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The latest news from Business Insider

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    Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office LLC., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016.  REUTERS/Brendan McDermid

    • Billionaire investor Stanley Druckenmiller — who formerly managed money for George Soros, ran his own hedge fund, and now oversees a family office — is no fan of President Donald Trump's trade war.
    • In an exclusive interview conducted by RealVision.com and seen by Business Insider, Druckenmiller explained why he thinks the president's approach is flawed, and warned against the future implications of his behavior.

    President Donald Trump's trade war won't go away. And neither will the ill effects associated with it.

    For evidence of that, look no further than the stock market on Monday afternoon. US equities looked to be headed for a modest rally following a tough stretch that saw the benchmark S&P 500 fall in 14 of the previous 17 days.

    Then Trump's latest trade war headline crossed the wire.

    The president was reported to be readying tariffs on the final $257 billion worth of Chinese goods, in the event that ongoing discussions fail. The stock market responded in typically scared fashion, erasing gains and finishing deeply in the red.

    The whole ordeal served as a microcosm for the immediate trepidation Trump's trade war can strike in the heart of stock investors.

    And that's just the market-specific angle. If put into place, Trump's proposed tariffs could make a wide range of consumer products more expensive for the average American.

    Stanley Druckenmiller— the billionaire investor who formerly managed money for George Soros, ran his own hedge fund, and now oversees a family office — isn't particularly impressed with Trump's approach. He says that if the current political environment continues like this, it could have a very detrimental long-term effect on the US.

    The billionaire investor shared his thoughts on the matter during a recent interview interview with RealVision.com. The chat was conducted by Kiril Sokoloff, the chairman and founder of 13D Global Strategy & Research.

    Note that his responses have been edited for clarity and length (emphasis ours).

    "Probably the most destructive thing Trump has done in the global trading system is figure out how powerful a weapon the US banking system is, and how powerful sanctions are. But he doesn't understand that the weapon was created, and is so powerful, because — from the Marshall Plan on — we have been the only country in history that's handled success the way we have."

    "Yes, you should use this weapon once in a while. But when you start just shooting it all over the place, and you're now shooting it at Canada, at Europe, here or there, that's a lot different than shooting at Iran or Russia."

    He’s like a little kid that found this water gun, and he’s just running around going all over the place with it. And the biggest danger I see is we lose that trust that America is good."

    "I don't think it can be lost in four years. I really don't. But if Trump is re-elected — or maybe even worse, if another populist on the very hard left is re-elected — and they use the weapon the same way, I think by '24, this thing could be very bad."

    SEE ALSO: Meet the former stock analyst whose love for poker and Moneyball approach to investing led to a career advising $200 billion of hedge fund money

    Join the conversation about this story »

    NOW WATCH: 'Game of Thrones' star Maisie Williams has left Arya Stark behind to help fight nepotism in the arts industries


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    UK   Snap Shows   Oct 2018

    • Snapchat wants British users to watch TV-like shows inside its app.
    • It's partnered with 17 UK media brands, such as The Guardian and Sky News, to create short shows which will last between three and seven minutes.
    • The goal for Snap is to gobble up more TV advertising.
    • Snap will share revenue from the ads which run in the shows with its publishing partners.

    Snap has massively stepped up its ambitions to become the future of TV, partnering 17 British media brands to bring shows to UK Snapchat users.

    Broadcasters and media organisations including Channel 4, Vice, and Sky News are among the partners who will bring short, TV-like episodes to Snapchat. You can see the full list of media brands below.

    The idea is to bring snappy series to the Snapchat app and its youthful user base, with each show lasting between three and seven minutes. Snapchat users will swipe right from the main camera to access shows, which will be housed in the "Discover" area of the app.

    There's a big variety of shows on offer, ranging from vloggers doing silly things to serious news, to a series showcasing food from around the world.

    The UK announcement is a little different from Snap's original shows offering in the US, which involves a much closer collaboration with content partners and content that wouldn't appear on any other platform.

    While there are some UK shows that are brand new, such as a new series from travel publisher the Culture Trip, Snap isn't billing these as original content created only for Snapchat.

    Rami Saad, head of international content partnerships at Snap, said Snapchat users were increasingly watching content produced by publishing partners, saying the amount of time users spend watching shows had tripled since the beginning of 2018.

    According to the company, the 21 shows already available in Discover from US creators attract 10 million monthly active viewers globally.

    The aim for Snap is to take advertising revenue from TV. The company is touting its "Commercials" ad format, six-second non-skippable video ads that slot into shows. Forced ads are a major deviation from the norm for Snapchat, which has built its brand on skippable content.

    But no doubt forcing users to watch ads will make Snapchat a more enticing platform for both advertisers and media brands, which will be relying on revenue generated from ads in order to fund their shows. Saad confirmed Snap would share ad revenue with its partners, but didn't discuss the split.

    Unlike rivals like Facebook, Snap won't be funding its partners' shows. Saad told Business Insider: "We see the investment strategy around shows is about bringing amazing content that people love into Snapchat too. We have seen great success with launching shows in the US... The format has proven it'll bring some great engagement."

    Saad said advertisers who run a campaign for 30 days on Snapchat could reach a US audience of around 5 million unique users.

    Here are the 17 new Show partners

    • Sky News
    • Sky Sports
    • VICE
    • Gleam Futures
    • The Guardian
    • Culture Trip
    • Hearst / Cosmopolitan UK
    • Tastemade
    • COPA90
    • Channel 4 [trial]
    • Global
    • Boiler Room
    • GRM Daily
    • JOE.co.uk
    • Brave Bison
    • PinkNews
    • Manchester City

    Join the conversation about this story »

    NOW WATCH: 11 Apple Watch tips and tricks


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    donald trump axios

    • President Donald Trump plans to sign an executive order to end what he called the "ridiculous" practice of granting citizenship to children of unauthorized immigrants born in the US. 

    • The 14th amendment to the US constitution, ratified by Congress in 1868 as part of the civil rights amendments after the Civil War, says all persons born in the US are citizens.

    • But Trump's lawyers could argue that doesn't apply to unauthorized immigrants.

    President Donald Trump plans to sign an executive order to end what he called the "ridiculous" practice of extending citizenship to children of unauthorized immigrants born in the US. 

    "It was always told to me that you needed a constitutional amendment," to end the practice called "birthright citizenship,"Trump told Axios's Jonathan Swan. "Guess what? You don't." 

    "You can definitely do it with an Act of Congress. But now they're saying I can do it just with an executive order," said Trump.

    The 14th amendment to the US constitution, ratified by Congress in 1868 as part of the civil rights amendments after the Civil War, says the following:

    "All persons born or naturalized in the United States and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside."

    But Trump's proposed ban would only apply to unauthorized immigrants in the US. Trump's lawyers would likely argue that that clause applies only to lawful US residents and not unauthorized immigrants or those on temporary visas. 

    "How ridiculous, we're the only country in the world where a person comes in, has a baby, and the baby is essentially a citizen of the United States for 85 years with all of those benefits. It's ridiculous. It's ridiculous and it has to end.

    "It's in the process. It will happen with an executive order."

