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The latest news from Business Insider

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    Riot Games HQ

    • The "League of Legends" developer Riot Games is facing a class-action lawsuit claiming the company harbored a sexist work environment with women suffering from unequal pay and regular harassment.
    • Reports detailing the company's "bro culture" surfaced in August, leading Riot to issue an apology to current and past employees.
    • The two women who filed the lawsuit detailed multiple instances of inappropriate behavior, including a list of "Hottest Women Employees" and unsolicited photos of male genitalia.

    Months after reports accused the "League of Legends" developer Riot Games of fostering a sexist work environment, two employees, one former and one current, have filed a class-action lawsuit against the company alleging discrimination and harassment.

    In the complaint filed with the California Superior Court in Los Angeles, the plaintiffs claim that Riot denied them equal pay and blocked their career advancements on the basis of gender.

    Both plaintiffs are women and claim that Riot promoted a male-dominated culture that led to sexual harassment and misconduct in the workplace.

    A copy of the complaint obtained by Gizmodo Media Group mentions an investigative report from the GMG-owned video game website Kotaku detailing the experiences of more than two dozen Riot employees, many of whom share the same criticism. After the report was published in August, Riot acknowledged that the company's emphasis on what it called "gamer" culture resulted in gendered discrimination.

    Read more:Riot Games apologizes after being accused of sexist culture, vows to change

    Representatives for the plaintiffs, Jessica Negron and Melanie McCracken, claim the "core gamer" identity emphasized by Riot is explicitly male and was used to disqualify women from recruitment and promotions. Furthermore, they allege that women have been assigned to lower-paying jobs while less qualified men receive more frequent promotions. The lawsuit also claims women in the workplace are subjected to additional criticism, harassment, and retaliation based on gender.

    "Women are required to participate and tolerate crude male humor which include jokes about sex, defecation, masturbation, rape, and torture," the lawsuit says. "Women who do not join in these adolescent humor jokes are classified as 'snobby' and unwilling to fit in with the company."

    The lawsuit offers several specific examples of how what it calls Riot's "bro culture" negatively affected female employees. According to the claim, one of the plaintiffs counted male Riot Games using the work dick more than 500 times during a single month. Other employees were shown unsolicited photos of male genitalia, and one woman found an email chain in which coworkers discussed what it would be like to "penetrate her," the lawsuit says. The claim says there is an ongoing email chain of "Riot Games Hottest Women Employees" that rates female employees.

    Basic work dynamics were said to have suffered as well, with the plaintiffs saying women were frequently talked over during meetings and had their ideas dismissed. Riot Games' CEO and cofounder, Brandon Beck, is accused of using the phrase "no doesn't necessarily mean no" as a slogan for the company during an internal meeting.

    One plaintiff said her supervisor told her, "Diversity should not be a focal point of the design of Riot Games' products because gaming culture is the last remaining safe-haven for white teen boys."

    Riot Games Brandon Beck (CEO) Marc Merrill (President).

    When asked to comment on the lawsuit, a representative for Riot Games offered the following statement:

    "While we do not discuss the details of ongoing litigation, we can say that we take every allegation of this nature seriously and investigate them thoroughly. We remain committed to a deep and comprehensive evolution of our culture to ensure Riot is a place where all Rioters thrive. We've shared our progress here: https://www.riotgames.com/en/how-were-evolving."

    Since the initial reports of sexism surfaced in August, Riot has been detailing its efforts to combat sexism and discrimination within the company. This includes bringing in third-party consultants to help redefine the company culture and sharing a timeline of actionable steps to make that change happen.

    Still, regardless of what changes are being made, Riot will need to answer the allegations of past discrimination in court. Both plaintiffs are seeking damages over multiple allegations of discrimination and harassment as well as what they say are violations of California's Equal Pay Act. The court will need to certify the lawsuit for it to become class action.

    SEE ALSO: One of the world's biggest game studios has been hit with multiple allegations of fostering a hostile, sexist work environment

    SEE ALSO: Riot Games, accused of fostering a sexist work culture, apologizes and vows to change

    Join the conversation about this story »

    NOW WATCH: How to train the last days before a marathon


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    Parth Detroja

    • The author Parth Detroja predicts that Amazon will acquire Lyft in the next 18 months.
    • Such a deal would benefit both companies, Detroja says: Amazon could use Lyft's network of drivers to corner last-mile delivery, and Lyft could tap into Amazon's vast subscriber base to open new markets.
    • A deal between the two companies would also have a direct hit on Uber's valuation, Detroja suggests.

    The author and Facebook product manager Parth Detroja has made a bold prediction: In the next 18 months, he says, Amazon will buy Lyft, the ride-hailing company that is reportedly planning to go public next year. In the view of Detroja, who coauthored a book on key business strategies in tech, "Swipe to Unlock," a better move for Lyft's business would be an acquisition by Amazon.

    The deal would benefit both companies by solving their key pain points, Detroja says: Amazon's signature subscriber offering of two-day shipping is costly and difficult to execute, and Lyft has yet to make significant progress entering international markets.

    Read More: A researcher rode more than 5,000 miles with Uber and Lyft and discovered the biggest differences between the two ride-hailing giants

    If Amazon acquired Lyft, the company could use drivers' trunks to make deliveries when they aren't picking up riders. In turn, Lyft could compete on a global stage against Uber by tapping into Amazon's rapidly growing international Prime-subscriber base.

    How Amazon's last-mile delivery pains could be relieved

    "If you look at ridesharing, the fundamental problem is that it's incredibly difficult to open a new market because you need a steady base of both drivers and passengers for the service to work," Detroja says. "The costs to do that are insane."

