This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Residents in the states hit by Hurricane Helene who had coverage through the federal flood insurance program but let it lapse before the storm hit may be able to renew it and still be covered from the impact.
The Federal Emergency Management Agency said late Thursday that certain policyholders in seven states affected by Hurricane Helene whose insurance lapsed now have extra time to renew their coverage.
Usually people who have policies through the FEMA-run National Flood Insurance Program get a 30-day grace period after their policies expire when they can renew and still be covered for anything that happens in the grace period. The agency is extending that until Nov. 26.
For example, if someone’s policy ended on Aug. 28, they normally would have had until Sept. 26 to renew it without risking a lapse in coverage. But now they have until Nov. 26 to renew.
The agency recommends that policyholders contact their insurance company to see if this applies to them.
“By extending the grace period for renewing policies, we are giving our policyholders some breathing room and demonstrating that the National Flood Insurance Program stands with them at time of tremendous heartache and difficulty,” said Jeff Jackson, the interim senior executive of the program.
The Category 4 hurricane struck Florida’s Gulf Coast on Sept. 26 before moving north, where it dumped trillions of gallons of water across several states.
Most private insurance companies don’t carry flood insurance, and flood damage is usually not covered by homeowner’s insurance policies. The National Flood Insurance Program is the primary provider of flood insurance coverage for residential homes.
Congress created the program more than 50 years ago when many private insurers stopped offering policies in high-risk areas.
But the bumped-up grace period only helps if people have flood insurance in the first place. Experts estimate that only about 1% of homeowners in the inland areas that sustained the most catastrophic flood damage had flood insurance.
If you let your flood insurance lapse and then got hit by Helene, you may be able to renew it[/gpt3]
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Residents in the states hit by Hurricane Helene who had coverage through the federal flood insurance program but let it lapse before the storm hit may be able to renew it and still be covered from the impact.
The Federal Emergency Management Agency said late Thursday that certain policyholders in seven states affected by Hurricane Helene whose insurance lapsed now have extra time to renew their coverage.
Usually people who have policies through the FEMA-run National Flood Insurance Program get a 30-day grace period after their policies expire when they can renew and still be covered for anything that happens in the grace period. The agency is extending that until Nov. 26.
For example, if someone’s policy ended on Aug. 28, they normally would have had until Sept. 26 to renew it without risking a lapse in coverage. But now they have until Nov. 26 to renew.
The agency recommends that policyholders contact their insurance company to see if this applies to them.
“By extending the grace period for renewing policies, we are giving our policyholders some breathing room and demonstrating that the National Flood Insurance Program stands with them at time of tremendous heartache and difficulty,” said Jeff Jackson, the interim senior executive of the program.
The Category 4 hurricane struck Florida’s Gulf Coast on Sept. 26 before moving north, where it dumped trillions of gallons of water across several states.
Most private insurance companies don’t carry flood insurance, and flood damage is usually not covered by homeowner’s insurance policies. The National Flood Insurance Program is the primary provider of flood insurance coverage for residential homes.
Congress created the program more than 50 years ago when many private insurers stopped offering policies in high-risk areas.
But the bumped-up grace period only helps if people have flood insurance in the first place. Experts estimate that only about 1% of homeowners in the inland areas that sustained the most catastrophic flood damage had flood insurance.
Many of the million-dollar houses lining South Dundee Street in Tampa’s Sunset Park Isles neighborhood appeared to be hosting one huge outdoor garage sale this week.
Piles of chairs, tables, mattresses, bookshelves, chests of drawers, sofas and other household items sat unattended in the gathering dusk on Thursday evening – but these articles bore no price tags. They had been irreparably damaged by the massive storm surge that engulfed much of south Tampa in late September when Hurricane Helene barreled past the Tampa/St Petersburg metropolitan area, and their owners had stockpiled the discarded furniture for retrieval by sanitation workers.
The double whammy that Hurricanes Helene and Milton inflicted on Florida’s Gulf coast in a span of 14 days has affected Floridians from all walks of life, and hundreds of thousands now face a costly task of repair and reconstruction.
The aftermath of the storms has also refocused attention on the relatively low percentage of people who are covered by flood insurance in the event of such extreme weather events – and whether local and state government officials are doing enough to encourage homeowners to acquire such protection.
Residents walk through a flooded street in North Tampa, Florida, on Thursday. Photograph: Pedro Portal/TNS/Zuma Press Wire/Rex/Shutterstock
“No one in Florida lives more than 70 miles from a coast, but because many people aren’t technically required to have flood insurance, they don’t purchase it,” said Jeff Brandes, a St Petersburg businessman and founder of the non-profit Florida Policy Project, which conducts research on the crises the state is facing on issues such as housing, property insurance and criminal justice reform. “We should provide every incentive to people to obtain flood insurance.”
An estimated 35% of homes in Florida’s high-risk flood zones are covered by insurance policies issued by private and government-sponsored carriers, according to the US Federal Emergency Management Agency (Fema). Brandes says the corresponding figure for the entire state is closer to one in five residences.
A former state senator, Brandes introduced legislation in 2015 to promote the growth of the private flood insurance market in Florida as an alternative to the Fema-administered National Flood Insurance Protection (NFIP) program. The law has produced some impressive results to date, with the Sunshine state having five times more privately issued flood insurance policies than the neighboring state of Georgia, according to the Bloomberg financial news agency.
One recent flood victim concurs with Brandes. Steve Mastro has lived on South Dundee Street for 20 years, and storm surge from last year’s Hurricane Idalia claimed his wife’s Cadillac Escalade sports utility vehicle (SUV). Helene doubled the toll last month, destroying his Porsche Macan SUV as well as the replacement Escalade he purchased for his spouse.
The 57-year-old automobile dealer is fortunate: he took out an affordable, government-issued NFIP insurance policy when the Mastros bought their two-story house in 2004 and will be compensated for his latest losses. But he worries about younger millennial couples who can’t pay the five-figure flood insurance premiums that private carriers often pay.
“There should be some kind of fund that would allow people to pay into [and obtain coverage],” says the Syracuse, New York, native. “Flood insurance in Florida ought to be subsidized for people who really need it.”
But the current state of the insurance industry in the wake of the twin hurricanes isn’t exactly auspicious.
Just hours before Milton made landfall near Sarasota on Wednesday evening, the ratings agency AM Best warned that the hurricane “poses a significant threat to the Florida property insurance market”, in part because furniture and other debris left outside homes after Helene could become dangerous airborne projectiles.
That view was echoed by another industry analysis agency one day later. Fitch Ratings asserted that losses stemming from Milton, which it estimated to be in the range of between $30bn and $50bn, will “weaken further” the already “precarious position” of the Florida insurance market.
Flooded streets in New Port Richey, Florida, on Friday. Photograph: Mike Carlson/AP
State government officials have sought to downplay the magnitude of the damage wrought by Milton, and those pessimistic assessments drew an angry rebuke from Ron DeSantis.
“How the hell would a Wall Street analyst be able to know?” fumed the Republican state governor at a press conference. “Give me a break on some of this stuff.”
The countdown to the arrival of Milton this week was highlighted by aerial footage of the bumper-to-bumper exodus of motorists scrambling to get out of harm’s way. Spooked by the rising death toll of Helene that eventually surpassed the 200-fatality threshold, large numbers of Gulf coast residents chose to heed the strident warnings of local and state government officials urging them to evacuate as soon as possible.
Some of those folks had ignored similar admonitions in 2022 when Hurricane Ian shattered hundreds of dwellings in and around the city of Fort Myers, while others also remained in place for Helene. Not so with Milton.
“It was partly the officials in Manatee county and [the state capital of] Tallahassee saying this is really bad, and they didn’t mince any words,” said Kris Guillou, a retired automotive designer and engineer who left for the Atlanta suburb of Decatur last Tuesday.
“I don’t wish I would have stayed. I was in a shelter for Ian all night long, and the sound and the howling all night long were unnerving.”
That came as welcome news to local emergency management experts. Elizabeth Dunn, the director of Hillsborough county’s community emergency response team, had been dismayed by the complacency that so many residents in Tampa and environs displayed in the face of recent hurricanes that had menaced but never actually struck the Gulf coast’s most populous region.
This time, millions got the message loud and clear.
“I’m encouraged that people took this threat more seriously because it was headed straight for us,” said Dunn, who is an instructor in the school of public health of the University of South Florida. “This put everybody on a state of high alert, and we saw a lot more people evacuate than was the case with Ian and Helene.”
Hurricanes refocus attention to scarcity of flood insurance in high-risk Florida | Hurricane Milton[/gpt3]
Many of the million-dollar houses lining South Dundee Street in Tampa’s Sunset Park Isles neighborhood appeared to be hosting one huge outdoor garage sale this week.
Piles of chairs, tables, mattresses, bookshelves, chests of drawers, sofas and other household items sat unattended in the gathering dusk on Thursday evening – but these articles bore no price tags. They had been irreparably damaged by the massive storm surge that engulfed much of south Tampa in late September when Hurricane Helene barreled past the Tampa/St Petersburg metropolitan area, and their owners had stockpiled the discarded furniture for retrieval by sanitation workers.
The double whammy that Hurricanes Helene and Milton inflicted on Florida’s Gulf coast in a span of 14 days has affected Floridians from all walks of life, and hundreds of thousands now face a costly task of repair and reconstruction.
The aftermath of the storms has also refocused attention on the relatively low percentage of people who are covered by flood insurance in the event of such extreme weather events – and whether local and state government officials are doing enough to encourage homeowners to acquire such protection.
