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American Airlines made a doctor wrap a blanket around herself because a flight attendant found her summer outfit 'inappropriate' (AAL)

Mon, 07/08/2019 - 3:31pm  |  Clusterstock

  • A Houston-area doctor said she was forced to get off her American Airlines flight after boarding and wrap an airline blanket around her waist before being allowed back on.
  • She said a flight attendant told her that her outfit was unacceptable; however, she tweeted photos showing that the outfit was appropriate.
  • American Airlines prohibits "offensive clothing," but otherwise does not publish a dress code for flights.
  • Visit Business Insider's homepage for more stories.

A Houston-based doctor has accused American Airlines of humiliating her in front of her son and other passengers — all because an employee objected to her summer romper.

Dr. Latisha "Tisha" Rowe, a family-medicine specialist and founder of a telehealth company, said she and her 8-year-old son were on their way to Miami earlier this month after a week of vacationing with family in Jamaica. In a viral tweet, Rowe said she was forced to deplane after she boarded, told that her attire was not acceptable, and that unless she covered herself, she wouldn't be allowed to fly.

In the tweet, she included a front- and side-view photo of her outfit, a one-piece romper.

Here is what i was wearing when @AmericanAir asked me to deplane for a talk. At which point I was asked to “cover up”. When defending my outfit I was threatened with not getting back on the flight unless I walked down the aisle wrapped in a blanket. #notsofriendlyskies pic.twitter.com/AYQNNriLcq

— Tisha Rowe MD, MBA (@tisharowemd) July 1, 2019

 

However, Rowe said there was nothing inappropriate about what she was wearing and that she even double-checked herself in a bathroom mirror right before boarding.

"I turned, and I looked at my backside, and I kind of gave myself that, you know, girl check," she told Business Insider in an interview. "Growing up, I lived in a very conservative household. Like, if my dad thought my shorts were too short, I was not leaving the house. So that's just something that I've gotten into the habit of doing."

Instead, she believes there's a double-standard for appropriate attire that's applied differently to women depending on a few factors, including body shape and race.

"I have a very curvaceous body, and I put my body in bold colors, so you're going to see it. But it's not vulgar. It's not inappropriate. It's not bad, you know? If you put someone who's a size 2 in the exact same outfit next to me, no one would be bothered," she said.

Rowe said she had boarded the plane without any issue and almost reached her seat when a flight attendant approached her and said they needed to talk to her at the front of the plane. She said she walked up and met another flight attendant, who directed her off the plane to the jetway.

I’ll post a picture of my ATTIRE when I land. After an AMAZING VACATION it’s ended with my son in tears with the blanket they asked me to wear to my seat over his head and will never forget this experience @AmericanAir

— Tisha Rowe MD, MBA (@tisharowemd) June 30, 2019

"There was no explanation why I was called off the plane," Rowe said. "And all she said was 'do you have a jacket?'"

After Rowe told the flight attendant she didn't have a jacket, she said the flight attendant explained that the flight crew found her outfit inappropriate, and that she wouldn't be allowed back on the plane unless she changed or covered up.

"At this point, I'm not screaming or angry or anything, but I'm defending myself. I'm fine with my outfit, like, what's the issue," she said, adding that she looked down and saw that her son was embarrassed and fighting back tears.

"My automatic mommy protective mode started. I'm like, 'how do I fix it?' I don't want to be in this situation. I just, I want this done," she added.

She said that since she didn't have a jacket or clothing she could easily change into, she asked for a blanket. The flight attendant obliged, Rowe said, telling her that covering herself with the blanket was the only way she'd be allowed to fly.

"It just felt like a mean-girls standoff in the hallway at high school because that's the only way you're getting on at this point; as if I'm not a paying customer. I just was embarrassed," Rowe said.

After she wrapped the blanket around her waist, she said, another flight attendant came up and warned her not to make a scene, despite the fact that she was deliberately behaving calmly to avoid escalating the situation.

"I said, 'I've complied with your request, please let me on the plane.' Three times I had to say that before they actually let me on the plane," Rowe said. "Three times that I did not argue with them, fuss with them, and had a blanket wrapped around before they parted their physical barrier to let me on the plane."

When the flight landed, Rowe went to a bathroom in the airport to take the photos that she included with her tweet.

American Airlines' contract of carriage, which passengers agree to when they purchase tickets, mentions appropriate attire but doesn't provide any details or examples. It simply reads: "Dress appropriately; bare feet or offensive clothing aren't allowed."

Regardless, Rowe said the outfit was completely appropriate for the public. "I don't want you to see me in a normal summer appropriate outfit and tell me it's inappropriate just because of other people's thoughts," she said. "I have no idea what was the source of this in the first place. What I know is I was perfectly comfortable and felt appropriate."

A spokesperson for American Airlines, Shannon Gilson, said that the airline is taking Rowe's complaint seriously and is investigating why she was forced to cover up, and that the airline has not been able to contact Rowe.

In a statement provided by Gilson, American said:

We were concerned about Dr. Rowe's comments, and reached out to her and our team at the Kingston airport to gather more information about what occurred. Unfortunately, we've been unable to reach Dr. Rowe or leave a message at the number provided. We want to personally apologize to Dr. Rowe and her son for their experience, and have fully refunded their travel. We are proud to serve customers of all backgrounds and are committed to providing a positive, safe travel experience for everyone who flies with us.

This is not the first time that individual employees for the airline have been accused of discrimination. In April 2018, a passenger alleged that police were called on her "for flying while fat & Black." In October 2017, the National Association for the Advancement of Colored People issued a travel warning to African American passengers flying the airline but lifted it in July 2018, according to Dallas News.

Rowe, meanwhile, hopes that no one else has to deal with subjective rules being applied to normal summer clothing just because an outfit looks different on different body types.

"I just don't want this to happen to anyone else. I just want things to be fair, to be objective and to — for everyone to be able to fly without feeling like you have to fit into a certain mold."

SEE ALSO: United Airlines put an underage passenger on a plane to the wrong country, prompting a panicked mother to beg the airline to keep the plane from taking off

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NOW WATCH: A professional drifter explains the physics behind drifting

Airbnb's new luxury service lets you book private islands and villas with boxing rings and butlers. Here's a look inside 8 of the most over-the-top vacation properties.

Mon, 07/08/2019 - 2:55pm  |  Clusterstock

  • Airbnb Luxe is a new feature on Airbnb that gives users access to over 2,000 exclusive luxury properties around the world.
  • The feature includes "trip designers" who coordinate everything from trip activities to private chefs.
  • Airbnb gave Business Insider a look at eight exclusive properties included in Luxe, with prices ranging from $410 a night to $144,336 a night.
  • Visit Business Insider's homepage for more stories.

Airbnb has just launched a premium service pairing luxury-minded travelers with some of the world's most over-the-top vacation amenities (think villas with boxing rings and butler-ready cabanas).

Airbnb Luxe gives users access to over 2,000 exclusive properties around the world, from a private island in French Polynesia to a penthouse steps away from the Sydney Opera House in Australia.

Read more: Airbnb is pushing deeper into the luxury sector with 2,000 high-end listings around the world, and prices reach as high as $200,000 per night

Each property is judged on design and functionality, and evaluated on everything from kitchen appliances to bedroom and bathroom ratios. All the bookings also come with a "trip designer" who assists in the planning of your stay. Trip designers can arrange services including child care, private chefs, in-house massages, and personal training sessions. The service comes at no extra cost.

Airbnb gave Business Insider a look at eight exclusive properties that are available through Luxe. These homes range from $410 a night to $144,336 a night.

