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☆ Matt Onofrio made $35 million helping everyday people invest in real estate. Then he was indicted. Was it all a scam?
▼ + stars: | 2023-06-01 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +21 min

The MMA fighter Michael Chandler, pictured with his wife, Brie Willett, bought a $16 million property from Matt Onofrio in 2021. Then, in November 2022, federal prosecutors indicted Onofrio on charges involving three deals he'd arranged in Minnesota the year before. The federal complaint doesn't involve the property Onofrio sold to Chandler. Unbeknownst to Hermann, Onofrio had already tied up the warehouse in contract for $4.75 million. "Matt was finding a deal for $4 million and selling it for $5 million," Stageberg said.

Persons: Matt Onofrio, anesthetist, who'd, Onofrio, Michael Chandler, Chandler, Brie Willett, Rick Diamond, Michael didn't, Matt, Brendan Johnson, he'd, fraudster, who's, Matthew Hermann, Hermann, he's, —, Anthony Vicino, unburden, Hermann countersued, Let's, Nick Stageberg, Stageberg, Vicino, couldn't, wasn't, Zacari Pennington, Brandon Turner, David Greene, Pennington, Brad Lea's, Ryan Pineda's, Alec McElhinny, Onofrio's, Greene, Ed Mylett, Mylett, Lily Ro Onofrio, Lea, Brittany Arnason, BiggerPockets, Cameron Cropsey, Scott Trench, Nicholas Perrone, Wild Organizations: Onofrio, CMT, Chandler, Wild Moose Ventures, Finance & Commerce, Mayo Clinic, Moose Ventures, Wild, Ventures Locations: Wisconsin, California, Sauk Rapids , Minnesota, Minnesota, Onofrio, Minneapolis, Mexico City, Mayo, Denver, Nashville, Church, Golden Valley , Minnesota, Macon , Georgia, Pennington

☆ Analysis: Germany leads big bond rally as inflation finally heads down
▼ + stars: | 2023-06-01 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

Borrowing costs, or bond yields, in the benchmark euro area issuer are down at least 20 basis points (bps) this week , . Yet this week's notable moves suggest investors are plumping with the view that easing inflation and recession risks are strong bond buy signals. Traders now expect the ECB hikes to peak at around 3.7% by September, suggesting two more hikes from 3.25% currently. COMPLICATEDInvestors cautioned that the European inflation outlook remained more complicated than in the United States, where inflation broadly is down sharply from peaks. This week's fall in borrowing costs followed sharp rises the previous two weeks on bets for more rate hikes.

Persons: Kaspar Hense, Flavio Carpenzano, It's, Cosimo Marasciulo, Marasciulo, BlueBay's Hense, Oliver Eichmann, DWS, Eichmann, Yoruk Bahceli, Harry Robertson, Dhara Ranasinghe, Susan Fenton Organizations: Bank, British, Thursday's, Traders, BlueBay Asset Management, Capital Group, ECB, U.S . Federal Reserve, General Investment Management, Bank of England, NatWest, Pictet Wealth Management, Thomson Locations: Germany, United States, Europe, Amundi, U.S, Britain, DWS

☆ Online College Class Providers Screwing Over Students, Adding to Debt Crisis
▼ + stars: | 2023-06-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. But beyond scandals, the everyday business of OPMs is leaving many online students with exorbitant bills, despite how cheap it is to administer the courses.

Persons: Iola Favell, Favell, Rossier, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

☆ Sterling strengthens against dollar as chances of Fed 'skip' rise
▼ + stars: | 2023-06-01 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

Sterling was last up 0.2% against the dollar at $1.2467 and flat against the euro at 85.90 pence, close to its strongest in six months. The pound fell by 1% against the dollar in May, its largest monthly slide since February's 2.8% loss, but it's still up 3.1% so far in 2023. Against the euro, sterling gained 2% last month - the most in a month since last July. UK inflation fell to 8.7% in April from a peak of 11.1% in October, while U.S. inflation is down to 4.9%, from 9.1% last June - when UK inflation was at 9.4%. The Fed, meanwhile, took just seven months from that time to raise rates by the same amount and U.S. rates are at 5.25%.