    Join the conversation about this story »

    NOW WATCH: Wikipedia founder Jimmy Wales: There's going to be an 'enormous backlash' against Donald Trump's lies


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    Theresa May

    LONDON — Theresa May will visit Norway on Tuesday to hold talks with Norwegian Prime Minister Erna Solberg.

    The two prime ministers are set to discuss a number of issues, including the United Kingdom's imminent departure from the European Union, and the current state of Brexit negotiations. 

    In recent weeks, the suggestion that Britain should replicate Norway's relationship with the EU has resurfaced, with Conservative MP Nick Boles calling for May to use the so-called Norway model for Britain's transition period.

    Under Boles' plan — which has been endorsed by MPs like ex-Home Secretary Amber Rudd and influential Tory George Freeman — the UK would copy Norway's relationship with the EU for a few years after Brexit before entering a new free trade agreement with Brussels. Boles calls it "Norway for now."

    Boles believes that something like the Norway model will unlock Brexit talks which have been at an impasse over the thorny issue of the Northern Irish border for weeks. 

    Here's what the Norway model would actually mean in practice. 

    What is the Norway model?

    So, the Norway model includes two key European organisations: The European Free Trade Association (EFTA) and European Economic Area (EEA). Norway, along with Lichtenstein and Iceland, is a member of both.

    EFTA is made up of the aforementioned three countries, plus Switzerland. They trade between themselves while the group as a whole has free trade deals with numerous non-EU countries, Canada, Mexico and others.

    The EEA, on the other hand, is a collaboration of all EU member states plus three EFTA states: Norway, Lichtenstein, and Iceland. All EEA members — including the EFTA countries — enjoy full access to the European single market.

    EEA membership is only available to either EU or EFTA member states. So, under a Norway-style Brexit, Britain would leave the EU, join EFTA, and then become the 31st full member of the EEA.

    David Davis Michel Barnier

    What are the pros of the Norway-style Brexit?

    Being in EFTA-EEA would allow to the UK maintain full access to the single market. This would mean no new non-tariff barriers, and continued single market treatment for services, which account for around 80% of the UK economy.

    Most research suggests this would be the least damaging form of Brexit. The government's own impact assessment found the Norway option would be the least damaging option in terms of economic harm.

    And although Britain would retain full single market access, it wouldn't be forced to sign up to some of the EU's more contentious policies. It wouldn't be required to join the EU's Common Fisheries Policy, for example, which has long been a bugbear for many Brexiteers. It would also be exempt from the Common Agricultural Policy. The European Court of Justice, reviled by most pro-Leave MPs, would have no jurisdiction over Britain.

    What about the cons?

    Although Britain would finally be free of the ECJ, it would have to answer to the EFTA court, which for most Brexiteers would merely represent another set of unaccountable, interfering foreign judges.

    Then there's the issue of Britain's influence as an EFTA/EEA country. Under the Norway model, Britain would have full access to the single market but have much less say in shaping its rules than it does now as an EU member.

    "Pay with no say" is how critics of the Norway model describe this. Norway does not formally participate in Brussels decision-making but has incorporated around 75% of EU law into its national legislation

    Nick Boles

    What about immigration?

    The elephant in the room here is immigration. The public's desire to control immigration was arguably the biggest driving force for Brexit, and the UK government has vowed to end the free movement of EU citizens. 

    EEA members are required to accept the four freedoms, including the free movement of people. Clearly, this would be politically dangerous for any government, and for that reason is probably a non-starter.

    There is one way around that. It's unrealistic — but theoretically possible.

    Article 112 of the EEA Agreement allows non-EU member states to opt out of the four freedoms if they are facing serious economic, societal or environmental strain. For example, Lichtenstein used Article 112 to impose controls on the free movement of people, due to concerns over whether a landlocked country of such modest size and resources could cope with big influxes of people. Obviously, Britain is very different from Lichtenstein, and would likely have a much tougher time arguing for an immigration opt-out. 

    Brexit protest

    What would it mean for the Irish border?

    Perhaps the strongest case for a Norway-style Brexit is that it would go some way to resolving the Irish border dilemma. Boles argues that Britain could remain in a Norway-like state until a new UK-EU free trade agreement which covers the Irish border is ready, making it a replacement for the controversial backstop. 

    By remaining fully aligned with EU market rules, Britain would avoid a plethora of non-tariff barriers which would otherwise emerge between Northern Ireland and the Republic. 

    However, a Norway-style relationship wouldn't provide the whole solution avoiding physical infrastructure on the island of Ireland. In order to also eliminate tariff barriers, Britain would need to be in either the current or a new customs union with the EU after Brexit. Norway is not in a customs union with the EU. 

    Michel Barnier Leo Varadkar

    So how likely is a Norway-style Brexit?

    Earlier this year, the Brexit committee led by Labour's Hilary Benn published a report calling for May to use the Norway option has her official backup if she fails to meet key negotiating goals in Brexit talks with the EU. 

    The idea has gathered momentum in recent weeks as MPs look for ways of unlocking Brexit talks and avoiding a dreaded no deal scenario. The EU has always said the Norway option is available to the UK. 

    However, there are some practical problems. 

    Firstly, although EFTA/EEA countries are generally open to the idea of Britain becoming a permanent member of the club, whether they'd accept temporary membership is a different question. Even if they were, it could take up to twelve months for Britain to complete the joining process, while exit day is just five months away at the time of writing.

    On top of that is the issue of customs. For a Norway-style model to solve the Irish border problem, it would need to come with a customs union add-on. However, EFTA countries have together signed trade deals with other countries which include customs arrangements. The UK would need to sign up to those, making a customs arrangement with the EU very difficult if not impossible.

    Then we have the question of Westminster politics. Would May be able to sell continued acceptance of EU rules and the free movement of MPs to pro-Brexit MPs? Right now, it's highly unlikely. 

    SEE ALSO: MEPs kicked out of the Conservative Party by Theresa May told us why they're fighting her 'horrendous' Brexit plan

    DON'T MISS: The EU believes Theresa May's 'unstable' government could collapse before Brexit

    Join the conversation about this story »

    NOW WATCH: Scorpion venom is the most expensive liquid in the world — here's why it costs $39 million per gallon


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    Prince Harry Meghan Markle rubber boot New Zealand

    • Prince Harry and Meghan Markle took part in a competition to see who could throw a rubber boot the furthest in New Zealand as part of their royal tour.
    • Meghan's team won, and the duchess seemed taken aback at her boot-throwing skills.
    • The royals are coming to the end of their royal tour, having already visited Australia, Fiji, and Tonga.

    Prince Harry and Meghan Markle faced off to see who could throw a rubber wellington boot the furthest as part of their royal tour in New Zealand — and Meghan's team triumphed.

    The duke and duchess joined a group of children to throw the boots — known as "wellies" in the UK — at the event, which marked the dedication of a 20-hectare site to the Queen's Commonwealth Canopy, a network of forest conservation programs in Commonwealth countries.

    The game is also called a "welly-wanging" contest.

    Meghan was given a red-and-white-spotted boot to throw, while Harry's was blue with blue and yellow spots.

    Prince Harry

    Kensington Palace posted a video of Meghan's triumph:

    10-year-old Ryan Anderson, who was on Meghan's team, said that Meghan seemed taken aback by her win.

    "She didn’t know she could throw that far and she surprised herself," he said, according to The Mirror newspaper.

