Therese of Saxony-Hildburghausen. The pair were married in 1810.
- Thousands of people gather at Theresienwiese every year to drink beer and honor traditional Bavarian culture.
- Dr. Christine Blasey Ford, the woman accusing Judge Brett Kavanaugh of sexually assaulting her during their high school years in the 1980s, has moved out of her house and hired private security because of death threats she has received since coming forward.
- Ford, a mother of two teenagers, has received vulgar emails and messages on social media, a New York Times report said.
- "From what I've heard you have 6 months to live, you disgusting slime," one of the messages reportedly read.
- Ford and her attorney have yet to respond to invitations to testify at a public hearing about her allegations against Kavanaugh.
- Attorneys for Dr. Christine Blasey Ford, the woman accusing Judge Brett Kavanaugh of sexually assaulting her during their high school years in the 1980s, wants "a full investigation by law enforcement officials" of the alleged incident.
- Ford's attorneys said in a letter that a federal investigation must be conducted, prior to any hearings, in order "ensure that the crucial facts and witnesses in this matter are assessed."
- Prior to the letter, lawmakers were awaiting Ford's response to their request for a public hearing set for Monday.
- The letter also confirmed earlier reports that Ford, a mother of two teenagers, was targeted with death threats after she came forward with her allegations against Kavanaugh.
- The Justice Department previously said that the allegation "does not involve any potential federal crime" to warrant an FBI investigation.
- The world's largest auto insurers now offer usage-based policies, which price premiums based on vehicle usage data collected directly from the car.
- Large home and commercial property insurers are using drones to inspect damaged properties, which can improve workflow efficiency and reduce their reliance on human labor.
- Health and life insurance firms are offering customers fitness trackers to encourage healthy behavior, and discounts for meeting certain goals.
- Home insurers are offering discounts on smart home devices to current customers, and in some cases, free devices to entice new customers.
- Forecasts the number of Americans who will have tried usage-based auto insurance by 2021.
- Explains why narrowly tailored wearables could be what's next for the health insurance industry.
- Analyzes the market for potential future insurance products on IoT devices.
- Discusses and analyzes the barriers to consumers opting in to policies that collect their data.
- A private, Florida-based transportation company said it plans to acquire a long-dormant high-speed rail project designed to connect Las Vegas to Southern California.
- Brightline Trains plans to take up the XpressWest project in hopes of bringing an electric-powered train to the West Coast.
- The company currently operates high-speed trains in Florida, connecting Miami, Fort Lauderdale and West Palm Beach.
- South Korean President Moon Jae-in and North Korean leader Kim Jong Un agreed to make several steps towards denuclearization to promote "a land of peace" after their summit in Pyongyang on Wednesday.
- One of the key parts of the September Pyongyang Joint Declaration included the "permanent dismantlement" of North Korea's primary nuclear facility in Yongbyon, and allowing international inspectors to observe the disassembly of an engine test site.
- Moon prefaced this plan by noting the US needed to reciprocate the measure.
- Kim and Moon also agreed to collaborate on a bid to host the 2032 Summer Olympics. Additionally, Kim said he "promised" to visit Seoul "in the near future."
- Bob Lutz, the former vice chairman of General Motors and prominent Tesla critic, would like you to know that he still believes Tesla's days are numbered.
- Lutz said in an interview with CNBC on Tuesday that the totality of the electric-car maker's financial, administrative, manufacturing, and legal problems signal Tesla "is headed for the graveyard."
- The remarks come at another challenging time for Tesla and its CEO, Elon Musk, as US authorities investigate his claim that he had "funding secured" to take his company private. Tesla is also working overtime to crank out as many of its mass-market Model 3 sedans as it can.
- "They will never make money on the Model 3 because the cost is way too high," Lutz said Tuesday. "He's got 9,000 people in that assembly plant producing less than 150,000 cars per year. The whole thing just doesn't compute."
- Theresa May's former deputy policy chief ally Will Tanner warns that the prime minister and the Conservative party are "sleepwalking into opposition.”
- Tanner, who is now Director of the new Conservative think tank Onward, spoke to Business Insider in an exclusive interview.
- Tanner described the move of ethnic minority voters away from the Conservatives in 2017 as "painful" and suggested that attempts to win over younger voters had been "patronising."
- 09/18/18--23:56: 10 things in tech you need to know today
- The UK's Treasury Select Committee released a report into crypto assets on Wednesday.
- The report called the space a "Wild West" and calls for anti-money laundering and consumer protection regulation.
- But the report doesn't dismiss crypto altogether and said the UK could become a global centre for crypto if it regulates it right.
- The New York Attorney General's Office has also released a report on crypto exchanges, warning on conflicts of interest, consumer protection, and abusive trading practices.
- 09/19/18--01:05: Barclays research co-head Scoffin is leaving the bank (BARC)
- Jon Scoffin, co-head of Barclays' research division, is leaving the firm.
- The bank has also been slashing managing director roles and other senior jobs as part of a broader reorganization that kicked off earlier this year.
- Kim Kardashian West might have a future on Wall Street.
- The reality TV star was gifted shares in five major companies for Christmas last year by her husband Kanye West.
- The stocks have since soared 40% on average, according to data from Markets Insider.
- The companies include Netflix, Adidas, Disney, Apple and Amazon.
- Top performers were Netflix and Amazon, who rocketed 61% and 74% respectively since Kim was given shares.
- It is understood that Kanye bought his wife around $100,000 worth of stock in both Adidas and Disney.
- Exclusive: Lib Dem leadership frontrunner Layla Moran speaks to Business Insider about the problems facing the party.
- Moran attacks current leader Vince Cable's plans to reform the party.
- She says there are "major concerns" about allowing non-politicians to lead the party.
- She does not rule out running for leader before 2020.
- CPI inflation increases to 2.7% in August, up from 2.5% in July, confounding economists forecasts.