Persons: BoE, Sterling, it's, Stephen Gallo, BoE policymaker Catherine Mann, Mann, Amanda Cooper, Mark Potter Organizations: Federal Reserve, Bank of England, Nationwide, BMO, Pictet, Thomson Locations: Britain, United States, U.S, Swiss

☆ I'm a millennial CEO who hired Gen Zers. I was shocked by their desire for feedback and the help their social media knowledge brings.
▼ + stars: | 2023-05-27 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

She recently hired two Gen Zers to help with social media. My Gen Z employees take ownership of tasks and are open to feedbackOur Gen Zers were onboarded very quickly; they didn't need as much hand-holding as I expected. Gen Z's knowledge of social media is critical for businesses todayGen Zers are constantly on TikTok. To keep up with our clients, we needed to bring on some Gen Zers who knew the trends and what influencers were up to. Many Gen Zers read major publications and keep up with the journalists and their work by following them on social media.

Persons: Jen Hartmann, Zers, Hartmann, —, it's, Gen, They'll, I've, Slack Organizations: Service, LinkedIn Locations: Louisville , Kentucky, TikTok

☆ This startup uses volcanic rock to capture carbon for the likes of Stripe and Microsoft. Check out the 20-slide pitch deck Undo used to raise $12 million.
▼ + stars: | 2023-05-22 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

A startup speeding up a natural rock weathering process for carbon removal just raised $12 million. A startup spreading volcanic rock on farms as a form of carbon dioxide removal has just secured $12 million in its first institutional round led by Chris Sacca's Lowercarbon Capital. "We get a 50,000-times increase in rates of reaction versus that natural process, and we can absorb far more CO2," Mann said. The startup makes money by selling carbon removal credits. Mann wants to help regulate the industry before others try selling enhanced rock weathering without fully understanding the process and what is required.

His family – all 11 of them – had huddled together in their house in Sittwe, on the coast of Myanmar’s Rakhine state, as ferocious winds intensified overhead. As the water rose, the family ran to escape the storm surge but they got separated in the chaos. Sai Aung Main/AFP/Getty ImagesCrisis upon crisisWhile western Rakhine state took a direct hit from the cyclone, the UN estimates 150,000 people in the country’s northwest were also heavily affected. One resident from Magway, where around 11,000 households were affected by the storm, said her husband died in flooding caused by Cyclone Mocha. Smashed-up boats are piled up next to a broken bridge in Sittwe, in Myanmar's Rakhine state, on May 15 after Cyclone Mocha.

☆ Russia's position has 'never looked weaker' after Ukraine said it downed Putin's 'unstoppable' missiles, defense expert says
▼ + stars: | 2023-05-20 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

Russia has 'never looked weaker,' a researcher at the Oslo Nuclear Project told Sky News. This comes after Ukraine said it repelled multiple of Russia's 'undefeatable' Kinzhal missiles. Furthermore, Hoffmann believes Russia's military position will only get worse because it has used all of the equipment in its arsenal, he told Sky. Russian missiles are intercepted en masse, while Ukraine has finally started to receive its own long-range strike capabilities with the British Storm Shadow." After writing, "If I was a Russian nuclear strategist today, I would be very worried," on Twitter on Tuesday, Hoffman later addressed and outlined some of the contentions surrounding the Russian missiles and Ukraine's defense systems.