Residents walk through a flooded street in North Tampa, Florida, on Thursday. Photograph: Pedro Portal/TNS/Zuma Press Wire/Rex/Shutterstock
“No one in Florida lives more than 70 miles from a coast, but because many people aren’t technically required to have flood insurance, they don’t purchase it,” said Jeff Brandes, a St Petersburg businessman and founder of the non-profit Florida Policy Project, which conducts research on the crises the state is facing on issues such as housing, property insurance and criminal justice reform. “We should provide every incentive to people to obtain flood insurance.”
An estimated 35% of homes in Florida’s high-risk flood zones are covered by insurance policies issued by private and government-sponsored carriers, according to the US Federal Emergency Management Agency (Fema). Brandes says the corresponding figure for the entire state is closer to one in five residences.
A former state senator, Brandes introduced legislation in 2015 to promote the growth of the private flood insurance market in Florida as an alternative to the Fema-administered National Flood Insurance Protection (NFIP) program. The law has produced some impressive results to date, with the Sunshine state having five times more privately issued flood insurance policies than the neighboring state of Georgia, according to the Bloomberg financial news agency.
One recent flood victim concurs with Brandes. Steve Mastro has lived on South Dundee Street for 20 years, and storm surge from last year’s Hurricane Idalia claimed his wife’s Cadillac Escalade sports utility vehicle (SUV). Helene doubled the toll last month, destroying his Porsche Macan SUV as well as the replacement Escalade he purchased for his spouse.
The 57-year-old automobile dealer is fortunate: he took out an affordable, government-issued NFIP insurance policy when the Mastros bought their two-story house in 2004 and will be compensated for his latest losses. But he worries about younger millennial couples who can’t pay the five-figure flood insurance premiums that private carriers often pay.
“There should be some kind of fund that would allow people to pay into [and obtain coverage],” says the Syracuse, New York, native. “Flood insurance in Florida ought to be subsidized for people who really need it.”
But the current state of the insurance industry in the wake of the twin hurricanes isn’t exactly auspicious.
Just hours before Milton made landfall near Sarasota on Wednesday evening, the ratings agency AM Best warned that the hurricane “poses a significant threat to the Florida property insurance market”, in part because furniture and other debris left outside homes after Helene could become dangerous airborne projectiles.
That view was echoed by another industry analysis agency one day later. Fitch Ratings asserted that losses stemming from Milton, which it estimated to be in the range of between $30bn and $50bn, will “weaken further” the already “precarious position” of the Florida insurance market.
Flooded streets in New Port Richey, Florida, on Friday. Photograph: Mike Carlson/AP
State government officials have sought to downplay the magnitude of the damage wrought by Milton, and those pessimistic assessments drew an angry rebuke from Ron DeSantis.
“How the hell would a Wall Street analyst be able to know?” fumed the Republican state governor at a press conference. “Give me a break on some of this stuff.”
The countdown to the arrival of Milton this week was highlighted by aerial footage of the bumper-to-bumper exodus of motorists scrambling to get out of harm’s way. Spooked by the rising death toll of Helene that eventually surpassed the 200-fatality threshold, large numbers of Gulf coast residents chose to heed the strident warnings of local and state government officials urging them to evacuate as soon as possible.
Some of those folks had ignored similar admonitions in 2022 when Hurricane Ian shattered hundreds of dwellings in and around the city of Fort Myers, while others also remained in place for Helene. Not so with Milton.
“It was partly the officials in Manatee county and [the state capital of] Tallahassee saying this is really bad, and they didn’t mince any words,” said Kris Guillou, a retired automotive designer and engineer who left for the Atlanta suburb of Decatur last Tuesday.
“I don’t wish I would have stayed. I was in a shelter for Ian all night long, and the sound and the howling all night long were unnerving.”
That came as welcome news to local emergency management experts. Elizabeth Dunn, the director of Hillsborough county’s community emergency response team, had been dismayed by the complacency that so many residents in Tampa and environs displayed in the face of recent hurricanes that had menaced but never actually struck the Gulf coast’s most populous region.
This time, millions got the message loud and clear.
“I’m encouraged that people took this threat more seriously because it was headed straight for us,” said Dunn, who is an instructor in the school of public health of the University of South Florida. “This put everybody on a state of high alert, and we saw a lot more people evacuate than was the case with Ian and Helene.”
The Denver-Aurora-Lakewood Consumer Price Index showed no movement between July and September, although various items in the basket of goods to measure inflation did shift around, according to an update Thursday from the U.S. Bureau of Labor Statistics.
Annual inflation rose 1.4% in September in metro Denver, matching the 1.4% annual pace seen in July. Denver’s inflation rate is running cooler than the 2.4% rate measured nationally in September with only Tampa, Fla., having a lower rate.
Housing costs, a dominant item in the CPI, are down 0.6% over the past two months and up 1.4% on the year, matching the overall rate.
Prices for food eaten at home are down 1.1% since July and down 0.4% on the year, with a 5.2% annual decline in meat, poultry, fish and egg costs helping bring them lower. Prices in most food categories moved lower as summer came to an end, exceptions being cereals and baked goods and “other” items eaten at home.
The cost of eating out, however, remains a pinch point for Denver-area consumers, with prices up 0.5% since July and 5.8% since September 2023.
Energy prices have fallen 8.7% in the past year led by a sharp drop in natural gas prices, which should help consumers out whenever winter arrives. Gasoline prices are down 12.2% on the year, although they rebounded 2.2% between July and September.
Clothing costs, which had been falling much of the year, shot up 6.8% since July but remain 5% below year-ago levels. Other goods and services, a broad category, saw prices increase 7.15% in the past year and are up 1.75% since July.
Used car prices fell 4.3% in the past two months, while new car prices were down 0.3%.
The good news on inflation in metro Denver, however, was overshadowed by stronger-than-expected gains in prices nationally, which had analysts questioning whether the Federal Reserve will continue on the path of aggressive rate cuts it started on in September.
“This is not what the Fed wanted to see after its bold move in September and virtually rules out another large cut in November. While we still lean toward a quarter-point reduction, much will depend on whether we see a second straight strong jobs report in October,” said Sal Guatieri, a senior economist with BMO Capital Markets in a research note.
After a period of noteworthy escalation marked by higher consumer prices and intense discussions amongst economic observers and policymakers, signs are emerging that inflation appears to be flattening out in an encouraging development for households and economies worldwide.
In recent months, the dramatic climb in inflation sparked concerns about the global economic recovery post-COVID-19 and elevated fears about the possibility of a longer-term inflationary trend. Although inflation is widely accepted as a naturally occurring economic phenomenon, its rapid rise was alarming, primarily because of the potential to erode purchasing power, increase the cost of living and create instability in financial markets.
The early years of the pandemic saw massive disruptions in supply chains, culminating in a sharp increase in raw material prices, which businesses passed onto their customers in the form of higher costs. Concurrently, the stimulus policies to buffer economies from the pandemic’s impacts led to burgeoning demand, sending inflation rates soaring.
However, current data suggests that the steep inflationary curve is starting to level off. The flattening could mean the feared return of persistent high inflation might not materialize, providing much-needed relief for consumers, businesses, and policymakers. Economists regard the fallout from the pandemic as likely to produce temporary rather than enduring inflationary pressure.
Reviewing the economic indicators reveals that raw material prices, previously escalating at a rapid pace, have started to stabilize. From lumber to metals, commodities that played a crucial role in driving inflation upward are showing signs of easing. Likewise, semiconductor shortages, a significant contributor to the spiking prices of consumer electronics and automobiles during the pandemic, are beginning to recover.
Furthermore, as more of the world receives the COVID-19 vaccines, the global economy is working towards rebuilding itself. As this continues, supply chains once interrupted can subsequently regain stability, alleviating the price pressures and mitigating demand-pull inflation. The employment rates are also improving, suggesting that businesses are gaining confidence in the strength of the economic revival, thus reversing some pandemic-era wage inflation.
Central banks globally are breathing a sigh of relief as inflation rates begin to stabilize. For months, these institutions have been managing a delicate balancing act between nurturing the recovery and curbing inflation. The Federal Reserve, for instance, has consistently maintained that the inflationary surge will be transitory despite public and political pressure.
In conclusion, while the current data on inflation is encouraging, it is worth cautioning that this period of economic recovery is still subject to various uncertainties. The prospect of new virus variants, bottlenecks in global supply chains, and geopolitical tensions can all exert upwards pressures on inflation. Policymakers will have to remain vigilant and flexible to adjust their strategies as the situation evolves. However, for now, the flattening graph of inflation offers economies around the world a moment of respite and a glimmer of hope for steady recovery and stability.
As a teacher, your mission is to design an innovative assignment for your sixth grade English class. This assignment should encourage imagination, creativity, and literary comprehension.,
[/gpt3]
Inflation looks to have flattened out
Dreena Reed has Medicare coverage, so she wasn’t personally affected when Textron Aviation cut off striking workers’ health insurance. But she’s worried about her daughter’s family.
Her son-in-law is also on strike, and the company-sponsored health insurance covers him, Reed’s daughter and their kids.
“That just goes to show that they’re not caring about their employees,” she said.
Thousands of striking workers now face difficult choices: risk going without health insurance, pay high premiums while not taking home a paycheck, or cross the picket line to keep their families covered.
Members of the International Association of Machinists and Aerospace Workers Local Lodge 774 began their strike on Sept. 23 after the majority of the union’s 5,000 members rejected a contract from the aircraft maker.
One week later, the company ended striking workers’ health insurance.
