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☆ Abbott plans new $500 million infant formula facility as shortage continues
▼ + stars: | 2022-10-19 | by ( Katherine Dillinger | ) edition.cnn.com time to read: +3 min

CNN —Abbott Nutrition plans to build a $500 million nutrition facility for specialty and metabolic infant formulas, Chairman and CEO Robert Ford said Wednesday. The announcement comes as the US formula shortage continues and experts have called for more domestic production and diversity among suppliers. “We’re currently in the final stages of determining the site location and will work with regulators and other experts to ensure this facility is state-of-the-art and sets a new standard for infant formula production. More than 40% said they had only a week’s supply or less on hand. “We also boosted production in our global network to increase infant formula supply to the US.

☆ Homebuilders aren't helping to lower home prices because they too are sitting on the sidelines waiting for inflation and mortgage rates to fall
▼ + stars: | 2022-10-19 | by ( Alcynna Lloyd | Ben Winck | ) www.businessinsider.com time to read: +4 min

Like prospective homeowners, homebuilders aren't happy with the housing market, either. The housing market isn't working for most Americans. In September, residential homebuilding slowed as housing starts decreased 8.1% from August levels, according to a report from the US Census Bureau that was released on Wednesday. During the month, single-family housing starts decreased 4.7% to a seasonally adjusted annualized rate of 892,000. "This will be the first year since 2011 to see a decline for single-family starts," Robert Dietz, the chief economist for the National Association of Homebuilders, said.

☆ The Columbus, Ohio, Warehouse Boom: How warehouses brought stifling dust and diesel fumes — and a chance for refugees to grab the American dream
▼ + stars: | 2022-10-19 | by ( Emma Cosgrove | Katherine Long | ) www.businessinsider.com time to read: +27 min

What binds them, despite different nationalities, immigration stories, and languages, are warehouse jobs. As Columbus' warehouse development begins encroaching into residential areas, a consensus is gathering here — as it has elsewhere — that warehouses make for poor neighbors. Tariq Tarey for InsiderIn Canal Winchester, Halstead's efforts to put the question of warehouse development before voters were stymied. The town council bypassed her group's referendum by declaring a state of emergency to approve the warehouse development. There aren't clear lines between the winners and losers of Columbus' warehouse boom.

☆ Formula shortage has improved in the US but still poses challenges for many
▼ + stars: | 2022-10-18 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +8 min

CNN —Despite improving stock rates, many families with new babies in the United States are still having trouble finding baby formula. But stock rates are still worse than they were before the formula shortage hit. My baby’s 7 months old now.”Throughout the formula shortage, quantifying the severity of the situation has been challenging. The Census survey data adds an important measure of personal experience to the mix, but it has limitations, too. About half of all baby formula sold in the United States is purchased with WIC benefits.

☆ Gen X amid the Pandemic: How Their Finances, Shopping Behavior, and Digital Usage Look
▼ + stars: | 2022-10-18 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

In the Gen X amid the Pandemic Report, Insider Intelligence assesses US Gen Xers' finances and how they've been affected by the pandemic. Many Gen Xers have yet to recover from the Great Recession, and the pandemic didn't help the unstable financial health of this cohort. Gen X remote workWith no sign of retirement in sight, Gen X has had to adapt to a completely digital, remote-work atmosphere. Gen X spending habitsXers became more digital in their shopping during the pandemic. In this report, we assess US Gen Xers' financial standings and how they've been affected by the pandemic.

☆ The typical Tesla driver is a Millennial or Gen-Z man that lives in an area with a median household income of $85,000
▼ + stars: | 2022-10-17 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Most Tesla drivers were 34-years-old or younger and lived in areas with median household incomes that averaged $85,000. Some 30,000 of those trips were taken by 228 Tesla drivers, allowing them to determine how the electric-car drivers compare to others on the road. The average median household income across the zip codes Tesla drivers called home was $85,000, while non-Tesla drivers had median household incomes of $62,000, Jerry reported. And about a third of the Tesla drivers lived in zip codes with median household incomes of $100,000 or more. Jerry's analysis mostly lines up with previous studies of Tesla drivers, and is the most recent to date.

