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- 11/11/18--16:00: _A Harvard researche...
- 11/11/18--16:08: _How emerging market...
- 11/11/18--16:26: _Paul Manafort is re...
- 11/11/18--16:51: _Seahawks player sco...
- 11/11/18--17:00: _A $2 trillion strat...
- 11/11/18--17:22: _Titans running back...
- 11/11/18--17:23: _Tucker Carlson brok...
- 11/11/18--18:00: _5 startups broke th...
- 11/11/18--18:29: _Three recounts, bas...
- 11/11/18--19:20: _'The Walking Dead' ...
- 11/11/18--19:36: _Victoria Beckham pa...
- 11/11/18--19:42: _'The Walking Dead' ...
- 11/11/18--22:24: _The 10 most importa...
- 11/11/18--23:06: _Australia terror at...
- 11/11/18--23:12: _Trump reportedly wa...
- 11/11/18--23:38: _14 details you may ...
- 11/12/18--00:06: _10 things in tech y...
- 11/12/18--01:18: _Theresa May will tr...
- 11/12/18--01:35: _Facebook won't forc...
- 11/12/18--02:12: _Britain’s financial...
- A pay transparency study found that learning your coworkers earn more than you thought can be demotivating.
- On the other hand, according to the study, learning your manager earns more than you thought can motivate you to work harder.
- Previous research suggests that most people have no idea whether they're paid fairly — and that clarity around why certain people are compensated more than others is related to higher job satisfaction.
- 11/11/18--16:08: How emerging markets will transform the future of online shopping
- Emerging markets are going to be essential for e-commerce growth, as retailers in developed markets may soon reach saturation in terms of consumer growth.
- India is the clear overall leader in e-commerce potential, but countries in Southeast Asia and Latin America are also worth keeping an eye on. Within Southeast Asia, Indonesia shows the most promise for retailers, as the government is loosening restrictions on foreign investments, and its massive population is gaining spending power and more access to internet. Meanwhile, Mexico is a retailer's best bet for expansion in Latin America, due to its stable economy and rising middle class, but Brazil may be gearing up to steal the top spot.
- However, doing business in these regions can be difficult. In most of these emerging markets, infrastructure is underdeveloped and the population is largely unbanked, making digital payments a challenge.
- If retailers can build a brand presence in these markets while online shopping is still in its nascent stages, they may become market leaders as e-commerce takes off in the regions. Moreover, these markets could provide new sources of growth for companies that would otherwise stagnate in more mature e-commerce markets.
- Explores the e-commerce industry in India, Southeast Asia, and Latin America.
- Highlights the leading country in each region, as well as key e-commerce players there.
- Outlines the challenges and opportunities each region faces.
- Gives insight into how these emerging markets may shape the future of e-commerce.
- Talks between the special counsel Robert Mueller and former Trump campaign chairman Paul Manafort have reportedly broken down in recent days.
- According to the terms of his plea agreement, Manafort is required to cooperate in any and all matters the government deems relevant.
- The apparent breakdown comes as President Trump ousted Attorney General Jeff Sessions and replaced him with Matthew Whitaker, who has a history of slamming Mueller and the Russia probe.
- "This was one of the biggest fears about Whitaker in law enforcement circles," a former senior DOJ official who used to work with Mueller told Business Insider.
- "His appointment not only endangers the status of the Russia investigation itself, but it could have an effect on the cooperation of those who have already pleaded guilty and others who Bob Mueller may be working to flip," this person said.
- Seattle Seahawks wide receiver Tyler Lockett scored a touchdown on Sunday and gave away the ball to a fan who happened to be Floyd Mayweather Jr.
- Mayweather looked pretty excited to get a ball.
- The returns that investors have come to enjoy from large-cap tech stocks during this bull market are not going to continue, according to Alicia Levine, the chief market strategist at BNY Mellon Investment Management.
- In an exclusive interview with Business Insider, she explained why the sector has become a trap for investors seeking to replicate their prior success.
- She also outlined areas of the market where investors should rotate into instead.
- The Tennessee Titans beat the New England Patriots, 34-10, on Sunday.
- After the game Titans running back Dion Lewis, a former Patriots player, said the team got their "ass kicked" because they went "cheap."
- Lewis was one of several players who were let go by the Patriots in the offseason who were critical of the team's culture.
- Tucker Carlson appeared to break a Fox News Twitter blackout to defend himself from assault allegations.
- The Twitter blackout was reportedly instituted as a form of protest against Twitter's response to tweets containing Carlson's address.
- On Saturday, Juan Manuel Granados accused Carlson of assaulting him at a country club in Virginia.
- Florida's midterm elections have descended into chaos.
- The secretary of state ordered recounts in three races Saturday.
- A top election official said Sunday it would be "impossible" to meet the Thursday deadline.
- Political tensions have reached a fever pitch amid baseless claims of voter fraud from Republicans including President Donald Trump.
- Victoria Beckham accepted the first ever Fashion Icon Award at the 2018 People's Choice Awards on Sunday.
- Beckham took a moment during her acceptance speech to pay tribute to the Spice Girls, who recently announced they would be going on tour without her.
- "So many years ago I started with 'girl power,' and that message is still as strong as ever," she said.
- Beckham also threw up her iconic Posh Spice peace sign while referencing the lyrics from the song "Wannabe."
- 11/11/18--22:24: The 10 most important things in the world right now
- 11/11/18--23:06: Australia terror attack leaves one dead, 2 injured in stabbing spree
- A man ignited his car and then stabbed three passersby on a busy street in Melbourne, Australia, on Friday afternoon local time.
- One of the victims succumbed to his injuries in hospital. The two other victims remain in hospital.
- Police shot the suspect Hassan Shire Ali in the chest. He also died from his gunshot wound in hospital.
- Police are treating the incident as a terror attack.
- Ali, 30, came to Australia from Somalia in the 1990s, was known to both state police and federal intelligence agencies.
- President Donald Trump claimed without evidence that Puerto Rico was using federal funding meant to go towards Hurricane Maria recovery to pay off debt.
- He reportedly told White House officials that he wants stop giving Puerto Rico federal funding for hurricane recovery.
- 11/12/18--00:06: 10 things in tech you need to know today
- German enterprise software giant SAP is to buy feedback company Qualtrics for $8 billion, just days before its IPO. Qualtrics was on track for an IPO that would have valued the company at $4.8 billion in the middle of its price range.
