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We just got the latest sign that Saudi Aramco's record-shattering IPO will soon be a reality

Wed, 10/09/2019 - 1:45pm  |  Clusterstock

Saudi Aramco is moving forward with plans for an IPO following devastating attacks on one of its facilities, and new details suggest shares will be available before the year's end.

The state-owned oil company could sell 1% to 2% of its shares on Saudi Arabia's domestic exchange as soon as November, the Wall Street Journal reported Tuesday.

Aramco is poised to release its prospectus October 25 in Arabic, and follow up with an English version two days later, sources told WSJ. The document will be used to market Aramco shares to investors around the world.

Saudi officials considered delaying the public offering after drone strikes crippled the company's infrastructure and prompted a spike in global oil prices. The possibility of additional attacks threatened to drive investors away from a future stock sale.

The company's oil production will return to "maximum sustained capacity" by the end of November, Aramco CEO Amin Nasser told CNBC Wednesday. He added that the attack had "no impact" on the company's plan to go public.

Read more: The biggest oil-supply disruption in history has upended the entire energy market. These 3 drivers could dictate what happens next.

Crown prince Mohammed bin Salman has previously called for the firm to be valued at $2 trillion, while other Saudi officials and company executives have pegged Aramco's valuation closer to $1.5 trillion.

The crown prince plans to list 5% of the company in two stages, first offering between 1% and 2% of shares through domestic markets and later listing the rest of the 5% internationally.

Should Aramco list 5% of its shares at a $2 trillion valuation, the IPO could raise as much as $100 billion, four times the largest IPO to date. The company has hired JPMorgan, Morgan Stanley, and Saudi Arabia's National Commercial Bank to assist in the offering, according to Reuters.

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

General Motors falls to its lowest since June after reportedly making a second offer to striking workers

Trade tensions escalate as the US and China barrel toward tariff hikes

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Andy Rubin, the creator of Android who left Google after a sexual misconduct allegation, is tweeting again to tease a weird, new phone-like gadget (GOOGL)

Tue, 10/08/2019 - 6:15pm  |  Clusterstock

  • Essential CEO Andy Rubin on Tuesday tweeted out images of what looks to be a new kind of smartphone.
  • The device would be Essential's first smartphone in two years and comes a year after it reportedly cancelled its second model and laid off 30% of its staff.
  • The new phone is long and slender and will have a new kind of user interface, Rubin said.
  • Rubin, the creator of the Android operating system and a former Google executive, has largely stayed out of the public eye since a news report last year alleging that he had engaged in sexual misconduct while at the search giant.
  • Visit Business Insider's homepage for more stories.

Android creator Andy Rubin, who's kept a low profile since a report a year ago about his alleged sexual misconduct helped set off a mass movement at Google, stepped out of the shadows on Tuesday.

Posting on Twitter for the first time since July, Rubin, the CEO of device maker Essential, tweeted out images of what looks to be a new, narrow smartphone. He didn't give its name, a date for when it might be released, or say much about it at all. Instead, he just tweeted out a video and two photographs and indicated that the device would be different from other phones on the market, with an innovative user interface, or UI.

"New UI for radically different formfactor," Rubin said in a tweet.

In an email, Essential spokeswoman Shari Doherty confirmed the company has a new gadget in the works, but didn't offer any additional details.

"We've been working on a new device that's now in early testing with our team outside the lab," Doherty said in the email. "We look forward to sharing more in the near future."

The new device is long and narrow, shaped something like a candy bar or an iPod nano. It has a bulge on its back for what looks to be a camera and comes in at least four metallic finishes that appear to change colors as the viewing angle changes.

GEM Colorshift material

— Andy Rubin (@Arubin) October 8, 2019 Rubin has hinted about a new device before

Rubin unveiled the first Essential phone to much fanfare two years ago. Despite the phone's pedigree, it sold poorly and Essential reportedly cancelled a second model last year and laid off 30% of its staff.

However, Rubin, a former Google executive who led the company's development of Android, has hinted at least twice this year that Essential had another device in the works.

"We'll make an announcement. Hang tight," he said in June in response to a call from a Twitter use to make another phone.

Responding to another Twitter user wondering if Essential was "going to have a second act," Rubin in April said: "What do you think we're doing over here? We're a consumer products company. We engineer cool stuff. Eventually, cool stuff gets launched. You'll see."

That tweet was his first since October, when he weighed in on an article The New York Times published detailing how Google had paid him a $90 million severance package after he was accused of coercing a fellow employee at the search giant of performing oral sex. Rubin on Twitter denied the accusation, calling it and other parts of the story "false allegations" that were part of "a smear campaign against him."

That article helped to touch off a campaign at Google to address sexual harassment and discrimination, including a massive global walkout by company workers.

Got a tip about Essential or another tech company? Contact this reporter via email at, 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: The next version of the best smartphone you can buy may finally come with wireless charging

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Dick's Sporting Goods destroyed $5 million worth of assault weapons — and its CEO tells us the gun industry's blowback has been 'a blessing in disguise' (DKS)

Tue, 10/08/2019 - 4:13pm  |  Clusterstock

  • Dick's Sporting Goods destroyed $5 million worth of assault weapons in 2018 after banning them from its Field & Stream hunting and fishing stores in the wake of the Parkland shooting. Dick's banned them from its signature big box stores in 2012 following the Sandy Hook massacre.
  • Dick's CEO Ed Stack spoke with Business Insider about his company's pivot away from the gun business.
  • Stack called the changes his team made after the AR-15 move a potential "blessing in disguise," due to better sales performance in stores where hunting was removed and market-specific bestsellers expanded.
  • This article is part of Business Insider's ongoing series on Better Capitalism.
  • Visit Business Insider's homepage for more stories.

Dick's Sporting Goods destroyed $5 million worth of "assault-style rifles," semi-automatic rifles like the AR-15, last year after it stopped selling them at all of its stores.

"We had a fair amount invested in these guns," Dick's CEO Ed Stack told Business Insider on Tuesday. The company announced last April that it destroyed the guns it no longer sold, but Stack only just now disclosed the value of the destroyed guns in his new book, "It's How We Play the Game."

In the wake of the 2012 Sandy Hook massacre (which left 26 people, including 20 children, dead), Dick's stopped selling assault weapons at its big box stores across the country. But it continued to sell the AR-15 and similar rifles at its Field & Stream hunting and fishing specialty stores. After the Stoneman Douglas High School shooting in Parkland, Florida, in February 2018 left 17 dead, Stack decided Field & Stream would follow Dick's lead. As the largest sporting-goods retailer in the United States, its commitment was a big deal for the industry.

Stack told us he had the option to send the weapons his store removed back to the manufacturer for a refund between 80% and 85%. Another possibility would be to quickly liquidate the merchandise through discounts. Neither choice aligned with the company's intentions.

"We're in this meeting and I said, 'We can't do that,'" Stack said. "We think these guns should be outlawed. We think that the ban that was in place between 1994 and 2004 should be reinstated."

Read more: Dick's Sporting Goods is selling 8 of its hunting-centric Field & Stream stores, and it could signal a shift in the company's gun strategy

Stack said that if Dick's decided to sell off the remaining guns or send them back to the manufacturers, the result would be the same: the firearms would "end up back out on the street."

"I said, 'The only thing we can do with them is destroy them,'" Stack said. "So that's what we did. We destroyed them all."

Dick's received praise from gun-control advocates, but the blowback was fierce. Firearms manufacturers, including those that do not manufacture assault weapons, ended their relationship with the company. The National Rifle Association (NRA) and its supporters publicly bashed Stack's decision.

AR-15s and guns like it are semi-automatic, meaning each bullet fired requires a trigger pull; automatic rifles fire bullets as long as the trigger is pulled. AR-15s may look like the M4s and M16s used in the military, but the latter are automatic, legally classifying them as "assault rifles" — and those are not permitted for civilian use. Stack is an advocate for reinstating the Federal Assault Weapons Ban, which was in effect from 1994 to 2004. That bill gave legal weight to the term "assault weapon," which included semi-automatic rifles like the AR-15, which is what Stack removed from his stores.

