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- 09/22/18--12:42: _A $10 billion marij...
- 09/22/18--12:42: _These 14 states cou...
- 09/22/18--12:42: _12 hot new brands t...
- 09/22/18--12:43: _The 20 richest bill...
- 09/22/18--12:43: _NFL POWER RANKINGS:...
- 09/22/18--12:43: _WHERE ARE THEY NOW?...
- 09/22/18--13:43: _Officials keep talk...
- 09/22/18--14:01: _IoT Report: How Int...
- 09/22/18--16:09: _'I guess I really a...
- 09/22/18--17:02: _How fintechs are up...
- 09/23/18--00:00: _JPMorgan says Trump...
- 09/23/18--00:14: _Here's what it woul...
- 09/23/18--13:00: _How 2 guys in a Con...
- 09/23/18--14:00: _Step aboard the USS...
- 09/23/18--14:01: _Weed stocks have be...
- 09/23/18--14:10: _'It doesn't look go...
- 09/23/18--14:31: _What $10 was worth ...
- 09/23/18--14:34: _Packers coach Mike ...
- 09/23/18--15:16: _Tiger Woods complet...
- 09/23/18--15:31: _How countries aroun...
- Canopy Growth, a $10 billion Canadian marijuana firm, is spinning off its venture-capital arm, which began trading at $18.44 per share Thursday morning
- Canopy Rivers makes minority investments in burgeoning marijuana companies as part of its goal to become the 'Google Ventures of cannabis.'
- Watch Canopy Growth trade in real time here.
- 09/22/18--12:42: 12 hot new brands that millennials can't get enough of
- Millennials are known for shopping around rather than sticking to one brand.
- Their shopping habits have created an opportunity for emerging brands to enter the market.
- In a recent survey conducted by Goldman Sachs and Conde Nast, a group of consumers between the ages of 13 and 34 were asked to list the new brands that they are hearing about or shopping at more now versus last year.
- 09/22/18--12:43: The 20 richest billionaires who own sports teams
- Billionaires often make extravagant purchases — like buying their own sports team.
- CEOWORLD magazine recently ranked the 20 wealthiest owners of major league sports teams around the world.
- Some billionaire owners own more than one team — like Paul Allen, who owns the Portland Trail Blazers and the Seattle Seahawks.
- 09/22/18--12:43: NFL POWER RANKINGS: Where all 32 teams stand going into Week 3
- 09/22/18--12:43: WHERE ARE THEY NOW? The last 20 Heisman Trophy winners
- Trump has repeatedly expressed interest in taking military action in Venezuela.
- Experts and officials from around the region have rebuffed such action, with some comparing it to the invasion of Iraq.
- But others have held out military action, as part of a collective response, as an option of last resort.
- We project that there will be more than 55 billion IoT devices by 2025, up from about 9 billion in 2017.
- We forecast that there will be nearly $15 trillion in aggregate IoT investment between 2017 and 2025, with survey data showing that companies' plans to invest in IoT solutions are accelerating.
- The report highlights the opinions and experiences of IoT decision-makers on topics that include: drivers for adoption; major challenges and pain points; deployment and maturity of IoT implementations; investment in and utilization of devices; the decision-making process; and forward- looking plans.
- Provides a primer on the basics of the IoT ecosystem.
- Offers forecasts for the IoT moving forward, and highlights areas of interest in the coming years.
- Looks at who is and is not adopting the IoT, and why.
- Highlights drivers and challenges facing companies that are implementing IoT solutions.
- Arizona Republican Paul Gosar has accused his six siblings of being "disgruntled Hillary supporters" after they released a campaign ad endorsing Gosar's Democratic opponent.
- In the ad, the siblings criticized their brother's views on issues like health care and immigration, and argued that Paul Gosar doesn't have Arizonans' interests at heart.
- Paul Gosar tweeted Saturday that he's "Mom's favorite," after The New York Times reported that his mother was "shocked" and "crushed" to learn of the campaign ad.
- "To the six angry Democrat Gosars — see you at Mom and Dad's house!" Paul Gosar tweeted.
- Mortgages are among retail banks' most profitable products, but these lenders have been slow to adapt mortgages to a digital economy. This has created pain points in the customer journey, like inconvenient access channels, and difficulty switching providers.
- Ignoring these pain points is no longer an option for incumbents. The rise of alternative, digital-only mortgage firms is putting them under increasing pressure to make mortgages more attractive.
- Fintech startups have detected an opportunity in incumbents’ slowness to innovate, and have developed several strategies to help them, like broadening their distribution channels, improving customer relationships, providing attractive front-ends, and making their back-ends more efficient.
- Some incumbents have instead chosen to innovate their mortgage processes in-house. There are pros and cons to both strategies, which incumbents should weigh in order to add the most value for customers and their own businesses.
- Examines the flaws in the mortgage status quo that are upsetting consumers and dampening returns for lenders.
- Discusses why incumbent lenders can't afford to delay innovating any longer around this product.
- Outlines different ways mortgage fintechs are breathing new life into this product, including by helping incumbents.