    With a Lyft acquisition by Amazon, Detroja suggests, the shopping giant could offer Prime subscribers discounted rides — which could open new markets for the ride-share company overnight. In turn, Lyft could acquire new drivers by offering better pay than its biggest rival, Uber, by using the empty space in drivers' trunks to courier Amazon packages to Prime subscribers.

    Amazon has already looked into acquiring a driver base that would corner last-mile food delivery, Detroja points out. In September, The Telegraph reported that Amazon engaged in early-stage acquisition talks with the European courier service Deliveroo twice in recent months.

    Lyft rider gets into car

    "The logistics of Amazon's last-mile food delivery are so expensive," Detroja says. "There's also gaps with ridesharing. What if Lyft drivers had food or items in their trunk that they could deliver along passenger-pickup routes?"

    Detroja acknowledges a few obvious snafus with this theory: A trunk full of packages be a problem for passengers traveling with luggage, and a deluge of riders may cause issues ensuring timely package delivery.

    "Of course there's intricacies here that would need to be sorted out," he says.

    "As Amazon grows in established markets, what they're trying to do is outspend and out-offer their competitors. For instance, free two-day shipping wasn't even a thing until Amazon pioneered it — they're forcing everyone's hands."

    Uber's valuation may suffer as a result

    Detroja also points out that if Lyft and Amazon teamed up, they'd be formidable contenders against Uber.

    "Uber and Lyft have tried to engage in a price war, but their prices will always be in within 5% of each other," he says. "If they tried to compete for better prices forever, it would be a race to zero. But if Amazon owned Lyft, they could pass on savings to the consumer. It's the same strategy Amazon used to offer people video and music services."

    Additionally, with a Lyft acquisition, Amazon would acquire yet another interesting asset, Detroja notes: Lyft's self-driving technology, which highlights an area that Amazon has expressed growing interest in over the past year.

    Detroja predicts an acquisition would have a direct effect on Uber's multibillion-dollar valuation. "I think Uber's valuation would be cut substantially," Detroja says. And, if the acquisition took place before Uber's initial public offering — which, like Lyft's, is reportedly expected to take place in 2019 — Detroja says, the company might need a new valuation before going public. "Uber would take a huge hit in market share overnight," Detroja says.

    SEE ALSO: The meteoric rise of Uber and Lyft may have spurred a deadly outcome, according to new research

    Join the conversation about this story »

    NOW WATCH: Review: Google Pixel 3 and 3 XL are the best smartphones you can buy right now


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    most valuable failed vc backed startups 2x1

    Having millions of dollars in backing from venture capitalists doesn't guarantee the longevity of a startup.

    Even well-established private companies are at constant risk of failure, as evidenced by some of the startups that went out of business this year. PitchBook compiled data on the 25 most valuable startups that failed in 2018; three of these companies have been around for more than 20 years and were still forced to shutter.

    Startups in the healthcare industry took a big hit — seven companies on the list are in the medical sector.

    The list is headed by Theranos, the blood-testing company, whose $9 billion valuation was greater than those of all the other startups on the list combined.

    Here are the 25 most valuable VC-backed startups that failed in 2018:

    SEE ALSO: The 25 most valuable private tech companies in the US

    25. SDCmaterials — automobile nanotechnology

    Year founded: 2004

    Maximum valuation: $48 million

    Amount raised: $26 million

    Read more about SDCmaterials on PitchBook.



    24. Senzari — music and entertainment data intelligence

    Year founded: 2010

    Maximum valuation: $52 million

    Amount raised: $13 million

    Read more about Senzari on PitchBook.



    23. Industrial Origami — industrial material manufacturer

    Year founded: 2003

    Maximum valuation: $58 million

    Amount raised: $41 million

    Read more about Industrial Origami on PitchBook.



    See the rest of the story at Business Insider

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    Facebook Messenger

    • Facebook Messenger will soon introduce a feature that lets you delete a message up to 10 minutes after it's already been sent.
    • The new feature was spotted in the release notes for the newest Messenger update, but for now it's still listed as "coming soon." 
    • Facebook said in April it planned to add such a feature after the platform was caught quietly deleting messages that CEO Mark Zuckerberg had sent via Messenger.

    Facebook will soon allow you to delete messages that you've already sent via its Messenger app.

    Plans for the "unsend" feature were found in the release notes for the newest Messenger app update made available to iOS users Tuesday. The note states that users will be able to remove a message within 10 minutes of sending it "if you accidentally send the wrong photo, incorrect information or message the wrong thread."

    The release notes say that the feature is "coming soon," but didn't give an exact date for when it would arrive on users' phones. 

    Facebook first floated plans for rolling out the "unsend" feature back in April. The announcement was in response to TechCrunch's report that the social network had been quietly deleting old messages from its CEO Mark Zuckerberg over fears of future hacks and data breaches. The revelations were met with heavy backlash.

    Months passed by without any additional updates from Facebook on the feature, but TechCrunch reported last month that the feature was being tested internally, as evidenced by screenshots posted on Twitter.

    Read more: Facebook was caught secretly deleting Mark Zuckerberg's sent messages — here's what it's doing about it

    Experts have previously expressed concerns that allowing users to "unsend" messages could have severe implications, since such a feature could allow evidence of harassment and abuse via Messenger to be erased.

    But similar features already exist on other apps that Facebook owns: WhatsApp users were given the ability last year to delete messages for up to an hour after they're initially sent, and Instagram has let you "unsend" messages ever since direct messaging was first added to the platform in 2013.

    The addition of the "unsend" feature on Facebook Messenger is in addition to the app's "secret conversations" feature, where users can have their messages expire after a set amount of time.