Adjusting to the blowback

Stack told us that as key players in the gun industry turned against his company, he had to rethink his business. The stock was largely unaffected by the decision, but he needed to adjust the company's growth plan if a sector of its business would dwindle. "So we said, 'OK, if this is the way it's going to go, how do we re-engineer our business?'" he said. 

To date, Dick's has sold eight of its hunting-oriented Dick's Field and Stream stores off to Sportsman's Warehouse.

The sporting goods company also put its hunting business under a "strategic review." In the fourth quarter of last year, Dick's removed its hunting inventory in 10 stores, "just to see what would happen." It compensated by upping the volume of market-specific bestsellers, like "outerwear, licensed merchandise, and baseball gear," for the Boston store, as Stack noted in his book.

The result: "They've significantly outperformed the rest of the company." Hunting has been among the least profitable sectors for Dick's, Stack said, and the customized approach to different markets was a success. Dick's followed suit with 125 more stores this past spring.

"We actually think this is going to be a bit of a blessing in disguise," Stack said.

SEE ALSO: Dick's Sporting Goods will stop selling guns in 100 more stores after a successful 10-store test

READ MORE: Major retailers are facing backlash for selling guns. Here's how 13 chains across America sell them.

SEE ALSO: We shopped at Dick's and Modell's to see which was a better sporting-goods store, and there was a clear winner

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5 reasons the decade-old Chase Sapphire Preferred is still a powerhouse within the increasingly competitive credit card space

Tue, 10/08/2019 - 3:41pm  |  Clusterstock

The Chase Sapphire Preferred is one of the all-around best rewards credit cards available, when taking everything into account — annual fee, sign-up bonus, rewards earning, ways to redeem rewards, travel perks and protections, and more.

The Sapphire Preferred was the singular must-have card before the Chase Sapphire Reserve launched in 2016, and is still a powerful contender for those who don't want to front the $450 annual fee for the "CSR."

The credit card rewards space has gotten more and more competitive over the past few years, but here's why the Chase Sapphire Preferred is still a powerhouse.

Keep in mind that we're focusing on the credit card rewards and benefits that make this card a great option, not things like interest rates and late fees, which can far outweigh the value of any rewards.

When you're working to earn credit card rewards, it's important to practice financial discipline, like paying your balances off in full each month, making payments on time, and not spending more than you can afford to pay back. Basically, treat your credit card like a debit card.

1. You can get 60,000 points when you sign up

In early 2019, Chase increased the sign-up bonus on the Sapphire Preferredthe first time it's raised the card's bonus since 2015. Now, when you open a new card, you can earn 60,000 Ultimate Rewards points when you spend $4,000 in the first three months. 

The value of the sign-up bonus depends on how you choose to use those points, but based on subjective valuations by travel website The Points Guy (a Business Insider e-commerce partner), 60,000 points is worth about $1,200. While the points can be redeemed for $600 of cash or $750 of travel booked through Chase, you can get a significantly higher value when you transfer them to an airline frequent flyer partner — hence The Points Guy's higher valuation.

This bonus is actually higher than the Chase Sapphire Reserve's, which only offers 50,000 points for the same spending requirement.

Because of that, a smart move for someone just getting into credit card rewards would be to open the Sapphire Preferred, and then, if they decide the Sapphire Reserve would be a better fit, convert the card after the first year.

Converting, or product-changing, is easy: a simple call to the number on the back of the card should be all you need.

Read more: After months of contemplation, I finally upgraded to the Chase Sapphire Reserve with a 10-minute phone call.

2. You'll earn double points on every travel and dining purchase

The Sapphire Preferred offers 2x points on all travel and all dining, and both categories are defined incredibly broadly. "Travel" includes everything from subways, taxis, parking, and tolls to hotels and airfare, and dining including bars, restaurants, delivery services like Seamless and Grubhub, and more.

The card has no foreign transaction fees, and the card offers the travel and dining bonus on purchases made outside of the US, too.

You'll earn even more points with the Sapphire Reserve, which offers 3x points in the same categories, which brings us to the next benefit...

3. It has a low annual fee for such a high-earning rewards card

The Chase Sapphire Preferred has an annual fee of $95. That puts it right in the "mid-tier" range, despite its high-earning rewards structure. While it has an annual fee, it's under $100, and the card still offers lucrative rewards and premium benefits.

For comparison, the Sapphire Reserve's fee is $450. Although the rewards and benefits more than make up for that, you'd still need to have the liquid cash available to pay the fee up front, then get the value back later.

4. There are a ton of redemption options when it's time to use your points

Chase offers a few valuable ways to use your points — you can read our full guide here.

One option is to redeem them for cash or gift cards at a rate of 1¢ per point. That means that your 60,000-point sign-up bonus would be worth $600.

The next option is to use points to book travel through Chase. When you do that, you'll get a 25% bonus in value — points will be worth 1.25¢ each, so that 60,000 points would be worth $750.

The best option — the one that gets the most value — is to transfer them to one of Chase's 13 frequent flyer and hotel loyalty partners.

While that last method can get complicated, it can easily be worth it; that's how I've booked flights in international first class for as few as 62,500 points.

5. The card comes with a suite of useful travel benefits and protections.

The Chase Sapphire Preferred offers a handful of excellent travel benefits, including primary rental car insurance, trip and baggage delay insurance, trip cancellation/interruption coverage, and more. These benefits can save you hundreds of dollars when something goes wrong on a trip — or every time you rent a car, since you can decline the rental company's collision damage waiver.

Read more: Having primary rental car insurance can save you time, money, and stress — here are the top credit cards that offer it.

The bottom line

Combine normal points earning with a sign-up bonus of 60,000 points when you spend $4,000 in the first three months, and you'll be able to build a hefty balance of points quickly — especially if you and a partner use "two-player mode."

For example, to earn the points we needed for our first-class Japan flights, I opened a Sapphire Preferred. Between the sign-up bonus, our normal spending, and a few reimbursable travel expenses for work trips — plus a handful of frequent flyer miles we already had — we had enough miles for the flights. We even saw our credit scores increase, since the new accounts added to our credit history.

There are a few different ways to use your Chase points — and tricks to get the most value — but no matter how you plan to redeem them, there's no doubt that the Chase Sapphire Preferred Card offers a great value.

Click here to learn more about the Sapphire Preferred.

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Powell says the Federal Reserve will expand its balance sheet 'soon'

Tue, 10/08/2019 - 3:14pm  |  Clusterstock

  • Federal Reserve Chairman Jay Powell said Tuesday the central bank would increase purchases of government-backed securities over time.
  • Speaking before the National Association for Business Economics in Denver, Powell said the plan to grow the balance sheet would be announced "soon."
  • The move followed weeks of volatility in money markets, which sparked discussion of the amount of reserves in the financial system.
  • Visit Business Insider's homepage for more stories.

Federal Reserve Chairman Jay Powell said Tuesday the central bank would increase purchases of government-backed securities over time, a move that followed weeks of volatility in money markets. 

Speaking before the National Association for Business Economics in Denver, Powell said the plan to grow the so-called balance sheet would be announced "soon." The Fed ended efforts to shrink its portfolio of short-term Treasury securities in August. 

A shortage in the amount of cash banks had on hand for short-term funding needs last month highlighted concerns about the amount of reserves in the financial system. For the first time since the financial crisis a decade ago, the New York Fed has had to repeatedly jump into financial markets in recent weeks to keep interest rates in the intended range.

"That time is now upon us," Powell said of the plan to expand the balance sheet, stressing that it should be seen as a technical measure and not an effort to stimulate the economy. Through an unconventional policy known as quantitative easing, the Fed more than quintupled the assets on its balance sheet to $4.5 trillion between 2008 and 2015.

