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☆ Swiss prosecutors have opened an investigation into the takeover of Credit Suisse by UBS, report says
  + stars: | 2023-04-02 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Swiss prosecutors have launched a probe into the UBS takeover of rival Credit Suisse. The group said there were "numerous aspects of events around Credit Suisse" that required investigation to "identify any crimes." More were in favor of a temporary takeover of the troubled Credit Suisse, while a majority now prefer the bank to be broken up, per the FT. The bank is reportedly planning to lay off up to 30% of its workforce following its takeover of Credit Suisse that would equal tens of thousands of job losses, SonntagsZeitung first reported. Credit Suisse and UBS are both due to hold annual meetings for shareholders this week.
☆ Goldman Sachs is investing about $200 million in 3 Greek hotels and wants to buy more, report says
  + stars: | 2023-04-02 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Goldman Sachs is investing hundreds of millions in Greek hotels, The Wall Street Journal reported. Goldman is said to be interested in buying more hotels, and may combine them under one brand. That's according to The Wall Street Journal, which said the bank is investing between 150 million and 200 million euros ($163 million to $217 million) on three seaside resorts in the northern region of Halkidiki. Unnamed sources told the Journal Goldman bought the hotels in October and now planned to renovate them. Goldman Sachs didn't immediately respond to a request for comment from Insider, made outside normal working hours.
☆ Elon Musk appears to offer $1 million bounty to 'convict' those responsible for Twitter 'botnets'
  + stars: | 2023-04-02 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Elon Musk appeared to offer a $1 million bounty to help find the source of "botnets" on Twitter. The user said by taking control of several accounts, botnets were able to suppress certain accounts by mass blocking, unfollowing, and reporting them. Blogger Jane Wong pointed out that Twitter's algorithm specifically labels if Musk wrote a tweet. He plans to allow only the tweets of verified accounts and those users follow on the For You feed. "Legacy verified accounts," those verified by Twitter before Musk's takeover for free largely on the basis of noteworthiness, will begin to lose their verification marks this weekend, according to Twitter.
☆ An Uber driver donated a kidney to a passenger he'd never met before, report says
  + stars: | 2023-04-02 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +2 min
An Uber driver donated a kidney to one of his passengers after talking during a ride, 6abc reported. Army veteran Tim Letts offered his kidney to Bill Sumiel after he opened up about his situation. Sumiel said Letts' offer "floored me" and he felt "so fortunate" to have the gift of life. On his Uber ride home to Salem, New Jersey, Sumiel told the driver, Tim Letts, about his medical condition and his urgent need for a new kidney. —Action News on 6abc (@6abc) February 12, 2023"Giving a kidney is actually the gift of life and I feel so fortunate to have that gift," Sumiel told 6abc.
☆ Sergey Brin is one of 4 billionaires subpoenaed in a lawsuit about JPMorgan's links with Jeffrey Epstein, report says
  + stars: | 2023-04-01 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Sergey Brin was subpoenaed in a lawsuit involving JPMorgan, The Wall Street Journal reported. The US Virgin Islands is suing JPMorgan over its connections with the sex offender Jeffrey Epstein. The US Virgin Islands sued JPMorgan late last year, saying it "knowingly facilitated, sustained, and concealed the human trafficking network operated by Jeffrey Epstein." It hit back at the Virgin Islands' lawsuit by saying the jurisdiction did "nothing to stop" Epstein's trafficking operation and was seeking to deflect blame. The US Virgin Islands and JPMorgan didn't immediately respond to requests for comment from Insider, made outside normal working hours.
☆ Mark Cuban tells Elon Musk he's losing up to 1,000 followers a day despite paying for Twitter Blue
  + stars: | 2023-04-01 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Mark Cuban asked Elon Musk for help because he's losing followers on Twitter. The "Shark Tank" star said he starting paying for Twitter Blue after losing up to 1,000 followers a day. Twitter Blue subscribers are meant to get more visibility and promotion on their tweets. Twitter Blue was launched in December following Musk's $44 billion takeover a few weeks earlier. His research indicated that about half of Twitter Blue subscribers had less than 1,000 followers, while about 17% of subscribed accounts had less than 100 followers.