    SEE ALSO: DELETE YOUR ACCOUNT: How to wipe your personal information from Facebook, Amazon, Google, and other major websites and apps

    Join the conversation about this story »

    NOW WATCH: First impressions of the Google Pixel 3 and Pixel 3 XL


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    Marla Beck

    • Marla Beck, the cofounder and CEO of beauty-store chain Bluemercury, has a jam-packed morning routine.
    • Beck said in a column from The Cut that she wakes up naturally at 6 a.m. every day, walks four miles or runs up to five miles, reads four newspapers, and tests beauty products in the office in her master bathroom — all before heading into work.
    • Beck is one of many CEOs who say they wake up before dawn to jump-start their workdays.

    There's nothing laid-back about being CEO of a cosmetics company, and Marla Beck is proof.

    Beck, the cofounder and CEO of beauty-store chain Bluemercury, revealed her jam-packed morning routine in a column by Jessica Prince Erlich at New York Magazine's The Cut.

    Beck told Erlich that she wakes up every morning at 6 a.m. — without the aid of an alarm clock — and walks four miles with her husband Barry, the other cofounder of Bluemercury and the company's chief operating officer. On days when Barry is traveling, Beck said she does five miles of interval training at the gym instead.

    Back home by 8 a.m., Beck said she powers through four morning newspapers: The New York Post, The New York Times, The Wall Street Journal, and the Financial Times.

    Read more:21 successful people who wake up incredibly early

    On some days, Beck said she doesn't head into work until as late as 11:30 a.m., but that's because she's already started her work day from home. Beck wrote that every morning, she tests beauty products from the home office in her master bathroom — sometimes the process involves dozens of products and spans up to three hours.

    Beck's habits mirror those of other successful executives, like Apple's Tim Cook, GE's Jeff Immelt, General Motors' Mary Barra, and Virgin Group's Richard Branson, all of whom have reported waking up before dawn to jump-start their work days.

    So far, Beck's routine has led to success for Bluemercury. In 2015, Macy's acquired the chain for $210 million while keeping her as its CEO. Bluemercury now has shops in Macy's stores as well as more than 150 freestanding locations across the US.

    "I'm always thinking about products, I'm never off," she told The Cut. "But I'm lucky that I have the opportunities I have to create and have a family. I'm really lucky."

    Read Beck's full daily routine at The Cut »

    SEE ALSO: How Bluemercury CEO Marla Beck makes hiring decisions in 7 minutes

    DON'T MISS: 21 successful people who wake up incredibly early

    Join the conversation about this story »

    NOW WATCH: Navy SEALs debunk 5 misconceptions about good leaders in the military and the workplace


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    Tucker Carlson

    • After the celebrity attorney Michael Avenatti accused Fox News host Tucker Carlson of assaulting a "gay Latino immigrant," Carlson told Business Insider he never assaulted the man.
    • Carlson said the man stopped his daughter when she was on her way back from the restroom and asked her if she was sitting with the Fox News host.
    • When his daughter responded, "That's my dad," Carlson said the man asked her, "Are you Tucker’s whore?" He also allegedly called her a "f---ing c---."
    • "I did not assault this man, and neither did my son," Carlson said.
    • In a video Avenatti included in his tweet claiming Carlson "assaulted" the man, Carlson appears to be telling another man to "get the f--- out of here" while others seem to be trying to get Carlson and others in the room to calm down.
    • The video does not appear to show Carlson physically assaulting anyone.

    After the attorney Michael Avenatti said he was investigating a claim that the Fox News host Tucker Carlson "assaulted" a "gay Latino immigrant," Carlson responded in a statement to Business Insider that he did not assault the man and that the man called his 19-year-old daughter a "whore" and a "f---ing c---."

    The incident in question occurred last month at a country club in Virginia. In a video Avenatti attached to his tweet announcing his investigation, Carlson appears to be telling another man to "get the f--- out of here" while others seem to be trying to get Carlson and others in the room to calm down.

    The video does not appear to show Carlson physically assaulting anyone.

    At one point in the video, a man is heard saying, "There's no excuse for violence."

    Here's Carlson's full statement about the incident:

    "On October 13, I had dinner with two of my children and some family friends at the Farmington Country Club in Charlottesville, Virginia. Toward the end of the meal, my 19-year-old daughter went to the bathroom with a friend. On their way back through the bar, a middle aged man stopped my daughter and asked if she was sitting with Tucker Carlson. My daughter had never seen the man before. She answered: 'That’s my dad,' and pointed to me. The man responded, 'Are you Tucker’s whore?' He then called her a 'f------ c---.'

    "My daughter returned to the table in tears. She soon left the table and the club. My son, who is also a student, went into the bar to confront the man. I followed. My son asked the man if he’d called his sister a 'whore' and a 'cunt.' The man admitted he had, and again become profane. My son threw a glass of red wine in the man’s face and told him to leave the bar, which he soon did.

    "Immediately after the incident, I described these events to the management of the Farmington Country Club. The club spent more than three weeks investigating the incident. Last week, they revoked the man’s membership and threw him out of the club.

    "I love my children. It took enormous self-control not to beat the man with a chair, which is what I wanted to do. I think any father can understand the overwhelming rage and shock that I felt seeing my teenage daughter attacked by a stranger. But I restrained myself. I did not assault this man, and neither did my son. That is a lie. Nor did I know the man was gay or Latino, not that it would have mattered. What happened on October 13 has nothing to do with identity politics. It was a grotesque violation of decency. I've never seen anything like it in my life."

    Michael Avenatti

    Avenatti responded that Carlson's statement was 'an absolute lie'

    After Business Insider reached out for comment about Carlson's statement, Avenatti took to Twitter to respond.

