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Today β€” 22 January 2025Latest News

Instagram Reels will show your friends the videos you liked. Hopefully, that doesn't ruin your life.

22 January 2025 at 12:46
An Instagram box pouring out "likes"

twomeows/Getty, Cristian Nastase/Getty, vsviridova/Getty, Tyler Le/BI

  • Instagram Reels has added a new feature that shows you a feed of videos that your friends liked.
  • It's meant to help you bond with friends over videos, Insta says β€” but it could get weird.
  • The "With friends" feed is designed to minimize embarrassment β€” but be careful out there.

I come with great news for anyone whose Instagram activity might suggest their carnal impulses: The new "With friends" feature on Instagram Reels is (probably) not going to expose you as a cartoon wolf with your eyeballs bulging out. Here's why:

The new feature in the Reels tab shows you a feed of videos that your friends have liked, with a message box at the bottom that lets you send a direct message to the friend who liked them. The idea accelerates a practice that was already common: DMing your friends Reels that you think they'd like. Now, Instagram is doing some of that work for you.

"We want Instagram to not only be a place where you consume entertaining content, but one where you connect over that content with friends," wrote Instagram head Adam Mosseri in his announcement of the new feature.

I know. You're worried. The idea that suddenly your friends will see all your liked videos is giving you sweaty flashbacks to the now-defunct "Following" tab in the Activity Feed that showed all the likes, comments, and follows your friends were making on other people's Instagram posts.

The Following tab was notorious for awkwardly outing embarassing behavior, most commonly men getting caught liking a bunch of Instagram models' photos. Instagram got rid of this feature in 2019, and when I reported on it going away, people told me all sorts of horror stories: seeing their boyfriend or even dad liking photos from bikini models, or a priest catching a fellow priest replying to thirst traps.

But the new "With friends" feature for Reels will work slightly differently. A spokesperson for Meta confirmed to Business Insider a few key factors that make it different from the old "Following" tab.

First of all, you only see likes from mutuals β€” in other words, someone you follow who follows you back β€” not just anyone you follow, like celebrities or other creators. You won't see what Kim Kardashian likes on Reels (unless Kim happens to follow you back).

Secondly, it only will show Reels videos that are eligible for recommendation. That means they have to be from public accounts in good standing. (Some accounts that have had a content strike against them, for example, might not have their videos eligible to be recommended to strangers.) For a while, political accounts weren't eligible for recommendations, although Meta has announced it is changing that.

Crucially, the "With friends" feed still is algorithmic β€” serving content it thinks you will like. The old "Following" tab was a chronological list of everything that everyone liked. The new feature targets videos it thinks you and your friend will like in common.

Here's a generic heteronormative example: If a husband is liking a bunch of bikini babe videos, it's unlikely his wife will see those videos in the "With friends" feed because Instagram knows she's not interested in that content. However, he's not totally out of the woods β€” his activity might show up in the "With friends" feeds of his buddies who also like bikini babes.

I spent some time looking through the "With friends" feed on my own account β€” and I didn't see anything embarrassing or weird from my friends. (And I 100% believe my friends are capable of weird and embarrassing activities.)

hugh grant being interviewed on vanity fair
Several friends liked this Reel of Hugh Grant being interviewed by Nicholas Hoult.

https://www.instagram.com/reel/DDKxU2uSP_C/?hl=en

Three friends liked a video of a cute baby bat from the Oakland Zoo. Two friends liked an interview clip of Hugh Grant from Vanity Fair. A friend who has been learning to surf liked a surfing video. A friend who is a volunteer firefighter liked multiple meme videos about firefighters. A bunch of people liked Spencer Pratt videos, but who doesn't these days? Several people liked a vintage clip about the '80s band The Lounge Lizards. (Honestly, the most surprising part of this whole exercise was that so many people from very disparate parts of my social world all seem to care so much about The Lounge Lizards.)

The only time it felt too invasive was seeing someone I know only professionally liking a video from what I assume was their kid's local Girl Scout troop talking about their cookie sale.

Still, algorithmic stuff is never 100% clear on what it serves you and why. So you might have a very different experience from me, and it's possible your friends might see more of your activity in ways you don't expect.

As always, stay say vigilant and safe out there, people! Trust no one.

Read the original article on Business Insider

Photos show landmarks across the South covered in snow during its rare winter snowstorm

22 January 2025 at 12:42
Bourbon Street covered in snow.
Bourbon Street in New Orleans.

Michael DeMocker/Getty Images

  • Winter Storm Enzo hit the Gulf Coast on Tuesday with heavy snowfall from Florida to Texas.
  • New Orleans and Pensacola, Florida, received record-breaking amounts of snow.
  • Snow blanketed landmarks such as Bourbon Street, Myrtle Beach, and Pensacola's Naval Air Station.

Winter Storm Enzo blanketed the Gulf Coast in snow on Tuesday and Wednesday, with winter storm warnings and heavy snowfall in Southern states from Florida to Texas.

Pensacola, Florida, received 7.6 inches of snow, breaking a record set in 1954. Snowfalls in New Orleans and Mobile, Alabama, also broke decades-old records, according to the National Weather Service.

Schools and businesses shuttered across the South, and over 25,000 homes and businesses in Florida were left without power as of Wednesday afternoon, according to Poweroutage.us.

Photos show landmarks across the South covered in snow from the rare winter storm.

Naval Air Station Pensacola, the Navy base that hosts the National Naval Aviation Museum, was closed except for mission-essential personnel.
A sign for Pensacola, Florida, covered in snow.
Pensacola, Florida.

Tony Giberson/Pensacola News Journal/via REUTERS

In South Carolina, Myrtle Beach's oceanside SkyWheel Ferris wheel closed for the week due to 5.5 inches of snowfall.
Myrtle Beach, South Carolina, covered in snow.
Myrtle Beach, South Carolina.

Sean Rayford/Getty Images

The grounds of the South Carolina State House in Columbia were covered in snow.
Snow falls on the grounds of the South Carolina Statehouse.
The South Carolina State House in Columbia, South Carolina.

Sean Rayford/Getty Images

New Orleans received 8 inches of snow, shuttering popular tourist spots like CafΓ© Du Monde, which is known for its beignets.
CafΓ© Du Monde covered in snow.
CafΓ© Du Monde in New Orleans.

Tyler Kaufman/Getty Images

New Orleans' famous Bourbon Street was largely empty on Tuesday due to the winter weather.
Bourbon Street covered in snow.
Bourbon Street in New Orleans.

Michael DeMocker/Getty Images

Heavy snowfall obscured signs at Caesars Superdome advertising Super Bowl LIX on February 9.
Caesars Superdome covered in snow.
Caesars Superdome in New Orleans.

Tyler Kaufman/Getty Images

Snow clung to the branches of the oak trees in New Orleans' City Park.
City Park in New Orleans covered in snow.
City Park in New Orleans.

Michael DeMocker/Getty Images

Up to 6 inches of snow fell in parts of Houston, including a dusting at Daikin Park, home of the Houston Astros.
Minute Maid Park in Houston covered in snow.
Daikin Park in Houston.

Houston Chronicle/Hearst Newspapers/Houston Chronicle via Getty Images

Locals went sledding at Buffalo Bayou Park near downtown Houston β€” a rare occurrence in Texas.
People sledding at Buffalo Bayou Park in Houston.
Buffalo Bayou Park in Houston.

Houston Chronicle/Hearst Newspapers/Houston Chronicle via Getty Images

Read the original article on Business Insider

Why airlines are so bullish on Europe right now

22 January 2025 at 12:18
United
United

Scott Olson/Getty Images

  • United and Delta are expanding flights to Europe to capitalize on strong travel demand.
  • United and Delta are running 23% and 13% more flights to Europe compared to 2019, respectively.
  • Both airlines are upping their European presence with new transatlantic routes.

Airlines say Europe remains among the biggest money-makers going into 2025 as people eagerly flock to more international destinations.

United Airlines and Delta Air Lines said in recent earnings calls that they are deploying more seats than ever to Europe to take advantage of the booming travel demand, which has remained strong since the COVID-19 pandemic halted overseas vacations.

In the fourth quarter of 2024, United's passenger revenue to Europe increased 9.5% compared to 2023, with just a 2.3% increase in seat capacity.

Delta saw a 4% increase in transatlantic passenger revenue during the same period, despite a 2% reduction in capacity. (Delta's figures include Europe as well as half a dozen destinations in Africa and the Middle East.)

Both airlines have increased their planned transatlantic presence further into 2025, operating more than 100,000 flights total between the two, well above prior years according to data from Cirium.

Europe is no longer just a seasonal hot spot

Andrew Nocella, United's executive vice president and chief commercial officer, said during Wednesday's earnings call that Europe is becoming a "year-round destination" after being a less valuable revenue stream during off-peak months in previous years, like between January and March.

"Now we're seeing a totally different result, where people are willing to go on a Southern European vacation," he said. "And that really helps de-seasonalize Europe."

Nocella later said United expects quarter one to boast the best transatlantic financial performance in its first-quarter history.

He added that stronger hub connectivity with Star Alliance partner Lufthansa in Germany and money-making business traffic returning to London Heathrow are also helping United across the Atlantic.