Why Textron Aviation workers are striking
The union is negotiating for higher wages, better and cheaper health care coverage, stronger protections against layoffs and a better retirement plan.
IAM District 70 President Lisa Whitley said in a news release on Friday that the company’s changes in health insurance coverage have been devastating for workers.
Union members face high out-of-pocket costs, Whitley said, and the company has “gutted” dental and vision care.
“These are essential benefits, not luxuries,” Whitley said. “Workers deserve to have them restored.”
While reasons for striking vary, workers told The Beacon they want better benefits to support their families and future employees.
“We’ve got to prepare the way for the younger kids coming in,” said Clint Shockley, an IAM District 70 business representative who has been with Textron for over 20 years. “They’ve got young kids, and it’s expensive.”
Mike Briggs, who has worked at Textron for 34 years, said despite his time with the company, paid time off is limited for him and other machinists.
“We’ve got to come in here when we’re sick,” he said. “That just gets everybody else sick inside there, too.”
How striking workers can lose health insurance
Textron Aviation said in a statement it offers a comprehensive benefits package to employees when they’re working.
“Employees who report to work receive full pay and benefits beginning the day they return to work,” the spokesperson said.
Don Aubry, a labor lawyer who represents unions and their members, has seen striking unions lose benefits before.
He said if employers aren’t making any changes to their contract, they can cut off benefits if the contract allows it. He also said workers can lose benefits if the contract requires a certain number of work hours for eligibility.
“If there is a provision already in place, I don’t see that as a unilateral change,” Aubry said. “It’s simply the existing conditions that, you know, they no longer satisfy the prerequisite for receiving the benefits.”
Textron Aviation’s website says the company offers various United Healthcare medical plan options for employees scheduled to work at least 20 hours a week.
Losing health insurance, labor educator Judy Ancel said, can deter workers from striking, especially those with children or sick family members.
“It’s clearly an attempt by the company to get people to cross the picket line and do what labor calls ‘scab’ on their fellow workers and defeat the strike,” Ancel said.
Boeing’s largest union, made up of 33,000 U.S. West Coast workers, has been on strike since Sept. 13, and the company cut workers’ health insurance on Sept. 30.
Impact on Wichita workers losing health insurance
Briggs, a technician, said he prepared for a strike and can go without working for four months.
“Luckily, I’m currently healthy, and so it’s not a big deal for me,” Briggs said. “But I know some people, you know, they have more serious conditions.”
David Slusky, a University of Kansas professor who researches health and labor economics, said lacking health insurance can have several ramifications: higher costs, worse finances and a higher risk of death due to a lack of preventive care.
He said primary care providers are also often less willing to keep existing patients or take new patients who lack insurance.
“The problem here is the tying of American health insurance to your employer, and the lack of Kansas expanding Medicaid,” Slusky said. “Those two are kind of what I would call somewhere between a policy glitch and a policy failure.”
Since the Affordable Care Act was enacted in 2010, Kansas is one of 10 states that haven’t expanded Medicaid. To get Medicaid in Kansas, an adult must be a parent or guardian with an income below 38% of the federal poverty level — less than $1,000 a month for a family of four. That has created a coverage gap for people who earn too much to qualify for Medicaid but too little to afford health insurance.
“If you’re on strike … and you are in a situation where you are actually too poor to get on the (insurance) exchanges, and you’re really, really stuck,” Slusky said. “So it’s a more and more uniquely bad situation here in Kansas versus other states in the country.”
Alternative options for health care
Striking employees can continue their coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), Textron said in its statement. Under COBRA, Textron Aviation striking employees must pay the full premium out of pocket, including what’s normally covered by their employer, and the coverage is temporary.
COBRA is not always affordable, Slusky said.
Textron Aviation’s website says when employees are working, the company pays more than 70% of health care insurance premiums for eligible employees.
The union has set up a fund to help striking workers pay for health care costs on an as-needed basis.
Union members can apply for assistance if they are unable to go without insurance due to significant health conditions, need medications or face a health emergency. Union members can visit the strike headquarters at 4646 W. Kellogg and 7223 E. Harry to apply.
In addition, union members who have a minimum of four hours of documented strike-related activity qualify for a weekly strike benefit of $350, which began on Monday, the third week of the strike.
Plane Healthy Wellness Center & Pharmacy, located on Textron Aviation’s west Wichita campus, provides health care services to Textron employees. KAKE reports that the wellness center has stayed open and will still charge a $35 copay for striking employees.
Textron Aviation is expected to meet with the negotiating committee on Thursday, Oct. 10.
Restarting talks doesn’t guarantee that both sides agree on a new contract.
Striking Textron Aviation workers lose health insurance[/gpt3]
Dreena Reed has Medicare coverage, so she wasn’t personally affected when Textron Aviation cut off striking workers’ health insurance. But she’s worried about her daughter’s family.
Her son-in-law is also on strike, and the company-sponsored health insurance covers him, Reed’s daughter and their kids.
“That just goes to show that they’re not caring about their employees,” she said.
Thousands of striking workers now face difficult choices: risk going without health insurance, pay high premiums while not taking home a paycheck, or cross the picket line to keep their families covered.
Members of the International Association of Machinists and Aerospace Workers Local Lodge 774 began their strike on Sept. 23 after the majority of the union’s 5,000 members rejected a contract from the aircraft maker.
One week later, the company ended striking workers’ health insurance.
Why Textron Aviation workers are striking
The union is negotiating for higher wages, better and cheaper health care coverage, stronger protections against layoffs and a better retirement plan.
IAM District 70 President Lisa Whitley said in a news release on Friday that the company’s changes in health insurance coverage have been devastating for workers.
Union members face high out-of-pocket costs, Whitley said, and the company has “gutted” dental and vision care.
“These are essential benefits, not luxuries,” Whitley said. “Workers deserve to have them restored.”
While reasons for striking vary, workers told The Beacon they want better benefits to support their families and future employees.
“We’ve got to prepare the way for the younger kids coming in,” said Clint Shockley, an IAM District 70 business representative who has been with Textron for over 20 years. “They’ve got young kids, and it’s expensive.”
Mike Briggs, who has worked at Textron for 34 years, said despite his time with the company, paid time off is limited for him and other machinists.
“We’ve got to come in here when we’re sick,” he said. “That just gets everybody else sick inside there, too.”
How striking workers can lose health insurance
Textron Aviation said in a statement it offers a comprehensive benefits package to employees when they’re working.
“Employees who report to work receive full pay and benefits beginning the day they return to work,” the spokesperson said.
Don Aubry, a labor lawyer who represents unions and their members, has seen striking unions lose benefits before.
He said if employers aren’t making any changes to their contract, they can cut off benefits if the contract allows it. He also said workers can lose benefits if the contract requires a certain number of work hours for eligibility.
“If there is a provision already in place, I don’t see that as a unilateral change,” Aubry said. “It’s simply the existing conditions that, you know, they no longer satisfy the prerequisite for receiving the benefits.”
Textron Aviation’s website says the company offers various United Healthcare medical plan options for employees scheduled to work at least 20 hours a week.
Losing health insurance, labor educator Judy Ancel said, can deter workers from striking, especially those with children or sick family members.
“It’s clearly an attempt by the company to get people to cross the picket line and do what labor calls ‘scab’ on their fellow workers and defeat the strike,” Ancel said.
Boeing’s largest union, made up of 33,000 U.S. West Coast workers, has been on strike since Sept. 13, and the company cut workers’ health insurance on Sept. 30.
Impact on Wichita workers losing health insurance
Briggs, a technician, said he prepared for a strike and can go without working for four months.
“Luckily, I’m currently healthy, and so it’s not a big deal for me,” Briggs said. “But I know some people, you know, they have more serious conditions.”
David Slusky, a University of Kansas professor who researches health and labor economics, said lacking health insurance can have several ramifications: higher costs, worse finances and a higher risk of death due to a lack of preventive care.
He said primary care providers are also often less willing to keep existing patients or take new patients who lack insurance.
“The problem here is the tying of American health insurance to your employer, and the lack of Kansas expanding Medicaid,” Slusky said. “Those two are kind of what I would call somewhere between a policy glitch and a policy failure.”
Since the Affordable Care Act was enacted in 2010, Kansas is one of 10 states that haven’t expanded Medicaid. To get Medicaid in Kansas, an adult must be a parent or guardian with an income below 38% of the federal poverty level — less than $1,000 a month for a family of four. That has created a coverage gap for people who earn too much to qualify for Medicaid but too little to afford health insurance.
“If you’re on strike … and you are in a situation where you are actually too poor to get on the (insurance) exchanges, and you’re really, really stuck,” Slusky said. “So it’s a more and more uniquely bad situation here in Kansas versus other states in the country.”
Alternative options for health care
Striking employees can continue their coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), Textron said in its statement. Under COBRA, Textron Aviation striking employees must pay the full premium out of pocket, including what’s normally covered by their employer, and the coverage is temporary.
COBRA is not always affordable, Slusky said.
Textron Aviation’s website says when employees are working, the company pays more than 70% of health care insurance premiums for eligible employees.
The union has set up a fund to help striking workers pay for health care costs on an as-needed basis.
Union members can apply for assistance if they are unable to go without insurance due to significant health conditions, need medications or face a health emergency. Union members can visit the strike headquarters at 4646 W. Kellogg and 7223 E. Harry to apply.
In addition, union members who have a minimum of four hours of documented strike-related activity qualify for a weekly strike benefit of $350, which began on Monday, the third week of the strike.
