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☆ 27 fintechs that could be acquisition targets, and the firms that might buy them, according to VCs, investment bankers, and analysts
▼ + stars: | 2023-04-10 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com time to read: +2 min

Why it's on the market: SMB lenders saw valuations skyrocket during the pandemic years fueled by cash-strapped businesses struggling to secure loans amid tightening lending requirements. "These sorts of businesses almost certainly got way over their skis on valuation," a partner at a California-based venture firm, told Insider. SMB lenders are potential acqui-hires or acquisition targets unless they can raise more capital, according to one New York-based partner at a large venture firm. A spokesperson for Pipe cited the fintech's hiring of Luke Voiles, a former Square and Intuit executive, as CEO earlier this year. Both experts expect to see consolidation throughout the segment, with larger consumer and SMB lenders like Ramp and Brex as potential buyers.

☆ A group of passengers flying from Paris to New York skipped passport control and customs due to a 'disembarkation issue'
▼ + stars: | 2023-04-07 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Passengers on an April 4 flight from Paris to New York left the airport with no immigration check. The incident involved a Norse Atlantic Airways flight that landed at John F. Kennedy International Airport. "We are investigating a disembarkation issue that took place on arrival at New York JFK on Tuesday evening concerning a Norse Atlantic Airways flight from Paris," the statement said. The low-cost carrier is fairly new to the transatlantic flight scene. Norse's New York to Paris route, which was inaugurated on March 26, has one-way flights starting at 269 Euros, or around $300.

☆ Half of the 10 busiest airports in the world are in the US, with Atlanta topping the chart once again
▼ + stars: | 2023-04-06 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Atlanta's airport is the busiest hub in the world for 2022 with 93 million passengers. In third place, Denver is one of the only airports to have caught up with pre-pandemic levels. Five of the busiest airports in the world are in the US, with Hartsfield-Jackson Atlanta International Airport topping the list for the second year in a row. Last year, US airports accounted for eight of the 10 busiest airports. Take a closer look at the top 10 busiest airports in the world.

☆ American, Delta, and United have collectively dropped 74 US airports since the pandemic — see the full list
▼ + stars: | 2023-04-05 | by ( Taylor Rains | Bianca Giacobone | ) www.businessinsider.com time to read: +4 min

American Airlines, Delta Air Lines, and United Airlines have exited 74 airports since 2020. Some of the airports are in the Essential Air Service program and are now served by a new airline. In September 2022, the company's research revealed American Airlines, Delta Air Lines, and United Airlines had exited 59 airports. In total, American has left 19 airports, Delta has exited 17, and United has departed 38. American, Delta, and United have all cut routes in recent years, citing poor performance and the pilot shortage as contributing factors.

☆ Delta and United are dropping service to more cities as the trend of leaving regional airports behind continues
▼ + stars: | 2023-04-05 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

The two airlines have collectively dropped 55 regional airports since the COVID-19 pandemic. "Delta continues to evaluate the regional market, monitoring regional carrier pilot availability and customer demand. After Delta pulls out, La Crosse Regional Airport will still be connected to Chicago by American Airlines. The four airports are the latest in a long list of regional airports that were abandoned by major airlines as a consequence of the COVID-19 pandemic. Including the airports cited above, Delta has dropped 17 regional destinations and United 38 regional destinations since the beginning of the pandemic.

☆ 4 crew members who were promised a role in NBC's 'Bel-Air' speak out: 'I left my son for a year for nothing'
▼ + stars: | 2023-04-04 | by ( Eboni Boykin-Patterson | ) www.businessinsider.com time to read: +16 min

Four cast and crew members from the "Bel-Air" fan video were told they'd get hired for the TV show. Kerry Rounds, producer: 'I helped the fan trailer go viral and connected Cooper to Will Smith'I'm a film producer and social-media strategist. When the trailer was done and posted, I told Cooper I could call in some favors and get this thing seen. Cooper told me he'd pitched me for an executive role to NBC. When Kerry was still around for the project, things seemed to function more like a professional film set.