- Looks at some mortgage efforts already underway by incumbent lenders, and some considerations that should guide their projects.
- Gives an overview of hurdles still standing in the way of large-scale change in the mortgage space, and how they can be overcome.
- JPMorgan's Global Co-head of M&A: "A prolonged trade war will, of course, mean large cross-border deals are more difficult and harder to get across the line."
- "We’re already seeing signs that geopolitical risks, including trade tensions, are dimming the prospects for large-scale M&A going into next year."
- Global M&A activity has been buoyant so far this year but large, cross-border deals have markedly declined.
- The United Kingdom is one of a few countries to maintain an always-ready nuclear deterrent, provided by four nuclear submarines at see.
- The Vanguard-class vessels, which carry the Trident nuclear missile system, are rarely seen and quite secretive.
- A video from 2012 showed a launch drill from inside one of the four subs — HMS Vigilant — and gives an idea of what a real nuclear attack could be like.
- Robinhood has suspended new buying of Aurora Cannabis through its platform, the brokerage said Wednesday.
- "This is happening because there's limited support at execution venues for the large volume of ACBFF orders we've received," it told users who own shares.
- Cannabis stocks are among the most popular on the brokerage, outpacing many tech names, as they continue to hit fresh highs.
- Follow Aurora Cannabis in real-time here.
- The San Francisco 49ers fear that quarterback Jimmy Garoppolo tore his ACL.
- The injury came on Sunday after Garoppolo was hit on the sideline while scrambling.
- Garoppolo has an MRI set for Monday.
- The value of a dollar changes from year to year as markets and economies fluctuate.
- The Bureau of Labor Statistics tracks inflation, calculating how much the American dollar was valued in any given year and month.
- Business Insider looked at the value of $10 between the years 1965 and 2010 to find out what it could buy in 2018.
- Clay Matthews was flagged for roughing the passer on a questionable call for the third straight week.
- Packers head coach Mike McCarthy was livid with the call and could be seen screaming at the referees after the play.
- The penalties stem from new rules implemented by the NFL meant to better protect quarterbacks.
- After numerous close calls, Tiger Woods won his first tournament since 2013 at the TOUR Championship.
- As Woods walked to the 18th green, the gathered crowd mobbed the course behind him, chanting his name in anticipation of the victory.
- The win is the culmination of an impressive comeback season for Woods, who looks to be a threat at the majors again in 2019.
- Most countries in Europe have made some formal attempt to foster the development of domestic fintech industries, with Germany and Ireland seeing the best results so far. France, meanwhile, got off to a slow start, but that's starting to change.
- The Asian fintech scene took off later than in the US or Europe, but it's seen rapid growth lately, particularly in India, China, and Singapore.
- The increasing importance of technology-enabled products and services within the financial services ecosystem means the global fintech industry isn't going anywhere.
- Fintech hubs will continue to proliferate, with leaders emerging in each region.
- The future fintech landscape will be molded by regulatory bodies — national and international — as they seek to mitigate the risks, and leverage the opportunities, presented by fintech.
- Explores the fintech industry in six countries or states, and identifies individual fintech hubs.
- Highlights successful fintechs in each region.
- Outlines the challenges and opportunities each country or state faces.
- Gives insight into the future of the global fintech industry.
Canopy Rivers, the venture-capital arm of Canopy Growth, made its debut on the Toronto Stock Exchange Thursday morning at $18.44 per share.
The company, which makes minority investments in burgeoning marijuana companies, in an attempt to become the "Google Ventures of cannabis," found its way onto the exchange via a reverse takeover with a company formerly known as AIM2 Ventures.
Canopy Growth will maintain its roughly 25% stake in Canopy Rivers, and controls about 90% of the voting rights thanks to the venture arm's dual-class governance structure. The other three quarters of Rivers' roughly $200 million of investments have come from institutional investors.
"In Canopy I don't want to be in the business of growth directly, by trying to make bets on stocks through buying and selling," CEO Bruce Linton told the Canadian program Midas Letter last week. "In Rivers, we want to be in that business. We're not just putting cash into them, we're putting intellectual skills and expertise."
So far the firm has made 11 investments in smaller companies. It looks for stellar management teams with a track record of success when making new investments, a Rivers executive recently explained to Business Insider.
Marijuana stocks have been on fire this month. Tilray, now the largest producer by market capitalization, has seen its stock price more than triple, boosted by receiving clearance to export medical marijuana to the United States for a clinical drug trial. Meanwhile, Canopy Growth's market value has doubled over that time following a $4 billion investment from Constellation Brands, the company behind Corona, Modelo, and other popular alcoholic beverages.
There's still plenty of room for the space to grow, too, Wall Street analysts estimate. Nik Modi, an analyst at RBC Capital Markets, thinks the global-cannabis market could be worth more than $200 billion by 2032, fueled by further legalization in the United States and other countries.
That global expansion is what Canopy Rivers hopes to tap through its strategic investments and deals.
"Canopy Rivers presents a world of opportunity for its partners and for Canopy Growth," CEO Bruce Linton said in a press release.