Delta expressed a similar sentiment about Europe's desirability as a year-round destination for US travelers, specifically noting the strong dollar's additional buying power and the smaller crowd sizes compared to peak holiday periods.

Delta airplane
Delta flies aging Boeing 767s and newer Airbus A330s and Airbus A350s across the Atlantic.

AaronP/Bauer-Griffin/Getty Images

"You go to a restaurant in New York and then go to a restaurant in Europe, you'll see a vast difference in the bill," Delta president Glen Hauenstein said in the airline's January 10 earnings call. "This is a great time to travel to Europe. People are seeing that."

The Atlanta-based carrier also said it does not believe strong off-peak season demand for transatlantic flights this winter will eat into consumers' appetite for summer travel.

Bernstein analyst David Vernon maintained a buy rating for United following its earnings report, saying international flying and premium services are particularly driving revenue.

CFRA Research analyst Ana Garcia said the firm expects United to see continued profitability. She said earnings are "buoyed by network optimization and operational improvements."

United's stock is up about 13% year-to-date, while Delta's is up about 9%.

New routes to Europe from United and Delta in 2025

United has become so bullish on Europe that it plans to launch new routes to off-the-beaten-path destinations in 2025 that aren't offered by competitors.

For example, this summer, the carrier will fly nonstop to Palermo, Italy, Faro, Portugal, and Nuuk, Greenland. These flights will complement United's already extensive transatlantic network, which includes flights to more than 30 European cities from the US.

Expected deliveries of the long-haul single-aisle Airbus A321XLR β€” the first expected in January 2026 β€” will help United push further into Europe as the jet can fly routes previously unprofitable with a widebody or unreachable with older narrowbodies. It will replace the airline's aging Boeing 757s.

United 757
United plans to replace nearly every Boeing 757 route with the Airbus A321XLR come 2026. It will largely fly to Europe.

Craig Russell/Shutterstock

Still, United said widebody supply constraints, including for airframes and engines, will impact its long-haul operations through at least the end of the decade.

The carrier has placed orders for 150 Boeing 787 Dreamliners and expects to receive 11 in 2025. That is down from the 18 expected in February 2024 .

Delta has not purchased the A321XLR, and it flies only a handful of Boeing 757 aircraft across the Atlantic.

The airline instead relies on a large fleet of older Boeing 767 and newer Airbus A330 and A350 widebodies to run more than 700 flights a week to 33 European destinations.

This summer, Delta will add new routes to locales in southern Europe, such as Barcelona and Catania and Naples in southern Italy.

Read the original article on Business Insider

9 of the most luxurious perks of being the president's child

22 January 2025 at 11:53
Barron Trump attends inauguration ceremonies
Barron Trump has regained access to a number of luxurious perks as the son of the sitting president.

Kevin Lamarque/Pool/Getty Images

  • First kids have to deal with a lot of pressure being in the public eye.
  • However, they can also enjoy the perks that come with being a part of the first family.
  • Children who live at the White House have access to a private movie theater and personal chefs.

From getting to live in the White House to flying across the world on Air Force One, there are a lot of perks to being a president's kid.

Now that Donald Trump has returned to office, Barron Trump will regain access to many of the most luxurious perks of being a first kid.

Barron won't be living in the White House while he attends New York University, where he's a freshman, but he'll still have his own Secret Service security team, the ability to use the president's private plane when he travels with his parents, and access to the White House's movie theater, putting green, and more when he returns to Washington, DC.Β 

Here are some of the most luxurious perks of being the president's child.

First kids get to live in the White House, which boasts 132 rooms, including a movie theater.
white house family theater obama
The Obamas watching a 3D movie in the White House movie theater.

Pete Souza/White House

The presidential residenceΒ also includes a bowling alley, whichΒ Melania Trump renovated, a basketball court, a restaurant, and a chocolate shop.

First children also have free rein of the White House grounds to wander the gardens or play outside with their presidential pets.

Children who've called the White House home include Bill Clinton's daughter, Chelsea; Jimmy Carter's daughter, Amy; and John F. Kennedy's children, John Jr. and Caroline.

They can also host major events at the White House, such as their own weddings or even their senior proms.
white house prom
Susan Ford and her escort, William Pifer, dance during their senior prom, which was held in the East Room of the White House.

CORBIS/Corbis via Getty Images

Nine children of presidents have gotten marriedΒ at the White House: Maria Hester Monroe, John Adams II, Elizabeth Tyler, Nellie Grant, Alice Lee Roosevelt, Jessie Woodrow Wilson, Eleanor Randolph Wilson, Lynda Bird Johnson, and Tricia Nixon.

Susan Ford, then 17, even hosted her high school prom at the White House in 1975, the first β€” and, as of now, only β€” prom to be held there, Vanity Fair reported.

They also get to ride on the luxurious Air Force One and Marine One when traveling with their parents.
bill clinton, hillary clinton, and chelsea clinton aboard marine one
President Bill Clinton, first lady Hillary Rodham Clinton, daughter Chelsea Clinton, and Buddy the Dog aboard Marine One.

Smith Collection/Gado/Getty Images

While the president's airplane and other modes of transportation are only referred to as Air Force One, Marine One, and the like when the president is on board, first ladies and kids also get to ride them.

Air Force One has three levels and 4,000 square feet of interior floor space. That includes a conference room, dining room, and private quarters with a gym for the president. There is also a medical operating room, offices for staff, and two food-preparation galleys that can provide 100 meals.

The children of sitting presidents get to meet famous people, from movie stars to other heads of state.
Susan Ford and american fashion designer Halston
Susan Ford and American fashion designer Halston in 1977.

Allan Tannenbaum/Getty Images

"Sure, maybe a few times I wished my father was just a congressman," Susan Ford Bales, the daughter of former President Gerald Ford and Betty Ford, once said in an interview, CBS News reported.

"But in fact, I wouldn't trade it for anything," she continued. "The travels, the people you meet. From movie stars to heads of state. It was like, 'Oh my gosh, look who I'm meeting now!"'

A personal chef is always on hand for snacks and late-night cravings.
white house food
President Donald J. Trump and first lady Melania Trump hosted the prime minister of Ireland at the White House.

Official White House Photo by Andrea Hanks

The White House executive chef and executive pastry chef are primarily hired to serve the first family, which includes the kids, and to prepare food during official White House functions.

However, while first kids have access to the five full-time chefs who work in the White House, they likely can't order an unlimited supply of their favorite foods because the first family actually foots the bill for their food.

"They let you get whatever you want," Michelle Obama told Jimmy Kimmel in 2018. "And then you get the bill for a peach and it's like, 'That was a $500 peach!' I would tell Barack, 'Do not express pleasure for anything until I know how much it costs.'"

The children of sitting presidents can decorate their rooms however they want, within reason.
jacky kennedy reading to her children
First lady Jackie Kennedy with her children Caroline and John F. Kennedy Jr. in 1962.

John F. Kennedy Library/John F. Kennedy Library/Getty Images

Although presidential kids can make temporary decorative changes to their rooms, given the historical significance of the White House they can't make any major structural changes to their living quarters.

"Some parts are essentially historic rooms and belong to the American people, not to the families who live there," Kate Andersen Brower, the author of "First Women: The Grace and Power of America's Modern First Ladies," told ABC News in 2016.

It's possible for first children to be offered positions working in the administration ... though they're technically not supposed to.
Jared Kushner and Ivanka Trump
Jared Kushner and Ivanka Trump worked as senior advisors to President Donald Trump.

Joshua Roberts/Reuters

The Postal Revenue and Federal Salary Act of 1967, also called the Bobby Kennedy Law, was intended to curb political nepotism and prevent the family members of sitting presidents from obtaining powerful positions in the executive branch.

However, first children have still continued to hold positions in the White House. Most notably, Ivanka Trump and her husband, Jared Kushner, both worked as advisors to President Donald Trump, but they took no salary.

"The antinepotism law apparently has an exception if you want to work in the West Wing because the president is able to appoint his own staff," Kellyanne Conway, then a Trump staffer, told MSNBC's "Morning Joe" in 2016. "Of course, this came about to stop maybe family members from serving on the Cabinet, but the president does have discretion to choose a staff of his liking."

Presidents' kids also have private security to ensure their safety, even when they're no longer living in the White House.
Barron Trump watches Donald Trump speak as Melania Trump looks on.
Barron Trump with Melania Trump and Donald Trump.

Jabin Botsford/The Washington Post via Getty Images

The United States Secret Service offers around-the-clock protection to the spouses and children of the US president and vice president.

Children of non-sitting presidents are only ensured protection until they turn 16 years old. Presidents can petition for continued security after they leave office.

After he left office in January 2021, Donald Trump extended Secret Service protection for his four adult children for another six months, The Washington Post reported. His youngest son, Barron, has also been under the protection of the Secret Service since he began attending New York University.

First kids might even use their reputations and political connections to become president themselves.
George H.W. Bush and George W. Bush
George H.W. Bush and George W. Bush.

Kevork Djansezian/Getty Images

Two former first children went on to become president: John Quincy Adams and George W. Bush. While a first kid becoming president isn't exactly common, multiple first children have entered politics after their fathers left office.

