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The market cap for stablecoins — cryptocurrencies that promise a fixed value peg to another asset — has recently reached all-time-high levels after a sharp drop in 2023. Monthly payments in stablecoins tripled to $1.4 trillion in the 12 months leading up to July. This could have investment implications for Robinhood down the road, he added, as it "continues integrating stablecoins for crypto trading & cross-border transfers." Crypto investors watch stablecoins closely for evidence of demand, liquidity and activity in the market. PayPal last year launched its own dollar-backed stablecoin, while Visa has been supporting stablecoin payments and Mastercard is supporting stablecoin wallets and other crypto card programs.
Persons: , Bernstein, Gautam Chhugani, Kevin Dede, Wainwright, Dede, Goldman Sachs, Wells, Rob Goldstein, Michael Bloom Organizations: H.C, JPMorgan, PayPal, Visa, Mastercard, BlackRock, New, Financial Locations: New York City, Boston, New York
Here are Friday's biggest calls on Wall Street: Raymond James initiates Arm as outperform Raymond James said the semis company is well positioned for AI. Citi downgrades Capri Holdings to neutral from buy Citi said the risk/reward is more balanced for the owner of brands like Michael Kors. UBS reiterates Oracle as buy UBS raised its price target on the stock to $200 per share from $175. The feedback on Oracle's top-line growth was overall positive..." UBS reiterates PNC as buy UBS said the bank is a high conviction idea. " Citi resumes Eli Lilly as buy Citi resumed coverage of the stock and says it's well positioned.
Persons: Raymond James, Jefferies, SLG, CFRA, it's, datopotamab, Michael Kors, haven't, Morgan Stanley, EQT, Citi, Eli Lilly, Lilly, Tesla, BEV, Wells Organizations: Arm Holdings, ARM, Citi, Green, Kroger, Macquarie, Rio Tinto, Deutsche Bank, AstraZeneca, Deutsche, Capri Holdings, Barclays, Garmin, GM, BMO, GE, UBS, Oracle, Oracle's, PNC, JPMorgan, Netflix, JPMorgan downgrades Moderna, Nvidia, NVIDIA Locations: GenAI, New York, Rio, RIO, Las Vegas
Read previewThis as-told-to essay is based on an interview with Karen Osman, a 45-year-old author based in New York City. We knew we'd have more stability if we moved to New York City. Three months later, we were living in New York City. Apartments in New York City are more expensive than in Dubai. New York City is a writer's paradise.
Persons: , Karen Osman, it'd, we've, I've Organizations: Service, UAE, Business, Facebook, Social, New, American Museum of, Dubai Locations: New York City, Dubai, We'd, Dubai Marina, New York, UAE, London, Central, Europe
After spending a few months researching places to live, New York City — the borough of Brooklyn in particular — stood out. "Cities like Boston that used to seem affordable are feeling just as expensive as New York City for a fraction of the experience," she added. Rent in New York City and Boston can vary considerably depending on where one looks, but New York is generally more expensive. The median rent for a one-bedroom apartment in New York City is $3,300 compared to $2,600 in Boston, per Zillow. AdvertisementAside from housing, White said one of the most expensive parts about living in New York City is the costs that come with having a social life.
Persons: Jillian White, White, , Georgia —, she's, it's, Boston — Organizations: Service, New, Boston University, Business, Apple, New York City —, Boston Locations: New York City, Boston, , New York City, Brooklyn, Brooklyn's Bedford, Stuyvesant, Cities, York City, New York, Florida , Texas , California, North Carolina, Georgia, NYC, York, White, Beacon Hill, Seaport, Fenway, Manhattan
While most people wouldn't decline a backup option in another country, the process of obtaining a secondary passport can be quite complicated — and expensive. Business Insider spoke to Judi Galst, who manages Henley & Partners' New York office, about the general steps required to get a secondary passport. AdvertisementThe specific requirements vary by country, Galst said. Countries like Spain are slow for citizenship approval, but have a relatively quick path to residence through investment, Galst said. The Caribbean has the lowest cost, and it requires a $200,000 contribution or $300,000 investment in real estate per application.
Persons: , Judi Galst, Galst Organizations: Service, Henley & Partners, Business, Henley, Partners, New, FBI, Security Locations: New York, Antigua, Portugal, Spain, Caribbean, Maltese, Malta
Google's new NYC office does not have the iconic ping-pong tables found in Silicon Valley, according to a new tour video. The 1.2 million square foot office, opened in February, sits atop a 1930s rail terminal. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementIf you're planning to visit Google's newly opened New York office, don't bother packing your paddles. Unlike its Silicon Valley location, the company's latest office doesn't have any of its classic ping-pong tables.