"It’s the type of relationship that allows us to continue to grow our lead in this incredibly dynamic industry … Whether it’s access to new brands, new technologies, differentiated products, first rights to future financing opportunities, and even rights to future full acquisition, Rivers will build value for shareholders, including Canopy Growth by building value for its portfolio partners."
President Donald Trump announced tariffs on $200 billion worth of Chinese imports Monday, prompting Beijing to impose retaliatory taxes on $60 billion worth of American imports. The two countries had already placed tariffs on $50 billion worth of each other's products.
The move was part of a broader effort by the Trump administration, which has also imposed duties on Canada, Mexico, and the European Union, to reform trade practices perceived as unfair. In a statement, Trump asserted tariffs will ultimately help protect Americans from Chinese actions that "plainly constitute a grave threat to the long-term health and prosperity of the United States economy."
But many economists and public officials warn import taxes will cause financial strain for American companies and consumers, pushing up costs and reducing access to foreign markets. The US Chamber of Commerce, a private lobbying group, said in a report that 14 states could suffer "extremely significant damage" after the latest round of tariffs. Here are their results, drawn from US Department of Commerce data.
Total exports threatened by trade war: $94 million
Total exports to China targeted by retaliatory tariffs: $93 million (98.9%)
Total jobs supported by global trade: 205,800
3 hardest hit exports to China: Petroleum oil, hydrocarbon mixtures, light oils
Total exports threatened by trade war: $129 million
Total exports to China targeted by retaliatory tariffs: $14 million (10.9%)
Total jobs supported by global trade: 130,000
3 hardest hit exports to China: Whey, offal, milk and cream
Total exports threatened by trade war: $192 million
Total exports to China targeted by retaliatory tariffs: $43 million (22.4%)
Total jobs supported by global trade: 202,200
3 hardest hit exports to China: Whey, peas, products of natural milk constituents
See the rest of the story at Business Insider
Millennials may have lots of good qualities, but brand loyalty isn't one of them.
This generation is known for their tendency to shop around, and the rise of e-commerce and mobile shopping has given them the necessary tools to do so.
While this may have created a tougher environment for legacy brands, it has also given more opportunity for newer brands to enter the market.
In an annual survey conducted by Goldman Sachs and Conde Nast called the Love List, a group of consumers between the ages of 13 and 34 were asked various questions about their shopping habits and preferred brands. 1,489 US consumers, as well as 1,174 Conde Nast "It Girls" (a group of Conde Nast readers who tend to be more affluent), were surveyed for the report.
In one question, shoppers were asked to name the fashion, athletic, or beauty/grooming brands that they have bought from or are hearing about today but weren't focused on last year. The results were then split out by established and emerging brands.
Here are the 12 up-and-coming brands highlighted by these consumers:
Skincare brand GlamGlow was originally created for professionals working with celebrities in the entertainment industry. It is now available for purchase online and in stores such as Macy's, Nordstrom, and Sephora.
It's best known for its mud masks, which cost between $59 to $79, depending on size.
Rihanna's beauty brand, Fenty, which is owned by the world's largest luxury retailer, LVMH, only launched in 2017 but is already making waves in the beauty industry. Its products range from $19 for a lipstick up to $38 for powders. The collection is currently sold online and in Sephora stores in the US.
Operating almost exclusively online, Glossier is leading the way in beauty products. It has attracted more than $86 million in funding since founder Emily Weiss began selling beauty products in 2013. Revenues reportedly tripled from 2016 to 2017.
According to Bloomberg, the company sells one of its popular $16 "Boy Brow" eyebrow shapers every minute, accounting for an estimated $8 million in sales per year.
See the rest of the story at Business Insider
Billionaires have a lot of cash to drop. Some are known to spend it on mansions. Others, private planes and luxury cars. And others still? They just buy their own sports team.
CEOWORLD magazine recently ranked the 20 wealthiest owners of major league sports teams using Forbes' World's Billionaires ranking. They found that of the 62 billionaire team owners around the world, their collected net worth is $375 billion. And for some, one team isn't enough — together, they own 78 teams.
In fact, three among the top five richest billionaire sports team owners own multiple teams, Microsoft cofounder Paul Allen among them. Dietrich Mateschitz and Stanley Kroenke own the most teams on the list, with three and four each, respectively. Only one woman makes the list: Marian Ilitch, the cofounder of Little Caesars Pizza.
From football to basketball, here's a look at the 20 richest owners of major sports league teams.
20. Vichai Srivaddhanaprabha, Thailand
Net worth: $5 billion
Team: Leicester City
Source of wealth: Duty-free, self-made
19. Joe Lewis, United Kingdom
Net worth: $5.1 billion
Team: Tottenham Hotspur
Source of wealth: Investments, self-made
18. Marian Ilitch, United States
Net worth: $5.2 billion
Teams: Detroit Red Wings, Detroit Tigers
Source of wealth: Little Caesars Pizza, self-made
See the rest of the story at Business Insider
After two weeks of NFL football, we have a few answers and a ton of questions.