Jeb Bush, the second son of George H.W. Bush, went on to serve as the 43rd governor of Florida and launched his own presidential campaign in 2015. Chelsea Clinton also said a future for her in politics was a "definite maybe" in 2018, The Guardian reported.

Read the original article on Business Insider

Elon Musk criticizes the $500 billion AI plan Trump boasted about

22 January 2025 at 11:33
Elon Musk
Elon Musk questioned how much money AI infrastructure effort Stargate has actually raised.

AP Photo/Matt Rourke

  • President Trump announced Stargate, a $500 billion AI infrastructure venture, on Tuesday.
  • Yet Elon Musk, now a key advisor to Trump, suggested the effort has raised far less than that.
  • Trump called Stargate "the largest AI infrastructure project in history."

Stargate, a privately funded effort that Donald Trump announced on the second day of his presidency, is supposed to raise up to $500 billion to build AI infrastructure in the US.

But the joint plan between OpenAI, Oracle, and SoftBank may have only raised a fraction of that so far, according to Elon Musk, now one of Trump's closest advisors.

Musk responded to a post on X from OpenAI on Wednesday. OpenAI's post said that the venture "will begin deploying $100 billion immediately."

However, Musk's response to the post said that SoftBank has "well under $10B secured" for Stargate.

In response, OpenAI CEO Sam Altman, who appeared alongside Trump at the White House on Tuesday to unveil the effort, told Musk that his claim was wrong and invited him to come see a site where the funding is already being put to work.

Musk and Altman have a tense relationship and are locked in a legal battle. Musk founded xAI, which competes with OpenAI.

wrong, as you surely know.

want to come visit the first site already under way?

this is great for the country. i realize what is great for the country isn't always what's optimal for your companies, but in your new role i hope you'll mostly put πŸ‡ΊπŸ‡Έ first.

β€” Sam Altman (@sama) January 22, 2025

SoftBank declined to comment. Representatives for Musk, OpenAI and the Trump administration did not immediately respond to requests for comment from Business Insider.

The exchange shows discord among some of the biggest names in the tech world just a few days into the second Trump administration. Since Trump's electoral comeback in November, many tech executives have shown more interest in working with Trump than they did as he prepared to take office the first time eight years ago.

The Stargate announcement represents an early collaboration between Big Tech and Trump. The president said Tuesday that the project would make investments over the next four years, make AGI possible in the US, and create new jobs. Trump called it "the largest AI infrastructure project in history."

Asked by CNBC about Musk's claims on Wednesday, Microsoft CEO Satya Nadella shied away from confirming or challenging them.

"All I know is, I'm good for my $80 billion," Nadella said, referencing Microsoft's plan to build out its AI abilities this year using OpenAI's models.

🚨🚨🚨BREAKING:

Microsoft CEO was just asked about @elonmusk saying Project Stargate doesn't have the money to invest

β€œAll I know is, I’m good for my $80 Billion”

LMFAOOO pic.twitter.com/dvKvltDZ3M

β€” NIK (@ns123abc) January 22, 2025
Read the original article on Business Insider

The 11 best places to invest in an Airbnb in 2025

By: Dan Latu
22 January 2025 at 10:48
The Battery Point LIghthouse, a small white brick house with a red roof and a lookout tower, sits on a rocky island in the ocean.
Crescent City, California, a coastal spot near the Oregon border, is one of the best places to invest in a short-term rental in 2025, according to AirDNA.

Donna Brooks/Getty Images

  • Short-term-rental site AirDNA revealed its new list of best places to invest in an Airbnb or Vrbo.
  • AirDNA ranked cities on measures including occupancy, revenue growth, and home prices.
  • Smaller spots with regional tourism and sectors that need temporary housing dominated the 2025 list.

The best place to start an Airbnb may not be a big-name destination like Jackson Hole, Aspen, or Palm Springs.

Instead, promising places to invest in short-term rentals usually have a combination of regional tourism and populations that are reliant on temporary housing, like traveling nurses or graduate students, according to Jamie Lane, an economist at analytics site AirDNA.

"The markets that do best have a mix," Lane told Business Insider.

Indeed, many of the top spots in AirDNA's new ranking of the best places in the US to invest in short-term rentals were midsize cities with affordable homes and growth potential. AirDNA evaluated places based on factors including how many nights per year current Airbnb and Vrbo listings were booked, growth in revenue per listing in the past year, and the cost of homes and apartments currently for sale.

Cracking the top 10 is Frankfort, Kentucky, a city of just 28,000 residents located an hour east of Louisville in the heart of the Kentucky Bourbon Trail β€” a short drive to a dozen famous distilleries, Lane said.

"While it seems like a small city, it's in the middle of a massive tourism industry," he told Business Insider.

Fairbanks, Alaska, which appeared on last year's list but jumped to the No. 2 position this year, has a robust summer travel market and a need for temporary housing for workers at nearby hospitals and a University of Alaska campus.

On a national level, the rate of new Airbnbs and Vrbos opening across the US has slowed after a post-pandemic surge. New listings grew only by 6.8% in 2024 from the year prior, compared to 14.4% in 2023 and 22.1% in 2022, AirDNA data showed.

New hosts may also face crackdowns as cities continue to rewrite the rules on short-term rentals in attempts toΒ preserve housing affordabilityΒ for locals. Lane said places including Oahu, Hawaii, were dropped from the list due to their especially tight rules for Airbnbs and Vrbos.

Here are the top 11 cities that AirDNA highlighted as the best places to invest in an Airbnb or Vrbo in 2025.

For each place, we included the projected average revenue potential, the previous year's listing growth in that city, and the annual occupancy rate, all according to AirDNA. From Redfin, we sourced each city's median sale price for homes to get a sense of how much an investment property might cost.

11. Montgomery, Alabama
Montgomery, Alabama
Montgomery, Alabama.

Sean Pavone / Shutterstock

Average revenue potential: $32,998

Listing growth: 28.9%

Occupancy rate: 54.6%

Median sale price: $175,000

10. Frankfort, Kentucky
The riverfront of Frankfort, Kentucky with brick factories and family homes.
Frankfort, Kentucky.

DenisTangneyJr/Getty Images

Average revenue potential: $46,369

Listing growth: 64.7%

Occupancy rate: 56.1%

Median sale price: $227,000

9. Dayton, Ohio
The skyline of Dayton, Ohio at dusk on the riverfront.
Dayton, Ohio.

Laura Mckenzie Waters/Getty Images

Average revenue potential: $35,456

Listing growth: 17.9%

Occupancy rate: 58.3%

Median sale price: $115,500

8. Rockford, Illinois
The small city skyline of Rockford, Illinois at dusk with traffic going over a bridge.
Rockford, Illinois.

DenisTangneyJr/Getty Images/iStockphoto

Average revenue potential: $35,826

Listing growth: 27.2%

Occupancy rate: 56.9%

Median sale price: $151,500

7. Page, Arizona
An aerial view of the Horseshoe Bend red rock formation in Arizona with a large rock surrounded on all sides by donut-shaped deep blue river.
Horseshoe Bend is a major tourist attraction near Page, Arizona.

Mimi Ditchie Photography/Getty Images

Average revenue potential: $47,243

Listing growth: 9.7%

Occupancy rate: 62.1%

Median sale price: $303,000

6. Shreveport, Louisiana
SHREVEPORT, LA., U.S.A. - March 30, 2020: The usually busy Caddo Parish seat is nearly deserted at 5 p.m. on a Tuesday, as the state observes restrictions due to the coronavirus pandemic.
Shreveport, Louisiana.

Allen J.M. Smith/Shutterstock

Average revenue potential: $36,106

Listing growth: 10.1%

Occupancy rate: 57.3%

Median sale price: $169,9500

5. Crescent City, California
A photo of a lighthouse on top of a craggy rock with blue sea and blue skies
Battery Point Lighthouse in Crescent City, California.

Bhanu Krishnamurthy/Getty Images

Average revenue potential: $51,318

Listing growth: 11.1%

Occupancy rate: 63.3%

Median sale price: $318,000

4. Columbus, Georgia
Columbus, Georgia
Columbus, Georgia.

SeanPavonePhoto

Average revenue potential: $39,986

Listing growth: 20.5%

Occupancy rate: 60.3%

Median sale price: $210,000

3. Akron, Ohio
Akron, Ohio skyline at sunset with a church in the background.
Akron, Ohio.

Sean Pavone/Getty Images/iStockphoto

Average revenue potential: $31,207

Listing growth: 33.2%

Occupancy rate: 55.2%

Median sale price: $130,500

2. Fairbanks, Alaska
Fairbanks, Alaska
Fairbanks, Alaska.

Jacob Boomsma/Getty Images

Average revenue potential: $49,459

Listing growth: 17.4%

Occupancy rate: 66.5%

Median sale price: $240,000

1. Peoria, Illinois
Peoria, Illinois
Peoria, Illinois.

Henryk Sadura/Getty Images

Average revenue potential: $31,131

Listing growth: 21.1%

Occupancy rate: 58.9%

Median sale price: $165,000

Read the original article on Business Insider

Trump administration says it's revoking some government job offers

22 January 2025 at 12:36
Donald Trump with pen in hand
A memo sent to the heads of executive departments and federal agencies says if workers were hired before Monday with a start date after February 8, their offers are revoked.