- Inflation has now unexpectedly risen for two consecutive months.
- Goods increasing in price in the months including theatre tickers, clothing, and sea fares, the Office for National Statistics said.
- The pound jumped on the data release, hitting its highest level since July against the dollar.
- CEO of Denmark's largest bank steps down over Estonian money laundering scandal.
- Thomas Borgen resigned after an investigation into the scandal which could have impacted €200 billion ($234 billion) of transactions.
- Danske Bank has so far identified 6,200 customers who may have been involved in suspicious activity, undertaken via its Estonian branch.
The Browns and the Vikings failed to come away with wins in their respective games Sunday afternoon, and in both cases, their teams' kicking performances were primarily to blame.
Both franchises have since parted ways with their kickers, but the way the coaches addressed media about the decision could not have been more different.
Minnesota kicker Daniel Carlson went 0-3 on field goals in his former team's 29-29 tie with the Packers. Two of those misses came during overtime, including a 35-yard boot that would have won the game for the Vikings.
Head coach Mike Zimmer had no qualms about releasing the former Auburn kicker, calling the decision a "pretty easy" one.
"Did you see the game?" Zimmer added.
Cleveland head coach Hue Jackson showed much more mercy when he talked to kicker Zane Gonzalez after his dreadful performance in the Mercedes-Benz Superdome.
"I told him to put his head up," Jackson said. "He’s still one of the guys in that room. He kicked well in practice, [but] it didn’t make it here in the game today."
The second-year kicker out of Arizona State misfired on a 52-yard field goal attempt that would have tied the game in the final seconds. He also missed two extra-point attempts and an additional field goal en route to the Browns' 3-point loss to the Saints.
Jackson confirmed reports that Gonzalez was playing with a groin injury in Sunday's contest, but said that "I did not know and nobody had ever reported to me from our medical department that Zane was hurt."The Browns waived Gonzalez Monday to make room for rookie free-agent Greg Joseph after he worked out for the team earlier in the day.
"Obviously, we have to find someone that can put the ball through the uprights," Jackson said after Joseph signed. "We have had this situation happen now for a couple of weeks. We have to keep searching and keep looking."
Minnesota decided to go a completely different direction with the future of their kicking staff. The Vikings swapped out their fifth-round draft pick up for veteran Dan Bailey. The former Cowboy is the second-most accurate kicker in NFL history.
Vikings are signing former Cowboys kicker Dan Bailey, per source. Bailey had turned down four offers since start of season.— Adam Schefter (@AdamSchefter) September 17, 2018
NOW WATCH: What it takes to be an NFL referee
Rumors continue to swirl about Defense Secretary Jim Mattis' looming departure from the Pentagon.
Suggestions Mattis could be ousted have surfaced several times during President Donald Trump's time in office.
A recent Politico report said Trump has cooled on the Pentagon chief he once praised, dropping the nickname "Mad Dog" for "Moderate Dog," in what was reported to be a swipe at the defense secretary's purported attempts to moderate or slow-walk White House initiatives.
Mattis was asked about the rumors outside the Pentagon on Tuesday, and he responded with some jokes and jabs of his own.
Mattis denied that he was considering leaving. "I'm thinking about doing my job each day," he said, smiling. He said he wouldn't take reports of his impending departure "seriously at all."
"It's like most of these kind of things in this town. Somebody cooks up a headline. They then call to a normally chatty class of people. They find a couple of other things to put in. They add the rumor. Somebody on the other coast starts writing the same thing. Next thing you know you got a story," Mattis said.
"It'll die down, just like how many times [have] we been through this now just since I've been here?" he added. "It'll die down soon, and the people who started the rumor will be allowed to write the next rumor too. Just the way the town is. Keep a sense of humor about it."
When asked if he never thought about leaving, Mattis offered some wit as he walked away.
"Of course I don't think about leaving. I love it here. I'm thinking about retiring here, getting a nice little place down on the Potomac," he said, gesturing toward the river, which is not far from the Pentagon.
Mattis responds to reports his time at the DoD is short: You shouldn't take the reports seriously.— Julio Rosas (@Julio_Rosas11) September 18, 2018
Adds how the "rumor" is spread by the news.
"Of course I don't think about leaving, I love it here. I'm thinking about retiring here, getting a little place down on the Potomac."pic.twitter.com/vNZxRvajXN
Mattis was not Trump's first choice for the job.
But one of the president's top candidates, retired Army Gen. Jack Keane spoke highly of Mattis, as did other national-security figures like late Sen. John McCain. (Mattis retired from the Marine Corps as a general in 2013 and had to get a congressional wavier to take over at the Pentagon, as he had not been out of the service for the minimum of seven years.)
In spite of that, Trump touted Mattis before taking office, praising him as "a true General's General." But Mattis has not been able to remain above the intrigue of the Trump White House.
Reports have emerged of Trump's frustration with slow implementation of some of his policies.
A former senior White House official told NBC News this summer that Trump and Mattis "don't really see eye to eye."
The White House reportedly has a shortlist of potential replacements.
"We're very happy with him,"Trump said this month, when asked about Mattis' future. "We're having a lot of victories."
When you think of Oktoberfest, you're probably thinking about three things: Germany, lederhosen, and beer.
Whether you've actually been in Munich for the festivities or you've taken part elsewhere around the world, you know it's essentially one giant party.
It's also been commercialized over the years with lederhosen and dirndl Halloween costumes and Oktoberfest-inspired craft beers.
But there's a whole lot more to the festive celebration than you might think. These epic photos will show you just what we're talking about.
In 1810, Bavarian Crown Prince Ludwig — he would later go on to become King Ludwig I of Bavaria — married Princess Therese of Saxony-Hildburghausen.
Source: Business Insider
The Bavarian royalty threw an epic wedding celebration on the fields in front of the city gates and invited the citizens of Munich to join them.
Those who weren’t in Munich were celebrating the wedding all across Bavaria.
