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☆ Would you rather have 3 roommates or 4 jobs? What it takes to afford rent on minimum wage
▼ + stars: | 2023-02-09 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

Given the federal minimum wage sits at $7.25 and hasn't risen since 2009, it's increasingly difficult for minimum wage earners to afford rent. In fact, it would take four full-time minimum wage workers to reasonably afford a two-bedroom apartment, according to new Zillow research. The real estate company gathered minimum wage and rent data in the 50 largest U.S. cities to see what it takes to make rent on some of the lowest legal salaries. It concluded that a renter earing minimum wage has two options: find three roommates (and assign two people per bedroom) or work four full-time jobs on their own to keep their housing costs below the recommended 30% of their income. Even in places like San Francisco where the $16.99 minimum wage is more than double the federal wage, sky-high rents leave workers without a lot of comfortable options — you'd still need wages from three full-time jobs to afford a two-bedroom there.

☆ Microsoft and ArcelorMittal back MIT spinout trying to green the $1.6 trillion steel industry
▼ + stars: | 2023-01-27 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

The $1.6 trillion steel industry is the backbone of the modern world. That's why massive global businesses, including international steel giant ArcelorMittal and tech stalwart Microsoft , are investing in Boston Metal, a company that spun out of Massachusetts Institute of Technology and developed a new way of making clean steel. "There is no economy, there is no infrastructure without steel," Boston Metal CEO Tadeu Carneiro told CNBC in a video call on Wednesday. The same year they launched a company, Boston Electrometallurgical Corp., to scale and commercialize that technology. He is a veteran of 40 years career in the steel industry, mostly at Brazilian metals giant CBMM.

☆ The Numbers Show That MIT Has a Free-Speech Problem
▼ + stars: | 2023-01-24 | by ( Daryl Morey | ) www.wsj.com time to read: 1 min

Twenty-one years as an executive in the National Basketball Association has taught me to start with the data when confronted with a problem. Now, I am asking my alma mater to do the same on the important issue of free expression. The Massachusetts Institute of Technology has suffered several embarrassing incidents regarding free speech in recent years. These include the cancellation of Prof. Dorian Abbot ’s John Carlson Lecture on climate change in October 2021 and the institution of a March 2022 policy that students may not ask others to wear masks.

☆ Union ranks had a very good 2022. It’s not for the reason you think
▼ + stars: | 2023-01-20 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

(Some workers at unionized workplaces choose not to belong to the union, accounting for the different totals.) Stephanie Keith/Getty ImagesBut there’s no denying 2022 was a very good year for union organizing. The attention that each company’s campaign is getting is important for generating “momentum” for union organizing activity. The other unionized jobs added in the leisure and hospitality sector were in hotels and other accommodations, as travel rebounded strongly during the year. Overall the public sector lost a combined 12,000 unionized jobs last year due to declines in unionized jobs at the federal and local government levels.

☆ Tesla-induced pileup involved driver-assist tech, government data reveals
▼ + stars: | 2023-01-17 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +3 min

The Tesla’s driver told authorities that the vehicle’s “full self-driving” software braked unexpectedly and triggered the pileup on Thanksgiving day. The National Highway Traffic Safety Administration then announced that it was sending a special crash investigation team to examine the incident. It’s delighted some Tesla drivers but also alarmed others with its flaws. The benefit and promise of Autopilot is clear from the Vehicle Safety Report data that we have been sharing for 4 years,” Tesla said this month in an update to its vehicle safety data. Reimer said it remains to be seen if there’s a recall of any Tesla driver-assist features, and what it means for the automaker’s future.

☆ ChatGPT used by mental health tech app in AI experiment with users
▼ + stars: | 2023-01-14 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +11 min

But for a few thousand people, the mental health support they received wasn’t entirely human. About 4,000 people got responses from Koko at least partly written by AI, Koko co-founder Robert Morris said. Academics, journalists and fellow technologists accused him of acting unethically and tricking people into becoming test subjects without their knowledge or consent when they were in the vulnerable spot of needing mental health support. “There are millions of people online who are struggling for help.”There’s a nationwide shortage of professionals trained to provide mental health support, even as symptoms of anxiety and depression have surged during the coronavirus pandemic. In June, the World Health Organization included informed consent in one of its six “guiding principles” for AI design and use.