Anna Moneymaker/Getty Images

  • Federal job offers accepted before Monday with start dates after February 8 are revoked, a memo said.
  • The Office of Personnel Management said agency heads could seek written approval to renew an offer.
  • Agencies must also report monthly on job offers, hires, departures, and head count, the memo said.

Newly hired federal workers expecting to start their jobs next month could soon see their offers yanked by the federal government.

A memo providing further guidance on President Donald Trump's executive order mandating federal hiring freezes told federal agencies that "offers made and accepted prior to January 20" with an unconfirmed start date or one later than February 8 were revoked.

The memo, written by the Office of Management and Budget and Office of Personnel Management and sent to the heads of executive departments and federal agencies on Monday, said that if people were hired before noon on Monday and had a start date earlier than February 8, their offers could remain in place.

"Those individuals should report to work according to their respective designated start date," the memo said.

Even if a job offer is rescinded, it might not be a done deal for the candidate. The memo said that the head of an agency could seek written approval from the OPM to renew the employee's offer after considering "essential mission priorities, current agency resources, and funding levels."

The memo also called for reports on the last day of each month from agencies subject to the hiring freeze. The reports should have information about candidates who were extended or accepted offers, employees who started that month, and employees who departed that month. The reviews are also required to list the total staff head count and any positions listed online, the memo said.

In a separate memo sent the same day, Charles Ezell, the acting director of the OPM, asked leaders of all federal agencies to evaluate their workforces and consider firing employees who had been there less than two years.

The memo requested that agencies identify all employees on probationary periods and "promptly determine whether those employees should be retained at the agency" by Friday.

Trump's federal hiring freeze went into effect on Inauguration Day, preventing any vacant positions that existed before 11:59 a.m. on Monday from being filled and restricting the creation of positions. There are some exceptions to the freeze, including roles tied to "immigration enforcement, national security, or public safety" and positions requiring "Presidential appointment or Senate confirmation," the memo said.

The OPM move is in line with broader Trump-administration efforts to reduce the size of the federal workforce.

The Department of Government Efficiency, an Elon Musk-led commission, is also working to recommend ways that the Trump administration can cut the size of the federal workforce, reduce regulations and federal budgets, and improve efficiency.

The OPM declined to comment. The Trump administration and the OMB did not immediately respond to requests for comment.

Correction, January 22 β€” An earlier version of this story incorrectly stated the memo's date. It was Monday, January 20, not January 8.

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I often stay in Airbnbs by myself. My top tip for solo travelers is to book for 2 people — even if it costs more.

22 January 2025 at 10:30

The author sits in a wooden rocking chair in a blue outfit with her legs crossed. Behind her is the cabin with floor-to-ceiling windows. There's another chair on the right.
Business Insider's reporter has booked Airbnbs for solo trips around the world.

Joey Hadden/Business Insider

  • As a frequent solo traveler, I prefer booking Airbnb stays over hotels.Β 
  • When I book an Airbnb for a solo trip, I say it's for two guests so hosts don't know I'm alone.Β 
  • Sometimes booking for two costs extra, but I'm willing to pay more because it makes me feel safer.Β 

Cozy cabins, luxury apartments, unique tiny homes including a converted wine barrel in Switzerland and a repurposed lifeguard tower in MiamiΒ β€” I've booked them all through Airbnb.Β 

As a travel reporter, I've stayed in accommodations throughout the US, Canada, and Europe. I often opt for Airbnbs over hotels because they tend to offer more unique experiences, such as sleeping in a treehouse in Ontario's wine country.

Usually, I travel solo. I've taken overnight trains in the US and Europe, spent seven nights on one of the world's largest cruise ships sailing the Caribbean Sea, and traveled by rail to Niagara Falls, MontrΓ©al, and Quebec City. On these trips, I explored new cities and unique accommodations β€” all by myself.

Now that I'm a seasoned solo traveler, I have many practices to ensure I feel as safe as possible when traveling alone β€” especially in other countries.

When it comes to staying in Airbnbs solo, my best tip is to book for two people

The author stays at a tiny-home hotel in Germany.
The reporter stays at a tiny-home hotel in Germany that she booked through Airbnb.

Joey Hadden/Business Insider

When I make an Airbnb reservation, I simply change the number of guests from one to two. Then, in my message to the host, I always say that I may have a friend joining me for my trip.

This way, my host doesn't think I'm traveling alone. Creating the illusion that I have someone else with me makes me feel more comfortable falling asleep at night in a stranger's place.

Booking for two sometimes comes with an additional fee, depending on the Airbnb.

For example, when I traveled to Rome and booked two nights in a livable art sculpture Airbnb, the price was $102 a night for one person and $145 a night for two people. In this case, a companion did end up joining me for the stay. But even if they hadn't, I would have been fine paying the additional fee to feel more secure about staying there alone.Β 

Inside the livable art sculpture.
Inside the livable art sculpture Airbnb that the reporter booked for a trip to Rome.

Joey Hadden/Business Insider

Solo travel can be daunting, especially when you're booking accommodation with an individual rather than directly through a company like you would at a hotel.

But after all my unique Airbnb experiences, I think it's worth booking them even when I'm alone. And booking for two makes me feel a little safer.Β Β 

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Why a Harvard economist thinks the economy is headed for a recession in the 2nd half of Trump's term

22 January 2025 at 10:27
ken rogoff

REUTERS/Eduardo Munoz

  • The economy will probably head into a recession in a few years, Kenneth Rogoff says.
  • The Harvard economist thinks a slowdown is coming in the second half of Trump's term.
  • The downturn will be influenced by factors like a slowing business cycle and tariffs, he suggested.

President Donald Trump's plan to engineer America's next economic boom will probably come up short in the coming years, according to Harvard University economist Kenneth Rogoff.

The Harvard professor and former International Monetary Fund chief economist said he believed the US economy would likely slow and enter a downturn in the second half of Trump's term as president. That outcome will be influenced by a number of policies Trump suggested he would implement, Rogoff said, speaking to Yahoo! Finance on the sidelines of the World Economic Forum on Tuesday.

"I think the most likely scenario, with what I think are the most likely policies being passed, are strong, and then a slowdown into recession the second half of his term," Rogoff said. "It's just tough within the cycle not to do that."

Rogoff highlighted some of Trump's policies that could weigh on the economy. The president has promised to loosen regulation in the financial sector, a move that could potentially lead to "trouble down the road," Rogoff said.

"And also, when you goose up the economy with these policies, most of which are not structural, they're really demand policies, you're going to get that effect," he added of the potential for an economic slowdown.

Rogoff pointed to Trump's tariff plan, with the president promising to levy tariffs on imports from China, Canada, and Mexico as soon as February 1.

Economists have said the tariffs could lead to higher inflation and higher interest rates, an idea Trump has pushed back on. Trump levied tariffs during his first term as president without a significant inflation increase. However, his proposals for tariff policy in his second term are more expansive, explaining the difference in inflation forecasts.

Rogoff said the inflationary impact of the tariffs could be minor, though he believed the tariffs themselves would make markets nervous and could harm growth.

"The inflationary impact is not a big deal, quantitatively," Rogoff said. "More worrisome is that it's chaotic, it hurts these animal spirits that he's benefiting from. It actually leads to slower growth."

Trump has promised to "reignite explosive economic growth" over his four years in office, adding in his inauguration speech that tariffs could lead to "massive amounts of money" pouring into the US.

Wall Street is bullish that Trump's push to loosen regulation for businesses could boost growth. But any pro-growth policies from Trump will likely still be outweighed by "counterproductive" policies, Rogoff said, speaking in a separate interview with Bloomberg at the event.

Interest rates are also much higher than they were when Trump first took office in 2017, which is a wrinkle in any plans to juice the economy beyond already fairly robust levels of growth.

"Every campaign promise practically is something counterproductive β€” I mean, you can go to the tariffs, social security being not taxed, and on and on and on," Rogoff said. "He has a lot of constraints that he didn't face the first time. So I don't think you can expect quite the boom we got the last time," he later added.

Other forecasters have also issued downbeat outlooks for what could happen during Trump's presidency. Steve Hanke, another top economist, said the US could slip into a recession as soon as Trump's first year in office.

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Jamie Dimon says he 'hugged it out' with Elon Musk and would 'love to be helpful' with DOGE

22 January 2025 at 10:25
Elon Musk and Jamie Dimon in 2024.
Jamie Dimon says he and Musk are reconciling and he supports his efforts with DOGE.

Steve Granitz for FilmMagic and Win McNamee for Getty Images

  • Jamie Dimon and Elon Musk are continuing to make amends.
  • The JPMorgan Chase CEO told CNBC they've "hugged it out."
  • Dimon wished Musk the best with DOGE and said he'd "love to be helpful" with the government efficiency effort.

Jamie Dimon and Elon Musk are patching up their relationship after a yearslong feud.

Dimon, the CEO of JPMorgan Chase, told CNBC's "Squawk Box" in an interview that aired Wednesday that the two of them have "hugged it out."

"He came to one of our conferences, he and I had a nice long chat, we've settled some of our differences," he said in the interview.