See the rest of the story at Business Insider
Cary Sherman has a message for executives worried that tech giants like Google and Amazon are about to eat their lunch: Don't beat yourself up. But don't give up.
Sherman should know. As CEO of the Recording Industry Association of America, Sherman lived through the industry's darkest period as new technologies like Napster and internet sharing forever changed the rules of the game and decimated sales.
Now, nearly a decade after music sales reached their low point, the business is growing again; consumers are paying for streaming services and enjoying access to an unprecedented trove of music.
Altering what seemed to many like the inevitable course of history was no sure thing. Sherman and the record labels endured false starts, surprises and setbacks. They erred. The number of labels fell from five to three. They laid off hundreds of workers and alienated fans.
But for companies and industries now facing a similarly existential tech threat, Sherman's experience offers some valuable lessons.
Read BI Prime for the playbook and the important takeaways that Sherman developed while waging the business battle of his life.
A group of companies, including Google, Amazon, Apple, Microsoft, Oracle, IBM, and Intel are investing big money to develop artificial intelligence and other game-changing technology. These new AI superpowers are expected to pay your industry a visit in the not-so-distant future, leaving key parts of your product obsolete and the economics of your business in tatters.
The good news is that some people have faced the dramatic changes brought on by a technological tsunami and seen their sectors not only survive, but eventually flourish again.
Cary Sherman, CEO and Chairman of the Recording Industry Association of America, the lobbying group for the three top music labels, is one of those survivors.
The advent of digital music files and online sharing that started in the late 1990s plunged the music industry into its darkest period — in 2009, at the low point, US annual music sales fell to $6.3 billion, less than half of the $14.6 billion posted for 1999.
Now, nearly a decade later, annual music sales are growing again and consumers are paying for streaming services that provide access to an unprecedented trove of music.
It wasn't easy. Sherman and the record labels endured numerous false starts, surprises and setbacks. They erred. The number of labels fell from five to three. They laid off hundreds of workers and alienated fans. They were mocked and vilified by the tech press
What follows is the story of how recorded music clawed its way back. Sherman's account is a playbook of tips for other industries that may soon find themselves in the fight of their lives:
1. Remember, it may take time to grasp the nature of the threat
Napster, the file-sharing service cofounded by Shawn Fanning, launched in June of 1999.
Sherman and his staff immediately recognized it as a threat but didn't appreciate how big of a threat it was.
"I think everybody underestimated the speed at which it would grow and the size that it would grow to," Sherman tells Business Insider.
Before a court ordered Napster shut down in 2001, the service had enabled maybe as many as 8o million people around the world to share countless numbers of songs, free of charge.
If a 19-year-old college kid with minimum resources could create a worldwide phenomenon and flip the music industry on its head, what might be accomplished by seasoned technologists who were backed by big bucks?
2. Accept that the competitive threat may evolve, morph and quickly adapt
Napster was a centralized peer-to-peer service. A central server indexed the users and their libraries of MP3 song files so others could access them. The music industry had seen earlier, clunkier, and far less popular versions, called File Transfer Protocol technology.
"We started with FTP sites," Sherman said. "Napster was the next form of piracy in 1999 and then a couple of years later came a decentralized form of piracy. Then, came cyber lockers and so on… each generation of formed piracy had a completely different scale beyond anything we had seen before. And so we saw very quickly that things were spinning out of control."
3. Expect your entry barriers and moats to be breached
The year before Fanning invented Napster, the big recording companies thought they had piracy-proofed their business thanks in large part to the Digital Millennium Copyright Act, which outlawed the cracking of anti-piracy protections on CDs and the distribution of pirated songs by Internet services.
But the new breed of services let users store music files on their computers, rather than on centralized servers owned by internet providers. That meant that internet service providers weren't liable for the pirated music and it left the record labels with no effective way to stop the problem.
The DMCA, the record industry's main bastion of defense against piracy, was "obsolete within eight months," says Sherman.
See the rest of the story at Business Insider
Dr. Christine Blasey Ford, the woman who accused Judge Brett Kavanaugh of sexually assaulting her during their high school years in the 1980s, has moved out of her house and hired private security detail because of death threats she has received since coming forward.
A person familiar with the matter told The New York Times that Ford, a mother of two teenagers, began receiving vulgar emails and messages on social media.
"From what I've heard you have 6 months to live, you disgusting slime," one of the messages allegedly read.
The Times' source added that Ford has also received supportive messages after giving her account of the alleged incident: "Ninety percent of people think she's a hero and are extremely supportive of her, and 10 percent want her to die immediately," the person told the newspaper.
In July, Ford initially wrote about her allegation in a letter that was eventually sent to Sen. Diane Feinstein of California, the ranking Democrat on the Senate Judiciary Committee. At the time, Ford reportedly expected her story to remain confidential and her identity anonymous. Ford decided to go public with her account after it was leaked and inaccurate reports emerged.
"These are all the ills that I was trying to avoid," Ford said to The Washington Post. "Now I feel like my civic responsibility is outweighing my anguish and terror about retaliation."
The committee's planned vote for Kavanaugh's confirmation on Thursday was delayed after Democrats and a few key Republican lawmakers expressed hesitation about moving forward. The committee announced on Monday it would hold a public hearing next week for Kavanaugh and Ford.
Kavanaugh has denied the allegation and said he would testify to "refute this false allegation" and "defend my integrity."
Until late Tuesday, Ford and her attorney had not yet responded to the committee's hearing request. It soon emerged that the attorney sent a letter to the Republican Senate Judiciary chairman Chuck Grassley, asking that the FBI investigate Ford's accusations against Kavanaugh to "ensure that the crucial facts and witnesses in this matter are assessed in a non-partisan manner."
The letter revealed Tuesday evening confirmed The New York Times' earlier reporting about threats Ford has received, saying Ford has "been the target of vicious harassment and even death threats."