Plane Healthy Wellness Center & Pharmacy, located on Textron Aviation’s west Wichita campus, provides health care services to Textron employees. KAKE reports that the wellness center has stayed open and will still charge a $35 copay for striking employees.
Textron Aviation is expected to meet with the negotiating committee on Thursday, Oct. 10.
Restarting talks doesn’t guarantee that both sides agree on a new contract.
MAS-licensed Arta Finance launches in Singapore and internationally
Arta announces partnerships with Wio Invest for its Wealth-as-a-service offering for banks and financial institutions globally
Arta unveils Arta AI Copilot – a number of AI-enhanced experiences on its wealth platform
Arta welcomes Ralph Hamers as external advisor
SINGAPORE, Oct. 11, 2024 /PRNewswire/ — Fast-growing digital wealth management platform Arta Finance today launched globally. Arta’s platform is now open to accredited investors in Singapore and to international investors open to managing their wealth in Singapore – a global wealth hub where an expected 1.6 million offshore investors are expected to manage $4.8 trillion in assets by 2028. The international launch follows Arta’s successful debut in the US in October 2023.
Arta today also took a major step on its B2B journey with the announcement that Abu Dhabi’s Wio Invest would be the first of many to integrate the Arta wealth-as-a-service platform into their digital platform, to create a new wealth management offering for its clients in the Middle East, pending regulatory approval. Wio Invest, a forward-thinking Middle Eastern fintech, is regulated by the Securities and Commodities Authority (SCA) and backed by Abu Dhabi Development Company (ADQ), a prominent institution.
Arta’s wealth platform offers a curated deal flow that includes private investments from exclusive fund managers, intelligent public market strategies, and innovative structured products, without the sales pressure, opaque pricing and manual processes found in many other financial institutions.
Commenting on the international launch, Arta CEO Caesar Sengupta said: “Arta is at the intersection of some powerful trends, including the personalisation and democratisation of wealth management, the huge growth and opportunity in private market investing, and the use of AI to create capabilities that have previously only been the preserve of the ultra-wealthy. We are now taking a major leap forward with our international launch and can’t wait to bring the Arta wealth platform and AI Copilot to the global community in the months and years ahead.”
The ‘wealth-as-a-service’ platform for banks and financial institutions is a new B2B offering by Arta. It was done with support from the venture building team of the Singapore Economic Development Board (EDB), which worked closely with Arta to incubate this offering during the early stages of the concept. This cloud-based platform empowers partner banks to serve their clients better and meet evolving demands with faster time-to-market for innovative wealth management products, services, and technology. Banks can choose from integrating Arta AI Copilot capabilities, to embedding Arta’s investment solutions into their platforms, to fully white-labelling the Arta platform — enhancing their digital capabilities and unlocking growth in new wealth segments.
To help integrate a cloud and AI-native wealth platform into legacy systems at partner banks, Arta is also announcing partnerships with leading cloud provider Google Cloud and global management and technology consultancy Capco to provide solutions for banks looking to adopt Arta’s technology.
Amanda Ong, Head of International Expansion commented: “The launch of the B2B business is an extension of Arta’s mission, enabling us to partner with banks and financial institutions in a way that is wholly complementary to their current offering. We are proud to welcome Wio as our launch partner and look forward to growing together.”
AI drives leap in wealth tech
Arta also launched the first-of-its-kind AI Copilot, purpose-built for wealth management and finance. This patent-pending technology empowers Arta’s members to make smarter investment decisions – ideate, analyse, and monitor their portfolios with the tools and insights that usually require large teams of relationship managers, private bankers, and investment analysts.
Unlike commonly available AI chatbots or apps, Arta’s AI systems are purpose-built for applications in wealth and finance and exploit the reasoning capabilities of the latest large language models. Arta’s AI stack employs several models that work in conjunction with each other – including commercially available closed source models, fine-tuned open source LLMs and several custom built AI/ML models created by Arta’s researchers. These models have access to high-quality public and proprietary data including large financial and risk data sets for training and inference. This enables Arta to combine the fluency of LLMs with the time sensitivity, hard mathematical rigour and explainability necessary for investment and financial applications. Its AI stack, like the rest of Arta’s infrastructure, is highly privacy-preserving and uses encryption at rest and in transit for all user data.
Singapore Minister of State for Trade and Industry and MAS board member, Alvin Tan was on hand to help launch Arta in the City State, alongside investors, fund managers, partners, and clients. The company has established key functions in Singapore including engineering, marketing, product, design and operations and a number of its global leads including its CEO are based in Singapore.
Arta welcomes Ralph Hamers as external advisor
Arta also today welcomes Ralph Hamers as an external senior advisor, providing strategic guidance as the company grows internationally. Ralph Hamers is an advisor to established and new players in the global financial sector. He developed a special knowledge in digitalisation of processes and client offerings. Hamers previously was CEO with UBS and ING
Commenting on his role as senior advisor to Arta, Mr Hamers said:
“A central focus of my leadership has been to take legacy businesses and digitalise, integrating front-to-back technology to drive efficiencies and make the lives of clients and colleagues easier. This often needs major and multi-year transformations in well-established organisations. With Arta, I see the enormous opportunity of having incredibly smart people from the worlds of technology and finance coming together to build a platform that is more than ready to take its place amongst the world’s leading wealth managers.”
Mr. Hamers becomes part of a distinguished group of early investors in Arta, which includes more than 140 technology and finance leaders, such as ex-Google CEO Eric Schmidt and Mastercard CEO Michael Miebach.
The Arta wealth platform is now available globally to all accredited investors on desktop and mobile. Early members will get their first investment up to $100K managed free for life by Arta (terms and conditions apply). To learn more about Arta, please visitartafinance.com.
Important Disclosures Arta Wealth Management Pte. Ltd. (“Arta Finance”) is licensed by the Monetary Authority of Singapore (“MAS”) whose products and services are only available to Accredited Investors.
Investing in securities involves risk, and there is always the potential of losing money. Certain investments are not suitable for all investors. The content provided herein is for informational purposes only and is not investment or financial advice, tax or legal advice, an offer, solicitation of an offer, or advice to buy or sell or hold securities or investment products. This material has not been reviewed by the Monetary Authority of Singapore. For additional disclosures related to Arta Finance, please visithttps://artafinance.com/sg/disclosures.
About Arta Finance: Founded by ex-Google executives, Arta Finance is a digital wealth platform for the savvy that enables more people to access the “financial superpowers” of the ultra-wealthy. The platform provides access to private market investments from elite fund managers, intelligent public market strategies and structured products, and sophisticated financial services such as insurance and estate planning. Headquartered in the US and Singapore, Arta serves its members directly as well as empowering partner financial institutions to expand wealth management to new clients. Arta is backed by Peak XV, Ribbit Capital, Coatue, EDBI, and over 140 luminaries in tech and finance.
Global integrated banking platform, Arta Finance, has announced a monumental partnership with Abu Dhabi’s Wio Invest to launch ‘Wealth-as-a-Service’ for banks worldwide. Along with this announcement, Arta Finance revealed Arta AI Copilot, its innovative digital wealth assistant, designed to revolutionise how people handle their finances.
This strategic partnership promises an innovative and future-focused solution for financial institutions worldwide, integrating wealth management with smart AI-powered technologies.
Arta Finance is a leading fintech firm offering revolutionary solutions for banks and financial institutions. Its latest offering aims to simplify and redefine the wealth management processes adopted globally by banking institutions. Abu Dhabi’s Wio Invest, an asset management firm with a strong track record in wealth management, brings its significant experience and expertise to this exciting new collaboration.
The partnership will give birth to a groundbreaking Wealth-as-a-Service platform, providing solutions to banks and financial institutions across the globe. This platform will offer end-to-end wealth planning and investment strategies, through streamlined implementation strategies, optimized operations, and enhanced customer experiences.
This collaboration brings together Arta Finance’s digital banking capabilities and Wio Invest’s strategic asset management experience. Together, they intend to support banks in their journey to digital transformation by providing them with competitively priced, comprehensive solutions.
At the heart of this new service is the newly-unveiled Arta AI Copilot, an AI-driven digital wealth assistant. It is designed to provide efficient and more personalized wealth management services. The Arta AI Copilot utilizes deep learning and artificial intelligence technologies to analyze individual customer profiles, risk appetite, investment preferences, and financial goals to deliver tailored wealth management strategies.
Arta Finance is optimistic that the AI Copilot will redefine how customers handle their wealth and will significantly enhance customer experiences in wealth management by providing a convenient, efficient, and personalized solution.
Commenting on the strategic collaboration, the CEO of Arta Finance, stated, “This partnership reaffirms our commitment to using advanced technologies like AI to provide strong, dependable financial solutions. We’re confident that the new Wealth-as-a-Service platform, backed by AI and powered through this strategic partnership, will transform the banking experience for customers globally.”
Meanwhile, the CEO of Wio Invest noted, “At Wio, we focus on maintaining our position at the forefront of the evolving asset management industry. Partnering with Arta Finance allows us to leverage their cutting-edge technology to deliver innovative and comprehensive wealth management solutions.”
In an environment where digital banking is rapidly evolving, this partnership is poised to disrupt the conventional banking system and deliver innovative value to customers across the globe. The successful integration of advanced AI with traditional wealth management services speaks volumes about the future of banking, which promises to offer far more personalized, efficient, and user-friendly experiences. As forward-thinking companies in the financial ecosystem, Arta Finance and Wio Invest surely seem to be setting the standard in what is an ever-evolving space.
Write a detailed vegetarian meal plan for a week. This plan includes breakfast, lunch, dinner, and two snack options for each day of the week.