Musk attended a JPMorgan tech summit in March, where he and Dimon spoke for an hour onstage, and Musk also visited Dimon's suite at the resort, The Wall Street Journal reported in June, citing people familiar with the matter.

In his CNBC interview, Dimon went on to call Musk "our Einstein."

He also expressed support for the Department of Government Efficiency (DOGE) that Musk is leading. President Trump signed an executive order Monday to create DOGE and make it officially part of the White House. Its stated mandate now is to update the federal government's software and IT systems, a marked change from Musk's desire to use DOGE to slash regulations and federal spending.

"We deserve good government," Dimon said. "I don't think anyone thinks that sending another trillion dollars to Washington, D.C., will lend to good government so government needs to be more accountable. It needs to be more efficient, it should be outcomes-based."

Dimon said DOGE would have its work cut out for it, but he supports Musk's efforts.

"I wish him the best. It's going to be complicated, the federal government's complicated, you've read about all the people in it," Dimon said. "If we can be helpful to them, I'd love to be helpful to them."

Musk had floated the idea for DOGE in August during a live-streamed conversation with Donald Trump on X, formerly Twitter. Musk said he'd "be happy to help out" on a government efficiency commission β€” which Trump said he'd "love" β€” if Trump won the election. Musk spent upwards of $200 million in efforts to get Trump and other Republicans elected.

Dimon said last year that he does "actually like" the idea of "having an efficiency commission."

"I think governments have to become more efficient, more competent," Dimon said in an interview with CNBC in September. "And look at, when they take money, what do they get for it. I actually think it's a very good idea."

It now looks like Musk will lead DOGE alone after Ramaswamy dropped out earlier this week ahead of a possible gubernatorial bid in Ohio.

Dimon and Musk started reconciling last year after several spats and lawsuits over the years.

Their feud dates back at least to 2016, when JPMorgan walked away from underwriting leases for Tesla vehicles.

In 2021, JPMorgan sued Tesla and Musk for $162 million, saying Musk's carmaker "flagrantly" breached a 2014 contract pertaining to warrants sold to the bank. JPMorgan adjusted the value of warrants after Musk tweeted in 2018 about taking Tesla private, which he walked back shortly after. Tesla countersued, saying the bank was angry at being left out of Musk's business and that senior JPMorgan executives had "animus" toward Musk.

The SEC later charged Musk with securities fraud, and Tesla and Musk each agreed to pay $20 million to settle the suit.

The companies dropped their suits against each other in November and agreed for the case to be voluntarily dismissed with prejudice, meaning the claims can't be refiled.

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Spotify wants to take on YouTube in podcasts. Here's how the platforms stack up.

22 January 2025 at 10:09
Spotify
Spotify has held events for creators about tools and new features on its platform.

Amanda Perelli/Business Insider

  • Video podcasts have taken off in recent years, and Spotify has taken note.
  • The audio titan has been investing in video creators, including launching new tools and incentives.
  • Here's how Spotify is taking on rival YouTube in video podcasting.

Spotify is betting on video to take its podcasting business to the next level.

The Swedish audio giant has been investing in video creators over the last year with new tools and incentives. Earlier this month, Spotify launched a program to pay creators a cut of the subscription and ad revenue from their video podcasts if they meet certain requirements. Earlier, the company rebranded its podcast platform as Spotify for Creators, nodding at the approach to blend in with the creator space.

Spotify's listeners are embracing video, too. About 250 million of its 640 million users had viewed a video podcast, the company said in November. One-third of its active US-based users watch videos on the app each month.

The podcasting platform is second to video giant YouTube in the US. In an April survey conducted by Cumulus Media and Signal Hill Insights, 31% of weekly podcast consumers said they used YouTube the most for podcast listening, while 21% said Spotify and 12% selected Apple Podcasts.

Still, Spotify is embracing its rival to help its podcasts expand their reach and find the right audiences, Jordan Newman, Spotify's head of content partnerships, told Business Insider.

"This is not a zero-sum game," Newman said. "There are incremental audiences on all platforms, and even some of the same audiences are consuming in different ways. And so I think if all you're doing is focused on one platform as a creator, you are not doing it right."

Here's how Spotify's podcasting platform compares to YouTube's, from the user experience to content to the content to discovery.

The podcast service

For podcast listeners, Spotify and YouTube's streaming services are looking more similar by the day, though they still have some key differences.

Both have free and paid tiers: Spotify Premium costs $12 per month versus $14 for YouTube Premium. Each gives users access to ad-free music and downloads for offline playback. Spotify's paid service also includes 15 hours of audiobooks a month, while YouTube's counterpart lets customers play videos with their phone screen off.

From a podcaster's standpoint, Spotify and YouTube also have much in common. Both platforms give creators access to dashboards with data on who's consuming their content and for how long. Both leave ads out of video podcasts for premium subscribers, although creators can insert their own host-read ads to generate extra revenue.

One key difference is how ad revenue is distributed: YouTube dishes out 55% of revenue generated from their videos to creators, while Spotify gives podcasters a slightly smaller cut in a 50-50 split.

The content

Spotify is best known for music and podcasts, much of which are also on YouTube. The video giant, of course, also has clips for everything from gaming streams to sports highlights to tutorials on tying ties.

But when it comes to podcasts, there's increasing overlap between the two platforms.

Spotify, which in 2019 said it would pour $500 million into the podcast marketplace, has been shifting away from exclusivity to reach.

For example, the chart-topping podcast "The Joe Rogan Experience," once a Spotify exclusive, is now available across all major platforms. Many podcasters at Spotify-owned studios, including The Ringer, are also creating bonus content exclusively for YouTube or going live on the platform following the demise of Spotify's live-audio features,Β Spotify GreenroomΒ and Spotify Live.

"Most sophisticated creators are multi-platform, and they're optimizing their content for the platform in which it appears," Spotify's Newman said. "You'll find our shows are not just found on Spotify; they can be found on a number of platforms."

By putting podcasts across platforms, Spotify can also maximize advertising revenue, which was roughly 472 million euros, or about $491 million, last quarter β€” up a modest 5.6% from the year before, according to the company's earnings report.

Content discovery and listener loyalty

YouTube and other video platforms like TikTok and Instagram may have Spotify beat when it comes to content discovery. Those platforms' algorithms are adept at showing users what they didn't even know they wanted to see.

With skill and a lot of luck, anyone could theoretically go viral on platforms like TikTok or even YouTube. It's harder for a budding podcaster who's only on Spotify to break onto the top charts since the platform's users primarily find content by searching for it directly or through playlists that feature creators who are already trending.

That's why Spotify is focusing on listener loyalty to set itself apart. The platform is positioning itself as the place to be for creators to build a sustainable following.

The company said time spent on the app has risen from 30 hours a month in 2020 to 40 hours as of late 2024.

"We are so great at retention and loyalty," Newman said.

On other platforms, Newman said, users "may really engage for a minute with their content," but after that, there's a risk for the creator that "they'll never see them again."

He said that when users watch a creator on Spotify, "it's a strong bet that they'll come back week after week after week."

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Trump's administration is looking to slash the federal workforce. Here's where the most people are employed and what they make.

22 January 2025 at 09:58
Donald Trump
President Donald Trump is looking to slash the federal workforce.

Andrew Harnik/Getty Images

  • Trump's administration asked federal agencies to compile lists of workers they could easily fire.
  • It reflects Trump's goals to reduce government spending and reduce the federal workforce.
  • Millions of Americans are employed by the US government. Here's how the agencies break down and what workers make.

President Donald Trump's administration is targeting federal workers' jobs.

On Trump's first day in the White House, his Office of Personnel Management asked agencies to compile lists of federal workers they could easily fire. Trump also signed an executive order on Monday establishing a hiring freeze on new workers to federal agencies.

It reflects the early priorities of the Department of Government Efficiency, which Tesla CEO Elon Musk is leading to cut government waste. Trump signed an executive order on Monday establishing DOGE as part of the White House with a mission of updating the government's technology systems.

While DOGE's stated goals in the executive order are narrower than originally proposed, Musk and Trump have previously voiced support for firing federal workers and eliminating federal agencies.

More than 2 million Americans collect their paychecks from the federal government, so Business Insider looked into which agencies employ the most people and what they pay on average.

The Trump press team and OPM did not immediately respond to a request for comment from BI.

The US government is the largest employer in the country

The US Office of Personnel Management showed eight cabinet-level agencies, which are at the center of the executive branch and have heads that report directly to the president, had more than 100,000 civilian employees as of March.

Almost half a million people were employed in the Department of Veterans Affairs, while the Department of Education had just over 4,000. The Treasury Department had more than 100,000 employees as of March. The overwhelming majority of those β€” about 94,000 β€” were employed in the Internal Revenue Service.

Most departments had six-figure average salaries, with the Department of Education and the Department of Energy having the highest averages.

It's still unclear if DOGE or the Trump administration will focus on cuts at specific agencies. In the past, however, Trump has targeted the Department of Education, saying in 2023: "One other thing I'll be doing very early in the administration is closing up the Department of Education in Washington, DC, and sending all education and education work and needs back to the states."

Musk said during October remarks that while the commission's goal was to cut spending by reducing head count, he'd consider giving impacted workers "very long severances" that could amount to two years' pay.