Keep reading for a look inside the homes, ranked from least expensive to most expensive as of July 8, 2019. We also calculated the cost per head if each home were booked with the maximum number of guests allowed (rounded to the nearest dollar).

SEE ALSO: This is the pitch deck now-$31 billion Airbnb used when it was just getting started

DON'T MISS: Disappointing photos show what 9 top luxury destinations look like in real life

1. Villa Belong Dua: This luxury estate is located in Cemagi, Indonesia.

Cemagi is located in Bali, Indonesia, which is known as a destination hotspot among the country's visitors. Bali boasts views of volcanoes, jungles, and stunning beaches. The luxury estate Villa Belong Dua is just minutes away from one of the island's popular beaches, Seseh Beach, which is known to be one of the most entertaining areas in Bali.



The home is a 3-minute walk from Seseh Beach.

Source: Google MapsAirbnb



Amenities include a chef, housekeeping, pool, BBQ grill, pond, and massage bale.

Source: Airbnb



It includes 2 bedrooms, 2.5 bathrooms ...

Source: Airbnb



... and can house up to 4 guests.

Source: Airbnb



Cost: $410 per night Cost per guest (per night): $103

Source: Airbnb



2. Sky Loft: This penthouse is located in Darlinghurst, Australia.

Darlinghurst is located in Sydney, Australia. It is known for its popular nightlife scene and is home to one of the largest Pride parades in the world. Along with parties, guests who travel to Darlinghurst can enjoy the history and beauty of the Sydney Opera House, Royal Botanic Gardens, and Australia's oldest museum.



The home is just minutes away from the Sydney Opera House.

Source: Airbnb



It includes 3 bedrooms and 3 bathrooms ...

Source: Airbnb



... and can house up to 6 guests.

Source: Airbnb



Cost: $838 per night Cost per guest (per night): $140

Source: Airbnb



3. Dar Moucha: This luxury villa is located just 5 miles from Marrakesh, Morocco.

The villa is located 5 miles from Marrakesh, one of Morocco's major cities. Also known as the "Red City," it's famous for its historic buildings, local eateries, gardens, hills, and mountains. 



Marrakesh, Morocco, is home to stately palaces and a wide array of museums.

Source: Travel + Leisure



Amenities include housekeeping, a pool, gym, BBQ grill, and sun lounges. The property also includes orange trees, a small farm, and a veggie patch.

Source: Airbnb



The home has 6 bedrooms, 6 bathrooms ...

Source: Airbnb



... and can house up to 12 guests.

Source: Airbnb



Cost: $1,347 per night Cost per guest (per night): $112

Source: Airbnb



4. Casa Koko: This luxury beach house is located in Punta Mita, Mexico.

Punta Mita is a luxury resort in Mexico. The 1,500-acre resort sits on its own private peninsula and boasts stunning views of the Pacific Ocean. It attracts visitors with its sandy beaches and luxury hospitality.



The property is located on the beach with access to a golf course, beach club, and tennis courts.

Source: Airbnb



The home includes 9 bedrooms, 12 bathrooms ...

Source: Airbnb



... and can house up to 22 guests.

Source: Airbnb



Amenities include housekeeping, a chef, a driver, a hot tub, an infinity pool, a BBQ grill, a gym, and sun lounges.

Source: Airbnb



Cost: $3,500 per night Cost per guest (per night): $159

Source: Airbnb



5. Beyond: This luxury home is located in Cape Town, South Africa.

Cape Town is one of the most popular places for tourists in South Africa. It's home to sought-after destinations like the Victoria and Alfred Waterfront, which is said to be one of the most visited attractions in South Africa, and Lion's Head, which is a hikable mountain that offers panoramic views of Cape Town.



The home is just 10 minutes by car from Lion's Head mountain.

Source: Airbnb



It includes 6 bedrooms and 6 bathrooms ...

Source: Airbnb



... and can house up to 10 guests.

Source: Airbnb



Amenities include airport transfer, housekeeping, a chef, a heated infinity pool, a sauna, a steam room, a wet bar, a home theater, and sun lounges.

Source: Airbnb



Cost: $8,462 per night Cost per guest (per night): $846

Source: Airbnb



6. Alang, Alang: This luxury home is located in Cannes, France.

Cannes is a city located on the French Riviera. It is home to the Palais des Festivals, which hosts the renowned Cannes film festival every year. Visitors can stroll the Boulevard de la Croisette, a world-famous road along the Mediterranean Sea that features markets, eateries, and shopping destinations.



The home includes 9 bedrooms and 9 bathrooms ...

Source: Google Maps, Airbnb



... and can house up to 18 guests.

Source: Airbnb



Amenities include housekeeping, a chef, infinity pool, hot tub, pool bar, garden, sauna, gym, boxing ring, home theater, and steam room.

Source: Airbnb



Cost: $13,097 per night. Cost per guest (per night): $728

Source: Airbnb



7. Chateau d'Estoublon: This luxury estate is located in Fontvieille, France.

Located in southern France, this luxury estate sits on the slopes of the Alpilles, a famous mountain range. Chateau d'Estoublon is known for its olive oil and wine and dates back to the 18th century. 



The estate dates back to the 18th century. Its surrounding areas are famously known for olive oil and wine.

Source: Luxury Retreats



Amenities include housekeeping, a chef, a butler, a pool, a gym, and a wine cave.

Source: Airbnb



The home includes 10 bedrooms, 8 bathrooms ...

Source: Airbnb



... and can house up to 20 guests.

Source: Airbnb



Cost: $16,839 per night Cost per guest (per night): $842

Source: Airbnb



8. Nukutepipi: If you're more in the market for privacy, you can have this island all to yourself in French Polynesia.

The private island of Nukutepipi is owned by billionaire businessman Guy Laliberté. Located in French Polynesia, which is a semi-autonomous zone division of France, Nukutepipi offers its guests a private getaway with activities such as kitesurfing, canoeing, stand-up paddleboarding, sailing, deep-sea fishing, and whale-watching. French Polynesia is also home to other vacation hotspots like Bora Bora.



The staff at Nukutepipi includes a chef, a captain, a doctor, a massage therapist, and activity coordinators.

Source: Airbnb



Amenities include an infinity pool, golf cart, housekeeping, a mini bar, and wet bar.

Source: Airbnb



The island has 21 bedrooms and 25 bathrooms ...

Source: Airbnb



... and can house up to 52 guests.

Source: Airbnb



Cost: $144,336 per night Cost per guest (per night): $2,776

Source: Airbnb



I tried Dave Banking, the Mark Cuban-backed fintech, and it's a dead-simple app with real potential

Mon, 07/08/2019 - 2:29pm  |  Clusterstock

  • Dave, the Mark Cuban and Diplo-backed fintech startup, rolled out its new Dave banking service in June, announcing a $110 million raise at the same time. I tried out the online-only bank, and my feelings are very positive. I could see myself using it instead of my Chase checking account.
  • It is the first checking account to partner with CreditPop, which reports a user's rent payments to credit agencies, allowing them to build credit without taking out any loans. This service could be invaluable for Dave users who are finding it challenging to build credit, and is a definite step forward in banking features.
  • The service is similar to other online-only challenger banks. It offers a network of no-fee ATMs, overdraft-protection that includes the option for a $100 advance, and access to the same budgeting features that made Dave popular in the first place.
  • For more stories like this, visit Business Insider's homepage.

Dave, the Mark Cuban and Diplo-backed fintech startup, rolled out its new Dave banking service in June, announcing a $110 million raise at the same time.

I reviewed their original overdraft-killing service, and felt that it had some great features. However, the app also made it very easy for users to give an optional tip that could be equivalent to the highest payday loan rates. 