Patrick Mahomes and the Chiefs look like they're for real, but do they have what it takes to bring down the Patriots and Jaguars and take over as the top team in the AFC? Ryan Fitzpatrick isn't a one-game wonder, but can he keep his hot streak going to a point where the Buccaneers let him stay in as the starter once Jameis Winston returns from suspension? The Bills are bad, but will they win a game this season?
We'll learn the answers to these questions as we watch the rest of the season play out, but in the meantime, we've once again ranked every team in the league to give ourselves a better sense of how the season looks so far.
Check out where all 32 NFL teams stand heading into Week 3.
32. Buffalo Bills
Last week: 32nd
Week 2 result: Lost to Chargers, 31-20
Week 3 opponent: at Minnesota Vikings
One thing to know: Things have gotten so bad in Buffalo that cornerback Vontae Davis quit and retired at halftime in Week 2. The Bills have been outscored by 55 points in two games.
31. Arizona Cardinals
Last week: 31st
Week 2 result: Lost to the Rams, 34-0
Week 3 opponent: vs. Chicago Bears
One thing to know: Through two games, the Cardinals have scored just six points. How long will Arizona wait before seeing what they have in rookie Josh Rosen?
30. New York Giants
Last week: 24th
Week 2 result: Lost to the Cowboys, 20-13
Week 3 opponent: at Houston Texans
One thing to know: The Giants used the offseason to upgrade their offensive line, but it hasn't appeared to help. Eli Manning has been sacked eight times in two games, rookie running back Saquon Barkley is averaging just 6.4 yards per reception, and there's not nearly enough time to get Odell Beckham Jr. the ball.
See the rest of the story at Business Insider
Every year the Heisman Trophy is awarded to the best player in college football.
Despite the greatness of these players in college, winning the Heisman is not a guarantee of future success. While many past winners thrive in the NFL, there are also those that are out of the league just a few years after being on top of their sport.
Below we take a look at every Heisman winner dating back to 1998, checking in to see how their careers have gone and what they are up to now.
Ricky Williams ran away with the Heisman in 1998, rushing for 2,327 yards and 29 touchdowns for the Texas Longhorns.
Williams went on to have a successful if disjointed NFL career. After leading the league in rushing in 2002 with the Dolphins, Williams tested positive for marijuana several times and announced his retirement in 2004. He did return to Miami just two years later. Recently, he founded a brand of cannabis products, "Real Wellness," and serves as a commentator on The Longhorn Network.
Ron Dayne was awarded the 1999 Heisman, finishing his career as the all-time leading rusher in NCAA Division I FBS history with 7,125 yards for the Wisconsin Badgers.
See the rest of the story at Business Insider
But in the year since the US has kept pressure on Venezuelan President Nicolas Maduro's government, punishing dozens of officials with sanctions but sparing others in a gambit to stoke tensions in Caracas.
Trump has reportedly pressed his advisers and Latin American leaders about military action, citing what he believed to be past successful US-led interventions, and officials from his administration met with, but ultimately rebuffed, Venezuelan officials looking for help to depose Maduro.
In recent weeks, voices outside the White House have invoked US military action an option to address a crisis that has only worsened.
In late August, a day after meeting with national-security adviser John Bolton, Florida Republican Sen. Marco Rubio — a close Trump adviser on Latin American issues — said he believed Venezuela had become a destabilizing force.
"I believe that the armed forces of the United States are only used in the case of a threat to national security," Rubio said, adding that he believed there was a "very strong" argument that "Venezuela and the Maduro regime have become a threat to the region and to the United States."
The region has taken some action to isolate Maduro, but the idea of US intervention has been widely rejected.
Government repression and deepening misery in Venezuela warrant a push for political change, according to Shannon O'Neil, a senior fellow for Latin America Studies at the Council on Foreign Relations.
"But US military intervention is not the way to do it," O'Neil argued this month. "Venezuela isn’t Grenada or Panama, the two Latin American countries invaded by the US during the closing days of the Cold War."
Such action would require a US commitment on the scale of the invasion of Iraq, a country half the size of Venezuela with slightly more people.
"Any invasion requires preparations on a similar scale, meaning a 100,000-plus force," O'Neil writes.
Polling indicates US troops wouldn't be welcomed in Venezuela, O'Neil said, and political divides and deteriorated infrastructure mean any recovery effort would be a long one.
Retired US Navy Adm. James Stavridis, who led US Southern Command, said this month that the "Trump administration needs to avoid anything that smacks of unilateral US military action."
The US should instead boost interagency coordination and encourage greater involvement by other countries, Stavridis said.
"All of the major countries of the hemisphere, particularly Venezuela’s immediate neighbors, need to coordinate and come to an agreement on an appropriate response today and if and how to escalate that response if necessary in the future," James Bosworth, founder of political-risk-analysis firm Hxagon, told Business Insider.
"The US should definitely not act alone."
'Too late and too innocent'
While many argue against unilateral US action, military action in some form has been held out as an option.