    The royals were in Auckland, northern New Zealand, on the 15th day of their 16-day royal tour.

    So far in New Zealand they have met Prime Minister Jacinda Ardern, met young people involved in mental health projects, and learned about the challenges facing New Zealand's nature.

    On Sunday, Meghan began a speech about women's suffrage in the eastern Polynesian language of Māori, delighting the crowd.

    The royal couple has already visited Australia, Fiji, and Tonga. They return to the UK on Thursday.

    Join the conversation about this story »

    NOW WATCH: Scorpion venom is the most expensive liquid in the world — here's why it costs $39 million per gallon


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    Kim Jong Un

    Here is what you need to know. 

    Trump is readying tariffs on the final $257 billion worth of Chinese goodsThe Trump administration is preparing to levy tariffs on the final $257 billion of Chinese goods in case trade talks at the G20 summit between President Donald Trump and Chinese President Xi Jinping fail in late November.

    The Chinese yuan hits its lowest level in a decade. The onshore Chinese yuan fell to 6.9741 per dollar in overnight trading, its weakest since May 2008. 

    The US is on track to issue the highest amount of debt since the depths of the recessionThe federal government is projected to issue $1.34 trillion of new debt in 2018 — the most since the depths of the Great Recession — according to Treasury Department projections released Monday. 

    Betting against FAANG stocks has made traders $5.5 billion during the brutal October sell-offShort sellers of FAANG stocks have seen $5.52 billion in mark-to-market profits since the beginning of October, a return of 17.14% on an average short position of $32.2 billion, according to data from S3 Partners, a financial-analytics firm.

    IBM is paying a "rich valuation" for Red Hat"Rich valuation likely keeps others on sidelines," Jefferies analyst John DiFucci said in a note sent out to clients on Monday. "At $190 per share, IBM is acquiring Red Hat at an EV/LTM subscription revenue of 12.3x, or 10.7x EV/NTM. We are surprised by this multiple given that historically IBM has been extremely disciplined with its acquisitions."

    Evan Spiegel named a new chief business officer and then gave someone else the job two days laterThe Snap CEO named Kristen O'Hara, its vice president of sales, to the role of chief business officer and then two days later gave the position to Jeremi Gorman, who headed Amazon's advertising sales effort. O'Hara has since left the company. 

    Warren Buffett's Berkshire Hathaway just made another fintech investmentBerkshire Hathaway made a $400 million investment in the Brazilian payments platform StoneCo, according to the Wall Street Journal. The deal comes just a few months after Berkshire invested $300 million in the Indian mobile-payment platform Paytm. 

    Stock markets around the world are mostly higherJapan's Nikkei (+1.48%) led the advance in Asia and Britain's FTSE (+0.14%) clings to gains in Europe. The S&P 500 is set to open up 0.48% near 2,654.

    Earnings season rolls onCoca-Cola, Fiat Chrysler, General Electric, Mastercard, and Under Armour are among the names reporting ahead of the opening bell while Cheesecake Factory, EBay, and Facebook release their quarterly results after markets close. 

    US economic keeps comingS&P home prices will be released at 8:30 a.m. ET and consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is up 3 basis points at 3.12%.

    Join the conversation about this story »

    NOW WATCH: Why babies can't drink water


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    Lion Air

    • Passengers who flew on the last Lion Air flight before it crashed told Indonesian media it was "like a rollercoaster."  
    • The journey made passengers "vomit" and "panic."
    • Lion Air acknowledged a fault with the plane, but say they believe they fixed it before flight JT 610, which crashed into the sea with 189 on board.
    • Here's what we know about the passengers, whom rescuers believe have all died.

    On its last complete flight before it crashed on Monday, the Lion Air plane which fell into the sea was climbing and dropping so wildly that people on board were in open panic, and some vomited. 

    The Boeing 373 Max 8 operated by Lion Air went down on Monday morning 13 minutes after sending a "Return to Base" request with 189 people onboard. So far rescuers have found no survivors, and say everyone is likely dead.

    A passenger on the plane one flight before it crashed, Alon Soetanto, told Indonesian TV channel TVOne that the Boeing 737 dropped suddenly several times in the first few minutes of Sunday's flight.

    It felt like a "rollercoaster" which made passengers "panic and vomit,"the Associated Press (AP) reported, citing TVOne. 

    "About three to eight minutes after it took off, I felt like the plane was losing power and unable to rise," Soetanto said.

    Claims that the Lion Air plane was flying erratically are corroborated by data collected by flight tracking website Flight Radar, AP said. The plane was supposed be steadily gaining altitude on the flight, a short hop from Bali to Jakarta, but can be seen rising and falling several times.

    AP reported that Sunday's flight data is similar to preliminary data from Monday's flight, which took a much more desperate turn when it crashed.

    Indonesia lion air

    Edward Sirait, President of Lion Air, told AP they were aware of the problems on the flight on Sunday, but it was resolved "in accordance with the procedures released by the plane manufacturer."

    After the Lion Air flight took off on Monday, pilot Bhavye Suneja asked to turn back, seemingly because he knew something was wrong with the plane. 13 minutes later it stopped communicating with Jakarta's Soekarno-Hatta International Airport, and crashed into the sea.

    Rescue crews are still searching the crash-site looking for evidence, including the black box which would contain large amounts of data about the final moments on board the plane.

    Join the conversation about this story »

    NOW WATCH: The science behind the viral videos of mounting tires with a controlled explosion


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    Eduard Bello's soccer proposal

    • Eduard Bello, a 23-year-old soccer player, celebrated a goal in the best possible way.
    • After scoring for Antofagasta in the second minute, he stormed the crowd, got on one knee, and proposed to his unsuspecting girlfriend.
    • She must have said yes because they shared a heartwarming embrace before he could even push the ring on her wedding finger.
    • Watch the celebration below.
    • Read all of Business Insider's coverage for the 2018-2019 soccer season here.

    Goal celebrations don't get better than this.

    In the second minute of a match between Sports Antofagasta and Everton in the Chilean Primera Division, Eduard Bello, a Venezuelan soccer player for Antofagasta, scored a goal to give his side a 1-0 lead.

    He celebrated by grabbing an engagement ring from a nearby coach, storming the crowd, and proposing to his unsuspecting girlfriend.

    His girlfriend must have said yes, because they shared a heartwarming embrace before he could even push the ring on her wedding finger.

    The moment was so incredible that even the Everton fans in attendance — who were supporting the opposing team — applauded Bello, according to Sports Illustrated TV presenter Luis Miguel Echegaray.

    Watch the unique goal celebration right here:

    Bello's goal arrived in the second minute, and though Everton equalised in the 40th, Bello struck again just before half time. Antofagasta, though, went on to lose the match 3-2.

    Regardless, Bello will be feeling like a winner for a long time yet.

    SEE ALSO: The most inventive and bizarre penalty kick of all time has just been scored in soccer — and it has to be seen to be believed

    Join the conversation about this story »

    NOW WATCH: Why babies can't drink water


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    An Afghan National Army (ANA) soldier keeps watch at a checkpoint on the Ghazni - Kabul highway, Afghanistan August 14, 2018.

