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Jeff and MacKenzie Bezos have made their divorce official in a $38 billion settlement, making the author the third richest woman in the world

Sat, 07/06/2019 - 3:38pm

The marriage of Amazon's power couple, which has spanned the transformation of the company from online bookstore to massive e-commerce platform, is officially over.

Amazon founder Jeff Bezos and his ex-wife, MacKenzie Bezos, officially finalized their divorce Friday, Bloomberg reports. As a result, MacKenzie Bezos is set to gain millions of shares of Amazon worth an estimated $38 billion.

When the Washington judge signed court papers Friday to formally dissolve the marriage, the terms of the couple's divorce settlement were made official. The Bezoses announced in April what their divorce agreement entailed: MacKenzie Bezos would grant the Amazon CEO all of her interests in the Washington Post and Blue Origin, and voting control over her stake in the company. Jeff Bezos would get 75% of the Amazon stock the couple co-owned, while MacKenzie Bezos would be left with the rest.

Read more: Jeff and MacKenzie Bezos' $38 billion divorce settlement is set to become official this week

The remaining 4% stake left to MacKenzie Bezos is just under 20 million Amazon shares, worth an estimated $38 billion. A regulatory filing disclosing the shift in ownership, as required by the US Securities and Exchange Commission, is expected this month, Bloomberg reports.

The massive cash injection shoots MacKenzie Bezos to the ranking of third-richest woman alive, according to the Bloomberg Billionaire's Index. In the rankings, Bezos will sit behind Francoise Bettencourt Meyers and Alice Walton, who each have net worths upwards of $50 billion.

MacKenzie Bezos also said in April she had signed the Giving Pledge, a promise taken by some of the world's wealthiest to donate at least half of their assets to charity in their lifetime or will.

Meanwhile, Jeff Bezos' post-divorce net worth stands at an estimated $121 billion, and he remains the world's richest person. He has noticeably refused to sign onto the Giving Pledge, though he praised his ex-wife on Twitter for her philanthropic commitment.

Before the split, the Bezos couple was married for 25 years. They first started dating before Amazon was even born, and have four children together. They first announced in January they were getting a divorce.

SEE ALSO: Amazon CEO Jeff Bezos is reportedly dropping $80 million on a Manhattan penthouse and the 2 apartments below it — take a look inside

Join the conversation about this story »

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Here's what it's like to dine in first class at 35,000 feet

Sat, 07/06/2019 - 12:12pm

  • This past winter, I used credit card points to fly in first class on Japanese airline All Nippon Airways, or ANA.
  • While bigger and more private seats are an obvious feature of first class, the biggest differentiator between first and business class is the food and drink service.
  • From sashimi to steak, it was an incredible experience. Read on to see what it's like to dine during a flight in first class.
  • Visit Business Insider's homepage for more stories.

As airlines compete with each other for premium passengers, international business class cabins are becoming more and more luxurious, getting closer to what first class seats look like.

However, for airlines that still offer international first class, the difference between first class and business class can cost thousands of dollars — so there's a need to make the top product distinct enough to command that price premium.

Aside from bigger and more private seats, the main way to do that: offer more over-the-top service, featuring lavish meals, top-shelf liquor, and champagne that normally retails for hundreds of dollars.

This past winter, my wife and I used our credit card points to book $20,000 roundtrip first-class tickets to Tokyo on the Japanese airline All Nippon Airways (ANA) for about $250 each — you can read about how we did it. The seats were great, but the meal service was over-the-top fantastic.

From sashimi, to waygu beef seared to a perfect medium, to a perfect miso soup, here's what it's like to dine in first class.

SEE ALSO: Beijing just finished construction on its massive new international airport — here's what it looks like

The feast began with an amuse-bouche plate, consisting of four bite-size morsels: a roasted duck and kumquat pincho, a grape and goat cheese ball coated in crushed pistachio, smoked salmon and scallop tartare served in a puff pastry, and a sharp cheese and pepper bar.

As we snacked on the amuse–bouche plate, flight attendants came by to take our lunch orders. There was a Japanese cuisine option, and an "international" one. I went with the Japanese — I mean, how could you not?

After she took my lunch order, the flight attendant came to set my table for lunch.

The first course, the "zensai" appetizer, was an eclectic mix of small Japanese bites, most of which I'd never tried before. All of it was delicious.

Here's what the menu listed.

Next came the soup — a clear broth with vegetables and a scallop fish cake. After the strong flavors of the first course, it was a nice palate cleanser.

Next came a fabulous sashimi course, consisting of a lightly seared yellowtail.

Next came the entree. There was a grilled sablefish in a sweet soy-based sauce, steamed alfonsino fish with grated turnip, a tasty crab meat salad with mascarpone and avocado, steamed rice, miso soup, and pickled vegetables. It was incredible, and quite filling.

For dessert, I had a few different things: a red bean pastry, a flan-like pudding, and a cup of fresh green tea.

One of the highlights of the airline's first class service is an extensive list of "Light Dishes Anytime." While I was very full after the initial feast, the flight is a long 14 hours, and I woke up from a nap a few hours later feeling peckish.

I had the "Tea-and-rice" with shredded chicken and chopped Japanese plum. It was a light savory, salty snack — perfect for mid-flight.

Before we landed, the flight attendants came by to offer a final light meal. Who was I to say no? I had the udon noodles with deep-fried tofu, which, despite the fact that we were on an airplane, was actually crispy...

And a small fruit salad.

On the return flight, I decided to try the "international cuisine," just for a point of comparison.

It started with a slightly different amuse-bouche plate: a pistachio-coated nut stick, duck prosciutto wrapped around a marinated mushroom, an apricot and butter roll, and a smoked scallop with mandarin orange sauce.

For the appetizer, I had the "gâteau style of homard and its consommé gelée," or lobster served in a gelled stock, which was served with caviar. The lobster was tasty, but the texture wasn't my favorite.

Next was a crisp and fresh garden salad ...

... followed by the main course, for which I ordered a grilled wagyu beef with pancetta and tarragon sauce, which was served with a tasty lotus root pancake.

Considering that this was steak served on an airplane, I was tremendously impressed. It was melt-in-your-mouth, and while it wasn't quite as rare as some might like, it was delicious, and not overcooked.

For dessert, I had the blood orange and lychee mousse, which came with a meringue.

Finally, for the pre-landing meal, I had a fruit plate with a couple of rolls.

7 questions to ask a financial adviser before you hire them to manage your money

Sat, 07/06/2019 - 11:00am

  • You should prepare a list of questions for a financial adviser before hiring them to manage your money.
  • First and foremost, find out if they're a fiduciary who is required to operate in their client's best interest, regardless of how they're compensated.
  • Next, find out how they're paid, what services are included, and how often they communicate or meet with clients.
  • To find out if the financial adviser is a good fit for you, you can ask them to explain their investing approach and describe their typical client.
  • SmartAsset's free tool can help find a licensed financial professional to help with your goals »

Handing over control of your money can be scary, but there are a few important questions you can ask to find the right person for the job.

Financial adviser is a catch-all term that usually includes financial planners and investment advisers. A good certified financial planner can organize your overall financial picture and implement strategies that will help you achieve your goals, from putting your kids through college to retiring when you want.

An investment adviser usually focuses on managing the money you invest in the market, but can also provide some financial guidance in other areas.

Below are a few of the most important questions to ask a financial adviser you're considering hiring.

Are you a fiduciary? 

First and foremost, you want to ensure your financial planner or investment adviser is a fiduciary. A fiduciary is legally bound to put their client's interests first.

If they're not a registered fiduciary, they may follow a loosely monitored "suitability" standard, which allows them to make recommendations for investments and services so long as it's suitable for their client's goals, risk tolerance, and financial situation. Usually this translates to recommendations that will also earn them money.

How much do you charge?