    Addressing Carlson, Avenatti wrote: "Your stmt about what transpired is an absolute lie. Your daughter nor your son were called those things. The man never admitted it. Your son committed assault and battery."

    He added: "You committed assault (learn the difference). Your friend committed assault ...and battery (on video). You are the aggressor in the video as is your friend. The man at the bar sits there calmly. Numerous witnesses contradict your claim of innocence. Your daughter was drinking underage in a bar with your assistance and knowledge. You were intoxicated."

    Avenatti continued and said Carlson "told the man to 'go back where you came from' before the video starts."

    "And if you were so innocent, why didn't you disclose it weeks ago as you recently did in connection with the protest at your home?" Avenatti asked.

    In a phone call, Avenatti confirmed that the man Carlson was screaming at was his client, saying, "my client was not the aggressor, he wants the truth and he wants justice and I’m going to hold Tucker Carlson accountable."

    Avenatti also went on to support Carlson's assertion that there was private "investigation" into the dispute. Denying to disclose the result of that investigation, Avenatti characterized the country club as being known as "anti-gay, anti-minority, and anti-people of color."

    Avenatti says that while the case is still in the investigatory phase, he anticipates charges being filed against Tucker Carlson's son, "possibly against tucker himself," and against the "balding man."

    Avenatti has gained fame in recent months through his representation of the adult film actress Stormy Daniels, who was paid by President Donald Trump to stay quiet about an affair she says she had with Trump in 2006.

    Avenatti also represented Julie Swetnick, a woman who leveled a bombshell allegation of sexual assault against Supreme Court Justice Brett Kavanaugh during his confirmation process in September.

    Carlson has faced protests at his home recently

    Meanwhile, Fox News has asked its employees not to tweet out theirs or any other Fox News stories from their business or personal Twitter accounts, according to an internal email obtained by Business Insider.

    The news comes after it emerged on Friday that Fox News reportedly made the "conscious decision" to refrain from tweeting from its official Twitter account as a silent protest against rowdy demonstrations by the anti-fascist group "Smash Racism DC" that erupted at Carlson's home on Wednesday.

    Carlson, who was at work at the time, claimed that his wife was home when a protester allegedly threw "himself against the front door and actually cracked the front door," according to The Washington Post. Police reportedly confirmed that members of the group also spray-painted an anarchy symbol on the driveway, and left signs on vehicles.

    Join the conversation about this story »

    NOW WATCH: 4 lottery winners who lost it all


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    The Insider Picks team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase.

    https_%2F%2Fblogs images.forbes.com%2Fthepointsguy%2Ffiles%2F2018%2F07%2FNY City Cards wells fargo propel 8 1200x800

    • The Wells Fargo Propel American Express® Card is a good option for a credit card with no annual fee.
    • The Propel card offers a 30,000-point welcome bonus (the highest available on a no-annual-fee personal card) and 3x points per dollar spent on eating out and ordering in, gas, flights, hotels, domestic car rentals, and popular streaming services.
    • You never have to worry about your points expiring or paying foreign transaction fees.
    • A great bonus benefit of the Wells Fargo Propel is cell phone protection.

    If you are looking for a premium credit card with no annual fee, your search is over.

    The revamped Wells Fargo Propel American Express® Card offers an array of wonderful bonuses and redemptions without the commitment of a hefty annual fee. With a strong welcome bonus (the highest available on a no-annual-fee personal card), a rewarding set of bonus categories, and a cell phone protection feature, it's a better time than ever to take advantage of the Wells Fargo Propel and all it has to offer.

    At a glance

    •      30,000 bonus points when you spend $3,000 in purchases in the first three months
    •      $0 annual fee
    •      Earn 3x points on eating out and ordering in, gas, flights, hotels, domestic car rentals, and popular streaming services
    •      Earn 1x points on all other purchases
    •      Points never expire as long as account remains open
    •      Unlimited earning potential on points
    •      No blackout dates on air travel when redeemed through Go Far Rewards
    •      Low introductory APR on purchases and balance transfers for 12 months
    •      No foreign currency conversion fees
    •      Cell phone protection from damage or theft

    Rewards

    With the Wells Fargo Propel, you can transfer points for cash back or air travel through the Go Far Rewards program. It's both low maintenance and convenient, which is perfect for anyone who doesn't want the hassle of an intricate rewards interface.

    Additionally, you can earn more on everyday purchases in the following 3% bonus categories: travel, dining, gas stations and popular streaming services. It's not every day that you find a credit card that maximizes your use of Netflix or Hulu, making this reward particularly special.  

    Even if you don't bank with Wells Fargo, you are still eligible for the Wells Fargo Propel. While not a reward per se, it's nice to have the flexibility of using a card outside of your own bank.

    Read more: Dining rewards are on the rise in 2018 as credit card issuers like Wells Fargo and AmEx target foodies

    Benefits

    With so many credit cards offering benefits like purchase protection, travel protection, extended warranty coverage, return protection, coverage for lost or stolen items, travel accident insurance, lost baggage coverage, and domestic car rental insurance, it can be difficult to differentiate which card will be most beneficial to you; however, the Wells Fargo Propel has a celebrated benefit that makes it easier to choose.

    Cell phone protection, which Wells Fargo offers with some of their other credit cards, provides up to $600 in protection against damage or theft (subject to $25 deductible). As long as you pay your monthly bill with the Propel, you will be able to take advantage of this benefit. 

    Welcome bonus

    When selecting a new credit card, the most important factor to consider is the welcome bonus.

    Credit cards have become fiercely competitive in trying to gain your business, benefitting new credit card users with more valuable welcome bonus offers. Currently, the Wells Fargo Propel American Express Card is offering 30,000 bonus points after you spend $3,000 in the first three months.