Ford's attorney continued, according to CNN: "We would welcome the opportunity to talk with you and Ranking Member Feinstein to discuss reasonable steps as to how Dr. Ford can cooperate while also taking care of her own health and security."
NOW WATCH: Inside the Trump MAGA hat factory
Attorneys for Dr. Christine Blasey Ford, the woman who accused Judge Brett Kavanaugh of sexually assaulting her during their high school years in the 1980s, said she wants "a full investigation by law enforcement officials" for the alleged incident prior to her making an appearance in a public hearing, according to a CNN report published Tuesday.
Ford's attorney's wrote in a letter to Sen. Chuck Grassley, the Republican chairman of the Judiciary Committee, saying that an FBI investigation would "ensure that the crucial facts and witnesses in this matter are assessed in a non-partisan manner," and would be critical "before conducting any hearing or making any decisions."
"We would welcome the to opportunity to talk with you and Ranking Member [Dianne] Feinstein to discuss reasonable steps as to how Dr. Ford can cooperate while also taking care of her own health and security," the letter reportedly said.
"What we're saying is there should be an investigation because that's the right thing to do," Lisa Banks, Ford's attorney, said to CNN host Anderson Cooper. "She is prepared to cooperate with the committee and with any law enforcement investigation."
Sen. Diane Feinstein of California, the ranking Democrat on the Judiciary Committee, cosigned Ford's request for an investigation.
"We should honor Dr. Blasey Ford’s wishes and delay this hearing," Feinstein said in a statement on Tuesday. "A proper investigation must be completed, witnesses interviewed, evidence reviewed and all sides spoken to. Only then should the chairman set a hearing date."
The letter also confirmed earlier reports that Ford, a mother of two teenagers, was targeted with death threats.
Earlier on Tuesday, the New York Times reported that after Ford went public with her allegation, she moved out of her house and arranged for a private security detail after she received vulgar emails and messages on social media.
Utah Sen. Orrin Hatch, who chairs the finance committee, pushed back on Ford's request for an FBI investigation: "The FBI does not do investigations like this. The responsibility falls to us," Hatch wrote, reiterating Grassley's offer to let Ford testify before the Judiciary Committee.
"We should proceed as planned," he said.
The Justice Department said in a statement on Monday that the sexual assault allegation "does not involve any potential federal crime" to warrant an FBI investigation, according to The Associated Press. It added that the department's role in conducting background investigations during the nomination process was to determine whether the nominee may be a national security risk.
Kavanaugh, President Donald Trump's nominee for the Supreme Court, was said to be "stumbling drunk" when he allegedly sexually assaulted Ford during a party in high school. She claimed Kavanaugh pinned her to a bed, groped her over her clothes, and covered her mouth with his hand when she started to scream.
Prior to the letter from Ford's attorneys, lawmakers were left in limbo after multiple messages for Ford to appear in a public hearing went unanswered. After the Senate Judiciary Committee's planned vote for Kavanaugh's confirmation on Thursday was delayed, the committee announced on Monday it would hold a public hearing next week for Kavanaugh and Ford.
Kavanaugh has categorically denied the allegation and said he would testify to "refute this false allegation."
It is unclear if a full investigation would be concluded before the planned public hearing on Monday. Key witnesses appeared reluctant to discuss the alleged incident or have no memory of it. Mark Judge, Kavanaugh's former classmate who became implicated in the allegation, already signaled that he was unwilling to appear before the Judiciary Committee.
"I have no more information to offer the Committee and I do not wish to speak publicly regarding the incidents described in Dr. Ford's letter," Judge said in a statement.
NOW WATCH: Inside the Trump MAGA hat factory
Two weeks of football are now in the books, and for fantasy football players, that means the season is starting to take shape.
You begin to get a sense of where your team might need to improve, which of your sleepers might not pan out, and what your weak spots will be once bye weeks begin.
Thankfully, there's still plenty of talent to be found on the waiver wire in Week 2 — it's early enough in the season that jobs and depth charts are still changing, meaning there's still plenty of plays to be made, even if your team is off to a rough start.
Below we've collected 11 potential waiver-wire targets for fantasy players looking to bolster their rosters. Whether your team is in need of a backup quarterback, a bye-week fill in for later in the year, or a potential breakout player after a less than stellar draft, there are options at every position to help you put yourself in position to win your league.
All ownership percentages come from ESPN, and scoring is based on a standard ESPN points per reception format.
Ryan Fitzpatrick, QB, Tampa Bay Buccaneers
ESPN fantasy ownership: 30.9%
Week 2 stats: 402 passing yards, four touchdowns, one interception — 30 fantasy points
One thing to know: Ryan Fitzpatrick was the first player mentioned in our Week 1 waiver wire pickups, but after another impressive performance against an Eagles defense expected to be one of the best in the league, he's worth another mention as he's owned in just 30.9% of leagues. He'll at least be starting for the Buccaneers through Week 4, and if he keeps playing at anything similar to this pace, he might hold on to the job even after Jameis Winston is ready to rejoin the team.
Matt Breida, RB, San Francisco 49ers
ESPN fantasy ownership: 61.8%
Week 2 stats: 138 rushing yards, one rushing touchdown, three receptions, 21 receiving yards — 24.9 fantasy points
One thing to know: Matt Breida was thrust into the starting job in San Francisco after Jerick McKinnon tore his ACL just days before the start of the season. While his Week 1 performance was underwhelming, he broke out in Week 2. He's already owned in a majority of leagues, but it's worth checking to see if he's available when putting together your waiver claims.
Austin Ekeler, RB, Los Angeles Chargers
ESPN fantasy ownership: 42.5%
Week 2 stats: 77 rushing yards, three receptions, 21 receiving yards — 12.8 fantasy points
One thing to know: Austin Ekeler was also one of our Week 1 pickups, and after another double-digit fantasy performance, it's a bit easier to believe he'll continue to have value in the No. 2 role behind Melvin Gordon.