Day 1:
• Breakfast: Overnight oats with almond milk, chia seeds, and mixed fruits
• Snack: A handful of almonds and an apple
• Lunch: Quinoa salad with tomatoes, cucumbers, olives, and feta cheese
• Snack: Whole grain toast with avocado & cherry tomatoes
• Dinner: Vegetable stir-fry with tofu served over brown rice
Day 2:
• Breakfast: Granola with Greek yogurt and fresh berries
• Snack: A banana and a handful of walnuts
• Lunch: Creamy butternut squash soup with a side of whole-grain bread
• Snack: Carrot sticks with hummus
• Dinner: Baked stuffed bell peppers with quinoa and black beans
Day 3:
• Breakfast: Toast with peanut butter and banana slices
• Snack: Sliced cucumber with tzatziki dip
• Lunch: Chickpea and vegetable curry with basmati rice
• Snack: A handful of trail mix (nuts, seeds, dried fruits)
• Dinner: Zucchini lasagna with a side salad
Day 4:
• Breakfast: Berry smoothie with spinach and flaxseeds
• Snack: Baby carrots and cherry tomatoes with hummus
• Lunch: Grilled vegetable sandwich with avocado and goat cheese
• Snack: Greek yogurt with honey and walnuts
• Dinner: Lentil soup with a side of crusty whole-grain bread
Day 5:
• Breakfast: Chia pudding with mixed berries and honey
• Snack: An orange and a handful of pumpkin seeds
• Lunch: Vegetable stir-fry with tofu served over brown rice
• Snack: Celery sticks with almond butter
• Dinner: Baked sweet potato with steamed broccoli and a dollop of Greek yogurt
Day 6:
• Breakfast: Scrambled eggs with spinach, tomatoes, and feta cheese
• Snack: A small cup of mixed fresh fruits
• Lunch: Veggie burger with a side of sweet potato fries
• Snack: A handful of almonds and dried apricots
• Dinner: Quinoa-stuffed tomatoes with a side salad
Day 7:
• Breakfast: Banana and almond milk smoothie, with a sprinkle of chia seeds.
• Snack: Baby carrots with cottage cheese
• Lunch: Lentil salad with mixed vegetables and goat cheese
• Snack: Rice cakes with peanut butter
• Dinner: Vegetable pasta with a side of garlic bread
This diverse vegetarian meal plan, packed with fresh fruits, vegetables, legume, seeds, and whole grain, ensures that your nutritional needs are well catered to, while also being deliciously satisfying.,
[/gpt3]
Arta Finance partners with Abu Dhabi’s Wio Invest to launch Wealth-as-a-Service for banks globally, unveils Arta AI Copilot
3 min read Last Updated : Oct 11 2024 | 12:06 AM IST
With little progress in establishing a protection and indemnity (P&I) entity to insure cargo vessels, the Centre is considering deploying its own funds as preliminary investment. This approach would involve private insurers and shippers contributing at a secondary stage, according to multiple officials familiar with the development.
More than a year after Union Finance Minister Nirmala Sitharaman’s unexpected announcement calling for a P&I entity, the lack of regulatory clarity and the nascency of the Indian shipping sector have slowed progress on this key initiative.
The Ministry of Ports, Shipping, and Waterways initially requested insurers and shipping companies in February to provide the first layer of insurance for shippers and shipbuilders, with reinsurance expected to be managed by larger global players in a second layer.
“We’ve held several rounds of discussions, but the quantum of funds the industry is willing to commit won’t be much. We’re exploring options, including the possibility of an initial ‘seed’ fund once legislative provisions are in place,” a senior official from the shipping ministry revealed. “This could be done directly or through the Maritime Development Fund, but we will need firm structure and clarity from the Department of Financial Services (DFS) before finalising anything.”
An inter-ministerial consultation process has been ongoing this year to create the marine insurance entity, with industry representatives participating. Officials say the finance ministry is likely to propose an amendment to the Insurance Act, allowing mutual insurance associations — a critical provision that has impeded the formation of a P&I club. For now, the government is
considering starting with a fixed premium framework.
Initially, the proposed P&I entity would cover only coastal and riverine vessels, which fall outside the international P&I framework and carry a lower risk profile, as previously reported.
The ministry is exploring international partnerships to pool funds for the insurance entity, potentially with government-backed funds or other P&I clubs, the official said, adding, but this would occur later, when the entity would be handling export-import cargo.
A senior finance ministry official noted that Indian-owned ships are currently insured in various countries, with premiums substantially higher for vessels navigating volatile regions like West Asia and Russia. “They (the shipping ministry and other stakeholders) want to explore options, possibly a mutual insurance model. India’s marine insurance sector is not very mature in providing coverage for shipping. We are trying to establish a mechanism to address this,” he explained.
“This will take time; talks are ongoing. It’s a significant decision, and we need to coordinate our efforts to make it successful. However, no timeline has been set,” said a top executive at a public sector insurance company involved in the consultative process.
Queries sent to the Ministry of Ports, Shipping, and Waterways, as well as the Ministry of Finance, remained unanswered until publication.
P&I insurance offers shipowners coverage against costs in the event of accidents that could impact cargo, human lives, and the environment. This coverage is typically provided through not-for-profit clubs of like-minded shipowners. The International Group, comprising 12 P&I clubs, offers marine liability coverage to approximately 90-95 percent of the world’s sea tonnage.
Centre considers seed funding to establish a shipping insurance entity | Economy & Policy News[/gpt3]
3 min read Last Updated : Oct 11 2024 | 12:06 AM IST
With little progress in establishing a protection and indemnity (P&I) entity to insure cargo vessels, the Centre is considering deploying its own funds as preliminary investment. This approach would involve private insurers and shippers contributing at a secondary stage, according to multiple officials familiar with the development.
More than a year after Union Finance Minister Nirmala Sitharaman’s unexpected announcement calling for a P&I entity, the lack of regulatory clarity and the nascency of the Indian shipping sector have slowed progress on this key initiative.
The Ministry of Ports, Shipping, and Waterways initially requested insurers and shipping companies in February to provide the first layer of insurance for shippers and shipbuilders, with reinsurance expected to be managed by larger global players in a second layer.
“We’ve held several rounds of discussions, but the quantum of funds the industry is willing to commit won’t be much. We’re exploring options, including the possibility of an initial ‘seed’ fund once legislative provisions are in place,” a senior official from the shipping ministry revealed. “This could be done directly or through the Maritime Development Fund, but we will need firm structure and clarity from the Department of Financial Services (DFS) before finalising anything.”
An inter-ministerial consultation process has been ongoing this year to create the marine insurance entity, with industry representatives participating. Officials say the finance ministry is likely to propose an amendment to the Insurance Act, allowing mutual insurance associations — a critical provision that has impeded the formation of a P&I club. For now, the government is
considering starting with a fixed premium framework.
Initially, the proposed P&I entity would cover only coastal and riverine vessels, which fall outside the international P&I framework and carry a lower risk profile, as previously reported.
The ministry is exploring international partnerships to pool funds for the insurance entity, potentially with government-backed funds or other P&I clubs, the official said, adding, but this would occur later, when the entity would be handling export-import cargo.
A senior finance ministry official noted that Indian-owned ships are currently insured in various countries, with premiums substantially higher for vessels navigating volatile regions like West Asia and Russia. “They (the shipping ministry and other stakeholders) want to explore options, possibly a mutual insurance model. India’s marine insurance sector is not very mature in providing coverage for shipping. We are trying to establish a mechanism to address this,” he explained.
“This will take time; talks are ongoing. It’s a significant decision, and we need to coordinate our efforts to make it successful. However, no timeline has been set,” said a top executive at a public sector insurance company involved in the consultative process.
Queries sent to the Ministry of Ports, Shipping, and Waterways, as well as the Ministry of Finance, remained unanswered until publication.
P&I insurance offers shipowners coverage against costs in the event of accidents that could impact cargo, human lives, and the environment. This coverage is typically provided through not-for-profit clubs of like-minded shipowners. The International Group, comprising 12 P&I clubs, offers marine liability coverage to approximately 90-95 percent of the world’s sea tonnage.
Kamala Harris is depicted on NBC News accepting the Democratic presidential nomination. Screenshot: Press Gazette
Most of the world’s most-visited English-language news sites grew traffic year-on-year in August, despite month-on-month traffic declines.
American and British news sites saw the sharpest month-on-month contractions coming out of a busy July that saw the opening of the Paris Olympics, Joe Biden dropping out of the presidential race and an assassination attempt on Donald Trump.
Indian news sites, on the other hand, were among the most resilient of the top 50 newsbrands in August. Five of the 12 sites that grew their traffic were Indian, and a further two Indian brands kept visits steady compared with July.
Year-on-year, the fastest-growing site in August was again Newsweek (up 141% to 134.9 million visits), which has registered as either the fastest or second-fastest growing brand year-on-year every month since December 2023.
Newsweek was followed by ABC News (78.1 million visits, up 71% year-on-year), People (205.2 million, up 53%) and newsletter platform Substack (82.9 million, up 45%).
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Here too Indian websites are well-represented, with Indiatimes (194.2 million, up 41% year-on-year) and DNAIndia.com, (72.1 million, up 38%), also known as Daily News and Analysis, ranking as the sixth and eighth-fastest growing top 50 news sites respectively.
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Among the ten most-visited English language news sites the picture is mixed, with another Indian site, CNN partner News18.com (254 million visits) growing traffic 11% year-on-year to enter the top ten for the first time in ninth place. The next fastest-growing among the top ten was The New York Times (536.4 million, up 9%) and msn.com (640.4 million, up 3%).