There are two types of financial advisers: fee-based and fee-only.

To visit with a fee-only financial adviser, you will pay a flat fee, hourly fee, or if they're handling your investments, an asset under management fee equal to between 1% and 3% of your total assets.

If you're meeting once or twice to create a financial plan or get advice, you can expect to pay anywhere between $100 and $300 an hour. If you're looking for access to an adviser on a rolling basis — i.e. you want help implementing and maintaining your financial plan — you may pay a fixed fee, usually between $1,000 and $3,000.

Need help with your money? SmartAsset's free tool can help find a licensed professional near you »

Do you earn commission?

If they answer "yes," they're considered a fee-based financial adviser. Fee-based financial advisers earn commissions based on where you put your money, and also may charge a fee for their time or an asset under management fee.

By contrast, fee-only advisers do not receive additional commission when a client invests in a certain fund or financial product. Their only objective is to provide sound financial advice.

This doesn't mean a fee-based financial adviser will necessarily work against your best interests. It only means that they may be more inclined to recommend products and services for which they get a commission, which may or may not be the best option for your financial planning needs.

What services are included?

A good financial planner should be able to offer guidance on every aspect of your financial situation, though they may specialize in a certain area, like retirement planning or wealth management. Make sure it's clear from the get-go what the cost includes and whether they'll spend more time focusing on any one area.

An investment adviser is usually only focused on managing investments, but may also provide guidance on other aspects of your financials. Again, make sure you know what exactly is included in their menu of services.

How often will we communicate?

If you want more than a one-time meeting, you'll probably pay your financial adviser a retainer fee. Find out exactly what this fee gets you — for example, maybe it's one face-to-face meeting and one phone call a month — and ask if there are any additional fees that apply for overtime.

It can be scary putting your money in someone else's hands, so an open line of communication is essential. Ask the financial adviser how they're best reached — by text, email, or phone — for both urgent and non-urgent matters.  

Can you describe your typical client?

Asking an adviser about their typical client can help you decide whether they're a good fit for you. Some financial planners specialize in helping high-net-worth families or business owners or first-time investors in their 20s and 30s.

If you identify with their typical client, chances are they have the tools and expertise to help you, too.

What is your investment approach?

If you're handing over control of your investments, make sure the adviser's approach to investing is aligned with your risk tolerance. For example, an adviser may prefer aggressive growth strategies to preservation. That usually means they'll risk more of your money in order to (hopefully) score a bigger return.

Ultimately, a good financial adviser should be as mindful with your investments as they are with their own, taking care to avoid excessive fees, save money on taxes, and be as transparent as possible about your gains and losses.

If you're hiring a fee-based adviser, know that their strategy for your investments may include products or services for which they receive a kickback. If this is the case, ask to read over any disclosures.

Use SmartAsset's free tool to find the right financial professional to help you with your goals » 

Join the conversation about this story »

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Donald Trump Jr. just bought a $4.5 million house in the Hamptons with his girlfriend. Take a look inside the 7-bedroom home that sits in a waterfront gated community.

Sat, 07/06/2019 - 10:53am

Donald Trump Jr., the oldest son of president Donald Trump, just bought a $4.5 million house in the Hamptons with his girlfriend Kimberly Guilfoyle, The New York Post reported.

While Corcoran would not confirm the final closing price, the real-estate company most recently listed the home for $4.495 million. The Post reported that it closed for $4.4 million.

Read more: I spent a day on a secluded island that's a 5-minute ferry ride from NYC's ritziest vacation spot. It was immediately clear why the area is known as the 'un-Hamptons.'

The 9,200-square-foot home sits on 3.9 waterfront acres in a gated community in Bridgehampton, according to the listing. It includes a heated outdoor pool with a spa and waterfall.

Take a look inside the seven-bedroom Hamptons house.

SEE ALSO: Donald Trump Jr. shared a racist tweet about Kamala Harris and then deleted it after it went viral, fanning the flames of a new 'birther' conspiracy

DON'T MISS: A Hamptons mansion on a 58-acre estate just sold for more than 50% off, and it's a sign of the area's flailing luxury real-estate market

Donald Trump Jr., the president's oldest son, just bought a $4.5 million house in the Hamptons with his girlfriend, Kimberly Guilfoyle.

Source: The New York Post

The couple has been dating for over a year, having confirmed their relationship on Instagram in June 2018.

Source: Business Insider

Their newly purchased Hamptons pad sits on 3.9 acres in a private gated community in Bridgehampton.

Source: Corcoran

It's off Montauk Highway, a little over a two-hour drive from New York City.

Source: Google Maps

The seven-bedroom home features a spacious living room with a fireplace and high ceilings.

Source: Corcoran

A formal dining room seats at least eight people.

Source: Corcoran

Another dining area is just off the kitchen.

Source: Corcoran

The spacious, farmhouse-style kitchen is divided by a large island.

Source: Corcoran

The kitchen leads out to the screened patio.

Source: Corcoran

The home's master suite features a sitting area and a private deck.

Source: Corcoran

The house has six other bedrooms in addition to the master suite ...

Source: Corcoran

... and they each come with an en-suite bathroom.

Source: Corcoran

The listing photos show a few different sitting areas throughout the house.

Source: Corcoran

A game room with a billiards table opens up to one of the decks.

Source: Corcoran

The house is minutes from the beach, the listing notes, and includes large mahogany and stone patios, a heated pool and spa with a waterfall, and waterfront access to a 25-acre pond.

Source: Corcoran

Amazon is ensuring everybody can cash in on this year's Prime Day deals, and it's a sneaky strategy to boost its most important asset

Sat, 07/06/2019 - 10:10am

  • Amazon's annual Prime Day deals event is coming soon, occurring over two full days on July 15 and July 16.
  • The deals are only available for Prime members, but Amazon is offering a few different kinds of trials to ensure everybody who wants to shop can.
  • It's smart of Amazon to get as many people as possible shopping on Prime Day, as it's a way to sell its all-important Prime membership program, which keeps customers coming back.
  • The allure of Prime Day also has a weeks-long after effect, resulting in a huge summer sales bump for Amazon likely stemming from new members.
  • Visit Business Insider's homepage for more stories.

Amazon's Prime Day is coming, and with it a likely horde of new Prime members.

This year's event will happen over the course of two full days on July 15 and July 16. As always, the deals are only available for Prime members, but Amazon is offering a few different kinds of trials to ensure everybody who wants to shop can shop.

For those that haven't taken advantage of it recently, Amazon offers periodic 30-day free trials. I was offered one this year. My last free trial was in the fall, during another particularly heavy sales period for Amazon: the holidays.

Read more: It took 4 confirmations to end my Amazon Prime subscription. Here's why the company would make it so hard to do.

But for those that aren't eligible for the 30-day trial, Amazon has another option: a seven-day trial at a discounted rate of $1.99.

It's smart of Amazon to get as many people as possible shopping on Prime Day, which is now glitzier than ever. The whole purpose of the event is to sell customers on its all-important Prime membership program. The easiest way to do that is for them to try it for themselves.

Hooking them is the main goal. Prime membership is Amazon's crown jewel, and the customers are far more valuable than the typical Amazon shopper.

"If you look at Prime members, they buy more on Amazon than non-Prime members, and one of the reasons they do that is once they pay their annual fee, they're looking around to see, 'How can I get more value out of the program?'" Amazon CEO Jeff Bezos said at a conference in 2016. "And so they look across more categories — they shop more. A lot of their behaviors change in ways that are very attractive to us as a business. And the customers utilize more of our services."

Read moreAmazon is making it harder and harder to quit Prime

While Prime members buy an average of $1,400 in products from Amazon each year, regular, non-Prime customers only spend $600, according to a Consumer Intelligence Research Partners survey from 2018.

In using unlimited free shipping, Prime members tend to order more items, more often.