Reuters GraphicsThe U.S. central bank is already adjusting to one unanticipated set of changes - an outbreak of inflation coupled with stalled growth in the U.S. labor force. "You have to identify the regime change ... Then you have to understand the transition dynamics ... and have a clear vision and insight into all of those ... "Markets calibrated to ... Chinese growth and low interest rates may prove fragile." Like recessions, which are typically identified only well after they have started, other economic turning points aren't always apparent in the moment. But as evidence of that accumulated following the 2007-2009 recession, it was only embodied into Fed policy in 2020 under a new approach that leaned against premature interest rate increases.

☆ Scientists chip away at how ancient Roman concrete stood test of time
▼ + stars: | 2023-01-09 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

Roman concrete was introduced in the 3rd century BC, proving revolutionary. Many of these structures have endured for two millennia while modern concrete counterparts sometimes crumble in mere years or decades. Roman concrete contains white bits called "lime clasts," remnants of the lime used in the concrete. Some viewed the lime clasts, absent in modern concrete, as an accidental byproduct of sloppy preparation or poor-quality materials. Masic is a co-founder of a company called DMAT, based in the United States and Italy, that is commercializing concrete inspired by the ancient Roman version.

☆ Analysis: Bankman-Fried fraud charges sidestep debate over how U.S. law sees crypto
▼ + stars: | 2023-01-09 | 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: +5 min

"It's a pretty simple deception," said Shane Stansbury, a professor at Duke University School of Law and former Manhattan federal prosecutor. The debate matters to cryptocurrency companies because it could determine which agency regulates the trading of digital assets. Both have pleaded not guilty and argued the charges should be dismissed because insider trading charges must involve securities or commodities. In bringing wire fraud charges in both cases, prosecutors avoided taking a position on how cryptocurrencies or NFTs should be classified. It is unlikely Bankman-Fried's lawyers will attempt a similar argument because the wire fraud charges are more straightforward, Kasten said.

☆ New Biden Law Won’t Kill Drug Cures. It Will Reshape Them.
▼ + stars: | 2023-01-06 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Big pharma loves to bemoan the impact on future drug research when lawmakers get tougher on the industry. The truth is usually a lot more complicated. In a 2021 study, for instance, three academics including Massachusetts Institute of Technology finance professor Andrew Lo looked at what happened to innovation when drug companies were no longer able to resort to one of their favorite tactics: paying generic makers to stay off the market, known as “pay-for-delay.” A 2013 Supreme Court ruling had essentially barred such agreements. What the researchers found was that companies actually responded by increasing their research and development spending to find new drugs.

☆ What long Covid patients need to know about health insurance
▼ + stars: | 2023-01-05 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Halfpoint Images | Moment | Getty ImagesNavigating the health insurance system is often difficult and overwhelming, even in the best of times. For patients with long Covid, a relatively new condition that frequently leaves patients with a lengthy and unpredictable list of debilitating symptoms, it can be especially nightmarish. Here's what you need to know about navigating health insurance with the condition. Long Covid patients, for example, often seek physical therapy and mental health services, she said. Clinical trials are 'worth investigating'Clinical trials, many of which are covered by health insurance plans, can be a great option for long Covid patients, Donovan said.

While the majority party has elected their nominee on the first ballot over the past century, this year could be different. Members vote "viva voice," meaning they stand when their names are called by a reading clerk and verbally announce who they are voting for. Members can vote for anyone (even people who are not members of the House), vote present, or not vote at all. If every member doesn't show up, or if some vote present instead of supporting a candidate, that decreases what the majority vote needs to be. Political parties are much stronger now than they were then, when House members were often more loyal to their region.

He is scheduled to appear at 2 p.m. EST (1900 GMT) before U.S. District Judge Lewis Kaplan in Manhattan. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates. Caroline Ellison, who was Alameda's chief executive, and Gary Wang, FTX's former chief technology officer, pleaded guilty to seven and four criminal charges, respectively, and agreed to cooperate with prosecutors. Bankman-Fried, Ellison and Wang were also sued by the U.S. Securities & Exchange Commission and Commodity Futures Trading Commission.