Also on Tuesday, Powell left the door open to the possibility that policymakers would lower borrowing costs at the end of the month. 

But he didn't commit to such a move, adding that cuts in July and September had supported the outlook for the economy. The policy-setting Federal Open Market Committee lowered its benchmark interest rate to a target range of between 1.75% and 2% last month.

"We will be data dependent, assessing the outlook and risks to the outlook on a meeting-by-meeting basis," he said. "Taking all that into account, we will act as appropriate. Looking ahead, policy is not on a preset course."

Now read: Ray Dalio warns the White House's latest plan to clamp down on Chinese investment could soon become a reality. Here's why he thinks 'all market participants need to worry.'

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A wealth manager to millionaires says parents who leave their kids money often miss the most important step

Tue, 10/08/2019 - 3:07pm  |  Clusterstock

  • Michael Farrell is managing director of SEI Private Wealth Management, whose typical client is worth at least $10 million.
  • Farrell says parents passing down money to their kids often miss the most important step: talking about it.
  • Not only do parents need to tell their heirs how much they're going to receive, they need to talk about their intentions for passing wealth down, he says.
  • Read more personal finance coverage.

Michael Farrell, a wealth manager to millionaires, believes there's much more to inheritance than handing over money.

Farrell is managing director of SEI Private Wealth Management, whose typical client is worth at least $10 million.

"We tend to work with a lot of first-generation wealth creators. They have a bit of a blue-collar mentality about their wealth, meaning they created it and they value that," Farrell told Business Insider. They're proud of their success and recognize both the opportunity and responsibility wealth brings, he says.

But when it comes to passing down money to future generations, Farrell says they often miss the most important step: talking about it.

"These are successful people who've put strategy in place their entire life and executed it. Then all of a sudden it gets to their money and they go, 'Nope, they'll just find out when I'm gone.' And I go, really? Like, how's that possible? Why would you want them to find out when you were gone? Wouldn't you want them to know so that they understand?" Farrell told Business Insider.

He said a 2015 study conducted by SEI revealed that nearly a third of parents who planned to pass down money did not communicate with their children about it. Only about 15% of heirs were kept informed of the plan and about half knew the basics, he says. 

"I think the thing that people want to succeed in is transferring their values about wealth, not just transferring the wealth value," Farrell says. In early conversations, the goal should be to communicate why they're passing down the money, he says.

"One of the things that people have to do is they have to begin to talk with their kids about what wealth means to them. What do they want wealth to do for their family and how and when can they be a resource to each other to help establish their own values about money?" he says.

Farrell says it's common for young people to feel burdened by wealth or ill-equipped to handle the responsibility. By talking about how best to use the money they'll inherit one day, it helps create purpose.

"I think communication of intent is the cornerstone to a successful approach of getting your children ready, whether they're going to inherit a gazillion dollars or whether they're going to inherit a few dollars," Farrell says.

"It's in the communication of your intention and why you are passing dollars to them that is most fundamental and most important to them," he continues. "And that's the place where everybody at any wealth level can be successful."

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Stocks tumble as trade tensions flare days before high-level talks

Tue, 10/08/2019 - 3:05pm  |  Clusterstock

  • Stocks traded lower on Tuesday as trade tensions escalated days before the US and China are set to resume high-level trade negotiations.
  • Shares of Chinese stocks fell on reports that the White House is continuing to review potential limits to US investment in China.
  • The US Commerce Department added 28 Chinese companies to its trade blacklist on Monday, pointing to the firms' role in the mistreatment of ethnic Muslim minorities in northwestern China.
  • Visit the Markets Insider homepage for more stories.

Stocks slid on Tuesday as trade tensions between the US and China flared days before high-level talks are set to resume.

Here's a look at the major indexes as of 4:00 p.m. close on Tuesday:

The Trump administration is discussing restrictions to US investment in China, a source familiar with the matter told Markets Insider. Bloomberg earlier reported that the talks were focused on potential limits on investments made by US government pension funds into Chinese companies.

Shares of US-listed Chinese stocks, including Alibaba, Baidu, and, traded as much as 2.3% lower on the news.

The report came a day after the US Commerce Department added 28 Chinese firms to its trade blacklist, citing their roles in Beijing's mistreatment of predominantly ethnic Muslim minorities in northwestern China. Companies on the department's blacklist are barred from purchasing US-made goods unless domestic producers obtain a special license to continue selling to the firms.

"We urge the US to immediately correct its mistake, withdraw the relevant decision, and stop interfering in China's internal affairs," a Chinese Foreign Ministry spokesman, Geng Shuang, said at a press conference on Tuesday.

When asked whether China would retaliate against the US for blacklisting the firms, Shuang said, "Stay tuned."

The developments have likely rattled investors already anxious about the high-level trade talks between the US and China scheduled to begin Thursday in Washington, DC.

Within the S&P 500, financials lost almost 2% and healthcare shed 1.91%. Technology and energy stocks declined more than 1.8%. 

Read more: The world's most accurate economic forecaster sees a 'prolonged global slowdown' on the horizon — and warns it can only be narrowly avoided

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'Code red': The Duke professor who uncovered the yield curve's recession warning says it's time to start preparing for another downturn

Tue, 10/08/2019 - 2:01pm  |  Clusterstock

  • Campbell Harvey, the Duke University professor who uncovered the inverted yield curve as a recession indicator, said in an interview with "The Compound" on Monday that investors should pay attention to the latest signal and prepare.
  • Harvey earlier told Bloomberg the yield curve was flashing a "code red" signal. 
  • Given its long track record of predicting recessions, the indicator could serve as a heads-up that gives investors time to prepare for another downturn, Harvey said.
  • Read more on Markets Insider's homepage.

Campbell Harvey, the Duke professor who uncovered the inverted yield curve as a recession signal, says investors should start preparing for a downturn.

"It's way better to have a plan to go by than find yourself in a situation where the recession hits and you have to improvise," Harvey said on Monday in an interview with Ritholtz Wealth Management CEO Josh Brown on "The Compound."

The difference between 10-year and three-month Treasury yields has been below zero since May. This so-called yield-curve inversion is important because similar kinks have preceded all seven US recessions since 1950. Harvey first drew attention to the yield-curve signal in his 1986 dissertation at the University of Chicago Booth School of Business.

When Harvey published his dissertation, the inverted yield curve had preceded four recessions. It's since gone on to indicate three more, including the financial crisis in 2008.

Now that the indicator is inverted again, he's been cautioning investors and businesses about what it means and how to prepare.

In an earlier interview with Bloomberg, Harvey said that the indicator was flashing "code red" and that it was "really hard to ignore."

Harvey also pointed out that the meaning of the indicator has shifted slightly since the 2008 financial crisis — and that actually could be a good thing. Now, he says, consumers, investors, and businesses that pay attention to the curve as a leading indicator (preceding a recession by six to 18 months) can slow down spending and prepare to make it through a downturn.

While spending less can lead to slower growth, it can also be seen as risk management, Harvey told Brown. He doesn't think that this is a "self-fulfilling prophecy," or that the indicator could cause a recession by damaging sentiment.

Because his model suggests slower growth — and is not the only indicator reflecting it — it has given an accurate signal even if the US does dodge a recession, he told Bloomberg. His hope is that because the indicator is getting more notice after the latest financial crisis, it might actually help the US steer clear of another one.

"If we go into recession next year, it's not going to be a surprise" as it was with the global financial crisis, he told Bloomberg.

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The 25 best US tourist destinations to buy rental property in right now

Tue, 10/08/2019 - 1:40pm  |  Clusterstock

From a night out under the gleaming lights of New York City to long weekends at Disneyland, America's most heavily touristed places rarely see an off-season.

On Friday, GoBankingRates released its 2019 ranking of the country's most in-demand touristy destinations that are great for owning rental property. These busy markets can create a stream of steady passive income for owners, and investment properties can also serve as great winter or summer homes on the side.