- Facebook has followed Google and dropped forced arbitration for sexual harassment cases involving employees. The move follows an unprecedented global protest from Google employees earlier this month.
- Famed tech investor Mary Meeker is aiming to raise about $1.25 billion for her new growth fund. Meeker, a longtime partner at Kleiner Perkins Caufield & Byers, recently split off from the firm to create her own growth fund.
- Apttus is scrambling to calm employees and partners following accusations of sexual misconduct against its former CEO. David Murphy, the chairman and interim CEO, told staff on Monday that he had to address the concerns of people like Salesforce CEO Marc Benioff.
- Japan's SoftBank plans to take its mobile unit public at a $21 billion IPO. The unit will be listed on December 19.
- Roku's investors may not have been pleased with the company's third-quarter earnings report, but CEO Anthony Wood insists that everything's going just fine. Despite beating expectations, investors found the results disappointing, sending Roku's stock down 12% in after-hours exchanges Wednesday.
- Medium founder Ev Williams needs more money for the blogging service, which he says is still not profitable. He said: "We are coming out of this phase where it was assumed that the best quality journalism is free in unlimited quantities."
- Alibaba had the biggest online shopping day of all time, nearly tripling every company's 2017 Black Friday and Cyber Monday sales combined. Alibaba made e-commerce history on Sunday, with $30.8 billion in sales over the last 24 hours as part of the company's massiveSingles' Day celebration.
- After a victory on sexual harassment, the Google walkout protesters have turned their attention to racial discrimination. They say Google must address issues of "systemic racism and discrimination."
- Twitter is struggling to curb fake Elon Musk accounts promoting cryptocurrency scams. Cryptocurrency scammers are pretending to be Tesla CEO Elon Musk on Twitter, and some of their tweets are being promoted onto timelines through Twitter's ad service.
- Theresa May will push the button on no deal Brexit planning if there is no breakthrough in talks this week.
- UK and EU negotiators are still a long way from a withdrawal deal in Brussels.
- The EU wants the UK to accept some single market rules as part of the backstop for avoiding a hard Irish border.
- Cabinet will meet on Tuesday to discuss the precarious state of Brexit talks.
- Facebook is ending a policy of required arbitration in cases of sexual harassment at the company.
- The policy requires employees to give up their right to sue.
- This change came a day after Google also ended the practice, following demands from employees protesting sexual misconduct.
- Forced arbitration has become a sensitive issue and has been interpreted as a way for companies to shield themselves from sexual misconduct claims being made public.
- FCA bans 28% more directors in 12 months from September 2017 to 2018
- “The FCA will be looking to send a message out that it is not turning a blind eye to poor conduct” says law firm RPC.
- The FCA spent a total of £300,000 in legal fees to pursue a case banning one director
My colleague Rachel Premack recently reported on a study that found many people are willing to pay to prevent the horror of having coworkers from finding out how much they earn.
An earlier study by the same researchers —Zoë Cullen from Harvard Business School and Ricardo Perez-Truglia from the Anderson School of Management at the University of California, Los Angeles — yielded similarly fascinating findings.
According to their working paper, summarized recently in the Harvard Business Review, most people significantly underestimate how much their boss earns — and when they're given the correct number, they're inclined to work harder.
As for peers' salaries, people were as likely to overestimate as they were to underestimate. But when they found out that a coworker in a similar role earned more, they were inclined to start slacking off.
The study took place at a large commercial bank in Asia, and involved about 2,000 employees at all levels of the organization. Through an online survey, researchers asked employees to guess the salaries of their managers' salaries; they offered rewards for accuracy.
About half the employees were then given the correct, higher number; the other half were not given the correct number.
In the year that followed, the researchers analyzed company data on when the employees clocked in and out of work, their email activity, and sales performance (and yes, it's kind of creepy that the company was tracking all this).
Results showed that employees who found out their manager was paid 10% more than they thought subsequently spent 1.5% more hours in the office, sent 1.3% more emails, and sold 1.1% more. These numbers were even higher for employees who learned the salary of managers relatively close to them in the corporate pecking order. It's as though learning how much your boss (or their boss) earns gives you something to aspire to.
On the other hand, employees who found out their peer was paid 10% more subsequently spent 9.4% fewer hours in the office, sent 4.3% fewer emails, and sold 7.3% less.
We're inclined to feel worse about work after learning that we're paid less than coworkers
This study appears to be the first to test the effects of learning your manager's salary. Other research has looked at the effects of finding out coworkers' compensation.
A 2011 study, for example, led by researchers at the University of California, Berkeley, and Princeton University found that employees who discover they're on the lower end of the salary range are more likely to start looking for new jobs.
Meanwhile, a PayScale study, described in HBR, found that found most people have no clue whether they're paid fairly. Case in point: Two-thirds of people who are being paid the market rate believe they are in fact underpaid.
Interestingly, the PayScale study also found that people feel more positive about work when their company communicates clearly about compensation — for example, by explaining to an employee why they're paid lower than market rate.
That lines up with what Elena Belogolovsky, who was an assistant professor of human resource studies at Cornell University, previously told me.
“You don't have to disclose [salary] information for every single person in the company," she said. “But what you need to do is make the system more transparent. You need to provide people with information on what they can do to make more."
This 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.
Emerging markets are going to be essential for e-commerce growth, as retailers in developed markets may soon reach saturation in terms of consumer growth.
For example, almost half of US households now have a Prime membership, diminishing Amazon's growth potential in the country. Meanwhile, in China, the world's largest e-commerce market, nearly half of the population is actively making online purchases, leaving little room for growth.
However, India, Southeast Asia, and Latin America are worth keeping an eye on. E-commerce penetration rates in these areas hover between 2-6%, presenting a huge opportunity for future growth as online sales gain traction. Moreover, these regions are expected to grow at compound annual growth rates (CAGRs) of 31%, 32%, and 16%, respectively, through 2021.
This report compiles several e-commerce snapshots, which together highlight the most notable emerging markets in various regions. Each provides an overview of the e-commerce industry in a particular country, discusses influential retailers, and provides insights into the opportunities and challenges for that specific domestic industry.
Here are some of the key takeaways:
In full, the report:
Cooperation talks between the special counsel Robert Mueller and Paul Manafort, the former chairman of President Donald Trump, have broken down in recent days, ABC News reported this week.