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions. He is scheduled to appear at 2 p.m. EST (1900 GMT) on Tuesday before U.S. District Judge Lewis Kaplan in Manhattan to enter a plea. It is not unusual for criminal defendants to initially plead not guilty. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates.

☆ Bankman-Fried set to enter initial not guilty plea in FTX fraud case -source
▼ + stars: | 2022-12-30 | by ( Jack Queen | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +1 min

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions. He is scheduled to appear at 2 p.m. EST (1900 GMT) on Tuesday before U.S. District Judge Lewis Kaplan in Manhattan to enter a plea. The Massachusetts Institute of Technology graduate has been charged with two counts of wire fraud and six conspiracy counts, including to launder money and commit campaign finance violations. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. Reporting by Jack Queen; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Founders in their 20s get a lot of media attention, but research suggests most founders are older. But the data on successful entrepreneurs says otherwise: The average age of business founders is around 40 years old, according to research by Pierre Azoulay, a professor at the Massachusetts Institute of Technology. And a 50-year-old founder is approximately twice as likely to experience a successful exit, meaning the startup is acquired or goes public, compared with a founder at age 30, according to Azoulay's analysis of 2.7 million founders between 2007 and 2014. What's more, the average age of a unicorn founder is 34, according to venture capital partner Ali Tamaseb's 2021 book Super Founders: What Data Reveals About Billion-Dollar Startups. Here are other successful people who found success later in life.

Companies Ledgerx LLC FollowNEW YORK, Dec 22 (Reuters) - Sam Bankman-Fried was released on a $250 million bond package on Thursday while he awaits trial over the collapse of the FTX crypto exchange, which a U.S. prosecutor called a "fraud of epic proportions." His defense lawyer, Mark Cohen, declined to comment after the hearing in Manhattan federal court. U.S. Magistrate Judge Gabriel Gorenstein set Bankman-Fried's next court date for Jan. 3, 2023, before U.S. District Judge Ronnie Abrams, who will handle the case. The bond is meant to ensure that if Bankman-Fried flees, the government could confiscate the family's assets - including their Palo Alto home - up to $250 million. Details of their cooperation were kept under wraps until Bankman-Fried left the Bahamas, according to court papers filed on Thursday.

☆ Quiet Platforms Pushes Toward Full Next-Day Delivery With New Fulfillment Centers
▼ + stars: | 2022-12-22 | by ( Liz Young | ) www.wsj.com time to read: +3 min

Quiet Platforms, the logistics subsidiary of apparel retailer American Eagle Outfitters Inc., is planning to open warehouses in dozens of markets across the U.S. as it works to offer next-day delivery nationally within three years. The warehouses will serve the retailers using Quiet Platforms’ supply-chain network, which include sports goods retailer Fanatics Inc., shoe brand Steve Madden Ltd. and discount outlet Saks Off Fifth. Shekar Natarajan, president of Quiet Platforms Photo: Brittainy Newman/Associated PressThe company already has nine distribution centers in seven markets, but the new sites will likely include smaller facilities close to population centers and dedicated to specific tasks such as sorting packages or consolidating goods, said Shekar Natarajan, president of Quiet Platforms. He said Quiet Platforms currently delivers about 70% of packages next day and around 38% on the same day. “Everyone in retail says we want to be in the right place at the right time with the right quantities,” Mr. Natarajan said.

☆ FTX founder Bankman-Fried to make U.S. court appearance after extradition
▼ + stars: | 2022-12-22 | 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: +3 min

Companies Ledgerx LLC FollowNEW YORK, Dec 22 (Reuters) - FTX founder Sam Bankman-Fried is expected to appear before a U.S. court on Thursday after being extradited from The Bahamas, where he had remained since the collapse of his now-bankrupt cryptocurrency exchange. "If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it," Williams said. At his U.S. court appearance, known as an arraignment, Bankman-Fried is expected to be asked to enter a plea. Bankman-Fried has acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability. Since his arrest on Monday, Bankman-Fried was detained at the Bahamas Department of Corrections prison, known as Fox Hill.