See the rest of the story at Business Insider
This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.
Insurance companies have long based their pricing models and strategies on assumptions about the demographics of their customers. Auto insurers, for example, have traditionally charged higher premiums for parents of teenage drivers based on the assumption that members of this demographic are more likely to get into an accident.
But those assumptions are inherently flawed, since they often aren't based on the actual behaviors and characteristics of individual customers. As new IoT technologies increasingly move into the mainstream, insurers are able to collect and analyze data to more accurately price premiums, helping them to protect the assets they insure and enabling more efficient assessment of damages to conserve resources.
A new report from Business Insider Intelligence explains how companies in the auto, health, and home insurance markets are using the data produced by IoT solutions to augment their existing policy pricing models and grow their customer bases. In addition, it examines areas where IoT devices have the potential to open up new insurance segments.
Here are some of the key takeaways:
In full, the report:
A private, Florida-based transportation company said it plans to acquire a long-dormant high-speed rail project designed to connect Las Vegas to Southern California.
Brightline Trains plans to take up the XpressWest project, in hopes of developing an electric-powered train service for the West Coast, The Wall Street Journal reported. Brightline already operates high-speed trains in Florida, connecting Miami, Fort Lauderdale, and West Palm Beach.
It was not immediately clear how much Brightline paid for the rights to the XpressWest project. It had already received many of the state and federal approvals it needed to get underway. The project is expected to run 185 miles along Interstate 15, the main artery between Southern California and Las Vegas.
Initially, the train will run from the Las Vegas Strip to the California desert city of Victorville, which sits about 85 miles northeast of Los Angeles.
XpressWest, which was originally conceived in 2005 by famed Las Vegas Strip contractor Tony Marnell, stalled due to a lack of funding. Brightline officials addressed that in a press release on Tuesday:
“Estimates have shown the XpressWest project to cost $7 billion, but Brightline officials believe they can cut that in half.” Ben Porritt, a company spokesperson, told Business Insider on Tuesday.
Experts have expressed doubt about whether the high-speed train project is financially viable. Some pointed to a bullet train project meant to connect Los Angeles and San Francisco— the costs of which have ballooned to $60 billion, according to the latest estimates.
But Brightline officials highlighted a study conducted by the High Desert Corridor Joint Powers Authority, an agency that supports the project. Its study claims as high-speed train could generate about $1 billion in annual revenue by 2035.
Brightline is expected to start building the rail line in 2019, and power it up by 2022.
South Korean President Moon Jae-in and North Korean leader Kim Jong Un agreed to make several steps toward denuclearization to promote "a land of peace" after their summit in Pyongyang on Wednesday.
Kim and Moon signed the September Pyongyang Joint Declaration, which offered more specifics than in previous agreements, in front of gaggle of news reporters for their third summit meeting. Moon arrived on Wednesday as the first South Korean president in Pyongyang in 11 years.
One of the key parts of the agreement included the "permanent dismantlement" of North Korea's primary nuclear facility in Yongbyon, and allowing international inspectors to observe the closure of an engine test site and missile launch pad. Moon prefaced this plan by noting the US needed to reciprocate the measure.
"We have agreed to make the Korean Peninsula a land of peace that is free from nuclear weapons and nuclear threat," Kim said. "The road to our future will not always be smooth and we may face challenges and trials we can't anticipate."
Kim and Moon also agreed to make a joint bid to host the 2032 Summer Olympics. The two countries competed together during the 2018 Winter Olympics in Pyeongchang, South Korea, despite some protests from conservative South Korean lawmakers and athletes. The move was part of an initial effort to improve relations between the two Koreas ahead of a summit between the US and North Korea, which took place in June.
Kim also said he "promised" to visit Seoul "in the near future." Moon reiterated the claim by saying that a potential visit may take place in 2018 "unless there are certain special circumstances." A visit by a North Korean leader to Seoul, the first since the Korean Peninsula was divided, would likely spark mass protests, just as it did when North Korea's delegation of athletes and musical performers visited the country during the Winter Olympics.
Former North Korean leader Kim Jong Il, Kim Jong Un's father, made a similar promise to visit Seoul after a summit in 2000, but the trip never happened.
While the two leaders expressed cautious optimism in the months ahead, the US, South Korea's key ally, expressed concern over the developments. US-North Korean diplomatic relations have seemingly stalled after Secretary of State Mike Pompeo suddenly canceled his trip to North Korea in August.
President Donald Trump embraced Kim since their June meeting in Singapore. Conversely, Trump has publicly sought to drive a wedge between China and the North, at times scapegoating China for slowing the diplomatic process.
Republican Sen. Lindsey Graham of South Carolina, a skeptic of North Korea's recent outreach to the international community, said he was "concerned" over Moon's visit to Pyongyang.
"I'm concerned South Korea's visit is going to undermine efforts by [Pompeo] and [US ambassador to the UN Nikki Haley] to impose maximum pressure on the North Korean regime," Graham said in a tweet on Tuesday. "While North Korea has stopped testing missiles and nuclear devices, they have NOT moved toward denuclearization."
"South Korea should not be played by Kim Jong Un," Graham added.
Following the declaration's signing, Trump praised the development and called it "very exciting."
"Kim Jong Un has agreed to allow Nuclear inspections, subject to final negotiations, and to permanently dismantle a test site and launch pad in the presence of international experts," Trump said in a tweet on Tuesday night. "In the meantime there will be no Rocket or Nuclear testing."
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Former General Motors vice chairman Bob Lutz says he thinks Tesla"is headed for the graveyard."
He pointed to a handful of Tesla's problems in a CNBC interview on Tuesday. The totality of the electric-car maker's financial, administrative, manufacturing, and legal problems, Lutz suggested, mean that Tesla's days are numbered.
