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☆ BofA banker whose death shook Wall Street was looking for new job and willing to take a lower salary for better hours, recruiter says: report
▼ + stars: | 2024-05-16 | by ( Kelsey Vlamis | Reed Alexander | ) www.businessinsider.com time to read: +3 min

Related storiesA new report from Reuters released Wednesday raised more questions about the hours Lukenas may have been logging leading up to his untimely death. Walters said Lukenas told him he was putting in more than 100 hours a week at Bank of America. "He made a comment saying like, 'Hey, I'll trade hours of sleep for a 10% (pay) cut,'" Walters told Reuters. Walters said he told Lukenas that was excessive, even by Wall Street's standards. Prior to Lukenas' death, he had been participating on deal work related to UMB's $2 billion all-stock acquisition of Heartland Financial USA — a transaction that was announced in late April.

Persons: —, Wall, Leo Lukenas III, Lukenas, Douglas Walters, Walters, GrayFox Organizations: Service, of America, Army, Bank of America, Business, Reuters, New, Office, GrayFox, BI, Heartland Financial, Vets Locations: New York

☆ Budget-minded homebuyers should look in these 23 cities where down payments are plummeting, even in an unaffordable housing market
▼ + stars: | 2024-05-16 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Affordability remains a headacheHome affordability has taken a huge hit since the pandemic as mortgage rates, property prices, and — by extension — down payments have surged. Mortgage rates have since more than doubled at over 7%, and houses cost over $70,000 more at $332,000. The 30-year fixed mortgage rate is now roughly triple the 2.7% rate it was at in early 2021. The savings rate in the late 2010s was around 6.5% of disposable income, and it spiked early in the pandemic due to a surge of government stimulus. 23 cities where down payments are down meaningfullyAlthough affordability is limited as mortgage rates, home prices, and down payments have risen, there are still dozens of cities where the cost of buying a house is headed lower.

Persons: —, Hannah Jones, Realtor.com, Freddie Mac, they'd, Jones Organizations: Service, Business Locations: Realtor.com

☆ Neither Russia nor China wants the Ukraine war to end, but for different reasons
▼ + stars: | 2024-05-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewRussian President Vladimir Putin is on a two-day visit to China, and he's bringing along a large trade delegation. But Russia has also become increasingly reliant on China since it started the war in Ukraine. For instance, Russia is now "exporting raw materials to China while China sends finished goods, especially cars, to Russia — the latter at the expense of Russia's indigenous auto industry," she added. However, some analysts say China has more to gain from a continuing war. China and Russia are forging a partnership increasingly reminiscent of a great power alliance," wrote Michta.

Persons: —, Vladimir Putin, It's, Putin, Xi —, Michta, Russia —, Europe —, China's Organizations: Service, Business, Center for, Bilateral, West, Center, Global Energy, Columbia University, Kyiv —, US Army Locations: China, Russia, Ukraine, Moscow, Siberia, Europe, Beijing

☆ The US Secretary of State gave a war-time rock performance at a bar in Kyiv, leaving some Ukrainians scratching their heads
▼ + stars: | 2024-05-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +7 min

Slinging a crimson electric guitar onto his shoulder, Blinken told the crowd he knew they were facing a "really, really difficult time." So much of the world is with you and they're fighting not just for a free Ukraine, but for the free world. "For ten years, we've been explaining to the free world that we are defending it too," he wrote. Residents self-evacuate from a multi-story residential building hit by a Russian UMPB D-30 glide bomb on May 14, 2024 in Kharkiv, Ukraine. The lyrics of "Rockin' in the Free World" are often seen as a criticism of American patriotism and George H.W.

Persons: —, Antony Blinken, Neil Young's, Blinken, Ukraine, Antony, Muddy Waters, Bohdan Yaremenko, Trump, he's, we've, Oleg Simoroz, Valeriy, it's, Matviyenko, Yevhen, Oleksandr Syrskyi, Illia Ponomarenko, George H.W, Bush, Donald Trump, Sen, Bernie Sanders, Biden Organizations: Service, Business, U.S, US State Department, Blinken, Music Diplomacy Initiative, Facebook, AFP, Ukrainian NGO Agency, Getty Images, Ukrainian, Ukrainian Armed Forces, Kyiv, Guardian, Los Angeles Times, Soviet Union, State Department Locations: Kyiv, Ukraine, Russian, Kharkiv, United States, Muddy, Ukrainian, Russia, KABs, Sumy, Getty Images Russia, Polina, Soviet

☆ Four dead in New Caledonia riots as France declares state of emergency
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +1 min

France declared a state of emergency on the Pacific island of New Caledonia on Wednesday after three young indigenous Kanak and a police official were killed in riots over electoral reform. The state of emergency, which entered into force at 5 a.m. local time (1800 GMT), gives authorities additional powers to ban gatherings and forbid people from moving around the French-ruled island. Police reinforcements adding 500 officers to the 1,800 usually present on the island, have been sent after rioters torched vehicles and businesses and looted stores. "No violence will be tolerated," said Prime Minister Gabriel Attal, adding that the state of emergency "will allow us to roll out massive means to restore order." He later signed a decree declaring a state of emergency that will last for 12 days and announced that French soldiers would be used to secure New Caledonia's main port and airport.