    • A suicide bomber struck outside Afghanistan's largest prison on the eastern edge of the capital Kabul, killing seven people.
    • Interior Ministry spokesman Najib Danish says the attacker early Wednesday targeted a bus carrying prison workers.
    • No one has taken immediate responsibility for the attack.

    KABUL, Afghanistan (AP) — An Interior Ministry official says a suicide bomber has struck outside the country’s largest prison on the eastern edge of the capital Kabul, killing seven people, including prison workers and security personnel.

    Interior Ministry spokesman Najib Danish says the attacker early Wednesday targeted a bus carrying prison workers. The sprawling Pul-e-Charkhi prison houses hundreds of inmates, including scores of Taliban.

    According to Abadullah Karimi, a prison official, the attack occurred near the prison gate where a number of visitors were waiting to pass a rigorous security check before entering.

    No one has taken immediate responsibility for the attack.

    Join the conversation about this story »

    NOW WATCH: What marijuana looks like under the microscope


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    Indonesia lion air

    On Monday morning, Lion Air Flight JT 610 crashed into the Java Sea shortly after takeoff from JakartaRescuers were still searching for the wreckage on Tuesday. The crash is believed to have killed all 189 people on board. 

    The budget airline is based in Jakarta and is Indonesia's largest domestic carrier. The popular airline, which began operations in 2000 and flies primarily throughout Southeast Asia, has expanded over the years. In 2011, it placed a $22 billion order with Boeing to expand its fleet. And in 2018, the company confirmed its order to buy 50 Boeing 737 MAX 10 narrow body jets worth $6.24 billion.

    Monday's crash, which happened just 13 minutes after takeoff, marked the first critical incident involving the new 737 Max jets.

    Despite its grip on the market, Lion Air has been criticized in the past over poor operational management and safety measures, which led to its exclusion from operating in European airspace in 2007 because of safety concerns.

    That ban was lifted in June 2016. 

    And on Sunday, just a day before the fatal crash, the same jet experienced technical issues with its altitude and airspeed readings, forcing the captain to hand over control to the first officer, according to logs obtained by the BBC

    Monday's crash was the latest in a string of at least 15 safety incidents involving Lion Air over the last decade and a half.

    In January 2002, a Lion Air flight crashed after attempting to takeoff in Pekanbaru.

    As the plane prepared to take off from Pekanbaru-Sultan Syarif Kasim II Airport, the aircraft did not become airborne, leading the captain to abort the takeoff and apply the brakes

    The plane skidded and hit trees before stopping about 275 meters (300 yards) from the end of the runway. There were no fatalities but the plane was declared damaged beyond repair. 

     



    In November 2004, a Lion Air plane skidded off the runway during heavy rains in Solo, Central Java.

    The flight, headed from Jakarta to Surabaya, hydroplaned and overshot the runway upon landing, crashing into a fence.

    The accident killed 25 people on board, including the captain. 

     

     



    In March 2006, a Lion Air plane from Bali to Surabaya crashed when touching down on the runway.

    The plane's left engine thrust reverser was noted out of service prior to departure

    When arriving at Surabaya's Juanda Airport, the plane was thrust to the right and skidded off the runway. 

    There were no fatalities, but the airplane was written off. 



    See the rest of the story at Business Insider

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    donald trump pittsburgh tree of life synagogue

    Hello! Here's what's happening on Wednesday. 

    1. Observers gave Trump an icy welcome as his motorcade traveled to a synagogue shooting memorial in PittsburghThe shooting at the Tree of Life synagogue on Saturday left 11 Jewish worshippers dead.

    2. Special Counsel Robert Mueller's office asked the FBI to investigate claims that women were offered money to falsely accuse him of sexual misconduct. A plot reportedly led by conservative activists may have offered women large sums of money to lie under oath about Mueller.

    3. A Pentagon official is urging Taiwan to boost its defense spending in case of a possible attack by ChinaThe official told a conference that the island "must have resources to modernize its military."

    4. Apple held its second big event of the fall, showing off its lineup of new iPad Pros, Mac computers, and more. Apple unveiled a new redesigned MacBook Air and a new Mac mini.

    5. At least nine people were killed and dozens more are trapped as powerful Typhoon Yutu struck the northern Philippines. This is the second powerful typhoon to strike the region, following the deadly Typhoon Mangkhut last month.

    6. Facebook is banning far-right militia The Proud BoysEarlier in October, five members of the Proud Boys were arrested after a violent incident with protesters in New York City.

    7. The US Department of Justice is accusing Chinese intelligence officers of stealing sensitive information from aviation companies.The DOJ says over a dozen US and European aviation companies were hacked over a period of more than five years.

    8.  Indonesian search and rescue workers have detected a 72 foot (22 meter) long object underwater in the area where a Lion Air plane crashed. The new 737 plunged into the Java Sea on Monday just after taking off from Jakarta, killing all 189 people on board.

    9. At least 7 people are dead in Afghanistan after a suicide bombing outside a prison. The attacker targeted a bus carrying prison workers. No one has taken immediate responsibility for the attack.

    10. Scientists are terrified that Brazil's new president will destroy the "lungs of the planet."Jair Bolsonaro has indicated he wants to plow through Brazil's Amazon, the Earth's biggest and most diverse tropical rainforest, which helps cool the planet.

    And finally ...

    One ticket, two days, 50+ insightful speakers, and 600+ executives.One ticket, two days, 50+ insightful speakers, and 600+ executives. Business Insider's flagship IGNITION conference headliners include Mark Cuban, Janice Min, Sir Martin Sorrell and Barbara Corcoran. Join us for IGNITION, December 3-4, New York City.

    Join the conversation about this story »

    NOW WATCH: What marijuana looks like under the microscope


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    Hillary Clinton

    • Former US presidential candidate Hillary Clinton was criticized for making an insensitive remark that suggested former attorney general Eric Holder and Democratic Sen. Cory Booker, both of whom are African-American men, "all look alike."
    • Clinton, who made the comment during an interview, previously said it was "childish" to "paint with a broad brush; every immigrant is this, every African American is that."

    Former US presidential candidate Hillary Clinton was criticized for making an insensitive remark that suggested former attorney general Eric Holder and Democratic Sen. Cory Booker, both of whom are black, "all look alike."

    Clinton asserted it was "childish" to "paint with a broad brush; every immigrant is this, every African American is that," as she discussed the Democratic Party's "political correctness," during an interview with Recode executive editor Kara Swisher in New York City on Saturday.

    Swisher asked Clinton a question regarding a quip that was previously made by Holder, but mistook him for the junior senator from New Jersey: "What do you think of Corey Booker ... what do you think about him saying 'Kick them in the shins,' essentially?"

    "Well, that was Eric Holder," Clinton said. "Yeah, I know they all look alike."

    "No, they don't," Swisher responded.

    The "kick them in the shins" remark Swisher referenced came from Holder, who made that comment during a Democratic campaign event in Georgia earlier in October. During the event, Holder modified former first lady Michelle Obama's infamous slogan, "When they go low, we go high."

    "When they go low, we kick 'em," Holder said at the time, adding: "That's what this new Democratic Party is about."

    Holder later qualified his quip by saying he was not encouraging people to do "anything inappropriate."

    "We don't do anything illegal," Holder said.