    The 30,000 points equate to $300 in cash back, travel rewards, or gift cards. There is no limit to the points you can earn, and points don't expire as long as your account remains open. A great perk is that when it comes time to redeem your points, there are no blackout dates on air travel through Go Far Rewards.

    Bonus categories

    For a card with no annual fee,the Wells Fargo Propel American Express Card offers generous earning potential on travel, dining, gas stations, and popular streaming services. You'll earn 3x the points for ordering in or dining out, booking airfare or hotel stays, or even for paying Spotify Premium, Netflix, Apple Music, and more with your card.

    For all other purchases, you'll earn 1x points back. As previously mentioned, all of the bonus categories you earn in offer 3% cash back, giving you competitive rewards at no annual cost.  

    How to maximize Go Far Rewards points

    To put a valuation on the credit card's rewards currency, each point is worth a penny. That's standard across all areas of redemption, including travel, gift cards, charity donations, and cash back.

    For those who love discerning award charts to see what redemption provides the best value, this card won't feed your hunger. On the flip side, if you like credit cards with simple award charts and straightforward redemptions, the Propel card is for you. If you have more than one Wells Fargo credit card, you can pool your Go Far Rewards, earning you more points in a shorter amount of time.

    The bottom line

    When you consider the fact that most credit cards with any good benefits to speak of charge an annual fee upwards of $95, the Wells Fargo Propel is a bargain deal. You can still earn as many points as you would on another card, with the added incentive of getting cash back and earning 3x the points in certain categories like dining, traveling, and popular streaming services.

    Plus, with 30,000 bonus points after spending $3,000 in the first three months, and no blackout dates on air travel through Go Far Rewards, you can take advantage of rewards quickly and unrestricted.

    The cell phone protection feature brings this card to the top of the list for no-fee rewards credit cards.

    Click here to learn more about the Wells Fargo Propel from Insider Picks' partner: The Points Guy.

    SEE ALSO: 10 lucrative credit card deals you can get when opening a new card in November — including a 150,000-point bonus

    DON'T MISS: 5 great benefits you might not realize your credit card comes with

    Join the conversation about this story »


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    This is a preview of the Internet of Things (2018) research report from Business Insider Intelligence. To learn more about the IoT ecosystem, tech trends and industry forecasts, click here.

    The Internet of Things (IoT) is transforming how companies and consumers go about their days around the world. The technology that underlies this whole segment is evolving quickly, whether it’s the rapid rise of the Amazon Echo and voice assistants upending the consumer space, or growth of AI-powered analytics platforms for the enterprise market.

    Investments into Internet of Things solutions

    And Business Insider Intelligence is keeping its finger on the pulse of this ongoing revolution by conducting our second annual Global IoT Executive Survey, which provides us with critical insights on new developments within the IoT and explains how top-level perspectives are changing year-to-year. Our survey includes more than 400 responses from key executives around the world, including C-suite and director-level respondents.

    Through this exclusive study and in-depth research into the field, Business Insider Intelligence details the components that make up the IoT ecosystem. We size the IoT market and use exclusive data to identify key trends in device installations and investment. And we profile the enterprise and consumer IoT segments individually, drilling down into the drivers and characteristics that are shaping each market.

    Here are some key takeaways from the report:

    • We project that there will be more than 55 billion IoT devices by 2025, up from about 9 billion in 2017.
    • We forecast that there will be nearly $15 trillion in aggregate IoT investment between 2017 and 2025, with survey data showing that companies' plans to invest in IoT solutions are accelerating.
    • The report highlights the opinions and experiences of IoT decision-makers on topics that include: drivers for adoption; major challenges and pain points; deployment and maturity of IoT implementations; investment in and utilization of devices; the decision-making process; and forward- looking plans.

    In full, the report:

    • Provides a primer on the basics of the IoT ecosystem.
    • Offers forecasts for the IoT moving forward, and highlights areas of interest in the coming years.
    • Looks at who is and is not adopting the IoT, and why.
    • Highlights drivers and challenges facing companies that are implementing IoT solutions.

    Join the conversation about this story »


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    dog kidney transplant

    • A few years ago, Star and her 13 puppies were found abandoned in a box in southern Missouri. All of them were severely malnourished.
    • Only nine of Star's puppies survived. Eventually, all the dogs were adopted by families in the St. Louis area, including Star, who recovered from advanced kidney failure.
    • Over the summer, Star again experienced severe kidney failure, and could only be saved by a kidney transplant.
    • Star's owner, Shannon Flegle, reached out to the family of one of star's puppies, Elsa. They immediately agreed to help Elsa's mom, and she donated one of her kidneys. Both dogs are doing well.


    In today's heartwarming dog news, a doggy mom received a lifesaving kidney transplant from one of her puppies, after both were rescued from an abandoned box on the side of the road.

    A few years ago, Star and her 13 puppies were rescued from starvation. Only nine of her puppies survived, and Star herself was experiencing advanced kidney failure. Miraculously, she recovered and was adopted by Shannon Flegle and her family.

    But over the summer, Star again experienced symptoms of kidney failure, including vomiting and listlessness, and she refused to eat.

    Desperate, Flegle reached out to the Murrays, who had adopted one of Star's puppies years ago, and named her Elsa. Jenny Murray immediately agreed, but also asked her kids if they would be okay with Elsa undergoing the surgery. "This is Elsa’s chance to save her mom, and they’re like, ‘Oh so she’s a hero!'" Murray told Fox 2 of her children’s reaction.

    elsa heroic dog

    Elsa successfully donated her kidney, and now both dogs are expected to make a full recovery, and "live normal lives."

    Visit INSIDER's homepage for more.