☆ Premarket stocks: A 'tectonic shift' in global wealth that will take years to recover from
▼ + stars: | 2022-10-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors could be betting that the stronger-than-expected inflation report means price increases are near their peak. “The context of rising interest rates and the higher cost of living could pose a risk to household balance sheets,” reported researchers. The takeaway: Allianz calls these changes a “tectonic shift” in global wealth that will take years to recover from. Mortgage rates hit a 20-year highMortgage rates in the US rose again this week — inching even closer to 7%. Today, a homeowner buying the same-priced house with an average rate of 6.92% would pay $2,059 a month in principal and interest.

☆ Premarket stocks: How to read big bank earnings
▼ + stars: | 2022-10-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Beyond disappointing headline figures, Wall Street analysts are focusing on three important factors: loan growth, capital adequacy, and the economic outlook. Loan growth: The rate at which businesses borrow money from big banks doesn’t just tell us about the health of a financial institution itself. But Wall Street estimates show that loan growth is expected to decelerate in Q4 and into next year. Growth of Individual loans will likely decline, showing that Americans are beginning to feel the pinch of rising interest rates. Capital adequacy: Expect banks to take questions about how much money they have on hand.

☆ Amid talk of a recession, experts share why now is a good time to start a business and which industries are the most promising
▼ + stars: | 2022-10-13 | by ( Alexandra York | ) www.businessinsider.com time to read: +7 min

While the prospect of an economic downturn can be worrying, indicators suggest it's still a good time to start a business. "When starting a business, your capital needs are as low as they're ever going to be," he said. Mawhinney, along with an economist, a business coach, and an entrepreneur, each shared their predictions for the coming years and why they encourage aspiring business owners to jump on the entrepreneurial bandwagon now. "But what we're seeing now is they've realized that employment itself is risky, and it's become easier to start that business." She encourages her coaching clients, who are aspiring entrepreneurs and freelancers, to take advantage of the new opportunities.

☆ Abortion is a key motivator for US voters in midterm elections, new survey finds
▼ + stars: | 2022-10-12 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +4 min

CNN —About half of registered voters in the United States say they are more motivated to vote in next month’s midterm elections than they were in previous elections – and abortion is a key issue driving that motivation, according to new survey data from the Kaiser Family Foundation. After the decision in Dobbs v. Jackson Women’s Health Organization removed the federal right to abortion, some states moved to make local laws more restrictive. Voters in states with full abortion bans were more likely to say that those laws were making them more motivated to vote than in prior elections, according to the KFF survey. The economy is the top issue for Republicans, and abortion is the top issue for Democrats. Separately, the KFF survey found that most voters were not aware of the Inflation Reduction Act, which President Joe Biden signed into law in August.

☆ Sorry, millennials, you're never getting a good home
▼ + stars: | 2022-09-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

Like a lot of millennials, Enrique Gonsalves is a victim of poor timing. For most millennials, born between 1981 and 1996, the path to homeownership has been fraught with pitfalls and false starts. Add it all up, and the homeownership rate among millennials is lagging that of previous generations. Compared with these generations, millennials have more debt, a lower net worth, and a worse chance of making more than their parents. Those factors, particularly the rise in student debt, have prevented millennials from getting a home.

☆ B2B payments startup Hopscotch aims to be a supercharged 'Venmo for businesses' with a new tool helping SMBs manage invoices
▼ + stars: | 2022-09-29 | by ( Ann Gehan | ) www.businessinsider.com time to read: +6 min

Hopscotch, a B2B payments fintech, aims to be a Venmo-like payment tool for businesses. The result is Hopscotch, a B2B payments platform that adopts the look and feel of a consumer app and offers instant, free payment services. Hopscotch Flow is a way to monetize the startupAccording to Switzer, Hopscotch is built on the belief that businesses shouldn't have to wait to access money they've already earned. "The whole point is to give our users really more control over their cash flow, because for most of them, their cash flow is fairly unpredictable," he said. A rendering of a business user's Hopscotch dashboard.

☆ Premarket stocks: Ronald Reagan's tax lesson for Britain
▼ + stars: | 2022-09-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Citibank analysts called the decision a “huge, unfunded gamble for the UK economy.” Markets dropped precipitously on the news. But much like Truss, Reagan argued that massive tax cuts and deregulation would stimulate productivity and he championed a sweeping tax cut that was passed by Congress that year. According to US Treasury estimates, Reagan’s tax cuts reduced federal revenues by about 9% in the first couple of years. A lesson from history: “When tax cuts are really too big to be sustainable, they’re often followed by tax increases,” wrote David Wessel, director of The Hutchins Center on Fiscal and Monetary Policy. The US dollar appreciated during the Reagan tax cuts because it benefits from global reserve currency status.