The fastest decliner among the top ten was Mail Online, which saw visits drop 18% year-on-year to 314.8 million.
The Mail saw the third-largest drop year-on-year among the whole top 50. The second largest, despite the success of other Indian sites, was IndiaToday.in (99.6 million visits, down 22%) and fellow British tabloid Mirror.co.uk (71 million, down 35%).
Month-on-month DNAIndia was the fastest grower, seeing visits rise 49% compared with August. It was followed by India.com (99 million, up 29%) and Canada’s CBC (97.1 million, up 31%).
Relatively few sites saw rapid month-on-month growth in August, however, with five of the top 50 registering double-digit traffic increases.
Most of the biggest fallers were big names in breaking news who saw traffic correct after the bumper July. NBC News shed the most visitors month-on-month, dropping 28% to 109.2 million. It was followed by ABC News which – despite seeing the second-greatest growth year-on-year – lost 17% of its visitors compared with July.
Among the ten largest English-language sites globally there was little growth month-on-month, with Yahoo Finance (240.5 million) growing visits 2% and News18 growing them 0.2%. The rest of the top ten saw traffic contractions, led by CNN (607.2 million, down 14% month-on-month), Fox News (324.5 million, down 12% month-on-month) and Mail Online (down 8% month-on-month).
Continue reading for previous months’ coverage of the world’s top 50 websites for news:
July 2024
Most of the world’s biggest news website saw strong growth in July in what was a bumper month for news.
July saw an assassination attempt against Donald Trump, Joe Biden announcing he would not stand for re-election as US president and the start of the Paris Olympics (see in-depth coverage of Olympics news web traffic here).
The fastest-growing English language news websites in the world were mainly based in the US with Newsweek, ABC News and AP News all up more than 100% year on year. All of the fastest-growing sites in our top 50 were US-based with the exception of India-based NDTV.com.
Seven out of the top ten English language news websites in the world grew year on year, with CNN and Fox News both up more than 20%.
The biggest news website in the world remains the BBC with 1.2 billion visits per month (although it should be noted this includes the entire BBC website domain, not just the news section).
Month on month ABC News in the US was the fastest-growing global top-50 news website, up 79%, with UK-based Sky News the third fastest-growing site globally up 47%.
May 2024
Note: Figures from May 2024 and earlier were calculated using an old Similarweb data model that has since been updated.
The BBC was the fastest-growing of the ten biggest news websites in the world in May, according to Press Gazette’s updated ranking.
Visits to the website of the UK’s flagship broadcaster were up 9% in May compared to April to 1.1 billion. While Similarweb data includes traffic to the BBC’s entertainment and other content too, the site has a major news offering.
It was followed by Fox News (292 million, up 8%), New York Times (685.5 million, up 4%) and Google News (383.2 million, up 3%), according to digital intelligence platform Similarweb.
None of the top ten sites saw smaller audiences in May compared to April, although the audiences to the Daily Mail (364.9 million) and India Times (287.9 million) were largely unchanged from last month.
Year-on-year, among the top ten news sites by number of visits India Times was again the fastest-growing site (up 67% compared to May 2023). It was followed by the New York Times (up 19%), Yahoo Finance (248.2 million, up 10%), The Guardian (368.2 million, up 5%) and the BBC (up 4%).
Among the wider top 50, AP saw the biggest growth with visits to the newswire’s site up 20% month-on-month to 115 million. British newsbrands Sky News (77.2 million visits, up 14% month-on-month) and the Express (92.6 million, up 11%) also made the fastest-growing list.
Year-on-year Newsweek was the fastest-growing top 50 site in a list largely dominated by Indian newsbrands. Visits to newsweek.com were up 170% compared to last May to 107.4 million. Al Jazeera (63.9 million, up 55%), AP News (up 48%) and People (205.2 million, up 39%) also made the list.
The BBC was again top of the table for visits. It was followed by MSN (686 million), New York Times, CNN and Google News. The order of the top five is unchanged from last month. The Guardian in sixth place was the best-ranked UK newsbrand after the BBC.
April 2024
India Times was the biggest-growing news website in the world in April, according to Press Gazette’s updated ranking.
Visits to the website of digital giant were up 87% year-on-year to 287.6 million as the world’s most populous country undertakes elections. It was followed by Yahoo Finance (243.9 million, up 20%), The New York Times (657 million, up 15%) and The Guardian (366.5 million, up 10%).
The remainder of the top ten newsbrands in contrast did not see traffic grow year-on-year. Fox News slumped furthest with traffic falling to 269.3 million, down 14% in April, while BBC saw a smaller fall of 5% year-on-year to 1 billion visits, according to data from digital intelligence platform Similarweb.
Month-on-month, among the top ten news sites by number of visits the picture was more positive with six seeing more traffic in April than in March. Top of the list was again India Times (up 8% month-on-month), followed by The Guardian (up 5%), CNN (558.2 million visits, up 3%) and the BBC (up 2%). Traffic for the remainder of the top ten was static, increasing or decreasing by less than 1% compared to March.
Among the wider top 50, five of the fastest-growing new sites year-on-year were from India with financial news site Livemint seeing the largest surge in visits compared to April 2023 (up 139% to 83.7 million). Newsweek maintained its strong growth and was the second-fastest growing, close behind Livemint with visits up 132% to 103.4 million. This echoes teh US news magazine’s strong performance in our US top 50 ranking as well.
Al Jazeera meanwhile also saw a strong month with visits up 67% year-on-year to 70.8 million. Continued interest in the war in Gaza likely lies behind the Qatari newsbrand’s strong performance in April.
Among the top 50 many of the same names that performed well year-on-year also did well in terms of month-on-month growth in visits. Indian Express led the list with visits up 36% to 156.8 million compared to March, while Al Jazeera (up 28%) and CBS News (95.4 million visits, up 24%) also saw a strong April.
The BBC was again top of the table for visits. Its monthly growth meant that it crossed the 1 billion visit threshold in April below which it had remained for the previous two months. It was followed by MSN (678.8 million), New York Times, CNN and Google News (370.9 million). The order of the top five is unchanged from last month. The Guardian fell just short of the top five in sixth place. It was the best-ranked UK newsbrand after the BBC.
March 2024
Newsweek was the biggest-growing news website in the world in March, according to Press Gazette’s updated ranking.
The news magazine saw visits to its website more than double in March, up 128% year-on-year to 104.1 million, according to data from digital intelligence platform Similarweb.
Newsweek has seen a recent run of strong growth, and was also the fastest-growing site in recent Press Gazette rankings of the top 50 news sites in the US. The newsbrand recently appointed a new executive editor, Jennifer H. Cunningham, formerly of Business Insider, who told Press Gazette her brief is to broaden Newsweek’s audience and “to enhance and augment the journalism“.
Newsweek was followed by three Indian newsbrands, ahead of national elections in the country coming between April and June: financial news specialist Livemint (82.4 million visits, up 100% year-on-year), India Times (265.4 million, up 60%) and the Hindustan Times (170 million, up 45%).
Similarly month-on-month India.com (65.9 million visits, up 44%) topped the table for growth.
Two British newsbrands also featured in the fastest growing sites month-on-month. Visits to the website of Reach’s tabloid brand Express.co.uk were up 17% compared to February to reach 76.8 million, while visits to The Independent were up 12% to 109.5 million.
Among the ten biggest sites by number of visits in March, fastest-growing year-on-year was India Times. It was followed by The New York Times (666 million visits, up 11%) and Yahoo Finance (245.9 million, up 5%).
The remainder of the ten biggest sites slumped year-on-year, with Fox News seeing the sharpest decline (269.4 million visitors, down 18%), followed by aggregator MSN (676 million, down 11%).
However all top ten sites grew month-on-month. The biggest increase in visits was for India Times, followed by New York Times (up 10% month-on-month) and CNN (539.9 million, up 9%). UK newsbrands The Daily Mail (369.3 million, up 8% compared to February) and The Guardian (349.7 million, up 7%) also saw growth of more than 5% in their number of visits.
The BBC was again top of the table for visits (992.4 million) although it remained below the one billion visit mark for the second month in a row. It was followed by MSN, New York Times, CNN and Google News (375.6 million). The order of the top five is unchanged from last month.
February 2024
India Times was the fastest-growing top ten news website in the world in February, according to Press Gazette’s updated ranking.
Visits to the Indian daily newspaper’s website were up 48% year-on-year to 234.5 million, possibly due to increased interest in news about the country given India’s upcoming general election in April.
It was followed by Yahoo Finance (241.4 million visits, up 18% year-on-year) and The New York Times (606.7 million visits, up 10%) which were second and third fastest growing among the ten biggest sites by number of visits, according to data from digital intelligence platform Similarweb.
The Guardian made a smaller gain of 2% (327.4 million visits) and the rest of the top ten reported declines compared to February last year.
Microsoft news aggregator MSN (642.2 million visits, down 14% year-on-year) and Fox News (262.9 million, down 16%) were the two top ten sites to see double-digit drops.
Month-on-month all of the top ten sites except the India Times (up 3%) saw less traffic in February compared to January. Fox News (down 16%) and the Daily Mail’s website (343.6 million visits, down 10% month-on-month) saw the biggest falls.
Yahoo Finance (down 1% month-on-month) and New York Times (down 5%) also slumped compared to January despite growing year-on-year.
Fastest-growing year-on-year among the whole top 50 was again Newsweek (79.5 million visits, up 114%) which similarly saw strong growth in its home market of the US this month. Newsweek was followed by Indian financial newsbrand Livemint (71.8 million, up 90%) and Al Jazeera (53.4 million, up 55%), repeating the order of the fastest-growing sites year-on-year in January.