    Join the conversation about this story »

    NOW WATCH: 7 places you can't find on Google Maps


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    victoria's secret ed razek

    • A Victoria's Secret executive apologized on Friday for an "insensitive" comment about transgender models.
    • Ed Razek, the chief marketing officer of the Victoria's Secret parent company, L Brands, sparked an outcry after telling Vogue he didn't think the show should feature "transsexuals."
    • He said in his apology that the company would, indeed, cast a transgender model — but none who have auditioned in the past have made the cut.

    A Victoria's Secret executive apologized on Friday for saying he didn't think transgender models should be cast in the lingerie brand's annual fashion show.

    Ed Razek, the chief marketing officer of the Victoria's Secret parent company, L Brands, sparked an outcry after telling Vogue in an interview that he didn't think the annual fashion shows should feature "transsexuals" because "the show is a fantasy."

    "It's a 42-minute entertainment special. That's what it is," he said. "It is the only one of its kind in the world, and any other fashion brand in the world would take it in a minute, including the competitors that are carping at us."

    Razek also said in the interview that the company had considered casting both transgender models and plus-sized models in the show in the past.

    "We market to who we sell to, and we don't market to the whole world," he said. "We attempted to do a television special for plus-sizes [in 2000]. No one had any interest in it, still don't."

    Read more: Victoria's Secret says its 'runways have been culturally diverse for a long time,' but it has been accused of cultural appropriation over and over again

    But Razek apologized for the remark about transgender models in a statement released by Victoria's Secret late Friday. He said the company would, indeed, cast transgender models, though none have made the cut in the past.

    Here's Razek's full statement:

    "My remark regarding the inclusion of transgender models in the Victoria's Secret Fashion Show came across as insensitive. I apologize. To be clear, we absolutely would cast a transgender model for the show. We've had transgender models come to castings… And like many others, they didn't make it…But it was never about gender. I admire and respect their journey to embrace who they really are."

    SEE ALSO: All the looks from the 2018 Victoria's Secret Fashion Show

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    provider swtiching UKThis 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.

    Mortgages are valuable for retail banks, but they're also complex products. In the UK alone, mortgages account for almost 60% of retail banks' profits. But mortgage lending can be a complicated process — it involves estate agents, appraisers, and conveyance agents.

    This complexity has resulted in major consumer pain points, like a lack of understanding of mortgages, inconvenient access channels, and difficulty switching providers. In an increasingly digital landscape, tech-savvy consumers are starting to demand simpler ways to take out mortgages, and legacy providers are suffering. In the US, the top three incumbent lenders together captured about 45% of the overall mortgage market in 2011; they hold just 24% in 2017.

    But a new class of mortgage-focused startups have developed a range of business models to help incumbents update this valuable product for the digital age. Their strategies vary between geographies: In countries like the US and UK, where homeownership is culturally important, they help incumbents keep consumers interested in taking out home loans.

    Meanwhile, in countries like Germany and Switzerland, where people prefer renting, they help incumbents attract new mortgage customers. Some incumbents are already partnering with these players, while others have opted to launch in-house initiatives. Each strategy has its pros and cons, but incumbents must adopt an approach to avoid losing relevancy and market share.

    There are still some fundamental problems in the insurance market that present obstacles to innovation — for both startups and incumbents. But there are ways to overcome them while making mortgages more attractive for consumers and improving returns for lenders.

    In a new report, Business Insider Intelligence looks at the fundamental problems dogging the current mortgage process and examines why these flaws are becoming impossible for incumbent mortgage providers to ignore. It also outlines the types of fintechs stepping in to drive innovation in the mortgage space, some current efforts by incumbent banks, and hurdles still standing in the way of large-scale change in the mortgage industry, as well as what can be done about them.

    Here are some of the key takeaways from the report: 

    • Mortgages are among retail banks' most profitable products, but these lenders have been slow to adapt mortgages to a digital economy. This has created pain points in the customer journey, like inconvenient access channels, and difficulty switching providers.
    • Ignoring these pain points is no longer an option for incumbents. The rise of alternative, digital-only mortgage firms is putting them under increasing pressure to make mortgages more attractive.
    • Fintech startups have detected an opportunity in incumbents’ slowness to innovate, and have developed several strategies to help them, like broadening their distribution channels, improving customer relationships, providing attractive front-ends, and making their back-ends more efficient.
    • Some incumbents have instead chosen to innovate their mortgage processes in-house. There are pros and cons to both strategies, which incumbents should weigh in order to add the most value for customers and their own businesses. 

    In full, the report:

    • Examines the flaws in the mortgage status quo that are upsetting consumers and dampening returns for lenders.
    • Discusses why incumbent lenders can't afford to delay innovating any longer around this product.
    • Outlines different ways mortgage fintechs are breathing new life into this product, including by helping incumbents.
    • Looks at some mortgage efforts already underway by incumbent lenders, and some considerations that should guide their projects.
    • Gives an overview of hurdles still standing in the way of large-scale change in the mortgage space, and how they can be overcome.

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

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    thousand oaks bar shooting

    • The gunman who killed 12 people at a bar in Thousand Oaks, California, fatally shot himself after exchanging gunfire with an officer, authorities said.
    • An autopsy revealed Saturday that Ian David Long, 28, died from a self-inflicted gunshot wound.
    • Investigators say that based on time stamps, Long posted to Instagram during the attack. The post involved his mental state and whether people would believe here was sane.

    An autopsy has found the gunman who killed 12 at a Southern California bar died from a self-inflicted gunshot.

    Police say Ian David Long, a 28-year-old ex-Marine machine-gunner, shot and killed 11 people at the Borderline Bar and Grill along with a police officer who responded just before midnight Wednesday.