Manafort struck a plea deal with Mueller's team in September, shortly after he was convicted of eight counts related to tax fraud, bank fraud, and failure to report foreign bank accounts. Before his second trial, Manafort pleaded guilty to conspiracy and obstruction and agreed to cooperate with Mueller.
Since then, Manafort has met with prosecutors nearly a dozen times, and although Mueller's team has been asking the former Trump campaign chairman about a wide range of topics, they're "not getting what they want," the report said, citing one source with knowledge of the discussions.
Andrew Weissmann, a prosecutor working for Mueller, told US District Judge Amy Berman Jackson when Manafort's plea deal was announced that he would cooperate "in any and all matters as to which the government deems the cooperation relevant," including "testifying fully, completely" before a grand jury.
His plea agreement also states that if he "has failed to cooperate fully, has intentionally given false, misleading or incomplete information or testimony ... the defendant will not be released from his pleas of guilty but the Government will be released from its obligations..."
A source with direct knowledge of the matter told Business Insider that Manafort's plea deal with Mueller is still intact. But ABC News reported that the dispute between the two sides stems from suspicions that Manafort is not being entirely forthcoming about all the information he may know relevant to the Russia investigation.
The former Trump campaign chairman is a significant figure of interest in the inquiry, which is examining Russia's interference in the 2016 election, whether the Trump campaign colluded with Moscow, and whether Trump sought to obstruct justice after he learned of the investigation's existence last year.
As Manafort's cooperation stalls, Trump appoints a Mueller critic to oversee the Russia probe
It's unclear why talks between Manafort and Mueller have apparently stalled. Manafort's team initially mounted an aggressive defense against Mueller, reportedly in the hopes that it might catch the president's attention and prompt him to come to Manafort's aid. But Manafort shifted gears and struck a plea deal after his first trial resulted in a conviction.
Meanwhile, the landscape of the FBI's Russia probe may be set to change drastically in the coming months, thanks to Trump's decision to oust Attorney General Jeff Sessions earlier this week and replace him with the former US attorney Matthew Whitaker, who will serve as acting attorney general until the Senate confirms a permanent replacement.
Whitaker, who was once described as the West Wing's "eyes and ears" in the DOJ, has a long history of making controversial remarks about both Mueller and the Russia investigation.
"This was one of the biggest fears about Whitaker in law enforcement circles," a former senior DOJ official who used to work with Mueller when he was FBI director told Business Insider. "His appointment not only endangers the status of the Russia investigation itself, but it could have an effect on the cooperation of those who have already pleaded guilty and others who Bob Mueller may be working to flip."
"It's hard to say whether that's what happened in Manafort's case without knowing more details," this person said, "but it's certainly a possibility. And that should set off some alarm bells."
Among other things, Whitaker wrote in a CNN op-ed last year that Mueller had overstepped his mandate by digging into the Trump Organization's finances; he claimed, without providing evidence, that there was "no collusion" between the Trump campaign and Russia; and audio recently resurfaced of Whitaker falsely accusing "the left" of being responsible for "sowing this theory that essentially Russia interfered with the US election," which he claimed had been disproven and did not impact the election.
While he was Sessions' chief of staff, Whitaker met with Trump in the Oval Office over a dozen times, the Washington Post reported. And whenever Trump complained about the ongoing Russia investigation Whitaker "often smiled knowingly and nodded in assent," the Post added.
Despite his history of antagonism toward the special counsel, Whitaker reportedly has no plans to recuse himself from overseeing the Russia probe.
Seattle Seahawks wide receiver Tyler Lockett caught a touchdown on Sunday and made one fan's day.
In the third quarter, Lockett caught a 23-yard pass from Russell Wilson, then celebrated by handing the touchdown ball to a fan. That fan happened to be Floyd Mayweather Jr.
Mayweather looked pretty excited to get a game ball.
With Mayweather no longer preparing for a fight, it appears he has turned his attention to football. He ended up witnessing the Los Angeles Rams beat the Seahawks, 36-31.
Past performance is not indicative of future results.
The principle is true across all markets, but investors in stocks would be wise to apply it to the large technology companies that have raked in huge returns during the historic bull run.
Companies like Facebook, Apple, Amazon, and Netflix earned their own acronym (FAANG) because of the outsized contribution their sector has made to investor returns during the more than nine-year rally. Their leadership was showcased prominently last year as the S&P 500 maintained a record streak of daily gains without a 5% drop.
But disappointing news from the past two earnings seasons has challenged their leadership status, from Facebook's miss on active users in Q2 to Apple's soft guidance for the all-important holiday quarter.
Now, as markets settle down after a tumultuous October, investors who've taken profits on tech stocks should look to invest them elsewhere, according to Alicia Levine, the chief market strategist at BNY Mellon Investment Management, which oversees $1.9 trillion in assets.
"I just don't see large-cap tech regaining its former leadership role, and it's sort of a trap now," Levine told Business Insider.
Levine is further advising investors to curb their enthusiasm about marketwide gains heading into the new year. 2019, she says, is going to be a more typical year, in which expectations for earnings growth peak early and decline in the following months. While she's bullish on market returns for the next six to nine months, Levine warns that painful losses may also lie ahead for investors.
She recommends healthcare stocks, including health maintenance organizations, or HMOs, which provide insurance for a fixed monthly fee.
This pick was informed by the widely expected outcome of the midterm elections: Democrats recaptured the House, and Republicans maintained their Senate majority. The implication of this result is that a repeal of the Affordable Care Act — also known as Obamacare — or big cuts to Medicaid are unlikely.
On Tuesday, voters in Idaho and Nebraska opted to expand access to their Medicaid programs for more low-income earners, in line with similar decisions taken by 34 other states and Washington, DC, under the Affordable Care Act. Pharmaceutical stocks will benefit as Obamacare becomes more institutionalized, Levine said.
The sector, along with biotech, has been battered in recent months. Their selloffs should limit their downside if lawmakers ramp up efforts to regulate drug pricing, Levine said.
These sector rotations that Levine recommends could be daunting for people who have profited from the boom of tech companies during this bull market. They include investors in the several growth mutual funds that own these stocks and the cohorts of workers who buy on autopilot through their retirement plans.
"People don't know what they own," Levine said. "And when the selling starts, it's indiscriminate."
These popular tech stocks have recently been plagued by data and privacy scandals, from Cambridge Analytica's use of Facebook to the Google+ data breach. Lawmakers on Capitol Hill have taken notice, and they pose another risk to the sector's unbridled growth.