Month-on-month Newsweek (up 7% compared to January) was beaten by another Indian site, Indian Express (96.8 million, up 9% month-on-month). It was followed by GB News (55.2 million, up 4%) which entered the global top 50 for the first time last month.
The BBC was again top of the table for visits (963.4 million) although it fell below the one billion visit mark it has topped in recent months. It was followed by MSN (642.2 million), New York Times (606.7 million), CNN (497.7 million) and Google News (360.9 million). The order of the top five is unchanged from last month.
Similarweb generates its traffic data by applying machine learning and modelling to the statistically representative datasets that the company collects. Datasets are based on direct measurement (i.e. websites and apps that choose to share first-party analytics with Similarweb); contributory networks that aggregate device data; partnerships and public data extraction from websites and apps. The sites in the list are based on Similarweb’s classification of news and media publishers, although Press Gazette refines the list to exclude some sites with a less news-based focus.
Continue reading for previous months’ coverage of the world’s top 50 websites for news:
January 2024
CNN was the fastest-growing top 10 news website in the world month-on-month in January, according to Press Gazette’s updated ranking.
Visits to the US cable broadcaster’s site were up 7% to reach 537.2 million compared to December, according to data from digital intelligence platform Similarweb. It reverses last month’s pattern for CNN which was the only top ten sites in December to see visits down, falling 2% between November and December.
Second fastest-growing among the biggest ten sites by number of global visits was The Guardian (360.9 million, up 7% month-on-month), while Microsoft aggregator MSN (699.6 million, up 5%) was third. All top ten sites saw month-on-month growth.
Year-on-year all of the top ten sites saw audience drops however, The Guardian, New York Times (636.3 million visits) and Yahoo Finance saw comparatively small drops in visits of less than 1% compared to January 2023. MSN saw the biggest slump in traffic for the third month in a row (down 23% year-on-year), followed by Fox News (294.8 million visits) and CNN which were both down 16% year-on-year.
Fastest-growing year-on-year among the whole top 50 was again Newsweek (74.1 million visits, up 83%) – although its traffic was lower than December. Newsweek was followed by Indian financial newsbrand Livemint (77 million, up 76%) and Al Jazeera (57.8 million, up 56%).
Month-on-month UK-based news aggregator newsnow.co.uk was top for growth with visits up 40% compared to December (58.4 million visits). It was followed by GB News (53 million, up 21%) which entered the top 50 for the first time in 50th position, and Business Insider (107.7 million, up 21%).
The BBC remained top of the table for visits and was the only site to top the 1 billion visit-threshold as in past months (1.1 billion visits), followed by MSN, New York Times, CNN and Google News (393.4 million). The order of the top five is unchanged from last month.
Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our “Letters Page” blog
Most popular websites for news in the world: Monthly top 50 listing[/gpt3]
Kamala Harris is depicted on NBC News accepting the Democratic presidential nomination. Screenshot: Press Gazette
Most of the world’s most-visited English-language news sites grew traffic year-on-year in August, despite month-on-month traffic declines.
American and British news sites saw the sharpest month-on-month contractions coming out of a busy July that saw the opening of the Paris Olympics, Joe Biden dropping out of the presidential race and an assassination attempt on Donald Trump.
Indian news sites, on the other hand, were among the most resilient of the top 50 newsbrands in August. Five of the 12 sites that grew their traffic were Indian, and a further two Indian brands kept visits steady compared with July.
Year-on-year, the fastest-growing site in August was again Newsweek (up 141% to 134.9 million visits), which has registered as either the fastest or second-fastest growing brand year-on-year every month since December 2023.
Newsweek was followed by ABC News (78.1 million visits, up 71% year-on-year), People (205.2 million, up 53%) and newsletter platform Substack (82.9 million, up 45%).
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Here too Indian websites are well-represented, with Indiatimes (194.2 million, up 41% year-on-year) and DNAIndia.com, (72.1 million, up 38%), also known as Daily News and Analysis, ranking as the sixth and eighth-fastest growing top 50 news sites respectively.
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Among the ten most-visited English language news sites the picture is mixed, with another Indian site, CNN partner News18.com (254 million visits) growing traffic 11% year-on-year to enter the top ten for the first time in ninth place. The next fastest-growing among the top ten was The New York Times (536.4 million, up 9%) and msn.com (640.4 million, up 3%).
The fastest decliner among the top ten was Mail Online, which saw visits drop 18% year-on-year to 314.8 million.
The Mail saw the third-largest drop year-on-year among the whole top 50. The second largest, despite the success of other Indian sites, was IndiaToday.in (99.6 million visits, down 22%) and fellow British tabloid Mirror.co.uk (71 million, down 35%).
Month-on-month DNAIndia was the fastest grower, seeing visits rise 49% compared with August. It was followed by India.com (99 million, up 29%) and Canada’s CBC (97.1 million, up 31%).
Relatively few sites saw rapid month-on-month growth in August, however, with five of the top 50 registering double-digit traffic increases.
Most of the biggest fallers were big names in breaking news who saw traffic correct after the bumper July. NBC News shed the most visitors month-on-month, dropping 28% to 109.2 million. It was followed by ABC News which – despite seeing the second-greatest growth year-on-year – lost 17% of its visitors compared with July.
Among the ten largest English-language sites globally there was little growth month-on-month, with Yahoo Finance (240.5 million) growing visits 2% and News18 growing them 0.2%. The rest of the top ten saw traffic contractions, led by CNN (607.2 million, down 14% month-on-month), Fox News (324.5 million, down 12% month-on-month) and Mail Online (down 8% month-on-month).
Continue reading for previous months’ coverage of the world’s top 50 websites for news:
July 2024
Most of the world’s biggest news website saw strong growth in July in what was a bumper month for news.
July saw an assassination attempt against Donald Trump, Joe Biden announcing he would not stand for re-election as US president and the start of the Paris Olympics (see in-depth coverage of Olympics news web traffic here).
The fastest-growing English language news websites in the world were mainly based in the US with Newsweek, ABC News and AP News all up more than 100% year on year. All of the fastest-growing sites in our top 50 were US-based with the exception of India-based NDTV.com.
Seven out of the top ten English language news websites in the world grew year on year, with CNN and Fox News both up more than 20%.
The biggest news website in the world remains the BBC with 1.2 billion visits per month (although it should be noted this includes the entire BBC website domain, not just the news section).
Month on month ABC News in the US was the fastest-growing global top-50 news website, up 79%, with UK-based Sky News the third fastest-growing site globally up 47%.
May 2024
Note: Figures from May 2024 and earlier were calculated using an old Similarweb data model that has since been updated.
The BBC was the fastest-growing of the ten biggest news websites in the world in May, according to Press Gazette’s updated ranking.
Visits to the website of the UK’s flagship broadcaster were up 9% in May compared to April to 1.1 billion. While Similarweb data includes traffic to the BBC’s entertainment and other content too, the site has a major news offering.
It was followed by Fox News (292 million, up 8%), New York Times (685.5 million, up 4%) and Google News (383.2 million, up 3%), according to digital intelligence platform Similarweb.
None of the top ten sites saw smaller audiences in May compared to April, although the audiences to the Daily Mail (364.9 million) and India Times (287.9 million) were largely unchanged from last month.
Year-on-year, among the top ten news sites by number of visits India Times was again the fastest-growing site (up 67% compared to May 2023). It was followed by the New York Times (up 19%), Yahoo Finance (248.2 million, up 10%), The Guardian (368.2 million, up 5%) and the BBC (up 4%).
Among the wider top 50, AP saw the biggest growth with visits to the newswire’s site up 20% month-on-month to 115 million. British newsbrands Sky News (77.2 million visits, up 14% month-on-month) and the Express (92.6 million, up 11%) also made the fastest-growing list.
Year-on-year Newsweek was the fastest-growing top 50 site in a list largely dominated by Indian newsbrands. Visits to newsweek.com were up 170% compared to last May to 107.4 million. Al Jazeera (63.9 million, up 55%), AP News (up 48%) and People (205.2 million, up 39%) also made the list.
The BBC was again top of the table for visits. It was followed by MSN (686 million), New York Times, CNN and Google News. The order of the top five is unchanged from last month. The Guardian in sixth place was the best-ranked UK newsbrand after the BBC.
April 2024
India Times was the biggest-growing news website in the world in April, according to Press Gazette’s updated ranking.
Visits to the website of digital giant were up 87% year-on-year to 287.6 million as the world’s most populous country undertakes elections. It was followed by Yahoo Finance (243.9 million, up 20%), The New York Times (657 million, up 15%) and The Guardian (366.5 million, up 10%).
The remainder of the top ten newsbrands in contrast did not see traffic grow year-on-year. Fox News slumped furthest with traffic falling to 269.3 million, down 14% in April, while BBC saw a smaller fall of 5% year-on-year to 1 billion visits, according to data from digital intelligence platform Similarweb.
Month-on-month, among the top ten news sites by number of visits the picture was more positive with six seeing more traffic in April than in March. Top of the list was again India Times (up 8% month-on-month), followed by The Guardian (up 5%), CNN (558.2 million visits, up 3%) and the BBC (up 2%). Traffic for the remainder of the top ten was static, increasing or decreasing by less than 1% compared to March.
Among the wider top 50, five of the fastest-growing new sites year-on-year were from India with financial news site Livemint seeing the largest surge in visits compared to April 2023 (up 139% to 83.7 million). Newsweek maintained its strong growth and was the second-fastest growing, close behind Livemint with visits up 132% to 103.4 million. This echoes teh US news magazine’s strong performance in our US top 50 ranking as well.