    Police said the officer exchanged gunfire with Long, who was found dead at the scene.

    Ventura County Sheriff Bill Ayub said Saturday that an autopsy showed Long fatally shot himself.

    Investigators say that based on time stamps, Long posted to Instagram during the attack. The post involved his mental state and whether people would believe here was sane.

    Read moreWhat we know about the Thousand Oaks shooter, identified as Ian David Long

    Authorities said Thursday that they had had several prior run-ins with Long, including one incident earlier this year in which mental-health specialists were summoned to his home.

    According to former Ventura County Sheriff Geoff Dean, who retired on Friday, police had arrived at Long's home in April and found him "somewhat irate, acting a little irrationally."

    The mental-health specialists eventually left him at the scene, however, because they didn't feel Long met the criteria for being involuntarily held under California's Code Section 5150, which allows authorities to detain someone for evaluation and treatment for up to 72 hours.

    Authorities have yet to determine a motive.

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    AP_18313020369225

    Three wildfires raged through California this weekend, destroying thousands of structures and forcing tens of thousands of people to evacuate their towns.

    In northern California, the Camp Fire, reportedly named by local officials, almost completely destroyed the community of Paradise, fire captain Scott McLean told the Associated Press.

    The fires reportedly started after windy conditions swept through the state, creating high fire danger.

    On Thursday, acting California Gov. Gavin Newsom declared a state of emergency in Butte County for the northernmost Camp Fire, which is expected to burn for multiple days. He also requested federal assistance from the Federal Emergency Management Agency in a letter to President Donald Trump asking for a presidential emergency declaration.

    On Friday, mandatory evacuation orders for the Malibu and Santa Monica areas affected by the Woolsey Fire were issued. Malibu Search and Rescue tweeted, "Do not wait!"

    Here's what you need to know about the devastating fires.

    On Thursday, the Camp Fire traveled 18,000 acres to Paradise, California — growing at the rate of nearly 80 football fields per minute.

    Source: CNN



    Over 2,200 firefighters are reportedly on the ground in Butte County, where thick smoke has slowed evacuation efforts.

    Source: CNN



    40,000 residents in the county were forced to flee, around 1,000 structures have been destroyed, and 70,000 acres have been burned.

    Source: Fox 61, The Washington Post



    See the rest of the story at Business Insider

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    Jeff Bezos

    It's been 14 months since Amazon, the world's largest online retailer, declared its intention to build a second headquarters.  Founded in Seattle some 23 years earlier, Amazon said it had gotten so big that it needed a second home base in another city.

    The company's year-long selection process had a decidedly sweepstakes-like feel to it. Amazon laid out its expectations for what it wanted in a second hometown and promised a bonanza of 50,000 jobs and a $5 billion investment to whichever lucky city it picked.

    City governments and officials scrambled to outdo each other and woo the online retailer, dangling tax breaks, exemptions of all types and even promises to change their names.

    Now, Amazon has reportedly zeroed in on New York City and Virginia— and "HQ2" will likely actually be two separate offices.  The move, which has yet to be confirmed by Amazon, has left a sour taste with some people who accuse Amazon of having deviously gamed the system. 

    Here's a look at the sequence of events during Amazon's controversial "HQ2" adventure, and the strange spectacle that Amazon whipped up in the process.

    SEE ALSO: Trump called Foxconn's Wisconsin factory an 'incredible investment,' but evidence is mounting it's a terrible deal

    Amazon's current and first headquarters is located in Seattle, Washington. Around 45,000 workers are employed there.



    In 2017, Amazon announced that it was searching for a location for its second headquarters.

    The retailer said its new headquarters would come with 50,000 new jobs and a $5 billion investment in the new home city. 



    Along with the announcement, Amazon listed out its expectations for cities that were applying. It asked for "incentives" like tax breaks and exemptions, and fee reductions.

    Here are some additional requirements that Amazon laid out:

    • A site within 30 miles of a "population center."
    • Mass transit options located on-site 
    • The ability to travel to/from an airport within 45 minutes
    • Up to 8 million square feet, after the initial requirement of 500,000 
    • Fiber connectivity and acceptable cell phone service 
    • A "business-friendly environment and tax structure" that provides tax breaks and exemptions, fee reductions, workforce grants, and utility incentives, among other incentives. 
    • A "highly-educated labor pool" and a "strong university system."
    • "Elected officials eager and willing to work with the company."
    • A high quality of life for the 50,000 employees to be located there. 


    See the rest of the story at Business Insider

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    Woolsey fire november 2018

    Flames are racing along the southern California coastline as firefighters work to contain the fast-moving Woolsey Fire. The blaze has already scorched 83,275 acres on the outskirts of Los Angeles. There was 15% containment of the Woolsey Fire as of Sunday evening.

    Authorities downgraded the Hill Fire to over 4,500 acres burned in Ventura County. Firefighters had reached 75% containment of that blaze by Sunday evening.

    They're just two of thousands of California wildfires recorded this year. Meanwhile, to the north, the Camp Fire has killed 29 people and leveled the entire town of Paradise.

    Both of the LA-area fires started Thursday afternoon, and two deaths have been reported. Many people had to leave behind their beloved pets and homes and flee. 

    Here's a glimpse at the devastation in southern California so far.

    SEE ALSO: 3 dangerous fires are burning across California, and 5 people died in their cars as they tried to escape

    The beach city of Malibu is home to about 13,000 people. On Friday, as flames from the Woolsey Fire raced towards the coast, the entire town was forced to evacuate.



    Shortly after noon on Friday, the City of Malibu said on its website that the "fire is now burning out of control and heading into populated areas of Malibu. All residents must evacuate immediately."

