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The latest news from Business Insider

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    Donald Trump

    • President Donald Trump called himself a "nationalist" while addressing a campaign rally for Sen. Ted Cruz in Texas on Monday.
    • The news comes as Trump has increasingly used the same type of "us-versus-them" rhetoric on immigration that he used during the 2016 presidential campaign in order to encourage his supporters to vote in the midterms November 6.
    • Trump leaned into that over the weekend amid the news that a group of roughly 7,000 migrants were headed to the US from Central America.
    • Cruz, the junior senator who took office in 2013, is in the middle of a closely watched Senate race in Texas against Democrat Beto O'Rourke.

    President Donald Trump on Monday declared himself a "nationalist" at a campaign rally in support of Sen. Ted Cruz in Texas.

    "You know they have a word, it sort of became old-fashioned, it's called a nationalist," Trump said.

    "And I say 'really, we're not supposed to use that word?' Do you know what I am? I'm a nationalist."

    The crowd inside the Toyota Center in Houston cheered wildly.

    Trump's remarks on Monday night illustrate the type of rhetoric he has used recently to encourage supporters to vote in the upcoming midterm elections. That rhetoric has centered around immigration and echoes the same type of "us-versus-them" ideology he used during the 2016 presidential election.

    Trump reaffirmed his tough stance on immigration amid news that a group of roughly 7,000 migrants from Central America is headed to the US seeking asylum. To that effect, Trump has threatened to cut aid to Honduras if it didn't stop the migrants from heading to the US.

    Cruz referred to the group of migrants on Monday as a "serious" threat.

    "When you see thousands of people pledging to come violate US law, to cross into this country illegally, we have to treat that seriously," Cruz told local reporters outside of a Texas Oil and Gas Association forum in Houston.

    Cruz is in the middle of a closely watched Senate race in Texas against Democrat Beto O'Rourke, whose message has struck a chord with the state's progressive voters. Though Cruz is favored to win, O'Rourke has raised more than $38 million in the third quarter from more than 800,000 donors.

    The Houston Chronicle's editorial board, which endorsed Cruz in his previous bid for US Senate in 2012, threw its support behind O'Rourke Friday. The board said Cruz has not acted in the interest of his fellow Texans during his time in office.

    Election Day is November 6.

    Join the conversation about this story »

    NOW WATCH: Inside the Trump 'MAGA' hat factory


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    LeBron James

    • LeBron James hit a miraculous three-pointer in the final seconds of regulation to force overtime against the Spurs, only to fall short in the final seconds of the extra period.
    • At the foul line with a chance to seal the game, James missed consecutive free throws, leaving the door open for the Spurs to win with their final shot.
    • San Antonio found Patty Mills for the game-winner, leaving Los Angeles fans stunned and the Lakers still seeking their first win of the season.

    It looked like LeBron James had pulled off yet another miracle.

    Seeking their first win of the season against the San Antonio Spurs with a short-handed roster due to suspensions doled out to Brandon Ingram and Rajon Rondo, LeBron and the Lakers had trailed most of the game, but pulled within striking distance of Gregg Popovich's squad late in the fourth quarter.

    With the Lakers down 128-125 to the Spurs in the waning seconds of regulation, James pulled up for an absurd three-pointer to tie the game.

    The Staples Center erupted, knowing that this was the first of many brilliant moments LeBron would provide as the new centerpiece of the Lakers.

    All that was left was to wrap things up in overtime, and with the Lakers building their lead to 139-133 with two minutes remaining in the extra period, things felt locked up for Los Angeles.

    But the Spurs didn't quit, with Rudy Gay hitting a clutch three of his own with just 15 seconds left to pull San Antonio within one.

    The Spurs then fouled James, sending him to the line to shoot two free throws that could have all but iced the game for the Lakers.

    Shockingly, he missed both.

    Still, the Lakers needed only a single stop at the defensive end to get their first victory — would LeBron's next thrilling play come in the form of a game-saving block or steal?

    Unfortunately for Los Angeles fans, it would not.

    After advancing the ball with a timeout, the Spurs ran a crafty inbound play to get Patty Mills open for the game-winning jumper.

    He hit nothing but net.

    The Lakers had a few seconds left to try and manage another potential game-saving shot, but James couldn't connect on a second pivotal jumper, and the game went final, with the Spurs winning the shootout 143-142.

    James will undoubtedly have more chances to stamp his place in Lakers history, but the script looked perfectly written for him to do it on Monday night, and to see him falter was jarring to anyone whose watched him perform miracle after miracle on the basketball court over his storied career.

    The Lakers will try for their first win of the season again on Wednesday night when they travel to Phoenix to take on the Suns.

    Join the conversation about this story »

    NOW WATCH: What it takes to be an NFL referee


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    Donald Trump

    • President Donald Trump joked he could no longer use his derogatory "Pocahontas" nickname for Democratic Sen. Elizabeth Warren.
    • "A sad thing happened last week," Trump said at a campaign rally on Monday. "Because Elizabeth Warren was exposed as being a total fraud. And I can no longer call her Pocahontas because she has no Indian blood."
    • Trump's remarks came after Warren's DNA test, which she took in an attempt to validate her claim of Native American heritage.
    • The DNA test's report revealed she was between 1/64th and 1/1,024th Native American.

    President Donald Trump resurrected his derogatory "Pocahontas" nickname for Democratic Sen. Elizabeth Warren, and joked he could no longer use it after a DNA test report suggested she merely had trace amounts of Native American ancestry in her DNA.

    "A sad thing happened last week," Trump said at a campaign rally for Sen. Ted Cruz in Houston on Monday. "Because Elizabeth Warren was exposed as being a total fraud. And I can no longer call her Pocahontas because she has no Indian blood."

    "I can't call her Pocahontas," Trump added. "She doesn't qualify ... I've been saying it for a long time. I've been saying it for a year and a half. I said, 'I have more Indian blood than she has and I have none! I have none!'"

    Warren has long contended that she has Native American ancestry, a claim that has been met with skepticism, particularly by Trump. Warren attempted to silence her skeptics by taking a DNA test, which her campaign then publicized with a video and supporting documents.

    Warren's media campaign ultimately backfired after the report revealed she was between 1/64th and 1/1,024th Native American. Additionally, representatives from Native American tribes described the testing procedure as "useless" in determining tribal citizenship.

    While Warren's claim of Native American heritage has yet to be disproven, DNA tests alone cannot conclusively prove a person's ancestry.

    Trump has echoed his derogatory nicknames against Democratic opponents in numerous campaign speeches and tweets. With the midterm elections approaching, Trump has shown no sign of easing up on his attacks against Warren, who is up for reelection in Massachusetts and is a likely contender for the 2020 US presidential election,

    "I cant use the name Pocahontas anymore," Trump said. "But if you don't mind I will anyway. Is that ok?"