I tried out Dave's new banking service, and my feelings are much more positive. It works similarly to other online-only challenger banks. The user does all of their banking within the Dave app, can access a network of ATMs that require no fees for cash withdrawals, and pays no fees beyond the $1 monthly fee that's already a part of Dave's non-banking services.

Read more: I tried out Dave, the Mark Cuban-backed app that wants to kill bank overdrafts — and I keep thinking about 1 oddly manipulative feature

The service also doesn't allow overdrafts, protecting users from aggressive fees. As of now, Dave banking is only available to users of their app, who can sign up for a waitlist. 

While the market for challenger banks has become increasingly crowded, Dave banking is a little different. It is built ontop of an already popular app, giving it a built-in audience. It also is the first checking account to partner with CreditPop, which reports a user's rent payments to credit agencies, allowing them to build credit without taking out any loans. This service could be invaluable for Dave users who are finding it challenging to build credit, and is a definite step forward in banking features.

See more: JPMorgan's finance app for millennials was plagued with issues from the start. Here's the inside story of how Finn fell apart.

Dave users will be familiar with the banking homepage— it has the same look and features as Dave's original service.

A user can select which bank account they're accessing through the dropdown menu in the middle of the screen. Other than the name of the bank, there's no real indication on this screen whether the account is Dave's or a third-party bank's.

That's a good thing. My favorite feature of the app before was its predictive budgeting features, which lets a user see their lowest likely balance before their next payday. Dave keeps this function intact, and it remains a winner. 



In order to access Dave's advanced banking features, a user has to set up direct deposit. Dave makes it easier than my bank.

Dave is streamlining some of its best features behind direct deposit. It makes sense: they're not charging users an additional fee for the services, so they need users deposits to be able to keep their service profitable. Direct deposit allows users to receive payday advances of up to $100, which is $25 more than non-banking users can receive, and allows them to build credit with their rent payments. 

Dave makes direct deposit simpler than any banking app I have used. If your employer uses ADP, Gusto, or GoDirect, you can click on the link in the app and be sent directly to your direct deposit page. If not, the app makes it easy to find your account and routing numbers by including them all on one easy-to-access page with an icon that copies the information to your phone's clipboard.

If you're not interested in direct deposit, or need to send money to your account outside of your paycheck, there are other easy options. You can deposit a check or send a transfer from your other bank accounts. You can even add money quickly through a debit transfer. The first transfer is free, and after that, it costs 0.45% percent of the amount transferred plus a 30 cent fee. 

I funded my account with debit transfer, because I wouldn't be able to get this article out in time with direct deposit. I sent the money at the end of one business day, and it was all in my account by the time I checked at the beginning of the next business day.

 



I wasn't able to try out the credit-building features, but from Dave's support website, it seems like a very easy process.

It is revolutionary to be able to build credit from paying rent (and eventually, from utility bills as well) with a checking account. This feature gives Dave banking a definite edge, especially among its userbase who might have a hard time building credit. 

I wasn't able to try it out because I wasn't able to wait for direct deposit to hit my account or for my rent to be taken out, but it seems like an easy process. According to their support website, you would simply find your rent payment on the homepage, confirm that it is rent, and then CreditPop (the service Dave is partnering with) will automatically flag all future rent payments to credit agencies. 



There are no surprises with Dave's debit card.

I received my debit card within a week, a quick turnaround. There's no special features for the debit card, but it does include Dave's cute mascot, Dave the bear. 



ATM coverage is pretty good in New York, though I was unable to find any nearby ATMs that would let me deposit cash.

As you can see, there are a fair amount of ATMs near Business Insider headquarters where a Dave user can withdraw cash without fees. As a Chase user, this actually looks a lot like my Chase ATM availability. Dave's website suggests that some ATMs allow a user to deposit cash, but I couldn't find any near me. I imagine that this feature will be easier to find as Dave banking matures.

I tried out one of the ATMs near me. This ATM was inside of a 7-Eleven — it appears in NYC at least that a good fraction of available ATMs for Dave are inside of 7-Elevens. I was able to withdraw $100 without any fees.

There was one hiccup. The ATM showed my available balance as $604, more than double the $300 that I had in my account. I think this is a problem on the ATMs side though, as my Dave app kept the correct balance amount.

I also checked ATM availability near my Connecticut hometown. There was definitely a significant drop in available ATMs, slightly worse than the coverage of the local bank that I use in Connecticut. This is to be expected, and it would still be an acceptable amount of coverage for my needs.  

 



Dave has two helpful features that allow digital users to easily pay anything from their rent to an online shopping bill.

Dave lets users send paper checks directly from their phones, a godsend for someone like myself who avoids physical banking as much as possible. There's no fee to send a check, and it will be sent by mail within 10 days. This makes it a great solution for any financial situations which require a check, as long as a user plans ahead

Dave also offers a virtual card number, which protects a user's actual card number from identity theft. The number can be used online, and if a sketchy vendor steals the information, it is totally separate from the physical debit card information. This fix will help protect users from being left without a way to pay if they are a victim of identity theft. 

 



Dave does a great job of making the smaller parts of banking easy to access and easier to use. I especially like the ability to quickly set daily transaction and ATM limits.

Dave banking's greatest strength is its simplicity. This really shines when doing the small banking chores that are somehow much more complicated when dealing with a traditional bank. 

Dave allows you to freeze a card if you've lost it with just one click, and unfreeze it just as easily if you find it. The last time I lost my debit card with Chase, I had to actually fully cancel my card. Dave's service is perfect for a sometimes-forgetful person like myself. 

International alerts are very easy compared to Chase. All you need to do is tell Dave where and when you'll be traveling to within the app, and they'll do the rest. With Chase, I had to actually do this all on my computer browser the last time I traveled internationally. 

Most distinctively, Dave allows you to set your own daily transaction and ATM withdrawal maximums. These easy safeguards could help a budget-conscious user from overspending in one day by simply blocking transactions that go over the limit. 



Symantec gains on report that Broadcom has secured funding to acquire the cybersecurity firm (SYMC, AVGO)

Mon, 07/08/2019 - 1:55pm  |  Clusterstock

Broadcom Inc. is one step closer to owning Symantec Corp.

Shares of Symantec gained more than 4% at their peak on Monday after a report that Broadcom had gotten the necessary financing to acquire the cybersecurity firm in an all-cash agreement. The deal could value the cybersecurity firm at more than $22 billion including debt, Bloomberg reported.

A deal between the two companies could be reached in mid-July, according to anonymous sources cited by Bloomberg. The sources said that the chipmaker has commitments from banks in place, sees an annual synergy potential of $1.5 billion, and although there is a timeline, talks could drag or even fall apart. 

Symantec spiked as much as 17% when it was first reported that Broadcom was in "advanced talks" to acquire the company. Broadcom shares declined when the deal was announced, and are trading down more than 2% Monday. 

Broadcom said earlier this year that it would focus on buying software companies after its $117 billion bid to takeover competitor Qualcomm was blocked by the Trump administration. Part of the reason for the shift is cost — other independent semiconductor companies are too expensive, Tom Krause, Broadcom's CFO told Morgan Stanley. 

By acquiring infrastructure software companies, Broadcom hopes to take advantage of an industry it sees as ripe for consolidation. The strategy doesn't make sense to everyone — in a note, a Morgan Stanley analyst wrote that the plan to buy Symantec doesn't make sense and will raise questions about the chipmaker's strategy. 

Broadcom acquired CA Technologies, another software company, for $18.9 billion in July 2018. It was also reportedly considering buying Tibco, a cloud software company, according to CNBC, although that deal would be sidelined if the company is able to acquire Symantec. 