"There's a sense that winter is coming, that there will be regulation, and there's an appetite both on the right and the left for this," Levine said. "You could see this being something that both a Democratic House and the administration would have an interest in."
The Tennessee Titans had one of the surprising wins of Week 10 of the NFL season, beating the New England Patriots, 34-10.
The Titans relied on a steady, offensive approach while they brought continual pressure on Tom Brady and the Patriots, throwing off the normally lethal Patriots offense.
After the game, Titans running back Dion Lewis, who spent the last three years with the Patriots, called the win personal and said it's what the Patriots get for being "cheap."
"Hell yeah it's personal," Lewis said. "When you go cheap, you get your ass kicked."
Lewis signed a four-year, $28 million deal with the Titans in the offseason. On Sunday, he tallied 68 total yards and told reporters that he stressed to his team that playing physically against the Patriots would cause them to "fold."
"I just had to let our team know that these guys are beatable ... I know those guys. I know that you be physical with them and let 'em have it and they'll fold."
Lewis isn't the first former Patriot to be critical of the team this year. In an interview over the offseason, wide receiver Danny Amendola, who signed with the Miami Dolphins after five years with the Patriots, called Bill Belichick an "a--hole" and said that he didn't always enjoy the atmosphere. Former Patriots offensive lineman Nate Solder also criticized the "cold" atmosphere within the Patriots, saying that it sometimes felt like players lacked job security.
Amendola and Lewis both said in different interviews over the offseason that the Patriots did not make them feel wanted with their contract offers.
Of course, as ESPN's Bill Barnwell noted, what the Patriots did with Lewis is simply what they did when they brought him onto the team.
You could understand why Lewis feels this way, but at the same time, the Patriots “went cheap” when they let Shane Vereen leave for a three-year, $12-million deal in free agency and replaced him with Lewis, who was making $585K. https://t.co/nD26EjL5BV— Bill Barnwell (@billbarnwell) November 11, 2018
Ultimately, Bill Belichick and company have a pretty effective method for sustaining their winning ways. Unfortunately, not every player appreciates those methods.
Despite orders emailed to the entire Fox News digital team instructing employees not to tweet, previously reported by Business Insider, Carlson took to Twitter Sunday evening to defend himself against blowout allegations of assault from Michael Avenatti's new client Juan Manuel Granados.
Breaking the blackout, Carlson wrote, "Last month one of my children was attacked by a stranger at dinner. For her sake, I was hoping to keep the incident private. It’s now being politicized by the Left. Here’s what happened."
Attached to the post was a lengthy statement providing Tucker Carlson's own account of a dispute at Farmington Country Club in Charlottesville, Virginia. Carlson denied personally assaulting Granados.
Breaking a blackout made for him
Carlson's tweet notably went against a documented Twitter blackout that has been in place at the network for multiple days, reportedly ordered because Carlson's own address was leaked.
In the email obtained by Business Insider, Fox News managing editor Greg Wilson told the entire digital team, approximately 140 people, to "please refrain from tweeting out our content from either section accounts or your own accounts until further notice."
A Fox News source cited by a Tribune Media's Scott Gustin reportedly said the decision came from "the highest level" of the company and was a form of protest against Twitter's response to tweets containing Carlson's address. Gustin said that it's believed that Twitter advised Fox News to submit ticket request rather than immediately deleting tweets with Carlson's address.
A Fox News source told Mediaite:"[This] is a conscious decision in light of what was done to Tucker."
On Wednesday, a group of approximately 20 protesters from Smash Racism DC reportedly showed up at Carlson's home after his address was leaked on Twitter. According to a report from The Washington Post, protesters blew bull-horns, carried signs with Carlson's address, and spraypainted an anarchist symbol on Carlson's driveway (note: a number of details in The Washington Post report have been disputed by an account of a reporter claiming to be there).
Until Sunday, November 11, the last time Tucker Carlson or Fox News had tweeted was November 8. As of Sunday, @FoxNews still remained silent.
The Sunday tweet came as a response to Carlson's other major controversy from the weekend — assault allegations brought forth by Michael Avenatti's latest client Juan Manuel Granados.
On Saturday, Avenatti tweeted video that appeared to show Carlson screaming "get the f--- out" at another patron of a Virginia country club. Avenatti claimed that "Carlson and/or members of his inner circle" assaulted Granados.
In response to an inquiry from Business Insider Saturday, Fox News sent the same statement that Carlson would eventually post, where Carlson denied personally assaulting Granados. Carlson claims that Granados called his daughter a "f------ whore" among other slurs and that his own son then dumped a glass of wine on Granados' head.
Since Carlson's initial response, Granados published his own lengthy response in which he denied any name calling and alleged Carlson made threats of violence.
Granados said he planned to bring charges against Carlson, his son, and another man present at the incident.
While private-market valuations seem to reach new heights every week, the number of new unicorn startups — private companies valued over $1 billion — has actually slowed.
In Goldman Sachs' quarterly Views from the Valley report, published Monday, analyst Heather Bellini wrote that the pace of unicorn additions "continued to be muted" in the third quarter — particularly in comparison to Q2 2017, when 20 startups joined the so-called unicorn club.
Just five tech startups joined the unicorn club in the third quarter, according to the report. That brings the total number of unicorns up to 162 in the third quarter, excluding companies which had unicorn valuations but have since exited through an initial public offering or an acquisition.
Meet the five newest additions:
What it does: AppLovin is a mobile marketing platform founded in Palo Alto, California, in 2012. Under CEO Adam Foroughi, the startup has gained a foothold in the online gaming space by helping game-app designers track analytics and monetize their apps.
What it's worth now: $2 billion
Total funding: $944 million
Who's invested: AppLovin was originally backed by angel investors, including Maynard Webb, of eBay and Yahoo fame. Its latest valuation comes from a $400 million private equity investment from Kohlberg Kravis Roberts, better known as KKR.
What it does: The London-based BenevolentAI was founded in 2013. The startup uses AI to advance medical research. It's a rising star in the biotech and drug-discovery field.
What it's worth now: $2 billion
Total funding: $203 million
Who's invested: BenevolentAI has been funded by private equity since the beginning. In April, it raised $115 million from investors at Lansdowne Partners, Lundbeck, Nortrust Nominees, Upsher-Smith Laboratories and Woodford Investment Management.