    Donald Trump Jr., President Donald Trump's son, pounced on Clinton's comment and compared it to the manner in which the news media covers controversial statements from the president.

    "Imagine [President Donald Trump] said the exact same thing in the exact same way," Trump Jr. said on Twitter. "What would the media response be? Hysteria? Outrage? It would likely be beyond all that. Because I'm hearing crickets right now after Hillary said it. Wonder why."

    SEE ALSO: A look inside the complex relationship between Hillary Clinton and Barack Obama, 2 of the most powerful people on the planet

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    NOW WATCH: Wikipedia founder Jimmy Wales: There's going to be an 'enormous backlash' against Donald Trump's lies


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    protest sexual misconduct hate speech smartphone cellphone social media

    • Hate speech on social media may not encapsulate what all Americans are thinking, but the way these sites work amplifies the strong, and sometimes controversial, opinions that some Americans have.
    • In response to an increase in political violence of late, social media platforms have started to take a "war room" approach to dealing with hate speech.
    • This means that the companies' executives are consulting with other decision-makers to curb the spread of hate speech in real time.
    • To some degree, that effort helps smaller platforms, like Gab, a social network popular with the far-right, attract those who want to engage in hate speech without fear of being regulated.
    • Gab was inundated with anti-Semitic comments after last weekend's shooting at a synagogue in Pittsburgh, Pennsylvania.

    If you searched for the word, "Jew" on Instagram on Monday, just two days after a gunman fatally shot 11 Jewish worshippers at the Tree of Life synagogue in Pittsburgh, Pennsylvania, you would find nearly 12,000 posts with the hashtag "#jewsdid911," along with several others containing anti-Semitic rhetoric, according to The New York Times.

    While such malicious, targeted comments populate social media sites, they do not accurately reflect the thoughts of all Americans, but it does mean that people quickly become aware that hate speech is part of the conversation, University of Southern California professor Karen North, an expert on social media trends, told Business Insider in a phone interview on Tuesday.

    North said this was because most social media sites operate on a mathematical algorithm that calculates when a user searches for a word like "Jew," a number of recommendations are offered based on what is trending.

    While the majority of recommendations that surface when a user searches for a topic generally reflect common civil discourse about that topic, an in-depth search often leads to darker, malicious conversations, North said.

    "On most of the social media platforms when you search a topic it will find you what other people are looking for and unfortunately the dark side of the search is that while most of the information that you find will be the conversations and the information and the news, the other part of it will be the negative and hateful content that people are sharing with each other," North said.

    Social media sites like Facebook have created “war rooms” in an effort to combat the level of hate speech on their platforms, North said. Similar to the way politicians hunker down and seek outside counsel during pivotal moments, social media sites are bringing together several off-site decision-makers to explore what is happening on their sites in real-time.

    For example, Facebook is using this approach to address election-meddling.

    When responding to the online reactions to the tragic shooting at a synagogue in Pittsburgh last Saturday, executives from social media sites will likely have their analytics teams scan their respective platforms to identify comments containing hate speech that might become a problem. They will then consult with their legal teams on what actions should be taken.

    Read more: The suspected Pittsburgh shooter allegedly had a following on a social network that many call the far-right's alternative to Twitter — here's everything we know about Gab

    Once the company executives determine an appropriate course of action, they will have their technical teams execute it.

    That course of action predominately involves social media sites recoding their algorithms so that comments containing hate speech do not come up when users search for a topic. This practice will likely be effective in limiting the spread of hate speech through social media in the future, North said.

    "We see hashtags or we see recommendations when they have already become popular enough to be recommended or to be ranked on the algorithm," North said. "But the company can see the activity and the growth of the activity before they ever recommend it to us so, ideally, they will be able to identify a conversation, evaluate it, make a decision about whether or not it is actually promoting anti-social behavior and then intervene before we are ever aware of it."

    While the argument has been made that the First Amendment of the US Constitution establishes that social media companies should not limit free speech, North asserts that the right to free speech does not extend to businesses like Facebook, Instagram and Twitter. Consequently, social media companies can legally dictate what shows up on their sites, which is apparent in the user-agreement contracts that users agree to when creating their personal profiles.

    Social media companies like Twitter employ these user-agreements in part to help curb hate speech on the website in real-time.

    "They will create rules that stop cyber bullying or hate speech or pornography or other malicious behavior itself in order to retain the people that are active and engaged members of their communities, and push away those who are causing trouble and discontent on their sites," North said.

    When mainstream social media platforms take action to stop hate speech, it creates a market opportunity for smaller social media sites like Gab, the site popular with the far-right, to develop and target people engaging in that type of hurtful rhetoric, North said

    "They find their own communities where they can have their own conversations" in what is for them a "socially appropriate venue," North said. "Those are sites that most of us are unaware of."

    Gab was forced to shut down after its web host and several other sites blocked it from accessing their services, but Gab declared on Tuesday that it plans to keep operating.

    Join the conversation about this story »

    NOW WATCH: What marijuana looks like under the microscope


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    50 cent

    • Rapper 50 Cent bought 200 front-row tickets to an upcoming Ja Rule concert to make it look like his show is empty.
    • 50 Cent made that announcement on his Instagram page on October 26.
    • The two artists have feuded with one another since 1999, although there are no definitive reports on what started it.

    Rapper 50 Cent escalated his feud with fellow Queens rapper, Ja Rule, by purchasing 200 front-row tickets to Ja Rule's upcoming concert in Texas, which he plans to keep entirely empty, CBS News reported Tuesday citing an October 26 Instagram post from 50 Cent.

    The rapper reportedly bought the tickets to the November 9 show in Arlington, Texas, for $3,000 so that it would appear as if Ja Rule couldn't draw a crowd.

    Ja Rule responded to the news on Saturday, saying he was pleased that he could still get under 50 Cent's skin.

    The rappers, who are both from Queens, New York, have been quarreling with one another since the 1990s, although there are no definitive reports on what started it, CNN reported on Monday.

    Ja Rule's biggest hits peaked at No. 1 on the Billboard Hot 100 chart in the early 2000s.

    50 Cent witnessed tremendous commercial success between 2003 and 2009 when he saw four of his songs reach the top spot on the same Billboard chart.

    Join the conversation about this story »

    NOW WATCH: Why most people refuse to sell their lottery tickets for twice what they paid


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    Red Dead Redemption 2

    Good morning! This is the tech news you need to know this Wednesday.