☆ Elon Musk broke the law with a tweet about Tesla stock options, court rules
  + stars: | 2023-04-01 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Elon Musk broke labor law with a 2018 tweet about Tesla employees' stock options, a court ruled. The US 5th Circuit Court of Appeals said Musk threatened staff in the wake of a unionization drive. But why pay union dues & give up stock options for nothing? Tesla argued that because Musk said there was nothing stopping Tesla workers joining a union, it couldn't be regarded as a threat. "Because stock options are part of Tesla's employees' compensation, and nothing in the tweet suggested that Tesla would be forced to end stock options or that the UAW would be the cause of giving up stock options, substantial evidence supports the NLRB's conclusion that the tweet is as an implied threat to end stock options as retaliation for unionization," the panel wrote in its conclusion.
☆ Ambitious parents are spending hundreds of thousands on consultants to help get their kids into Ivy League schools, report says
  + stars: | 2023-04-01 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Parents are paying consultants up to $750,000 to help get their kids into Ivy League colleges. The six-figure outlay to get their kids into college adds to the increasingly prohibitive cost of attending those institutions. Bloomberg reported that the cost of attending Ivy League schools — including tuition, accommodation, and fees — was pushing $90,000 a year, with four years of attendance potentially costing more than $300,000. Consultants told the outlet that the increasing exclusivity of Ivy League attendance may work as its own status symbol for some parents, encouraging a bigger outlay on preparation. While its generally accepted that Ivy League graduates have higher earning potential than their peers, it seems that Americans are increasingly discounting the value of having a college degree at all.
☆ The CEO of the world's biggest record company just got a new contract with stock options worth as much as $100 million
  + stars: | 2023-04-01 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Universal Music's CEO could receive stock options worth up to $100 million under a new contract. He took a annual pay cut to $5 million in the new contract that runs to 2028. Half of the $100 million equity option will be paid out in installments if the share price hits the targets of 26.50 euros, 30 euros, and 38 euros. The stock closed Friday at 23.30 euros in Amsterdam, valuing the company at just over 42 billion euros ($45 billion). Apple CEO Tim Cook collected almost $100 million last year alone, making about $83 million in stock awards, $12 million in incentives and salary of $3 million, CNBC reported.
☆ We're paying $1 million to live on a cruise ship and sail around the world while we keep managing our property empire
  + stars: | 2023-04-01 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +5 min
Amanda Williams and her boyfriend are spending $1 million to live permanently on a cruise ship. Insider has verified her income and her place on the cruise ship with documentation. So instead, we decided to buy an apartment with a 12-year lease for $1 million on the Storylines' MV Narrative that launches in 2025. Picking living on a cruise ship over a yachtIt was a lot of work taking care of our friend's boat. They're in 23 countries so I'm planning to build out my business when I visit them on the cruise ship.
☆ An airline was fined for imposing strict rules about high heels and makeup on female cabin crew, report says
  + stars: | 2023-03-26 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +2 min
A Spanish airline was fined for enforcing a strict makeup and high heel policy on female crew. Vueling requires female crew to wear high heels and enforces makeup rules, per El Periódico. Catalonia's labor department fined the airline 30,000 euros (about $32,000) after a union complaint. The publication said Vueling's female cabin crew were required to wear high heels of between five and eight inches, and foundation that matches their skin tone. A Vueling representative said it was considering its options following the ruling but there was now "no gender distinction or obligation to wear make-up."
☆ Gen Z is smoking and drinking less and that's cost the UK government $17 billion, says Bloomberg
  + stars: | 2023-03-26 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +2 min
Lower levels of smoking and drinking by Gen Z has affected the UK public finances, analysis suggests. Bloomberg estimates the UK missed out $11.4 billion in tobacco tax and $5.7 billion in alcohol tax since 2002. Calculations by Bloomberg indicates that the UK has missed out on £9.3 billion ($11.4 billion) from tobacco taxes and £4.7 billion ($5.7 billion) in alcohol duties had revenues remained steady since 2002. This year, the Office for Budget Responsibility (OBR) expects the UK government to take in £12.6 billion ($15.4 billion) in alcohol duties and £10.7 billion ($13.1 billion) in tobacco taxes. Alcohol-related harm is estimated to cost the National Health Service (NHS) in England £3.5 billion ($4.3 billion) a year.