Shares of Symantec have climbed more than 35% year-to-date.

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NOW WATCH: The incredible story behind Slack, the app that's taken over offices everywhere

Bill Gates says Microsoft’s early culture was made up of ‘self-selected’ males who sometimes ‘went too far’ (MSFT)

Mon, 07/08/2019 - 1:21pm  |  Clusterstock

  • Microsoft cofounder Bill Gates described the company's early culture as male-dominated and intense in a recent interview.
  • "Inside Microsoft we had, to some degree, a self-selected set of people who were mostly males, I'll admit, and yes, we were pretty tough on each other, and I think sometimes that went too far," Gates said.
  • Microsoft's current company culture, and its alleged treatment of women, came under fire this spring with an email thread containing the stories of dozens of women who said they faced sexual harassment at the company.
  • Visit Business Insider's homepage for more stories.

Bill Gates says Microsoft's early culture was made up of a "self-selected" set of mostly male employees who sometimes "went too far" in being "tough on each other."

Gates was interviewed by CNN's Fareed Zakaria in a GPS show segment titled "How To Lead" that aired on Sunday. Zakaria asked Gates about the efficacy of his "demanding" managerial style. 

"You were famously a very demanding person who suffered fools not very gladly; you pushed people hard," Zakaria began. "Do you think that was the best way to motivate people?"

"Inside Microsoft we had, to some degree, a self-selected set of people who were mostly males, I'll admit, and yes, we were pretty tough on each other, and I think sometimes that went too far," Gates said. "It was very intense, we counted on each other to work very long hours, and I always wanted to set the best example at that."

In an interview with Business Insider in April, Melinda Gates also characterized Microsoft's culture as "aggressive" when she began at the company in 1987.

"The piece that surprised me a bit was how aggressive the culture was. I knew it'd be fast-paced, I knew it'd be competitive, but it was just quite aggressive," Melinda Gates said.

Though Gates said that sometimes his intensity went a bit too far, it "was great for my 20, 30s, 40s," and today he says he's a "bit more mellow and I'm not pushing quite as insanely." His leadership in the Bill & Melinda Gates Foundation has echoes of his old style in terms of clarity. During his interview with Zakaria, Gates used the example of the the foundation's project to fund designs for sustainable, hygienic toilets not requiring sewer systems.

"I'm still clear about — hey, that toilet design's too expensive, it's a dead end, we're not going to put more money into that — that works for being the co-head of the foundation," Gates said. 

Microsoft's current company culture, and its alleged treatment of women, came under fire this spring. An internal email thread, started in March, accumulated dozens of stories of women who say they faced sexual harassment at Microsoft, Quartz reported. Quartz highlighted one email from a female employee who alleged that "an employee of a partner company threatened to kill her if she did not perform implied sexual acts" and Microsoft's HR did nothing to help when she first reported the incident.

Read more: Dozens of female Microsoft employees claim they deal with shocking behavior at work: requests to sit on a coworker's lap, being called a 'b*tch'

Wired reported that the email thread was initially started by "a woman distraught that she had hit a brick wall after years of trying to gain a promotion, despite the support of her manager" at Microsoft; she wrote, "The boys club won out on all fronts." Wired also reported that following the revelation of these emails, 100 to 150 Microsoft employees protested the company's culture at a meeting with CEO Satya Nadella in April.

Bill Gates no longer has a day-to-day managerial role within Microsoft: He serves as a board member and technology advisor. Microsoft declined to comment beyond the Fareed Zakaria GPS special interview with Bill Gates for this article.

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NOW WATCH: Watch Apple's 2019 WWDC event in 11 minutes

BlackRock's global research chief explains why the stock market's principal driver just changed — and breaks down how investors should adjust to the big shift

Mon, 07/08/2019 - 1:05pm  |  Clusterstock

  • Halfway into 2019, BlackRock's top investment professionals met to review their outlook and concluded that there was a new principal driver of global markets.
  • In an exclusive interview with Business Insider, Jean Boivin, the global head of research for the BlackRock Investment Institute, discussed why the firm formulated this view and the investing decisions it recommends.
  • Click here for more BI Prime stories.

One of the outcomes of the Great Recession has been a preoccupation with what will trigger the next big crisis.

The issue of where we are in the cycle, what might trigger the next recession, and what the answers to these two questions would mean for stocks have been at the forefront of investors' minds. 

But this fixation recently changed for BlackRock, according to Jean Boivin, head of the firm's investment institute. The principal driver of global markets going forward is now the competition between the US and China, which he says has morphed into a conflict that will be both structural and persistent. 

"We've evolved from a concern of questions about drivers of where we are in the cycle to trade and geopolitical tensions now being front and center," Boivin said in a recent interview with Business Insider. 

He added: "They were part of the noise we were hearing around, but now they've reached a level where they are affecting the macro environment."

Read more: Bernstein studied 119 years of history — including the Great Depression — and nailed down the 5 things every investor should learn about stock-market crashes

The impact of these tensions won't come as news to even the most casual consumer of financial news. But when the firm's investors met to debate their mid-year outlook in June, the geopolitical conflict prompted them to change their investing approach and recommendations. The $6.5 trillion investment giant now advocates lowering allocation to some non-US risk assets and raising cash. 

"Markets will be in a benign environment," Boivin said. "This is why we continue to advice taking risk in US equities in particular, and we've upgraded our European equities from underweight to neutral."

However, they downgraded their view on Japanese and emerging-market stocks linked to China. In their view, the market is too optimistic about China's ability to keep its economy humming through stimulus measures.

Over in developed markets, the saving grace is the swift response of central banks to the unfolding geopolitical crisis, Boivin said.

In a major shift last month, the Federal Reserve gestured that it will lower interest rates at its July meeting if economic conditions warrant a cut. The European Central Bank has adopted a similarly dovish stance to ward off a deep crisis.

"Given that we see higher risk but central banks are providing a near-term benign environment, this kind of allows us to buy some time to build more resilience in portfolios," Boivin said. 

In the interim, it would be unwise for investors to ignore the risks that stem from geopolitics. 

SEE ALSO: MORGAN STANLEY: The stock market's favorite trades are poised for a big reversal — and not even the tariff truce can save them from disaster

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Here's what Wall Street thinks about CrowdStrike, an unprofitable cybersecurity firm that raised more than $600 million in its June IPO (CRWD)

Mon, 07/08/2019 - 12:59pm  |  Clusterstock

  • Several Wall Street firms initiated coverage of cybersecurity provider CrowdStrike on Monday. 
  • CrowdStrike raised $612 million in its IPO, and the stock popped more than 70% on its first day of trading. 
  • Here's what Wall Street analysts had to say about the newly-public company. 
  • Watch CrowdStrike trade live.

Wall Street is ready to talk about CrowdStrike

The cloud-based cybersecurity provider went public in early June, raising $612 million at an initial market capitalization of $6.7 billion. Shares exploded by more than 70% in their first day of trading.

CrowdStrike offers a cloud-based platform for endpoint security, threat intelligence, and cyberattack- response services. 

Here's what Wall Street analysts had to say about CrowdStrike as they initiated coverage of the stock: 

Oppenheimer: Outperform, $90 price target

Shaul Eyal, a senior analyst at Oppenheimer, cited CrowdStrike's superior technology and ability to leverage artificial intelligence and machine learnings as major drivers for his outperform rating and $90 price target. 

"We believe CrowdStrike's innovative technology which layers on AI/ML to crowdsourced threat intelligence to stay ahead of the adversaries is superior to its competitors." Eyal said. "Our belief is CrowdStrike to displace and replace competitors' solutions, and to take market shares from legacy and next-gen antivirus vendors." 

