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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.
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.
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.
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.
NEW YORK, March 9 (Reuters) - From facial workouts to laser peels, celebrities will be turning to a range of skincare routines to look their best for the Oscars red carpet on Sunday. Among the regimens celebrities like actor Kerry Washington and comedian Chelsea Handler apply is FaceGym, which describes itself as "the home of facial fitness." Dermatology office Weiser Skin offers the popular Hollywood Laser Peel, in which liquid carbon is applied. "I would want to bring them in and do something like this first," she told Reuters while performing a Beauty Peel facial to remove dead skin. "These are stainless steel pattern tubes that are filled with glycerin to hold their temperature and to mimic ice on the client's skin," she said.
JetBlue is launching a new New York to Paris route in June, with tickets starting at $479. Two years after launching its service to London, the airline has announced tickets starting at $479 from New York to Paris, round-trip. Fares at the of June 2023, when JetBlue will start flying to Paris, currently start at $1082 across all other airlines. When JetBlue debuted its new New York-London Heathrow flights in August 2021, fares started at $202, while they currently cost around $559 roundtrip, according to Expedia. The lower Paris fares will likely follow a similar path.
Facing a depleted men's field, Fritz could run into Denmark's Holger Rune in the quarter-final. Seventh-seed Rune also won his first masters title last year when he outlasted 22-times major winner Novak Djokovic in Paris. On the women's side, Swiatek looks as though she could have little trouble collecting a second straight title in the southern California desert after cruising to victory a year ago amid a blockbuster unbeaten streak. She has the chance to exact a little bit of revenge against potential fourth-round foe Barbora Krejcikova, after the 2021 French Open winner ended her 13-match winning streak in Dubai last month. Reporting by Amy Tennery in New York; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
After an awful 2022 that saw one of the industry's high-profile figures implode, the crypto market is looking for a bounceback. McDermott laid out to Insider's Bianca Chan and Dakin Campbell how tough times for crypto startups mean more realistic valuations and, in some cases, a reevaluation of the business model. Once of the most common critiques I hear about crypto is "It's a solution looking for a problem." The most recent crypto winter could force startups to be a bit more pragmatic about the specific problem they are looking to address. "If you can solve fraud in crypto, you can solve fraud in basically any part of finance," Meier told Insider.
Fintech Sezzle is betting on a comeback after a miserable year for not only itself but the wider buy now, pay later market. Murphy's LawTrue to Murphy's Law, anything that could go wrong did go for Sezzle, Charlie Youakim, Sezzle's CEO, told Insider. In February of 2022, Sezzle announced it would be bought by Zip, another Australian-traded BNPL. The shift leaves room for a "proliferation" of BNPL and other payment options, Savage said. That way, Sezzle can still extend credit to the customer, who can theoretically build on their credit score with short-term payments.
So, right before I turned 50 years old, I said "that's it, I'm going to take the leap." It's taken a turn and it's taken a turn for the worst for us owner-operators. I'm going to give it a try and see what happens and go from there. That gives me a fix because I love the youth, I love my students, I love that community. I'm not going to say that I don't miss it at times, but I don't see myself going back anytime in the near future.
Mathew McDermott oversees Goldman Sachs' crypto and blockchain efforts. He says the worst isn't over for crypto startups. The worst isn't over yet for the crypto industry, according to Goldman Sachs' global head of digital assets. "We're going to see a little bit more pain this year as we see more people struggle" in the crypto industry, Matthew McDermott, global head of digital assets at Goldman Sachs, told Insider. But there may be a silver lining to the crypto carnage: startups running out of runway may be looking for an exit.
Car sales with a trade-in with negative equity rose from 14.9% to 17.4% in one year. Having negative equity means having a car debt that's more than the value of the car itself. The number of Americans that are upside down on their car loans is increasing. The combination of rising interest rates and declining used car prices after pandemic-induced highs has left some customers in difficult situations. As a result, a record number of car buyers are committing to paying $1,000 or more for their car loans, risking missed or late payments.
Payments are off to a red-hot start in 2023, with action from big banks, Big Tech, and fintech. Insider identified the people helping established payments firms stay ahead of the innovation curve. With competition bubbling up in the payments sphere and downward macro pressure on fintechs and tech companies broadly, the rat race to come out on top has begun. For the well-established payments players looking to defend their turf, sometimes the best defense is a good offense. Here are the people at the bleeding edge of innovation at eight top payments companies.
Delta is one of the first major airlines to reach a new agreement with its pilots since the pandemic. On March 1, Delta pilots approved a new contract that includes a 34% raise for the company's 15,000 pilots over four years, the airline and pilots' union said. In November, American Airlines' pilots rejected a contract including a 19% raise over four years, while United pilots rejected a 15% raise around the same time. American Airlines said the deal could "profoundly" change the industry, according to Reuters. The pay raise is part of a trend of airlines doing what they can to solve the much-talked-about pilot shortage.