    "We got to keep her down," Trump added.

    SEE ALSO: 'Inappropriate and wrong': Cherokee Nation official throws cold water on Elizabeth Warren's DNA test of Native American heritage

    Join the conversation about this story »

    NOW WATCH: Inside the Trump 'MAGA' hat factory


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    north south korea border

    Hello! Here's what's happening on Tuesday.

    1. US President Donald Trump threatened to build up the US nuclear arsenal "until other nations come to their senses." Trump said he would withdraw the US from a landmark nuclear weapons treaty with Russia, and has accused of them of violating the deal.

    2. The Kremlin expressed concern about President Trump's decision to withdraw from the nuclear weapons treatyA spokesman for Russian President Vladimir Putin said US withdrawal from the treaty would "make the world a more dangerous place." 

    3. The operation that led to journalist Jamal Khashoggi’s death was reportedly run via Skype by one of Saudi Crown Prince Mohammed bin Salman's top henchmenSaud al-Qahtani, 40, reportedly directed the operation and at one point allegedly said, "Bring me the head of the dog."

    4. North and South Korea discussed plans to remove some weapons from their border. Along with the UN, they have agreed to withdraw firearms and guard posts in the village of Panmunjom this week.

    5. China is about to open the world's longest sea bridge to connect Hong Kong to mainland China. It cost $20 billion and is 20 times as long as the Golden Gate Bridge.

    6. India and Japan are working on a military deal that could give them an edge over China. Both countries have sought to counter China's growing influence in the Indian Ocean region.

    7. A dangerous Category 4 Hurricane is approaching Mexico's coastHurricane Willa is carrying winds of 145 mph (230 kmh) and is predicted to make landfall on Tuesday afternoon. 

    8. An explosive device was found in the mailbox near billionaire George Soros' homeSoros was not at home when the package arrived.

    9. One ticket, two days, 50+ insightful speakers, and 600+ executivesBusiness Insider's flagship IGNITION conference headliners include Mark Cuban, Janice Min, Sir Martin Sorrell and Barbara Corcoran. Join us for IGNITION, December 3-4, New York City.

    10. Uber may start delivering burgers by drones as soon as 2021.CEO Dara Khosrowshahi acknowledged his company was working on a drone delivery project — named UberExpress — saying, "We need flying burgers."

    And finally...

    All the atrocities Saudi Arabia committed before outrage over Jamal Khashoggi's death reached a fever pitch

    Join the conversation about this story »

    NOW WATCH: What activated charcoal actually does to your body


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    Oculus Quest

    Good morning! This is the tech news you need to know this Tuesday.

    1. An Amazon exec and CEO of server company Supermicro have joined Tim Cook in demanding that Bloomberg retract its report on spying microchips. The Apple CEO told Buzzfeed last week that Bloomberg needs to "do the right thing" and retract the story.
    2. A second Oculus cofounder is leaving Facebook after reportedly clashing with management. Oculus cofounder and former CEO Brendan Iribe announced on Monday that he would be stepping down.
    3. Uber's top dealmaker and trusted adviser to the CEO has resigned following reports of a sexual misconduct investigation. Uber exec Cameron Poetzscher was the subject of a 2017 sexual misconduct investigation, according to a report in The Wall Street Journal last month.
    4. SoftBank's COO has pulled out of the Saudi Arabia Investment conference, Bloomberg reports. Multiple high-profile executives have already pulled out of the conference after journalist Jamal Khashoggi's disappearance.
    5. Richard Branson is stepping down as chairman of one of his most ambitious projects and it could be more fallout from Saudi Arabia's killing of Jamal Khashoggi. Sir Richard Branson is quitting Virgin Hyperloop One citing the company's need for a more "hands-on" leader.
    6. Netflix will raise another $2 billion to help fund original shows and acquire more content. The company plans to spend more than $8 billion on entertainment programming this year.
    7. Uber may start delivering burgers by drones as soon as 2021 because its CEO says we "need" flying burgers. Uber is looking to hire an operations executive to make drone delivery functional by next year and available for commercial use by 2021, according to a jobs listing spotted by The Wall Street Journal.
    8. Google's new video game streaming service could mark the beginning of the end for gaming consoles. Google's ProjectStream lets you play blockbuster video games with your internet browser, if you've got a strong enough internet connection.
    9. Instagram just surpassed Snapchat as the most used app among American teens, according to a new Wall Street survey. Overall Snapchat and Instagram were the two most used apps among the surveyed teens, with Twitter and Facebook trailing behind.
    10. Huawei won't be selling its new flagship smartphones, the Mate 20 and Mate 20 Pro, in the US. The company is locked out of the US market because of fears that it spies on people for China.

    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.

    Join the conversation about this story »

    NOW WATCH: Everything we know about the Google Pixel 3


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    saudi conference website hacked

    • Hackers targeted the website for the Future Investment Initiative (FII) conference, a major investment conference hosted by Saudi Crown Prince Mohammed bin Salman.
    • The site briefly featured an edited image of the crown prince holding a knife over the slain journalist Jamal Khashoggi's head.
    • Below the image, text read: "For the sake of security for children worldwide, we urge all countries to put sanction on the Saudi regime."
    • The images were taken off the site and the page returned to normal on Monday, but appeared to be offline again on Tuesday morning, local time.
    • The conference known by some as "Davos in the Desert" has received negative attention in the wake of Khashoggi's disappearance and death. Several companies and titans of industry who were previously expected to attend backed out in recent days.

    Hackers targeted the website for the Future Investment Initiative (FII) conference, a major investment conference hosted by Saudi Crown Prince Mohammed bin Salman.

    The website briefly featured images of the crown prince holding a large knife over Jamal Khashoggi's head. In the image, which has since been removed, the prince is standing near what appears to be the flag of the Islamic State terror group.

    The Saudi Consulate in Istanbul, where Khashoggi died on October 2, appeared in the background of the image.

    Some text below the image read: "For the sake of security for children worldwide, we urge all countries to put sanction on the Saudi regime."

    It continues: "The regime, aligned with the United States, must be kept responsible for its barbaric and inhuman action, such as killing its own citizen Jamal Khashoggi and thousands of other innocent people in Yemen. The medieval Saudi regime is one of the sources for #Terrorism_Financing in the world."

    The website also linked to a handful of similarly themed YouTube videos.

    The Future Investment Initiative site returned to normal operation on Monday, but appeared to be offline again Tuesday morning, local time.

    The conference known by some as "Davos in the Desert" has received negative attention in the wake of Khashoggi's disappearance and death. Several companies and titans of industry who were previously expected to attend backed out in recent days, including billionaire AOL cofounder and venture capitalist Steve Case and Uber CEO Dara Khosrowshahi, who were both slated to speak.

    The Kingdom admitted that Khashoggi had been "murdered" inside their consulate, but denied that the crown prince had any prior knowledge of the plot.