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Needham & Company: Buy, $80 price target

A team of analysts at Needham & Company led by Alex Henderson believe CrowdStrike can continue to grow revenue by 50% to 100% per year over the next three to five years. CrowdStrike has yet to turn a profit and lost $140 million last year. 

"CrowdStrike is spending to drive growth. It's the right thing to do," Henderson said in a research note on Monday. 

Bank of America Merrill Lynch: Buy, $75 price target

Tal Liani and a group of other analysts at Bank of America Merrill Lynch said CrowdStrike is in a unique position to disrupt the$7 billion endpoint security market, which is just one part of its cloud offering. 

"Focusing on the core endpoint market, the industry is in the midst of a major transition from legacy antivirus to more robust behavioral-based, next-gen platforms, where CrowdStrike shines with its superior machine learning, threat intelligence, lightweight agent, and a 100% cloud-based architecture." the team said in its report. 

RBC Capital Markets: Sector Perform, $70 price target 

A team of analysts at RBC Capital Markets led by Matthew Hedberg predict that CrowdStrike's total-addressable market could grow to $29.3 billion by 2021, and is currently valued at $24.6 billion. Hedberg and his team also said CrowdStrike has the potential to disrupt the security cloud in the same way Salesforce disrupted Customer Relationship Management software. 

"While the TAM is substantial, we think it can expand as the company introduces new modules allowing it to grow more quickly than its markets by consolidating spending," Hedberg said in a note to clients on Monday. 

SunTrust Robinson Humphrey: Hold, $69 price target 

CrowdStrike's triple-digit revenue growth and momentum is already priced into the stock, according to Terry Tillman, an analyst at SunTrust Robinson Humphrey. 

"The company is winning significant share by delivering unmatched protection against cyber attacks and stopping breaches," Tillman said in a research note on Monday. 

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

The IPO market has been red-hot in 2019. Here's why Wall Street experts see no signs of slowing.

WeWork will reportedly raise billions selling debt before its IPO

The inside story of how Robinhood, a $6 billion investing app for millennials, blew a huge launch so badly that Congress got involved

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GOLDMAN SACHS: The Fed is at 'serious' risk of making 3 mistakes that could upend the financial system

Mon, 07/08/2019 - 12:50pm  |  Clusterstock

  • Goldman Sachs has identified three serious risks it thinks could upend the financial system if the Federal Reserve follows pricing action in the bond market too closely.
  • The firm also identifies how this reliance translates into a positive-feedback loop, misinformation, and inappropriate future policy moves.
  • Click here for more BI Prime stories.

Federal Reserve policymakers have one of the toughest jobs in the world.

Akin to driving a car forward while looking in the rearview mirror, the Fed is tasked with setting monetary policy using lagging data and outdated indicators as its guiding light — a conundrum that makes proper decision-making difficult.

Finding the neutral rate, or the level of interest that is neither accommodative nor restrictive, requires a delicate balancing act that is fraught with variables.

And it's not getting any easier.

David Mericle, Goldman Sachs' senior US economist, sees a handful of major risks that could upend the soundness of the financial system if the Federal Open Market Committee walks too closely to the sun and derives its policy off of the recent pricing action in the bond market.

In a recent note, the prestigious Wall Street giant revealed the three serious risks it believes could be responsible for the unraveling.

Its analysis is detailed below.

1. Satisfying expectations

"If the Fed responds to the bond market asymmetrically — in particular, if it is mainly fearful of tightening financial conditions by failing to deliver expected rate cuts — it risks inadvertently contributing to financial instability over time," Mericle said.

Put briefly, the Fed faces two choices: Acquiesce and appease the market, or divert and risk a violent knee-jerk reaction.

Fed Chairman Jerome Powell has said the central bank focuses on "changes in financial conditions that could affect the achievement of our dual-mandate goals, and those tend to be broad changes in financial conditions that are sustained for a period of time."

But one has to wonder how true this statement really is.

The US Central Bank is paradoxically thought to be guaranteed to slash rates at its July meeting even with unemployment hovering around a 50-year low, the stock market nearing record highs, and gross domestic product growing at a rate of 3.1% — a backdrop that more closely resembles that of a rate hike.

2. A "hall of mirrors"

This risk builds off of the desire to satisfy market expectations, creating a positive-feedback loop that erodes the efficacy of information as the "wisdom of the crowd" undermines independent thinking.

Former Fed Chair Ben Bernanke famously posited that "such a strategy quickly degenerates into a hall of mirrors," coining the succinct axiom.

"We find that delivering rate cuts, even when priced, tends to raise expectations of subsequent cuts, primarily because markets are accustomed to momentum in monetary policy decisions and at times because markets might interpret rate cuts as a signal that Fed officials have negative private information about the economy," Mericle added.

The chart below helps visualize this concept.

3. Political pressure

President Donald Trump has been extremely vocal in his disapproval of the Fed thus far, referring to the institution as "a stubborn child" and the "most difficult problem" facing the US, repeatedly calling for the central bank to shift toward a more accommodative, looser policy path.

"If market pricing partly reflects an expectation that political pressure is likely to be effective and the Fed in turn seeks to satisfy market expectations, the bond market could become an indirect channel for political interference, even if the Fed scrupulously avoids a direct reaction to the pressure," Mericle concluded.

And, though the Fed emphasizes its political independence, it may be more prone to ancillary pressure than previously conceived.

SEE ALSO: Billionaire investor Howard Marks sounds the alarm on an area of the market that is 'in vogue' — and explains why it resembles the tech bubble

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A former Apple and Bridgewater exec is selling his Mexico mansion for $20 million. Take a look inside the 7-bedroom home, which comes with 206 feet of private beach and multiple pools.

Mon, 07/08/2019 - 12:40pm  |  Clusterstock

 

Jon Rubinstein, one of Apple's earliest employees and briefly co-CEO of the world's largest hedge fund, is selling a 16,000-square-foot beach house in Mexico for $20 million.

Rubinstein left his position as senior vice president of Apple's iPod division in 2006 and later served as co-CEO of Bridgewater Associates with Ray Dalio for 10 months in 2016 and 2017.

Rubinstein's Mexico mansion comes with seven bedrooms,  206 feet of private beachfront, multiple pools, and a private chef service.

Take a look inside the lavish Mexico home.

SEE ALSO: 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.

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Jon Rubinstein was one of Apple's earliest employees and left his position as senior vice president of the company's iPod division in 2006. He later served as co-CEO of Bridgewater Associates, the world's biggest hedge fund.

Source: Business Insider



Now, Rubenstein is selling his lavish Mexico beach house for $20 million.

Source: Rancho R + R



The home is in Punta Mita, a fishing and luxury resort village in Nayarit, a small state on the Pacific Coast of Mexico.

Source: Rancho R + R



Dubbed Rancho R + R and designed by Alfonso López Baz and Javier Calleja, the home was built in an unconventional X shape.

Source: Rancho R + R



Rancho R + R sits on more than 1.7 acres and comes with 206 feet of private beach.

Source: Rancho R + R



It also has multiple swimming pools, including an infinity-edged lap pool, a shallow, child-friendly pool, and a heated spa.

Source: Rancho R + R



The home has two shaded outdoor dining areas.

Source: Rancho R + R



The buyer of the beach house will be able to enjoy an Italian-inspired chef's kitchen and a private chef service.

Source: Rancho R + R



A two-person workspace with ocean views is attached to a fitness studio with bath and shower.

Source: Rancho R + R



The second-floor master suite features a wall made almost entirely of glass that overlooks the ocean.