☆ Kia and Hyundai will pay out millions to people who had their cars stolen in Tik-Tok inspired 'Kia Boys' thefts
▼ + stars: | 2023-05-18 | by ( Chris Panella | Jack Newsham | ) www.businessinsider.com time to read: +3 min

Kia and Hyundai will pay millions to people who had their cars stolen in a Tik-Tok inspired trend. The "Kia Boys" trend involved using a common USB charging cord or metal object to start the car. Kia and Hyundai will pay millions of dollars to people who had their car stolen thanks to a missing antitheft device and a TikTok-inspired trend. It affects owners of certain 2016 to 2021 Hyundai models and certain Kia models made between 2011 and 2021. The spike in theft of the models is partially thanks to a TikTok trend from the "Kia Boyz," which followed people breaking into Kia and Hyundai models only using a screwdriver and a USB cord.

☆ Bankman-Fried faces long odds of tossing charges despite Supreme Court decision
▼ + stars: | 2023-05-17 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

But legal experts said Bankman-Fried's odds of getting the charges dismissed remain slim. Days later, the U.S. Supreme Court invalidated that theory known as "right to control" when it overturned the conviction of a Buffalo construction executive accused of bid-rigging. The Court said the theory is "inconsistent with the structure and history of the federal fraud statutes." Officials say Bankman-Fried portrayed FTX as a safe, responsible platform in the volatile sector, even as he was diverting customer funds. Even if the bank fraud count is dismissed, Bankman-Fried would still face 12 other counts at his Oct. 2 trial.

☆ TikTok is quietly moving in on record labels' territory and insiders say its ambitions could end up 'pissing off' music partners
▼ + stars: | 2023-05-15 | by ( Dan Whateley | ) www.businessinsider.com time to read: +12 min

Its music ambitions could ruffle feathers at record labels and publishers — unless it pays out. TikTok's app regularly sparks trends that help songs go viral, making it a favorite of marketers at major labels and independents. TikTok works closely with record labels and artists on promotional efforts like livestreamed concerts, in-person performances, and private listening parties with TikTok stars. Spotify has maintained a tenuous relationship with the labels over the years as it's sought to balance profit margins while splitting revenue with artists, labels, and publishers. Still, even as record labels and publishers push TikTok to pay more to music rights holders, they're investing more in the app.

☆ Special counsel John Durham concludes FBI never should have launched full Trump-Russia probe
▼ + stars: | 2023-05-15 | by ( Zachary Cohen Devan Cole Tierney Sneed Evan Perez Hannah Rabinowitz Jeremy Herb Marshall Cohen | Zachary Cohen | Devan Cole | ) edition.cnn.com time to read: +14 min

“Strzok, at a minimum, had pronounced hostile feelings toward Trump,” Durham wrote, while quoting in a footnote previously known texts between Strzok and Lisa Page, then an FBI attorney. Witness testimony exposed the FBI’s overreliance on the dossier as it sought court approval to wiretap a former Trump campaign adviser in 2016. Mixed results over 3+ yearsBarr tapped Durham in 2019 to review the origins of the Russia probe, and the scope of Durham’s work grew over the years. Former special counsel Robert Mueller’s investigation, which inherited the initial Russia probe, released a detailed accounting of Russia’s effort to interfere in the 2016 election. Mueller found no evidence of a conspiracy between the Trump campaign and Russia, but investigators documented numerous contacts between Trump associates and Russians.

In 2017, with Mr. Connors’ help, Mr. Maichle started his own company, Precision Compliance Consulting. ‘Boss Man’Mr. Connors, Mr. Lewis and Mr. Maichle were all active in college conservative politics in Wisconsin about 15 years ago, when Mr. Connors was the leader of campus Republicans at Marquette University. Of that, about $102,000 went to Campaign Now, the firm started by Mr. Connors, and another $112,000 to companies where Mr. Connors, Mr. Maichle or Mr. Lewis was either the owner or a partner, tax records show. Most of the money — more than $4.4 million — went to fund-raising companies via tens of thousands of small payments. Most of the money — more than $4.4 million — went to fund-raising companies via tens of thousands of small payments.