The remarks come at a challenging time for Tesla and its CEO, Elon Musk, as US authorities investigate his claim that he had "funding secured" to take his company private. Tesla is also working overtime to crank out as many of its mass-market Model 3 sedans as it can.
"They will never make money on the Model 3 because the cost is way too high," Lutz said Tuesday. "He's got 9,000 people in that assembly plant producing less than 150,000 cars per year," he said, referring to Musk. "The whole thing just doesn't compute."
Lutz quipped that the company would be the subject of a "Who killed Tesla?" movie "in another year or two."
Indeed, Tesla has some daunting challenges ahead, including a massive amount of debt, including $920 million in convertible bonds that will come due by March 1, depending on where Tesla's share price ends up.
The company also faces a growing number of competitors that are moving into the electric-car space in earnest.
New examples from Mercedes-Benz, Porsche, and Audi have emerged. Lower-end competitors like the Chevy Bolt, which have the benefit of General Motors' massive manufacturing outfit, made it to market a full year before the Model 3. And the Nissan Leaf became the best-selling electric car in the world in 2017, with 300,000 sold since its introduction in 2010.
On the sales front, there could still be some promising news in store for Tesla. In the second quarter of 2018 alone, Tesla produced 28,578 Model 3 sedans, exceeding production of both the Model S and Model X, combined.
LONDON – Theresa May and the Conservative party are "sleepwalking into opposition,"a former senior aide to prime minister has told Business Insider.
Will Tanner, who was Deputy Head of the Policy Unit at Number 10 until he resigned in the aftermath of May's failed 2017 general election campaign, said the party had failed to stop young and ethnic minority voters from deserting the party.
Tanner, who is now the director of Onward, a new Conservative-aligned think tank, said that May had failed to find a new direction for the party and now risked the "terrifying" prospect of a government led by Labour leader Jeremy Corbyn.
"The energizing zeal of pre-2010 policy or that of the first months under Theresa May [is] not there anymore, and we're sleepwalking towards opposition. The prospect of a hard-left government is terrifying, it would be a tragic end to what could've... could still be a reforming government".
He added: "After eight or nine months out of politics I was depressed by the lack of zeal and energy. Centre-right thinkers had run out of steam."
The Conservatives have failed to win over BAME voters
Tanner also bemoaned the party's failure to win over ethnic minority voters with the party overseeing a 6% swing to Labour in the general election.
With BAME voters also turning out in greater numbers, some analysts believe it cost the Conservatives even more than previously, with the Telegraph reporting it could be the reason May failed to secure a majority.
Tanner labelled the 2017 slide back "painful", saying that the party needed to do much more to demonstrate "that the Conservative Party gets it and is on their side".
He said that while a greater representation of ethnic minority politicians in the party would be welcome, it was more important to recover efforts begun under former prime minister David Cameron to convince BAME voters on policy.
"It doesn't matter where you're from, you can still have the relationship with those communities...Cameron did it well as PM, and May did it too as Home Secretary with Afro-Carribean communities over stop and search and mental health," he said.
Attempts to win over millennials have been "patronizing"
Tanner also spoke out about the "patronizing" attempts to win over younger voters by senior Conservative politicians.
"There are a lot of assumptions about millennials [being] individualistic, I don’t believe that to be true, and not true in aggregate either," he said.
" Non-political Millennials value community and the NHS, not necessarily in favour of lower taxes, but are aspirational and enterprising... It’s patronising and ill-thought through to generalise."
Onward are set to launch a major polling and focus group research project looking at the policy preferences of young people.
The research is set to include how young people perceive political parties and how they can be attracted to centre right ideas.
Tanner said that he wants to "challenge the widely held assumptions and identify the reasons they don't vote Conservative, and what attracts those that do to the centre right."
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Good morning! This is the tech news you need to know this Wednesday.
1. The ACLU accused Facebook of allowing gender discrimination in job ads. The ACLU claims that Facebook broke federal and state law by allowing women to be excluded from job ads on its platform.
2. iPhone XS reviews are starting to come in, and they are widely favourable. It seems the major improvement can be found in the camera, especially with portrait mode and the new "smart HDR" feature.
3. Tesla says the US Department of Justice asked for documents after Elon Musk's "funding secured" tweet about taking the company private. Tesla is facing a criminal investigation by the US Attorney's Office for the Northern District of California over CEO Elon Musk's statements about taking Tesla private, Bloomberg reported on Tuesday.
4. Scooter unicorn Bird is now in Brussels as it speeds up its international expansion. The dockless scooter company is quickly expanding across Europe in a bid to outgun well-funded rivals such as Lime, Uber, and Taxify.
5. Elon Musk announced that SpaceX will livestream its 2023 moon mission in virtual reality, in real time. "It'll feel like you're there in real-time minus a few seconds for speed of light," Musk tweeted.
6. Netflix named the CEO of Business Insider's parent company to its board. Netflix appointed Mathias Döpfner, CEO of Axel Springer SE, to join its board of directors.
7. Vernon Unsworth, the diver suing Elon Musk for defamation, plans to file a separate claim in the UK. Defamation law stricter in the UK than in the US, and the burden would be on Musk to prove his claims that Unsworth is a "pedo."
8. "Fortnite" streamer Tyler "Ninja" Blevins said he once received a $40,000 donation while playing the game. Tyler "Ninja" Blevins will be the first professional gamer to appear on the cover of ESPN The Magazine, gracing the front of the October issue.
9. A startup that provides Viagra on-demand just raised $88 million and is now trying to get people to stop smoking. The startup behind men's health company Roman now wants to help people quit smoking with a new service that provides nicotine gum, a prescription drug, and an app to track progress.
10. Renault-Nissan is teaming up with Google to put Android in car dashboards. Users will get Android features such as Google Maps, Waze and the hands-free Google Assistant, without having to connect a phone.
Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.
LONDON — A report from an influential committee of UK politicians has called for regulation of "wild west" crypto assets.