Persons: Organizations: Global Business Organization, Service, Business Locations: Silicon Valley, New York
You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe number of Americans seeking secondary passports continues to surge, according to global citizen firm Henley & Partners. She said interest in secondary passports has grown globally in the last few years, and it started with the pandemic. Acquiring a secondary passport isn't cheap, though.
Persons: , Judi Galst, Galst, there's, it's Organizations: Service, Henley & Partners, Business, New, Defamation League Locations: New York, Antigua, New York City, Israel, Caribbean, York, Portugal
Read previewCredit card skimmers are on the rise nationwide and they're targeting the country's most financially vulnerable people. The FBI estimates that card skimming costs consumers and banks around $1 billion each year. Last year, Fair, Isaac and Company, a financial data analytics firm, found that debit card skimming grew by a whopping 96% compared to the previous year. Related storiesAuthorities nationwide say reports of card skimming and EBT fraud have increased over the past year. The New York Office of Temporary and Disability Assistance issued an EBT scam alert on July 2, warning of increases in card skimming and phishing.
Persons: , Isaac, WJXT Organizations: Service, FBI, Isaac and Company, Business, Secret Service, Police, Washington State Department of Social and Health Services, Seattle Times, Authorities, New York Office, Assistance, NY Locations: Florida, Virginia , New York
Read previewGoogle is testing a new security system that uses facial-recognition technology at its campus in Kirkland, Washington — and early reaction from Google employees in the US is mixed. The interior security cameras collect facial data and are designed to help prevent unauthorized individuals from entering Google's campus, the company said. Google said its security team uses the data to identify people who may pose a security risk. After news of the system was first reported by CNBC, Business Insider talked to Google employees at various campuses to find out what they thought about the change. A Google spokesperson said there were no known plans in place to use the security system for attendance tracking.
Persons: , Kirkland , Washington —, Kirkland, it's, they've, Chris Rackow Organizations: Service, Google, Business, CNBC, Kirkland, Google's, Amazon, National Labor Relations Board, YouTube Locations: Kirkland , Washington, Google's, Kirkland, New York, San Francisco, Google's New York, Sunnyvale, San Bruno , California, Mountain View , California
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Despite the overly concentrated market that's piled into mega-cap technology stocks, the bulk of gains are still coming from that sector. While some investors fear that part of the market is too rich, they also aren't sure where else to find their gains. "So looking forward, we're somewhat concerned about the concentration right now in the market with the tech sector of the S&P, which is up 15%; the tech sector is up 27%". You want to ensure broad exposure to infrastructure, which means looking for an ETF that holds the sector's biggest names.
Persons: , Mimi Duff, Duff, we're, it's, there's Organizations: Service, GenTrust's, Business, Infrastructure Investment, Jobs, Dev, Infrastructure, International Energy Agency Locations: York, Washington, Maryland
Read previewWhat's the most sought-after job opportunity for graduating students of top business schools like Harvard Business School, Wharton at UPenn, and Stanford's Graduate School of Business? For the 2024 CIT program, which starts this summer, Alpine received 750 applications for just 12 slots, giving it an acceptance rate of 1.6%. Related stories"You're moving from Yale Law School and Harvard Business School to Jackson, Mississippi, to run a plumbing company," Anderman said as an example. Wurtzbacher also got invaluable leadership training from Weaver, a longtime professor at Stanford's Business School and winner of the MBA Distinguished Teaching Award in 2024. The CIT program is so attractive to them because it offers a clear path to doing this by leading a company.
Persons: , Wharton, David Wurtzbacher, Wurtzbacher, Tal Lee Anderman, Graham Weaver, Weaver, JP, Graham, Anderman, they're, they've Organizations: Service, Harvard Business School, Stanford's Graduate School of Business, McKinsey, Business, Investors, Harvard, Stanford Business School, Green, Partners, CIT, Alpine's CIT, Wharton, Alpine, BI, Yale Law School, Alpine's San, Stanford's Business School, Stanford Locations: UPenn, San Francisco, Stanford, Manhattan, America, Jackson , Mississippi, Alpine's, Alpine's San Francisco, York, Carolinas, Virginia
Read previewWhat's the most sought-after job opportunity for graduating students of top business schools like Harvard Business School, Wharton at UPenn, and Stanford's Graduate School of Business? For the 2024 CIT program, which starts this summer, Alpine received 750 applications for just 12 slots, giving it an acceptance rate of 1.6%. Related stories"You're moving from Yale Law School and Harvard Business School to Jackson, Mississippi, to run a plumbing company," Anderman said as an example. Wurtzbacher also got invaluable leadership training from Weaver, a longtime professor at Stanford's Business School and winner of the MBA Distinguished Teaching Award in 2024. The CIT program is so attractive to them because it offers a clear path to doing this by leading a company.