☆ Fed Chair Powell warned of ‘pain’ to come. Seniors on fixed incomes are already feeling it
▼ + stars: | 2022-09-26 | by ( Martha C. White | ) edition.cnn.com time to read: +8 min

“Social Security comes up short by at least $1,000 [a month] in many locations. John Harriger, a resident of Chilhowie, Virginia, suffered a disabling back injury in 1994 and relies solely on Social Security for income. “I get about $1,800 a month [from Social Security] but… when gas and groceries started going up, I couldn’t make it any more. Sites, who relies wholly on Social Security for her income, said she worries what will happen when the mortgage on her home near Asheville, North Carolina, resets. This has a pass-through effect on the financial security of older Americans.

☆ Biden made a major dent in the student debt crisis — and it's time he does the same for the growing medical debt load in the US, attorneys and advocates say
▼ + stars: | 2022-09-25 | by ( Jason Lalljee | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

America's medical debt problem has parallels to the student debt crisis, experts told Insider. But experts on medical debt say that student loans are just one piece of a household debt crisis, which debilitates millions of Americans. Haynes also noted that younger adults are more likely to hold student debt, medical debt, or both. Lawsuits for medical debt are more common than those for student debt, but both transpire. Haynes pointed out that much of medical debt is paid using credit cards, which means it doesn't register as medical debt — it's anonymized as credit card debt.

☆ Fights over political lines have fueled the aging of America's government. But that may be changing.
▼ + stars: | 2022-09-25 | by ( Grace Panetta | Walt Hickey | ) www.businessinsider.com time to read: +15 min

Redistricting and fights over political lines have fueled the aging of America's government. Republican Rep. Adam Kinzinger of Illinois outside a January 6 committee hearing on June 13, 2022. Partisan gerrymandering, the redrawing of political district lines to favor one political party over the other, has gotten increasingly tactical. In all, 14 House incumbents lost renomination in 2022, the highest number in a single cycle since 1992. If you're a Democrat in a Republican district, your days are probably numbered."

☆ Netflix's head of accessibility grew up with deaf parents, and it made her more aware that TV subtitles can be terrible
▼ + stars: | 2022-09-24 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +7 min

Netflix's first Director of Product Accessibility, Heather Dowdy, told Insider what drives her. Growing up with deaf parents, she was aware of gaps in subtitles and when they "messed up." Having deaf parents meant she was constantly aware of mistakes and gaps in subtitles, she said. But TV subtitles are now used far more widely than by people who are deaf or hard of hearing. 'Feedback is crucial'Dowdy said people who are hard of hearing or deaf aren't included enough in the process of making subtitles.

☆ Northern Ireland has more Catholics than Protestants for first time - census
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterBELFAST, Sept 22 (Reuters) - Northern Ireland has more Catholics than Protestants for the first time, census results showed on Thursday, a historic shift that some see as likely to help drive support for the region to split from Britain and join a united Ireland. 45.7% of respondents identified as Catholic or were brought up Catholic, compared with 43.5% identifying as Protestants, data from the 2021 census showed. A decade ago the previous census showed Protestants outnumbered Catholics by 48% to 45%, after falling below the 50% mark for the first time. The shift comes a century after the Northern Ireland state was established with the aim of maintaining a pro-British, Protestant majority as a counterweight to the newly independent, predominantly Catholic, Irish state to the south. Register now for FREE unlimited access to Reuters.com RegisterReporting by Amanda Ferguson, editing by Padraic Halpin and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Entrepreneurs say investing in brick-and-mortar locations is a crucial part of business. Here's how much 3 founders spend each month and why they believe it's worth it.
▼ + stars: | 2022-09-22 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

For example, the US Census Bureau estimates that more than 80% of retail sales across the US are from in-person transactions. What's more, Insider talked to other founders who said investing in physical locations was part of their long-term business plan. Earlier this year, he signed his first lease for a 600-square-foot Florida office space for just over $600 a month. He credits the success of his business in part with bringing people together in a united office space. He said the office space eased the connection among employees and attracted high-performing employees.