☆ A scientist is spending 100 days in an underwater hotel 22-feet deep in a Florida lagoon — see inside the structure
▼ + stars: | 2023-03-30 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: 1 min

The Jules' Undersea Lodge is accessible through a 'moon pool.' Joe Dituri and Jason Sonners, a certified hyperbaric practitioner, access the lodge through its moon pool. Dituri will host many visiting scientists during his stay at the lodge. Thane Milhoan/MarineLabJoe Dituri and Jason Sonners, a certified hyperbaric practitioner, access the lodge through its moon pool. Dituri will host many visiting scientists during his stay at the lodge.

☆ Ongoing supply shortages threaten U.S. infrastructure and war efforts
▼ + stars: | 2023-03-29 | by ( Lisa Baertlein | ) www.reuters.com time to read: +4 min

"One of the big issues as we're trying to ramp up the military industrial base is having enough electronic components," Miller said. Companies that make war weapons like shoulder-fired Javelin and Stinger missiles are awaiting U.S. funding before starting new production for Ukraine. "Any general shortage in semiconductors will affect defense," said Brad Martin, director of Rand Corp's National Security Supply Chain Institute. On the other hand, ongoing demand for auto and farm equipment has kept stocks of microchips that act as electronic brains in that machinery tight. "As we've moved through the past year or so, we have seen gradual improvement in our supply chain, including semiconductors ... Short-term disruptions will continue to happen," GM spokesman Dan Flores told Reuters in an email.

The supply chain woes that sent costs soaring and spurred shortages of everything from toilet paper to passenger cars are easing for retail-focused industries, but remain stubbornly persistent in important growth sectors like autos, machinery, defense and non-residential construction, experts said. "One of the big issues as we're trying to ramp up the military industrial base is having enough electronic components," Miller said. Companies that make war weapons like shoulder-fired Javelin and Stinger missiles are awaiting U.S. funding before starting new production for Ukraine. "Any general shortage in semiconductors will affect defense," said Brad Martin, director of Rand Corp's National Security Supply Chain Institute. "As we've moved through the past year or so, we have seen gradual improvement in our supply chain, including semiconductors ... Short-term disruptions will continue to happen," GM spokesman Dan Flores told Reuters in an email.

☆ Fintech has a fraud problem, and the onus is on you to figure it out
▼ + stars: | 2023-03-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Fintech's fraud misfortune. Which brings us to a story by Insider's Bianca Chan and Paige Hagy about concerns over the prevalence of fraud within consumer-facing fintechs in recent years. Click here to read more about fintech's fraud problem. We've also got the deck StellarFi, a fintech that helps users improve their credit score, used to raise $15 million. For more than 50 different decks used by fintechs to raise fresh funds, check out our library.

☆ Why Florence has a complicated relationship with the over 15,000 American college students who come every year
▼ + stars: | 2023-03-29 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +5 min

Over 15,000 US students spend some time studying in Florence, Italy every year. Over 15,000 American students flock to the city every year, according to local newspapers, with estimates of 18,000 for 2023. Back in 2016, it was estimated that American universities bring over 150 million euros to the economy of Tuscany, Florence's region, per year. And, according to plenty of social media complaints and local reports, American students could be more considerate of the city that hosts them. Once, she asked some American students to keep it down a little, and one of them told her to buy some earplugs.

☆ It's becoming increasingly clear that fintech has a fraud problem
▼ + stars: | 2023-03-29 | by ( Bianca Chan | Paige Hagy | ) www.businessinsider.com time to read: +8 min

"With fast growth comes fast fraud," Frank McKenna, a longtime fraud expert who works with banks, lenders, and fintechs, told Insider. Cash App only requires a zip code, debit-card number, and either an email or phone number to create an account. Cash App's alleged fraud problem could also be the result of its large, active customer base, which numbers some 44 million, according to the company's 2022 annual report. The fact that Cash App offers peer-to-peer payments exacerbates the fraud issue, according to McKenna, the chief fraud strategist at Point Predictive, an anti-fraud software company. Digital-only bank Chime has had its own issues with fraud, Jason Mikula, a fintech analyst and consultant, told Insider.