What it does: Since its founding in 2017, the Santa Monica, California-based Bird has taken over cities with its flocks of app-activated electric scooters, which commuters use to buzz around metropolitan areas.
What it's worth now: $2 billion
Total funding: $415 million
Who's invested: Bird has rapidly found itself infused with cash, thanks to multiple funding rounds in its short lifetime. Its biggest-named investors include Sequoia Capital and Accel. Its most recent $150 million round in June valued the company at $2 billion.
See the rest of the story at Business Insider
Florida's midterm elections descended into chaos over the weekend as three recounts were ordered and baseless claims of voter fraud arose.
Tensions reached a fever pitch after Florida Secretary of State Ken Detzner ordered automatic machine recounts for the US Senate, governor, and agricultural commissioner races in an unprecedented move.
Amid continuous baseless claims of voter fraud from President Donald Trump and Republican Senate candidate Rick Scott, election officials strained under tight deadlines.
Three close races
On Election Day, Republican Rick Scott was expected to defeat Democratic incumbent Bill Nelson in the Senate race.
However, Scott's lead over incumbent Nelson totaled 0.15 percentage points, triggering a hand recount of undervotes and overvotes, or ballots from which tabulation machines couldn't determine which candidate got the vote,
In the governor's race, unofficial tallies showed Ron DeSantis leading Andrew Gillum by less than 0.5 percentage points, which triggered an automatic machine recount, the Miami Herald reported.
Democrat Nikki Fried had a 0.06 percentage point lead over Republican state Rep. Matt Caldwell in the race for agriculture commissioner, which will also undergo a machine recount.
Officials in all 67 counties are expected to re-feed ballots into count tabulators by 3 p.m. on November 15 and return re-tabulated results back to the secretary of state.
Counties are free to decide when they begin their recounts, but must complete them by Thursday.
Palm Beach County’s elections chief Susan Bucher said it would be "impossible" for her department to complete a recount for the three races by Thursday, as volunteers have only eight machines to recount the hundreds of thousand votes.
Baseless claims of voter fraud
Scott said Sunday that Nelson was trying to garner votes from fraudulent ballots and those cast by noncitizens.
"He is trying to commit fraud to win this election," Scott told Fox News without offering further evidence. "Bill Nelson's a sore loser. He's been in politics way too long."
No state department, including the election division Scott heads, has found any no evidence of voter fraud. The Florida Department of Law Enforcement said Friday it has not launched any investigation into election fraud.
Trump has extensively lashed out about the process, calling it a "disgrace" and tweeting Friday to suggest Democrats are behind a fraudulent agenda.
"How come they never find Republican votes?" the president wrote, citing baseless claims that Broward County officials attempted to "falsify" votes in the 2016 election as well. "This is an embarrassment to our Country and to Democracy!" he tweeted.
South Carolina Sen. Lindsey Graham echoed baseless claims about the election, saying he "couldn't agree more" with Scott about "apparent shenanigans going on in Broward and Palm Beach."
On Sunday, Scott filed lawsuits against local election officials, asking a judge to order police to impound voting machines and ballots when they’re not in use, Reuters reported.
And last week, Scott filed a lawsuit demanding records detailing the counting and collection of ballots cast, a move which political opponents said appeared to be politically motivated and a sign of desperation.
Mixed messages from candidates
Candidates have gone back and forth over the decision to call a recount. Gillum withdrew his concession Saturday, saying he was "replacing my words of concession with an uncompromised and unapologetic call that we count every single vote."
In a video statement released Saturday, DeSantis said the election results were "clear and unambiguous" and he was preparing to become the state's next governor.
He also thanked the state's supervisors of elections, canvassing boards, and the staffs for "working hard to ensure that all lawful votes are counted."
"It is important that everyone involved in the election process strictly adhere to the rule of law which is the foundation for our nation," he said.
Warning: There are massive spoilers ahead for season nine, episode six of "The Walking Dead,""Who are you Now?"
One week after Rick Grimes' final episode of AMC's "The Walking Dead," the fandom has another reason to rejoice.
While a new group was introduced on Sunday's episode of the zombie drama, "TWD" also surprised fans with a rather subtle introduction to Rick and Michonne's son in the time jump.
And he doesn't have just any name. If you missed it, INSIDER can confirm that Michonne's son is named after his father, Rick Grimes.
"Yes, it’s R.J. for Rick Jr. That’s his name," showrunner Angela Kang confirmed to INSIDER.
The show planted the seeds for Rick Jr. back on the third episode of season nine. Michonne said she was working on a charter for the future of the community. Rick interrupted her work and said he could think of some other ways to build for the future, by insinuating they have a child.
For a while, fans of Richonne, the couple name given to Rick and Michonne, have been asking whether or not we may see Rick and Michonne have a child of their own.
"In terms of the baby, it’s funny. I don’t always read the online reactions,” Kang said in reference to many fans who have been asking for a Richonne baby. “I’m not unaware of it, but we’re so busy actually making the show in the present. I’m on set right now tucked away in a weird little room that I just don’t actually have the time to read all the reactions.”
So how did the idea for Rick Jr. come about? Kang isn’t just adding in a Rick and Michonne baby simply because it’s what the fandom wants.
“But it was really, internally for us, we were talking so much about, ‘What is it that happens after a war?’ And how do people rebuild and what are the things they do? And one of the things that’s true to a post-war society is there tends to be a baby boom," said Kang. "This has happened throughout history across cultures."
The end of World War I and World War II saw massive spikes in birth rates in the United States and overseas. According to the US Census Bureau, between 1946 to 1964 there were 76 million births in the US. (That's compared to 55 million births for Generation X and 62 million births for the Millennial generation.)
"It’s like a symbol of people’s hopefulness that maybe things are going to be better now. And, I think we wanted to show that Rick and Michonne were in a very hopeful place as they’re planning this sort of rebuilding of society, that they believe that they can create a world that is better for their children than it is for them right now," Kang said of why they chose to introduce another child to the show.
Kang also pointed out that there was just something completely different in Rick's relationship with Michonne that he didn't have with Lori that made the idea of a child for the two of them make sense.
"So that [the baby] just seemed like the ultimate symbol of their connection to each other, their commitment to each other, and it shows the travel that Rick has had since the time that Lori and Rick found out that Lori was pregnant," said Kang. "Lori was distraught, thinking this child [Judith] is not going to make it. [She thought] the child is going to die a horrible death and we may die a horrible death."