And it seems to work. In 2018, Amazon said it welcomed more new Prime members on July 16 — that year's Prime Day — than any other day in history up to that point.

But it's not just about Prime Day either. The allure and attraction of Prime Day also has long-lasting benefits that ripple for weeks after the event is over.

Prime Day actually kicks off a 30% increase in Amazon sales, according to data from payments provider Payoneer. And it doesn't end the next day, but actually lasts for up to a month afterwards, long after the deals have faded.

While some of this can likely be chalked up to the afterglow, it may also be new Prime members flexing their benefits for the first time, or the first time in a while.

All considered, it's easy to see how Prime Day has become one of the important days on Amazon's calendar.

Are you an Amazon employee or customer with a story to share? Contact this reporter at

SEE ALSO: Jeff Bezos has said that Amazon has had failures worth billions of dollars — here are some of the biggest ones

Join the conversation about this story »

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I use 25 credit cards to travel more than 6 months a year. Here's the best advice I can give you to build credit in your 20s.

Sat, 07/06/2019 - 9:30am

I got my first credit card when I was 18 years old, because I knew that building my credit history was important. This was before I had even heard of getting a credit card in order to earn points and miles.

Around two years later when I first heard about points and miles, I had a short but solid credit history that allowed me to start getting better credit cards. Fast forward seven more years and I have a credit history that is longer and more solid than many of my peers. I also took a number of non-credit card related steps that help me earn miles and points even faster, and were a great option when my credit history was still shorter. 

Now, I have 25 cards in total and  I travel six to eight months of the year with a good portion of travel booked on rewards.

Here are the steps I followed to make that a possibility. 

First things first: Pay your bills every month

The most effective strategies for earning points and miles are all linked to credit cards — but it only makes sense if you're paying off your card every month. There's no credit card that rewards you more than you'll pay in interest by carrying a balance, so it's critically important to not spend more than you can afford, to pay by the due date, and to have a plan to do so even before you apply for your first card.

Open accounts with various loyalty programs, even if you're not sure you'll use them

One great place to start is to open loyalty accounts with airlines and hotels. This will make sure you have an account ready to go if you want to transfer points from a flexible points program, or if you later open a credit card linked to that loyalty program. 

It also makes sure you won't run into any restrictions on new accounts. For example, you can't transfer Avios points between British Airways and Iberia accounts unless both are at least 90 days old, and if you want to transfer points between two people's Marriott accounts, both have to be at least 60 days old.

Having an account open lets you receive targeted promotions, and sets you up to earn bonus miles or points through partnerships. For example, you can earn Delta miles for Airbnb stays, and earn Delta, Hilton, and Jetblue points for rides taken with Lyft.

Get your credit report started as an authorized user

See if a parent or guardian is willing to add you as an "authorized user" on one of their credit cards — that will make the account show up on your credit report, which makes lenders likely to see you as a lower risk when you apply for cards of your own.

Make sure you trust your credit in their hands though, since if they fail to pay on time or default on a balance, the negative marks can also hurt your credit history.

This is a step that I didn't take until much later — just this year, in fact! I was able to have my parents add me to a card they have had since before I was born and my average age of accounts (and therefore my credit score) increased by quite a bit. 

If you can't get added as an authorized user, consider a secured credit card

With a secured credit card, you put down a deposit (say $500) and then get a credit card with a credit limit equal to the deposit. Using the card and paying it off every month demonstrates that you can handle a credit card responsibly, and once the bank feels confident, you can upgrade to a regular credit card and get your deposit back. 

The Petal Card offers a $500 to $10,000 credit limit, 1% cash back on purchases (increasing to 1.5% cash back after 12 on-time payments), and no late fees, foreign transaction fees, or no annual fees., or you can check with your credit union or bank to see if they offer a secured card option.

Start with entry-level, no-annual-fee credit cards 

Once you have a bit of credit history, you can apply for your first full-fledged credit card — but you probably don't want to start with a flashy high-end card like the Chase Sapphire Reserve or the Platinum Card® from American Express. These cards are targeted to high spenders with high credit scores and excellent credit histories, so you're likely to get denied.

Instead, start with a basic card like the Chase Freedom Unlimited: With that card, you'll earn 3% cash back for the first year (up to $20,000 in purchases) and 1.5% thereafter, and there's no annual fee. 

Perhaps the best part of this card is that while it's marketed as a cash back card, it's actually part of the Ultimate Rewards family — so that 3% cash back is really 3x Ultimate Rewards points. If you save up your balance and later open a full-fledged Ultimate Rewards card like the Chase Sapphire Preferred Card or Chase Sapphire Reserve, you can pool those points from the Freedom Unlimited with your new card and transfer them to airline or hotel loyalty programs.

Set up automatic payments

Virtually all credit cards allow you to arrange for payments to be automatically withdrawn from your bank account on the due date — as long as you'll have enough money in your account, this makes sure you won't have to worry about late fees or interest charges.

If you're worried about overdrawing your checking account, at least set up automatic payments for the minimum amount due to avoid late fees, but make sure you still make payments every month to cover the remaining balance — see Rule No. 1 above.

Be mindful of the Chase 5/24 rule

If your goal is to earn points and miles toward travel, don't go applying for a bunch of cards right away: Chase's 5/24 rule means many of its most rewarding cards aren't available if you've opened five or more personal credit cards with any bank in the past 24 months. This includes all of the cards that earn Ultimate Rewards points, as well as United Airlines, Southwest Airlines, and Marriott credit cards. 

Pro tip: Keep track of your credit cards so you know how many credit cards you've opened and to make sure you don't miss out on any signup or welcome bonuses: Using a tool like Travel Freely can help.

Use your miles and points — they never gain value over time

Miles and points are a terrible investment — they'll almost always lose value, as airlines and hotels make changes to eliminate the best redemptions, make flights and hotels more expensive, and move towards "dynamic pricing" instead of predictable set pricing for redemptions.

So while it may be worth it to save up for a little bit so you can get an awesome award, hoarding your points over time can only end in disappointment. You're doing this to be able to travel — so get out there and use your points!

Find the best cards to help you build credit and start earning rewards with's free CardMatch tool »

Join the conversation about this story »

NOW WATCH: New York City is getting even more infested with rats. Here's why cities can't get rid of them.

The 25 best states to live for 20-somethings, where jobs are booming and rent is affordable

Sat, 07/06/2019 - 8:49am

It can be daunting for a young 20-something to transition into adulthood, but living in the right location can ease the process. recently ranked the best states for young millennials to live in, including Washington, DC. It grouped eight sets of data from the Bureau of Labor Statistics and Census Bureau into three major categories — job market, affordability and access, and lifestyle, awarding each state an average ranking in each category.

Turns out, Midwestern states like North Dakota and Iowa have the most factors that appeal to millennials. Nebraska, for example, has a higher proportion of young adults than places like New York and California, according to the report.

Below, see the ranking of best places to live for young 20-somethings. We included the unemployment rate for those ages 20 to 24, the median rent, and the number of bars, pubs, and nightclubs per capita.