    Source: Business Insider



    Stars including Alyssa Milano, Melissa Etheridge, director Guillermo del Toro, and the Kardashian sisters all had to leave their homes in the area.

    Milano said she packed up her "kids, dogs, computer," and Doc Marten boots and headed for shelter.

    Sources: @Alyssa_Milano, @RealGDT, Business Insider, @metheridge



    See the rest of the story at Business Insider

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    Qualtrics CEO Ryan Smith

    • SAP has announced its intent to buy Qualtrics for $8 billion. 
    • Qualtrics is a Utah-based startup that helps companies gather feedback and refine their products.
    • Qualtrics, which was last valued at $2.5 billion, was just days away from its IPO.
    • That IPO could have valued the company at $5 billion or more, right out of the gate.

    SAP, the German database giant, has announced an $8 billion all-cash deal to acquire Utah-based Qualtrics, a startup last privately valued at $2.5 billion. 

    Notably, Qualtrics was scheduled to hold its IPO this week — an offering that could have valued the company at more than $5 billion right out of the gate, according to the company's most recent filings. The deal is expected to close in the first half of 2019.

    Qualtrics specializes in what it calls experience management, or XM, providing tools to help companies gather feedback and optimize their products.

    After the close of the deal, Qualtrics will maintain its existing headquarters in Seattle, Washington, and Provo, Utah. Qualtrics CEO Ryan Smith will continue in his role, as well. 

    Qualtrics is something of an anomaly in the world of high-flying tech startups: Founded in 2002 by Smith and his father — a professor of marketing at Brigham Young University — the company didn't accept any venture funding until it had been in business for a decade. Qualtrics had raised $400 million in total venture capital funding from investors including Accel and Sequoia Capital. 

    Over the years, the younger Smith has earned a reputation for an eccentric brand of generosity. At one point, Qualtrics paid to sponsor the Utah Jazz, its local NBA team, and had them wear a patch promoting its "5 for the Fight" cancer research charity. At another point, the company loaned a customer a Tesla Model X.

    This deal comes shortly after IBM announced its intent to purchase open source software provider Red Hat for $34 billion. Microsoft, too, just closed its $7.5 billion acquisition of code sharing service GitHub, making this a banner year for M&A action in the business-to-business tech sector.

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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!
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    Bill McDermott

    • SAP announced on Sunday that it was acquiring IPO-bound startup Qualtrics for $8 billion in cash.
    • Qualtrics was on track for an IPO that would have valued the company at $4.8 billion in the middle of its price range. 
    • But McDermott, who had been talking with Qualtrics CEO Ryan Smith for months, was insistent, and eventually came up with an offer that the startup couldn't refuse.
    • Qualtrics offers comprehensive market research and data analysis cloud software that complements SAPs offerings.
    • Not only is it a fast-growing company, but it was also profitable, all of which helps SAP justify its premium price.

    SAP announced on Sunday that it plans to acquire IPO-bound startup Qualtrics for $8 billion cash.

    Qualtrics was on the verge of its IPO —  it was even on its roadshow with potential investors this past week. It had expected to raise about $495 million in its IPO and at the midpoint of its $18-to-$21 price range, it would have been valued at $4.8 billion.

    And the roadshow was going well, said Qualtrics CEO Ryan Smith in a press conference with SAP CEO Bill McDermott on Sunday. All signs pointed to a very successful first day of trading and beyond, because Qualtrics had been cash-flow positive for most of its history even amid its rapid growth, and it was reporting a net profit, said Smith. It had earned $289.9 million in revenue in 2017, up 52% from its $190 million in revenue in 2016 and reported a net income of $2.5 million, up from $12 million in losses in 2016.

    Ryan Smith"Our IPO was going extremely well," Smith said on the call. "We were the only show on the road last week and it was going as well as any IPO of ... a cash positive high-growth company."

    "We chose to be here," Smith said of the acquisition.

    SAP Bill McDermott doubled down on the idea, saying, "Ryan is being modest. I happen to know this was going to be the most successful IPO of 2018. He's oversubscribed."

    All of that helps to explain why SAP is paying quite a premium for Qualtrics, which was valued at $2.5 billion at the time of its last private fundraising. 

    The two said on the phone that SAP had been in talks with Qualtrics for "a few months," with Smith claiming that McDermott "really chased it down."

    With Qualtrics, McDermott is buying growth in the oh-so-important cloud software market. SAP is best known for its financial software, known to the industry as enterprise resource planning (ERP). It is the world's largest supplier of ERP software, competing with the likes of Oracle.

    But SAP is also going head-to-head with just about every other big cloud software player as well, including market and sales software. Qualtrics complements SAP's flagship offerings, the same way that LinkedIn complements Microsoft's customer relationship management (CRM) strategy. 

    Qualtrics is itself the leader in online market research software. And it has been repositioning itself into a new market that Smith has dubbed "experience management." By that, he means helping companies get a complete world of their perception and performance, as seen by customers, employees, partners, and anyone else whose opinion matters for your business. 

    McDermott says of the Qualtrics deal that "this is the No. 1 most transformative thing I’ve ever been involved in."

    He explained the premium price tag in a more practical matter, too. "This is less of a multiple than others in the industry have done, but it's the largest as far as the growth that we could realize from it. We'd have to do a whole lot of tuck-ins to do what we have one in one move here."

    He is, perhaps, referring to the surprise huge acquisition in the enterprise software world of IBM's blockbuster planned purchase of Red Hat for $34 billion. Pound-for-pound, it definitely seems that SAP is paying less than IBM did to achieve growth of its own.

    SEE ALSO: SAP is buying Utah-based startup Qualtrics for $8 billion — days before it's scheduled to IPO

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