And, as the ranking notes, with booking platforms like Airbnb shaking up the home rental market, there has never been an easier time to rent out property to vacationers and cash in on the booming travel industry.

Read more: Airbnb just announced it expects to go public in 2020. Meet CEO Brian Chesky, who cofounded the company in 2008 to help pay his San Francisco apartment's rent and is now worth $4.2 billion.

Ranging from the rugged mountain ranges of northern California to tropical islands off the coast of southern Florida, here are the 25 best tourist destinations across the US for rental property investments.

Note: All annual rental revenue and rental rate figures are sourced from short-term vacation rental data and analytics provider AirDNA via GoBankingRates' methodology. Each area's (or surrounding county's) median price of homes currently listed for sale is sourced from Zillow.

SEE ALSO: The 20 best countries around the world to invest in now

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25. Adirondack, New York

Annual Rental Revenue: $3,099

Average Daily Rental Rate: $228

The Median Price of Homes Currently Listed in Warren County: $269,250

24. San Diego, California

Annual Rental Revenue: $3,375

Average Daily Rental Rate: $211

The Median Price of Homes Currently Listed in San Diego: $699,000

23. Gatlinburg, Tennessee

Annual Rental Revenue: $3,700

Average Daily Rental Rate: $215

The Median Price of Homes Currently Listed in Gatlinburg, Tennessee: $289,999

22. Charleston, South Carolina

Annual Rental Revenue: $3,365

Average Daily Rental Rate: $236

The Median Price of Homes Currently Listed in Charleston, South Carolina: $379,900

21. Sanibel Island, Florida

Annual Rental Revenue: $3,740

Average Daily Rental Rate: $250

The Median Price of Homes Currently Listed in Sanibel: $799,000

20. San Francisco, California

Annual Rental Revenue: $3,958

Average Daily Rental Rate: $238

The Median Price of Homes Currently Listed in San Francisco, California: $1,295,000

19. Boston, Massachusetts

Annual Rental Revenue: $4,204

Average Daily Rental Rate: $240

The Median Price of Homes Currently Listed in Boston, Massachusetts: $749,000

18. Bryce, Utah

Annual Rental Revenue: $4,458

Average Daily Rental Rate: $227

The Median Price of Homes Currently Listed in Garfield County: $255,000

17. Bar Harbor, Maine

Annual Rental Revenue: $4,450

Average Daily Rental Rate: $248

The Median Price of Homes Currently Listed in Hancock County: $349,000

16. West Yellowstone, Montana

Annual Rental Revenue: $3,981

Average Daily Rental Rate: $289

The Median Home Value in West Yellowstone, Montana: $384,800*

*Median price of currently listed homes was not available.

15. Steamboat Springs, Colorado

Annual Rental Revenue: $3,315

Average Daily Rental Rate: $339

The Median Price of Homes Currently Listed in Steamboat Springs, Colorado: $745,000

14. Anaheim, California

Annual Rental Revenue: $4,710

Average Daily Rental Rate: $263

The Median Price of Homes Currently Listed in Anaheim, California: $615,000

13. Rodanthe, North Carolina

Annual Rental Revenue: $4,331

Average Daily Rental Rate: $287

The Median Price of Homes Currently Listed in Rodanthe, North Carolina: $499,000

12. Destin, Florida

Annual Rental Revenue: $4,437

Average Daily Rental Rate: $282

The Median Price of Homes Currently Listed in Destin, Florida: $574,950

11. South Lake Tahoe, California

Annual Rental Revenue: $3,856

Average Daily Rental Rate: $349

The Median Price of Homes Currently Listed in South Lake Tahoe, California: $499,000

10. Springdale, Utah

Annual Rental Revenue: $4,950

Average Daily Rental Rate: $322

The Median Price of Homes Currently Listed in Washington County:$389,900

9. Newport, Rhode Island

Annual Rental Revenue: $4,334

Average Daily Rental Rate: $369

The Median Price of Homes Currently Listed in Newport, Rhode Island: $595,000

8. Key West, Florida

Annual Rental Revenue: $5,276

Average Daily Rental Rate: $321

The Median Price of Homes Currently Listed in Key West, Florida: $799,000

7. Jackson, Wyoming

Annual Rental Revenue: $5,086

Average Daily Rental Rate: $428

The Median Price of Homes Currently Listed in Teton County: $1,750,000

Read more: I visited 2 very different luxury resorts in Jackson Hole, and the contrast between them helped explain why the area has become such a hotspot for celebs, CEOs, and the ultrawealthy

6. West Glacier, Montana

Annual Rental Revenue: $6,301

Average Daily Rental Rate: $359

The Median Price of Homes Currently Listed in Flathead County: $419,000

5. Yosemite, California

Annual Rental Revenue: $6,275

Average Daily Rental Rate: $427

The Median Price of Homes Currently Listed in Mariposa County: $335,000

4. Sonoma, California

Annual Rental Revenue: $5,817

Average Daily Rental Rate: $456

The Median Home Value in Sonoma, California: $743,100

*Median price of currently listed homes was not available.

3. Telluride, Colorado

Annual Rental Revenue: $5,600

Average Daily Rental Rate: $514

The Median Home Value in Telluride, Colorado: $886,400

*Median price of currently listed homes was not available.

2. Aspen, Colorado

Annual Rental Revenue: $6,300

Average Daily Rental Rate: $625

The Median Home Value in Aspen, Colorado: $1,689,500

*Median price of currently listed homes was not available.

1. Big Sur, California

Annual Rental Revenue: $12,650

Average Daily Rental Rate: $756

The Median Price of Homes Currently Listed in Monterey County: $892,000

Facebook confirms Donald Trump can lie in ads, but he can't curse (FB)

Tue, 10/08/2019 - 1:37pm  |  Clusterstock

  • From Sep. 25 to Oct. 1, the Trump campaign spent over $1.6 million on Facebook ads, many of which included false or misleading claims. 
  • Facebook took down one of these ads – which referred to Joe Biden as a 'b--ch' — because it violated its ad policy against profanity. 
  • The Trump campaign then revised the ad to include a debunked claim about Biden, and this ad was allowed to stay up because Facebook ads from politicians are not eligible for third-party fact-checking. 
  • Elizabeth Warren and other Democratic officials have challenged Facebook's misinformation policies, asserting that the social media platform is promoting Trump's lies, and making money by doing so. 

Donald Trump is allowed to lie in Facebook ads, but he can't curse.

In the three days after Trump's impeachment inquiry was announced on Sep. 24, the Trump campaign spent $1 million on Facebook ads, many of which included false or misleading claims. 

One of these Trump ads even referred to Joe Biden as a 'b--ch' — which violated Facebook's ad policies against profanity and was taken down upon review, a source familiar with the matter told Business Insider. 

The Trump campaign then revised the ad, updating it to include a debunked claim about Biden. It was accepted because Facebook does not submit ads from politicians for third-party fact checking.  

The ad, which ran on Facebook in a few different variations, claimed that "Joe Biden promised Ukraine $1 billion dollars if they fired the prosecutor investigating his son's company," according to Facebook's ads library.  

Two of Facebook's fact-checking partners — PolitiFact and — had previously debunked this claim.

In its misinformation policy for ads, Facebook says that it "prohibits ads that include claims debunked by third-party fact checkers or, in certain circumstances, claims debunked by organizations with particular expertise." 

However, a Facebook spokesperson told Business Insider that ads from politicians are not eligible for third-party fact-checking review. Nick Clegg, Facebook's VP of Global Affairs and Communications, publicly announced these policies in a Facebook blog post on Sep. 24. 

In total, the Trump campaign spent over $1.6 million on Facebook ads from Sep. 25 to Oct. 1, according to Facebook's ads library (comparatively, Elizabeth Warren spent $285,000 and Biden spent $122,000 in the same period).

On Monday night, Warren challenged Facebook on the suspicious timing of its misinformation policies, calling into question a private meeting between Trump and Facebook CEO Mark Zuckerberg on Sep. 19. 