Persons: , Wharton, David Wurtzbacher, Wurtzbacher, Tal Lee Anderman, Graham Weaver, Weaver, JP, Graham, Anderman, they're, they've Organizations: Service, Harvard Business School, Stanford's Graduate School of Business, McKinsey, Business, Investors, Harvard, Stanford Business School, Green, Partners, CIT, Alpine's CIT, Wharton, Alpine, BI, Yale Law School, Alpine's San, Stanford's Business School, Stanford Locations: UPenn, San Francisco, Stanford, Manhattan, America, Jackson , Mississippi, Alpine's, Alpine's San Francisco, York, Carolinas, Virginia
The tech website Gizmodo has been sold to a European media company, the latest brand from the publisher G/O Media to go out the door. The buyer is Keleops Media, Jim Spanfeller, G/O Media’s chief executive, told the staff in an email on Tuesday. Mr. Spanfeller did not disclose the financial details of the sale, but said that it represented “a substantial premium from our original purchase price for the site.” A G/O Media spokesman declined to comment. Mr. Spanfeller said Keleops, which is based in France and Switzerland, had agreed to keep all of Gizmodo’s staff members, who would continue working in G/O Media’s New York office “at least for the near term.”“The site’s new owners are very excited to be getting a great brand with a talented group of journalists,” he wrote in the email, which was viewed by The New York Times.
Persons: Gizmodo, Jim Spanfeller, O, Spanfeller, Organizations: Media, Keleops Media, O Media, The New York Times Locations: European, France, Switzerland, York
Tesla is rehiring some of the nearly 500 Supercharger staff members Musk fired in April as a cost-saving measure amid challenging times at the EV company, Bloomberg reported earlier this month. Advertisement"Desperate times call for desperate measures," Musk told CNBC's David Faber in May 2023. At Tesla, for example, Musk told his employees that he would personally approve all new hires, according to an email obtained by Business Insider. Musk is also known to have fired employees who disagreed with his decisions. Other former Twitter employees and executives have sued Musk, accusing him of unpaid severance pay.
Persons: , Elon Musk, Tesla, Musk, CNBC's David Faber, Lex Fridman, Walter Isaacson, Musk's, Alec Levenson, " Levenson, Spencer Platt, Levenson, that's, Weeks, Kali Hays Organizations: Service, EV, Bloomberg, Twitter, Business, SpaceX, University of Southern California Marshall Center, BI, Tesla, New York Times, National Labor Relations, NLRB, Musk's SpaceX, Twitter's Locations: York
Advertisement"Desperate times call for desperate measures," Musk told CNBC's David Faber in May 2023. On top of Tesla and X, Musk also runs SpaceX, Neuralink, AI startup xAI, and an underground tunnel company. AdvertisementAt Tesla, Musk told his employees that he would personally approve all new hires, according to an email obtained by Business Insider. Musk is also known to have fired employees who disagreed with his decisions. AdvertisementOther former Twitter employees and executives have sued Musk, accusing him of unpaid severance pay.
Persons: , Elon Musk, Tesla, Musk, CNBC's David Faber, Lex Fridman, Walter Isaacson, Musk's, Alec Levenson, " Levenson, Spencer Platt, that's, Weeks, Kali Hays, Levenson Organizations: Service, EV, Bloomberg, Twitter, Business, SpaceX, University of Southern California Marshall Center, Getty, New York Times, National Labor Relations, BI, NLRB, Musk's SpaceX, Twitter's Locations: York
The untimely death of a 35-year-old Bank of America associate has sparked a conversation across Wall Street over working conditions. "And to at least just start having those conversations as to how they can make junior bankers work life much better because it's been long overdue. At BofA, 100-plus hour weeks logged by junior bankers aren't unusual, said current and former employees, who questioned whether the firm's system for flagging excessive amounts of work was actually effective. But some junior bankers felt dismayed by an apparent lack of written communication from bank leaders about the incident, this person added. Crushing exhaustion, heightened demandsThe former BofA investment-banking analyst, who was not on Lukenas' team, quit in 2023 after two years.