☆ A professor says he's stunned that ChatGPT went from a D grade on his economics test to an A in just 3 months
  + stars: | 2023-03-26 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +4 min
An economics professor was stunned by the progress ChatGPT made in an exam in just three months. Bryan Caplan of George Mason University said the chatbot got a D in his economics test in January. Bryan Caplan, an economics professor at George Mason University, told Insider the latest version of ChatGPT could now be responsible for the first big bet he's ever lost. Caplan told Insider the bot failed to understand basic concepts, such as the principle of comparative and absolute advantage. "I'm probably going to lose this AI bet but I am totally on board to do a bunch more end-of-the-world AI bets because I think these people are out of their minds."
☆ 8 passengers and 2 crew were hurt when a plane hit severe turbulence and sent carts flying during a meal service, reports say
  + stars: | 2023-03-25 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +2 min
10 people were injured when a Lisbon-bound plane hit turbulence, Novo Jornal reported. Eight passengers and 2 cabin crew were injured and were checked by medical staff, per CNN Portugal. The turbulence eventually abated five hours into the eight-hour journey, according to Novo Jornal. Eight passengers and two flight attendants were injured, with one needing aid from a doctor on board, Novo Jornal and CNN Portugal reported. TAAG told Novo Jornal in a statement that "adverse weather conditions" were to blame.
☆ A woman left her AirPods on a plane and tracked them down to an airport worker's home, report says
  + stars: | 2023-03-25 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +2 min
A passenger left her Apple AirPods on a plane after landing in San Francisco from Tokyo. Alisabeth Hayden told CNN a police officer helped her trace the AirPods to an airport worker's home. Shortly after getting off the plane on a layover at San Francisco International Airport, she realized she'd left her jacket behind. Hayden told CNN she enlisted the help of a detective at San Mateo police force who was working at SFO. She told CNN United gave her $271 and 5,000 air miles after complaining about the condition of the headphones.
☆ A pregnant former 'Love Island' contestant said she found an Apple AirTag in her bag and feared it was an attempt to stalk her
  + stars: | 2023-03-25 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
A former "Love Island" contestant said she found an AirTag that didn't belong to her in her bag. Brown, who appeared in the third UK season of "Love Island," eventually found the AirTag at the bottom of her bag and flushed it down the toilet. Brown didn't report the incident to police, explaining she was unaware if a law had been broken, while realizing flushing the AirTag down the toilet meant she didn't have any evidence. Apple AirTags are designed to help people keep track of their possessions such as keys or luggage, but have sometimes been misused. Apple was hit with two lawsuits in December from other women who said AirTags had been used to follow them.
☆ Wanted: new owner to run The Crooked House, Britain's 'wonkiest pub' that's been serving pints for almost 200 years
  + stars: | 2023-03-18 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Ambitious buyers have the chance to own what's been dubbed the "wonkiest pub" in Britain. The Crooked House near Dudley has gone on the market at a guide price of just over $800,000. If you don't mind tilting your head a bit, The Crooked House could be the one for you. "This is a chance to own what has been called Britain's wonkiest pub and Britain's drunkest pub. A Marston's representative told The Times that The Crooked House was expected to remain as a pub under a new owner.
☆ First Republic says its liquidity remains 'very strong' in bid to calm nerves following Silicon Valley Bank's collapse
  + stars: | 2023-03-12 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +5 min
First Republic sought to reassure customers after its share price crashed following SVB's collapse. However, about 68% of the bank's deposits, or almost $120 billion, are not insured. First Republic scrambles to reassure investorsFirst Republic's share price plunged by a third last week as SVB imploded. "First Republic Bank, which has significant exposure to the coastal real estate markets appears to be next on the list." Regulators may step in to create a wider safety net to secure more of struggling banks' deposits, in an attempt to calm jittery customers.