Source: Rancho R + R



The master bathroom comes with a soaking tub, a spacious dressing room ...

Source: Rancho R + R



... and a glass-walled, walk-in shower.

Source: Rancho R + R



The house has seven bedrooms that sleep at least 14 people.

Source: Rancho R + R



It comes furnished with custom pieces chosen by interior designer Erica Krayer.

The home also comes with a curated collection of original artwork from Mexican artists.

Source: Rancho R + R



The Mexico beach house was designed for "seamless indoor-outdoor living," according to the listing.

Source: Rancho R + R



A cabana with hammocks and day beds sits on the private beach.

Source: Rancho R + R



Luxury facilities in the nearby town of Punta Mita include four beach clubs, a tennis club, and 36 holes of golf.

Source: Rancho R + R



A couple who retired early with $1.5 million despite never earning 6 figures uses a 'bucket' system for their money so they'll never run out

Mon, 07/08/2019 - 12:17pm  |  Clusterstock

  • A 59-year-old retiree who was featured on the blog ESI Money said he and his wife left the working world two years ago with more than $1.5 million saved and invested.
  • The retiree said they decided to separate their money into three proverbial "buckets" to make sure they don't outlive their savings.
  • The first bucket is cash to tide them over until they begin claiming Social Security; the second bucket is their after-tax investments; the third bucket holds long-term growth IRAs.
  • They have planned to draw on the money in that order — cash first, then after-tax investments, and lastly, retirement savings accounts.
  • Visit Business Insider's homepage for more stories.

For many early retirees, the biggest challenge is finding a way to keep savings intact through decades of spending and very little earning.

One couple who retired early devised a plan to separate their money into three proverbial "buckets" so they'd never run out, the 59-year-old husband recently shared on the personal-finance blog ESI Money. The man and his wife, 62, never earned six-figure salaries individually, but managed to retire two years ago with just over $1.5 million in cash and investments. They promptly sold their house in Florida and moved into their second home in the rural Smokey Mountains, he said.

"My target number for retirement was $1,500,000. I figured a 30-year retirement needing $50,000 from our investments per year," said the retiree, who owned and operated a residential cleaning service. "The balance of our income would then come from Social Security, about $34,000 for the two of us." The couple lived on one salary for several years and saved at least $35,000 annually to meet their goal, he said.

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"Our modest lifestyle plays a huge role in our finances. We never kept up with the Joneses! Can't stress that enough," the retiree said. Still, the couple needed to find a way to navigate the "bridge period," or the time between leaving work and having access to Social Security benefits and retirement accounts without penalty. They needed enough cash on hand and didn't want to spend down their investments too quickly.

"I figured we needed three buckets of money for retirement," the retiree said. "The first bucket would be a bridge from day one of retirement until we were eligible for Social Security. It would also be a cash account to hold our monthly/yearly expense allowance." They retired with about $274,162 in a cash savings account, he said.

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"The second bucket would replenish bucket one so that we always have 2-3 years worth of living expenses in cash," he said. This bucket includes their after-tax investment account, which had a balance of $207,490 invested in stocks and mutual funds at retirement. They also held nearly $130,000 in inflation-protected savings bonds and municipal bonds.

"As we were saving over the years I always made it a point to beef up our after-tax accounts," the retiree said. "I didn't want all of our money tied up until we were 59.5. I didn't have any specific plans in mind for that money, I just wanted to have it available. I am really glad I did that."

!function(){function e(){var e=document.createElement("script"),n=document.getElementById("myFinance-widget-script"),a=t+"static/widget/myFinance.js";e.type="text/javascript",e.async=!0,e.src=a,n.parentNode.insertBefore(e,n);var c="myFinance-widget-css";if(!document.getElementById(c)){var d=document.getElementsByTagName("head")[0],i=document.createElement("link");i.id=c,i.rel="stylesheet",i.type="text/css",i.href=t+"static/widget/myFinance.css",i.media="all",d.appendChild(i)}}var t="https://www.myfinance.com/";document.attachEvent?document.attachEvent("onreadystatechange",function(){"complete"===document.readyState&&e()}):document.addEventListener("DOMContentLoaded",e,!1)}();

Finally, he said, "The third bucket is for long-term growth and will ultimately be used to refill buckets one and two. Our IRA accounts are bucket three." When they retired two years ago, the couple had about $686,000 across a SEP IRA, traditional IRAs, and Roth IRAs.

Using money from their cash account and after-tax investments, the couple spent $55,630 last year — less than they expected, he said. They've dipped into one of the IRAs, the retiree said, but they're delaying taking Social Security for now.

"Don't concentrate on how much money you MAKE. Concentrate on how much money you SPEND!" the man advised aspiring early retirees. "Be flexible. Planning is essential, but life is unpredictable. Always have a 'Plan B.'"

Need a better place for your cash savings? Consider these offers from our partners:

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NOW WATCH: Stewart Butterfield, co-founder of Slack and Flickr, says 2 beliefs have brought him the greatest success in life

A writer's surprisingly simple trick for staying safe in a Lyft has gone viral. Here's what you need to know. (UBER, LYFT)

Mon, 07/08/2019 - 12:09pm  |  Clusterstock

  • A simple trick to stay safe during Uber or Lyft rides went viral after Tiffany Jackson tweeted her experience. 
  • After entering the car, the Brooklyn-based writer said she opened and closed the door to make sure there were no child locks engaged. 
  • The driver, new to Lyft, asked her about the move, and said he was going to pass along the trick to his sister. 
  • Visit Business Insider's homepage for more stories.

Last week, Tiffany Jackson, a Brooklyn-based writer, tweeted an interaction she had with a Lyft driver that struck a nerve with thousands of readers.

In short, the fiction author said she opened and closed the door right after she entered the vehicle, in order to check that there were no child locks in place that could prevent her from making a swift exit should anything go wrong.

Me to @lyft Driver: For Tiffany?
Him: Yup
Me: Where are we going?
Him: [redacted]
Me: *open & closes car door twice*
Him: *looks back at me* Were you...just checking for a child lock?
Me: Yup.
Him: Whoa. That's smart. Gonna tell my sister to do that!
Me: *Gives 5 stars*

— Tiffany D. Jackson (@WriteinBK) July 7, 2019

By Monday morning, the tweet had racked up more than 2,600 retweets and 20,000 likes.

Jackson followed up the viral tweet to commend the driver for asking questions, given he was new to Lyft. She also said her habit of double-checking for child locks was because she encountered the situation once.

"I only once got in an Uber when the child lock was on," she continued, "and definitely hit the homie with the 'Son, I don't know what's going on but whatever you thinking, you got the WRONG one.'"

Passenger safety has come into the spotlight this year, as stories like that of 21-year-old college student Samantha Josephson, who was killed by a man impersonating a legitimate Uber driver, garner significant media attention.

Following the murder, and subsequent arrest of the alleged killer, Uber published a blog post reminding passengers to always check license plate numbers and update their trusted contact information.

Both Uber and Lyft's apps allow passengers to share their trip details with someone else, and both companies have integrated some form of emergency assistance that can share a riders' location with first responders.

Do you work for Uber or Lyft? Have a story to share? Get in touch with this reporter at grapier@businessinsider.com. If your story is sensitive, secure contact methods are available here (do not use a work phone).

Now read: 

SEE ALSO: Uber and Lyft drivers reveal what they wish they knew before signing up to work for the apps

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Nike seized on World Cup fever by selling women's team shirts in men's sizes — and jersey sales nearly doubled

Mon, 07/08/2019 - 12:03pm  |  Clusterstock

  • Nike.com has sold more USA women's jerseys this season than it has of any other soccer team's shirt ever.
  • Sales of tournament jerseys have more than tripled compared with the last Women's World Cup in 2015.
  • Nike's sales of women's tournament-related apparel grew by more than 150% compared with 2015.
  • Watch Nike trade live.