SEE ALSO: The top 18 states rich millennials are moving to

NOW READ: Millennials are flooding into these 25 US cities to find good jobs and earn more money

25. Florida — Tampa, Miami, and Jacksonville, have become hubs for millennials.

Unemployment rate: 6.8%

Median rent: $1,128

Number of bars, pubs, and nightclubs per capita: 1,795


24. Texas — Dallas-Fort Worth, Austin, and Houston appeal to young adults looking to work for small businesses.

Unemployment rate: 6.7%

Median rent: $987

Number of bars, pubs, and nightclubs per capita: 2,681


23. Indiana — Indianapolis thrives on a growing tech scene and investments in public infrastructure.

Unemployment rate: 7%

Median rent: $793

Number of bars, pubs, and nightclubs per capita: 971

Source: Curbed

22. Virginia — Virginia Beach and Richmond have both seen an uptick in millennial migration.

Unemployment rate: 5.4%

Median rent: $1,179

Number of bars, pubs, and nightclubs per capita: 165

Source: Time

21. North Carolina — Raleigh and Charlotte have plentiful job opportunities and high pay.

Unemployment rate: 5.6%

Median rent: $861

Number of bars, pubs, and nightclubs per capita: 680

SourceThe News & Observer

20. Alaska — Alaska has nine military bases, attracting young-adult soldiers.

Unemployment rate: 11.8

Median rent: 1,201

Number of bars, pubs, and nightclubs per capita: 157

Source: Mic

19. Rhode Island — Rhode Island has jobs, culture, and numerous James Beard restaurants.

Unemployment rate: 6.5%

Median rent: 941

Number of bars, pubs, and nightclubs per capita: 239

Source: Inc

18. Oregon — Portland has many neighborhoods, a relatively affordable cost of living, and a booming economy.

Unemployment rate: 6.4%

Median rent: $1,079

Number of bars, pubs, and nightclubs per capita: 933

SourceBusiness Insider

17. Colorado — Millennials have been flocking to Denver for its high-paying jobs, reasonable commutes, weather, and activities.

Unemployment rate: 4.1%

Median rent: $1,240

Number of bars, pubs, and nightclubs per capita: 762

SourceDenver PostSmartAsset

16. Massachusetts — Tech and life sciences fuel much of the economy.

Unemployment rate: 3.7%

Median rent: $1,208

Number of bars, pubs, and nightclubs per capita: 754

Source: Curbed

15. Vermont — Vermont recently offered Americans up to $10,000 to move to the state and work remotely.

Unemployment rate: 4.6%

Median rent: 950

Number of bars, pubs, and nightclubs per capita: 104


14. Utah — Millennials are migrating to Salt Lake City to buy homes.

Unemployment rate: 4.9%

Median rent: $986

Number of bars, pubs, and nightclubs per capita: 168

Source: CNBC

13. Oklahoma — Oklahoma City is a boomtown for millennials, partly because of a high increase in wages.

Unemployment rate: 6%

Median rent: $780

Number of bars, pubs, and nightclubs per capita: 402

SourceBusiness Insider

12. Nevada — Las Vegas has cultural attractions, low taxes, and natural beauty.

Unemployment rate: 5.5%

Median rent: $1,051

Number of bars, pubs, and nightclubs per capita: 657

Source: SmartAsset

11. Missouri — St. Louis boasts affordable homes for millennials.

Unemployment rate: 6.2%

Median rent: $800

Number of bars, pubs, and nightclubs per capita: 634

Source: Riverfront Times

T10. Minnesota — Minnesota has a lot to offer active young adults, from biking trails to lakes.

Unemployment rate: 4.7%

Median rent: $939

Number of bars, pubs, and nightclubs per capita: 946

Source: SmartAsset

T10. Idaho — Idaho Falls is attracting millennials with its restaurant scene and recreational activities.

Unemployment rate: 3.5%

Median rent: $822

Number of bars, pubs, and nightclubs per capita: 335

SourceLocal News 8

8. South Dakota — Sioux Falls is a top city for young professionals.

Unemployment rate: 7.2

Median rent: $722

Number of bars, pubs, and nightclubs per capita: 325

Source: Business Insider

T7. Wisconsin — Madison is the top city in the US where women are most successful.

Unemployment rate: 4.8%

Median rent: $819

Number of bars, pubs, and nightclubs per capita: $2,785

Source: SmartAsset

T7. Kansas — Wichita has been undergoing a downtown renovation over the past decade.

Unemployment rate: 5.9%

Median rent: $815

Number of bars, pubs, and nightclubs per capita: 335

SourceSmart Growth AmericaThe Wichita Eagle

5. Wyoming — Wyoming's economy thrives on the conservation and extraction industries.

Unemployment rate: 6.7%

Median rent: $832

Number of bars, pubs, and nightclubs per capita: 163

Source: SmartAsset

4. Montana — Montana offers plenty of opportunities for young entrepreneurs as well as proximity to nature.

Unemployment rate: 5.5%

Median rent: $759

Number of bars, pubs, and nightclubs per capita: 547

SourceABC Fox Montana

3. Iowa — Iowa has one of the largest proportions of young adults in its population.

Unemployment rate: 5%

Median rent: $760

Number of bars, pubs, and nightclubs per capita: 944

Source: Money Rates

2. Nebraska — Nebraska has a higher proportion of young adults than places like New York and California.

Unemployment rate: 4.6%

Median rent: $801

Number of bars, pubs, and nightclubs per capita: 551

Source: Money Rates

1. North Dakota — North Dakota is a magnet for young adults, thanks to its business and pleasure offerings.

Unemployment rate: 3.6%

Median rent: $785

Number of bars, pubs, and nightclubs per capita: 419

Deutsche Bank is about to undergo its biggest restructuring ever. Here's what we know about what's going on at the German bank.

Sat, 07/06/2019 - 3:00am

  • Deutsche Bank CEO Christian Sewing is expected to announce a sweeping overhaul of Germany's biggest bank after a supervisory board meeting on Sunday.
  • The restructuring will reportedly focus on its US business and could include the cutting of 15,000 to 20,000 jobs.
  • We've outlined what we know about what's going on at Deutsche Bank below.
  • Watch Deutsche Bank trade live.

Deutsche Bank CEO Christian Sewing is expected to announce a sweeping overhaul of Germany's biggest bank after a supervisory board meeting on Sunday. The restructuring will reportedly focus on its US business and could include the cutting of 15,000 to 20,000 jobs, or one in six of all full-time employees.

Here's what we know about Deutsche Bank's restructuring:

  • Sewing's restructuring plan is expected to be the largest in the bank's history.
  • It will reportedly focus on deep cuts to its US operations, which employ more than 9,000 people.
  • The job losses are likely to be concentrated in the equities and derivatives trading units.
  • US boss Tom Patrick and other senior executives could leave the bank.
  • The overhaul could cost the bank as much as 5 billion euros in severance pay and other expenses.
  • Garth Ritchie, head of Deutsche Bank's investment banking unit, has agreed to step down.
  • Deutsche Bank could create a separate "corporate bank" that would bring together units such as its transaction bank, which provides everyday financial services such as international payments to companies.
  • It may also create a "bad bank" to hold billions' worth of non-core assets such as long-dated derivatives.

Here's why the restructuring is happening:

SEE ALSO: A day in the life of a Deutsche Bank managing director, who wakes up at 5:00 a.m., spends 10 days of the month traveling, and works out twice a day even while on business trips

Join the conversation about this story »

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YouTube has lately struggled to protect its vulnerable creators. Analysts say the platform may lack a business incentive to do anything about it.

Fri, 07/05/2019 - 6:13pm

  • YouTube has been struggling to monitor the hate speech, child exploitation, and other incidents affecting the platform's most vulnerable creators and users.
  • But some analysts say YouTube may not have much incentive to take drastic measures to fix the problem because the issues have failed to meaningfully affect the platform's advertisers and revenue.
  • YouTube would likely take sweeping action only in a situation like 2017's Adpocalypse, when advertisers pulled their ads from the platform en masse and cost the platform an estimated $750 million, Josh Cohen, the cofounder of the online-video-industry publication Tubefilter, said.
  • Visit Business Insider's homepage for more stories.

These past few months have been nothing short of hellish and eventful for YouTube.

The video-streaming platform has faced much scrutiny as it works to wade through a deluge of scandals, including concerns over child exploitation, the spreading of dangerous conspiracy theories, and the company's policies regarding the LGBTQ community.