☆ OpenAI CEO Sam Altman sent startup six-figure loan to make payroll after Silicon Valley Bank collapse, report says
  + stars: | 2023-03-12 | by ( Aaron Mcdade | ) www.businessinsider.com   time to read: +3 min
OpenAI CEO Sam Altman is among tech execs giving money to startups after Silicon Valley Bank's collapse. Altman told Reuters startups need money to pay employees and bills while SVB's situation is addressed. SVB, a once-trusted bank for tech and startups, was taken over by regulators Friday. "Sam has been sending stuck startups money today with no docs, just saying 'send me back whatever you can whenever you can'. "Even if SVB can't find a buyer or a loan over the weekend, a lot of the money startups have on deposit will be made available to them," Altman told Reuters.
☆ Some Silicon Valley Bank customers are selling their deposits at big discounts to raise cash quickly, reports say
  + stars: | 2023-03-12 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Some SVB clients are being invited to sell their uninsured deposits at steep discounts, reports say. In the meantime, some startups that banked with SVB are trying to sell their deposits at a discount. Startups choosing to sell their deposits at a discount appears to be a potential long-term sacrifice to meet short-term funding needs. However, ratings agency Moody's suggested not all uninsured deposits were likely to be returned. If the bank fails to find a resolution by early next week, it seems likely that interest in selling deposits at a discount will intensify.
☆ A coastal fort in Wales used by the US Army in the Second World War is on the market for $230,000
  + stars: | 2023-03-12 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +1 min
This Welsh coastal fort, built in the 1860s, is on the market for about $230,000. Fort Hubberstone's barracks housed US soldiers ahead of the D-Day landings in the Second World War. Fort Hubberstone, a property in the Welsh coastal town of Milford Haven, has been put on the market for £190,000 (almost $230,000). The Grade II* listed building housed US soldiers during the D-Day landings in World War Two, and came complete with gun rooms and a pub. The property has seen far better days, and a prospective buyer will need to do some work to bring it up to spec.
☆ Peter Thiel's Founders Fund got its cash out of Silicon Valley Bank before it was shut down, report says
  + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +2 min
Peter Thiel's Founders Fund withdrew all its funds from Silicon Valley Bank, Bloomberg reported. A source told Bloomberg the PayPal cofounder's fund had moved to close its exposure to the failing bank after running into problems using SVB's services. The venture capital group had been engaging in a "capital call" — where it asked investment partners to send funds to invest in a company — by transferring funds to its Silicon Valley Bank account. Following the withdrawals, the fund no longer had any exposure to SVB as of Thursday morning, the unnamed source told Bloomberg. Founders Fund and SVB didn't immediately respond to requests for comment from Insider, made outside normal working hours.
☆ Mark Cuban called on the Federal Reserve to step in and buy Silicon Valley Bank's debt 'to end the run'
  + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Mark Cuban pleaded with the Federal Reserve to buy the debt of SVB Financial Group. In a Twitter thread, "Shark Tank" star Cuban called on the Fed to step in and buy any debt belonging to SVB to prevent a run on deposits. "The Fed should IMMEDIATELY buy all the securities/debt the bank owns at near par, which should be enough to cover most deposits. Cuban added that if the Fed didn't act, trust in the banking system would become an issue. Cuban said a Fed purchase of SVB debt wouldn't constitute a bailout.
☆ Paul Krugman says Silicon Valley Bank could've been called the 'Schmoozing and Vibes Bank,' but it's probably not another 'Lehman moment'
  + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +2 min
Paul Krugman said SVB maybe should have been called the "Schmoozing and Vibes Bank." As far as I can tell, it was just unusually good at cultivating relationships with, um, Silicon Valley, specifically VC," Krugman said. "Maybe it should have been called Schmoozing and Vibes Bank." While this created huge problems for SVB, Krugman believed there was little chance of contagion to other banks. The Nobel Prize-winning economist said he did worry about the effects of SVB's collapse on the broader VC ecosystem.
☆ Silicon Valley Bank's collapse means startups and VCs face billions in losses
  + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +4 min
SVB's startup and VC customers are staring down huge losses after its failure. A buyer is being sought for the failed bank by Monday to avoid more calamity for startups. SVB customers stare down big lossesIn a report on Friday, the ratings agency Moody's said it expected a recovery rate of 80% to 90% for uninsured depositors. While there were likely billions in deposits withdrawn prior to SVB's closure, there's still likely to be many billions left at risk. SVB's deposits soared in recent years as it became the go-to lender in the VC ecosystem.
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