Team USA may have lifted the Women's World Cup, but sponsor Nike won the tournament too.

Nike.com has sold more USA women's jerseys this season than it has of any other soccer team's shirt ever. Combined with strong demand for French, English, Brazilian, and Nigerian women's team shirts, the sportswear retailer's sales of tournament jerseys have more than tripled compared with the last Women's World Cup in 2015.

Sales of men's jerseys followed suit, nearly doubling as more countries offered women's shirt designs in men's sizes. Women snapped up training and lifestyle apparel tied to the Brazilian, Nigerian, Chilean, and Chinese teams, lifting Nike's sales of women's tournament-related apparel by more than 150% compared with 2015.

The blockbuster sales may come as a surprise given the tournament's divisiveness. After forward Megan Rapinoe said she would reject an invite to the White House, President Donald Trump tweeted that she should win the tournament before talking.

Nike also alienated some consumers last week by scrapping a line of upcoming sneakers featuring the Betsy Ross flag after Colin Kaepernick, a frontman for the Black Lives Matter movement and a recent Just Do It campaign, complained it was offensive.

SEE ALSO: Nike is selling a record number of USA women's soccer jerseys thanks to World Cup fever

Join the conversation about this story »

NOW WATCH: Stewart Butterfield, co-founder of Slack and Flickr, says 2 beliefs have brought him the greatest success in life

'Rova Caviar' from a lake high in #Madagascar

Mon, 07/08/2019 - 9:15am  |  Timbuktu Chronicles
France24 reports:
Madagascar, renowned for its unique wildlife and vanilla production, has a new claim to fame -- the island nation is Africa's first and only source of caviar.

The business is an unlikely project in a country beset by grinding poverty, but its owners are determined that luxury foods can play a part in improving Madagascar's economy.

"A lot of people laughed at us," says Delphyne Dabezies, the head of Rova Caviar, admitting that the enterprise was a big gamble.

"But we took the time to prove that this is serious. Madagascar caviar is now the only caviar produced in Africa and the Indian Ocean."...[more]

3 Lessons #Nigeria can learn from the world’s cheapest hospital by @NaijaFlyingDr

Mon, 07/08/2019 - 7:03am  |  Timbuktu Chronicles
Dr Ola Brown (Orekunrin) writes:
How to create world-class healthcare facilities for the poorest people of the world

Narayana hospital in India has made Dr. Devi Shetty the ‘Dangote of healthcare’. The Dangote group provides commodities like salt, sugar, pasta and cement to meet people’s basic needs at the best possible price point...[more]

Markets Live: Monday, 8th July 2019

Mon, 07/08/2019 - 6:08am  |  FT Alphaville

Live markets commentary from FT.com

Continue reading: Markets Live: Monday, 8th July 2019

Billionaire financier Jeffrey Epstein once flew Bill Clinton and Kevin Spacey to Africa

Sun, 07/07/2019 - 8:49pm  |  Clusterstock

  • Billionaire financier Jeffrey Epstein was reportedly arrested on suspicion of trafficking of minors, more than a decade after Epstein dodged federal charges in a secret plea deal after years of fielding allegations of sexually abusing young girls.
  • The reported charges chip away at Epstein's carefully curated and mysterious image that was seeded in the highest levels of New York's political and financial social circles.
  • Past profiles and reports have detailed Epstein's origins in New York's high-profile political and finance circles that put him in situations like traveling to Africa with Kevin Spacey and former President Bill Clinton.
  • Read more stories like this on Business Insider.

The high-profile ties of billionaire financier Jeffrey Epstein have resurfaced following his reported arrest on suspicion of sex trafficking on Saturday in New York City.

Epstein, who rose to prominence in the finance sector of his native New York City, emerged in the early 2000s as a self-described "collector" of famous and powerful friends. 

Multiple profiles and reports from over the years detailed Epstein's active philanthropy and social life that kept him among the ranks of New York's elite. One such report detailed his financing of travel to Africa with former President Bill Clinton and actor Kevin Spacey.

Epstein's private plane took President Bill Clinton, actor Kevin Spacey, and comedian Chris Tucker to Africa to tour HIV/AIDS project sites, New York Magazine said in 2002, citing Page Six.

This was one instance of Epstein getting friendly with Clinton, as the former president would take several flights on Epstein's private plane in 2002 and 2003, according to logs obtained by Gawker in 2015.

Read more: Meet Jeffrey Epstein, the billionaire financier arrested for alleged sex trafficking who's rubbed elbows with Donald Trump, Bill Clinton, and Kevin Spacey

Clinton lauded Epstein to New York Magazine as "a committed philanthropist" and said he enjoyed Epstein's "insights and generosity" during the trip.

"Jeffrey is both a highly successful financier and a committed philanthropist with a keen sense of global markets and an in-depth knowledge of twenty-first-century science," Clinton said through a spokesman. "I especially appreciated his insights and generosity during the recent trip to Africa to work on democratization, empowering the poor, citizen service, and combating HIV/AIDS."

The meeting seemed to be by design, as Epstein said in 2002 that his elite social circle was a "collection" that he invested in.

"I invest in people, be it politics or science," Epstein said. "It's what I do."

Clinton wasn't the only president who has been friendly with Epstein. Donald Trump, who at the time was a prominent New York-based real estate developer, gushed to the magazine about Epstein, who he mentioned liked women "on the younger side."

"I've known Jeff for fifteen years," Trump told the magazine at the time. "Terrific guy. He's a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side."

Trump's comment came around the same time prosecutors allege Epstein routinely abused young girls.

Read more: 

Jeffrey Epstein: Trump once praised billionaire charged with sex trafficking minors for liking women 'on the younger side'

Jeffrey Epstein has reportedly been arrested and charged with sex trafficking of minors

Two billionaires with close ties to Trump are embroiled in salacious scandals this week

Join the conversation about this story »

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Deutsche Bank is cutting 18,000 jobs, exiting the stock sales and trading business, and shuffling leadership in a 'radical transformation'

Sun, 07/07/2019 - 12:45pm  |  Clusterstock

  • Deutsche Bank announced that as part of a "radical transformation," it's cutting 18,000 jobs by 2022.
  • The bank says it's dropping its stock sales and trading unit, and creating a new "Corporate Bank" to focus on commercial and corporate clients. 
  • The bank also announced that Chief Regulatory Officer Sylvie Matherat and retail head Frank Strauß will be leaving the company.
  • Read more stories like this on Business Insider's homepage.

Germany's struggling Deutsche Bank says it will cut 18,000 jobs by 2022 in a sweeping restructuring it's calling a "radical transformation" aimed at restoring consistent profitability and improving returns to its shareholders.

The Frankfurt-headquartered bank said Sunday it would drop its stock sales and trading unit as part of a plan to exit more volatile investment banking activities.

It says it will also bundle 74 billion euros of assets into a separate unit for disposal, freeing capital reserves to pay for the restructuring.

The job cuts would reduce the workforce to 74,000. The restructuring intends to take out 6 billion euros in costs.

The bank also announced that Chief Regulatory Officer Sylvie Matherat and retail head Frank Strauß will be leaving the company.

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

Deutsche Bank has struggled with regulatory penalties and fines, weak profits, high costs, and a falling share price.

In a statement, the bank's CEO Christian Sewing said, "This is a restart for Deutsche Bank – for the long-term benefit of our clients, employees, investors and society."

"In refocusing the bank around our clients, we are returning to our roots and to what once made us one of the leading banks in the world," he continued.