But YouTube has been relatively conservative in its reaction to the most recent controversies. The company's incentive to act with drastic changes is low, analysts told Business Insider.

Actions that YouTube has taken have been incremental and reactionary: The website said it would take down white-supremacist videos already on the site, although hate speech and hateful content has flourished for long enough to radicalize users, according to research by Data & Society. YouTube also declined to punish a conservative YouTuber who used racial and homophobic slurs to refer to a Vox journalist.

Despite much criticism and demand from creators, users, and even Google employees to do something, YouTube's most important clients — advertisers — have stayed relatively quiet.

With more than $3 billion in revenue each year just from ads on its platform, YouTube's cost-benefit formula is simple, analysts say: As long as advertisers are still putting their ads on YouTube, there's little reason to make sweeping changes.

"Companies have to weigh the question, 'How much advertising will I lose if I remove this content from my platform?'" the Forrester analyst Renee Murphy told Business Insider. "Users are the product, not the customer."

YouTube has previously been forced to make major changes because of advertiser backlash. In 2017, hundreds of brands pulled their advertising from YouTube after The Times reported their ads were appearing next to extremist videos. Dubbed the "YouTube Adpocalypse," the mass boycott cost YouTube's parent company, Google, an estimated $750 million, a note from analysts at Nomura Instinet said at the time.

YouTube responded with major changes: It gave advertisers more say over the content their ads appear next to and revamped YouTube's Partner Program to exert more control over who and what can be monetized on the platform.

The same pattern happened in February after a YouTuber helped expose a "soft-core pedophile ring" found on the video-sharing platform. After brands like Disney, Nestlé, and the Fortnite-owner Epic Games removed their ads, YouTube announced it would disable comments on most videos featuring kids.

But in more recent months, as further issues and concerns over the policing of its platform have arisen, there hasn't been any exodus of YouTube's most important and biggest advertisers off the platform. YouTube has learned from its past incidents to be "more quick to act and forthright in their communication," Josh Cohen, the cofounder of online-video-industry publication Tubefilter, said.

"From the advertiser perspective, YouTube has achieved all of its goals," Cohen told Business Insider. "None of this is ideal, but I don't think it's having a massive effect on YouTube's business."

Google, which owns YouTube, did not respond to Business Insider's request for comment. 

Although advertisers have yet to pick up and move their business away from YouTube to the extent of what we saw in 2017, we could see a larger shift away from the platform in the next two years for brands that run advertisements next to children's content. A recent PwC report predicts that by 2021, children's advertisers could abandon YouTube, which is under investigation on suspicion that it violated children's privacy laws, in favor of video platforms that are compliant to stricter upcoming digital-privacy laws.

SEE ALSO: How to use TikTok, the short-form video app Gen Z loves and that's ushering in a new era of influencers

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NOW WATCH: Here's why it's so hard to switch from Apple to Android

The billionaire cofounder of Home Depot plans on donating up to 90% of his $5.9 billion fortune, and Trump's 2020 campaign will be one of the beneficiaries

Fri, 07/05/2019 - 6:13pm

Home Depot cofounder Bernie Marcus has a plan for how to spend his fortune, he told The Atlanta Journal-Constitution. After the 90-year-old billionaire dies, 80 to 90% of his total wealth will go to his foundation to build centers to help veterans with disabilities around the country, fund medical research, and provide care for children with autism.

Aside from philanthropy, Marcus is also a major political donor: He supported, and intends to again support, Donald Trump's presidential bid.

The Atlanta-based billionaire has a net worth of $5.9 billion, down from its peak of $10 billion in September 2018, according to the Bloomberg Billionaires Index.

Marcus and his wife, Billi, signed The Giving Pledge in 2010. He has already donated $2 billion to more than 300 charities, according to The Washington Post.

According to The Atlanta Journal-Constitution, Marcus refused to name the exact sum he would donate, but the newspaper estimated that Marcus could give away a total of $6 billion to charity in his lifetime based on his commitment to donate 90% of his wealth when he signed The Giving Pledge.

Donation cause No. 1: Trump's campaign

Marcus was one of Trump's largest donors in 2016, giving $7 million to Trump's campaign through outside groups, according to the Center for Responsive Politics. Marcus said he planned to financially support the president in the 2020 election, according to The Atlanta Journal-Constitution.

Read more: Less than 1% of the world's billionaires donate to housing and shelter charities. Here are the top 10 causes the world's richest people give their money to

Donation cause No. 2: philanthropy

Marcus is a noted philanthropist in Georgia, having donated $250 million to fund the construction of the Georgia Aquarium, which opened in 2005. Marcus has also made contributions to an autism center and Grady Memorial Hospital in Atlanta, according to The Atlanta Journal-Constitution.

Healthcare and medical research were the fourth most common cause that billionaires donated to in 2018, Business Insider previously reported. Marcus' political donations are less common among billionaires: only 12.4% donated to public-affairs causes. Education charities are the most popular, receiving donations from 79.5% of billionaires.

"I've got all the houses I need," Marcus told The Atlanta Journal-Constitution. "I live very well. My kids are taken care of. Everything I live for now is finding the right things to put my money into and that can give me a rate of return in emotion and doing good things for this world."

Marcus cofounded Home Depot in 1978 with Arthur Blank after they were fired from their jobs at another hardware store, according to Forbes. Marcus was the company's first CEO and retired in 2002. Bloomberg reported that the chain of home-improvement superstores now has more than 2,200 locations in North America and made $108.2 billion in revenue during the 2018 fiscal year.

SEE ALSO: A former gym teacher who built a hotel empire just became North Dakota's first billionaire, and his take on money lines up with what many of the world's richest self-made people say

DON'T MISS: The owner of Budweiser and Corona is planning the largest IPO of 2019. Meet the company's famously private CEO, who has only one hobby and doesn't like company perks

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Lee Iacocca, the auto-industry titan who saved Chrysler from bankruptcy and launched the Ford Mustang, has died. Here's a look at his incredible life and career.

Fri, 07/05/2019 - 6:11pm

  • Lee Iacocca, the auto-industry titan who served as CEO of Chrysler and president of Ford during a nearly 50-year career in the business, died at his Southern California home on July 2.
  • Iacocca was one of the most colorful and most celebrated car-company executives. Among other things, he is credited with saving Chrysler from bankruptcy in the 1980s.
  • Here's a look at Iacocca's storied life and career.
  • Visit Business Insider's homepage for more stories.

Lido Anthony "Lee" Iacocca is born in Allentown, Pennsylvania, to Italian immigrant parents who operate Yocco's Hot Dogs.

Source: Lehigh Valley Live


Iacocca graduates from Lehigh University with a degree in industrial engineering. He receives his master's degree in engineering from Princeton one year later, in 1946.

Source: The New York Times


Ford Motor Co. hires Iacocca as an engineer, but he soon makes the transition into sales.

Source: The Detroit News


Iacocca marries Mary McCleary, a receptionist at a Ford Motor Co. office in Philadelphia.

Source: The Washington Post


Iacocca is credited with bringing the Ford Mustang onto the market. He lands several promotions at Ford after this, and within two years of the Mustang's launch, the one-millionth example of the car rolls off the assembly line.

Source: Barron's and Automotive News Europe


Iacocca becomes the president of Ford. He introduces the Ford Mustang II three years later, in 1973.


Henry Ford II fires Iacocca, but he is hired by Chrysler four months later. Chrysler has again been on the rocks because of failed expansions, debt, skyrocketing gas prices, falling sales, and increasing international competition.

Source: NBC News


Iacocca becomes Chrysler's CEO.


President Jimmy Carter signs the Chrysler Corp. Loan Guarantee Act of 1979, which gives Chrysler $1.5 billion in federal loans after Iacocca's petitioning of the US government for assistance. The money helps save the struggling automaker from bankruptcy.