    Join the conversation about this story »

    NOW WATCH: 3 surprising ways humans are still evolving


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    construction workers

    • Homebuilder stocks are on pace for their worst year since 2008.
    • Amid the bloodbath, industry analysts are warning that tech giants are growing their ambitions and investments in the housing market. 
    • Amazon, Google, and Tesla have already made some inroads, and could innovate in ways that traditional homebuilders have been unable to. 

    In the course of Margaret Whelan's conversations with homebuilders in Europe and Japan, she has noticed a difference between them and their American counterparts.  

    "Everyone delivers houses in days, except here," Whelan, CEO of Whelan Advisory, a boutique advisory that raises capital for housing companies, said at a recent conference in New York.  The former JPMorgan managing director lamented that it often takes months, sometimes years, to build a house in the US.

    "The bigger homes, they'll take 14, 15 months to build — who's got time for that?" she asked the crowd.

    Building speed is just one area that desperately needs innovation amid the worst year for US housing since the financial crisis. The iShares Dow Jones US Home Construction exchange-traded fund, for example, has plunged 28% in 2018, and is on pace for its worst year since 2008. Shortages of land and labor, coupled with rising interest rates and affordability constraints, have slowed the housing market

    And according to investors and industry experts, the players most likely to transform the housing industry are companies well known for disruption elsewhere: tech juggernauts like Amazon, Alphabet, and Tesla

    Here are some examples of their meddling: 

    • Last December, local lawmakers approved a bid by Google to build nearly 10,000 housing units close to its future campus in Mountain View, California, amid a shortage of affordable housing.
    • The homebuilder Lennar announced in May that it was working with Amazon to build model homes fitted with Alexa-enabled devices including lights and thermostats.
    • Tesla installed 450% more power-storage batteries in the first half of 2018 compared to the same period in 2017. 

    There's a pattern here: these companies have a financial incentive to get into building.

    Mark Boud, the chief economist of housing consultancy Metrostudy, is already advising them.

    "It used to be that my clients were builders and land developers, period," Boud said at the conference. "Now, it's about 70/30, 30% being these non-traditional players ... that share is going to increase dramatically over time." 

    Tech companies are poised to embrace more efficient methods of building — including modular and factory-built houses — faster than the traditional players, Boud said.

    Their meddling in homebuilding comes at an opportune time: the US housing market is facing a shortage of inventory — especially affordable houses — and is projected to remain under-built through at least 2022. 

    Screen Shot 2018 10 19 at 12.34.07 PM

    Builders don't innovate well 

    "When it comes to change and doing things differently, builders are not great at that," said Paige Shipp, the Dallas-Fort Worth regional director at Metrostudy.  

    The example she always tells clients about is the US Postal Service, which operated like a monopoly in its heyday. Then UPS and FedEx came on the scene and shook things up. Now, even Amazon is building out its own logistics service to deliver packages faster.

    The fear of change, Shipp said, is greatest for public companies who will see their stocks sink if new methods eat into their profits. But even if they wanted to try, she says they don't have the ideal decision makers.  

    "We have an industry that's pale, male, and stale," Whelan said, referring to racial, gender, and generational sameness on company boards. 

    The HGTV generation

    Shipp agreed that it would be wise for builders to lean into the needs of younger clients, including millennials, who are buying roughly one out of every two new homes — more than any generation before them. 

    new home sales millennials boomers silent gen

    "Yes, they do remodel, but we’ve kind of learned that they really like to watch Chip and Joanna, but they don’t want to necessarily be Chip and Joanna," Shipp said, referring to the hosts of the HGTV show "Fixer Upper."

    "They would like to have these homes that are ready for them to move in," she added.

    In addition, tech companies know well what the digital generation would want in their homes — perhaps even better than traditional homebuilders. Shipp named some traditional builders at the forefront of technological innovation including Tri Pointe Group, The New Home Company, and Taylor Morrison.

    Beyond the supply issue, builders also need to address the crisis of affordability. According to Carl Reichardt, a homebuilding analyst at BTIG, the traditional builders best positioned to address the crisis include Lennar and D.R. Horton — his only buy-rated picks amid the bloodbath in housing stocks this year.

    "These companies have an increased focus on changing their mix to more affordable product," he told Business Insider by phone. 

    Still, big tech companies are flush with the cash, the flexibility and most importantly, the financial incentive to upend yet another industry.

    "The traditional builders need to be a little bit nervous about this," Boud said. "If we don't do it, someone else will, which is why we're seeing the Amazons and the Googles come into the market."

    SEE ALSO: The world's most accurate economic forecaster pinpoints the biggest risks investors will face in 2019 — and explains how they can prepare

    Join the conversation about this story »

    NOW WATCH: 3 surprising ways humans are still evolving


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    trader

    • A third of all S&P 500 companies are set to report third-quarter earnings during the weeks of Oct. 22 and Oct. 29.
    • These two busy weeks are the most important for stock pickers looking for opportunities to beat their benchmarks, according to Bank of America Merrill Lynch. 
    • The firm's analysts compiled a list of buy-rated stocks reporting during these two crucial weeks, which they expect to outperform the market's expectations. 

    We're officially in the most important two weeks of earnings season, according to Bank of America Merrill Lynch. 

    They're the two busiest periods during which S&P 500 companies will update investors on their third-quarter performance, and when many will provide guidance for the months ahead. 

     By BofAML's calculation, 33% of earnings are on tap this week and next.

    The firm's analysts went a step further to identify the stocks that are poised to deliver the biggest earnings surprises. For stock pickers, these post-earnings rallies could mean returns bigger than what the broader market is offering. 

    "Alpha opportunity should be high: our work suggests that stock differentiation is heightened during earnings season, particularly the busiest reporting days, which fall this week on Oct. 23-25 and next week on Oct 30-Nov 1," a team led by Savita Subramanian said in a note on Monday.

    The list below showcases stocks that BofAML has handpicked as most likely to beat earnings expectations. They are all buy-rated, and are scheduled to report third-quarter results during the earnings-season peak that Subramanian specified.

    They are ranked in ascending order of the number of standard deviations between BofAML's earnings-per-share estimates and the consensus. A higher Z-score implies that the firm's analysts are more bullish than their peers. 

    SEE ALSO: The world's most accurate economic forecaster pinpoints the biggest risks investors will face in 2019 — and explains how they can prepare

    16. Torchmark

    Ticker: TMK

    Sector: Financials 

    Expected report date: Oct. 24

    BofAML vs. consensus EPS (Z-Score): 0.1

    BofAML vs. consensus sales (Z-Score): 151.6

    Source: Bank of America Merrill Lynch



    15. Zimmer Biomet Holdings

    Ticker: ZBH

    Sector: Healthcare 

    Expected report date: Oct. 26

    BofAML vs. consensus EPS (Z-Score): 0.1

    BofAML vs. consensus sales (Z-Score): 1.5

    Source: Bank of America Merrill Lynch



    14. Illumina

    Ticker: ILMN

    Sector: Healthcare 

    Expected report date: Oct. 30

    BofAML vs. consensus EPS (Z-Score): 0.1

    BofAML vs. consensus sales (Z-Score): 0.3

    Source: Bank of America Merrill Lynch



    See the rest of the story at Business Insider

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    islamorada florida beach

    • The death of a 61-year-old American tourist on the Turks and Caicos islands is being investigated as a murder.
    • Marie Kuhnla disappeared on October 15. Her body was found a day later in the bushes near the Club Med resort she was staying.
    • The US State Department said it is aware of Kuhnla's death, but would not provide details about the ongoing investigation.

    Authorities on the Turks and Caicos islands are investigating the death of 61-year-old American tourist Marie Kuhnla as a murder, NBC News reported Monday.

    Kuhnla was vacationing on the island when she was reported missing on October 15.

    Her body was found the next morning in the bushes in Leeward, near the resort where she was staying.

    Kuhnla was staying at the Club Med resort, a representative of the hotel confirmed to ABC News.

    Turks and Caicos is a popular tourist destination located on the eastern islands of the Bahamian archipelago. The popular tourist destination is known for its white-sand beaches and turquoise waters.

    The US State Department said in a statement that it is aware of Kuhnla's death. The agency confirmed it is "providing all appropriate assistance" to Kuhna's next-of-kin.

    Join the conversation about this story »

    NOW WATCH: Wikipedia founder Jimmy Wales: There's going to be an 'enormous backlash' against Donald Trump's lies


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    Stewart Jackson

    • A senior Brexiteer called the stepfather of a hospitalised child a "pathetic cretin" in a bizarre Twitter outburst.
    • Stewart Jackson, a former Conservative MP who was later a special adviser to former Brexit Secretary David Davis, has refused to apologise for his tweet despite backlash from numerous MPs.
    • Conservative MPs Anna Soubry and Heidi Allen described Jackson as "bitter,""nasty," and "unkind."
    • The stepfather is think tank CEO Anthony Hobley, who tweeted a picture of his stepson holding an EU flag while recovering from surgery in a hospital. 
    • MPs have been urged to tone down their language after Conservative MPs used analogies about Theresa May being knifed to death and using a noose.

    LONDON — An influential pro-Leave Conservative who was an advisor to former Brexit Secretary David Davis has been described as "nasty" and "bitter" after calling the stepfather of a hospitalised child a "pathetic cretin."

    Stewart Jackson, an ex-Conservative MP who was later a special advisor to Davis during his time as Theresa May's Brexit minister, has been told to apologise by MPs from parties including his own for his Twitter outburst.

    Jackson tweeted "what a pathetic cretin" to Anthony Hobley, CEO of think tank Carbon Bubble, who tweeted a picture of his stepson in a hospital recovering from surgery and holding an EU flag.

    Hobley said his stepson was "gutted" that he was not able to attend the recent People's Vote march last Saturday, which called for another referendum on Brexit.

    Stewart Jackson cretin

    Jackson told HuffPost that he was referring to Hobley, not the hospitalised child, and refused to apologise for the now-deleted tweet.

    He said: "I just think politics is in a low place when Remainers use their kids in this way. Invading the child's privacy whilst in hospital to make a political point on the People's Vote."

    "Not what most decent people would do," he added.

    MPs from across the political spectrum publicly condemned Jackson's outburst and called on him to apologise.

    Conservative MP Anna Soubry tweeted: "When any scrap of humanity is overwhelmed by ideology @BrexitStewart [Stewart Jackson] is a bitter man gone badly wrong," while her fellow Tory, Heidi Allen MP, described her former parliamentary colleague as a "pathetic, unkind and nasty man."

    Labour MP Wes Streeting responded to Jackson's tweet with "this is beneath you."

    His colleague Rupa Huq posted: "Absolutely disgraceful from Tories at every level, chilling talk of knives and nooses re: PM from her own MPs and now this defeated one insulting a little poorly kid."

    Huq was referring to a recent story in the Mail on Sunday, in which an unnamed Conservative MP was quoted as saying Prime Minister May should "bring her own noose" to the next meeting of Tory MPs.

    Another told the Sunday Times that "the moment is coming when the knife gets heated, stuck in her [May's] front and twisted," adding the prime minister will "be dead soon."

    Jackson published his tweet just hours after politicians were urged to tone down the language they use.

    Staunch Brexiteer Steve Baker said the Conservative MPs who used these words had "thoroughly disgraced" themselves and called for the whip to be removed from them.

    Addressing the anonymous quotes on Monday, May told MPs: "It is incumbent on all of us in public life to be careful about the language we use. There are passionate beliefs on this subject... but whatever the subject, we should all be careful about our language."

    DON'T MISS: Theresa May prepares for potential leadership challenge as ministers revolt against her Brexit plans

    Join the conversation about this story »

    NOW WATCH: Inside the Trump 'MAGA' hat factory


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    China stock trader

    • Global markets fall once again after brief two-day relief rally.
    • A "poisonous brewing cauldron of geopolitical and economic issues" is to blame for the risk-off sentiment gripping investors.
    • Losses are led by Asia, which has seen virtually all major indexes drop more than 2% on Tuesday.
    • Europe is following suit, with Germany's DAX down more than 1.2%. US futures are also pointing to substantial losses.
    • You can follow the latest developments in global markets at Markets Insider.

    Global markets slumped once again on Tuesday as the continent's two-day-long relief rally came to an abrupt end, thanks to a cocktail of negative drivers.

    All major Asian indexes lost ground during Tuesday's session, with the FTSE China A50 the biggest casualty, down more than 3%. Other mainland Chinese indexes lost more than 2%, with the Shanghai and Shenzhen Composite indexes both down around 2.2%. 

    Losses were not contained to China, however, with Japan's Nikkei losing 2.7%, and Hong Kong's Hang Seng dropping close to 3% after a sharp fall into the close.

    There was no single catalyst for the losses, with growing geopolitical tensions between Saudi Arabia and the West over the death of journalist Jamal Khashosggi, resurfaced fears about President Trump's trade war, and generally waning confidence in the Chinese economy all partially to blame.

    "Big swings in the Chinese markets continued, with the previous two-day rally moving sharply into reverse. After mulling over Chinese stimulus plans the market is seeing these stimulus measures as cushioning a fall rather than boosting the economy," Jasper Lawler, head of research at London Capital Group said in a morning briefing.

    "It was all too much for the markets on Tuesday. The poisonous brewing cauldron of geopolitical and economic issues led to one of those opens as nuance-less as it was red," Connor Campbell, analyst at Spreadex added.

    Fears abound that the sell-off in China could get worse as a wave of forced share selling kicks in for Chinese companies who use their shares as colleteral for loans.

    According to Bloomberg, about 4.18 trillion yuan ($603 billion,) worth of shares have been put up by company founders and other major investors as collateral for loans, accounting for about 11% of the country's stock market capitalization, based on calculations using China Securities Depository and Clearing Corporation data.

    The South China Morning Post, citing a report by Tianfeng Securities, said earlier in the week tha tmore than 600 company stocks have fallen to levels where forced sales may kick in.

    "It's a vicious cycle: share drops lead to liquidation and liquidation leads to further share drops," Wang Zheng, chief investment officer at Jingxi Investment Management told the South China Morning Post last week.

    European stocks have also witnessed losses in the first hour of trading, although not as severe as those in Asia. By 8.40 a.m. BST (3.40 a.m. ET), Germany's DAX has dropped 1.2%, while the UK's benchmark FTSE 100 index is around 0.7% lower. The Euro Stoxx 50 broad index is down 0.8%.

    "Sentiment continues to take a hit from a combination of geopolitical tensions including the growing isolation of Saudi Arabia, Italy’s defiant stance towards the ECB and Brexit," Lawler said.

    US futures are also pointing to big losses when markets open stateside, with the Nasdaq pointing to an opening loss of 1.1%, while both the S&P 500 and the Dow Jones look to fall around 0.9%

    SEE ALSO: The $600 billion reason why China's stock market crash might get a whole lot worse

    Join the conversation about this story »

    NOW WATCH: Wikipedia founder Jimmy Wales: There's going to be an 'enormous backlash' against Donald Trump's lies


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    Charles Tannock

    • Strongly pro-EU Conservatives want Theresa May's Brexit deal to collapse, according to a leading Tory MEP.
    • That's because they believe this will create the best conditions for another Brexit referendum. 
    • "I want the deal rejected because it might result in us remaining in the European Union via a People's Vote," Charles Tannock told Business Insider.
    • Tannock believes an unholy alliance of ultra Brexiteers and staunch Remainers could a clear route to Britain reversing the 2016 vote and staying in the EU.
    • May is under pressure from Brexiteers to take a more hardline approach to negotiations after she suggested that the transition period could be longer than originally promised.

     

    LONDON — A group of hardcore Remainers in the Conservative party hope that Leave-supporting MPs will vote down Theresa May's Brexit deal in order to trigger a second referendum, according to one of the group's founding members.

    This week is set to be one of the most precarious of May's premiership, with MPs from all sides of the Conservative party criticising her handling of Brexit talks after she suggested that the transition period could be extended.

    Charles Tannock, an MEP who co-founded the "Conservatives for a People's Vote" group, told Business Insider that pro-EU parliamentarians in the Tory party are rooting for Brexiteers to vote down any deal May brings back to Westminster. This, Tannock said, is because they believe this would create the ample conditions for a fresh referendum, which included the option of Britain remaining in the EU.

    "The more MPs that vote against the deal, the better," Tannock told BI, adding that the "worst" scenario for 10 Downing Street  "is best for people like me who are pro-European."

    'A curious conflation of interests from diametrically opposed viewpoints'

    Steve Baker

    Leave-supporting Conservative MPs have been restless ever since May revealed her Chequers blueprint for leaving the EU. They believe it would leave Britain too closely tied to EU rules, unable to strike meaningful new trade deals, and subservient to the European Court of Justice.

    The anger among Brexiteers has increased in recent weeks as the prime minister has tried to unlock the impasse in Brexit talks. May has riled pro-Leave Conservative MPs by suggesting that the 21-month transition period could be extended and her refusal to guarantee a backstop period that comes with a fixed end date.

    Steve Baker, a leading member of the pro-Brexit European Research Group of MPs, has said as many as 80 of its members would vote against the prime minister's deal should she bring it before parliament.

    Even if half that number voted down the deal, that would still create a strong possibility of it failing to pass, creating uncertain conditions in which a number of currently seemingly far-fetched scenarios would become more plausible. Those include a general election, a Tory leadership contest, or another Brexit referendum.

    Dr Charles Tannock

    It is that variety of possibilities which has created a somewhat unholy alliance between those Remain supporters who hope the government be forced to call a second referendum and those who believe it could create a change in policy which resulted in a harder Brexit.

    "It's a curious conflation of interests and thinking from diametrically opposed viewpoints," Tannock told BI.

    "For me, I want the deal rejected because it might result in us remaining in the European Union via a People's Vote.

    "[The ERG] want the deal rejected because they think it will topple May and put someone even harder in place," he said.

    Around 700,000 people marched for a People's Vote in London on Saturday, while a growing number of Conservative MPs are considering joining the campaign. Tory MPs including Anna Soubry, Sarah Wollaston and Dr Philip Lee are already supporters of the campaign, plus a host of Labour, Lib Dem and Green MPs.

    The government has repeatedly ruled out the prospect of a second Brexit referendum, with May suggesting it would be "a gross betrayal of our democracy." But if her deal failed to pass through parliament, the government would likely face a much starker set of choices than it does currently.

    'As tough as possible'

    Some MEPs in Brussels who support calls for a second referendum also believe that the EU should maintain an uncompromising stance with UK negotiators because a "sweet" deal would be more likely to pass through parliament, Tannock said.

    "A number of MEPs I have spoken to who fully understand that their governments must tow the line and be as tough as possible, not to blink," he said.

    "They now know that if Mrs May gets a bad deal, she's likely to have it voted down. If she gets something very sweet, she may persuade Labour to co-operate, and enough Tory rebels to back off."

    Brexit negotiations are currently at an impasse over the thorny issue of the backstop policy for preserving the frictionless Irish border. The EU is adamant that Northern Ireland must effectively stay in the single market and customs union if no other workable options are available. May has said she will never accept this as it would create new checks between Northern Ireland and Great Britain and undermine the integrity of the UK.

    SEE ALSO: 'Nasty' and 'bitter' leading Brexiteer called the stepfather of a hospitalised child a 'pathetic cretin'

    DON'T MISS: Theresa May told by the EU to 'take it or leave it' as Brexit talks risk collapse

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    southwest

    • A man accused of groping a woman on a Southwest Airlines flight used Donald Trump's "grab them by the p---y" comments to argue that he should not be in trouble.
    • Bruce Alexander, 49, is accused of groping a woman's breast on the flight and was detained when the plane landed.
    • But he could not understand why he was being arrested and "stated that the President of the United States says it's ok to grab women by the private parts," according to a criminal complaint.
    • Alexander was charged with abusive sexual contact.

    A man arrested for allegedly groping a woman on a Southwest Airlines flight used Donald Trump's "grab them by the p---y" comments to argue that he should not be in trouble because the President of the United States thinks it's OK.

    According to a criminal complaint filed on Monday in a New Mexico federal court, a man identified as Bruce Alexander, 49, is accused of groping a woman's breast while she was sleeping on the Sunday flight.

    The woman, who is not identified, told investigators that she believed it was an accident when the man first touched her, but she told flight attendants when it happened again and she was reseated. Alexander was detained by uniformed officers when the plane landed.

    But when he was placed in handcuffs as the flight landed in Albuquerque, Alexander could not understand what he was being arrested for, according to the complaint.

    When in a police vehicle, "Alexander stated that the President of the United States says it's ok to grab women by the private parts," the complaint said. He has been charged with abusive sexual contact, according to the charge sheet. Alexander remains innocent until proven guilty in a court of law.

    Donald Trump boasted in 2005 about being able to "grab" women "by the p---y" because "when you're a star they let you do it," in an audio and video recording that emerged during his 2016 presidential campaign.

    "You can do anything. ... Grab them by the p---y. You can do anything," Trump said.

    Trump's comments were widely condemned, but he was ultimately elected president.

    At the time Trump called his commentary "locker room banter" and "a private conversation that took place many years ago."

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    Sad Italy fans

    • Italian stocks and bonds rebounded a little on Monday after ratings agency Moody's left the country's debt with an investment grade rating.
    • The bounce is likely to be short-lived, however, as investors simply don't think Italy's fiscal path is sustainable.
    • The government wants to increase the budget deficit, and implement a large scale fiscal stimulus.
    • Goldman Sachs' Silvia Ardagna thinks the situation could get worse.

    Italian assets are showing signs of a nascent recovery this week, boosted by ratings agency Moody's leaving the country's government debt at investment level.

    Moody's downgraded Italian debt to a Baa3 rating, placing it one notch above junk status — the point at which investments effectively become speculative bets — but also reaffirmed the country's outlook as stable, upgrading it from negative previously.

    This was interpreted by markets as a reasonably good result, with many having feared that Italy could be moved into junk status.

    Monday saw Italian assets across the board climb, and while the country's stock market has slipped as part of a global sell-off on Tuesday, yields on the country's benchmark 10-year bonds continue to fall off their recent highs, reflecting a renewed appetite for Italian assets from investors.

    The comeback, however, looks set to be shortlived and assets could drop below even the multi-year lows witnessed last week. That's according to Goldman Sachs economist Silvia Ardagna, who wrote this week that Italy's "market situation may need to get worse before it gets better."

    Ardagna's rationale is fairly straightforward. The Italian government does not want to take a backward step in the imposition of its new budget, which has led it to clash with Brussels.

    The budget proposes increasing both Italy's overall government debt and its deficit in the short run, pushing the deficit as high as 2.4% of GDP over the coming years. This means Italy will fall foul of a previously mandated maximum deficit level of 0.8% of GDP.

    Brussels has repeatedly asked the coalition government to reconsider its plans, but Rome is refusing to budge, and will need a serious motivation to do so.

    One such motivation could be a further adjustment lower in markets.

    "Financial market participants understand there is value in correctly pricing not just the 'end game,' but also the path to that 'end game' and the risks around it," Ardagna wrote to clients in a note earlier in October, before reiterating the point on Monday.

    "From this perspective, our view is that market tensions would need to intensify in order to exert sufficient pressure on the Italian political system to trigger a change in the policy path and the political rhetoric around it.

    "On that basis — and even if Italy does ultimately remain part of the Euro area — the market situation may need to get worse before it gets better," she added.

    SEE ALSO: A key indicator of Italy's financial health is flashing red as its EU budget row intensifies

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    william may rolex thumb

    • 70% of Brits can't tell the difference between a real and fake Rolex, according to a new survey by jeweller William May.
    • The jeweller shared the six things to look out for when spotting a genuine timepiece.


    Rolex watches make for a pretty good investment, as both vintage and pre-owned watches continue to rise in value.

    In October 2017, Paul Newman's Rolex Daytona sold for a record-breaking $17.8 million (£13.6 million) at Phillips Auction House in New York, becoming the most expensive Rolex ever sold at auction.

    However, the majority of Brits surveyed by vintage jewellery specialists William May can't tell the difference between a fake Rolex and a genuine Swiss timepiece. This is a problem because Rolex is also one of the most counterfeited brands in the world.

    William May asked 1,000 people in the UK to determine which watch was real out of two images below — one showing a fake model and one showing a real Rolex. Only 30% guessed correctly.

    Which is real?

    Image A:

    Real rolex william may 1

    Image B:

    Fake rolex william may

    Now compare them both. Which one do you think is real?

    william may rolex wide

    If you answered Image A, you are correct — and you're among the 30% of the British population who can spot the difference.

    For those of us who struggled to identify which one was genuine, William May says there are six things you should look out for in the future:

    1. The magnification

    The fine workings of a Rolex mean that the date has to be small for everything to work perfectly, according to William May. To compensate for this, a cyclops window, or magnifier, is added to make the date more visible.

    "On all Rolex models the magnification is 2.5X and the date really jumps out at you," William May said. "On fakes this is often set to just 1.5X, so the date is harder to see."

    2. The weight

    If it feels light, it isn’t right.

    "Fake Rolex watches are generally lighter, whereas a real Rolex is made of high-quality metals, and will weigh significantly more," William May said.

    3. The water test

    If the watch is dipped into water for a few seconds, it will not leak water into its dial, according to William May, who said that all Rolex watches are 100% watertight, while many counterfeit watches are not.

    "Rolex Submariner timepieces are the only watches designed for deep sea diving, but all models are waterproof and perfectly sealed," according to the jeweller.

    4. The writing

    Everything on a Rolex is made to perfection, and if you take a magnifying glass and examine all the lettering on the dial, you'll be able to spot a fake if there are any imperfections.

    According to William May: "The writing should be convex and there should be no bubbling."

    5. The case back

    If the case back is made out of glass, plastic, or crystal so you can see the inner workings of the watch, it’s most likely a fake, according to the jeweller.

    "There are two extremely rare Rolex models from the 1930s that have case backs made of glass. And no more. If you are buying a relatively modern Rolex with a clear case back it is a fake. You can also check for engravings — Rolex does not engrave anything on the case back’s exterior, but it does on the interior."

    6. The tick

    If you hear a loud tick from the watch, you've got a fake on your hands.

    "Counterfeiters can’t often perfect the precision gears of a Rolex and a ticking noise is the tell-tale sign of this."

    Join the conversation about this story »

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    Andy Jassy AWS

    • Andy Jassy, the CEO of Amazon Web Services, has echoed Tim Cook in calling for Bloomberg's report on a Chinese hardware hack to be retracted.
    • Cook told Buzzfeed last week that there was "no truth" in Bloomberg's report about Apple.
    • The CEO of Super Micro, the server company at the heart of the report, also issued a statement asking for Bloomberg to walk back the story.

    Amazon and Super Micro have joined Apple in demanding that Bloomberg retract its explosive report on China planting microchips in tech hardware to spy on American companies.

    Last week, Apple CEO Tim Cook refuted Bloomberg's report from earlier this month that Chinese spies placed microchips inside servers to spy on the US. "There is no truth in their story about Apple," Cook told BuzzFeed.

    Now a senior Amazon executive has thrown his lot in with Cook. Andy Jassy, CEO of Amazon Web Services, tweeted on Monday that Bloomberg's story was "wrong about Amazon, too."

    "They offered no proof, story kept changing, and showed no interest in our answers unless we could validate their theories," he wrote. "Reporters got played or took liberties. Bloomberg should retract."

    Business Insider has contacted Amazon to ask if Jassy's statement is reflective of the company's position.

    Furthermore, in a statement obtained by CNBC, Charles Liang CEO of Super Micro — the server company at the heart of Bloomberg's story — also called for Bloomberg to walk back the story.

    "Bloomberg should act responsibly and retract its unsupported allegations that malicious hardware components were implanted in our motherboards during the manufacturing process," said Liang.

    "Bloomberg has not produced a single affected motherboard, we have seen no malicious hardware components in our products, no government agency has contacted us about malicious hardware components, and no customer has reported finding any malicious hardware components, either," he added.

    Business Insider has contacted Bloomberg for comment. Up until now, it has stood by the story, telling Business Insider earlier this month:

    "Bloomberg Businessweek's investigation is the result of more than a year of reporting, during which we conducted more than 100 interviews.

    "Seventeen individual sources, including government officials and insiders at the companies, confirmed the manipulation of hardware and other elements of the attacks.

    "We also published three companies' full statements, as well as a statement from China's Ministry of Foreign Affairs. We stand by our story and are confident in our reporting and sources."

    SEE ALSO: The security community increasingly thinks a bombshell Bloomberg report on Chinese chip hacking could be bogus

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    cannabis

    • Aurora Cannabis, one of the largest Canadian marijuana producers, is going public on the New York Stock Exchange.
    • Shares will start trading on Tuesday morning.
    • Aurora is joining a select list of Canadian cannabis producers, including Tilray and Cronos, that are able to list on US-based exchanges.

    Aurora Cannabis, one of the largest Canadian marijuana producers, is going public on the New York Stock Exchange. When Aurora's shares start trading on Tuesday morning, it will join a select list of cannabis producers that are listing on US-based exchanges.

    While US-based exchanges were initially reticent to list Canadian marijuana producers, companies like Tilray (which conducted an initial public offering on the NASDAQ in July), Cronos Group, and Canopy Growth all now list on US exchanges.

    "We believe that the legalization in Canada offers a road map to invest in the companies that will form the basis of the legal cannabis industry in the coming years," Jon Trauben, a managing partner at the cannabis-focused Altitude Investment Management, previously told Business Insider.

    To get listed on a US exchange like the NYSE, cannabis producers have to prove they are not violating any federal laws by importing cannabis into the US, except under specific circumstances.

    Read moreSome of the hottest companies in the booming cannabis sector are going on hiring sprees as Canada's legal marijuana market opens

    Aurora currently trades on the Toronto Stock Exchange under the ticker ACB. The Edmonton-based cultivator, or licensed producer, grows cannabis for both the adult-use and medicinal market.

    Aurora's market capitalization has gained over 100% since the middle of August. On August 15, the beverage giant Constellation Brands announced it was upping its stake to $4 billion in Aurora's rival, Canopy Growth.

    As of last week, marijuana is legal in Canada. Legalization in Canada, however, didn't have the impact most investors had hoped for. Stocks got slammed as traders dumped shares. Aurora sank over 12% on Monday in the leadup to Tuesday's NYSE listing. 

    cannabis

    Coca-Cola is looking into producing CBD-infused beverages with Aurora 

    Coca-Cola is reportedly eyeing a deal with Aurora to produce beverages infused with cannabidiol (CBD), a non-psychoactive ingredient in marijuana for the Canadian market.

    Neither company confirmed the rumors when contacted by Business Insider.

    Analysts and investors, however, said they weren't surprised to hear the rumors and told Business Insider that it would be a smart move on Coca-Cola's part.

    "We are seeing high profile companies, in addition to institutional investors, waking up to opportunities in the space," Ben Kovler, the CEO of the publicly-traded Green Thumb Industries said

    Challenges do remain for corporations in the cannabis industry. For one, banks are unwilling to lend money to companies that deal with marijuana, as the plant is considered an illegal, Schedule I drug by the US federal government.

    "The challenge remains that until the U.S. government de-schedules cannabis, companies like Coca-Cola will be hamstrung to produce innovative cannabis products with American operators," Kevin Murphy, the CEO of Acreage Holdings, which counts former politicians like John Boehner on its board, said. 

    Aurora is also hiring like crazy as Canada's legal marijuana market opens. The company has a whopping 11 pages of job openings on its website. These positions are based across Canada and range from high-level executive positions to laboratory research positions and industrial cleaners.

    For some cannabis companies, a listing on a US-based exchange is a golden ticket — but it won't get easier for companies to list until the federal government changes its stance.

    "Canada has this big finger that is wagging, that is pointing down to us in the US saying, 'How come you can't get your stuff together?" Adam Bierman, the CEO of the cannabis dispensary chain MedMen told Business Insider

    Read more of Business Insider's cannabis industry coverage:

    SEE ALSO: One of Canada's largest marijuana growers is going public on the New York Stock Exchange

    SEE ALSO: Some of the hottest companies in the booming cannabis sector are going on hiring sprees as Canada's legal marijuana market opens

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    Bear destroys campsite

    • The stock market may have bounced back following its sharp sell-off at the beginning of October, but Morgan Stanley says the selling is going to pick back up soon.
    • The firm expects the S&P 500 to slide back below the 200-day moving average, a key technical level. 
    • Tread carefully in tech and consumer discretionary, Morgan Stanley warns.

    The stock market may have bounced back following its sharp drop at the beginning of October, but Morgan Stanley says it's time to buckle up because the "rolling bear market has unfinished business with the S&P."

    "We think attempts to rebound were more short lived than sustainable," a Morgan Stanley team led by equity strategist Michael Wilson said in a note sent out to clients on Monday. 

    "Recent price declines in crowded Growth, Tech, and Discretionary have caused enough portfolio pain that we think most investors are playing with weak hands. We are increasingly thinking a rally into year end will be harder to come by as lower liquidity and concerns on peaking growth weigh on the S&P and an investor base in defense mode."

    The Morgan Stanley team hypothesized earlier this year that a bear market in stocks may have already begun and that earnings growth would deteriorate in the second half of the year as the impact of President Donald Trump's tax cuts began to fade.  

    Wilson and his team say they are looking for the S&P 500's 200-day morning average— which has been tested a handful of times this year, but has held — to finally give way. 

    Simply put, the 200-day is an indicator traders use to determine the overall trend of the market. The market is in an uptrend as long as it's above its 200-day, and it's in a downtrend if it's below the measure.

    So what can that mean for stocks? The benchmark index suffered through a correction, or worse, the last two times it fell below the key technical level.

    In August 2015, the S&P 500 plunged 15% amid the fallout from Greece's default on an IMF loan payment and  China's "Black Monday"the day the country's benchmark Shanghai Composite index fell more than 8%. And before that, the S&P 500 plunged into a brief bear market after the US lost its "AAA" rating at the ratings agency Standard & Poors. In both instances, the S&P 500 wouldn't make new highs for at least five months. 

    If there is any comfort for investors, it's that the firm said earlier this year that it doesn't think the 20% to 40% stock-market plunge that has characterized the last three bear markets will rear its head this time around. Instead, its sees individual stocks and sectors coming under fire. Wilson's team says to tread carefully in two sectors, tech and consumer discretionary.

    "Given the high degree of cyclicality in both Tech and Consumer Discretionary, we think their derating should be more in line with the broader S&P 500, or another 6-8 percent," they wrote.

    "Of course, that begs the question of whether the valuation for the S&P 500 has fallen too far already. We don't think so."

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    black friday

    • Black Friday falls on November 23 this year.
    • The day is becoming increasingly less important to the retail industry, thanks to the rise of e-commerce and frequent discounting.
    • In-store shoppers can still take advantage of certain deals.

    Black Friday is swiftly approaching.

    The holiday season in the United States spans from the day after Thanksgiving through December. That kick-off day is known as Black Friday, and it's traditionally marked by massive crowds rushing into stores in order to take advantage of slashed prices on high-ticket items. However, in the retail sphere, the rise of e-commerce and discounts are steadily eclipsing Black Friday.

    Whether you're planning on venturing out into the fray or surfing the web for the best deals, it helps to arm yourself with information about this year's discounts.

    Here's what you need to know about Black Friday this year:

    When is Black Friday?

    Black Friday is always the day after Thanksgiving.

    This year, Black Friday falls on November 23. Cyber Monday will take place on November 26. But deals will be kicking off across November and through the holiday season.



    Is everything open on Black Friday?

    Some retailers prefer to keep their doors shut on Black Friday.

    REI is one of those brands. Black Friday just doesn't fit in with its mission. REI CEO Jerry Stritzke told Business Insider's Kate Taylor, "You don't win in the long-term by pushing ... what I call rampant consumerism."

    Other employers give their whole workforce the day off on Thanksgiving.

    According to BestBlackFriday.com, Costco, H&M, The Home Depot, IKEA, Lowe's, Nordstrom, Publix, REI, and Sam's Club will not open on Thanksgiving this year.

    Read about all of the stores that will keep closed on Thanksgiving here.



    Do any retailers open up early?

    JCPenney isn't waiting for Black Friday to get started on its sales. On Thanksgiving at 2 p.m., the retailer will usher in shoppers. The stores will stay open until 10 p.m. on Black Friday.

    Kohl's will open on Thanksgiving at 5 p.m. local time. The deals will run until 1 p.m. on Black Friday.

    Macy's will reportedly welcome in shoppers at 5 p.m. on Thanksgiving and close up shop at 2 a.m. on Black Friday. It will then reopen at 6 a.m. and close at 10 p.m. on Black Friday. 

    Walmart's in-store Black Friday event will then kick off on Thanksgiving, at 6 p.m. local time.

    Meanwhile, Costco will be closed on Turkey Day. But the warehouse club is still hosting a number of online sales on Thanksgiving.

    For a full rundown of when retailers will open their doors, click here.



    See the rest of the story at Business Insider

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    jeff flake

    • Republican Sen. Jeff Flake on Friday said a Republican "needs" to challenge President Donald Trump in 2020, and suggested it might even be him. 
    • "I’ve not ruled it out. I’ve not ruled it in. Just, somebody needs to run on the Republican side," Flake said. 
    • Flake has been a vocal critic of Trump and his rhetoric, despite the fact both are Republicans.
    • The Arizona senator is set to retire in January 2019. 

    Republican Sen. Jeff Flake on Friday said a Republican "needs" to challenge President Donald Trump in 2020, and suggested it might even be him. 

    Flake said the party's image has suffered under Trump and contended the president is doing real, long-term damage to the GOP. 

    "I hope somebody does [run], just to remind Republicans what it means to be conservative and what it means to be decent. We’ve got to bring that back,"Flake told Politico on Friday."You can whip up the base for a cycle or two but it wears thin. Anger and resentment are not a governing philosophy."

    The Arizona senator said he had "not ruled out" a potential run.

    "I’ve not ruled it out. I’ve not ruled it in. Just, somebody needs to run on the Republican side," Flake said. 

    Flake on Friday also said he has no intention of returning to Congress in the near future even with an Senate seat that will be up for the taking in Arizona come 2020, but said he's not "swearing off politics."

    Flake has been a vocal critic of Trump and his rhetoric, despite the fact both are Republicans. He's frequently contended Trump is eroding both the GOP and the country's inherent values with his bombastic approach to the presidency. 

    The senator has at times been applauded for defending mainstream conservatism in this regard, but critics feel he's more bark than bite given he still tends to vote in line with Trump. According to an analysis from FiveThirtyEight, Flake has voted in line with Trump's positions roughly 84% of the time.

    Read more: Jeff Flake talks a good game about Trump, but what is he doing?

    With that said, Flake's public disdain for Trump is still quite mutual. The president has a well known habit of responding to anyone who criticizes or challenges him, and Flake has been no exception.

    After the Arizona senator proposed holding a floor vote on legislation to protect special counsel Robert Mueller in the wake of the controversial ousting of Attorney General Jeff Sessions, for example, the president on Friday attacked Flake on Twitter. 

    Trump tweeted, "Jeff Flake(y) doesn’t want to protect the Non-Senate confirmed Special Counsel, he wants to protect his future after being unelectable in Arizona for the 'crime' of doing a terrible job! A weak and ineffective guy!"

    Read more: McConnell rejects vote on bill to protect Mueller, says special counsel is 'not under threat'

    Flake announced last year he would not seek reelection and is set to retire when his term expires in January 2019.

    When he announced his retirement, Flake described Trump as "dangerous to democracy."

    "Reckless, outrageous, and undignified behavior has become excused as telling it like it is when it is actually just reckless, outrageous, and undignified," Flake said at the time. "And when such behavior emanates from the top of our government, it is something else. It is dangerous to a democracy."

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    NOW WATCH: Megyn Kelly in 2017: 'I regret a lot' of the controversial stuff I've said on live television


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