Persons: Gabriel Attal Organizations: French Gendarmerie, Police, Authorities Locations: French, Tir, Noumea, New Caledonia, France, Kanak, Paris

☆ A new mantra for AI models: 'good enough' is good enough
▼ + stars: | 2024-05-16 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +5 min

In particular, it beat OpenAI's GPT 3.5, a model that was released two years earlier, an eternity in AI years. This new, leaner model will cost users only 35 cents per million tokens, compared with $7 per million for the Gemini 1.5 Pro model. But it remains to be seen if state-of-the-art is actually a good business model. said the founder and CEO of one seed-stage startup that's training new AI models, "but then, you know, as businesses, what you also want to do is what is good enough." As AI models get bigger and gobble up more money and computing resources, there are often diminishing returns in terms of performance.

Persons: —, Databricks, Ali Ghodsi, Ghodsi, Claude, it'll, Morgan Stanley, Martin Kon, Kon, OpenAI Organizations: Service, Business, Companies, Google, Gemini, Microsoft, Apple

☆ After 3 years in Thailand, I moved back to New York. It didn't feel like home anymore, so I took off again.
▼ + stars: | 2024-05-16 | by ( Elizabeth Lavis | ) www.businessinsider.com time to read: +6 min

Read previewAs I tucked into a bowl of wisp-thin Thai rice noodles studded with bok choy and sprinkled with fried garlic, all I could do was wax poetic about Buffalo wings. My favorite basket always came from a local dive bar in Western New York, 15 miles from Niagara Falls. I missed reliable transportation, manageable bugs, the change of seasons, my friends and family, and the Great Lakes comfort food I'd been pining for. I even realized that my definition of comfort food had changed. AdvertisementWhen I left for Thailand almost a decade ago, I imagined that I'd be going back to my "real life" after six months.

Persons: —, bok choy, Chang, Garth Brooks, Reuben, Koh Samui, I'd, who's, Uber, Costa Rica Elizabeth Lavis, gallo pinto Organizations: Service, Business Locations: Western New York, Niagara Falls, Thailand, Buffalo, Gulf, Thai, Laos, Costa Rica, Coast, Linzano, Bangkok

☆ How Google CEO Sundar Pichai shook up his leadership team for the AI era
▼ + stars: | 2024-05-16 | by ( Hugh Langley | ) www.businessinsider.com time to read: +11 min

It came almost 12 months after Google combined two key AI groups, DeepMind and Google Brain. Google's AI MVPGoogle DeepMind CEO Demis Hassabis GoogleDemis Hassabis might be the most important person at Google right now. Then, in April last year, Pichai announced he would merge DeepMind with Google's in-house AI unit, known as Brain, into a supergroup named Google DeepMind. Reid reports directly to Raghavan, the ads and search senior vice president, and is shepherding a dramatic transition of Google Search. Fears of chatbots eating into Google's search dominance have yet to be realized, giving Google time to reinvent its most hallowed product.

Persons: —, Sundar Pichai, Pichai, Susan Wojcicki, Demis, Hassabis, Larry Page, DeepMind, OpenAI, it's, accrues, ED JONES, Rick Osterloh, Sameer Samat, he'll, Hiroshi Lockheimer, Osterloh, Prabhakar Raghavan, Siri, Tim Cook, Hiroshi, SAJJAD HUSSAIN, Liz Reid, Reid, Raghavan, Pandu Nayak, Venkatachary, It's, chatbots, Bernstein, Mark Shmulik Organizations: Service, Google, Business, Google's, BI, Research, Hassabis, Android, Apple, Apple's Vision, CNBC, Google Local Locations: Raxium

☆ Billionaire real estate investor Frank McCourt wants to buy TikTok — but he's not interested in the algorithm
▼ + stars: | 2024-05-16 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewReal estate mogul Frank McCourt is the latest person to raise his hand to try to acquire TikTok's US business. Related stories"We thought this was a really fantastic opportunity to accelerate the creation of an alternative internet," McCourt told the Associated Press. McCourt wants to change TikTok's basic business to an open-source model that allows users and creators more control over their data. McCourt told the New York Times that he doesn't want the algorithm. "We doubt very much that China would sell TikTok with the algorithm," McCourt told the Times.