Iacocca also sets about cutting production costs, revamping operations, and creating a stronger advertising campaign that attracted buyers around the US. The company repays its government loan seven years early and, by 1984, pulls in more than $2.4 billion in profit, solidifying Iacocca's fame as an intrepid automotive executive.

Source: Bloomberg


Iacocca's first wife, McCleary, dies from complications of diabetes. Iacocca later establishes the Iacocca Family Foundation to fund diabetes research.

Source: The New York Times


Chrysler creates the revolutionary minivan, which lays the groundwork for the SUV.

Source: The Washington Post


Iacocca retires from Chrysler and dedicates more time to his foundation. He then marries Peggy Johnson before divorcing her a year later and marrying Darrien Earle.

Source: Los Angeles Times Archives


Iacocca appears on the cover of Fortune magazine. In an extensive interview with the publication, he declares he has "flunked retirement."

Source: Fortune


Iacocca revives his career, founding EV Global Motors in 1997. "I plan to provide a range of new and exciting electric vehicles that are quiet, clean, safe, and fun," he tells The Washington Post's Warren Brown.

Source: The Washington Post


The automotive legend writes his third book, "Where Have All the Leaders Gone?"


Lee Iacocca dies from complications of Parkinson's Disease on July 2 at the age of 94.

Stocks slide after strong jobs report diminishes hopes for Fed rate cut this month

Fri, 07/05/2019 - 6:07pm

US stocks slipped from record levels on Friday after a stronger-than-expected jobs report dimmed expectations that the Federal Reserve will cut interest rates later this month. 

All the three major indices had rallied to record highs during a shortened trading session Wednesday ahead of Independence Day.

Here's how they closed on Friday: 

  • The S&P 500 fell 0.2% to 2,990.41
  • The Dow Jones Industrial Average fell 0.2% to 26,922.12
  • The Nasdaq Composite fell 0.1% to 8,161.79

A report from the Labor Department showed that employers added 224,000 nonfarm payrolls in June, rebounding from an unexpectedly weak showing in May. 

The robust gains prompted traders to review their expectation that the Fed will cut interest rates to support the economy. According to the CME's FedWatch tool, the market still priced in a 100% probability of a cut in July. But the odds of a 50-basis-point reduction fell while those of a cut by 25 basis points rose.

"Fed watchers hoping for evidence for deeper rate cuts will likely be disappointed by this report which shows a relatively healthy labor market," said Daniel Zhao, a senior economist at Glassdoor, in a note Friday.

Within the S&P 500, here were the biggest losers:

Shares of Electronic Arts declined for a second-straight session as investors doubted the competitiveness of the second-season launch of "Apex Legends."

IPG Photonics pared gains after having its best day in four months on Monday.

And here were the biggest gainers:

Jefferies gained after the company's fiscal-second-quarter earnings results showed a jump in trading revenue.

Nordstrom rallied as data from Prodco Analytics showed that traffic declines at apparel retailers moderated in the week ahead of Independence Day.

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

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The Disney heiress who has demanded a wealth tax on the ultrarich and thinks private jets should be outlawed finally sets the record straight on her personal net worth

Fri, 07/05/2019 - 3:51pm

Abigail Disney is an outspoken critic of the wealth divide in America — but, before a June 5 interview with the Financial Times, she had declined to share exactly how wealthy she is.

"I'm going to just say it," Disney told the Financial Times. "I'm roughly around $120m and I have been for some time now."

Disney, the granddaughter of The Walt Disney Company cofounder Roy Disney, said she found it easier to talk about sex than money.

Despite this, the 59-year-old heiress does not seem to mind speaking out about wealth inequality in the US. She criticized the salary of Disney CEO Bob Iger and defended Meryl Streep after she called Walt Disney a "bigot" in 2014, according to CNN Business

In June, she was among a group of 19 ultrawealthy Americans who signed an open letter to the 2020 presidential candidates expressing the group's support for a moderate wealth tax on the 1%. The wealth tax, the letter's signees said, would generate revenue that could pay for initiatives to slow climate change, fuel economic growth, and fund public healthcare. George Soros and members of the Pritzker and Gund families also signed.

Read more: Wealth tax explainer: Why Elizabeth Warren and billionaires like George Soros alike are calling for a specialized tax on the ultra-wealthy

Disney said in March that she would outlaw private jets if she could because they shield billionaires from discomfort, according to The Cut.

"[Income inequality] is the game changer that we're living in right now," Disney said on "CNN Tonight" on June 24. "We're creating a superclass so far above the vast majority of people that they don't share the same planet anymore."

Disney has given away $70 million of her personal fortune over the past 30 years.

"The internet says I have half a billion dollars and I might have something close to that if I'd been investing aggressively," Disney said, according to the Financial Times.

SEE ALSO: Meet the 18 ultra-wealthy Americans begging for a wealth tax, from a Facebook cofounder to a Disney heiress

DON'T MISS: A billionaire who built 2 Fortune 500 companies just joined the chorus of ultra-wealthy Americans begging to be taxed more

Join the conversation about this story »

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Electronic Arts slides as 'Apex Legends' season 2 fails to convince investors that it can replicate Fortnite’s massive success (EA)

Fri, 07/05/2019 - 2:58pm

  • Shares of Electronic Arts, the creator of "Apex Legends," dropped by as much as 5.6% on Friday after the release of the second season of the Battle Royale game.
  • Investors, gamers, and analysts were all looking forward to the update to see whether Apex Legends could legitimately compete with Fortnite, a cross-platform Battle Royale game with about 250 million players. 
  • The season-two update included new weapons, skins, a character named Wattson, and changes to the map. 
  • Watch Electronic Arts trade live. 
  • Visits the Markets Insider homepage for more stories.

Electronic Art's Fortnite competitor just received a much-anticipated update that has left investors unimpressed. 

Apex Legends, a free-to-play Battle Royale-style game that garnered more than 50 million players in its first month across Xbox One, PlayStation 4, and PC, introduced its second season on Tuesday with changes to its map, characters, and weapons

But EA shares fell by as much as 5.6% on Friday, the most in five months, after the update failed to ease concerns over "Apex Legends'" potential to compete with Fortnite, a Battle Royale game from Epic Games with close to 250 million users worldwide. EA was the worst-performing stock on the S&P 500 on Friday. 

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According to Bloomberg, a video also surfaced on Reddit identifying a flaw in the newly released character that can reveal the exact location of the player when using a new perimeter security ability. 

Games like Fortnite and Apex Legends are free to play but make money by selling additional in-game items like character and weapon skins. Users can also pay $10 for the Apex Legends Season Two Battle Pass which includes special items, skins, and a new character named Wattson. 

The second-season update was hotly anticipated by gamers and analysts alike. Bank of Montreal analyst Gerrick L. Johnson increased his price target for EA from $116 to $130 on July 2 based on positive reviews of previews for the season-two update. 

EA is up as much as 16.5% so far this year. 

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

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Dynatrace, a Cisco and Broadcom rival, is going public in an IPO that could raise as much as $300 million

Fri, 07/05/2019 - 2:49pm

  • Dynatrace filed papers for an IPO on Friday. The company aims to raise $300 million with Goldman Sachs, JP Morgan and Citigroup as lead underwriters.
  • Dynatrace helps businesses monitor the performance of software applications. It competes with Cisco and Broadcom in that market.
  • Visit Business Insider's homepage for more stories

Dynatrace, which helps businesses track the performance of their software applications, filed to go public on Friday.

Dynatrace is looking to raise $300 million in an initial public offering underwritten led by Goldman Sachs, JP Morgan and Citi, according to a filing with the Securities and Exchange Commission.

The Waltham, Massachusetts-based company said it plans to list on the New York Stock Exchange under the ticker symbol "DT."