    1. Facebook's US users stalled — but didn't fall — in a scandal-filled Q3 and investors are breathing a sigh of relief. Facebook's Q3 revenue grew 33% year-over-year, but came in slightly below Wall Street targets.
    2. Apple announced a brand-new MacBook Air with retina display and fingerprint sensor. Apple announced the new model on Tuesday during its event in Brooklyn, New York.
    3. An executive with Google's parent company resigned with no severance after sexual misconduct allegations come to light. Richard DeVaul, who cofounded Alphabet's Project Loon, has left the company.
    4. Facebook is banning far-right militia The Proud Boys after a violent attack in New York. Earlier in October, five members of the Proud Boys were arrested after a violent incident with protesters in New York City.
    5. Apple's new iPad Pro features a new design that ditches the home button for Face ID. The new iPad Pro is also equipped with a USB-C charging port instead of Apple's traditional Lightning port, which makes it much more compatible with external accessories and hardware.
    6. Facebook approved 100 fake ad disclosures that were allegedly 'paid for' by every United States senator. Earlier this year, Facebook started displaying the name of the politician or entity sponsoring political ads, in a move meant to increase transparency.
    7. Uber is challenging a UK court ruling that its drivers qualify for better employment rights such as a living wage and holiday pay. The company argued that its model of relying on independent contractors is typical of the minicab industry.
    8. Electronic Arts is getting in on the next big thing in video games with 'Project Atlas,' a cloud gaming service to take on Google and Microsoft. EA's Chief Technology Officer Ken Moss announced the new platform, Project Atlas, in a blog post on Medium.
    9. The DOJ is accusing Chinese intelligence officers of stealing sensitive information from American aviation companies. The DOJ says over a dozen US and European aviation companies were hacked over a period of more than five years in an effort to obtain intellectual property and other confidential information.
    10. The latest blockbuster from the game studio behind "Grand Theft Auto" is fast approaching $1 billion in sales after just three days."Red Dead Redemption 2" grossed $725 million in its first three days.

    Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.

    Join the conversation about this story »

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    supermassive black hole gas accretion disk illustration sagittarius a prime milky way active galactic nuclei eso1835a

    • A black hole 4 million times heavier than the sun lurks at the center of the Milky Way galaxy.
    • Telescopes just took the best-ever observations of hot gas circling the edge of the black hole.
    • The gas burst out three powerful flares as it zipped around and fell toward the black hole at about 30% the speed of light.
    • Astronomers called the observations "mind-boggling" and the closest-ever look at the edge of a monster black hole.

    Astronomers just observed the supermassive black hole at the center of the Milky Way galaxy sucking blobs of hot gas toward their doom at a blistering 30% the speed of light.

    That's an incredible 201 million mph, which was enough to trigger three powerful bursts of radiation from the cloud. Researchers detected the flares from Earth using the Very Large Telescope (VLT) array in Chile.

    Scientists behind the observations of Sagittarius A* (pronounced "A-star"), as the monster black hole is known, say the data is a "mind-boggling" closest-ever look near the edge of a black hole. It's not the traditional point-of-no-return, called the event horizon— from which light cannot escape — but a physical one where, if anything made of matter teeters too close, it will begin an inescapable death spiral.

    The group published a study of its work on Wednesday in the journal Astronomy & Astrophysics.

    "Astronomers have observed material as close as you can get to a black hole without being consumed by it,"Josephine Peters, an astrophysicist at the University of Oxford who wasn't involved in the study, told Business Insider in an email.

    "Even though [Sagittarius A*] is our closest supermassive black hole, it is still incredibly mysterious," she added. "This marks the beginning of understanding more about our nearby astronomical monster."

    Staring the 'monster' of the Milky Way in the eye

    sagittarius a prime milky way center supermassive black hole active galactic nuclei agn eso0846aSagittarius A* is thought to be a black hole about 4.14 million times the mass of our sun, or 1.3 trillion times as massive as Earth.

    Definitively proving either of those two facts is tricky, though, since the presumed black hole is some 25,000 light-years from Earth. It's also practically invisible: The gravity of black holes is so strong that not even light can escape beyond their event horizons, where Albert Einstein's calculations of the universe fall apart and Stephen Hawking's begin.

    However, knowing as much about Sagittarius A* as possible is crucial for a number of good reasons.

    On big scales, it's a window into the history and evolution of the Milky Way galaxy, which rotates its spiral arms of hundreds of billions of stars about the giant black hole at its center. That galactic story is also intimately tied to the emergence of the solar system and life itself. (Huge black holes also lurk at the centers of many of the hundreds of billions of other galaxies in the visible universe— some of which may harbor aliens.)

    There's also a weirder utility to studying the closest supermassive black hole we know of: It's a laboratory for the physical laws of the universe. It is so massive and spins so rapidly, it dramatically warps and twists spacetime, and accelerates objects to relativistic or near-light-speed.

    Nature gets very, very weird when this happens, but it happens nowhere near Earth. So being able to watch it, even from tens of thousands of light-years away, is like having a front-row seat to the cutting-edge of human knowledge.

    This is why astronomers aimed an instrument called GRAVITY at Sagittarius A*.

    Very Large Telescope four lasers 5

    In uncomplicated terms, GRAVITY combines the light harvested by four 30-foot-diameter telescopes in the VLT array in Chile, which is operated by the European Southern Observatory.

    GRAVITY does so as a super-precise, super-cooled instrument that allows researchers to extract more information from the incoming light. This turns the array into one very powerful "virtual" telescope equivalent to 425 feet in diameter.

    This extra resolving power helped astronomers peer at a plane of gas and dust that's falling toward Sagittarius A*, a feature called an accretion disk. The disk is about 100 million miles wide, or a little wider than Earth is distant from the sun.

    GRAVITY helped the team look for flares of infrared light, which astronomers had seen for more than decade. But this time — with incredible resolving power — they tried to stare at the innermost edge of the disk.

    During observations on the nights of May 27, July 22, and July 28, GRAVITY saw three flares, one after another, in a clockwise pattern. The data suggested the flares came from a blob of hot gas circling around the black hole.

    "As a cloud of gas gets closer to the black hole, they speed up and heat up," Peters said. "It glows brighter the faster and hotter it gets. Eventually the gas cloud gets close enough that the pull of the black hole stretches it into a thin arc."

    This happened just outside the event horizon, in an area astronomers refer to as a physical point-of-no-return, called the "innermost stable circular orbit" or ISCO — a region not yet observed before.

    Move a blob of matter closer than the ISCO, the thinking goes, and it can't escape. The gravity of a black hole will accelerate the blob of matter, giving it more energy, which will — as Einstein's work explains — give it a stronger gravitational force. This then pulls it faster toward the black hole, creating a feedback-loop of relativistic physics that ends in oblivion.

    What the edge of our supermassive black hole might look like

    This event observed by astronomers is shown in the ESO's picture at the top of this story, though the image is not a photograph.

    Rather, it's a visual simulation that uses data collected by GRAVITY and other telescopes. Orange shows what researchers think is the blob of superheated gas, or plasma, while blue shows radiation that bleeds off the matter and occasionally bursts into bright flares.

    The picture also illustrates the bending and distortion of light caused by the black hole warping spacetime with its concentrated mass, an effect called gravitational lensing.

    ESO also created an animation of the gas cloud and flares, below.

    The flares were seen on Earth is in infrared light, which is just out of the range of human visibility. But infrared wasn't the only form of flare radiation.

    "If you were close enough to observe these flares, you'd be in a lot of trouble,"Tana Joseph, an astrophysicist and fellow at the University of Manchester who wasn't involved in the study, told Business Insider in an email. "We would see extremely bright flashes of optical light, and there would be lots of high energy radiation, like gamma rays and X-rays, that would be very damaging to our bodies."

    Peters says flares have been seen coming from Sagittarius A* before. However, she added the new observations — which show the very edge of the black hole — are like going from the resolution of an old television to a high-definition flat-screen TV.

    A flashing spacetime lens?

    black hole veil dead stars illustration nrao alma

    What causes these flares is an active mystery.