After that meeting, Facebook quietly changed its policies on “misinformation” in ads, allowing politicians to run ads that have already been debunked by independent, non-partisan fact-checkers. Put another way, Facebook is now okay with running political ads with known lies.

— Elizabeth Warren (@ewarren) October 7, 2019


Warren cited Judd Legum's reporting on Popular Information, which asserts that Facebook had recently changed its advertising policies on misinformation, thereby allowing Trump to lie in ads. 

But according to Facebook, its policies have not changed, and political figures have been exempt from the fact-checking process for more than a year now, depicted in its eligibility guidelines. Clegg's speech summarized as much: 

"We don't believe that it's an appropriate role for us to referee political debates and prevent a politician's speech from reaching its audience and being subject to public debate and scrutiny. That's why Facebook exempts politicians from our third-party fact-checking program. We have had this policy on the books for over a year now, posted publicly on our site under our eligibility guidelines. This means that we will not send organic content or ads from politicians to our third-party fact-checking partners for review."

However, it is true that Facebook recently changed the wording of its misinformation policy — instead of "Misinformation," section 13 was previously titled "Misleading or False Content" and largely governed deceptive claims and business practices. 

Facebook has moved this down to section 31 and 32 of its policies, which are now titled "Misleading Claims" and "Unacceptable Business Practices." It appears that Facebook is trying to delineate more specifically between misinformation in a public interest capacity, and misleading content in a business capacity. 

A Facebook spokesperson told Business Insider that these recent announcements and policy tweaks are meant to provide transparency ahead of US and global elections. 

With Trump ratcheting up his Facebook ad spending and deceitful rhetoric, the platform's policy decisions will continue to be scrutinized. And while Facebook believes it is staying impartial by doing little to regulate political speech, it may actually be helping Trump in doing so. 

I have a feeling that many people in tech will see Warren's thread implying FB empowers Trump over Warren as unfair. But Mark, by deciding to allow outright lies in political ads to travel on Facebook, is embracing the philosophy behind Trumpism and thereby tipping the scales.

— Chris Hughes (@chrishughes) October 8, 2019

Facebook does not have an envious position. Its policies are complex and difficult to understand, with countless rules and separate exceptions for advertising, original content, fact-checking, and more. 

When Facebook doesn't regulate political speech, it disregards truth and responsibility. But if Facebook did regulate political speech, it would have to devise even more complex policies, and there would be widespread complaints of bias — something it clearly does not want to deal with. 

For now, Facebook is sticking to the former. This choice has resulted in a stunning truth: the Trump campaign is paying Facebook millions of dollars to promote its lies, and this doesn't violate any of Facebook's rules.

Join the conversation about this story »

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People on Reddit are slamming a 200-square-foot San Diego 'shed' that rents for more than $1,000 a month, but it's just the latest example of America's unaffordable housing market

Tue, 10/08/2019 - 1:33pm  |  Clusterstock

A 200-square-foot studio hit the top of Reddit's San Diego page last week, and not because the Redditors were charmed by how quaint the minimalist space was.

The apartment, located at 4735 1/2 Oregon Street in San Diego, California, is currently listed by JD Property Management and Realty. The listing describes the unit as an "updated studio with 1 bath and small kitchen" in the University Heights neighborhood. San Diegans on Reddit were outraged to see that the tiny unit, which many of them deemed a "shed," was asking $1,100 per month to rent.

"Someone is really charging people $1,100 to live in a shed! And they want you to have a 650+ credit score too," Reddit user terrificheretic posted, referencing the listing's stated rental requirements (income of 2.5 times the monthly rent, a FICO score at or above 650, no legal evictions on record, and "good rental references").

"I'm all about charging market value but this seems a tad... over-valued, to say at the least," one commenter wrote.

"I was making $8.50 an hour and my first apartment was $190 a month. It was cool 40 years ago. I can't believe how difficult it is for people now. We have f----- up the middle class," another commented.

Realtors say this pricing isn't unusual

But Joshua Dillon, a broker with JD Property Management and Realty, says this pricing is "not uncommon."

"There are several other units around town that are comparable," Dillon told Business Insider via email.

He noted that the "typical/average" one-bedroom in the larger San Diego County rents for between $1,300 and $1,500 per month and that the asking price of the Oregon Street studio (now reduced to $1,050 a month) "is not much more than people are paying to rent rooms within houses ($800-$900)."

Ranking and review site Niche puts the county's median rent at $1,467.

Dillon also clarified that the apartment is not a shed, despite its shed-like appearance: "This unit has its own electric meter, its own address, etc., and has been here since the end of World War II per the owner, due to the housing shortage at that time."

The "shed" on Oregon Street is just one symptom of a nation-wide issue

The housing crisis is on clear display across the US, particularly with the astronomical cost of living in areas like New York City, San Francisco, and Palo Alto.

Read more: San Francisco's housing market is so out of control, 60% of tech workers say they can't afford homes

Business Insider's Libertina Brandt previously reported that the median rent for a Manhattan studio apartment in July and August hit $2,700, while Brooklyn's median face rent hit an all-time high of $3,000 per month in June. Brandt separately reported in September that the tiniest apartment in San Francisco, just 161 square feet, was asking over $2,200 a month in rent. Renters in San Francisco are even dishing out $1,200 a month to rent a single bunk bed in co-living buildings and over $2,000 a month to rent rooms in vacant Victorian homes.

Landlords in New York City were even caught renting out "micro rooms" — illegal sub-units with no windows, sprinklers, or fire-safety systems — with ceilings reported to be a mere 4.5 to 6 feet tall.

Quinisha Jackson-Wright, a freelance journalist for Business Insider, wrote about how her rent more than doubled — from $800 a month to $2,000 — when she moved from the Midwest to Santa Barbara, California.

Recognizing the issues, some states are attempting to tackle the affordable housing crisis: California recently became the third state (after Oregon in March and New York in June) to pass a rent control bill in an effort to curtail the problem. And tech companies are attempting to find solutions as well; Microsoft announced in January that it would pledge $500 million to help alleviate Seattle's growing housing crisis in light of the city's influx of tech companies, Business Insider previously reported.

SEE ALSO: The 25 US cities where rent is increasing the fastest, ranked

DON'T MISS: Here's how much space $1 million will get you in 25 major US cities

Join the conversation about this story »

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The IMF's new chief unveils data showing trade conflicts could wipe out $700 billion in global GDP by 2020

Tue, 10/08/2019 - 1:07pm  |  Clusterstock

As Kristalina Georgieva prepared to take over the reins of the International Monetary Fund, the new managing director took a moment to issue a stark warning about the global economy. 

Georgieva gave her inaugural speech on Tuesday after assuming the role of managing director on October 1 following Christine Lagarde's departure early this year to run the European Central Bank. 

The new IMF chief warned the global economy is facing a "synchronized slowdown" amid mounting trade tensions that could wipe out as much $700 billion in global GDP output by 2020. Much of the slowdown would come from negative market reactions and waning business confidence, she added. 

"In 2019, we expect slower growth in nearly 90 percent of the world," Georgieva said during her speech on Tuesday. "The global economy is now in a synchronized slowdown."

She continued: "This widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade." 

The IMF's projection includes President Donald Trump's planned tariff hike on another $300 billion worth of Chinese imports. 

The comments came as US stocks experienced a sharp sell-off on Tuesday following escalating tensions between the US and China. The White House is reportedly considering limits on US investment into China and the Commerce Deparment added 28 Chinese entities to its export ban list on Monday. 

Georgieva said countries need to discuss legitimate trade issues such as subsidies, intellectual property rights, and technology transfer. 

"Everyone loses in a trade war," She added.

Read more: The world's most accurate economic forecaster sees a 'prolonged global slowdown' on the horizon — and warns it can only be narrowly avoided

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I earn more than 1 million points a year. Here are the 5 credit cards I always keep in my wallet to optimize my spending.