Parliament's Treasury Select Committee published its report on crypto assets on Wednesday. It said the space needs anti-money laundering regulation and possible consumer protection rules.
Nicky Morgan MP, chair of the Treasury Committee, said in a statement: "Bitcoin and other crypto-assets exist in the Wild West industry of crypto-assets. This unregulated industry leaves investors facing numerous risks.
"Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury Committee strongly believes that regulation should be introduced.
"It's unsustainable for the Government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting. At a minimum, regulation should address consumer protection and anti-money laundering."
The report also argued that cryptocurrencies like bitcoin are not in fact currencies but speculative assets. MPs pointed to the large price volatility in the market as one of the factors undermining bitcoin's claim to be a currency.
Despite highlighting significant risks in the market, the report did not rule out the UK becoming a home for crypto assets and crypto asset businesses if regulation is put in place.
Morgan said: "If the Government decides that crypto-asset growth should be encouraged, appropriate and proportionate regulation could see the UK become a global centre for this activity."
Crypto exploded in popularity last year as the price of bitcoin surged against the dollar. However, the entire market has crashed around 80% since its peak.
Separately, the New York Attorney General's Office published an investigation into crypto trading platforms on Tuesday evening. The report found potential conflicts of interest in the market, a lack of consumer protection, and said platforms have made little effort to crack down on abusive trading.
LONDON — A cull of senior managers at Barclays started earlier this year has yet to abate as Jon Scoffin, co-head of the bank's research division, is leaving the firm.
His departure was announced in an internal memo earlier this month from Tim Throsby, the head of firm's corporate and investment bank, according to a person who has seen the memo.
Scoffin had co-headed the division with Jeff Meli, who will now run research on his own, the person said. Scoffin could not be reached for comment.
Scoffin started with Barclays retail bank before joining the investment bank in 1989. In 2003, he relocated to Singapore, spending 11 years in Asia building the research platform. In 2014, Scoffin was named Global Head of Equity Research and in 2015 was named co-head of Research alongside Meli.
Barclays is known as one of the more top-heavy firms in The City. Recently, the bank has been slashing managing director roles and other senior jobs as part of a broader reorganization that kicked off earlier this year. A strong set of second-quarter results, reported last month, has helped buoy management amid the staffing shake-up. The specific reason for Scoffin leaving is unclear.
The moves come amid a regulatory overhaul that is leading banks to take a harder look at spending on equity research divisions, after a European Union crackdown on trading and research fees came into effect in January.
The new rules, dubbed MiFID II, require that banks must charge separately for research. In the past, banks gave research to fund managers for free to lure lucrative trading commissions.
Scoffin's move comes as Chief Investment Officer of Barclays International Art Mbanefo takes on more responsibilities. The remit of Mbanefo, who runs Barclays' Financing Resource Management (FiRM) team, will now include overseeing business managers and the office of the CEO, according to an announcement at the bank in late August.
A Barclays spokesman declined to comment on Scoffin or on the specifics of Mbanefo's new duties.
You may remember that Kim Kardashian West received some slightly odd Christmas presents from her husband Kanye West last year.
Kanye surprised his wife with hundreds of thousands of dollars worth of stock in major companies, including Netflix, Disney, Adidas, Apple, and Amazon.
It turns out the rapper's investments on Kardashian's behalf were sound ones — at the time of writing, Kim's stocks are up an average of 40%, according to the most recent figures from Markets Insider.
It's not clear how much stock Kanye invested in all the companies. However, we do know from Kardashian's Instagram stories at the time that she was given 995 Adidas shares and 920 Disney shares, which would both have been valued at around $100,000 at the time.
If Kanye bought the equivalent value in shares for the other companies as he did for Adidas and Disney, then Kim's overall profits would be $185,000 — not bad for less than a year.
Kanye's investments extoll the virtues of a diversified portfolio — even though Kim's Disney shares are down 2% since she was given them, they've been more than offset by her other stocks.
Amazon and Netflix were the standout investments. Both companies saw their share prices soar 64% and 84% respectively since Kim got a slice of the action.
Mark Ackred, CEO and Founder of app-only stockbroker dabbl, told Business Insider: "What this shows us is the importance of buying shares in the brands you know, love, and trust rather than trying to pick the next high performing stock, as the former has more longevity."
BRIGHTON — One of the frontrunners to replace Vince Cable as Liberal Democrat leader has told Business Insider that she has "major concerns" about his plans to reform the party.
Cable this month unveiled plans to allow non-MPs such as anti-Brexit campaigner Gina Miller, to lead the Liberal Democrats once he resigns, as expected next year.
However, Layla Moran, who is a favourite among activists to succeed him, told BI that she was worried about the prospect of outsiders leading the party.
Moran said that while she supported "really well-respected" non-MPs from inside the movement leading the party — like councillors, or parliamentarians from Scotland or Wales — she did not want a "celebrity" to get the job.
"I have concerns about a celebrity coming into the party and saying they're going to lead us to the promised land," she said. "If they weren't a Lib Dem before, why the hell would they want to be now?"
I have concerns about a celebrity coming into the party and saying they're going to lead us to the promised land. If they weren't a Lib Dem before, why the hell would they want to be now?
"The party, in general, would be really sceptical if that happened."
Asked whether she would support an MP formerly of another party taking control of the Lib Dems — like Labour's Chuka Umunna, who is frequently tipped to walk away from his party — Moran said: "Absolutely not."
She said: "I admire the stuff that Chuka has been doing on the People's Vote but there is plenty that I completely disagree with him on. From what I am hearing in conference, that is one of the major concerns."
Moran also poured cold water on recent suggestions that the party ought to change its name, saying it's "the last thing we need to do."
She added: "Our problems are well-defined and substantial but can be fixed. We should be focusing on that. Rebranding to me sounds like colouring the walls of the halls when we need to reinforce its foundations."
Lib Dems need to "say less, more often"
Moran also said her party has become "very bad" at communicating what it stands for.