"To see, over the years, what they’ve [Michonne and Rick] achieved, what they’ve survived, and feel like they can have a child, and continue to keep the human species going just seems like something that was very right for where they were at, at this point in the story," Kang added.
Well, Judith is alive and thriving and she’s now the oldest Grimes to look after, and protect, her younger brother, Rick Jr., the way Carl did for her growing up. We hope to see more of R.J. during the rest of the season, including the moment Michonne learns she’s pregnant. Kang teased the show will fill in some of the gaps, so our fingers are crossed.
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Victoria Beckham delighted Spice Girls fans everywhere when she mentioned the girl group onstage at the People's Choice Awards.
Beckham received the show's inaugural Fashion Icon Award at the Barker Hanger in Santa Monica, California on Sunday. During her acceptance speech, Beckham paid tribute to her musical roots.
"So many years ago I started with 'girl power,' and that message is still as strong as ever," she said, referencing the famous Spice Girls slogan. "I've always been surrounded by strong supportive women, and that's as true now as it was back then."
People’s Fashion Icon award winner, Victoria Beckham, quotes Spice Girls lyrics, throws up a peace sign and talks girl power: “To all the women who have ever been doubted or doubted themselves, this award is for all of us.” #PCAs pic.twitter.com/zGDdjm0kIC— Meghan Lorine (@EyeHateHeels) November 12, 2018
Beckham also threw up her iconic Posh Spice peace sign while referencing the lyrics from the song "Wannabe."
"They told me at the table — they said you've come all the way from London, you've gotta get up there and give them what they want, what they really, really want," she said.
Victoria Beckham, accepting the People’s Fashion Icon award, quotes Spice Girls lyrics, throws up a peace sign and talks of girl power: “To all the women who have ever been doubted or doubted themselves, this award is for all of us.” #PCAspic.twitter.com/U8dD1U6Fio— Ashley Lee (@cashleelee) November 12, 2018
Fans responded with glee and relief — particularly since the other four members recently announced that they would embark on a Spice Girls reunion tour without Beckham.
She may have even gestured toward her decision not to go on tour while apologizing for reading her acceptance speech off cards: "I hung up my microphone quite some time ago and I get a little scared when I go onstage and see a mic."
victoria beckham just accepted the people’s choice fashion award and still made spice girls references. i love you— Katie O’Brien (@katieobeee) November 12, 2018
Victoria Beckham drooped the Spice Girls references AKA there ain’t no beef here— Tomás Antonio Mier (@Tomas_Mier) November 12, 2018
OMG VICTORIA BECKHAM. GIVING THEM SPICE GIRLS REFERENCES 😍— karla🥀 (@KarlyAguilar99) November 12, 2018
Watching Victoria Beckham accept her award and subtly use Spice Girl references is honestly the most iconic moment of 2018— cass. (@cassehjo) November 12, 2018
"I've surrounded myself with strong woman. It's about hard work," Beckham said on the red carpet, as reported by HollywoodLife.
"If I can do it, it's proof anybody can do it. I'm passionate about what I do. It's about empowering women, making them feel like the best version of themselves."
Watch Beckham's acceptance speech below:
Visit INSIDER's homepage for more.
Warning: There are spoilers ahead for season nine, episode six of "The Walking Dead."
This is your last chance to head back before spoilers.
The end of Sunday's episode showed Rosita and Eugene flocked a giant herd of the undead. They hide down in a pit, cover themselves with mud and wait for them to pass.
The two then hear unmistakeable voices among the undead calling out to each other.
Three clear, grumbling lines are heard:
"Where are they?"
"They must be close."
"Don't let them get away."
For most, a lot of this scene wasn't too surprising. A lot of this footage was teased in a trailer for the final three episodes of this first half season after Rick's final episode.
The scene was also teased during the first season nine trailer, but it was very tough to make out the language. I've seen the moment a few times now, and it looks like AMC has dialed up the volume so you can make out that the undead are speaking much more clearly.
What's going on?
When fans initially saw the scene in last week's teaser, many were immediately stunned.
The Whisperers whispering "Where are they" ewwwwwww my chills gahhhh!!! 😬😬😬 https://t.co/GgJB5dE7uR— Sara💀🌸 (@writtenbysara) November 5, 2018
Did that walker just talk and say ‘where r they?’????!!! WTF!!!! @TheWalkingDead— jacque reid (@jacquereid) November 5, 2018
Others were a little confused and thought the show was jumping the shark.
The walkers are evolving and talking now? Just end the show now before it becomes embarrassing. #TheWalkingDead— Tina (@TinaOsinskiD) November 5, 2018
Talking walkers, I don’t know how I feel about that one🤣 #TheWalkingDead— Sheila Sassin (@SassiSheila30) November 5, 2018
Are the undead talking now?
Nope. That's not it.
Then what's going on?
Those who have read Robert Kirkman's comic series know this is the introduction of the next big villains, The Whisperers.
They're a group of survivors who travel among large groups of the undead. They wear the skin of walkers to blend into giant hordes and use them for safety. They were introduced in issue No. 130 of the comic series in 2014.
Their introduction came as a complete surprise because a character thinks he hears the zombies talking, only for it later to be revealed to be a living person in a zombie skin. They're led by characters who refer to themselves as Alpha and Beta. The group shows what happens when you don't try to rebuild civilization and instead devolve into your natural animal instincts.
During 2018's San Diego Comic-Con panel in July, Robert Kirkman confirmed Samantha Morton will play the group's leader, Alpha. "Sons of Anarchy" actor, Ryan Hurst, will play the group's second-in-command, Beta.
You can follow along with our "Walking Dead" coverage here.
Note: This story has been updated to reflect the introduction of the Whisperers on the show.