Tue, 10/08/2019 - 1:04pm  |  Clusterstock

Before I got involved in the points and miles hobby, I had just one credit card, issued by Capital One. It earned just 1% cash back on everything — nothing to write home about.

Fast-forward seven years, and I have more than a dozen credit cards, helping me earn more than 1 million points each year to help fund incredible travel experiences. Regardless of how many cards I pick up over the years, there are five that I'll always keep in my wallet to maximize my rewards.

Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which can far outweigh the value of any rewards.

When you're working to earn credit card rewards, it's important to practice financial discipline, like paying your balances off in full each month, making payments on time, and not spending more than you can afford to pay back. Basically, treat your credit card like a debit card.

Chase Freedom Unlimited

The Chase Freedom Unlimited has a lot going for it. For starters, it earns 1.5% cash back on everything. If you have another Ultimate Rewards-earning credit card (such as the Chase Sapphire Preferred Card), you can convert your cash-back earnings to Ultimate Rewards points. Effectively, this card earns 1.5 Ultimate Rewards points per dollar spent, which is incredibly valuable. These points can be transferred 1:1 to partners like Hyatt, United Airlines, Southwest, JetBlue, and more.

Since most credit cards only earn 1 point per dollar spent on non-bonus purchases, the Chase Freedom Unlimited's elevated earning rate makes it my go-to card for most spending that isn't eligible for category bonuses. The card also has no annual fee, which makes it a long-term keeper.

Read more: Chase Freedom Unlimited card review

Hilton Honors American Express Aspire card

In my opinion, the Hilton Honors Aspire card from American Express is the best hotel credit card. It offers plenty of benefits like top-tier Hilton Diamond status, up to a $250 airline fee credit each year, up to a $250 Hilton resort credit each year, a $100 Hilton on-property credit on two-night stays, and Priority Pass Select airport lounge membership. Basically, this card gets me upgraded travel and saves me hundreds of dollars every year, making it easily worth the $450 annual fee.

I carry the Hilton Honors Aspire card around mostly for the 7 points per dollar it earns at US restaurants. As someone who dines out quite a bit and has an out-of-control coffee habit, those 7 points really add up to significant rewards.

Read more: My 5 favorite credit cards for earning rewards on dining out, no matter how much you spend

Occasionally, I get to charge large food purchases to this card at work and get reimbursed. It all adds up significantly and makes those top-tier 95,000-points-per-night Hilton hotel awards much more attainable.

As a bonus, spending $60,000 on this card in a calendar year gets me a free weekend night certificate. Huge win!

Read more: Hilton Honors Aspire Amex card review — why it's worth the $450 annual fee

Fidelity Rewards Visa

The Fidelity Rewards Visa Signature Card earns 2% cash back on all spending and carries no annual fee. I treat this card like my travel savings account and use the rewards during times when redeeming miles doesn't make sense. Sometimes airfare is too cheap to justify an award redemption, so I dip into my Fidelity account for the cash I save for these types of scenarios.

Sometimes I also use the cash-back rewards for Airbnb stays, tour packages, spa passes, or any travel activity that I can't redeem points and miles for. People really underestimate the value and flexibility of a 2% cash-back card. It's an important part of my points and miles strategy and I always carry this card with me for a solid return on my everyday spending.

Read more: The best cash-back credit cards

Chase Ink Plus

The Ink Plus Business card from Chase is no longer available to new applicants, but it remains one of my go-to credit cards. The card earns 5x points on the first $50,000 spent at office supply store, which is a big spending category for me. It's why the Chase Ink Plus will always have a place in my wallet.

If you're looking for an equivalent card, the Ink Business Cash Credit Card is a great alternative. It earns 5% cash back at office supply stores (5% on combined purchases at office supply stores and on internet, cable, and, phone services each anniversary year, then 1%) and carries no annual fee.

Click here to learn more about the Ink Business Cash card. Korean Air SkyPass Visa Signature Card

You may be scratching your heads at this one, but the Korean Air SkyPass program is an incredibly valuable rewards program. I frequently save up points to travel to Europe, and Korean Air's 80,000-mile business-class tickets are a bargain. Compare that to the 115,000-plus points most other rewards programs charge for round-trip tickets to the same destinations.

So even though the Korean SkyPass card only earns 1 mile per dollar spent on non-bonus spending, those miles go further than with other rewards programs. The Korean SkyPass Visa Signature is mostly a back-up card, but I always feel good about charging non-bonus category spending to the card.

Join the conversation about this story »

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What we learned at this year's LendIt Fintech Europe

Tue, 10/08/2019 - 1:01pm  |  Clusterstock

At this year's LendIt Fintech Europe conference, held in London from September 26-27, companies across the banking, fintech, and investment industries discussed the key trends and developments shaping the financial services landscape.

At the conference, Business Insider Intelligence identified four emerging themes that we expect to set the tone for the space for the next year: further proliferation of partnerships between banks and fintechs, increased focus on digital banks' sustainability, accelerated innovation and disruption from small- and medium-sized business (SMB) lenders, and more challenges ahead for the UK's P2P lenders.

Players across the space are teaming up to enhance existing propositions or cocreate new ones for their clients. Much of the conversation at this year's Lendit Fintech Europe was centered on partnerships between fintechs and banks — a trend that's been present for a while but will continue to accelerate, driven by open banking initiatives and customer demand for innovative propositions that help them better manage their financial lives.

  • CYBG bank and price comparison site GoCompare recently partnered to offer an energy compare and switch service for all of CYBG's B customers. In a panel discussion I moderated, Head of Innovation at CYBG Samantha Bedford and VP of Corporate Development at GoCompare Kulchetan Sanga discussed the difficulties of making their partnership work:Success necessitated a cultural shift internally that embraced openness across the bank, constant revisions of their go-to-market strategy — including considerations about whether they'd bring the solution under CYBG's brand, cobrand, or even white-label it — and learning how to best utilize data in a post-GDPR world. Bedford noted that she leads an accelerator team within the bank that offered a methodology for how to approach this collaboration and allowed them to experiment and fail in a safe environment, which was critical to the project's success.
  • Barclays bank partnered with SMB finance fintech MarketInvoice last year to give Barclays' SMB clients access to MarkeInvoice's solutions. Barclays also took a strategic minority stake in the fintech. In a fireside chat, MarketInvoice CEO and Cofounder Anil Stocker discussed the difficulties of dealing with a big bank, especially when trying to build something new. The early success of their tie-up, however, enables them to have bold ambitions for deeper integration — SMBs are currently recommended to MarketInvoice's products via relationship managers, but going forward this will also become possible via in-app discovery, for instance — and collaboration on more products. Strategic investments can give fintechs confidence that they'll receive continued support and operating collaboration from their bank partners since it's in the banks' interest to maximize the value of their investment.
  • French Banking-as-a-Service platform Treezor was acquired by Société Générale last year, as the bank looked to enhance its ability to innovate and decrease time to market. In a panel discussion between COO of Treezor Eric Lassus and CIO at Société Générale Claire Calmejane, Lassus highlighted that there are several complementarities between banks and fintechs since banks are resource-heavy while fintechs are flexible and fast. But he also stressed that for partnerships to succeed, fintechs working with banks — even after an acquisition — must maintain independence. This likely helps partners ensure that fintechs' nimbleness isn't stifled by incumbents' long processes. 

Collaboration comes with many benefits, especially when unencumbered by legacy thinking.Partnerships between banks and fintechs can lead to the development of innovative products and services, bringing desirable and fresh propositions to banks' clients while helping fintechs level up and integrate new data into their models that will further improve their tech solutions.

But what becomes clear across all the examples above, whether looking at partnerships with or without strategic investments, or even acquisitions, is that success is conditional on both parties being able to leverage their respective strengths unburdened by each other's weaknesses. 

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24 famous airlines that have gone out of business

Tue, 10/08/2019 - 12:47pm  |  Clusterstock

British airline and tour operator Thomas Cook ceased operations in late September.