"The point is not to be cruel or to have people not be able to pay their mortgage or anything," Musk said during his October remarks, adding, "We just have too many people in the government sector, and they could be more productive elsewhere."

The US Office of Personnel Management says on its website that "severance pay is authorized for full-time and part-time employees who are involuntarily separated from Federal service and who meet other conditions of eligibility." A spokesperson for the office told BI that the severance policy was up to date and that it "cannot comment on the actions of future administrations."

DOGE's goals could also still change, and it's unclear which spending cuts Congress would approve. BI previously reported that the US spent $6.75 trillion in fiscal year 2024. With Social Security, health programs, and Medicare topping the spending list, they could be on the commission's chopping block. But Medicare and Social Security are forms of mandatory spending that would require legislation to change.

Are you employed by the federal government and have a story to share? Reach out to these reporters at [email protected] and [email protected].

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Meet the future leaders of Goldman Sachs' investment bank

22 January 2025 at 09:55
David Solomon smiles
David Solomon, CEO of Goldman Sachs.

Jeenah Moon/Bloomberg via Getty Images

  • Goldman Sachs announced three new heads of investment banking this week.
  • Kim Posnett, Matt McClure, and Anthony Gutman were named co-heads of investment banking, a new role.
  • Meet the future leaders of Goldman's marquee business unit.

Goldman Sachs announced a leadership reshuffle this week that created a new layer of management for its all-important investment bank.

As part of the reshuffle, Goldman tapped three of its most senior dealmakers β€”Β who have personally handled transactions for the likes of Twitter, Uber, and United Airlines β€”Β to jointly oversee its investment banking unit: Kim Posnett, who has run tech banking; Matt McClure, who's led industrials coverage; and Anthony Gutman, who has been running investment banking in Europe, the Middle East, and Africa. They will sit under the heads of Goldman's global banking and markets unit, Dan Dees and Ashok Varadhan, and will oversee the firm's IB work across a range of products from M&A to financing for corporate clients.

It's a big role and signals a new generation of leaders atop Goldman's marquee business. Goldman has been No. 1 in M&A advice for most of the last 20 years, including in 2024 when it nabbed 30% of the more than $3 trillion in M&A volume around the world, according to data from the London Stock Exchange Group.

The reshuffle comes as Wall Street generally braces for a thawing in mergers and public issuances as a new presidential administration gets underway. Last week, Goldman reported a more than 100% increase in profits amid an upswing in dealmaking activity.

It also comes as the bank prepares for at least another five years of leadership under CEO David Solomon and John Waldron, Goldman Sachs' president and COO. The Wall Street Journal reported this week that Goldman's top officials, including Solomon, had been seeking ways to "signal to a younger generation of partners they are still climbing the ranks."

"This group of leaders represents the very best of our culture of excellence, client service and teamwork," Solomon said in announcing the news. "They have made outstanding contributions throughout their careers to our client franchise, operations and market-leading positions across our business."

Here's a look at the three new co-heads of investment banking β€” their careers, their accomplishments, and some of the clients they've advised.


Kim Posnett

Kim Posnett
Kim Posnett

Goldman Sachs

Posnett has emerged as one of Goldman's brightest stars. Most recently, she served as global head of technology, media, and telecommunications banking, essentially running a unit responsible for advising some of the nation's top tech companies, including Amazon, Uber, Etsy, and eBay.

She was previously head of the firm's crucial One Goldman Sachs initiative. She also ran the IB services unit β€” an internal sales force for the investment bank aimed at boosting business opportunities and developing custom banking solutions for clients. She joined Goldman in 2005 and was named a partner in 2016.

In 2024, Posnett told BI that she doesn't buy into the concept of a star banker who wins all the business and dominates face-time with clients.

"For the firm to win, it's mission-critical that clients are comfortable with not just any one person but the entire coverage team," she said, adding that the bank will send as many as 10 bankers to meet with a prospective client. "Because if they're just comfortable with one individual, that's not really scalable, and that creates risk across generations."

Selected transactions:

  • Advised Twitter, now known as X, in its $44 billion sale to Tesla founder Elon Musk
  • Advised eBay in the $4 billion sale of StubHub to Viagogo
  • Advised Silverlake in its $13 billion announced take-private of Endeavor
  • Reddit IPO

Matt McClure

Matt McClure
Matt McClure

Goldman Sachs

McClure has made his name as a banker to Goldman's industrial sector clients. During the pandemic years, for example, he crafted a variety of innovative structures to secure funds for companies that needed extra capital to get through a tough period in the travel industry.

As BI reported in 2020, McClure helped Goldman underwrite $120 billion across 85 debt financings for clients in the struggling transportation sector, including Delta, United Airlines, and Norwegian Cruise Line.

McClure helped United deploy what he characterized at the time as a "first-of-its-kind" transaction to raise nearly $7 billion in debt by leveraging the airline's frequent flyer program. Traveler rewards programs were previously an untapped source of liquidity, McClure told BI at the time.

"The way I would think about it is that you're extracting value from that asset class that perhaps wasn't being fully appreciated by the market," he said.

McClure joined Goldman Sachs in 1999 and was named a partner in 2010. Business Insider included McClure on a list of top investment bankers for 2019 based on total merger volume. McClure ranked fourth, having completed more than $101 billion worth of M&A transactions that year, according to data from MergerLinks.

Selected transactions:

  • Represented Amcor in its reported $8.4 billion announced acquisition of Berry Global
  • Helped facilitate Boeing's $24 billion capital raise
  • $3.9 billion announced sale of Masonite to Owens Corning
  • Canadian Pacific's $31 billion stock-and-cash acquisition of Kansas City Southern

Anthony Gutman

Gutman has headed up the Europe, Middle East, and Africa investment-banking divisions at Goldman and previously ran investment banking and IB services for Goldman in the United Kingdom.

He joined the firm in 2007 as a managing director and was elevated to the partnership in 2012. Before that, he worked at Citigroup. He was named co-head of UK investment banking alongside another senior partner, Mark Sorrell, in 2011, according to the publication Financial News. Previously at Goldman, he had served as co-COO of UK investment banking alongside Sorrell, and they were both promoted at the same time.

At Citi, Gutman was a managing director and head of hotels and leisure M&A, per FN.

Reed Alexander is a correspondent at Business Insider. He can be reached via email at [email protected], or SMS/the encrypted app Signal at (561) 247-5758.

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I've taught kids in multiple countries. I believe these 3 life skills are more important to teach students than anything academic.

22 January 2025 at 09:42
a classroom of children painting with one girl holding up her artwork
The author has taught in schools around the world.

Caiaimage/Robert Daly/Getty Images

  • I'm a teacher who taught in Australia, England, and Switzerland.
  • These educational systems were drastically different, but most of them prioritized academics.
  • Instead, students need to learn these skills: critical thinking, creativity, and self-awareness.

When I left Australia to continue teaching overseas, I was told that my beliefs about education would be tested. Ten years later, after teaching in several countries, I couldn't agree more.

When I was in the Australian system, teachings about health and relationships were excellent, and science and literacy were brilliantly paired. However, the curriculum poorly represented Indigenous Australian peoples and their history.

I then found the British educational curriculum to be incredibly thorough. Grammar, maths, and history lessons are in-depth and, for the most part, pretty interesting. However, the curriculum is so packed that it places unrealistic expectations on both staff and students. I found it to be incredibly stressful.

In stark contrast, after moving to Switzerland, I taught at a Swedish international school. The Swedish system only focuses on "academic" skills like reading and writing after the age of 7. It took me time to adjust, but I quickly came to see that there is a very good reason for this approach: It frees up time for young children to really learn about themselves and the world they live in.

After all, it's not academic knowledge that is most beneficial to our children; this can be learned at any time in life. But it's crucial to learn soft skills at an early age.

From all my teaching experiences, I believe these three life skills are the most important.

Critical thinking

Our children live in a world of extremely influential social media, frantic news coverage, and AI-generated content. Children need to be taught how to navigate opinionated information, questioning who is creating the content and what purpose it serves.

Encouraging critical thinking also means giving our children the space and tools to listen, discuss, and respectfully defend their individual opinions β€” and, importantly, be open to changing their viewpoints based on new evidence.

I've had many philosophical discussions with people, only to get up from the carpet and be reminded that my conversation partners were 4 years old. Children are deep thinkers, and we can choose to squash their beliefs or encourage them to develop a stronger understanding of themselves and others.

Self-awareness

Comprehending what's going on in our bodies and brains has a huge impact on how we treat ourselves and the people around us.

Children need to be taught to listen to their own body signals (such as clenched muscles when feeling stressed) and emotional signals (such as feeling irritable when tired).

When they are able to identify what's happening, they can make informed choices about what they need β€” such as slow breathing, resting, or seeking support.

That said, not all stress is bad. We tell children that learning is fun, and often it is, but it's also challenging because our brains are forming new cognitive pathways. Helping children develop a growth mindset is vital. When people have a growth mindset, they understand that what they can't do yet, they will be able to do with time and persistence. They're also better equipped to solve problems that come their way.

Creativity

When we think of creativity, we often automatically think of the arts, but this skill includes any type of problem-solving β€” from choosing an appropriate mathematical equation to resolving a conflict with a friend.