"People on the doorstep say 'what on Earth do you stand for?' and I've got some sympathy for that," she said.
She added: "Lib Dems are really good at making very detailed policies but very bad are communicating the core values that drive those policies. I'd like us to say less but more often. We need to focus on a few themes and go hard on them.
"It's about core values stemming from the liberal and social democratic traditions. In this moment, frankly, we are rediscovering who we are. We need to take those values and update them for the future."
Moran is currently second favourite in the betting markets to replace Cable, behind her colleague Jo Swinson MP. Swinson hit the headlines at this week's Liberal Democrat conference for suggesting that the party should "own the failures" of their time in coalition with the Conservatives.
Every time that someone tries to explain what happened [in Coalition] I just get bored.
However, Moran appeared to take a different position, saying that the party should stop apologising for the past.
"Do we still have baggage? Of course we do," she said. "But it's not about policies, it's about trust.
"I don't think that to keep apologising for what we did in Coalition is necessarily going to fix it... Every time that someone tries to explain what happened [in Coalition] I just get bored.
"The electorate is bored of talking about the past. They are much more interested in the future."
Moran rules out immediate leadership bid
Despite having been an MP for less than two years, Moran is tipped as a potential successor to Cable, who has confirmed that he plans to stand down before the next election. A source close to Cable told BI that the current leader — who said his party was "male and pale" in his conference speech — would prefer his successor to be a woman.
Moran said she was flattered by the support she has received from party members, but is "not giving it very much thought" and focusing on her role as the party's education spokesperson.
"If you pushed me right now into giving an answer, I'd say no. I am so new in my seat and I am still finding my feet, and I'm really intent on changing the terms of debate around education," she said.
However, she was happy to "leave the door open" to a future leadership bid, adding: "Can I speak for how I am going to feel a few years time? In 2020? No. Frankly, four years ago I didn't expect to be an MP. So who knows?"
Inflation in the UK unexpectedly jumped for a second consecutive month in August, surprising forecasters who had expected the rate of price increases to fall.
The Office for National Statistics (ONS) said on Wednesday that consumer price inflation (CPI), the most watched measure of UK inflation, increased to 2.7% in August, up from 2.5% in the previous month. CPI had been expected by economists polled prior to the release to drop to 2.4% during the month.
CPIH, the ONS' preferred method of measuring inflation was also higher in the month, hitting 2.4%, up from 2.3% in July.
"Consumers paid more for theatre shows, sea fares and new season autumn clothing last month. However, mobile phone charges, and furniture and household goods had a downward effect on inflation," Mike Hardie, the ONS' head of inflation said in a statement.
Here's the chart showing August's data in the context of the last decade:
Inflation in the UK had been subdued for several years prior to the vote to leave the EU in June 2016. But the vote caused a fall in the value of the pound, which pushed up inflation.
As the pound has recovered, inflation once again started to fall, dropping from 3% at the end of 2017 to 2.4% in June. It has since picked up though, with July's reading of 2.5% followed by Wednesday's unexpected jump.
While Wednesday's data shows a second month of unexpected price rises, Ruth Gregory, senior UK economist at Capital Economic still believes that this late summer jump will be short-lived.
"The unexpected rise in CPI inflation from 2.5% to 2.7% (consensus 2.4%) came as a bit of a nasty surprise, but it does not alter our view that CPI inflation will be back at the 2% target by this time next year," she wrote in an email soon after the release.
"Admittedly, the fact that the rise in inflation was driven by a pick-up in core CPI inflation (excluding food, energy, alcohol and tobacco) from 1.9% to 2.1% will raise fears that underlying inflation pressures are on the up again.
"But the increase in the core rate was driven by a sharp jump in the volatile theatre, airfare and clothing components which are likely to be temporary."
Regardless of whether or not the trend is shortlived, the pound reacted strongly to the news, climbing about the 1.32 mark against the dollar for the first time since late July.
By 9.50 a.m. BST (4.50 a.m. ET), 20 minutes after the release, it was trading at $1.3205, a gain of 0.44% on the day:
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Thomas Borgen has resigned as the CEO of Denmark's largest bank, Danske Bank, after a major money laundering scandal centred around its Estonian operation.
Danske Bank, which has total assets of around €475 billion ($556 billion), on Wednesday released the initial findings of an internal investigation into activities in Estonia, saying that a "series of major deficiencies" had allowed the Estonian branch of the bank to be used for "suspicious transactions" in the period between 2007 and 2015.
Borgen, who had been at the bank's helm since 2013, said in a statement that while the investigation found no legal wrongdoing from him, he believed the best course of action was to stand down.
"It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia," he said.
"I deeply regret this. Even though the investigation conducted by the external law firm concludes that I have lived up to my legal obligations, I believe that it is best for all parties that I resign."
Danske Bank's investigation into suspicious transactions at the Estonian branch centres around so-called "non-resident" transactions — effectively transactions done by people not based in Estonia but using the bank's facilities there.
It said that it has so far identified around 10,000 customers who fit the profile of non-residents, with 6,200 of those fitting what the bank called "the most risk indicators." Of these customers, Danske Bank said, the "vast majority have been found to be suspicious."
It did, however, emphasise that just because a customer "has been found to have suspicious characteristics does not mean that there is a basis for considering all payments in which the customer in question was involved to be suspicious."
As well as the initial 10,000 customers, a further 5,000 customers with "non-resident characteristics" have also been identified.
In total, Danske Bank says, these 15,000 customers undertook around 9.5 million payments, with the total value of the money flowing around €200 billion ($234 billion).
"The Bank has clearly failed to live up to its responsibility in this matter," Danske Bank's chairman, Ole Andersen said.
"This is disappointing and unacceptable and we offer our apologies to all of our stakeholders — not least our customers, investors, employees and society in general. We acknowledge that we have a task ahead of us in regaining their trust."