Dec 22 (Reuters) - FTX founder and former Chief Executive Sam Bankman-Fried, who faces U.S. fraud charges over the collapse of FTX, ran his crypto empire with a number of associates. GARY WANGGary Wang co-founded FTX and Alameda Research with Bankman-Fried, and served as FTX's chief technology officer. He and Bankman-Fried met at a math camp in high school and became college roommates, Bankman-Fried wrote in a now-unavailable FTX blog. Wang worked as a software engineer at Google before co-founding FTX and Alameda, according to an archived webpage for the FTX Future Fund, the company's charitable effort. NISHAD SINGHNishad Singh was a best friend of Bankman-Fried's brother in high school, Bankman-Fried wrote in the deleted blog post.

New legislation working its way through Congress could improve retirement security for U.S. workers. The plan is part of a stopgap spending bill, and it includes a provision that would automatically enroll eligible employees into their company's retirement plan. Under the new legislation, employers could consider a worker's student loan payment to be the equivalent of a 401(k) contribution and match it accordingly. Finally, the legislation offers a 100% tax credit to businesses with 50 employees or fewer for the cost of maintaining a 401(k) plan. "It’s a bill that helps all income levels and all different types of workers and retirees," Richman, of the Insured Retirement Institute, said.

☆ Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison?
▼ + stars: | 2022-12-16 | by ( Sindhu Sundar | Lakshmi Varanasi | ) www.businessinsider.com time to read: +6 min

Former Alameda CEO Caroline Ellison isn't named in prosecutors' charges against Sam Bankman-FriedBut the SEC's civil suit references her statements on the relationship between FTX and Alameda. Conspiracy charges and civil claims against SBF show others in the crosshairs, legal experts said. But her rise as CEO at Alameda, Bankman-Fried's other crypto company separate from FTX, may certainly put her in investigators' sights. The SEC's complaint on Tuesday claimed that Bankman-Fried "remained the ultimate decision-maker" at Alameda, even after Ellison took over the reins. Since Bankman-Fried's crypto empire began unraveling in November however, Ellison has stayed away from the public eye.

☆ Claudine Gay to be Harvard’s 1st Black president, 2nd woman
▼ + stars: | 2022-12-15 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Harvard University announced Thursday that Claudine Gay will become its 30th president, making her the first Black person and the second woman to lead the Ivy League school. Gay, who is currently a dean at the university and a democracy scholar, will become president July 1. With Gay’s appointment, women will outnumber men as chiefs of the eight Ivy League schools. Gay will be the only Black president currently in the Ivy League and the second Black woman ever, following Ruth Simmons, who led Brown University from 2001 to 2012. Gay’s early challenges could include fallout from the Supreme Court’s review of the use of race in admissions.

☆ Harvard-educated deception expert: 4 red flags can show when people like Sam Bankman-Fried are lying
▼ + stars: | 2022-12-13 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +6 min

The answer is the latter, says Pamela Meyer , a Harvard-educated deception expert who is a certified fraud examiner and the author of the 2010 book "Liespotting: Proven Techniques to Detect Deception." Now, with Sam Bankman-Fried arrested on Monday by Bahamian authorities, the world is wondering if the FTX founder will follow in Holmes' footsteps as the next disgraced startup founder to end up behind bars . Such tactics should have been "a red flag, for sure, that he was deflecting a deep dive into the details" of FTX, Meyer says. You let them talk and talk and talk." This appears to be Bankman-Fried's current mode, Meyer says.

☆ An SEO consultant transformed her hiring process to attract better talent and improve retention with a few tips from an HR pro
▼ + stars: | 2022-12-12 | by ( Erica Sweeney | In Partnership With | ) www.businessinsider.com time to read: +6 min

When Zhe Scott founded her SEO consulting and marketing firm, The SEO Queen, in 2017, she expected her employees to stick around long-term. Their conversations led Scott to "think about talent acquisition the same way I think about customer acquisition," she said. He and Scott shared how they overhauled Scott's hiring process and came up with solutions to improve talent retention. Scott is continuing to work on finding her next great employee using the ideas she and Coleman came up with. Treating talent acquisition as an ongoing taskWhile she hasn't found any new employees yet using updated new process, Scott said, she's confident about the long term.

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