Creativity is nurtured through space and time to think, test ideas, learn from the results, and then choose the next steps. It is open-ended and often self-led. It's not a coincidence that these are also the skills involved in entrepreneurial projects β€” from launching a successful business to solving problems in the community.

The soft skills, like creativity, we teach our children will continue to influence them throughout their lives.

After 10 years of teaching, I saw that I could impact children's learning differently, so I transitioned to children's illustration.

Now, I use my educator background to make accessible art with meaningful messages, helping kids to process their emotions, connect with others, and act with kindness. By immersing our children in important messages and targeted teaching, we can help them to internalize the skills and understandings that will enable them to thrive in any context.

Rita Jane taught in elementary schools for 10 years. She is now a children's illustrator based in Paphos, Cyprus. Connect on LinkedIn, and find her illustrations on Instagram.

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Musk wants federal workers back in the office, but a union boss calls it 'political BS'

22 January 2025 at 09:41
Elon Musk arrives for the inauguration of U.S. President-elect Donald Trump in the U.S. Capitol Rotunda on January 20, 2025 in Washington, DC.
Β 

Kenny Holston-Pool/Getty Images

  • A union boss said Elon Musk was unfairly criticizing the federal workforce.
  • Musk has pushed for an RTO for federal workers, saying the status quo is "not fair."
  • Randy Erwin, the union leader, said Musk was too dismissive of their contributions.

The head of a major union of federal employees said he didn't think Elon Musk understood who federal workers are or what they do.

"I don't think he knows the first thing about federal government," Randy Erwin, the national president of the National Federation of Federal Employees, told Business Insider in an interview.

"Frankly, I don't think he cares," he added.

Erwin spoke with BI after President Donald Trump signed an executive order Monday mandating that federal government employees return to the office.

It gave effect to an idea long championed by Musk and his Department of Government Efficiency.

In November, Musk, appointed to head up the new enterprise, laid out a vision of a return-to-office mandate for federal workers.

In a joint Wall Street Journal op-ed with Vivek Ramaswamy, who has since exited DOGE, the pair outlined their plans to cut costs and downsize the federal government.

"Requiring federal employees to come to the office five days a week would result in a wave of voluntary terminations that we welcome," they wrote.

"If federal employees don't want to show up, American taxpayers shouldn't pay them for the Covid-era privilege of staying home," they added.

On Tuesday, Musk wrote on X, the platform he owns, that "pretending to work while taking money from taxpayers is no longer acceptable."

In another post, he said the executive order was about "fairness."

He wrote: "It's not fair that most people have to come to work to build products or provide services while Federal Government employees get to stay home."

Erwin said the image of the work-shy civil servant was untrue.

"There's this myth that federal workers aren't coming to work," Erwin said, describing the talking point as "a bunch of political BS."

A report by the Office of Management and Budget in August said that most of the 2.3 million civilians employed by the federal government already work in person, with 54% on-site and 10% fully remote.

Erwin said he believes Musk views federal workers as "innovation-blocking bureaucrats."

"I've got 110,000 members. Not a single one would fit that description," he said. "They're out there, spread across the country, providing valuable services to the American people."

Erwin added: "I don't think he knows the first thing about the federal workforce, who they are, where they are, and the valuable services that they provide."

He was joined by another union leader in condemning the RTO mandate β€” Everett Kelley, who leads AFGE, the largest federal employee union, with some 800,000 members.

In a statement, he described remote work as "a critical tool for federal agencies to maintain continuity of operations in emergencies, increase disaster preparedness, and improve efficiency."

Erwin told BI that working from home was part of the appeal of government jobs, which typically pay less than private-sector ones. Without it, it would be harder to retain talent, he added.

"When you can't make anywhere near what you could be making in the private sector, some family, flexible work policies become a very, very important thing," he said.

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US Air Force F-15E strike fighters are rocking new electronic warfare tech meant to make them harder to kill

22 January 2025 at 09:31
An F-15E assigned to the 492nd Fighter Squadron takes off at RAF Lakenheath.
An F-15E assigned to the 492nd Fighter Squadron takes off at RAF Lakenheath.

US Air Force photo by Airman 1st Class Jessi Monte

  • The US Air Force just got its first F-15 fighter aircraft upgraded with new technology.
  • The technology is designed to improve the electronic warfare capabilities of the decades-old jets.
  • The Air Force hailed the development as a milestone as it looks to modernize its fourth-gen planes.

The US Air Force just received its first F-15 fighter jets upgraded with advanced electronic warfare capabilities, a significant milestone for the decades-old aircraft.

The Air Force's 48th Fighter Wing said on Tuesday that two F-15E Strike Eagle aircraft equipped with the new system arrived last week at RAF Lakenheath, a British base that hosts American forces, including newer F-35A fighters.

One of the upgraded jets was assigned to the 494th fighter squadron, while the other went to the 492nd.

The new upgrade, known as the Eagle Passive/Active Warning and Survivability System, or EPAWSS, is designed to autonomously detect and identify threats to the aircraft and then take measures to disrupt them in self-defense.

The technology is intended to improve the F-15's radar warning and geolocation, among other features, giving the pilot more situational awareness when flying in highly contested environments.

An F-15E assigned to the 494th Fighter Squadron takes off at RAF Lakenheath.
An F-15E assigned to the 494th Fighter Squadron takes off at RAF Lakenheath.

US Air Force photo by Airman Madeline Herzog

Lt. Col. Timothy Causey, the 494th commander, said that "having EPAWSS operational at RAF Lakenheath significantly enhances our ability to detect and counter threats, ensuring the safety and effectiveness of our crews."

He said that "this advanced electronic warfare system, when combined with the F-35s, acts as a powerful force multiplier, transforming our operations and amplifying the 48th Fighter Wing's impact in the battlespace."

The US Air Force had been looking at ways to improve the capabilities of its F-15s, a fourth-generation fighter first introduced in the late 1980s and made by US defense contractor McDonnell Douglas, now Boeing.

F-15E fighter-bombers play an important role in US air capabilities. Jets from RAF Lakenheath were deployed to the Middle East last year as part of efforts to boost the US military's presence in the region amid tensions between Israel and Iran.

British aerospace company BAE Systems, which makes the technology, said last year after it completed operational testing that EPAWSS would allow aircraft to penetrate deeper into areas that are protected by modern air defenses.

An F-15E Strike Eagle assigned to the 494th Fighter Squadron flies above Scotland.
An F-15E Strike Eagle assigned to the 494th Fighter Squadron flies above Scotland.

US Air Force photo by Airman 1st Class Benjamin Cooper

"We're using agile software development to provide iterative upgrades to fielded EW systems β€” allowing our customers to defeat future electromagnetic threats," Amy Nesbitt, the EPAWSS program manager at BAE, said in April.

EPAWSS is standard equipment on the new F-15EX Eagle II fighters, but not the older aircraft. Around 100 older F-15E variants will receive upgrades. The Air Force earlier this month cleared the system for full-rate production under a contract worth nearly $616 million.

In its Tuesday statement, the 48th Fighter Wing hailed the delivery of the two upgraded F-15s as "a major milestone in the Air Force's ongoing efforts to modernize its fourth-generation fleet."

"By equipping these aircraft with advanced electronic warfare capabilities, the 48th FW is ensuring their readiness for operations in austere environments and supporting NATO's missions across Europe and the Pacific," the fighter wing added.

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Jamie Dimon says tariffs are an economic weapon: 'If it's a little inflationary but it's good for national security, so be it'

22 January 2025 at 09:29
Jamie Dimon
JPMorgan CEO Jamie Dimon.

Tom Williams/CQ-Roll Call, Inc via Getty Images

  • JPMorgan Chase CEO Jamie Dimon said he was looking at tariffs as an economic tool.
  • Speaking in Davos, he said they could help address trade imbalances and boost national security.
  • "National security trumps a little bit more inflation," he said.

JPMorgan Chase CEO Jamie Dimon said Wednesday that while tariffs may lead to consumer price increases, they have other potential benefits.

"They're an economic weapon, you know, depending how you use it," he told CNBC's Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland.

President Donald Trump has said he intends to hit Mexico and Canada with 25% tariffs and China with an additional 10% tariff starting February 1.

Many economists and critics have argued that US consumers ultimately bear the costs of tariffsΒ and that the strategy is at odds with Trump's promise to bring prices down.

Dimon acknowledged the debate over the policy's contribution to inflation but said there were important considerations aside from keeping costs as low as possible.

"If it's a little inflationary but it's good for national security, so be it," he said, adding, "National security trumps a little bit more inflation."

Dimon previously said he was "cautiously pessimistic" about the economy as a second Trump presidency begins, even against a backdrop of geopolitical uncertainties.

Tariffs, he said on Wednesday, can be a way to "bring people to the table" to address complex issues like unfair trade balances and state subsidies.

"We'll see how it gets played out," he said. "We're going to find out."

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I took my kids to Venice for the first time. Our trip would've been better if we'd avoided these 5 mistakes.

22 January 2025 at 09:13
Author Jamie Davis Smith smiling in Venice
I had a great time in Venice, but I made common travel mistakes that prevented our trip from being perfect.