During a visit this month to Cucuta — ground zero for Venezuelan migration into Colombia— Luis Almargo, head of the Organization of American States, accused Maduro of crimes against humanity and argued for keeping military action on the table.
"With respect to a military intervention to overthrow Nicolas Maduro’s regime, I don’t think any option should be ruled out," Almargo said. "Diplomatic actions should be the first priority but we shouldn’t rule out any action."
Almargo later acknowledged there was little appetite for intervention but stressed that the responsibility-to-protect doctrine obligated the international community to respond, citing the case of Rwanda as a failure do so.
Francisco Santos, Colombia's ambassador to the US, echoed Almargo a few days later, stressing the need for a collective response. (Colombian President Ivan Duque, a hardliner on Venezuela, has said US intervention "is not the way.")
"But we believe, and let me be very clear, that all the options should be considered," Santos said, calling for more pressure on Maduro. "It is already too late and too innocent to think that this will be solved without a change of regime."
'Almost nobody wants a military intervention'
Given Maduro's abuses — including repressing peaceful protest and using access to food to control the public — Almargo was correct to say the responsibility-to-protect doctrine held out military action if other responses fail, Bosworth said.
But that doctrine calls for a "collectively coordinated effort" and is clear that non-military options to protect Venezuelans "are preferred and must be attempted first," he added.
"Almost nobody wants a military intervention in Venezuela. It's unfortunate that we've wasted the last few weeks arguing over whether intervention is 'on the table' ... rather than discussing other non-military ways to pressure Maduro," Bosworth said.
"Those non-military options are where we should be focused right now."
Others in the region have expressed a continued commitment to a peaceful solution.
In a statement issued after Almargo's comments, 11 of 14 members of the Lima Group, formed in 2017 to address the situation in Venezuela, rejected military action and reiterated its commitment to a "peaceful and negotiated" resolution. (Colombia did not sign the statement, thought it said it agreed with its "purposes.")
In Uruguay, where Almargo was foreign minister, the government and the opposition united to reject intervention.
"If there is a word that Uruguay detests,"said Foreign Minister Rodolfo Nin Novoa, "it's intervention."
Brazil also distanced itself from Almargo.
"We don't see [as] viable any other type of mechanism, like the use of military means or force, in order to solve the problem of Venezuela," Brazil's defense minister said this week.
Geoff Ramsey, assistant director of the Venezuela program at the Washington Office on Latin America, said discussing intervention was likely to change little in Caracas.
"I think those pushing this rhetoric know it's an empty threat, but for some reason think it's a useful pressure tactic," Ramsey said on Twitter.
Venezuela's government likely doesn't buy into US threats, as Caracas "is not ignorant" of how unpopular such action would be at home, he added.
While resistance to action on the ground in Venezuela remains widespread, the Trump administration has promised more action to isolate Maduro's government.
"You'll see in the coming days a series of actions that continue to increase the pressure level against the Venezuelan leadership folks, who are working directly against the best interest of the Venezuelan people," Secretary of State Mike Pompeo said on Friday.
Pompeo did not elaborate but said the US is "determined to ensure that the Venezuelan people get their say."
The Internet of Things (IoT) is transforming how companies and consumers go about their days around the world. The technology that underlies this whole segment is evolving quickly, whether it’s the rapid rise of the Amazon Echo and voice assistants upending the consumer space, or growth of AI-powered analytics platforms for the enterprise market.
And Business Insider Intelligence is keeping its finger on the pulse of this ongoing revolution by conducting our second annual Global IoT Executive Survey, which provides us with critical insights on new developments within the IoT and explains how top-level perspectives are changing year-to-year. Our survey includes more than 400 responses from key executives around the world, including C-suite and director-level respondents.
Through this exclusive study and in-depth research into the field, Business Insider Intelligence details the components that make up the IoT ecosystem. We size the IoT market and use exclusive data to identify key trends in device installations and investment. And we profile the enterprise and consumer IoT segments individually, drilling down into the drivers and characteristics that are shaping each market.
Here are some key takeaways from the report:
In full, the report:
Rep. Paul Gosar, a Republican congressman from Arizona, has responded to his six siblings who denounced him in a recent campaign ad, calling them "disgruntled Hillary supporters" who "hate President Trump."
Gosar noted that he had won the approval of his mother, who told The New York Times she was "shocked" and "crushed" to learn that her children had participated in a series of campaign videos attacking their brother.
"I guess I really am Mom's favorite!" Gosar tweeted Saturday.
Bernadette Gosar, 85, told The Times that she had been unaware of her children's appearance in the ads until reporters described them to her. She said she supported her son's beliefs.
"I share the same philosophy and policies that Paul does," she said. "He's done a hell of a job for Arizona, and they love him."
Paul Gosar's siblings, however, disagreed. In the first ad that surfaced online Friday night, Tim, David, Grace, Joan, Gaston, and Jennifer Gosar each criticized their brother's views on issues like health care and immigration, and endorsed David Brill, their brother's Democratic opponent.
"He's not listening to you, and he doesn't have your interests at heart," Tim Gosar said.