Persons: Leo Lukenas III, BofA, Lukenas, it's, Goldman Sachs, Lukenas —, , UMB, Christopher Perkins, Perkins, Les Lukenas, Green, Leo, Reed Alexander, Emmalyse Organizations: Service, of America, Wall, Army, Green Beret, Special Forces, Reuters, New York Office, Business, Bank of America, Investment, Goldman, Heartland Financial, Inc, FIG, Citigroup, Veterans, BI, LinkedIn, Green Berets, Army Special Forces Locations: BofA, London, Wall, ebrownstein@businessinsider.com
The companies are asking federal courts, often with conservative, pro-business judges, to stop the agency from standing behind the more activist unions now making their lives more difficult. “The NLRB has long used the federal courts … to obtain injunctions … before the merits of an unfair labor practice case are fully evaluated,” said a statement from Starbucks. The employer doesn’t have to pay any interest, penalty or fine, to the fired workers, their union or the agency. While this is the first such case to reach the Supreme Court, other cases are emerging in which some high profile employers are challenging the agency’s right to exist. The Supreme Court’s decision is expected by the end of June.
Persons: Biden, , , , Jennifer Abruzzo, Cathy Creighton, Clinton, Elon Musk’s, Joe’s, Cornell’s Creighton, she’s, “ They’re, “ I’m Organizations: New, New York CNN, Starbucks, National Labor Relations Board, NLRB, Memphis, Cornell University’s, Industrial and Labor Relations, SpaceX, nonunion Locations: New York, Memphis, Buffalo , New York
Nine Google employees were arrested after protesting the company's contract with Israel. AdvertisementA small group of Alphabet employees' long-simmering protests against the Google parent company's work with Israel ended with more than two dozen terminations on Wednesday. Google fired 28 employees who participated in office protests in New York and California on Tuesday, the company said on Wednesday. Last month, a Google employee protesting the contract was fired for disrupting a talk in New York by the company's head of Israel. Related storiesMore than 100 people, including Google workers, protested the project outside the company's New York office in 2022.
Persons: , Israel, Santa Clara County, Chris Rackow, Nimbus, Dzanh Le, Speaks Le, Le, Hasan Ibraheem, Ibraheem Organizations: Google, Israel, Service, Amazon, New York . Police, New York Police Department, Tech, Apartheid, Hamas, BI, Sunnyvale Police, Bloomberg Locations: California, New York, Sunnyvale , California, New York City, Sunnyvale, Santa Clara, Israel, York, Google's New York City
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Chriss — who joined the long-running quant-focused multi-strategy firm in May of 2023 — is "no longer with Paloma," according to a letter sent to the firm's investors Monday. Chriss had been at Millennium for five years prior to joining Paloma and founded his own hedge fund, Hutchin Hill, in 2007. Paloma declined to comment on the rationale for his departure, and Chriss did not respond to requests for comment. But it was not all growth for Paloma while Chriss was at the helm.
Persons: , Neil Chriss's, Paloma, Chriss —, Chriss, Donald Sussman, Ravi Singh, Goldman Sachs, Chris LaSusa, LaSusa, Steve Cohen, Shaw, Ritter Organizations: Service, Paloma, Business, Industry, Intelligence, Goldman, KCL, D.E, Capital, Ritter Alpha Locations: Hill, Greenwich, New York, Manhattan, Minnesota
In today's big story, we're looking at a critical tech review that caused a bit of a stir on social media . AdvertisementIn a 25-minute video , Brownlee details all the issues he encountered using the AI device. Earlier this year, a negative video of Fisker's Ocean SUV by Brownlee also made waves on social media . Mario Tama/Getty Images; Chelsea Jia Feng/BICritical reviews in the age of innovation raise some interesting questions. Last week's drop among tech stocks shouldn't scare away investors , according to Wedbush.