Hello! Here's what's happening on Monday. 1. There are three wildfires still out of control in California and hundreds are missing. The death toll stands at 31, thousands of homes have been destroyed and authorities are still struggling to contain the flames. 2. Alibaba just broke pretty much every 24 hour shopping record imaginable. The Chinese e-commerce giant made history, generating $30.8 billion in sales over the last 24 hours. 3. UK Prime Minister Theresa May says Britain says Britain is open to a "different relationship" with Russia. May said the relationship could change if Moscow changes its ways and stops "attacks" that undermine international treaties and security. 4. China says will open up its economy even more. Chinese Premier Li Keqiang called for an "open world economy." 6.Florida's midterm elections have descended into chaos. The secretary of state ordered recounts in three races, and political tensions have reached a fever pitch amid baseless claims of voter fraud from Republicans including President Donald Trump. 7. Twitter is struggling to curb fake Elon Musk accounts promoting cryptocurrency scams. Twitter has attempted to curb these scams by blocking users from changing their display names to "Elon Musk," but the scammers have found their way around Twitter's efforts. 8. The latest outbreak of Ebola in the Democratic Republic of Congo is the worst in the country's history, according to its health ministry. Nearly 200 people have died since August, according to officials, and more than 300 additional cases have been reported. 10. A crowdfunding campaign in Melbourne, Australia has raised over $110,000 for a homeless man who helped take down a knife wielding assailant on Friday. Michael Rogers has been dubbed "Trolley Man" for attempting to hit the attacker with a shopping cart. And finally … 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.
Hello! Here's what's happening on Monday.
1. There are three wildfires still out of control in California and hundreds are missing. The death toll stands at 31, thousands of homes have been destroyed and authorities are still struggling to contain the flames.
2. Alibaba just broke pretty much every 24 hour shopping record imaginable. The Chinese e-commerce giant made history, generating $30.8 billion in sales over the last 24 hours.
3. UK Prime Minister Theresa May says Britain says Britain is open to a "different relationship" with Russia. May said the relationship could change if Moscow changes its ways and stops "attacks" that undermine international treaties and security.
4. China says will open up its economy even more. Chinese Premier Li Keqiang called for an "open world economy."
6.Florida's midterm elections have descended into chaos. The secretary of state ordered recounts in three races, and political tensions have reached a fever pitch amid baseless claims of voter fraud from Republicans including President Donald Trump.
7. Twitter is struggling to curb fake Elon Musk accounts promoting cryptocurrency scams. Twitter has attempted to curb these scams by blocking users from changing their display names to "Elon Musk," but the scammers have found their way around Twitter's efforts.
8. The latest outbreak of Ebola in the Democratic Republic of Congo is the worst in the country's history, according to its health ministry. Nearly 200 people have died since August, according to officials, and more than 300 additional cases have been reported.
10. A crowdfunding campaign in Melbourne, Australia has raised over $110,000 for a homeless man who helped take down a knife wielding assailant on Friday. Michael Rogers has been dubbed "Trolley Man" for attempting to hit the attacker with a shopping cart.
And finally …
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.
One man died and two others were injured after a man stabbed passersby on a busy street in Australia's second-largest city on Friday.
Police were called to an incident in Bourke Street, in the heart of Melbourne, after reports of smoke and a car in flames at 4:20 p.m. local time.
The suspect, Hassan Shire Ali, punched an officer and threatened them with a knife. At the same time, passersby called out that members of the public had been stabbed.
One passerby was popular cafe owner Sisto Malaspina, who had gone for a walk just 400 yards from his Pelligrini's restaurant. It appears Malaspina may have gone to provide help, but according to witness accounts Ali got out of the car as it burned and suddenly stabbed the 74-year-old in the neck.
The Somali-born assailant then continued on his rampage, stabbing Rod Patterson, 58, in the head and a 24-year-old security guard.
Both men remain in hospital but are expected to recover from their injuries.
Ali was shot in the chest by police and later died in hospital. He was known to both state police and federal intelligence authorities and lived in northern Melbourne.
Fire and rescue officials also found gas cylinders inside Ali's vehicle. Police are treating the incident as a terror attack.
The police officers who first responded to the scene received minor injuries.
Footage of the incident shows Ali swiping at officers with a kitchen knife while a passersby attempts to mow him down with a shopping cart. The man, identified as Michael Rogers, has been dubbed "Trolley Man," and has been dubbed a hero.
Rogers, who is reportedly of no fixed address, said he got involved on the "spur of the moment."
Rogers told Fairfax media he was "no hero" and has himself done 5 years jail time for aggravated burglary, he added that in the past had a long history of drug use.
A GoFundMe page set up by a Melbourne woman has already pulled in more than $110,000 for Rogers in just a day as a thank you for his bravery.
Friday's incident occurred in the same street where the accused driver James Gargasoulas allegedly drove down pedestrians during the lunchtime rush in January 2017. Gargasoulos is on trial in the Victorian Supreme Court after pleading not guilty to six counts of murder and 27 counts of reckless conduct endangering life over the incident.
President Donald Trump wants stop giving Puerto Rico federal funding for Hurricane Maria recovery, according to a report from Axios.
According to the report, White House officials told congressional leadership that Trump claimed without evidence that Puerto Rico's government is using the disaster relief money to pay off debt.
Trump can't take disaster funds back that he's already given to Puerto Rico or set aside by Congress, but he reportedly could refuse to sign any future spending bills, according to Axios.
The report comes after a Wall Street Journal article said Puerto Rico bond prices had soared "after the federal oversight board that runs the US territory's finances released a revised fiscal plan that raises expectations for disaster funding and economic growth."
Trump was reportedly angry about the October article, and developed a conspiracy theory that disaster relief funds were paying off debt in Puerto Rico.
Last month, Trump falsely claimed in a tweet that Puerto Rico's "inept politicians are trying to use the massive and ridiculously high amounts of hurricane/disaster funding to pay off other obligations."
At the same time, White House officials told Congress that Trump "doesn't want to include additional Puerto Rico funding in further spending bills," a congressional leadership aide told Axios.
"He was unhappy with what he believed was mismanagement of money," the aide said.
Other sources said Trump misinterpreted the Wall Street Journal article and that he told top officials he wanted to stop setting aside funds for Puerto Rico’s hurricane relief.
Warning: There are spoilers ahead for season nine, episode six of "The Walking Dead,""Who Are You Now?"
Sunday's episode of "The Walking Dead" marked the beginning of a new era without Rick Grimes, and there was a lot to be excited about.
We're six years into the future and most of the main cast is rocking new looks, Carol showed why she's still a Queen when she channeled her season five self on a group of Saviors, and there's a Richonne baby!
From references to the comics and a necklace around Michonne's neck to a Shane nod that was easy to miss the first time around, keep reading to see what you may have missed on this week's "The Walking Dead."
Six years have passed since Rick disappeared on last week's episode of "The Walking Dead."
It's never made clear on last week's episode of "TWD" or Sunday's episode, but showrunner Angela Kang confirmed to INSIDER it is a six-year time jump that we see at the end of Rick's final episode.