The 178-year-old travel company shut down after failing to secure a £200 million rescue loan.

It joins a number of other low-cost and leisure-oriented airlines to collapse this year, including Wow Air and X, amid stiff competition along with political and economic instability. 

Over the past two decades, a number of well-known airline brands have disappeared from the aviation landscape. A large number of these brands have gone away due to mergers as airlines joined together in order to survive the brutally competitive market place.

Read more: Roughly 600,000 travelers are stranded around the world after the British travel provider Thomas Cook declares bankruptcy

Northwest and Delta merged to form the new Delta Air Lines. United and Continental merged to create the new United Airlines with planes painted in Continental livery. TWA was acquired by American Airlines. America West and US Air merged to become US Airways. American Airlines and US Airways then merged to form a new American Airlines under US Airways management. Virgin America was acquired by Alaska Airlines while AirTran Airways and Morris Air were acquired by Southwest Airlines. 

In Canada, Canadian Airlines was merged into Air Canada. While in Brazil, Varig was acquired by Gol. The UK's British Caledonian and British Midland were both acquired by British Airways, itself created by the 1974 merger of British Overseas Airways Corporation, British European Airways, and two smaller regional carriers. 

But with the sudden collapse of Thomas Cook in mind, we at Business Insider decided to compile a list of airlines that went out of business the old fashioned way, running out of money. 

Here's a closer look. 

This article was originally published by Benjamin Zhang in March 2019. It was updated by David Slotnick in October 2019.

SEE ALSO: The complete history of the 737 Max, Boeing’s promising yet problematic workhorse jet

FOLLOW US: On Facebook for more car and transportation content!

Lakers Airways Skytrain: defunct 1982.

Founded by Sir Freddie Laker in 1966, the airline and its fleet of McDonnell Douglas DC-10 "Skytrains" promised low-cost travel across Atlantic for half the price of its competitors. Unfortunately, the airline could not sustain the business and collapsed under the weight of £270 million of debt in February 1982. 

Braniff international Airways: defunct 1982.

The Texas-based airline was one of the most interesting and colorful companies in the business from its unique multi-color livery to its Emilio Pucci designer flight attendant uniforms. Sadly, the airline went belly up in May 1982 after racking up $733 million in debt. Subsequent attempts to revive the brand have proven to be unsuccessful. 

Eastern Air Lines: defunct 1991.

Miami-based Eastern Air Lines was one of the biggest names in the US airline business. Unfortunately, Eastern was plagued by labor strife and an inability to compete effectively post-deregulation. Eastern filed for bankruptcy in 1989 before ending flight operations in January 1991. 

Midway Airlines: Defunct 1991.

Midway Airlines began flying in 1979 following the deregulation of the US airline industry. The Chicago-based airline was able to survive the surge in fuel prices and the drop in passenger traffic resulting from the Gulf War. The airline shut down in November 1991. 

Interflug: defunct 1991.

Founded in 1958, Interflug succeeded Deutsche Lufthansa (different from West Germany's Lufthansa) as the national airline of East Germany. The airline failed to find a buyer after the reunification of Germany. Interflug shut down in February 1991. 

Pan American World Airways: defunct 1991.

Founded in 1927, Pam Am is arguably the most iconic name in the airline industry.  Unfortunately, the airline ran into financial trouble during the 1970s and 80s before going out of business in 1991. 

Tower Air: defunct 2000.

Founded in 1983, New York-based Tower Air operated scheduled passengers flights as well as military and leisure charters using its fleet of Boeing 747 jumbo jet. The airline ran into financial and operational troubles in the mid-1990s before shutting down in May 2000. 

Ansett Australia: defunct 2001.

Founded in 1936, Ansett Australia was the second largest airline in Australia when it shut down in September 2001. The airline's owner, Air New Zealand had to be bailed out by the New Zealand government to avoid bankruptcy following Ansett's collapse. 

Sabena: defunct 2001.

Founded in 1923, Sabena was Belgium's national airline until its collapse in November 2001. 

Swissair: defunct 2002.

Founded in 1931, Swissair was at one time one of the most respected airlines in the world. Unfortunately, the Swissair's "Hunter Strategy" that saw it take equity stakes in a handful of other airlines during the 1980s and 90s stretched the company's finances too far. Swissair ceased operations in March 2002. Its assets were transferred to regional subsidiary Crossair which was then reorganized into the Swiss International Air Lines. 

Aloha Airlines: defunct 2008.

Founded in 1946, the Honolulu, Hawaii-based airline ceased passenger flight operations in March 2008. 

ATA Airlines: defunct 2008.

Founded in 1973, Indiana-based ATA Airlines filed for bankruptcy and ceased flight operations in April 2008. The airline cited the loss of its military charter business as a contributing factor to its demise. 

Mexicana: defunct 2010.

Founded in 1921, Mexicana was Mexico's largest airline when it ran into financial trouble and shut down in August 2010. 

Spanair: defunct 2012.

Founded in 1986, Spanair was for much of its existence a subsidiary of SAS Group, the owners of Scandinavian Airlines. In 2008, SAS Group sold off its controlling share in the Barcelona-based airline. The loss-making airline shut down in January 2012 after the local Catalan government failed to find new investors for Spanair. 

Malev: defunct 2012.

Founded in 1946, Malev was Hungary's national airline until it ceased operations in February 2012 after the Hungarian government declined to continue funding the loss marking carrier. 

Kingfisher: defunct 2012.

Kingfisher was founded in 2005 by flamboyant Indian billionaire Vijay Mallya as part of his UB Group business empire. The airline was known for its colorfully painted aircraft and top-notch service. Kingfisher ceased flights October 2012 after the Indian government pulled the heavily indebted airline's operating license. 

Transaero: defunct 2015.

Founded in 1990, Transaero was one of Russia's largest privately-owned airlines. Unfortunately, Transaero collapsed in October 2015 due to $4 billion in debt. Fun fact, two Boeing 747-8 airliners that were due to be delivered to Transaero before its shut down will be converted into the next generation US presidential planes, aka. Air Force One. 

Monarch Airlines: defunct 2017.

Founded in 1967, Monarch Airlines a major player in the British leisure charter business. The airline ceased operations in October 2017. According to the Economist, it was the largest airline to ever fail in the UK.

Air Berlin: defunct 2017.

Founded in 1978, Air Berlin was once Germany's second largest airline. The carrier ceased operations in October 2017 after major shareholder Etihad Airways declined to continue financial support of the money-losing airline. 

Primera Air: defunct 2018.

Primera Air was a subsidiary of Icelandic tourism company Primera Travel Group. The low-cost carrier ceased operations in October 2018. 

Germania: defunct 2019.

Founded in 1978, Berlin-based Germania offered by charter and scheduled passenger service. The airline ceased operations in early February 2019 citing financial insolvency. 

Flybmi/British Midland Regional: defunct 2019.

Founded in 1987, Flybmi was once the regional arms of British Midland International. The airline was sold off in 2012 following BMI's acquisition by British Airways. Flybmi shut down in February 2019. 

Wow Air: defunct 2019.

Founded in 2012, the Icelandic ultra-low-cost carriers collapsed in March 2019 after failing to secure new investment from Icelandair and private equity firm Indigo Partners. 

Thomas Cook: defunct 2019.

After 178 years and various forms, the British airline and travel company collapsed in September 2019 after failing to secure emergency funding demanded by its creditors.

The 17 best hotels in the world, according to travelers

Tue, 10/08/2019 - 12:28pm  |  Clusterstock

Hotels can really make or break a vacation.

Condé Nast Traveler just released the results of its 32nd annual Readers' Choice Awards survey, which chronicled travelers' experiences, including unforgettable hotels all over the world. 

Read more: The 5 new hotels around the world with the most incredible design, according to experts

600,000 voters provided their thoughts on nearly 10,000 hotels. The hotels that ultimately made the final cut span different price points, destinations, and styles.