Persons: —, Frank McCourt, McCourt, Kirkland, Ellis, TikTok, Forbes, Tim Berners, Lee, TikTok . McCourt, Eric Schmidt, Steven Mnuchin, he's Organizations: Service, Guggenheim Securities, Business, Associated Press, Liberty, Los Angeles Dodgers, Big Tech, New York Times, Times Locations: China

☆ Elon Musk axed the entire Tesla Supercharger team after their division chief defied orders and said no to more layoffs
▼ + stars: | 2024-05-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewTesla CEO Elon Musk made the snap decision to fire the entire Supercharger team after its division chief refused to make further layoffs happen, Reuters reported on Wednesday. The billionaire said in an email to staff on April 29 that he was dissolving the entire team behind Tesla's charging infrastructure, per The Information. AdvertisementRepresentatives for Tesla, Musk, and Tinucci didn't respond to Reuters' request for comment. The Tesla chief moved quickly to assuage concerns, and assured investors that Tesla's Supercharger network isn't going anywhere. A slowdown in the rollout of Tesla's charging infrastructure would thus be a setback for Biden's clean-energy agenda.

Persons: —, Elon Musk, Musk, Rebecca Tinucci, Tinucci, Tesla's, Tesla, Mercedes Benz, haven't, Aaron Luque, Joe Organizations: Service, Reuters, Bloomberg, Business, Tesla, The, Motors, Ford, Politico, BI

☆ I'm an American mom living in Germany. Here schools days are shorter and there are more vacations throughout the year.
▼ + stars: | 2024-05-16 | by ( Naomi Kaye Honova | ) www.businessinsider.com time to read: +4 min

Read previewI'm an American living in Germany with my family, and it's been fascinating to observe the differences in elementary school between the US and Germany. German elementary school is 4 yearsIn Germany, kids go straight from preschool (which is called Kindergarten in Germany) to elementary school; there is no year of Kindergarten as Americans know it. German elementary school ends in fourth grade. AdvertisementThere are many more short-term vacationsFor many kids in Germany, the elementary school day is very short compared to an American school day. When I drop my younger kids off at preschool, I see hordes of elementary school kids en route to school sans grownups.

Persons: —, I've, you'll, doesn't Organizations: Service, Business, School, — Locations: Germany, Bavaria

☆ Trump is going out of his way to defend Kristi Noem for shooting her dog, saying she's just 'had a bad week'
▼ + stars: | 2024-05-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

But former President Donald Trump says he isn't too bothered by the bad press. "She had a bad week. We all have bad weeks," Trump said. AdvertisementFormer President Donald Trump doesn't appear to be too bothered by the criticism surrounding South Dakota Gov. She had a bad week.

Persons: Kristi Noem, Donald Trump, Trump, —, Donald Trump doesn't, Kristi Noem's, there's, Clay Travis, Buck Sexton Organizations: South Dakota Gov, Service, South Locations: South Dakota

☆ Samsung just released a 43-second response to the 'crush' ad Apple was lambasted for last week
▼ + stars: | 2024-05-16 | by ( Sarah Gray | ) www.businessinsider.com time to read: +1 min

Samsung released a 43-second response to Apple's lambasted "crush" advertisement. Apple's advertisement for its new iPad Pro received swift backlash last week. Samsung's ad seems to pick up where Apple's left off amid crushed creative tools and a hydraulic press. That's Samsung's message in a new spot that trolls Apple's iPad Pro "crush" ad, which caused an internet meltdown last week. In Apple's ad, creative tools — paint, instruments, etc.

Persons: Apple's, —, Katie Notopoulos Organizations: Samsung, Pro, Service, Business

☆ Google's AI updates could spark chaos for web creators — and be a death blow for some startups
▼ + stars: | 2024-05-16 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Google's new AI products may be making some start-ups nervous. An AI-enhanced Google Search and email assistant could threaten smaller AI companies. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGoogle has new AI products — and they might be making some start-ups nervous. The announcements were followed by social media chatter claiming Google's new launches would "kill" email and browser-based agents, including Perplexity AI.