"She's [Judith] about four, four-and-a-half when we start the season and then we jump to her being 10 years old, much like Carl was in the comic book and when he started on the show," Kang told INSIDER.
You can read more on what Kang had to say about the time skip and some flashbacks we'll eventually see on the show here.
Carol wakes up to a phrase on the wall of the Kingdom.
It says, "At times we crack only to let the light in." That's a phrase King Ezekiel came up with that is on the wall at the Kingdom.
He wrote a bunch of phrases like that on walls at his community. When Carol first comes to The Kingdom on season seven, episode two, Morgan wheels her by a wall with the phrase, "Hope is the North star, let it guide you" on her way to meet the king.
Michonne is wearing a new necklace with a ring around it.
You may have noticed Michonne has swapped her regular gold chain with a larger silver one that has a ring around it. The gold letter "M" is still there, too.
The obvious thought is that Michonne is wearing Rick's ring around her neck, and it just might be his. It's tough to believe that Rick wasn't wearing his wedding ring — the one he always wears when he departed on the plane with Anne.
INSIDER went back through high-res photos from season nine, episode five and it looks like Rick was missing it. It looks like he may have conveniently left it behind at Alexandria before heading out.
See the rest of the story at Business Insider
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LONDON — Theresa May is on the brink of officially triggering contingency plans for a no deal Brexit with the chances of negotiators in Brussels agreeing on a withdrawal deal this week looking increasingly slim.
Thursday, November 15 is reportedly the deadline for the UK government to confirm no deal measures like the hiring of boats for importing vital products plus the stockpiling of medicines and pharmaceutical goods.
This means that unless May is unable to put a provisional Withdrawal Agreement before ministers at the Cabinet's next meeting on Tuesday, there almost certainly won't be an EU summit this month to finalise the UK's exit.
A no deal Brexit would cause severe disruption across multiple facets of day to day British life. New border checks could lead to shortages of food and medicines, ministers have warned, while planes could be grounded.
Despite talk of an imminent breakthrough in Brussels, there are still major issues to be resolved in Brexit talks relating to the backstop policy for avoiding a hard border between Northern Ireland and the Republic.
Brussels has said it will let the UK stay in a customs union with the EU as part of the backstop proposal, as May requested. However, the UK wants the right to unilaterally pull out of this arrangement, which Brussels will not allow.
Brexiteers fear that under the backstop model being negotiated, the UK will be trapped in a customs union with the EU for years after Brexit without a guaranteed end date, unable to sign new trade deals with countries around the world.
House of Commons leader and senior Conservative Andrea Leadsom, warned on Sunday that MPs would not accept this sort of arrangement, telling the BBC: "I don’t think something that trapped the UK in any arrangement against our will would be sellable to members of Parliament."
This week new issues have emerged over the backstop. The EU is adamant that by staying in a customs union after the Brexit, the UK must also accept some single market rules to ensure there is a "level playing field,"the FT reports.
Under this model, the UK would adhere to strict environmental rules, like getting 32% of its energy from renewable sources. It would also answer to the European Court of Justice on matters relating to state subsidies to companies.
A senior EU source told BI last week that Brussels was not going to budge on this issue and that "all of the activity is in London" where May is trying to get government ministers on board with the EU's proposals. The pound was down almost one per cent against the dollar on Monday morning amid concern over the state of Brexit talks.
If there is a deal, the UK is set to continue following swathes of EU rules for years after it has left the bloc, with little say in shaping those rules. This is angering Conservative MPs on both sides of the Brexit debate.
Pro-Remain MP Jo Johnson resigned as transport minister on Friday over May's handling of Brexit talks, accusing the prime minister of leading Britain to a "boundless transitionary period."
He added that May was forcing Brexit two choices on the country — her deal or no deal — and that "to present the nation with a choice between two deeply unattractive outcomes, vassalage and chaos, is a failure of British statecraft on a scale unseen since the Suez crisis."
Facebook is putting an end to required arbitration in cases of sexual harassment, allowing employees to pursue claims in court.
Facebook announced the policy change in an internal message to staff on Friday. It also changed its policy on office relationships — now executives at a director level or higher must disclose if they are dating somebody at the company.
The change came a day after Google changed its policy to end required arbitration, which was a demand made when 20,000 Google staff walked away from their desks to protest sexual harassment at the company.
The Google protest followed a New York Times report which revealed high-level executives were credibly accused of sexual misconduct and had been allowed to leave the company with huge exit packages.
The organisers behind the Google protest hailed Facebook's decision on Twitter:
When we said this is a global movement (https://t.co/G9fhg0h1ou), we didn’t just mean within Google — it’s inspiring to see the effects of #GoogleWalkout spread past our company. https://t.co/5bln1N5MbC— Google Walkout For Real Change (@GoogleWalkout) November 10, 2018
Required arbitration forces employees to settle disputes privately, precluding them from taking suits to court. The process has been criticised as being weighted against employees, and making it harder for people to band together in class actions. Facebook's move means its employees now have a choice between going to an arbitrator or making their claims public in court.
"There's no question that we're at a pivotal moment," Facebook's vice president of people Lori Goler told the Wall Street Journal.
"This is a time when we can be part of taking the next step," she added, and confirmed that while Facebook staff haven't staged protests like their counterparts at Google, sexual harassment has been a growing topic of discussion at the company.
Business Insider contacted Facebook for comment.
The Financial Conduct Authority has banned 23 so-called "bad apples" from working in the industry in the past 12 months.
That's according to figures from London law firm RPC, which said in a report today that the 28% increase in "prohibition orders" is part of a wider crackdown as part of its aim to deter future misconduct.
“Being banned from the financial services industry is a life changing event – the FCA knows this," Jonathan Cary, partner at RPC, said in the report. “The FCA will be looking to send a message out that it is not turning a blind eye to poor conduct.”
In one case lasting more than three years, the FCA said that it spent 4,777 hours and £300,000 ($385,912) in legal fees to ban just one director.
RPC says that bans are likely to increase, especially now that the Senior Managers and Certification Regime, or SMCR – a 2016 set of standards that holds senior managers to higher standards of personal accountability – has been extended to all financial services firms, not just banks.
By the end of 2019, senior staff at 47,000 financial services firms in the UK will be covered by the SMCR.
It's another blow for London's battered financial services industry, which the UK government says represents about 6.5% of the nation's economy.