☆ Goldman Sachs is exploring use cases for large language models, the same AI fueling ChatGPT. Here's 3 areas where the bank is experimenting with the tech.
▼ + stars: | 2023-03-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Large language models, the form of AI behind ChatGPT, could transform how Wall Street does business. With advances in generative AI and large language models, the realm of possibilities have been blown way open. Argenti and Tsementzis outlined three ways Goldman is experimenting with large language models. Summarizing and extracting data from documentsGoldman's document-management process stands to improve from the use of generative AI, Argenti said. Helping engineers parse through code documentationA big time suck for software engineers is figuring out other peoples' code, Argenti said.

☆ The FAA is warning flyers of a 45% increase in flight delays this summer in NYC and DC as it deals with staff shortage
▼ + stars: | 2023-03-27 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

The FAA anticipates a 45% increase in flight delays at East Coast airports in the summer of 2023. The agency is blaming a post-pandemic shortage of air traffic controllers at key New York facilities. Airlines will be temporarily allowed to give up slots and times at airports in New York and DC. The agency expects overall delays in the New York region to increase 45% in the coming months compared to summer 2022, according to a recent press release. Last summer saw over 40,000 delays recorded at the New York area airports and the highest yearly percentage of delayed flights of the past seven years.

☆ Alcaraz dominates Lajovic, Andreescu breezes past Kenin in Miami
▼ + stars: | 2023-03-26 | by ( Amy Tennery | ) www.reuters.com time to read: +3 min

[1/4] Mar 26, 2023; Miami, Florida, US; Carlos Alcaraz (ESP) hits a forehand against Dusan Lajovic (SRB) (not pictured) on day seven of the Miami Open at Hard Rock Stadium. Mandatory Credit: Geoff Burke-USA TODAY SportsMarch 26 (Reuters) - Carlos Alcaraz swatted aside Serbian Dusan Lajovic 6-0 7-6(5)to keep his title defense on track at the Miami Open on Sunday, as Canadian Bianca Andreescu cruised past American Sofia Kenin in straight sets. "Everything was under control," said Alcaraz, who greeted the Miami Heat's six-time NBA All-Star Jimmy Butler courtside after the match. Former U.S. Open champion Andreescu harnessed her mighty serve to topple Kenin 6-4 6-4, sending over seven aces as the 2020 Australian Open winner failed to mount much of a defense after an early exit from Indian Wells. Later on Sunday, second-seeded Australian Open champion Aryna Sabalenka plays 31st seed Marie Bouzkova and last year's twice Grand Slam runner-up Casper Ruud, seeded third, plays the Netherlands' Botic van de Zandschulp.

☆ A faulty defibrillator aboard an American Airlines flight led to a 14 year old's death, a new lawsuit claims
▼ + stars: | 2023-03-23 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

Kevin Greenidge was 14 years old when he experienced cardiac arrest on an American Airlines flight. A lawsuit filed recently by the teenager's mother alleges the defibrillator on the plane wasn't working. The suit says the defibrillator was faulty — and places the blame on American Airlines. In a statement to Insider, an American Airlines spokesperson said the carrier was reviewing details of the lawsuit. American Airlines didn't comment to Insider on the number of times defibrillators have been used on its flights.

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

NASA unveiled the suit astronauts will wear during the 2025 Artemis III moon mission. The new Extravehicular Mobility Unit spacesuit was developed by private company Axiom Space. NASA gave astronauts their first operational spacesuits in the early 1960s. The space agency just unveiled a new fit for the occasion, developed by private company Axiom Space. From the silvery suits of the Mercury program to Elon Musk's sleek Crew Dragon suits, here's how astronauts' spacesuits have evolved over six decades.

☆ Fly less, sit in coach, and avoid gimmicky offsets. Here's how to make your next trip more sustainable, according to experts.
▼ + stars: | 2023-03-16 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +5 min

Airlines offer options to buy offsets and fuel surcharges to ease one's travel carbon impact. Experts say carbon offsets are good, but they need to be chosen carefully. Last year, Carbon Market Watch commissioned a study that looked at the effectiveness of carbon offsets bought by major European airlines. AirFrance, for example, has increased all its ticket prices by an amount varying from 1 Euro to 24 Euro to cover for the company's increased use of sustainable aviation fuel. Other airlines, like Brussels Airlines, are asking passengers whether they want to pay more for sustainable aviation fuel.