☆ Sports gambling opportunities for marketers
▼ + stars: | 2022-09-22 | by ( Paul Verna | ) www.businessinsider.com time to read: +7 min

And sports gambling, which is now legal in nearly half the US, is emerging as a market opportunity for brands and broadcasters alike. Legalized sports gambling in the US will generate $2.1 billion in revenues this year. It also tallies states with active sports gambling legislation as well as those with no legislation or dead legislation. As of May 2021, sports gambling was legal and active in 21 states plus the District of Columbia. In addition, MGM Resorts International projects that sports gambling will generate $13.5 billion by 2025, with 38 US states participating by that time.

☆ The 20 most expensive US cities for renters and how much money you need to make to afford to live there
▼ + stars: | 2022-09-19 | by ( Jason Lalljee | Madison Hoff | ) www.businessinsider.com time to read: +3 min

Researchers at Apartment Guide published a list of the US cities with the most expensive rents. Assuming renters pay under 30% of their income for housing, the list also includes the salaries needed to afford those rents. New York City topped the list, with Boston and west coast cities rounding out the rest of the top 10. Out of the 10 most expensive cities, eight require twice the annual median income to keep rent costs at 30%, the researchers found. Below is a list of the top 20 most expensive cities in the US:

How Union Yes Federal Credit Union worksUnion Yes Federal Credit Union is a local financial institution in Southern California that's part of the National Credit Union Administration's list of minority depository institutions (MDIs). Union Yes Federal Credit Union trustworthiness and BBB ratingUnion Yes Federal Credit Union has no recent public controversies, and the bank has an A+ rating from the Better Business Bureau. Union Yes Federal Credit Union vs. Orange County's Credit UnionTo open an account at a credit union, you'll have to be eligible for membership first. Union Yes Federal Credit Union vs. ChaseUnion Yes Federal Credit Union and Chase pay similar interest rates on traditional savings accounts, but Union Yes Federal Credit Union offers higher interest rates on CDs. Yes, Union Yes Federal Credit Union is federally insured.

☆ 3 strategies for entrepreneurs who want to incorporate DEI into their hiring process
▼ + stars: | 2022-08-22 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +6 min

BI GraphicsThe pandemic and the Great Resignation have fueled a war for talent among small-business owners. This article is part of Talent Insider, a series containing expert advice to help small business owners tackle a range of hiring challenges. And millions of people have left their jobs in the Great Resignation, creating a war for talent among business owners. Janice Gassam Asare, a racial-equity consultant, told Insider that small-business owners looking to hire employees from underrepresented populations face more difficulty than bigger firms. Asare recommended small-business owners use sites like Jopwell, a career-advancement platform for Black, Latinx, and Native American job seekers.

☆ Founder Finances: A comprehensive guide to creating a budget for your business
▼ + stars: | 2022-08-19 | by ( Alexandra York | ) www.businessinsider.com time to read: +8 min

This series, "Founder Finances," shares tips on how to allocate money, stabilize your team, and prepare for growth, according to founders who've done it. Read more: Founder Finances: A baker shares the $15K budget she's using to relaunch her business after stepping away to fight cancer. Read more: Founder Finances: How a 30-year-old entrepreneur uses a $2,000 monthly social-media marketing budget to build a thriving side hustle selling loungewear. Read more: Founder Finances: Etsy seller shares the $3,700 monthly budget preparing her business for its busiest quarterCreating company culture in the officeBranden Sewell, the founder of Seal Pro Painting. If you're interested in contributing to Insider's Founder Finances series, please contact Alex York at ayork@insider.com.

☆ 3 managers suspected their employees were working another full-time job but didn't fire them. Here's why, and what they did instead.
▼ + stars: | 2022-07-26 | by ( Robin Madell | ) www.businessinsider.com time to read: +9 min

Some employees are working two full-time jobs in secret to make extra cash. It was here he discovered that they were in fact working another full-time job, though they were spending less than 40 hours a week on it. "Even when they aren't handling another full-time job on the side, they still have families, friends, pets, and hobbies." Daivat DholakiaEssenvia doesn't allow employees to work a second full-time job at the same time that they're employed full-time with the company, Dholakia said. As was the case with Snead's employee, Dholakia's employee quit the second job, and they're still with Essenvia today.

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