Persons: — Organizations: Service, Google, Business

☆ One type of Ukrainian drone is responsible for 80% of successful strikes on Russian oil refineries: report
▼ + stars: | 2024-05-15 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +1 min

Ukraine's Liutyi drones are behind 80% of strikes on Russian oil refineries, according to a report. Developed without state backing, the Liutyi drone had a challenging start in 2023. But it's now the main weapon in an increasingly potent strategy targeting Russian oil facilities. AdvertisementA Ukrainian-developed long-range drone is responsible for the vast majority of the country's successful strikes on Russian oil refineries, according to a new report. The Liutyi drone was developed as Ukraine's answer to the inexpensive but deadly Shahed exploding drone, which Russia has launched in waves against Ukrainian military and civilian infrastructure, Ukrainska Pravda reported.

Persons: it's, — Organizations: Service, Ukrainian, Ukrainska Pravda, Business Locations: Russia

☆ Russia's defense ministry is now helmed by an economist, showing Putin's 'nerds' are performing better than his 'jocks': analyst
▼ + stars: | 2024-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian President Vladimir Putin's top economic officials are outshining those in his military, wrote an analyst. In contrast, Russia and Ukraine are fighting a war of attrition when Putin had expected a quick victory. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia's President Vladimir Putin on Sunday appointed Andrei Belousov, a civilian economist with no military experience, as the country's defence minister. It shows Russia's wartime economy is here to stay and that Putin expects the country's military-industrial complex to be a key pillar of the economy.

Persons: Vladimir Putin's, Putin, —, Vladimir Putin, Andrei Belousov, brawns Organizations: Service, Sunday Locations: Ukraine, Russia

☆ An interior designer from Crate and Barrel gave my living room a virtual $21,000 makeover. Photos show the dramatic difference.
▼ + stars: | 2024-05-15 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

I booked a consultation with Crate & Barrel's Design Desk to revamp my living room. Crate & Barrel's CEO credits the Design Desk with driving more business to the brand. I got personalized design help, product recommendations, and a 3D model of my space for free. I also learned about the Design Desk service offering free interior design consultations, which Crate & Barrel's CEO, Janet Hayes, has credited with driving more business to the brand. This story is available exclusively to Business Insider subscribers.

Persons: —, Janet Hayes Organizations: Service, Barrel's, Business

☆ Instagram co-founder Mike Krieger joins Amazon-backed Anthropic
▼ + stars: | 2024-05-15 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

Instagram co-founder Mike Krieger will join artificial intelligence firm Anthropic as chief product officer, the company announced Wednesday. He and Instagram's other co-founder, Kevin Systrom, most recently built the personalized news app Artifact and sold it to Yahoo. Around this time last year, Anthropic had only rolled out the first version of its chatbot without any consumer access or major fanfare. News of Krieger's hiring follows Anthropic's debut of its first enterprise offering and iOS app earlier this month. And in March, Anthropic announced Claude 3, a suite of AI models that it says are its fastest and most powerful yet.

Persons: Instagram, Mike Krieger, Anthropic, Krieger, Kevin Systrom, OpenAI's, Claude, Mike, Daniela Amodei, It's, it's Organizations: Meta, Yahoo, Google, CNBC

☆ Netflix inks a 3-year deal with the NFL to show football games
▼ + stars: | 2024-05-15 | by ( Peter Kafka | ) www.businessinsider.com time to read: +1 min

Netflix announced a three-season deal with the NFL. The streamer will show two NFL games on Christmas this year. AdvertisementNo more wondering if Netflix is going to show real live sports: The streamer now has a three-season deal with the most popular sports league in America — the NFL. Netflix will show two NFL games on Christmas Day this year, plus "at least one" game on Christmas in 2025 and 2026, the company and the NFL announced Wednesday. The deal will cost Netflix "less than $150 million per game," Bloomberg reports.

Persons: — Organizations: Netflix, NFL, Service, America —, Bloomberg, Business Locations: America

☆ I moved to NYC from Ukraine for a tech job. Here are 3 main differences in America's work culture.
▼ + stars: | 2024-05-15 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +7 min

In 2016, I was offered a role as a director of product design at a New York tech startup called UpTop. How I got a job at a New York tech startupI studied business law at college in Ukraine but decided I wanted to follow my passion and become a designer. I worked at three other companies in Ukraine before moving to the US, doing UX and product design. In the US, I feel that big companies are developing original ideas and patents, while in Ukraine, the biggest tech companies provide consultancy services. As a product design director at UpTop, I could choose which features to research and test and decide how a certain feature would be implemented.