☆ Caterpillar union workers vote in favor of six-year labor agreement
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

March 12 (Reuters) - The United Auto Workers (UAW) union said members at four local chapters working at Caterpillar (CAT.N) have voted in favor of a new six-year labor contract with the firm, preventing a strike at the world's largest construction and mining equipment-maker. The contract covers roughly 7,000 union workers at plants in central Illinois and a parts distribution center in York, Pennsylvania. It wasn't immediately clear how many members voted to ratify the contract. Rank and file union workers at the company have expressed anger and frustration over the deal, saying that wage increases weren't commensurate in the face of rising inflation. The UAW's contract ratification with Caterpillar comes just six months ahead of the deadline for the union and the three Detroit automakers concluding new master contracts covering roughly 143,000 workers.

"You're going to see every board member tell people to keep your money in multiple bank accounts," said Wesley Chan, cofounder and managing partner at FPV Ventures. "I'm not concerned about Bank of America," one business owner said as they left a Bank of America branch on Monday. Big banks can be less competitive, for example, on interest rates because of the security they offer. I think you'll see startups, in particular, questioning moving to the big banks given just how much more expensive it is," Matheson added. "The big banks are in very good shape, and so it probably is a stabilizing decision to move those deposits.

☆ 9 startup founders who banked with Silicon Valley Bank share where they're moving their money: 'We will not get caught like this again'
▼ + stars: | 2023-03-13 | by ( Samantha Stokes | Stephanie Palazzolo | Melia Russell | ) www.businessinsider.com time to read: +10 min

Silicon Valley Bank's failure has left startup founders scrambling for a new home for their money. Last Friday morning, the startup founder Mang-Git Ng zipped up the interstate before sunrise to a Silicon Valley Bank branch in St. Helena, in California's wine country. Ng's plight is similar to countless other founders following the failure of Silicon Valley Bank, who waited with bated breath over the weekend on whether they'd ever get their money back. DiversificationSilicon Valley Bank's collapse could forever change how startups stash their cash, at least two investors told Insider. Silicon Valley Bank had exclusivity clauses with some of its clients, according to a CNBC report, forcing them to use the firm for most or all of their banking services.

☆ A startup founder sat in an airplane bathroom trying to move his company's funds out of Silicon Valley Bank after its collapse. Here's how 7 other founders reacted to the bank's implosion.
▼ + stars: | 2023-03-11 | by ( April Joyner | Madeline Renbarger | ) www.businessinsider.com time to read: +6 min

Silicon Valley Bank was shut down by US regulators on Friday. It's been a chaotic day for the startup world following the failure of Silicon Valley Bank. Insider spoke with eight startup founders about how they're responding to the crisis. Other founders weren't as fortunate: They still had their company's funds at Silicon Valley Bank as the FDIC announced it had taken control of the bank. A couple of early-stage founders told Insider they did not hold accounts with Silicon Valley Bank.

Silicon Valley Bank was shut down by regulators on Friday. The news has made startup founders worried that they won't be able to pay their employees next week. Startup founders still reeling from Silicon Valley Bank's implosion have something new to stress about: whether they'll be able to access enough money to cut employee paychecks next week. "Lots of startups are missing payroll in 2-4 weeks if a) Silicon Valley Bank doesn't have the deposits b) SVB doesn't get sold or c) SVB isn't rescued." "If you're a startup founder dealing with this, I'm here to help any way I can," Ayush Sharma, founder and CEO of payroll and compliance startup Warp, tweeted.

☆ A Japanese airline was forced to cancel its $50 fare promotion after its site crashed immediately after the tickets went on sale
▼ + stars: | 2023-03-09 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Japan Airlines' Smile Campaign included a flat rate of $48 for one-way domestic ticketsThe airline's website crashed seconds after the tickets went on sale at midnight on March 9. The website was down for over 10 hours, leading the airline to discontinue the promotion. Almost as soon as Japan Airlines' latest promotion started it was over. The tickets went on sale at midnight local time on March 9 and the website crashed almost immediately. The airline also canceled a similar promotion for flights in the month of June which was scheduled to go on sale on March 12.

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