Here are the top 17. Only four are in the US, but two of the top five are in Los Angeles. Other popular destinations include Switzerland and India.

SEE ALSO: The best cheap hotels under $100 a night around the world — that are surprisingly upscale, too

DON'T MISS: The biggest red flag to look out for when checking into a hotel, according to a professional traveller who has stayed in over 3,000

17. Inn of the Five Graces

Location: Santa Fe, New Mexico

Starting rate per night: $456

The Inn of Five Graces sits in the middle of Santa Fe's historic downtown. In the spirit of Santa Fe being the "oldest continually inhabited city in the US," each colorful room in the inn was designed uniquely as a testament to the city's old Southwestern vibe.

16. Hotel Astoria, A Rocco Forte Hotel

Location: Saint Petersburg, Russia

Starting rate per night: $170

Directly across from Saint Isaac's Cathedral, the Astoria Hotel has symbolized luxury in Saint Petersburg since opening in 1912. The hotel's charming High Tea is a Saint Petersburg must-do.

15. La Réserve Paris - Hotel and Spa

Location: Paris, France

Starting rate per night: $1,047

La Réserve is just steps from the Champs-Élysées. With only 40 rooms, the sophisticated boutique hotel has spacious apartments and is known for delivering on its promise of  "a different vision of luxury."

14. Aranwa Sacred Valley Hotel & Wellness

Location: Sacred Valley, Peru

Starting rate per night: $145

Aranwa Sacred Valley is a restored 17th-century hacienda that opened as a hotel in 1900. There are 115 total rooms on the property, but the hotel is part of a larger chain of hotels all across Peru. It's an hour away from Cusco and on the way to Machu Picchu.

13. Aranwa Cusco Boutique Hotel

Location: Cusco, Peru

Starting rate per night: $205

Aranwa Sacred Valley's sister hotel, Aranwa Cusco, is a 43-suite 16th-century mansion just steps from the Plaza de Armas in Cusco. This hotel has a collection of 300 pieces of fine art, all produced at the renowned Escuela Cusqueña.

12. Amerikalinjen

Location: Oslo, Norway

Starting rate per night: $269

The Amerikalinjen just opened in March. The 122-room hotel was initially built in 1919 as the offices for a cruise line that would ferry between Norway and the US, hence the name. The hotel is celebrated for balancing its history and its modern flair.

11. Alila Fort Bishangarh

Location: Jaipur, India

Starting rate per night: $298

The Alila Fort Bishangarh is a converted 230-year-old fortress. The restoration and transformation into a hotel took 10 years to complete. Local materials, like sandstone, were used to finish the hotel.

10. Rosewood Luang Prabang

Location: Luang Prabang, Laos

Starting rate per night: $960

A luxury jungle hideaway in South East Asia, the Rosewood Luang Prabang is intended to be peaceful. There are some guest rooms in hilltop tents and other villas with personal pools, but the most impressive part of the property is the waterfall and river that runs through it.

9. Beau-Rivage Palace

Location: Lausanne, Switzerland

Starting rate per night: $417

The Beau-Rivage Palace has been open since 1861. The storied hotel sits right on Lake Geneva and has been a getaway for famous guests like Coco Chanel, Nelson Mandela, and Tina Turner. The hotel has gardens, recently renovated guest rooms, a world-class spa, and a two Michelin-star fine dining restaurant on property.

8. Monastero Santa Rosa Hotel & Spa

Location: Amalfi, Italy

Starting rate per night: $604

Once a 17th-century monastery, Monastero Santa Rosa is a 20-room boutique hotel perched on a clifftop with views of the Mediterranean Sea. While the hotel is celebrated for its state-of-the-art spa, there are many experiences to keep in mind — there's also the possibility of an al fresco meal at a Michelin star restaurant on property.

7. Rambagh Palace

Location: Jaipur, India

Starting rate per night: $410

Rambagh Palace was built in Jaipur in 1835 as an opulent home for the queen's favorite handmaiden. Later, it was turned into a royal guesthouse and hunting lodge, and in 1957 it was converted into the luxury hotel it is today. Noteworthy names like Prince Charles and Jacqueline Kennedy have stayed in one of the 78 massive guest suites.

6. Royal Mansour

Location: Marrakesh, Morocco

Starting rate per night: $1,212

1,500 master craftsmen spent three years building the 53 three-story riads that make up this hotel that was commissioned by King Mohammed VI. While each has lavish amenities, the grandest one has a home cinema, personal bar and gym, a spa room, and could cost in the neighborhood of $40,000 per night.

5. Four Seasons Hotel at the Surf Club

Location: Miami Beach, Florida

Starting rate per night: $600

The Surf Club first opened on New Year's Eve in 1930. It was known for being high society once upon a time — Elizabeth Taylor and Winston Churchill both stayed there — and still is. It has a Thomas Keller restaurant and a stateside offshoot of Positano's famed Le Sirenuse.

4. 1 Hotel West Hollywood

Location: West Hollywood, California

Starting rate per night: $308

Right on the Sunset Strip, 1 Hotel West Hollywood is conveniently located in the heart of Los Angeles. The 285-room hotel just opened earlier this year. This 1 Hotel outpost is known for doing what the overall brand does best: pursuing sustainability. Everything, from the carpets the lightbulbs, has been carefully designed from recycled material.

3. Taj Lake Palace

Location: Udaipur, India

Starting rate per night: $432

This 18th-century palace with 65 rooms and 18 suites sits on a man-made island in Lake Pichola. It was originally built for a prince and the hotel prides itself on providing royal treatment. As the hotel sits in the middle of the water, guests need to be shuttled out by private boat.

2. Baur au Lac

Location: Zurich, Switzerland

Starting rate per night: $766

The Baur au Lac has been owned and operated by the same family for 175 years. The 119-room hotel enjoys privacy in its own park. It also has a Michelin-starred restaurant, Pavillion. Previous noteworthy guests include Elton John and Joan Miró.

1. SLS Hotel, Beverly Hills

Location: Beverly Hills, California

Starting rate per night: $381

While there are SLS properties in Miami and in the Bahamas, the famed hotelier's West Coast outpost opened its doors in 2008 and just underwent a $22 million renovation. The hotel was originally designed by Philippe Starck and features trendy José Andrés restaurants. The SLS aims to exude a chic, young vibe and even refers to itself as a "modern-day playground."

Cassava Processing PaceSetter | Psaltry International was founded by Yemisi Iranloye

Tue, 10/08/2019 - 9:46am  |  Timbuktu Chronicles
From Spore:
Yemisi Iranloye, managing director and CEO of Psaltry International Limited, a large cassava processor based in south-west Nigeria, has built her success on an inclusive business model that places smallholder farmers at the centre of operations.

In 2005, Yemisi Iranloye founded her cassava production company, Psaltry International Limited, with personal savings from marketing farm produce. Six years later, in response to market demand for processed cassava products, she expanded the business with the establishment of a factory in Alayide village, Oyo State. Demand for these high-quality cassava products among Nigeria’s manufacturing industries continues to grow due to fluctuations in foreign exchange rates and scarcity of imported grains such as wheat and barley, which make locally-sourced and readily-grown raw materials like cassava more cost-effective...[more]

PITCH-DECK LIBRARY: The pitch decks that helped hot startups raise millions

Mon, 10/07/2019 - 5:51pm  |  Clusterstock

  • Billions of dollars are invested in startups every year.
  • Whether a startup seeks to raise money from angel investors, venture-capital firms, or other backers, the presentation — or "pitch" — about the business is critical.
  • The most effective pitch decks deftly weave data, imagination, and storytelling in a captivating slide presentation.
  • Business Insider regularly interviews startups about fundraising strategies and collects the pitch decks that helped them raise funding. You can read them all by subscribing to BI Prime.

Following is a list of some recent startup pitch decks published by Business Insider, organized by the funding round that each deck was used for:

Seed Series A Series B Series C Series D Series E

SEE ALSO: The first-time founder's ultimate guide to pitching a VC

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