Watch the full video below:
On Saturday, Paul Gosar struck back at his siblings, and said he hoped they "find peace in their hearts and let go all the hate.
"These disgruntled Hillary supporters are related by blood to me but like leftists everywhere, they put political ideology before family. Stalin would be proud," he tweeted.
He added: "To the six angry Democrat Gosars — see you at Mom and Dad's house!"
Bryan Logan contributed reporting.
NOW WATCH: Inside the Trump 'MAGA' hat factory
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.
Mortgages are valuable for retail banks, but they're also complex products. In the UK alone, mortgages account for almost 60% of retail banks' profits. But mortgage lending can be a complicated process — it involves estate agents, appraisers, and conveyance agents.
This complexity has resulted in major consumer pain points, like a lack of understanding of mortgages, inconvenient access channels, and difficulty switching providers. In an increasingly digital landscape, tech-savvy consumers are starting to demand simpler ways to take out mortgages, and legacy providers are suffering. In the US, the top three incumbent lenders together captured about 45% of the overall mortgage market in 2011; they hold just 24% in 2017.
But a new class of mortgage-focused startups have developed a range of business models to help incumbents update this valuable product for the digital age. Their strategies vary between geographies: In countries like the US and UK, where homeownership is culturally important, they help incumbents keep consumers interested in taking out home loans.
Meanwhile, in countries like Germany and Switzerland, where people prefer renting, they help incumbents attract new mortgage customers. Some incumbents are already partnering with these players, while others have opted to launch in-house initiatives. Each strategy has its pros and cons, but incumbents must adopt an approach to avoid losing relevancy and market share.
There are still some fundamental problems in the insurance market that present obstacles to innovation — for both startups and incumbents. But there are ways to overcome them while making mortgages more attractive for consumers and improving returns for lenders.
In a new report, Business Insider Intelligence looks at the fundamental problems dogging the current mortgage process and examines why these flaws are becoming impossible for incumbent mortgage providers to ignore. It also outlines the types of fintechs stepping in to drive innovation in the mortgage space, some current efforts by incumbent banks, and hurdles still standing in the way of large-scale change in the mortgage industry, as well as what can be done about them.
Here are some of the key takeaways from the report:
In full, the report:
LONDON — Rising geopolitical tensions and the escalating trade war between the US and China are putting management teams off big deals, according to a senior JPMorgan banker.
"Anything that points to uncertainty and a lack of confidence is not good for M&A," Hernan Cristerna, JPMorgan's Global Co-head of M&A, told Business Insider, referring to US President Donald Trump's ongoing tit-for-tat with China on trade tariffs.
"A prolonged trade war will, of course, mean large cross-border deals are more difficult and harder to get across the line. We’re already seeing signs that geopolitical risks, including trade tensions, are dimming the prospects for large-scale M&A going into next year."
Global M&A in the first half of the year reached its highest levels since 2007, according to Dealogic, with over 17,500 deals worth almost $2.5 trillion announced. However, a report from Mergermarket in July showed a marked slowdown in cross-border M&A. There were just 2,834 cross-border deals in the first half of the year, compared with 3,346 last year.
Cristerna said the collapse of deals such as Alibaba's planned $1.2 billion takeover of Moneygram, which was blocked by the US at the start of the year, and Broadcom's abandoned $144 billion combinations with Qualcomm, which was blocked by the US on security grounds, has "made some corporate boards think twice about the on-going dispute between the US and China."
Cristerna said: "The advice we give to all our clients is to be forthcoming and do what’s right for the company. We are all well aware and open-eyed to all the different risks, but companies can’t put their corporate agenda on hold because of what might happen. We’re urging them to be alert and responsible, but not to be overwhelmed by the geopolitical challenges."
JPMorgan has had a strong year for M&A so far. The bank made close to $1.2 billion in global M&A revenues in the first half of 2018, according to a recent report from business intelligence provider Coalition. That was 20% more than it made from M&A in the first half of 2017 and makes it the number one M&A bank by revenue globally in the first half.
The United Kingdom is one of the few countries in the world to constantly maintain the capability to use nuclear weapons — and a video published by the Royal Navy gives a glimpse of what it would be like if they were ever used.
Footage published in 2012 shows a rare test launch from inside one of Britain's four Vanguard-class nuclear submarines, which are kept almost constantly at sea in case nuclear war breaks out and the UK decides to engage.
The video shows a launch from on board HMS Vigilant, carried out in October 2012 in the Atlantic.
In the video, submariners on the Vigilant are heard liaising with US Navy, as the test was being carried out with their support at the US Eastern Test Range off the coast of Florida.
The approval for a real deployment of British nuclear weapons would have to come from the Prime Minister.
Then several layers of officials encrypt the message and relay it to the submarine, according to the Daily Telegraph newspaper. When the order arrives, crew on board would be told: "Actions stations, missile for strategic launch."
The video shows the procedure after this. It begins with a Weapons Engineering Officer (WEO), who holds the rank of commander, telling the crew that "all launch prerequisites have been met."