Persons: —, Yaroslav Zubko, I'd, hadn't, I've, UpTop, it's, Tinder Organizations: Service, Business, Zubko, Deloitte Locations: New York, Ukraine, America, UpTop, Tinder, SoftServe, Ukrainian

☆ Peloton's demise is another in a long line of failed fitness fads
▼ + stars: | 2024-05-15 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

Peloton isn't going under imminently, but let's be real here: No fitness fad lasts forever. While there was a lot that went wrong, the long and short of it is that Peloton failed to read the room on its pandemic popularity. "It's not that Peloton isn't a good business model; it's that it simply isn't a mass product but more of a niche, luxe one," she said. Investors have soured on the company, and Peloton's once $50 billion market cap has fallen to under $2 billion. It also has to contend with the gym, which has all sorts of classes and fitness equipment that let people mix things up, including, in many cases, Pelotons or other connected-fitness devices.

Persons: I've, Tae, monthslong, Rina Raphael, Simeon Siegel, It's, That's, Siegel, Paul Golding, it's, Golding, there's, Raphael, Natalia Mehlman Petrzela, Emily Stewart Organizations: Private, BMO Capital Markets, Macquarie Capital, Google, YouTube, New School, Facebook, Business Locations: COVID, unsubscribing, Barre, America

☆ Uber will now let you book a shuttle to the airport
▼ + stars: | 2024-05-15 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Uber wants to make it cheaper to get a ride to the airport, concerts or sporting events. The rideshare company on Wednesday announced the launch of Uber Shuttle, an offering that will let users book up to five seats in a shuttle from a central location to an event or the airport – for less than the cost of a regular Uber ride. The cost of the shuttle rides won’t be affected by surge pricing, a common affliction when lots of people are looking for rides at the same time. Uber has previously rolled out early shuttle tests, including in India, and as an offering for corporate customers. Uber Shuttle will let riders book up to five seats in a shuttle to the airport or a concert or sporting event, for less than the cost of a regular Uber ride.

Persons: New York CNN — Uber, Uber, Dara Khosrowshahi, Camiel Irving Organizations: New, New York CNN, Wednesday, Uber Shuttle, Costco, Lyft Locations: New York, India, Chicago, Pittsburgh, Charlotte, Miami, New York City, Los Angeles, San Francisco, San Diego, Atlanta, Canada

☆ Pinterest CEO Bill Ready goes one-on-one with Jim Cramer
▼ + stars: | 2024-05-15 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPinterest CEO Bill Ready goes one-on-one with Jim CramerPinterest CEO Bill Ready joins 'Mad Money' host Jim Cramer to talk user trends it is seeing, integrated shopping on the app, user demographics and more.

Persons: Bill Ready, Jim Cramer

☆ Uber announces shuttle rides, features for caregivers and Costco perks
▼ + stars: | 2024-05-15 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Here are the key new offerings the company announced: Uber ShuttleZoom In Icon Arrows pointing outwards Review trip screen for Uber Shuttle Courtesy: UberRiders looking for a more affordable way to get to the airport, work and live events, such as sports games and concerts, can reserve seats on an Uber Shuttle. Uber said the shuttle services employ commercially licensed drivers, and users can tip and rate them directly within the Uber app. Costco on Uber EatsZoom In Icon Arrows pointing outwards Costco on Uber Eats Courtesy: UberUber said Costco will be available as an on-demand option within Uber Eats in select locations across the U.S. starting Wednesday. Costco members can enter their member numbers in the Uber Eats app and are eligible for 20% off of Uber One, the company's subscription membership. Uber One for StudentsZoom In Icon Arrows pointing outwards Uber One for Students Courtesy: Uber

Persons: Uber, Dara Khosrowshahi, Ilya S, San Diego Organizations: GE, Chelsea Industrial, Savenok, Getty, Wednesday, Uber, Medicare, Costco, U.S, nonmembers Locations: New York City, Chicago , Pittsburgh, Charlotte, N.C, New York, San Francisco , Los Angeles, Chicago, Atlanta, San

☆ Google's Android chief says AI will change what smartphones can do and reset the battle with Apple for mobile supremacy
▼ + stars: | 2024-05-15 | by ( Alistair Barr | ) www.businessinsider.com time to read: +5 min

This job also includes Android TV, Android Auto, and new augmented and mixed-reality technology. With Google's new Gemini AI models, "we can do things that have never been possible on smartphones," he added. The "System UI" levelThis is possible because Google has baked Gemini AI models and assistant technology into the "System UI" level on Android devices. However, he stressed that this doesn't mean the company can't build unique experiences on Android devices, including many new AI experiences. This works through a combination of Google Search, Gemini AI technology, and Android — something that's not possible on any other platform, Samat said.

Persons: —, Sameer Samat, Zak Brown, Samat, He's, It's, Gemini Organizations: Service, Google, Android Ecosystems, Android, Android Auto, Business, Apple, Samsung, Gemini

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