Federal officials are not so sure the practice is safe. They worry that 'unconventional' wording or syntax could be more distracting than anything else. The Missouri Department of Transportation had its own problems with officials wanting the signs to stick to formal messages. Back in 2019, a state representative filed a bill to prohibit the department "from using roadside dynamic message signs to convey information not related to traffic conditions, weather, or emergency alerts." Courtesy of the Missouri Department of Transportation
Payments giant PayPal is in search of a new CEO. On February 9, PayPal's president and CEO, Dan Schulman, announced his plans to retire at the end of the year. The search for the new CEO comes at a critical time for the company, which has been on a cost-cutting crusade. In August 2022, PayPal estimated that savings from cost cutting would reach $1.3 billion in 2023, on the back of 2022 savings to the tune of $900 million. Insider spoke with seven analysts, VCs, and industry insiders to discuss who they think would be prime candidates to succeed Schulman.
REUTERS/Michaela RehleFeb 28 (Reuters) - Union workers at four Caterpillar Inc (CAT.N) U.S. facilities have threatened to strike for wage increases, improved safety measures and better healthcare benefits once a six-year labor contract expires this week. "We've been losing every contract for decades - the 2017 contract was nowhere near what we needed," the statement read. In January, union workers at the four Caterpillar facilities voted almost unanimously to authorize a strike, according to one local union's Facebook page. However, the Irving, Texas-based company said on its website that it will "continue to operate our facilities" with management and contract workers. A short supply of workers, experts said, has given unions bargaining power to negotiate better contracts.
[1/5] Women waste pickers from the city of La Paz pose near the musicians of the Paraguayan Cateura Recycled Instruments Orchestra, at the Sak'a Churu landfill in Alpacoma, in La Paz, Bolivia February 27, 2023. But the garbage was the point, as the young musicians who make up Paraguay's Cateura orchestra use recycled materials to make their own instruments, "transforming trash into music," according to Fabio Chavez, one of the performers. "It's very beautiful and I was really surprised with these recycled instruments," said worker Silveria Vega. The concert played out as local officials in La Paz aim to minimize the environmental impact of garbage dumps, especially the risk they can pose to ground water supplies. Bolivia's capital produces some 670 tonnes of trash every day, according to official data.
A carjacker knocked and ran over a pregnant woman to steal her Volkswagen car. Volkswagen said the incident is a "serious breach of the process" it has in place for emergencies. On February 23, a 34-year woman, who's six-months pregnant according to news reports, pulled into her driveway with her Volkswagen car. A man got off the BMW, knocked the woman to the ground, and drove off with her car with the child inside, running her over, according to police. The woman, whose injuries were serious, according to the police statement, is in the hospital in stable condition, and her car was found abandoned in a parking lot.
Chime is in the early stages of building its own private version of ChatGPT that is set to launch this year, Insider has learned. If done successfully, Chime would unlock a competitive advantage of launching new products and features faster and more cost efficiently. The bot uses generative AI, which refers to artificial intelligence that can produce content, from creating art to coding software for engineers. He declined to disclose hiring goals and the size of Chime's tech organization. Barrese said he sees the tech as an assistant to the engineers and said the AI won't replace engineers.
'Quiet' is the workplace word of 2023
  + stars: | 2023-02-25 | by ( Madison Hoff | ) www.businessinsider.com   time to read: +9 min
Bare Minimum Monday, another workplace buzzword of 2023, also relates to quiet quitting. Experts think those "quiet" trends and more are set to continue throughout 2023 and beyond. "Quiet hiring" is one of the "biggest workplace buzzwords" of 2023 per Insider's reporting. Emily Rose McRae of Gartner's HR Practice said per reporting from GMA that quiet hiring is a workplace trend in 2023 in part because of a shortage in talent. Other buzzwords of the year from Insider's reporting relate to quiet quitting even if they don't use the word quiet.
ON MAY 12, 1971, Nicaraguan socialite Bianca Pérez-Mora Macías married Rolling Stones frontman Mick Jagger in a shotgun wedding in Saint-Tropez. (Bianca was four months pregnant with their daughter Jade.) Not only did she wed one of the era’s biggest heartthrobs, she shunned froufrou wedding gowns and opted for a risqué white suit by Yves Saint Laurent. While the outfit might not provoke comment now, it did then—in part because Ms. Jagger wore nothing beneath the plunging jacket. Ms. Müller suggested that Ms. Jagger’s suit might have been an offshoot of the late Saint Laurent’s subversive spring 1971 couture collection.
Of the over 700,000 EVs sold in the US in 2022, none could be fully accessible to wheelchair users. EV batteries' are under the floor, which is a challenge for making the cars accessible. Making a car fully accessible to wheelchair users costs around $30,000. "Inches mean miles when you're in a wheelchair," Kevin Frayne, director of advanced mobility solutions at BraunAbility, a manufacturer that converts cars to make them accessible to wheelchair users, told Insider. Charging infrastructureOnce made accessible, EVs could benefit wheelchair users greatly.
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