This screengrab from the video shows the commander, whose name was not published, speaking on the black telephone. His rank can be seen by the badge on his shoulder, and also the yellow-and-black block on his headset.
He speaks to another WEO who holds the more junior rank of lieutenant commander, seen wearing white in the next image. In interviews after the test the WEO identified himself as Lt Commander Woods.
In the video, Woods responds to his commander, saying: "Supervisor WEO initiate fire one."
Next, the commander then gives a confirmation in response: "Command, you have permission to fire."
He then initiates a 60-second countdown, saying: "T-minus one minute and counting."
There is silence until he follows with a 10-second warning. Shortly after he says "missile away," and the whoosh of a deploying missile can be heard. The submarine remains underwater during the launch.
The procedure involves a red button being pressed, but the edited video does not make clear at what stage of the launch that happens.
The Royal Navy did not respond to more detailed questioned from Business Insider about the procedure, citing their sensitivity.
The full video can be watched here. The moment of launch comes after around four and a half minutes.
UK broadcast company ITN filmed the launch from at sea, which can be seen here:
Each of the four Vanguard submarines — HMS Vanguard, HMS Vigilant, HMS Victorious, HMS Vengeance — are equipped with Trident II D5 nuclear missiles.
There is room for 16 missile, which can have 12 warheads, each of which can be targeted independently. This means each submarine can carry 192 warheads, and between the four of them could launch 768.
There have only been five test launches since 2000, the Guardian reported in June 2017. The newspaper said that each one costs arounds $22 million.
Embarrassingly, the most recent test went wrong and ended up with the missile heading in the opposite direction, towards the US mainland.
The Vangaurd submarines are due to be replaced from 2028 by the Successor class, which is currently being designed by British companies.
The state of the art news submarine will be 153 meters long and carry 130 crew members.
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Cannabis investors on Robinhood woke up to a surprise Wednesday morning: the zero-fee trading app has suspended new buying of Aurora Cannabis, one of the highest-valued and most-popular marijuana stocks.
"This is happening because there's limited support at execution venues for the large volume of ACBFF orders we've received," Robinhood told users who own shares of Aurora. "We appreciate your understanding and hope to re-enable buy orders for ACBFF in the future." ACBFF is an over-the-counter (OTC) market ticker that allows US investors to buy the Canadian stock, which trades in Toronto.
A Robinhood spokesperson declined to comment further on the issue, but notes users can still hold and sell their existing positions.
As of Wednesday morning, more than 81,000 investors held Aurora Cannabis shares through Robinhood, the brokerage's website shows, making it the 16th most-popular stock on the platform. Other cannabis companies like Cronos Group and Tilray are also on the most-popular list, and don't appear to be experiencing similar issues.
Aurora shares were briefly halted on the Toronto Stock Exchange Tuesday, following an inquiry by the Investment Industry Regulatory Organization of Canada into reports that the company was in talks with Coca-Cola to produce a CBD-infused beverage. Those reports sent the stock soaring by more than 20% on Monday.
"The Company does confirm that it engages in exploratory discussions with industry participants from time to time," Aurora said in response to the inquiry. "At this time the Company confirms there is no agreement, understanding or arrangement with respect to any partnership with a beverage company."
Aurora did not respond to a request for comment about Wednesday's trading issues.
It's not unheard of for Robinhood to restrict trading to protect its users from fraud and manipulation. Last month the company restricted trading of MoviePass' parent company Helios & Matheson to protect customers "from the risks associated with some low-priced stocks."
Aurora Cannabis shares are up more than 300% in the past year.
San Francisco 49ers quarterback Jimmy Garoppolo took a hard hit on the sideline near the end of the team's game against the Chiefs on Sunday.
While attempting to mount a fourth quarterback comeback, Garoppolo scrambled in an attempt to pick up a first down. Rather than safely skirting out of bounds, Garoppolo attempted to pick up a few extra yards, and paid for it dearly, being met by Chiefs corner Steven Nelson.
You can see the hit below.
49ers fear torn left ACL for Jimmy Garoppolo. You can see it buckle here pic.twitter.com/BXBYFAg16j— Will Brinson (@WillBrinson) September 23, 2018
Garoppolo would make a brief appearance in the medical tent before being carted off to the locker room.
Just watched Jimmy Garoppolo go from the tent straight to the cart in one step. pic.twitter.com/3iJ82wIHKG— James Palmer (@JamesPalmerTV) September 23, 2018
According to ESPN's Adam Schefter, Niners head coach Kyle Shanahan fears Garoppolo tore his ACL on the play. He has an MRI set for Monday.
Kyle Shanahan said the 49ers fear Jimmy Garoppolo tore his ACL. MRI on Monday, per source. “It doesn’t look good,” said one 49er.— Adam Schefter (@AdamSchefter) September 23, 2018
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The rate of inflation fluctuates year to year, month to month, as markets and economies change.
The Bureau of Labor Statistics can calculate how much the American dollar was valued any given year and month. Business Insider used the CPI inflation calculator to find the value of a $10 bill every year in January, from 1965 and 2010, in 2018 dollars.