Dynatrace, which was founded in 2005, offers software that detect and diagnose issues in business applications. Dynatrace is one of the leading players in this market, where it competes with Cisco and Broadcom, according to analyst group Gartner.

Dynatrace posted revenue of $431 million in its 2019 fiscal year which ended March 31, up 8% from the previous year, according to the filing. The company reported a net loss of $116 million in FY 19, compared to a profit of $9 million the previous year.

Last month, Dynatrace, which is led by CEO, John Van Siclen, was named the company with the best leadership team in the US, based on a survey by Comparably, a website that monitors workplace culture and compensation.

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


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NOW WATCH: MacKenzie Bezos pledged to donate more than half of her life's fortune. Here's how she went from one of Amazon's first employees to an award-winning novelist.

Trump attacks Fed again, saying they don't know what they're doing and calling for rate cuts

Fri, 07/05/2019 - 2:31pm

  • President Donald Trump criticized the Federal Reserve again on Friday, saying the central bank does not know what it is doing. 
  • If the Fed were to lower interest rates, the US "would be like a rocket ship," Trump told reporters. 
  • Trump has long argued that the Fed should lower borrowing costs to help the US economy grow. 
  • Read more on Markets Insider.

President Donald Trump's criticism of the Federal Reserve continues. 

After the Labor Department reported the US economy added 224,000 jobs in June, a number that Trump told reporters was "unexpectedly good," he said the central bank should cut interest rates. 

"We don't have a Fed that knows what they're doing, so it's one of those little things," Trump told reporters at the White House on Friday. He said that if the Fed did ease, it "would be like a rocket ship." 

Trump has made this argument before. He has long called for lower interest rates to help the US economy grow and compared the interest rates that have prevailed during his tenure with those President Barack Obama had.

"He paid close to zero interest rates," Trump said of Obama. "I'm paying real interest." 

Trump also said the economy is much better than it has ever been. The recovery from the Great Recession entered its 10th year this week, becoming the longest period of economic expansion in history.

For some, that's a sign that the Fed shouldn't play ball and capitulate to Wall Street's expectations of interest-rate cuts. The jobs added in June — the 105th straight month of gains — suggested that the US economy was running just fine and quelled fears that a disappointing jobs number in May was a sign that growth was beginning to slow. 

Still, it is likely that the Fed will soon begin to ease, potentially delivering a rate cut in July. The CME's FedWatch tool puts the probability of a rate cut this month at 100%. Federal Reserve Chairman Jerome Powell has signaled that he's open to rate cuts to protect the US economy amid trade uncertainties and threats to global growth. 

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Here's what it's like to watch New York's Fourth of July fireworks show from 7,000 feet in a private plane

Fri, 07/05/2019 - 2:30pm

Millions of New Yorkers flocked to either side of the East River on Thursday for the annual Macy's Fourth of July fireworks show — but a few lucky New Yorkers got an especially unique view of the action.

During the half-hour fireworks spectacular, nearly a dozen private and sightseeing aircraft were seen circling and hovering above Brooklyn to watch the fireworks display. In addition to a few helicopters that operate tourist flights above the city, a small airplane spent the show circling off the southern tip of Manhattan.

Filip Wolak@filipwolak on Instagram — is a commercial and art photographer who also happens to be a private pilot. He and a friend, Krys Krudysz, took Filip's Cessna 172M Skyhawk, a four-seat single-engine propeller plane, out above the water to watch the fireworks on Thursday. As Krudysz took the controls, Wolak got to work with his camera and three different lenses.

"It was too dark for any zoom," he told Business Insider. "That made shooting a lot more difficult because the frame was actually achieved by the position of the plane."

He stayed slightly above 7,000 feet for the whole show to avoid Class B controlled airspace, in which he would have required a special permit and would have been required to stay in constant contact with air traffic control. At his flight level, he was well clear of any departing or approaching traffic from the nearby airports, and Kris was able to monitor the onboard radar for safety.

This was his first time photographing the fireworks from this height, and the results are stunning, eerie, and breathtaking. Read on to see the amazing photographs.

SEE ALSO: Delta says it will launch new perks for economy passengers on international flights, giving it an edge over United and American

Here they are — the Fourth of July fireworks.

Seeing them from 7,000 feet above is a totally different experience.

This shot was taken from right above the barges.

Four barges were arranged just south of the Brooklyn Bridge. The exact positioning of the barges changes each year based on weather and river currents.

Millions of people gathered to watch the fireworks this year from Manhattan and Brooklyn, according to WNBC.

The barges are synchronized to launch simultaneously.

You can see One World Trade Center through the smoke from the fireworks.

Here's a closer look of the gotham cityscape enveloped in colorful plumes emitted by the fireworks.

And here it is again, as the smoke cleared out.

As reported by WNBC, a record 70,000 aerial shells were used for this year's display.

According to AM New York, the first fireworks display took place in 1958.

One thing is for certain — there's nothing like celebrating the Fourth of July from above.

Uber has a new competitor in one of its most competitive overseas markets that's backed by Softbank, Hyundai and other big names (UBER)

Fri, 07/05/2019 - 2:17pm

  • Ola, an Indian ride-hailing service, says its planning to launch in London this fall after receiving permission to operate. 
  • The company has investments from SoftBank, which also backed Uber, as well as automakers including Hyundai and Kia.
  • London has been a tricky market for Uber, where it was forced to stop giving rides for about a year by a court. 
  • Visit Business Insider's homepage for more stories.

Ola, a ride-hailing firm based in India, said Thursday that's its received a license to operate in London, one of the world's largest markets for app-based taxi companies.

The company is targeting a launch this September in the British capital city, a company spokesperson told Business Insider:

London is one of the world's most iconic cities and hosts a progressive mobility environment. We couldn't be more excited to bring Ola to London in the time ahead! We are looking forward to building world-class mobility offerings for London, by collaborating with drivers, riders, the government and local authorities. Londoners will hear more from us closer to our launch in the city, as we get ready to serve them.

Ola's been targeting London, where traditional taxi cab drivers are still angry as ever at the ride-hailing industry's effect on their business, since at least 2018. News of its license comes as Uber attempts to shore up its lead in many international markets where it has struggled.

In 2017, London officials revoked Uber's license to operate in the city because of instances where the company acted like it was 'above the law,' as a judge put it at the time. The company won back its right to operate in June 2018, but the court has an option to revisit that after a 15-month conditional period.   

Ola, meanwhile, is already operating in many cities throughout the UK, with a total of 110 cities total across four countries. The company has racked up a valuation of more than $5 billion, according to PitchBook data, with backers including Softbank (also an Uber investor), Hyundai, Kia, and more.

The fact that it's so easy for a fledgling company to begin providing app-based taxi rides is a risk for Uber, according to Wall Street analysts.

"We view barriers to entry as fairly low for major technology providers and auto manufacturers, posing the biggest threat for existing ridesharing providers," CFRA analyst Angelo Zino said in a recent note to clients. "Ridesharing companies will need to increasingly compete with certain non-ridesharing transportation-asa-service network companies and taxi companies as well as traditional automotive manufacturers, such as BMW and Tesla, which have entered or plan to enter market."

Other ride-hailing competitors in London include Gett, ViaVan, Addison Lee, and a handful of others.

SEE ALSO: Uber is slowly quitting developing markets in Asia — here's why India is probably next

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Amazon's stock price on its 25th anniversary shows the potential of investing early in game-changing companies that become consumer favorites (AMZN)

Fri, 07/05/2019 - 2:04pm

  • Amazon was founded 25 years ago today, on July 5, 1994. The company was the second in the US to hit a market capitalization of $1 trillion in 2018, but it had a long road to that success. 
  • Early investors would've seen disappointing returns for the first decade of Amazon's performance as a public company.
  • The company is a cautionary tale for investors looking to cash in on banner initial public offerings coming to market this year. Industry watchers say it's better to invest in companies you believe in for the long haul. 
  • Read more on Markets Insider.

When Amazon first listed shares on a public exchange in 1997, a crisp $20 bill would've bought a share in the company. 

Today, that same share is worth nearly $2,000. 

Amazon was founded 25 years ago Friday, although it didn't go public until a few years after its inception. Still, early investors in the company would have a fortune today if they held on to shares over the past 2 1/2 decades.

The anniversary comes during a banner year for new initial public offerings as companies such as Lyft, Uber, and Chewy have all rushed to the public market, many hoping to disrupt a major industry the way Amazon has. In addition, investor interest in IPOs has been piqued by companies like Beyond Meat, whose shares have gone up by as much as 700% since it first listed in May. Although Amazon has had astronomical growth and, in 2018, became the second company to hit a market capitalization of $1 trillion, Apple was the first, it had a long and sometimes bumpy road to success. 

The tech company's stock made its public debut at $18, and early investors might've been disappointed by its performance for the first decade of its life on the public market. Shares struggled to make meaningful gains through the early 2000s as the dot-com bubble burst. But that fate began to turn in 2008 and 2009, when momentum in the stock started to pick up and send it on an upward trajectory. That momentum increased even more in 2014 — in the past five years, the stock has soared more than 460% to $1,938 from about $340 per share. 

Today, Amazon has something of a cult following, where it garners more attention than other competitors. Usually that type of following is because of a charismatic CEO like Elon Musk or Jeff Bezos, Rory Carron, the head analyst at MyWallStreet, an investing app, told Markets Insider. 

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Leadership is important in assessing the success or failure of a young company. It's important to look at senior leadership, the plan they present for future growth, and their ability to execute that plan, John Jacobs, the executive director of the Georgetown Center for Financial Markets and Policy and the former chief marketing officer of Nasdaq, told Markets Insider. 

But leaders aside, the most successful investors are the ones who can pick investment vehicles to go along with sustained trends, Carron said. For example, Amazon was an early player in e-commerce, a trend that now dominates many industries from retail and beyond. 

Where investing in IPOs can be difficult is when investors get swept up in something that's popular only for the short term. 

"People aren't very good at separating fads from sustainable trends," Carron said. For example, when "Pokémon Go," the artificial-intelligence driven mobile game, was popular, investors piled money into shares of Nintendo, Carron said. What those investors didn't realize right away was that Nintendo had only a small hand in the game and the game would have little impact on Nintendo's performance as a company, Carron said. 

Generally, Carron advises that investors make sure they do their research before investing in any company, but especially IPOs. There's usually a bit of a frenzy around IPOs because when a company becomes public, it's the first time the majority of investors get to look at it, Carron said. 

"That's always going to create excitement in the markets," Carron said. What Carron suggests is that investors look to buy into companies where they understand both the consumer value and the financial basics — how the company makes money, what its potential growth opportunities are, and what the competitive landscape looks like. 

Ultimately, investors need to be confident that the new company they're investing in is going to grow at a faster rate than expected, or it's going to unlock potential that people don't understand. 

"That's when you understand a business and can be comfortable holding it for the long term," Carron said. 

Shares of Amazon are trading up roughly 29% year to date. 

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

The markets poised to outperform developed countries like the US and UK might surprise you — but investors say they're the best places to look for growth

'There are no obvious opportunities': A Wall Street fixed income investment chief at a $23 billion firm says now is the time to protect returns rather than seek new ones

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We visited the regional chain that Southerners say is better than In-N-Out and Shake Shack — here's the verdict

Fri, 07/05/2019 - 1:32pm

  • Cook Out is the fast-food king of North Carolina. 
  • The chain only has locations in 10 states but has developed a cult following in the South. 
  • We visited a Richmond, Virginia, location and saw why customers adore Cook Out. 

New Yorkers love Shake Shack. The West Coast swears by In-N-Out.

But North Carolinians say that there's one burger chain that trumps them all.

Cook Out is a North Carolina-based fast-food chain serving up burgers, barbecue, and milkshakes, and it's renowned in the South for its low prices and high quality.

But if you don't live in one of the 10 states the chain is in, you might have never heard of this cult restaurant and its fervent following.

So we went to Richmond, Virginia, to sample the much-hyped chain and see how it measured up to the coastal titans of the burger business.

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While Cook Out is known for its classic drive-thru locations with outdoor seating, the chain has recently been opening more sit-down restaurants.

As we walked into the rustic restaurant, gentle strains of Christian rock piped over the speakers — the kind of songs where you can't quite tell whether the lyrics are describing a romantic love or a more spiritual suitor.

The menu is wide-ranging, and the best way to sample it is by ordering a Cook Out Tray. The food is outrageously inexpensive when compared with what we typically see in New York City, and where else can you get a quesadilla and a corn dog as sides in addition to your entree?

And then ... there are the milkshakes.

There are more than 40 flavors to choose from — picking just one is a Sisyphean task. So we ordered two: mint chocolate chip and Reese's Cup.

Our food order consisted of two combo trays — a lot of food for less than $15.

The double burger is far from a classic fast-food burger, especially when ordered Cook Out style. The burger is topped with chili, coleslaw, mustard, and onion, which makes for a surprisingly balanced palate.

The beef and the hearty chili add a satisfying heft despite the burger's standard size. The vinegary kick of the coleslaw and mustard cuts through the savory chili, and the coleslaw adds a unique crunch to its textural tapestry. This is a burger inspired by Carolinian culinary traditions — you can't get that at any old In-N-Out.

Cook Out's real star shines with another item not found at most fast-food joints: the barbecue sandwich. It's the right size — filling, but not overwrought. It's unique without being flashy.

It's a shame a lot of fast-food chains don't have barbecue pork on the menu, but it makes Cook Out's all the better. The pork is incredibly tender and rich — just fatty enough to satisfy the brain's primal taste receptors. The slaw plays a bright and crisp foil to the meat, and the bun is noble in its simplicity and strength.

The choice of sides is astounding in its breadth. You can get a corn dog with your burger — what a time to be alive. This corn dog won't change your life, but the mere fact that it can be ordered is reason to celebrate.

The hush puppies, another traditional Southern addition, pack a punch. The taste of cornmeal is robust and flavor-forward in these crispy, fried nuggets of Southern hospitality.

Less inspiring are the onion rings, which attempt to overcompensate for a lack of flavor with an oversized structure that often ends up unwieldy and limp. They're OK, but that's it.

As we picked up our milkshakes, we noticed something else that isn't present at most fast-food joints: a Bible verse printed on the cup, plus a patriotic "God Bless America" next to it.

The milkshakes are perhaps the thickest ever made. They're practically ice cream in a cup. And this is no complaint. While difficult to drink at first, waiting a few minutes helps. Or you can take the quickest route and just use a spoon. There's a wealth of Reese's chunks throughout — no skimping here.

The mint chocolate chip is another crowd-pleaser. Again, Cook Out doesn't skimp on add-ins — the chain has packed it with chocolate chips, providing a rich counterbalance to the mint. The biggest issue (if you can call it that) with Cook Out's shakes is how filling they are. Finishing one and the hearty tray of food is probably more calories than we should ingest in a day, much less in a meal. But the shakes are so tasty, it's hard not to just keep going.

The shockingly low prices make Cook Out a destination unto itself, and the quality of the food is solid. The barbecue pork is tender and juicy, and the burger is stalwart in its simplicity. Cook Out has a leg up on the competition thanks to the inclusion of Southern fast-food classics on the menu — and, of course, the more than 40 flavors of milkshakes.

But a question lingers: Is it better than Shake Shack or In-N-Out? For burger quality, probably not. But if you're looking for a chain that serves a corn dog as a side and a burger covered in coleslaw and chili, Cook Out will beat the coastal-elite competitors any day of the week.

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