    One idea is that extreme forces around the black hole, primarily intense magnetic fields, will occasionally toss off and accelerate some of the hot plasma into jets, which then bleed off energy as flares.

    "We see plasma flares associated with magnetic fields in many places, including our own Sun, but we don't yet fully understand the exact causes of such flares,"Misty Bentz, an astrophysicist at Georgia State University at who also wasn't part of the study, told Business Insider in an email.

    But something far weirder may be at play: large distortions in spacetime caused by the spinning of a black hole at some fraction of the speed of light. Such distortions might be focusing the energy that's bleeding off of orbiting blobs of hot plasma into a beam, and the beam occasionally flashes across the telescopes of Earth — creating a flare.

    "The black hole is like this lighthouse lens that's causing this thing to flash at us as it goes around," Avery Broderick, an astrophysicist at the Perimeter Institute of Theoretical Physics and the University of Waterloo, told Quanta. (Broderick first proposed this idea in 2005.)

    The ESO's press release claims the flares "provide long-awaited confirmation that the object in the center of our galaxy is, as has long been assumed, a supermassive black hole."

    This claim is likely over-blown, however, since it's virtually impossible to directly confirm the existence of a black hole, short of visiting one or "listening" to them crash together.

    "One might argue that you can never prove the existence of an invisible object like a black hole," Bentz said. "But this new study with GRAVITY confirms that a compact object with a mass of 4 million suns is still the only way to explain all the observations."

    Bentz is eager to know what the flares foretell. She also said the very circular orbit of the blob of plasma was unusual. This may suggest the rotational axis of Sagittarius A*, like a tilting spinning top, was aligned with the Milky Way a few million years ago, but has inexplicably pointed toward Earth.

    If true, Bentz said, "that would be quite a puzzle."

    SEE ALSO: 8 truly horrifying ways the Earth could die

    DON'T MISS: A ghostly particle detected in Antarctica has led astronomers to a super-massive spinning black hole called a 'blazar'

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    NOW WATCH: How our universe will end: 'The black holes will eat up everything'


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    watching tv bored sad

    • Advertising execs are scrambling to pour money into TV software to figure out how effective their commercials really are.
    • VideoAmp's platform plugs into TV viewership, digital ad logs, and set-top data to help brands plan out how much they should be spending in TV.
    • It also pulls in advertisers' own first-party data like email and conversion lists that can be matched against ad data.
    • The company says that 30 marketers are testing it — including ad agencies Omnicom and Mindshare.

    Marketers want better proof that their TV ads are working.

    The TV industry is a $70 billion market, but digital behemoths like Facebook and Google continue to take bites out of the business. In response, advertisers are increasingly asking to plug data and technology together to target specific audiences on TV and measure how effective their ads are, similar to how digital advertising works.

    A cottage industry of TV-minded startups and ad-tech companies is working its way into over-the-top or linear TV buying by promising advertisers access to granular stats to help with media planning and measuring campaigns.

    One such startup is VideoAmp, which provides software that pulls all of an advertiser's spend together, including digital, OTT, and traditional TV buys. After testing its software with 30 brands, and ad agencies like Omnicom and Mindshare, VideoAmp is beginning to open up its software to more advertisers.

    Here's how it works: Advertisers can log in to VideoAmp's platform to view all of their spend and slice it up to see how specific channels performed using both third-party data collected from digital media and first-party data, like email lists or data that tracks how many people convert from shopping online. The company is also integrated with ad-tech companies like LiveRamp to pull in anonymous sets of first-party data.

    The ad spend is matched up with data culled from VideoAmp, including viewership data from smart TVs and digital MVPDs from set-box providers. The company also pulls in reams of data from digital ad server logs.

    The software first analyzes which ads were most effective and can then make recommendations for how advertisers better invest future ad spend.

    "No one really cares if you're spending all this money and don't see your ad," VideoAmp CEO Ross McCray told Business Insider. "What they really care [about] is that people are going to convert and buy your product, they're going to have higher retention, they're going to show more loyalty."

    VideoAmp has raised a total of $36.6 million in funding, most recently with its series B round of $21.4 million last year.

    Brands are just starting to figure out how to best split up their resources

    By meshing all of an advertiser's spend into one place, advertisers can in theory get a better look at their campaigns and can tell, for example, how many people a TV and digital campaign reached and more specifically, if a campaign was seen by the same person.

    That's easier said than done. While TV networks are beginning to work more with each other, marketers still struggle with understanding how their TV spend on one network compares to another, or with digital.

    "TV still operates as somewhat of a walled garden," said Allison Metcalfe, general manager of LiveRamp TV. "Working with trusted partners like VideoAmp and leveraging LiveRamp to anonymize both data sets they wish to compare, brands can finally understand the true impact their TV dollars are driving for them."

    In one example, a telecom found that 23% of its linear TV ads were being seen repeatedly by the same person, suggesting that the brand overspent on TV ads that were served to an audience. Meanwhile 22% of users who only saw digital ads were under the brand's frequency target, meaning that they didn't see enough ads to sway them to take an action.

    McCray said that he's seen two ways that brands are using its software. The first situation happens when brands want to figure out which parts of their advertising triggers a tangible result like someone buying something.

    The second use case is brands that want to experiment with squeezing out as much as they can from their ad spend, and they will either cut their budget or want their current ad budget to work better, he said.

    "There's a lot of pressure from the CEOs, CFOs, the public markets that are driving these efficiencies," McCray said. "'I need to have an understanding of where my money is going' is always [clients'] first question."

    Join the conversation about this story »

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    quarterly global fintech fundingThis is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here. Current subscribers can read the report here.

    Fintech hubs — cities where startups, talent, and funding congregate — are proliferating globally in tandem with ongoing disruption in financial services. 

    These hubs are all vying to become established fintech centers in their own right, and want to contribute to the broader financial services ecosystem of the future. Their success depends on a variety of factors, including access to funding and talent, as well as the approach of relevant regulators.

    This report compiles various fintech snapshots, which together highlight the global spread of fintech, and show where governments and regulatory bodies are shaping the development of national fintech industries. Each provides an overview of the fintech industry in a particular country or state in Asia or Europe, and details what is contributing to, or hindering its further development. We also include notable fintechs in each geography, and discuss what the opportunities or challenges are for that particular domestic industry.

    Here are some of the key takeaways:

    • Most countries in Europe have made some formal attempt to foster the development of domestic fintech industries, with Germany and Ireland seeing the best results so far. France, meanwhile, got off to a slow start, but that's starting to change. 
    • The Asian fintech scene took off later than in the US or Europe, but it's seen rapid growth lately, particularly in India, China, and Singapore.
    • The increasing importance of technology-enabled products and services within the financial services ecosystem means the global fintech industry isn't going anywhere. 
    • Fintech hubs will continue to proliferate, with leaders emerging in each region.
    • The future fintech landscape will be molded by regulatory bodies — national and international — as they seek to mitigate the risks, and leverage the opportunities, presented by fintech. 

     In full, the report:

    • Explores the fintech industry in six countries or states, and identifies individual fintech hubs.
    • Highlights successful fintechs in each region.
    • Outlines the challenges and opportunities each country or state faces. 
    • Gives insight into the future of the global fintech industry. 