Persons: , Michael Pollan, Roy Rochlin, Marques Brownlee, Brownlee, X, Mario Tama, Chelsea Jia Feng, It's, Insider's Peter Kafka, Peter, Katie Notopolous, Goldman, David Solomon, Kevin Winter, Eric Newcomer, Rebecca Zisser, Caitlin Clark, Morgan Stanley, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, YouTube, Apple, Apple Vision, Humane, America, JPMorgan, National Bureau, Statistics, Amazon Prime, Street Journal, Justice Department, Ticketmaster, United Airlines, Bank of America, The Locations: San Francisco, New York, Tokyo, London, Dublin
Even as the IRS makes headlines for cracking down on the wealthy, state tax collectors have become even more aggressive with audits of high earners, according to tax attorneys and accountants. During Covid many of the wealthy moved from high-tax states like California, New York, New Jersey and Connecticut to low-tax states like Florida or Texas. Klein said state tax auditors and AI programs are examining cellphone records to see where the taxpayers spent most of their time and lived most of their lives. Many of the wealthy in New York City who moved kept their apartments with most of their belongings. State tax authorities are claiming that since they didn't move with all of their household items, for tax purposes they didn't actually move.
Persons: Mark Klein, Hodgson Russ LLP, it's, It's, Klein Organizations: IRS, of Taxation, Finance, Artificial, New Locations: New York, California , New York , New Jersey, Connecticut, Florida, Texas, York, Colorado, New York City
Alex Spiro faces potential sanctions over his behavior during Elon Musk's deposition. An opposing lawyer accused Spiro, Musk's go-to attorney, of acting "astonishingly unprofessional." At several points in the deposition, Spiro and Bankston traded barbs. "I've rarely met a lawyer with less decorum than you, if you could be called a lawyer," Musk said to Bankston. First of all, I know you're not a Texas attorney," Bankston said after Spiro told his client not to answer one of his questions in the deposition.
Persons: Alex Spiro, Elon, Spiro, Musk's, Musk, , Ben Brody, Brody's, Mark Bankston —, Sandy, Alex Jones —, Bankston, he's, Quinn Emanuel Urquhart, Sullivan, HuffPost, he'd, Brody, we're, I've, Alex ., Neil Heslin, Scarlett Lewis, Sandy Hook, Jesse Lewis, Alex Jones, Jones Organizations: Nazi, Service, Bloomberg, New Locations: Texas, New York, Thailand
Some employees criticize lavish spending on events, while Spotify is trying to cut costs. Some employees think Spotify is spending too much on parties and events, especially when the company is laying off thousands of people and looking to cut more costs. However, these employees said event spending has gone too far, given the company's broader efforts at frugality. One former employee described it as the company "spending tons of money flying people to Sweden to drink the Kool-Aid." Noam Galai/Getty ImagesSome of this lavish event spending is focused on solving a problem that's loomed over Spotify for years.
Persons: , Sam Smith, Charli XCX, Gunna, Daniel Ek, Ek, Daniel Ek Dave Benett, Diplo, Spotifest, Melanie Stetson Freeman, it's, Alicia Keys, Noam Galai, Gustav Söderström Organizations: Spotify, Service, Ikea, Business, Brooklyn, Spotifest, Christian Science, Getty, company's, Apple, YouTube Locations: Drumsheds, Houston, Stockholm, New York, Sweden, New York City, York
Chances are, you're not going to find your dream job in your 20s. Hoskins spent her 20s working in different cities and industries after graduating with a degree in architecture from the Massachusetts Institute of Technology. Experimenting with different careers in your 20s can help you develop your skills, discover new passions, or, in Hoskins' case, return to old ones. That decision was influenced, in part, by one of Hoskins' favorite childhood hobbies: flipping through architecture magazines and doodling designs based on the spreads. A native of Chicago, Hoskins says she grew up with plenty of exposure to the striking buildings that make up the city's downtown and pages of Architectural Record, a magazine her mother often brought home.
Persons: Diane Hoskins, Hoskins, Gensler Organizations: Massachusetts Institute of Technology, UCLA's Anderson School of Management, CNBC Locations: Chicago , New York, Los Angeles, Washington, New York, Chicago
I was on the same level as his boss, but we didn't work directly with or for each other. Courtesy of Nicole Fallon-PeekWe met on a business trip to our Boston office. It was my first business trip, and I was excited to connect with new people. We kept talking after the business trip and decided to make things official. That's the hopeless romantic in me, but I don't regret a single decision I made once I met Sean.
Persons: , Nicole Fallon, Peek, Sean, Fallon, we'd, I'd, Sean —, Uber, wasn't, we're, we've, Jobs Organizations: Service, Lighting Media Partners, New, Business Locations: New York, Ogden , Utah, Boston, Utah
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