☆ Fact Check-UK COVID vaccine offer for vulnerable young children not mandatory
▼ + stars: | 2023-05-10 | by ( Reuters Fact Check | ) www.reuters.com time to read: +4 min

The offer of COVID vaccination for very young children is voluntary and specifically targeted to children who are most at risk from COVID, according to the government’s April announcement of the new policy. After Britain’s Joint Committee on Vaccination and Immunisation (JCVI) recommended that young children in clinical risk groups should be offered COVID vaccination, some social media users responded with outrage. JCVI ADVICEThe UK advice does not include all young children. In fact, the prioritisation of COVID-19 vaccination for clinically vulnerable children explains higher mortality rates seen during the pandemic among vaccinated children as compared with unvaccinated children (here and here). There is no evidence the vaccine is unsafe for infants and young children, according to experts and health regulators.

☆ Macy's top retail media exec reveals the company's plan to use The Trade Desk to propel its surging $144 million ad business
▼ + stars: | 2023-05-08 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +3 min

Macy's has signed a deal with adtech firm The Trade Desk to sell targeted programmatic ads. Macy's data can also find people who are likely to be luxury shoppers and buy big-ticket products. Advertisers pay for those ads using their trade marketing budgets that brands spend in exchange for selling products at Macy's. That spend is typically handled by ad agencies that purchase ads using digital ad buying platforms like The Trade Desk. The Macy's deal is significant for The Trade Desk as well and shows how the adtech company is expanding its influence within retail media.

☆ In a new hacking crime wave, much more personal data is being held hostage
▼ + stars: | 2023-05-07 | by ( Kevin Travers | ) www.cnbc.com time to read: +5 min

Gorodenkoff | iStock | Getty ImagesThe cybersecurity world faces new threats beyond targeted ransomware attacks, according to experts at the recent RSA cybersecurity industry conference in San Francisco. McMann said hackers are now focusing on stealing customer or employee data and then threatening to leak it publicly. At the end of March, OpenAI documented a data leak in an open-source data provider that made it possible to see personal AI chat histories, payment information, and addresses. The team patched the leak in hours, but McMann said once data is out there, hackers can use it. "For example, the LastPass breach saw one of four key individuals targeted on their personal computer, through a personal public IP address getting in through an unpatched solution," he said.

☆ Ocean temperatures are off the charts right now, and scientists are alarmed
▼ + stars: | 2023-05-05 | by ( Laura Paddison | ) edition.cnn.com time to read: +7 min

CNN —Ocean surface heat is at record-breaking levels. Since La Niña ended in March, ocean temperatures seem to be on a rebound, scientists say. Worrying impacts of ocean warmingWhatever the reasons behind the increase in ocean heat, the impacts are potentially catastrophic if temperatures continue to head off the charts. For now, ocean surface temperatures have started to fall, even if they remain high for this time of year. As scientists continue to analyze the reasons for record ocean warming, they are clear records will continue to be smashed as the climate crisis intensifies.

☆ Career advice for the class of 2023: How to find a job you love
▼ + stars: | 2023-05-03 | by ( Cindy Perman | ) www.cnbc.com time to read: +9 min

What's important, Ng and other career experts say, is that you don't just look for a job, whether it's your first or fifth. Gorick Ng author of "The Unspoken Rules"LinkedIn career expert Blair Heitmann recommends making a career bucket list. Are you on the right career ladder? Ng offers this visual: Jobs are rungs on a career ladder. Don't assume that you will get something because you 'deserve it'OK, so let's say you are lucky enough to land at a job is on the right career ladder for you.

☆ TikTok has shuffled key music execs who work with artists as its owner streamlines its operations
▼ + stars: | 2023-04-27 | by ( Dan Whateley | ) www.businessinsider.com time to read: +3 min

TikTok has shifted staff on its music team in North America. An exec from its song-distribution tool is now leading TikTok's artist services for the region. TikTok has shuffled staff on its music team in North America over the past few months, naming a new artist-services lead and moving a key exec into a role at its parent company. TikTok has invested heavily in its music staff over the last few years after becoming an essential platform for song discovery and artist marketing. The company may even roll out its own TikTok Music streaming service one day, a trademark filing suggests.