SEE ALSO: Deutsche Bank is reportedly considering up to 20,000 job cuts — which could affect more than 1 in 6 workers

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Uber's CEO says elderly people are fueling its efforts to ramp up food delivery in Japan (UBER)

Sun, 07/07/2019 - 11:09am  |  Clusterstock

  • Elderly people are behind Uber's move into food delivery in Japan.
  • CEO Dara Khosrowshahi told Bloomberg that Eats has been a huge success for Uber in the country.
  • Still, Japan is one of six countries where Uber has struggled to gain ground for its flagship taxi business.
  • Visit Business Insider's homepage for more stories.

When Uber filed to go public earlier this year, the company told investors there were six countries on its to-do list.

Among those nations where the ride-hailing giant has struggled to gain a foothold is Japan. Now, however, Uber may have found an unusual way in.

Chief executive Dara Khosrowshahi told Bloomberg on Thursday that elderly people are some of the company's most eager Uber Eats deliverers in the fledgling market.

"The elderly are actually signing up for Eats couriers," he said. "Eats has been a huge success for us in Japan. It is going to be a very effective introduction to the Uber brand."

His comments echo what the company has said about its food delivery businesses going back before its IPO, when it pitched the product to investors as one of the many levers it could pull to eventually begin turning a profit.

Yet Japan, alongside South Korea, Germany, Argentina, Spain, and Italy, have long been headaches for Uber's primary flagship taxi business. Most recently, the company has signaled plans to operate through partnerships with cab companies, and thus potentially avoid the conflict with taxi drivers encountered in most every other country where it's set up shop.

Uber Eats is also facing headwinds as delivery workers, like many of their counterparts around the world, seek to unionize in Japan in order to gain collective bargaining rights that they do not posses in their current status as independent contractors.

"It will take time, but we like what we see in terms of the potential of the market," Khosrowshahi said. "The innovations that we are going to make in taxi here are going to carry around the world."

More Uber Eats news:

SEE ALSO: From food delivery to self-driving cars, here's how all of Uber and Lyft's side-businesses compare

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4 credit cards that insure your cell phone to pay for repairs or replacement

Sun, 07/07/2019 - 11:00am  |  Clusterstock

  • Cell phones are getting more expensive as they get more powerful, meaning we're carrying around a good chunk of cash every day.
  • Most people are pretty hard on their phone. They fall out of our pockets, get wet, and get stepped on.
  • No one wants to pay extra for unnecessary insurance, so keep in mind credit cards like the Chase Ink Business Preferred Credit Card and the Wells Fargo Propel American Express® Card, which offer cell phone insurance coverage as an included benefit.

For many of us, our cell phones are one of the most expensive things we own — and also something that we carry almost everywhere we go. This combination means that breaking one or having one stolen at some point is highly likely — and a significant financial blow.

While credit card purchase protection can cover a new phone for the first few months, they often only work if the phone is purchased all at once instead of with installment payments, and doesn't provide any protection once that 60, 90, or 120 day period ends. Homeowners' or renters' insurance may cover theft, but not accidental damage, and often have high deductibles. And insurance plans like AppleCare+, Squaretrade, or coverage purchased through a cell phone company have monthly fees that add up quickly over time.

I've got some good news for you, though — there are credit cards that will provide complimentary cell phone coverage just for paying your phone bill with that card! While these aren't necessarily the most rewarding cards in terms of points or cash back earned on your purchase, the value of free cell phone insurance can easily outweigh the points you're giving up using one of these cards.

Important: Don't take legal advice from a website — make sure you read the full terms and conditions before relying on a credit card to protect your cell phone. For example, all of the cards highlighted here exclude phones on pre-paid service plans.

Chase Ink Business Preferred

If you have a small business, the Ink Business Preferred is a no-brainer — in addition to providing up to $600 in coverage (subject to a $100 deductible), you'll also earn three Chase Ultimate Rewards points for every dollar you spend on your phone bill. This card covers damage and theft. There's no limit on the number of phones covered, and they'll accept up to three claims every 12 months.

Besides your phone bill, the Ink Business Preferred also earns three points per dollar spent on travel, shipping, internet, and cable bills, and advertising purchase, up to $150,000 in purchases per year. These points can be transferred to travel partners like United, Southwest, and Hyatt, or redeemed directly for travel purchases at a rate of 1.25 cents per point.

The card also includes trip cancellation/interruption insurance, primary car rental coverage, and purchase protection, and has a $95 annual fee.

Uber Visa Card from Barclays

If you don't have a small business, or you're not looking to pay an annual fee, the Uber Visa Card from Barclays is a great alternative. It also covers up to $600 per claim for an unlimited number of phones, with a deductible of just $25 — though you can only get reimbursed for up to two claims every 12 months.

Although the Uber Visa offers 4% cash back on dining, 3% cash back on airfare and lodging, and 2% cash back on online purchases, you'll likely only earn 1% cash back on your telephone bill.

All Wells Fargo personal credit cards

Wells Fargo is the largest bank we're aware of that offers cell phone insurance as a standard benefit on all of its personal credit cards. Like the Uber Visa card, you'll be covered for up to $600 per claim with a $25 deductible, and you can file a maximum of two claims every 12 months.

The points you earn will, of course, vary depending on which Wells Fargo card you have. For example, if you use the Wells Fargo Propel American Express® Card, you'll earn one point for every dollar spent on your phone bill, but three points per dollar spent on travel, dining, gas stations, and select streaming services like Netflix and Spotify. Unlike the Ink Business Preferred, these  The Wells Fargo Cash Wise Visa® Card will get you 1.5% cash back on all purchases.

Citi Prestige

When Citibank announced changes to its flagship Citi Prestige card in January, they said to expect cell phone insurance for damage and theft starting in May 2019. However, we don't yet have any details beyond that.

You'll earn 1 Citi ThankYou point for every dollar spent on your phone bill with this card, but its benefits go well beyond that for other purchases — this card offers five points per dollar spent on airfare and dining, and three points per dollar spent on cruises and hotels. Like the Ink Business Preferred, these points can be transferred to airline partners — mostly foreign airlines like Singapore Airlines, Avianca, and Air France/KLM, but if you need to travel domestically, you can use those programs to book flights on their US partners.

You'll also get significant travel perks like a $250 annual travel credit, a 4th Night Free discount on hotels booked through the ThankYou travel website (up to two free nights per year), Priority Pass for airport lounge access, a Global Entry/TSA PreCheck enrollment credit, trip delay and cancellation insurance, and missed event protection.

How to use this coverage

The specifics will vary a bit depending on the bank, but typically you can expect to open a claim with their third-party benefits administrator over the phone.

Then you'll need to submit various documents (by fax or a secure portal) including proof that you paid your phone bill with the card in question; evidence that the damaged or stolen phone was attached to that account; a police report (typically filed within 48 hours) in cases of theft; and an estimate or receipt for repair or replacement.

So before something happens to your phone, make sure that the specific device you're using appears on your carrier's website, and that you're paying the entire phone bill with the credit card in question.

If you already have one of these credit cards that offers cell phone protection, paying your phone bill with that card is an easy win — even if you earn fewer points than you might on another credit card, being able to get reimbursed up to $600 if your phone breaks or gets stolen is worth far more.

If you don't already have one of these cards, the Ink Business Preferred is an excellent option for small business owners, while the Uber Visa Card is a solid choice for individuals. If you're a frequent traveler, the Citi Prestige is a good option.

Learn more about the Chase Ink Business Preferred from our partner The Points Guy » Learn more about the Wells Fargo Propel from our partner The Points Guy »

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