We then found out how much different products — from Sharpies to New Balance shoes — cost in 2018 to compare the buying power of past years.
Below, find out what a $10 bill the year you were born could buy you in 2018.
SEE ALSO: The richest person at every age
DON'T MISS: What $100 was worth in the decade you were born
Value of a $10 bill in 1965: $80.82
What you can buy in 2018: A pair of New Balance shoes
A pair of 574 New Balance women's shoes retail for $79.99. In 1965 dollars, $10 could afford you one fresh pair of New Balances.
Value of a $10 bill in 1966: $79.29
What you can buy in 2018: A Rihanna Fenty makeup palette
Rihanna released her Fenty makeup line a year ago. A Galaxy Eyes palette from the collection goes for $79. In 1966 dollars, $10 would buy a Fenty fan one shimmery palette.
Value of a $10 bill in 1967: $76.64
What you can buy in 2018: A leather-bound copy of The Bible
The Holy Bible is the most stolen item worldwide. In 2018, a copy of the Bible with imitation leather bindings costs upwards of $76.56. In 1967 dollars, $10 would have covered a new Holy Bible with little change left over.
See the rest of the story at Business Insider
No player has struggled more with the NFL's new rules intended to protect quarterbacks than Packers linebacker Clay Matthews.
In Green Bay's first two games of the season, Matthews has been flagged for roughing the passer on plays that many would consider standard tackles, including a critical call last weekend against the Vikings that helped Minnesota steal a tie from the Packers.
This week, it happened once again.
Seen here, Matthews is just finishing the play, but according to the new rules, it is still a penalty because Matthews landed "with all or most of the defender's weight" on the quarterback.
The NFL was quick to defend the decision on Twitter.
This is a foul for roughing the passer - the defender lands “with all or most of the defender’s weight” on the passer. Rule 12, Section 2, Article 9(b): https://t.co/s9YKN8NLuT#GBvsWASpic.twitter.com/ei2QZkvvzx— NFL Football Operations (@NFLFootballOps) September 23, 2018
Packers head coach Mike McCarthy was livid and could be seen on the sideline laying into officials about the call.
On Twitter, the general sentiment seemed to be that McCarthy was right to be mad.
This is roughing the passer, apparently.— Jordan Heck (@JordanHeckFF) September 23, 2018
Clay Matthews is no longer allowed to sack QBs. pic.twitter.com/Zp09o14gEx
Clay Matthews is no longer allowed to sack quarterbacks. It is against the rules.— Robert Mays (@robertmays) September 23, 2018
Seriously, Clay Matthews is gonna have to start sacking QBs like this. pic.twitter.com/smN79X3Yay— Field Yates (@FieldYates) September 23, 2018
Regardless of McCarthy's feelings on the call, it's a new reality of the league as the NFL attempts to do a better job at protecting quarterbacks. Matthews is going to have to make some adjustments soon or be further frustrated by penalties.
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Tiger Woods is back.
After multiple promising starts this season, Woods was able to string together four brilliant rounds over the weekend to get the first win of his comeback at the TOUR Championship, taking the trophy with a final score of 11-under par.
It was the 14-time major winner's first victory since 2013, and the 80th of his career.
As Woods walked to the 18th green, the gathered crowd began to bleed onto the course, chanting Tiger's name and "USA! USA! USA!" in anticipation of the upcoming Ryder Cup.
It was a surreal scene, unlike anything you'd normally see at a golf tournament — the Tiger Effect.
One chip and two putts later, Tiger would seal the victory.
"I had a hard time not crying on that last hole," said Woods when asked about the cheers that followed him through the 18th green.
Woods is now just two wins behind Sam Snead for most in a career and based on how he's played all year, it feels like he'll break the record sooner rather than later.
All year, Woods had shown signs of his old self. On multiple occasions, Woods was the leader after the first round and would find himself in the hunt heading into Sunday. Though he had not been able to turn those outings into victories, they were proof to the golf world that he still had what it took to win on the PGA Tour.
On Sunday, it all came together.
The electric mood for Tiger won't be stopping any time soon — with the Ryder Cup fast approaching, expect the crowds to be just as rowdy for Woods this weekend.
Looking ahead to next year, expectations will be high for Woods to keep his run going — he's already the favorite to win the 2019 Masters.
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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. Current subscribers can read the report here.
Fintech hubs — cities where startups, talent, and funding congregate — are proliferating globally in tandem with ongoing disruption in financial services.
These hubs are all vying to become established fintech centers in their own right, and want to contribute to the broader financial services ecosystem of the future. Their success depends on a variety of factors, including access to funding and talent, as well as the approach of relevant regulators.
This report compiles various fintech snapshots, which together highlight the global spread of fintech, and show where governments and regulatory bodies are shaping the development of national fintech industries. Each provides an overview of the fintech industry in a particular country or state in Asia or Europe, and details what is contributing to, or hindering its further development. We also include notable fintechs in each geography, and discuss what the opportunities or challenges are for that particular domestic industry.
Here are some of the key takeaways:
In full, the report: