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Video shows the terrifying moment a British Airways flight filled with smoke while approaching its destination

Mon, 08/05/2019 - 7:32pm

  • A flight from London to Valencia, Spain, made an emergency landing on Monday afternoon after the cabin filled with smoke.
  • Passengers evacuated the plane on the runway using the emergency slides.
  • Three passengers were taken to the hospital as a precaution, and all were discharged by Monday night.
  • Visit Business Insider's homepage for more stories.

Passengers on a British Airways flight faced a terrifying ordeal on Monday when their plane filled with smoke as the plane approached its destination, Valencia Manises Airport in Spain.

The flight, BA 422 from London's Heathrow Airport to Valencia, Spain, was descending on approach to Valencia, according to British Airways, when the cabin suddenly filled with smoke.

PANICO!!! MIEDO jamás habia vivido algo igual. Buf lo hemos contado de milagro! Se ha prendido fuego el avión en el que volábamos Londres-Valencia!! Acabamos de aterrizar @British_Airways pic.twitter.com/E82pfIKvJQ

— Dani Meroño Bori (@Dani_Merono) August 5, 2019

"I have never experienced fear like it," Dani Meroño Bori, a passenger on the flight, tweeted in Spanish. "We just jumped down the ramp!"

The flight completed its landing as the airport's emergency services rushed to meet the jetliner. The plane stopped on the runway, and passengers evacuated the jet — an Airbus A321 — via emergency slides.

There were 183 people on board, according to British Airways — 175 passengers, six flight attendants, and two pilots.

.@British_Airways terrifying experience on flight to Valencia. Felt like horror film. Thankfully everyone safe. Flight filled with smoke and had to be emergency evacuated. #britishairways pic.twitter.com/NT4Gtme9kl

— Lucy Brown (@lucyaabrown) August 5, 2019

 

"[It] felt like a horror film," Lucy Brown, another passenger, tweeted. "[The] flight filled with smoke and had to be emergency evacuated."

Brown, an associate dean at the London College of Communication, was traveling with her four children.

"There was a horrible smell. People were almost choking," she told Mirror Online.

BA422 landed in VLC with smoke on the cabin and passengers leaving through evacuation ramp. @britishairways what is happenning? No info to passengers pic.twitter.com/FPcZbaC15d

— Miguel J. Galindo (@MJGalindo) August 5, 2019

 

Three passengers were taken to the hospital after the evacuation "as a precaution," according to the airline. All three were discharged by Monday night.

In a statement to Business Insider, British Airways confirmed that it was assisting passengers.

"The safety of our customers and crew is always our highest priority. In addition to our team on site, other British Airways team members have arrived in Valencia to help our customers and our local airport partners with anything they need."

 

SEE ALSO: A flight was delayed when a man tried climbing onto the airplane's wing to hitch a free ride

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Tech's 5 FAANG stocks just saw $150 billion of their market value vaporized, and Apple is reeling the hardest (FB, AAPL, AMZN, NFLX, GOOG)

Mon, 08/05/2019 - 7:04pm

  • Shares of Facebook, Apple, Amazon, Netflix and Google — known as the FAANG stocks— tumbled as China hit back at the US after the Trump Administration said it planned new tariffs.
  • Apple took the biggest hit as its share fell 5% on worries that the new tariffs are a "potential gut punch" for the iPhone maker. The plunge represented $53 billion in market value. 
  • The FAANG market cap losses totaled $150 billion, the value of a company bigger than either Costco or IBM.
  • Click here for more BI Prime stories.

The giants of the US tech industry shed $150 billion in market value on Monday, as China hit back in an escalating trade war with the US.

The lost market value is the equivalent of a company the size of Costco or IBM instantly evaporating into thin air, a sobering sign of how the raging trade tit-for-tat is rattling Wall Street. For tech companies, which are heavily reliant on China for components and manufacturing of their products, the trade war is especially concerning.

The battle heated up after China let its currency, the yuan, weaken to below 7 to a dollar on Monday, in response to the Trump Administration's recent announcement that it will impose new tariffs on Chinese goods. That triggered a selloff that swept the broader markets. The Dow Jones Industrial Average plunged 767 points, or 3%, to close at 25,718 on Monday, while the Nasdaq lost 278 points, or 3.5% to close at 7,726.

Shares of the tech companies, known collectively as FAANG — Facebook, Apple, Amazon, Netflix and Google — set the pace for the broad market retreat.

Apple was the biggest loser in the group, dropping 5.2% to close at $193.34, wiping away $53 billion from the iPhone maker's market cap. Apple was seen as the most vulnerable company in the intensifying trade war. Wedbush analyst Daniel Ives called the new Trump Administration tariffs a "potential gut punch" for the Silicon Valley icon. 

Facebook fell nearly 4% to close at $181.73, while Amazon retreated 3.2% to close at $1,765.13, Google was off 3.5% to close at $1,152.32 and Netflix slid 3.5% to close at $307.63.

The market cap loss combined represented value of a company bigger than a Costco. The retail giant ended the trading session with a market cap of $117 billion after its shares dropped 2.7% to close at $265.10.

The market loss decline also was bigger than a tech behemoth like IBM which now has a market cap of $125 billion after its stock sank 4.4% to close at $140.76.

Got a tip about Facebook, Apple, Amazon or another tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter @benpimentel. You can also contact Business Insider securely via SecureDrop.

SEE ALSO: Here are 25 of the most innovative CIOs leading their companies' strategies in cloud computing, cybersecurity, and AI, according to experts and their peers

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Chase's Freedom Unlimited is one of the best cash-back credit cards of 2019 — and it comes with perks that many competing cards don't offer

Mon, 08/05/2019 - 6:01pm

  • The Chase Freedom Unlimited is a compelling cash-back credit card for anyone looking to earn with a simple, easy-to-understand rewards program and no annual fee.
  • While it is not the very best awards rate out there, it does come with some valuable benefits that competing cash-back cards don't offer.
  • If you have a Chase Ultimate Rewards-earning card like the Chase Sapphire Preferred Card, the Freedom Unlimited's earnings can be redeemed as points. This makes it one of the best cards for everyday, non-bonus category spending.
  • As long as you pay it off in full every month, you have a lot to gain and almost nothing to lose with the Freedom Unlimited card.

If you want to earn cash back on every single purchase, the Chase Freedom Unlimited credit card may be a great choice. This card offers unlimited 1.5% cash back on every purchase with no limits, annual fees, or bonus categories to worry about.

This card came about after a long reign by the Chase Freedom card, which offers 5% cash back on rotating bonus categories and 1% everywhere else, as an alternative that allows users a simpler, but still lucrative, cash-back experience. Depending on your spending habits, the Chase Freedom Unlimited card may be the right fit.

Chase Freedom Unlimited card details

Annual fee: $0

Sign-up bonus: 3% back on all purchases in your first year, up to $20,000 spent. Then, earn an unlimited 1.5% back on all purchases.

Cash-back/points earning: 1.5% back after the sign-up offer — but you can redeem 1.5x cash-back points as Chase Ultimate Rewards points (meaning you can transfer them to travel partners and potentially get more value) if you also have a card that earns UR points, like the Chase Sapphire Preferred Card

Foreign transaction fee: 3%

Sign-up bonus and everyday earning

This card starts users with a valuable bonus of 3% back on all spending in their first year, up to $20,000. If you maxed this sign-up offer out, you'd earn $600 back. 

After the first year and after hitting $20,000 in spending, you'll earn 1.5% cash back on all purchases. There is no limit to what you can earn.

Compared to the original Chase Freedom card, this card offers an interesting value.With the old Freedom card, which is still available, you can earn more with the 5% bonus categories. But with only 1% everywhere else, you may still earn more cash back in total with the 1.5% flat rate cash back. It really depends on where you shop most.

Using cash-back rewards

If you also have a Chase Sapphire Reserve or Chase Sapphire Preferred Card, you can turn cash back into Ultimate Rewards points at a rate of 1 cent per 1 point. If you value free award travel, this is another way to earn rewards points that can be worth a lot more than 1 cent each depending on how you redeem — there are a variety of travel partners from British Airways to United, and you can also redeem them for travel through the Chase Ultimate Rewards travel-booking portal.

The 1.5% cash back rate is pretty good, but it isn't the best out there. Even among cards with no annual fee, you may do better with Citi Double Cash, which offers 1% cash back when you shop and 1% when you pay your bill. That is an equivalent 2% cash back on every purchase. For big spenders with great credit, the Alliant Cashback Visa Signature credit card may offer even more with a 2.5% rate and 3% for the first year.

Again, though, if you pair the Freedom Unlimited with a card that earns Chase Ultimate Rewards points, you can earn more than 1.5%-3% back with this card. Travel website The Points Guy subjectively values Chase points at 2 cents apiece, so if you're able to redeem your Freedom Unlimited earnings as points, you're looking at 3%-6% back. That's one of the best returns on spending for purchases that don't fall under a bonus category like dining or groceries.

Read more: 4 reasons anyone who cares about credit card points and miles should be using Chase Ultimate Rewards

Chase Freedom Unlimited features

Unlike some other banks, Chase offers a lot in additional benefits on its cards. In addition to zero fraud liability, which is standard for pretty much every credit card, Freedom Unlimited includes an automatic extended manufacturer's warranty and purchase protection.

The extended warranty gives you an additional year on top of the manufacturer's warranty for eligible purchases with a warranty of three years or less. Purchase protection will repair or replace new purchases for 120 days due to loss or theft. If you just got a brand-new phone and dropped it, that screen repair is covered up to $500 per claim and $50,000 per account lifetime.

This card does not offer any benefits specific to travel.

Read more: Chase offers bonus points or miles when you add authorized users to certain credit cards — adding your kid will help them build a credit history

Freedom Unlimited costs and fees

This card has no annual fee and most other fees are easily avoidable. As long as you pay your card off in full every month and skip balance transfers, cash advances, and pay on time, you won't ever pay to keep or use this card.

Starting out, this card offers 0% APR for 15 months on purchases and balance transfers. That is a great deal and may allow you to consolidate other debt to this card and pay it off completely during the no-interest period. After the intro period, the card charges variable-rate interest. Current rates are 17.24% to 25.99% APR based on your credit history. Rates can change at any time with market rates. In the current rising interest rate environment, they are likely to follow suit. Cash-advance transactions charge a higher 27.24% variable rate APR.

Balance transfers cost 5% of the transferred balance with a $5 minimum. Cash-advance transactions charge 5% with a $10 minimum. Late and returned payments cost up to $39 per occurrence.

This card charges a 3% foreign transaction fee. If you travel outside the United States regularly, you can find a card, like the Chase Sapphire cards mentioned above, that charge no foreign transaction fee.

The bottom line: Is this the best card for you?

Overall, the Freedom Unlimited is a compelling cash-back credit card for anyone looking to earn with a simple, easy-to-understand rewards program and no annual fee. While it is not the very best cash-back rate out there, it does come with some valuable benefits that competing cash-back cards don't offer. And if you pair it with a card that earns Chase Ultimate Rewards points and redeem your cash back as points used for travel, this card becomes even more valuable.

If you're a fan of Chase cards or just want a simple way to earn every time you swipe (or dip, tap, or pay online), the Chase Freedom Unlimited credit card has you covered. The sign-up bonus of 3% back on the first $20,000 spent in the first year may be enough to tip the odds in favor of this card as well. As long as you pay it off in full every month, you have a lot to gain and almost nothing to lose with the Freedom Unlimited card.

Click here to learn more about the Chase Freedom Unlimited from our partner The Points Guy.

SEE ALSO: I've carried the Chase Freedom in my wallet for over a decade — here's why the credit card is a great value

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Stocks just suffered through their worst day of 2019. These were the 8 biggest losers in the S&P 500.

Mon, 08/05/2019 - 4:59pm

  • The S&P 500 index fell 3% on Monday as the stock market turned in its worst day of 2019.
  • The losses came after China retaliated against the US for hitting the country with new tariffs. 
  • China's central bank allowed its currency to fall below a key threshold against the US dollar, which compounded trade-war fears among investors.
  • Here are the eight biggest losers in the S&P 500 on Monday. 
  • Visit the Markets Insider home page for more stories.

The escalating trade war between the US and China sent the stock market on a downward spiral to its worst day of 2019 on Monday.

The sharp sell-off came after China let the value of its currency slip below a key level on Monday in response to President Trump imposing a 10% tariff on an additional $300 billion worth of Chinese products. 

The drop follows the worst week of the year for the S&P 500 index, which fell 3.1% for the five-day period ending last Friday after Trump announced his plan to hit China with more tariffs. 

Below are the biggest losers within the S&P 500, as of Monday.

Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.

8. Fortinet

Ticker: FTNT

Industry: Cybersecurity

Stock decline: -6.03%

Source: Bloomberg



7. Diamondback Energy

Ticker: FANG

Industry: Energy

Stock decline: -6.20%

Source: Bloomberg



6. E*Trade

Ticker: ETFC

Industry: Financial services

Intra-day move: -6.25%

Source: Bloomberg



5. Tapestry

Ticker: TPR

Industry: Fashion

Stock decline: -6.42%

Source: Bloomberg



3. Nvidia

Ticker: NVDA

Industry: Semiconductor

Stock decline: -6.45%

Source: Bloomberg



3. Valero Energy

Ticker: VLO

Industry: Energy

Stock decline: -6.64%

Source: Bloomberg



2. Wynn Resorts

Ticker: WYNN

Industry: Casinos and Hotels

Stock decline: -7.18%

Source: Bloomberg



1. Nektar Therapeutics

Ticker: NKTR

Industry: Biopharmaceutical

Stock decline: -7.37%

Source: Bloomberg



Stocks plummet the most in 2019 as Trump's trade war rages

Mon, 08/05/2019 - 4:54pm

  • China's trade-war retaliation sent the tech-heavy Nasdaq Composite index sliding more than 3% on Monday.
  • US tech firms like Apple and microchip manufacturers with high exposure to the Chinese market were among those hit the hardest.
  • The losses came after China allowed the yuan to fall past a key level against the US dollar, something President Donald Trump called a "major violation."
  • The move is seen as worsening the already fraught trade relationship between the US and China — one that stock investors have been watching closely in recent months.
  • Visit the Markets Insider homepage for more stories.

China fired back after President Donald Trump escalated the trade war by announcing new tariffs, sending US stocks tumbling toward their worst day of 2019.

Here's a look at the major US indexes as of the 4 p.m. close:

And the major European indexes: 

The tech-heavy Nasdaq Composite index took the biggest hit after China's central bank allowed its currency, the yuan, to fall below a crucial threshold versus the US dollar. Most adversely affected were tech firms with high exposure to China, making the sector the worst-performing in the S&P 500.

Trump described China's devaluation move as a "major violation" and called it economic retaliation against the US. It was just the latest flare-up in a months-long battle for trade supremacy — one for which a weak currency is preferred.

The spread between three-month and 10-year Treasury yields, referred to as the yield curve, on Monday inverted to its largest gap since 2007. At its widest, the spread hit -32 basis points, adding to a growing list of recession indicators. An inversion of the curve has preceded every recession for the past 50 years.

Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.

Within the S&P 500, these were the largest gainers:

And the largest decliners:

Shares of Apple were down as much as 5.6% because of the iPhone maker's particular vulnerability to the Chinese market. China has become an increasingly important driver for hardware sales, and Apple relies on it for manufacturing as well. The company did more than $9 billion in net sales in China during the second quarter of 2019, a 4% drop from the same period last year.

Chipmakers are also taking a beating. The iShares PHLX Semiconductor ETF, which tracks a basket of companies that design, manufacture, and sell microchips, fell by more than 5%. Chipmakers have been forced to grapple with shrinking demand and a resulting supply glut due to the rising trade tensions and the US's Huawei ban.

Here are some of the major chip stocks falling on China's retaliation:

Alphabet, Google's parent company, was down more than 4% at its lows. Google's Android is the most popular mobile operating system in China, and the company also sells hardware products and its cloud services in the country. The company has also been criticized in the past for some of its projects in China.

Every sector of the S&P 500 declined on Monday, with technology, financial, and communications stocks leading the losses.

The Nasdaq Composite is down more than 7% from its all-time high, reached in late July, but still up roughly 16% year-to-date.

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Bitcoin flirts with $12,000 threshold as traders scarred by the trade war turn to it for refuge (BTC)

Mon, 08/05/2019 - 4:50pm

  • Bitcoin surged Monday amid a trade-war-driven rout that saw all major US indexes plunge.
  • As market volatility increases, some experts see investors increasingly looking to cryptocurrency as a safe-haven asset similar to gold.
  • Bitcoin could see new highs in the next six to 12 months, wrote Thomas Lee of Fundstrat. 
  • Watch Bitcoin trade live on Markets Insider.

Bitcoin gained as much as 15% Monday as investors piled into the cryptocurrency, seeking a hedge against a broad market sell-off that saw equities plunge amid escalating trade tensions between the US and China.

The cryptocurrency soared to a 3-week high when it climbed as high as $11,947, according to Bloomberg data.

Other cryptocurrencies also jumped: Ethereum gained more than 4% and Litecoin gained roughly 5%. Bitcoin is the largest cryptocurrency, making up nearly 70% of the global market according to CoinMarketCap.

"Bitcoin is proving itself to be a macro hedge against market risks,"  wrote Thomas Lee, managing partner of Fundstrat Global Advisors. 

Since the start of 2019, Bitcoin's correlations to both the US dollar and equities has been declining, Lee wrote. At the same time, it's becoming more linked to gold, a well-known safe-haven asset for investors looking to shield portfolios from market volatility. 

Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.

The contrast was seen as bitcoin gained Monday while US stocks suffered their worst rout of 2019. The losses came after China devalued its currency and said it would stop buying US agriculture products, moves seen as retaliation to President Trump's threat to impose a new 10% tariff on additional $300 billion of Chinese imports to the US starting September 1. 

Bitcoin's gain comes after it sold off sharply in July, plunging 18% as US lawmakers criticized after Facebook's digital coin, Libra, which raised concerns about the overall legitimacy of crypto.

So far this year, Bitcoin is up roughly 170%, although it is still far below its highest price near $20,000 set in 2017.

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The Fed plans to create a system that would allow Americans to transfer money faster

Mon, 08/05/2019 - 4:48pm

  • The Federal Reserve announced Monday it would develop a payment system that would allow bank payments and transfers to be made instantly and round-the-clock.
  • Bank customers currently have to wait up to several days for transactions to pull through, a slower pace than in many major economies.
  • The announcement came after major pushback effort from some of the largest banks, which have launched their own efforts to build such a system.
  • Visit Markets Insider for more stories.

The Federal Reserve wants you to get payments faster.

The central bank announced Monday it would develop a system that would allow bank payments and transfers to be made instantly and round-the-clock.

Bank customers currently have to wait up to several days for transactions to pull through, a slower pace than in many major economies. Faster access to funds could be especially important for households on fixed incomes or living paycheck to paycheck, according to Fed Governor Lael Brainard.

"Waiting days for the funds to be available to pay a bill can mean overdraft fees or late fees that can compound," she said in a speech announcing the payment plan. "Similarly, getting immediate access to funds from a sale in order to pay for supplies can be a game changer for small businesses, potentially avoiding the need for costly short-term financing."

Policymakers voted 4-1 for the real-time payment system, called FedNow Service, with Vice Chairman for Supervision Randal Quarles dissenting. It's expected to be available by 2024. 

The announcement came after major pushback effort from some of the largest banks, which have launched their own efforts to build such a system. Those private financial institutions argue the Fed could actually slow down the transition.

Greg Baer, the president and chief executive of the financial-lobbying Bank Policy Institute, told POLITICO last month "the Federal Reserve may pull a bait and switch and build its own system — certainly delaying and perhaps completely undermining the goal of a ubiquitous system where any U.S. consumer or business can pay any other."

Members of Congress have conversely pressed the Fed for a faster payment system, saying that delays imposed unfair burdens on consumers. In July, a group of Democrats introduced a bill that would require monetary policymakers to create one.

"For far too long, consumers and small businesses have unfairly shouldered the costs of our slow payments system – despite the fact that we have the technology to update it and a clear and urgent need to do so," Senator Chris Van Hollen of Maryland said last month. "I've pushed the Federal Reserve to develop a system that has the necessary guardrails, but progress there has been too slow."

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SEE ALSO: China suspends plans to buy more US farm products and says it could slap tariffs on recent purchases

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The 20 highest-paying jobs for women

Mon, 08/05/2019 - 4:18pm

Women are increasingly joining the workforce in America — roughly 57% of American women participated in the workforce in 2017, compared to 69.1% of men. 

The gender wage gap is pervasive in many industries, especially those still dominated by men. According to data collected by the US Census Bureau's 2017 American Community Survey, women earned, on average, 82% of what men earned. Though this is a large increase from year's past — women working full time earned 62% of what men earned in 1979 — the gender wage gap does still exist. 

However, there are some fields where women not only make up a high percentage of the workforce, but they earn competitive pay doing it.

Business Insider looked at data from the US Census Bureau's 2017 American Community Survey to find occupations with the highest median pay for women who work full-time, year-round and are over the age of 16.

To highlight jobs in which women frequently work, only those where at least 40% of workers identified as female were included. Median annual salaries were found by multiplying the median weekly salaries for each profession by 52, the number of weeks in a year.

Check out the full list of jobs where women earn the most:

SEE ALSO: Equal pay for equal work is not the way to close the gender pay gap

DON'T MISS: The 19 jobs in the US with the biggest gender pay gaps

20. Medical and health services manager

Percentage of women: 71%

Median pay: $61,204



19. Public relations specialist

Percentage of women: 75%

Median annual pay: $70,251



18. Postsecondary teachers

Percentage of women: 44%

Median annual pay: $62,816



17. Operations research analyst

Percentage of women: 51%

Median annual pay: $62,660



16. Speech-language pathologist

Percentage of women: 96%

Median annual pay: $63,128



15. Financial manager

Percentage of women: 55%

Median annual pay: $63,544



14. Education administrator

Percentage of women: 62%

Median annual pay: $64,636



13. Medical scientist

Percentage of women: 49%

Median annual pay: $66,040



12. Computer systems analyst

Percentage of women: 40%

Median annual pay: $$66,040



11. Human resources manager

Percentage of women: 69%

Median annual pay: $66,560



10. Marketing and sales manager

Percentage of women: 43%

Median annual pay: $66,976



9. Management analyst

Percentage of women: 42%

Median annual pay: $68,380



8. Financial analyst

Percentage of women: 41%

Median annual pay: $71,188



7. Physical scientist

Percentage of women: 45%

Median annual pay: $73,268



6. Psychologist

Percentage of women: 67%

Median annual pay: $74,724



5. Physician assistant

Percentage of women:68%

Median annual pay: $85,280



4. Lawyer

Percentage of women: 43%

Median annual pay: $91,156



3. Physician and surgeon

Percentage of women: 43%

Median annual pay: $91,468



2. Nurse practitioner

Percentage of women: 91%

Median annual pay: $95,264



1. Pharmacist

Percentage of women: 58%

Median annual pay: $95,368



The 20 colleges that give the best financial aid, according to students

Mon, 08/05/2019 - 4:16pm

Financial aid from colleges and universities helps make higher education more accessible for millions of people. Nearly 80% of American college students receive some form of financial aid, according to the US Department of Education.

In order to uncover which schools offer the most generous financial aid to students, the Princeton Review asked 140,000 students at 385 US colleges and universities, "If you receive financial aid, how satisfied are you with your financial aid package?" Need-based financial aid typically includes scholarships, grants, and work-study programs, but may also incorporate some student loans.

Based on student responses, the Princeton Review ranked the top-20 schools offering great financial aid as part of its annual best colleges list. Each school's page also includes information about the average financial aid award and student loans. 

There are a few trends among the 20 ranking schools — most charge annual tuition between $45,000 and $55,000, have a student population far below 10,000, and offer generous need-based financial aid packages. The only two Ivy League schools on the list, Yale University and Princeton University, offer an average financial aid award that exceeds the cost of annual tuition. 

But despite generous financial aid packages, many students — ranging from 16% to 91% of the student population — still take on student loans.

Below, take a look at the best colleges for financial aid, according to students.

20. St. Olaf College

Annual tuition: $49,710

Average undergraduate need-based aid: $35,236

Share of undergraduates with loans: 64%

Located in Northfield, Minnesota, St. Olaf College has a student population of around 1,760. Despite a generous average financial aid award, 64% of students have taken out student loans, with the average graduate owing $29,907.



19. University of Wisconsin-Madison

Annual tuition: $9,273 (in-state); $36,333 (out-of-state)

Average undergraduate need-based aid: $12,751

Share of undergraduates with loans: 46%

Over 32,600 students are enrolled at the University of Wisconsin at Madison, where the annual tuition varies drastically for in-state versus out-of-state residents. Just under half of students (46%) take on loans, at an average of $5,446 per borrower.



18. Skidmore College

Annual tuition: $55,136

Average undergraduate need-based aid: $44,550

Share of undergraduates with loans: 42%

A campus of about 2,600 students located in Saratoga Springs, New York, Skidmore College provides $45 million each year in financial aid. Forty-two percent of students still take on loans though, with the average graduate owing nearly $25,000. 



17. Colgate University

Annual tuition: $57,695

Average undergraduate need-based aid: $50,922

Share of undergraduates with loans: 32%

Nearly 3,000 undergraduates attend Colgate University in Hamilton, New York, which awards an average of about $55,000 in financial aid for freshman students. About one-third of students borrow from a loan program, as well. 



16. Lehigh University

Annual tuition: $52,480

Average undergraduate need-based aid: $44,210

Share of undergraduates with loans: 50%

Exactly half of Lehigh University's 5,000 students have borrowed from a loan program at an average of $4,000 per student.   



15. California Institute of Technology

Annual tuition: $52,506

Average undergraduate need-based aid: $47,564

Share of undergraduates with loans: 31%

Less than 1,000 students are enrolled at the California Institute of Technology, also known as Cal Tech, in Pasadena, California. For freshmen, the average financial aid awarded is $46,749.



14. Stanford University

Annual tuition: $52,857

Average undergraduate need-based aid: $50,542

Share of undergraduates with loans: 19%

Stanford University, a campus of about 7,000 undergraduates, awards an average of more than $50,000 per student with need-based financial aid. Graduates who borrowed money from a loan program owe $21,348, on average.



13. Wabash College

Annual tuition: $43,870

Average undergraduate need-based aid: $32,979

Share of undergraduates with loans: 91%

An all-male college in Crawfordsville, Indiana, Wabash College awards nearly $33,000 per student in need-based financial aid, on average. Still, 91% of the school's 882 students takes on loans, with the average graduate owing $34,723.



12. Williams College

Annual tuition: $56,970

Average undergraduate need-based aid: $55,621

Share of undergraduates with loans: 41%

Williams College, a campus of about 2,000 undergraduates in Williamstown, Massachusetts, awards an average financial aid package to freshmen just about equal to annual tuition at $56,933. The average graduate with student-loan debt owes about $15,500.



11. Reed College

Annual tuition: $58,130

Average undergraduate need-based aid: $39,913

Share of undergraduates with loans: 48%

Reed College, a liberal arts school in Portland, Oregon, provides over half of its 1,483 student body with financial aid, including grants, loans, and work opportunities, awarding a total of $39,913, on average.



10. Gettysburg College

Annual tuition: $56,390

Average undergraduate need-based aid: $37,831

Share of undergraduates with loans: 64%

In the 2017-18 academic year, Gettysburg College in Pennsylvania awarded $60.2 million in scholarships and grants. Sixty-four percent of students still borrow money, however, with the average student-loan debt owed at graduation topping $31,600.



9. Vassar College

Annual tuition: $54,410

Average undergraduate need-based aid: $49,190

Share of undergraduates with loans: 49%

Vassar College in Poughkeepsie, New York, is home to 2,456 undergraduates. The average freshman receiving need-based financial aid is awarded nearly $52,000, yet about half of the student body takes on loans.

 

 

 



8. Thomas Aquinas College

Annual tuition: $25,600

Average undergraduate need-based aid: $14,552

Share of undergraduates with loans: 73%

The intimate 400-student Thomas Aquinas College in Santa Paula, California, awards the average undergraduate need-based financial aid totaling $14,552. More than two-thirds of students borrow money from loan programs, averaging about $4,300 per loan.



7. Grinnell College

Annual tuition: $53,872

Average undergraduate need-based aid: $43,783

Share of undergraduates with loans: 60%

Grinnell College in Iowa awards an average of $39,468 per freshman receiving grants and scholarships. Just over 1,700 students are enrolled at the school, about 60% of whom take on loans.



6. Rice University

Annual tuition: $48,330

Average undergraduate need-based aid: $43,174

Share of undergraduates with loans: 24%

Rice University in Houston, Texas, is home to nearly 4,000 undergraduates, about one-fourth of whom take on student loans. The average graduate who borrowed money owes $24,635 after leaving the school.



5. Yale University

Annual tuition: $55,500

Average undergraduate need-based aid: $56,602

Share of undergraduates with loans: 16%

The share of Yale University students who borrow money from loan programs is the lowest among the schools on this list — just 16% of its 5,532-student population. Graduates leave the Ivy League school owing about $14,575 in total. 

 



4. Princeton University

Annual tuition: $47,140

Average undergraduate need-based aid: $51,365

Share of undergraduates with loans: 18%

About 60% of Princeton University undergraduates receive financial aid and about 82% of students graduate with no student-loan debt. Notably, the average financial aid package exceeds the cost of tuition at $51,365.



3. Washington University in St. Louis

Annual tuition: $54,250

Average undergraduate need-based aid: $47,335

Share of undergraduates with loans: 27%

Students of Washington University in St. Louis who receive need-based financial aid are gifted an average of $48,522 in their freshman year. Of those who took out loans, the average debt amount owed at graduation is $22,555.

 



2. Vanderbilt University

Annual tuition: $50,800

Average undergraduate need-based aid: $49,614

Share of undergraduates with loans: 21%

Vanderbilt University in Nashville, Tennessee, is home to about 6,800 students. The school awarded financial assistance to 65% of students in the 2018-19 academic year, not including loans.



1. Bowdoin College

Annual tuition: $53,418

Average undergraduate need-based aid: $48,856

Share of undergraduates with loans: 27%

Just over 1,800 students attend Bowdoin College in Brunswick, Maine, a school that awards an average of $48,856 in need-based aid to first-year students. 



The saga of MapR, a Google-backed startup that raised $280 million, ends with the sale of its assets to HPE — and it could signal the end of an era for big data (HPE, CLDR, AMZN, MSFT, GOOG)

Mon, 08/05/2019 - 3:43pm

  • Hewlett Packard Enterprise is buying the assets of MapR, signalling the end of the Google-backed startup.
  • MapR had announced in May that it was cutting 122 jobs and planning to close its Santa Clara, California headquarters. The company had said it was "pursuing a strategic transaction."
  • The sale highlights the struggles of big data companies offering Hadoop-based services, such as Cloudera, whose share price recently dropped.
  • Click here for more BI Prime stories.

MapR is selling its assets to Hewlett Packard Enterprise, signalling what could be the end of the road for the Google-backed startup that raised $280 million but has struggled recently to stay afloat.

The announcement comes two months after MapR essentially disclosed that there was a very real possibility that it could shut down. 

The company said in May that it was "pursuing a strategic transaction" that would allow it to keep its Santa Clara, California headquarters open. It also gave notice to the state of California that it planned to cut 122 jobs which MapR had also classified as "permanent."

MapR also said at the time that it had received "more than one letter of intent from interested parties, and today is engaging in the due diligence process in a transaction which, if consummated, may eliminate the need to close the Santa Clara site."

After that, nobody heard anything of any substance about the fate of MapR — until Monday, when the HPE deal was announced.

The financial terms of the HPE deal were not disclosed. The fate of MapR employees and the company's headquarters also was not clear.

Employees' fate uncertain

"A number of MapR employees" are expected to join HPE's storage business unit, although it's unclear how many will be asked to stay, an HPE spokesperson told Business Insider.

"We are still finalizing transition plans and aren't able to share numbers at this point, but retaining key MapR talent is a huge priority of this acquisition," the spokesperson said.

On MapR's headquarters, the company representative said: "We will be evaluating the real estate situation over the coming weeks as we finalize integration plans."

Founded in 2009, MapR emerged as a leading cloud platform that enables businesses to store and manage huge data workloads using artificial intelligence and big data-analytics tools, such as Hadoop

In fact, the deal highlighted HPE's interest in beefing up its data management and analytics capabilities as the tech giant strives to beef up its position in the enterprise cloud market. This is important as HPE struggles to expand its reach in the cloud, where it has been outpaced by such rivals as Amazon, Microsoft and Google. 

HPE said it was acquiring MapR's "technology, intellectual property, and domain expertise in artificial intelligence and machine learning and analytics data management."

"The explosion of data is creating a new era of intelligence where the winners will be the ones who harness the power of data, wherever it lives," HPE CEO Antonio Neri said in a statement.

Hadoop woes

The sale of MapR's assets also highlight the rapid changes in the way data management and processing in the enterprise. Hadoop, which offers the ability to sort through data from diverse sources with exceptional speed, had been the hot trend in enterprise computing when MapR was first founded in 2009.

The startup and Cloudera were long considered to be among its leading providers. MapR was even starting to plan for an IPO, it was reported in 2017.

But then new cloud technologies, led by AI and machine learning, outshined Hadoop as a way to sift and make sense of data. 

When it announced the planned layoffs, MapR said in a statement to Business Insider that the company "has been moving aggressively toward a more efficient business model."

That was going to be tough given the way the market had shifted.

"Hadoop's future has definitely taken a swerve," analyst Steve Allen of S2C Partners told Business Insider. "Hadoop is under siege and it appears that this time, due to new weapons and cloud technology, it will finally be unable to hold its own as an independent technology. It will become a vassal to their new overlords, the cloud people."

The rise of AI and the expansion of cloud computing, he said, made it possible "to make good inferences" and "to do this quickly enough for your predictions to be relevant," he said. This made Hadoop, which he compared to "a large warehouse where you stored files," less appealing.

Allen also speculated that Cloudera "will continue to suffer." Cloudera, the leading Hadoop company, recently went through some turmoil, marked by a drop in its stock price and the departure of CEO Tom Reilly. Cloudera also announced that it will make all its software available as open source, embracing the business model of Red Hat, which IBM just acquired for $34 billion.

Hadoop as component of AI

Justin Norman, Cloudera's director of research and data science services, offered a more upbeat view of Hadoop and its future in the enterprise cloud. Hadoop is a "a complimentary component to AI" that enterprises can use to develop more capabilities in analyzing data. 

But he also acknowledged that the rise of AI and machine learning did create some confusion.

"A lot of customers we speak to are really worried," he told Business Insider. "A lot of times they end up saying, 'Did we miss the boat?' or 'Did we invest in the wrong thing?' … The largest challenge  is that people are really scared that they've gone in the wrong direction."

But Norman stressed: "A lot of times that's really not the case at all," since Hadoop and AI are complimentary.

In fact, HPE's decision to buy MapR's assets shows there's still value to be found in Hadoop.

"HPE has a very poor record of making company acquisitions, so just buying the intellectual property should have a far better outcome than if they'd bought the company," analyst Rob Enderle of the Enderle Group told Business Insider.  Buying MapR's technology, he said, "could simply add to the number of choices HPE provides."

Got a tip about Hewlett Packard Enterprise, MapR or another tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter @benpimentel. You can also contact Business Insider securely via SecureDrop.

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The market's favorite recession indicator just flashed its starkest warning since 2007

Mon, 08/05/2019 - 3:31pm

  • The spread between three-month and 10-year Treasury yields — a relationship known as the yield curve — on Monday inverted to its widest level since 2007.
  • Yield-curve inversions have long been watched for hints of an impending recession, and this is the latest signal that an economic downturn could be coming.
  • This particular yield relationship has inverted before every recession over the past 50 years.
  • The latest steepening of the curve was driven by escalated trade-war tensions between the US and China.
  • Read more on Markets Insider.

The spread between three-month and 10-year Treasury yields — a relationship known as the yield curve — on Monday inverted to its widest level since 2007.

At its most extended point, the spread reached -32 basis points. That's a worrisome sign for economists and traders alike, considering such an inversion has preceded every US recession of the past 50 years.

And while the relationship has been in negative territory for months now, it's the severity of Monday's shift — and the reasons for it — that have traders on high alert.

This latest escalation was spurred by the Chinese central bank's decision to let the yuan slide below a key threshold versus the US dollar. China also said it would cease importing US agricultural products.

Paired with President Donald Trump's announcement that he'll expand tariffs to virtually all imports from China starting in September, it was the perfect mix of bearish headwinds. Stocks responded in kind, selling off sharply and posting their worst day of 2019.

In terms of the curve itself, the widening spread was driven more by a decline in the 10-year than an uptick in its three-month counterpart. The 10-year yield is at its lowest level since October 2016 and has been pushed lower as risk-averse investors have purchased Treasurys. The Federal Reserve's continued monetary easing efforts have also played a role.

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In new research published Monday, Morgan Stanley agreed with the idea that increased trade-war tensions could hasten a recession. Chetan Ahya, the firm's chief economist, said a global recession could be on the horizon in nine months.

In the meantime, investors are left to wonder what the latest trade escalation — and the deepening of the yield-curve inversion — will mean for the Fed's future rate decisions.

The UBS economist Seth Carpenter said Monday that more tariffs would slow the economy and make cuts easier to justify. By his estimation, tariffs will take about 25 basis points from US gross domestic product from the fourth quarter of this year through 2020.

"Powell has been arguing for a cut based on the risk associated with tariffs; now that escalation is real, his case will be easier to make to the skeptics on the FOMC," Carpenter wrote.

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This is the 19-slide pitch deck two 22-year-olds used to nab $57 million in funding from Silicon Valley

Mon, 08/05/2019 - 3:01pm

Technology is shattering legacy financial systems that can't keep pace with market demand — and Brex is at the forefront. It's one of fintechs buzziest startups, aiming to rebuild B2B financial products starting with corporate cards for technology companies.

The company was quietly launched in 2017 by Henrique Dubugras and Pedro Franceschi, two 22-year-old engineers who previously founded Pagar.me, one of Brazil's largest payment processors.

Brex already has more than 1,000 customers signed up with the help of backing from investors including PayPal co-founders Peter Thiel and Max Levchin, early Facebook investor Yuri Milner, former Visa CEO Carl Pascarella, and esteemed startup incubator Y Combinator.

And we caught a glimpse of the Series B pitch deck Dubugras and Franceschi used to win them over. 

In it, they lay out a clear problem: Technology startups often had trouble securing corporate credit cards — even if they had millions in the bank — because legacy banks and card issuers wanted to see company credit histories, which young institutions simply couldn't produce.

They had a simple solution: Remove the restrictions of legacy technology by giving instant approval to startups based on their available cash balance, including money raised through venture, rather than credit history. 

In the deck, the founders outlined their plans to help startups of all sizes instantly get cards with higher limits, as well as automatic expense management and seamless integration with existing accounting systems.

As part of our coverage of the genesis of today's successful companies, BI Prime received Brex's permission to offer a look into the startup's full 19-slide pitch deck, which includes considerations such as:

  • The startup's mission
  • Key team members and previous backers
  • The size of the market opportunity
  • A step-by-step plan of how to solve credit cards for startups
  • Some of the card's coolest features
  • Data points showing how to scale the business

BI Prime is publishing dozens of stories like this each and every day. Want to get started by reading the full pitch deck?

>> Download it now FREE

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An internal memo from a Google employee alleging she suffered discrimination and retaliation while pregnant is going viral within the company (GOOGL)

Mon, 08/05/2019 - 2:38pm

  • A memo posted on an internal Google message board alleging discrimination and retaliation is reverberating within the tech giant, according to Motherboard.
  • In the memo, a female employee charged that managers discriminated against her and another woman because of their pregnancies and retaliated against her when she spoke out on behalf of the other woman.
  • The memo has been viewed by more than 10,000 employees and inspired numerous supportive memes, according to the report.
  • Google has been under scrutiny for its treatment of women. In the fall, a Google employee walkout protested gender discrimination.
  • Visit Business Insider's homepage for more stories.

A female Google employee's memo alleging discrimination and retaliation at the search giant is causing a big stir within the company, Motherboard reported on Monday.

The memo, in which the woman wrote that Google managers discriminated against her and a coworker because of their pregnancies and retaliated against her because she defended the coworker, has been viewed by more than 10,000 of the tech company's employees since the employee posted it last week, according to Motherboard. It's also inspired numerous supportive employee-created memes that have drawn thousands of likes, according to the report.

"I'm sharing this statement because I hope it informs needed change in how Google handles discrimination, harassment and retaliation," the employee wrote in the memo, a redacted copy of which Motherboard posted on its site on Monday. "If anything similar has happened to you," she added, "know that you're not alone."

In comments and memes, according to Motherboard, employees expressed their support for the woman — and dismay at the culture at Google that tolerated her alleged treatment.

"WOW. I can't wait till absolutely nothing changes as a result," one employee posted about the memo, according to Motherboard. "She deserves better than this continued train-wreck."

Google's treatment of women has been under scrutiny

In a statement to Business Insider, the Google spokesperson Jenn Kaiser said the company has a clear public policy prohibiting workplace retaliation.

"To make sure that no complaint raised goes unheard at Google, we give employees multiple channels to report concerns, including anonymously, and investigate all allegations of retaliation," Kaiser said in the statement.

The memo comes as Google has been in a recurring spotlight over its treatment of women and of employees who speak out against discrimination. In the wake of revelations that the company paid tens of millions of dollars in severance to executives and managers accused of sexual harassment, Google employees staged a walkout in fall in protest of gender discrimination. Since then, many of the organizers of the walkout have left the company, some accusing it of retaliation.

Read more: Another leader of the giant Google Walkout protest is leaving the company

In the memo, entitled "I'm Not Returning to Google After Maternity Leave, and Here is Why: My Story of Retaliation and Discrimination at Google," the unnamed female employee wrote that her trouble at the company started about a year and a half ago, after she was promoted to a position where she was managing five other employees.

Following the woman's promotion, her manager began making "inappropriate comments" about one member of the woman's team, according to the memo. The manager speculated that the team member was likely pregnant and said that the team member was "overly emotional and hard to work with when pregnant" and discussed with the woman the team member's "likely pregnancy-related mental health struggles," the memo says.

The woman said managers discriminated and retaliated against her

The woman reported her manager's comments to Google's human-relations department, but after doing so, her manager retaliated against her, she wrote in the memo obtained by Motherboard.

"Almost immediately upon my discussions with HR, my manager's demeanor towards me changed, and drastically," the woman said in the memo. "I endured months of angry chats and emails, vetoed projects, her ignoring me during in-person encounters, and public shaming."

She also alleged that the manager shared "reputation-damaging remarks" with senior managers and started interviewing people to replace the woman, despite not having talked with the woman about leaving the group.

The woman eventually moved to a similar role on another team after Google's human-resources department declined to open a formal investigation into the alleged retaliation, according to the report. But she soon saw similar discrimination, according to the memo. The employee said in the memo that her new manager openly told her she wasn't going to have her take on managerial duties while she was pregnant because the team might be stressed by her maternity leave. The new manager excluded her from certain communications and off-site meetings for managers, despite her new position, according to the memo.

During her pregnancy, the employee said in the memo that she developed a complication that was life threatening for her and her fetus. As a result, she informed her team and manager that she planned to take an early maternity leave, to be on bed rest while still pregnant, and to limit her travel so she could be near the hospital that had experience with complications such as hers, according to the report. Her new manager downplayed the importance of bed rest and warned the woman that she wasn't guaranteed to have a managerial position when she returned from her leave, the woman said in the memo.

She felt unsupported and alone

After she experienced some disconcerting symptoms, she emailed her boss to let her know that she would likely be starting her leave, the Google employee wrote in the memo. The manager responded with "an angry email," accusing the woman of not meeting her job expectations, the memo says. The woman reported her treatment by the new manager to Google's HR department, according to the memo.

While she wrote that the department did open an investigation this time, it told her it found no evidence of discrimination and chalked up her experience to bad communication and "administrative error," the employee said in the memo. When she asked for support from HR in changing teams again, she was directed to an internal company job board, according to the memo.

"I felt completely unsupported and gaslit," the woman wrote. "I was alone."

Her rating on her next job evaluation — which covered only the six weeks before she went on maternity leave — was "needs improvement," she said. In the past, before she started complaining to Google's HR about discrimination at the company, she had received superlative reviews, she said.

"I stood up for a mother on my team and doing so sent me down a path that destroyed my career trajectory at Google," she said in the memo.

Got a tip about Google or another tech company? Contact this reporter via email at twolverton@businessinsider.com, message him on Twitter @troywolv, or send him a secure message through Signal at 415.515.5594. You can also contact Business Insider securely via SecureDrop.

SEE ALSO: Peter Thiel slammed Google in a scathing New York Times op-ed, but failed to mention that he works for and invests in the search giant's rivals

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Airlines flying Boeing's 787-10 Dreamliner are complaining about quality they say is 'way below acceptable standards' (BA)

Mon, 08/05/2019 - 2:11pm

  • Airlines have privately complained to Boeing about poor quality control in recent deliveries of 787-10 Dreamliner airplanes.
  • The complaints center around Boeing's North Charleston, South Carolina, factory, The Post and Courier reported. Boeing also assembles the jetliner at its Everett, Washington, facility.
  • In internal surveys, the airlines described issues like production delays, dented panels, scratches on cockpit windows, loose nuts and bolts, and unsecured fuel-line clamps. Publicly, the airlines all stand by the plane, which also receives good feedback from passengers because of its high-tech, comfort-focused features.
  • Visit Business Insider's homepage for more stories.

Airlines flying Boeing's 787-10 Dreamliner have complained to the plane maker about "unacceptable" production mistakes and inconsistent quality.

The problems center around Dreamliners built at Boeing's North Charleston, South Carolina, factory, according to a report from The Post and Courier.

Issues at the North Charleston plant were reported in April in a comprehensive New York Times investigation, which found evidence of shoddy production, poor oversight, and a culture that "made speed a priority over safety." The report came a month after Boeing's 737 Max jet was grounded worldwide after the second fatal crash in five months. The Department of Justice expanded an inquiry into the 737 Max to include issues at the North Charleston factory in June.

The new report surfaced complaints from a global cadre of airlines that fly the jet and have received orders from the South Carolina plant, one of two locations where the Dreamliner is assembled — other orders are built at Boeing's Everett, Washington, factory.

While the issues are not limited to either the South Carolina plant or the 787 — similar problems have been raised in Everett with both 787s and military tankers — the complaints surfaced by The Post and Courier focus on recent deliveries of Boeing's newest and largest variant of the Dreamliner, the 787-10. It was not immediately clear whether the airlines made similar complaints about other variants of the plane, including the 787-8 and 787-9.

Read more: Photos show how Boeing's grounded 737 Max planes are piling up at the company's Seattle plant

Although the 787 had a troubled start, with a grounding ordered because of battery fires in 2013 and some customers facing issues with Rolls-Royce Trent 1000 engines used on some of the planes — customers have the option of choosing between the Rolls-Royce engine or one made by General Electric Co. — the Dreamliner has generally been favored by passengers and airlines for its comfort-focused features and fuel efficiency.

The complaints were communicated as part of internal surveys Boeing asks airlines to complete after a plane is delivered. Survey results are inherently unscientific because not all airlines participate, and The Post and Courier said supplier issues outside Boeing's control could have skewed the results.

In a statement provided to Business Insider, Boeing said airlines "continue to express great confidence in the 787."

"We are committed to transparency with our customers and regulators throughout the assembly and delivery process to ensure world-class safety and quality for all of our airplanes," the company said. "One example of that transparency is the real-time feedback our customers provide through a variety of channels."

However, the specific issues described by numerous airlines were consistent with past whistleblower complains and news reports.

KLM Royal Dutch Airlines described the factory's quality control as "way below acceptable standards" when talking about a new 787-10 delivered in spring. Among several issues noted were loose seats, missing and incorrectly installed pins, nuts and bolts not fully tightened, and a fuel-line clamp left unsecured. 

Notably, while the airline privately expressed concerns related to the plane — "who looks at quality in this facility?" the airline asked — it publicly described the plane, which was painted specially for the airline's 100th anniversary, with enthusiasm.

May we introduce to you: our new Boeing 787-10 Dreamliner “De Oranjebloesem”. We’re very happy to have this beauty on board!

WeWork is reportedly set to pick JPMorgan and Goldman Sachs for its IPO (JPM, GS)

Mon, 08/05/2019 - 2:02pm

WeWork is likely to name JPMorgan Chase and Goldman Sachs to lead its initial public offering, according to a Bloomberg report citing people familiar with the matter.

WeWork also recently prepared a $6 billion debt-financing plan that would only move forward if an IPO is completed, according to the report. The package sweetened the pot for banks looking to handle the offering, as the debt deal would push fees from the IPO higher.

The co-working company is expected to pick JPMorgan for the first position in its IPO, with other banks following in the deal. The offering's terms and bank rankings also aren't yet finalized, according to Bloomberg.

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WeWork's IPO is expected to bring in about $3.5 billion, which would lead to a fee pool of more than $122 million.

Uber holds the crown for the largest 2019 IPO, bringing in $8.1 billion. Softbank, Benchmark Capital and former Uber CEO Travis Kalanick made the most from the offering.

Now read more markets coverage from Markets Insider and Business Insider:

Gun manufacturer stocks rise after weekend mass shootings and renewed calls for tougher firearm laws

MORGAN STANLEY: A global recession could arrive by early 2020 if the US-China trade war continues

We identified the 70 most powerful people at JPMorgan. Here's our exclusive org chart.

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NOW WATCH: Jeff Bezos is worth over $160 billion — here's how the world's richest man makes and spends his money

What you're watching, mutual fund scrutiny, and Uber's 'bloodbath'

Sun, 08/04/2019 - 1:41pm

When you sit down to watch a TV show or movie on Netflix, you're helping fine tune the streaming giant's recommendation engine

As BI reporter Ashley Rodriguez reported this week, algorithms sort through the thousands of titles available to determine which to display, in what order, and with what artwork or other features, based on your interests. I might see one show and one set of artwork, my neighbors another. 

And as more and more of us watch more hours of entertainment on platforms like Netflix, Netflix should get better and better at showcasing what we might enjoy most. Data gleaned from viewers' participation in new interactive shows like "Black Mirror: Bandersnatch" could take that a step further, helping Netflix better understand why people are drawn to certain attributes in content, such as the emotional tonality of characters.

YouTube's algorithms similarly have the power to put a show or star in front of millions of eyeballs. BI reporter Amanda Perelli talked to Jennelle Eliana, who has posted only three videos to the video-sharing site yet already has 1.5 million subscribers. How? YouTube's algorithm picked up her first two videos and recommended them to its users, which is the likely cause of her instant success.

(Unsurprisingly, creators have found ways to game the algorithm. Perelli also talked to YouTube star MrBeast, who has 22 million subscribers, about his use of keywords to maximize views.)

Old-school TV channels are getting in on the act, too, with MTV using insights from tech giants to build buzz for a reality-TV revival. When MTV premiered "The Hills: New Beginnings" in June, the marketing team worked with Google's insights lab to test content on YouTube.

MTV found that "The Hills" theme song, "Unwritten," resonated with audiences, regardless of whether they had seen the show. MTV then partnered with artist Natasha Bedingfield and social music app Smule to record a version of the song that fans could sing along with and share across social channels.

And in the ad world, tracking what you watch is becoming big business. Lauren Johnson talked to TV-tech entrepreneur John Hoctor, the CEO of buzzy TV-measurement firm Data Plus Math, who sold his company for $150 million.

"Advertisers know that TV works, but they haven't had the granular reporting to understand what parts of it were working better than others," Hoctor said. 

In short, remember: You're being watched when you watch. 

-- Matt

Quote of the week

"I'm interested in - and looking to acquire - lots of companies who are going and reprogramming people's DNA." - Tej Kohli, a tech billionaire and chairman of Tej Kohli  Ventures, on his interest in DNA reprogramming. He said his children will live to at least 125 years old because of tiny robots, DNA reprogramming, and artificial blood

In conversation Finance and Investing

How a little-known Goldman Sachs partner took over the LSE and orchestrated an industry rattling $27 billion buyout

As a Goldman Sachs banker in 2005, David Schwimmer offered some prescient advice: He helped the New York Stock Exchange buy the electronic-trading platform Archipelago Holdings, ending NYSE's 200 years of mutual ownership and moving it beyond the realm of human traders.

The SEC is stepping up scrutiny of mutual funds that have poured money into unicorns like WeWork and Airbnb

The Securities and Exchange Commission is stepping up scrutiny of mutual fund investments in private companies, according to people with knowledge of the agency's interest.

Lone Pine Capital stock-pickers explain why they're investing in Tiffany and Nintendo and how they value "disruptors" like Beyond Meat.

What do Nintendo, World Wrestling Entertainment, and Tiffany & Co have in common?

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How VMware became a secret superpower in the cloud wars and why Amazon Web Services should not be happy but Google and Microsoft are thrilled

Earlier this week, Google's cloud boss, Thomas Kurian, triumphantly announced he had expanded Google's partnership with VMware — bringing VMware's core technology, and hopefully its customers, to Google Cloud.

$3.2 billion cyber company Cloudflare is eyeing a September IPO, just months after raising a $150 million funding round

Cloudflare, a company that speeds up content delivery and protects websites from outside attackers, has its eye on a September IPO, according to people familiar with the company.

A top P&G advertising exec who overhauled how the CPG giant works with its agencies is leaving for Snapchat

Craig Stimmel, Procter & Gamble's head of digital media and global partnerships, is leaving after more than eight years to be Snap's head of brand partnerships based in Chicago, sources familiar with the move told Business Insider.

Healthcare, Retail, Transportation

A $4.5 billion biotech working on tech-driven cancer treatments told us how it's using AI in areas rivals are ignoring, and why companies that aren't could struggle

For biotech company Moderna, which went public last year in the biggest biotech IPO in history, the emphasis is as much on the tech as the biology.

Investors from Greycroft, Science, Lerer Hippeau, and others who control millions of dollars name the direct-to-consumer startups that will blow up this year

Many consumer products categories face attacks from direct-to-consumer upstarts that have upended everything from how we sleep (Casper) to how we buy glasses (Warby Parker).

Uber marketing employees describe this week's 'bloodbath' when the company laid off 400 employees in more than a dozen countries this week

On Monday morning, around 8 am California time, hundreds of Uber employees around the world received an ominous email from Jill Hazelbaker, the ride-hailing company's head of marketing, communications, and public policy.

Join the conversation about this story »

NOW WATCH: This is the shortest route for a road trip across the US to see 50 national landmarks

'Fast & Furious' spin-off 'Hobbs & Shaw' comes out on top of a competitive weekend at the box office

Sun, 08/04/2019 - 11:01am

  • Universal's "Fast & Furious Presents: Hobbs & Shaw" won the weekend at the domestic box office with an estimated $60.8 million.
  • The movie took in a global total of $180.8 million.
  • That's the biggest worldwide opening for stars Dwayne "The Rock" Johnson and Jason Statham, outside of their involvement in the main "Fast" franchise.
  • This weekend at the box office was a rare one as business was spread out to multiple titles. Disney's "The Lion King" came in second with $38.2 million, and Sony's "Once Upon a Time... in Hollywood" came in third with $20 million.
  • Visit Business Insider's homepage for more stories.

Universal's "Fast & Furious Presents: Hobbs & Shaw" is the final big release of the summer, and because of that it had to take on a lot of strong holdovers in theaters this weekend to earn every cent.

But when the dust settled the Dwayne "The Rock" Johnson/Jason Statham action movie was tops at the domestic box office with an estimated $60.8 million. Compared to the openings of the main "Fast" franchise, it didn't perform as strong as the recent releases (it's the sixth highest, doing better than the $40 million opening of the first "Fast and Furious" movie), but was on par with last year's late summer release, Paramount's $61 million take for "Mission: Impossible - Fallout." Outside of Disney/Marvel releases, it's the biggest domestic opening of the summer (passing the $56.8 million opening for "John Wick: Chapter 3 - Parabellum").

Read more: How the director of "Hobbs & Shaw" suddenly became Hollywood's go-to guy for action movies, with a little help from Keanu Reeves and Charlize Theron

Like most blockbusters these days, it's what's going on internationally that's the true indicator of the kind of business the movie is doing. Over the weekend, "Hobbs & Shaw" earned 120 million overseas, putting its global weekend take at $180.8 million. That's a strong start for a movie with a budget well over $200 million (after counting marketing). The global figure is the biggest opening ever for a movie starring The Rock or Statham, outside of the main "Fast" movies.

In a summer where Disney dominated, this weekend was one of the rare times where the box office was nicely spread out.

Disney's "The Lion King" came in second with $38.2 million, bringing its global total to an astounding $1.2 billion in just four weekends.

While Sony's "Once Upon a Time… in Hollywood" came in third place with $20 million, down just 51% from its opening weekend last week. A nice hold for the Quentin Tarantino movie that the studio hopes audiences will continue to flock to through August.

 

SEE ALSO: "The Farewell" is becoming one of 2019's top box-office success stories

Join the conversation about this story »

NOW WATCH: Tobey Maguire's 'Spider-Man' is a classic, even though it's one of the more under-appreciated superhero films

Photos show how Boeing's grounded 737 Max planes are piling up at the company's Seattle plant

Sun, 08/04/2019 - 10:37am

  • Boeing recently said it will consider reducing or suspending production of its 737 Max aircraft if the jetliner remains grounded for much longer.
  • The company expects to submit its fix to the Federal Aviation Administration in September and have the jet cleared to fly again by November, but admitted that unforeseen delays are always possible.
  • Photos from Boeing Field in Seattle, Washington, show how the planes have been piling up with Boeing unable to deliver them to customers.
  • Visit Business Insider's homepage for more stories.

SEE ALSO: Southwest plans to stop flying from Newark Airport and is yanking the 737 Max from its schedule until 2020

This aerial photo from March shows several 737 Max planes just about ready for delivery, but grounded following the crash of Ethiopian Airlines Flight 302.

The Ethiopian Airlines crash, on March 10, killed 157 people.

It was the second fatal crash in five months.

The first was Lion Air Flight 610 in Indonesia.

That crash, on October 29, 2018, killed 189 people.

Both crashes are believed to have been caused by MCAS, or Boeing's Maneuvering Characteristics Augmentation System.

MCAS is an automated system designed to prevent the plane's nose from accidentally drifting too far up, causing a stall.

It was designed to compensate for the fact that the 737 Max has larger engines than previous 737 models, which could cause the nose to drift upward under certain conditions.

However, preliminary results from the accident investigations indicate that MCAS activated when it wasn't supposed to — possibly due to a faulty sensor — pointing the planes' noses down in a way where the pilots couldn't regain control.

Boeing's proposed software fixes and redesigns should build in redundancies and give pilots more control, preventing a similar accident from ever happening again.

Although the 737 Max has been grounded worldwide since the second crash, pending an approved fix, Boeing has continued building orders for customers — it dropped monthly output from 52 jets to 42 in April.

They'll be delivered as soon as the grounding ends, and the airlines are ready to receive them.

As the grounding has stretched on, though, longer than Boeing originally estimated, undelivered orders are piling up — and Boeing is running out of room to store them.

As the company has run out of traditional tarmac space at its Boeing Field facility ...

... It's been forced to find space in less traditional area. Like the employee parking lot.

There's still plenty of space for employees and guests to park, but its current production rate of 42 aircraft per month won't remain feasible if the grounding extends into 2020.

The company has not clarified what will happen to employees in that scenario, but layoffs and furloughs would be a possibility.

For now, as some of Boeing's employees park alongside the very planes they're building, the rest of the company remains focused on fixing the jet's faults and getting it back into service — safely.

Assuming Boeing submits its fix to the FAA in September and it's approved quickly, these lots will once again be empty of everything but cars.

'She expects the best': 4 elite matchmakers on what millionaire women look for when they date

Sun, 08/04/2019 - 10:19am

Millionaire men may be all about beauty when they date, but millionaire women have other priorities.

In Business Insider's monthlong series, "Dating Like a Millionaire," four elite matchmakers divulged what millionaire women look for in a partner. The matchmakers work with clients locally and globally, from royals and celebrities to entrepreneurs and CEOs, who have net worths ranging from the low millions into the billions.

Turns out, wealthy men and women both seek similar qualities in their partners, like attraction and intelligence. But at the end of the day, women want comfort and security most of all. 

Amy Andersen of San Francisco-based Linx Dating told Business Insider that women ideally want a man who is smart, financially successful, and physically fit. But kindness, high integrity, and the desire to start a family matter more to them.

"The younger females can be more obsessed with height but that 'must-have' can dissolve when they are introduced to a kind, good man who is ready for marriage, a non-game player [who] happens to be really smart and with a nice nest egg in place," she said.

Read more: 'With money, your brain thinks differently': 5 elite matchmakers on what millionaire men look for when they date

Females seek out security, which can come in many different forms — physical, emotional, and financial, April Davis of Luma Search in New York City told Business Insider. "That's why the alpha males are so attractive to women," she said. "Of course, humor and charm can go a long way with both sexes as well."

Mairead Molloy of Berkeley International in London agrees. She told Business Insider that sense of humor is always the number one thing women (and men) look for, followed by attractiveness. "Money is 50th on the list," she said.

And for millionaire women seeking women, a hint of familiarity can be a good thing, Davis said.

"If I was to generalize, one thing I see often is [that] they're looking for someone like themselves — professional, has a good career, financially secure, likes to travel ... " she said. "Of course, they're also looking for someone who wants to settle down and be in a committed long term relationship as opposed to partying and dating multiple people."

Ultimately, though, the matchmakers said that millionaire men and women alike want the whole package when they date.

As Patti Stanger of Millionaire's Club in Los Angeles told Business Insider, "She expects the best."

SEE ALSO: Newly minted Silicon Valley millionaires don't know how to handle their money and it's ruining their love lives, says an elite matchmaker known as the 'Cupid of Silicon Valley'

DON'T MISS: The 3 biggest mistakes millionaires make when dating, according to 6 elite matchmakers who help the ultra-wealthy find love

Join the conversation about this story »

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6 people reveal what they wish they'd known before moving into a tiny house, from how much money they'd actually save to the downsides of building a luxurious home

Sun, 08/04/2019 - 9:50am

Living in a tiny house involves major lifestyle changes.

Downsizing to 100 to 400 square feet of space requires both a physical and mental shift, from reducing possessions to getting acclimated to a tighter space.

Business Insider talked to six people who went tiny about what they wish they'd known before taking on a minimalist lifestyle. Many had no idea their life was about to get that much better, from the overall building experience to the ease of transition. Some wish they had been more prepared for a few complications — like parking restrictions and the importance of mobility.

Read more: Some people choose tiny houses to save money, but they might not always be the bargain you'd expect

But ultimately, all six tiny house dwellers were happy with their decision to go tiny — especially when it came to their finances

Here's what these tiny house dwellers said they wish they'd known beforehand.

SEE ALSO: 6 people on how living in a tiny house has changed their finances, from going debt-free to saving six figures

DON'T MISS: Here's what living in a tiny house is really like, according to people who traded their homes for minimalism

Jenna Spesard found the transition to be easier than she expected.

With a bit of trial and error, Jenna Spesard of Tiny House Giant Journey built her 165-square-foot tiny house without many resources. She told Business Insider she had some anxiety about tiny house living before moving in, but found the change to be an easy transition.

"I do wish someone had told me that the transition would be a lot easier than expected," Spesard, whose tiny house is currently parked on Whidbey Island in Washington, said. "I believe people easily adapt to their surroundings. It didn't take long before I had a routine and living in a small space was no big deal ... the truth is, as long as you downsize and design your space well, it's an easy transition."



Laura LaVoie learned that building a tiny house is all about the experience.

While building her 120-square-foot cabin with her partner, Matt, Laura LaVoie of Life in 120 Square Feet learned that building a tiny house isn't about the house itself, she told Business Insider.

"It was about the experience," LaVoie said. "We wanted to prove we could do it. That we could build a home from the foundation up by ourselves. We went into the experience with our eyes wide open knowing that it would be a lot of hard work. If I had the opportunity to do it all over again now, I would buy a finished [tiny house]. Building was an adventure of a much younger couple."

The couple built their tiny house in North Carolina while living in Atlanta and working corporate jobs.

"We spent weekends and vacations working on our tiny house, which was a symbol for the things we wanted to outside of full-time jobs," she said.



Couple Tim and Sam realized it doesn't take a tiny house to live a minimalist lifestyle.

Tim and Sam of Tiffany the Tiny Home bought their 270-square-foot tiny house, which they live in in Florida — but they wish they had transitioned to a minimalist lifestyle sooner.

"You don't have to live in a tiny house to change your life to better reflect your values," Tim told Business Insider. "For example, I love to give and receive experiences rather than items as gifts. Having fewer belongings to keep track of is a mental space saver no matter what space you are in. Buying consciously and looking for multi-use items has changed the way we spend our money."

He added: "Getting outside more is a huge benefit of living tiny, but anyone can do it. Overall, going tiny made us a lot happier, but we didn't have to wait to change our space to feel this way."



Ryan Mitchell had no idea just how much tiny living would improve his life.

Ryan Mitchell of The Tiny Life spent $30,000 on his 150-square-foot tiny house, but didn't realize just how positive the effects of that decision that would be.

"I knew it would have a large impact on my life in a positive way, but I think I underestimated how much of a positive impact it would have," he told Business Insider. "It's hard to put into words how different this life is when your bills are so low; it's life-changing."

He's saved more than $100,000 since going tiny, he said.

Mitchell suggests that those considering a tiny house lifestyle think about serviceability.

"Think about how your water lines and utilities will be placed in a way that they meet code and are protected, but you can access them if you want," he said. "I am working on upgrading my shower and the water lines are difficult to access."



Bekah Taylor wishes she knew how complicated parking restrictions can be.

Bekah Taylor of Tiny Little Life said that tiny living has its complications. Parking restrictions, in particular, can be a problem, she told Business Insider.

Zoning laws for tiny houses can be strict, and some require you to own the land where your tiny house is built or parked. They can even dictate the size of the lot.

"I wish I had known that it would take a lot of work to find a place to park a tiny home," she said. "We live in Portland, Oregon, and the rules for tiny homes are pretty relaxed, but it was still a lot of work to find something that worked for us."



Couple Bela and Spencer overlooked the importance of mobility.

Bela and Spencer of thisxlife in Boulder Creek, California, bought their 300-square-foot tiny house in 2007.

"When we took the dive into buying a tiny house, we focused on minimizing the risk that we would hate it, so we wanted to make sure the house would hold value," they told Business Insider. "To that end, we pushed for the most expensive and thoroughly designed house that we could afford."

But they didn't consider the effects the weight of the house would have. "We overlooked the balance between luxury and mobility: The more luxurious the tiny house, the more it generally weighs, the harder it is to move," they said. "So far, this hasn't been a problem because we've never needed to move our house, but it has limited our ability to even think about changing positions."

Between landscaping and the new deck they built, the couple estimates it would probably cost them between $5,000 and $10,000 to move the tiny house, so it's typically better for them to just keep the house in its current spot.

"This hasn't been a big deal for us, but we wonder sometimes why the house is on wheels if we're not going to move it," they said.





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