Jamie Davis Smith

  • I went on a trip to Venice with two of my children and made travel mistakes I wish I'd avoided.
  • Our gondola ride felt overrated and I wish I'd researched more about the best places to eat.
  • The hotel I booked was actually on a different island in Venice, not the main one.

I've visited more than 65 countries and consider myself an experienced traveler.

Sometimes, I prepare for trips by doing exhaustive research, and other times, I wing it and hope for the best. I've been to Italy a few times so, on a recent trip to Venice, I decided to play things by ear.

I thought it would be a better use of my time to concentrate on other parts of the trip, which involved taking two of my children through Europe from Rome to Warsaw.

Although my kids and I had a great time in Venice, there are five travel mistakes I wish we'd avoided.

Not staying on the Venice mainland

Author Jamie Davis Smith's kids smiling on a bridge in Venice
I realized I should've spent more time planning the trip as soon as we checked into our hotel, which was not in the part of Venice I'd hoped it was.

Jamie Davis Smith

Most visitors to Venice, including us, come for the sites on the main island, like Piazza San Marco and Doge's Palace.

However, Venice is made up of over 100 islands that all include "Venice" in their address. This confused me when I was booking hotels and I ended up accidentally selecting an accommodation in Murano.

We had to take ferry rides to get from there to the main island of Venice and back throughout our trip, which ate into our travel time and budget.

I met plenty of people who intentionally chose to stay on quiet, laid-back Murano, but I wish I'd booked a hotel on the main island.

Going on a gondola ride

Like many visitors to Venice, I was convinced the highlight of our trip would be being paddled through the city's serene canals by a gondolier. However, our gondola ride was anything but the bespoke experience I'd been dreaming of.

Instead of leisurely floating through picturesque waters, our ride along Venice's main canal was mostly spent bumper-to-bumper with other boats while we listened to our gondolier chat with the gondolier in front of him.

Fortunately, we found a better way to enjoy the waters of Venice.

Later in the trip, my children and I took a laid-back rowing lesson with Row Venice, which was more fun than the gondola ride.

We learned to row a traditional Venetian boat on a nearly empty canal, and the instructor gave us a ride as part of the lesson.

Next time, I'd skip the gondola ride and book another rowing lesson.

Not getting up early

Kids walking alone the canals in Venice
We had a few rare moments without crowds during our trip to Venice.

Jamie Davis Smith

I'd heard Venice gets crowded (especially in the summer) and that getting there early is important to try to dodge crowds, but I'm a night owl.

I ignored this advice and figured that, as an experienced traveler, I'd be fine to navigate the crowds.

However, I was not prepared for just how crowded Venice's narrow streets would get during the day. We regularly found ourselves squeezing around other sweaty tourists in the narrow streets or waiting behind groups of people to look at landmarks.

I still had a great time in Venice, but I regret not setting my alarm earlier at least once to enjoy the city when it was calmer and less crowded.

Believing all Italian food is delicious

At home in the United States, Italian food is a staple of my family's diet. It's usually hard to go wrong with any pizza or pasta, so I didn't research where to eat in Venice.

I assumed all of the food in Italy would be delicious. Unfortunately, by being open to eating wherever, we wound up at a number of tourist traps with mediocre pasta and even worse pizza.

Toward the end of the trip, I started putting effort into finding the best traditional Italian food in Venice and found a few gems, including the oldest pizzeria in the city.

If I ever go back, I'll do more research about where to eat ahead of time. After all, Italy has so much incredible cuisine that there's no excuse for eating even one subpar meal there.

Not giving ourselves enough time to leave

There are no cars in Venice, so it's not possible to hop in a cab to get to the city's airport, train station, or bus depot.

On our way to leave the city, we had to navigate narrow walkways and bridges β€” with our luggage β€” on foot. Doing so took longer than expected and was stressful.

Next time, I'd allocate more time to just getting to our exit point in Venice.

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A British submarine secretly tracking a Russian spy ship hanging around undersea cables suddenly surfaced close to send a message, UK says

22 January 2025 at 09:05
A white ship and a grey ship sail side by side in blue ocean waters.
The Russian spy ship Yantar is currently in the North Sea, the UK said, for the second time since November.

UK Ministry of Defense

  • The UK has tracked a Russian spy ship in its waters twice in recent months.
  • In November, a British submarine followed the vessel and surfaced near it to turn it away.
  • British defense secretary Healey said the Russian ship is mapping undersea cables and gathering intel.

A UK submarine quietly tracked a Russian spy ship hanging around undersea cables in British waters last fall and then surfaced close to force the vessel to leave, the UK Ministry of Defense shared Wednesday.

The Russian vessel was again spotted in British waters this week, and UK Defense Secretary John Healey accused it of mapping out undersea infrastructure and gathering critical intelligence.

Healey addressed the House of Commons on Wednesday, discussing Russia's maritime activities. The Russian spy vessel Yantar, he explained, is in the North Sea after passing through British waters. Two Royal Navy vessels, the HMS Somerset and HMS Tyne, were deployed "to monitor the vessel every minute through our waters," he said.

Healey accused Yantar of mapping the UK's undersea cables in the area. "Let me be clear, this is a Russian spy ship used for gathering intelligence and mapping the UK's critical underwater infrastructure," Healey said.

Western officials have raised concerns about hybrid warfare and other threats to undersea cables critical to global data transmissions. Cables have been damaged multiple times in recent months. It remains unclear if these incidents, which have been linked to Russia and China, were intentional.

Healey said that he adjusted the Royal Navy's Rules of Engagement to allow UK vessels to sail closer to track the Yantar.

A Finnish Coast Guard vessel (right) keeps watch on the Eagle S in December.
The Russian-linked oil tanker accused of sabotaging undersea cables between Finland and Estonia was detained by Finland after the incident last month.

Jussi Nukari/Lehtikuva/AFP

This week's appearance is the second involving the Yantar sailing in British waters in recent months. Healey confirmed on Wednesday that back in November, the spy ship was "detected loitering over UK critical undersea infrastructure."Β The MOD said the same.

In response, Healey deployed three Royal Navy vessels and a maritime patrol aircraft to shadow the Yantar. He also authorized a Royal Navy submarine to surface closely to the Russian spy ship as a deterrence measure, making "clear that we had been covertly monitoring its every move," Healey said.Β 

The UK defense secretary said the incidents were the latest examples of concerning Russian activity around critical infrastructure, especially in light of recent incidents.

Russia has long engaged in hybrid warfare tactics against NATO, and those have increased since the start of the Ukraine war. These tactics, along with other hybrid warfare efforts, are seen by officials and military leaders as tricky to respond to because they're just below the threshold of conflict.Β 

The UK's response includes sanctions on ships believed to be part of Russia's Shadow Fleet and closer communications with allies on tracking movements.

Healey also said the Royal Air Force would provide a P-8 Poseidon and Rivet Joint surveillance aircraft to the Baltic Sentry NATO deployment specifically to monitor undersea cables in the Baltic Sea.Β 

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DOGE takes aim at the penny

22 January 2025 at 08:54
A melting Penny
Β 

iStock; Rebecca Zisser/BI

  • In a post on X, DOGE criticized how much it costs to produce the penny.
  • The debate over the penny, which costs more to make than it's worth, is decades old.
  • DOGE alone can't take the coin out of circulation.

Elon Musk's Department of Government Efficiency is targeting one of the federal government's most notorious examples of waste: the penny.

Getting rid of the penny would be an early test of DOGE's influence: Could it help eliminate a piece of government inefficiency that has survived decades of reform attempts?

On Tuesday, DOGE's account on X highlighted the coin's mounting costs: In fiscal year 2023, taxpayers spent more than $179 million producing over 4.5 billion pennies, with each coin costing more than three cents to make.

Despite bipartisan recognition of the penny's costs since at least the 1970s, efforts to phase out or change the coin have repeatedly stalled in Congress, making it an ideal target for DOGE's efficiency campaign.

Lawmakers were considering the questions as recently as November, when Sen. Joni Ernst of Iowa, who founded the Senate's DOGE caucus, said changing the makeup of the coin could save significant money.

Material costs are largely to blame for the penny's high cost. While the coins were originally pure copper, they've been nearly 98% zinc since 1982, per JM Bullion. But zinc isn't as cheap as it once was. According to the US Mint's 2023 report, the penny's unit cost increased by 12.9%, more than any other coin.

Fewer people are using cash at all these days, according to the Federal Reserve's 2024 report on consumer payments. While the report doesn't break down penny usage, it found that 16% of payments in 2023 were made in cash, down from 18% the year before.

It's not clear from one post if DOGE plans to officially take on eliminating the penny β€” and Musk's group alone doesn't have the power to get rid of the coin. Congress would need to pass a law stopping the distribution of the coin or, in theory, the Treasury secretary could decide that the nation doesn't need to make any more.

Other countries, including Canada and Sweden, have stopped producing their pennies, and the US ditched its half-cent coin in 1857. Data for Progress, a progressive think tank, found in a 2022 survey that 58% of people agreed that the government should stop producing new pennies.

When President Donald Trump officially entered office Monday, he signed an executive order that made DOGE a "temporary organization" within the government and limited its scope to updating the federal government's IT systems. By posting about the penny, DOGE seems to be signaling it plans to give its two cents on far more than software issues.

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