    Subscribe to an All-Access pass to Business Insider Intelligence and gain immediate access to:

    This report and more than 250 other expertly researched reports
    Access to all future reports and daily newsletters
    Forecasts of new and emerging technologies in your industry
    And more!
    Learn More

    Purchase & download the full report from our research store

     

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    Theresa May

    • Brexit talks resume in Brussels as negotiators struggle to secure a deal on the Northern Ireland border.
    • A leading credit ratings agency warns that Britain risks an extended recession if if fails to gain an exit agreement.
    • Britain could permanently lose 5.5% of growth.
    • Norway has rejected calls for Britain to temporarily join the European Economic Area after Brexit.

    LONDON — Britain risks an extended recession if it fails to win a Brexit deal, a leading credit agency has warned as negotiators continue to struggle to agree a deal.

    Standard & Poor’s, one of the big three ratings agencies responsible for the Britain's credit rating, said on Tuesday that a no deal Brexit would trigger a lengthy recession in the UK, that would shrink the UK economy by 1.2%  in 2019 and a further 1.5% in 2020.

    "Most of the economic loss of about 5.5 % (of) GDP over three years compared to our base case would likely be permanent," S&P said.

    If the UK exits with no deal and defaults to WTO trading rules, inflation will hit 4.7% and unemployment will increase to 7.4% by 2020 — its highest level since the aftermath of the 2008 financial crash, Standard & Poor's said.

    The warning came as Brexit talks resumed in earnest on Tuesday evening as UK and EU negotiators try to make a breakthrough on the Irish border question and strike a deal in time for the December summit.

    Olly Robbins, the UK's most senior civil servant handling Brexit negotiations, travelled to Brussels to meet with his EU counterpart, Sabine Weyand, who works for Brussels' chief negotiator Michel Barnier.

    Talks are set to continue at a technical level for the rest of the week, sources close to both the UK and EU negotiating teams told Business Insider on Wednesday morning.

    Negotiators are trying to find a mutually acceptable version of the backstop policy for preserving the frictionless Irish border no matter what the outcome of Brexit talks and subsequent UK-EU trade deal negotiations.

    'You've only got five months left'

    Dominic RaabBack in Westminster, MPs are searching for ways of avoiding a dreaded no deal scenario.

    Conservative MP Nick Boles is leading calls for Theresa May to use the so-called Norway model as the backstop. Under Boles' plan — "Norway for now"— the UK would remain in the single market and be in a new customs union with the EU until a free trade deal covering the invisible Irish border is ready to be implemented.

    BI understands that around 15 MPs met with Norway model campaigners to discuss the policy on Tuesday night. These MPs included Boles, plus his Tory colleagues Nicky Morgan, Stephen Hammond, and George Freeman.

    However, Norwegian Prime Minister Erna Solberg appeared to kill any hope of the UK temporarily replicating Norway's relationship with the EU, telling reporters: "We would welcome any good cooperation with Britain."

    "But to enter into an organisation [the European Free Trade Association and European Economic Area] which you’re leaving is a little bit difficult for the rest of us," Solberg said on Tuesday.

    Erna Solberg Theresa May

    Solberg addressed the media alongside UK Prime Minister May, who announced that all Norwegian citizens living in the UK would automatically retain all of their rights no matter what the outcome of Brexit negotiations.

    The prime minister's warm words about EU and EEA citizens living in the UK were somewhat undermined by Immigration Minister Caroline Nokes' comments before the Home Affairs Select Committee.

    Nokes said that under a no deal Brexit, employers will need to check that EU and EEA staff have the right to work in the UK, despite the Home Office suggesting this summer that these checks would not need to take place.

    Nokes also revealed that despite exit day being just five months away, the UK government does not know what these checks would entail, while just 650 of 3.5 million EU citizens who are estimated to live in the UK have completed the settled status scheme which confirms their right to remain in the country after Brexit.

    An exasperated committee chair Yvette Cooper said she was "baffled" by Nokes' remarks and exclaimed "you've only got five months left" to the minister and others who were giving evidence to MPs on Tuesday.

    SEE ALSO: Anti-Brexit MPs should accept May's deal and fight to rejoin the EU during transition, leading MEP says

    DON'T MISS: The Norway model is back on the Brexit agenda — here's what that means

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    trader screens

    • Baillie Gifford, a 110-year-old Scottish investment firm that manages $255 billion, has made a name for itself by getting in early on a wide range of Silicon Valley unicorns, including Spotify, Airbnb, and Lyft.
    • The firm has also been an early investor in such market-dominating public companies as Facebook, Alphabet, Netflix, and Alibaba.
    • In an exclusive interview with Business Insider, Tom Slater — Baillie Gifford's head of US equities and co-manager of its flagship fund — reveals two under-the-radar stock picks he thinks will deliver explosive returns in the future.

    You don't become an investing heavyweight by picking the same stocks as everyone else.

    In order to truly rise to the top of the field, you have to find some hidden gems. And it's even better when those sleeper picks possess the type of latent growth potential that could explode further down the line.

    Baillie Gifford— a 110-year-old Scottish investment firm that manages $255 billion — knows this as well as anyone. That's why it's so focused on becoming an early investor in companies it sees as having massive upside.

    This may seem like an obvious objective to the casual observer, but actually doing it is extremely difficult. That's why it's so impressive that Baillie Gifford got in early on many of the stock market's most dominant names, including FacebookAlphabetNetflix, and Alibaba.

    There's also Tesla, the holding for which Baillie Gifford is perhaps best known, since it owns one of the biggest chunks of any institutional investor.

    In addition, Baillie Gifford has made it a priority to invest in early-stage companies that aren't yet public. It has holdings in so-called unicorns like LyftAirbnb, and Dropbox.

    But those are all — for the most part — well-known, name-brand companies. What about the high-upside stocks that fly under the radar, unknown to most?

    Don't worry, Baillie Gifford has you covered. In an exclusive interview with Business Insider, Tom Slater — the firm's head of US equities and co-manager of its flagship fund— reveals two sleeper stock picks Baillie Gifford loves.

    All quotes below are attributable to Slater, while the descriptions were pulled from company websites.

    The Trade Desk

    "It’s a demand-side platform for buying advertising. The premise is that, at some point in the future, all buying of advertising is going to be programmatic. It’s just the economic reality. At the moment, some elements of online base advertising are programmatic, but there are huge swaths of the advertising market that aren’t."

    "These guys have been making real progress in terms of aggregating demand for advertising outside the walled gardens of the internet. It looks increasingly likely that internet-connected television is going to go down this route as well. It won’t follow the traditional deals that were done in the cable industry. That’s a potentially huge market that’s just opening up for them."

    Pinduoduo

    "It’s a Chinese online retail business. The interest in it is, it’s a sort of group shopping premise. The idea is — if I want to buy something through the platform, if I can convince 25 of my friends or neighbors to buy the same product, we’ll all get it for a more attractive price."

    "This is a product aimed at getting the next half a billion Chinese people online. These are people who live in villages and very low-tier cities in China that aren’t shopping on Alibaba, and aren’t familiar with how to use these tools. Having some of these experiences for the first time, doing something with people you’re familiar with, all in search of an attractive price, there’s a real safety-in-numbers effect."

    "It’s the retail that could touch half-a-billion people that you’ve never heard of."

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