☆ How to start 'career cushioning' so you aren't screwed if you lose your job
▼ + stars: | 2023-04-26 | by ( Shana Lebowitz | Rebecca Knight | ) www.businessinsider.com time to read: +4 min

That's why it's wise to "career cushion" so you're not blindsided if you lose your job. Experts recommend updating your LinkedIn profile and ramping up your networking. Knowing you're prepared for a possible worst-case scenario by "career cushioning" can mitigate some of the stress you're feeling, according to Blair Heitmann, a career expert at LinkedIn. Cushioning makes you feel that you're ready "for whatever comes next in the economy and in the job market," Heitmann told Insider. Update your social-media profilesHeitmann said the first — and potentially easiest — thing to do is update your LinkedIn profile.

CNN —The editor-in-chief of Die Aktuelle, a German magazine that published a fake artificial intelligence (AI) interview with Michael Schumacher, has been “relieved of her duties,” a statement from publishing house FUNKE said, alongside an apology to the Schumacher family. Schumacher has not been seen in public since he suffered a brain injury in a skiing accident in December 2013. It in no way meets the standards of journalism that we – and our readers – expect from a publishing house like FUNKE,” FUNKE magazine managing director Bianca Pohlmann said in the statement. Only toward the end of the article does it become apparent that the interview was produced by AI. Hannibal Hanschke/EPA-EFE/ShutterstockSince the accident, the Schumacher family has kept updates about the health of the motorsport legend to a minimum to protect their privacy.

☆ How TikTok is trying to become the music industry's everything app, even if it risks 'pissing off' record labels
▼ + stars: | 2023-04-20 | by ( Dan Whateley | ) www.businessinsider.com time to read: +11 min

☆ Airbus tells shareholders Europe needs to 'get its act together' on autonomy
▼ + stars: | 2023-04-19 | by ( Tim Hepher | ) www.reuters.com time to read: +3 min

The chairman of Europe's largest aerospace group, Rene Obermann, told investors last year's invasion of Ukraine by Russia had been a wake-up call. "It has highlighted the essential role that defence plays in society and that European nations need to get their act together for higher levels of strategic autonomy. "We are committed to playing a role of enabler for more co-operation in defence, which we believe is one of the key prerequisites to make sure that Europe maintains its strategic autonomy, Obermann said. He also cited sovereign capabilities for which Europe does not want to depend on the United States. DEFENCE DIVIDENDFrench President Emmanuel Macron is pursing an agenda to beef up Europe's "strategic autonomy" separate from the U.S.-led NATO umbrella, with eastern allies trusting the United States more for their defence.

☆ Agnellis' Exor eyes further healthcare investment for expansion
▼ + stars: | 2023-04-17 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in cash available for investments, including 5 billion euros for acquisitions. It has already said its M&A activity would mainly focus on healthcare, luxury and technology businesses. Through its venture capital arm Exor Ventures, Exor was also developing partnerships with healthcare companies at an early stage of their development, Elkann said. NEW CHAIRMANExor is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari (RACE.MI), CNH Industrial (CNHI.MI) and soccer club Juventus (JUVE.MI). It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021 mainly due to the net gain it booked from the 8.6 billion euro sale of PartnerRe.

☆ Europe's battery pass project outlines manufacturers' transparency challenge
▼ + stars: | 2023-04-17 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, April 17 (Reuters) - The consortium behind a European battery passport project laid out on Monday how companies must prepare to meet increasingly stringent regulations on disclosing batteries' origins and social and environmental footprints. Manufacturers in Europe must disclose the carbon footprint of their batteries from 2024 and comply with a CO2 emissions limit from 2027. Monday's guidance is the first attempt to interpret what the new demands will mean for electric car makers, industrial battery producers and light transport battery makers. Still up for debate is the methodology for accurately calculating the carbon footprint and recycled content, and who will have access to what depth of data in the battery passport, consortium representatives told Reuters. Reporting by Victoria Waldersee, Editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

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