Al Jazeera meanwhile also saw a strong month with visits up 67% year-on-year to 70.8 million. Continued interest in the war in Gaza likely lies behind the Qatari newsbrand’s strong performance in April.
Among the top 50 many of the same names that performed well year-on-year also did well in terms of month-on-month growth in visits. Indian Express led the list with visits up 36% to 156.8 million compared to March, while Al Jazeera (up 28%) and CBS News (95.4 million visits, up 24%) also saw a strong April.
The BBC was again top of the table for visits. Its monthly growth meant that it crossed the 1 billion visit threshold in April below which it had remained for the previous two months. It was followed by MSN (678.8 million), New York Times, CNN and Google News (370.9 million). The order of the top five is unchanged from last month. The Guardian fell just short of the top five in sixth place. It was the best-ranked UK newsbrand after the BBC.
March 2024
Newsweek was the biggest-growing news website in the world in March, according to Press Gazette’s updated ranking.
The news magazine saw visits to its website more than double in March, up 128% year-on-year to 104.1 million, according to data from digital intelligence platform Similarweb.
Newsweek has seen a recent run of strong growth, and was also the fastest-growing site in recent Press Gazette rankings of the top 50 news sites in the US. The newsbrand recently appointed a new executive editor, Jennifer H. Cunningham, formerly of Business Insider, who told Press Gazette her brief is to broaden Newsweek’s audience and “to enhance and augment the journalism“.
Newsweek was followed by three Indian newsbrands, ahead of national elections in the country coming between April and June: financial news specialist Livemint (82.4 million visits, up 100% year-on-year), India Times (265.4 million, up 60%) and the Hindustan Times (170 million, up 45%).
Similarly month-on-month India.com (65.9 million visits, up 44%) topped the table for growth.
Two British newsbrands also featured in the fastest growing sites month-on-month. Visits to the website of Reach’s tabloid brand Express.co.uk were up 17% compared to February to reach 76.8 million, while visits to The Independent were up 12% to 109.5 million.
Among the ten biggest sites by number of visits in March, fastest-growing year-on-year was India Times. It was followed by The New York Times (666 million visits, up 11%) and Yahoo Finance (245.9 million, up 5%).
The remainder of the ten biggest sites slumped year-on-year, with Fox News seeing the sharpest decline (269.4 million visitors, down 18%), followed by aggregator MSN (676 million, down 11%).
However all top ten sites grew month-on-month. The biggest increase in visits was for India Times, followed by New York Times (up 10% month-on-month) and CNN (539.9 million, up 9%). UK newsbrands The Daily Mail (369.3 million, up 8% compared to February) and The Guardian (349.7 million, up 7%) also saw growth of more than 5% in their number of visits.
The BBC was again top of the table for visits (992.4 million) although it remained below the one billion visit mark for the second month in a row. It was followed by MSN, New York Times, CNN and Google News (375.6 million). The order of the top five is unchanged from last month.
February 2024
India Times was the fastest-growing top ten news website in the world in February, according to Press Gazette’s updated ranking.
Visits to the Indian daily newspaper’s website were up 48% year-on-year to 234.5 million, possibly due to increased interest in news about the country given India’s upcoming general election in April.
It was followed by Yahoo Finance (241.4 million visits, up 18% year-on-year) and The New York Times (606.7 million visits, up 10%) which were second and third fastest growing among the ten biggest sites by number of visits, according to data from digital intelligence platform Similarweb.
The Guardian made a smaller gain of 2% (327.4 million visits) and the rest of the top ten reported declines compared to February last year.
Microsoft news aggregator MSN (642.2 million visits, down 14% year-on-year) and Fox News (262.9 million, down 16%) were the two top ten sites to see double-digit drops.
Month-on-month all of the top ten sites except the India Times (up 3%) saw less traffic in February compared to January. Fox News (down 16%) and the Daily Mail’s website (343.6 million visits, down 10% month-on-month) saw the biggest falls.
Yahoo Finance (down 1% month-on-month) and New York Times (down 5%) also slumped compared to January despite growing year-on-year.
Fastest-growing year-on-year among the whole top 50 was again Newsweek (79.5 million visits, up 114%) which similarly saw strong growth in its home market of the US this month. Newsweek was followed by Indian financial newsbrand Livemint (71.8 million, up 90%) and Al Jazeera (53.4 million, up 55%), repeating the order of the fastest-growing sites year-on-year in January.
Month-on-month Newsweek (up 7% compared to January) was beaten by another Indian site, Indian Express (96.8 million, up 9% month-on-month). It was followed by GB News (55.2 million, up 4%) which entered the global top 50 for the first time last month.
The BBC was again top of the table for visits (963.4 million) although it fell below the one billion visit mark it has topped in recent months. It was followed by MSN (642.2 million), New York Times (606.7 million), CNN (497.7 million) and Google News (360.9 million). The order of the top five is unchanged from last month.
Similarweb generates its traffic data by applying machine learning and modelling to the statistically representative datasets that the company collects. Datasets are based on direct measurement (i.e. websites and apps that choose to share first-party analytics with Similarweb); contributory networks that aggregate device data; partnerships and public data extraction from websites and apps. The sites in the list are based on Similarweb’s classification of news and media publishers, although Press Gazette refines the list to exclude some sites with a less news-based focus.
Continue reading for previous months’ coverage of the world’s top 50 websites for news:
January 2024
CNN was the fastest-growing top 10 news website in the world month-on-month in January, according to Press Gazette’s updated ranking.
Visits to the US cable broadcaster’s site were up 7% to reach 537.2 million compared to December, according to data from digital intelligence platform Similarweb. It reverses last month’s pattern for CNN which was the only top ten sites in December to see visits down, falling 2% between November and December.
Second fastest-growing among the biggest ten sites by number of global visits was The Guardian (360.9 million, up 7% month-on-month), while Microsoft aggregator MSN (699.6 million, up 5%) was third. All top ten sites saw month-on-month growth.
Year-on-year all of the top ten sites saw audience drops however, The Guardian, New York Times (636.3 million visits) and Yahoo Finance saw comparatively small drops in visits of less than 1% compared to January 2023. MSN saw the biggest slump in traffic for the third month in a row (down 23% year-on-year), followed by Fox News (294.8 million visits) and CNN which were both down 16% year-on-year.
Fastest-growing year-on-year among the whole top 50 was again Newsweek (74.1 million visits, up 83%) – although its traffic was lower than December. Newsweek was followed by Indian financial newsbrand Livemint (77 million, up 76%) and Al Jazeera (57.8 million, up 56%).
Month-on-month UK-based news aggregator newsnow.co.uk was top for growth with visits up 40% compared to December (58.4 million visits). It was followed by GB News (53 million, up 21%) which entered the top 50 for the first time in 50th position, and Business Insider (107.7 million, up 21%).
The BBC remained top of the table for visits and was the only site to top the 1 billion visit-threshold as in past months (1.1 billion visits), followed by MSN, New York Times, CNN and Google News (393.4 million). The order of the top five is unchanged from last month.
Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our “Letters Page” blog
The automotive industry is a crucial part of the global economy, producing vehicles that efficiently transport people and goods within nations and across entire regions. These companies manufacture cars, trucks, vans, and sport utility vehicles (SUVs). Some even produce motorcycles, all-terrain vehicles, and commercial vehicles like transport trucks and buses.
The biggest auto manufacturers have a large global footprint, selling vehicles to consumers and businesses worldwide. These big companies are mainly headquartered in just a few countries that lead the industry; however, the list of the 10 biggest also includes car companies from other countries.
We look in detail below at the 10 biggest car companies by trailing 12 months (TTM) revenue as of December 21, 2022. Some companies outside the U.S. report profits semi-annually instead of quarterly, so the TTM data may be older than it is for companies that report quarterly. This list is limited to publicly traded companies in the U.S. or Canada, either directly or through American depositary receipts (ADRs).
Some of the stocks below are only traded over-the-counter (OTC) in the U.S., not on exchanges. This may be because they are foreign companies that do not have sponsored ADRs on traditional exchanges. As a result, trading OTC stocks often carry higher trading costs than trading stocks on exchanges. Additionally these stocks may be subject to foreign exchange fluctuations. This can lower or even outweigh potential returns.
#1 Volkswagen AG (VWAGY)
Revenue (TTM): $284.34 billion
Net Income (TTM): $19.76 billion
Market Cap: $81.0 billion
1-Year Return (TTM): -36.5%
Exchange: OTC
Volkswagen (VWAGY) is a Germany-based multinational automotive manufacturing company. It develops and produces passenger cars, trucks, and light commercial vehicles such as buses. Vehicle models include the Tiguan, Golf, Jetta, Passat, and more. The company stopped making its once-popular Volkswagen Beetle compact car last year due to falling demand for smaller cars. Volkswagen’s best-known luxury brands are Porsche and Audi. The company also manufactures parts and offers customer financing and fleet management services.
#2 Toyota Motor Corp. (TM)
Revenue (TTM): $270.58 billion
Net Income (TTM): $20.39 billion
Market Cap: $189.4 billion
1-Year Return (TTM): -21.8%
Exchange: New York Stock Exchange (NYSE)
Toyota (TM) is a Japan-based multinational. It was the first foreign manufacturer to build a dominant market share in the U.S. automobile market by setting the industry standard for efficiency and quality. Toyota designs and manufactures cars, trucks, minivans, and commercial vehicles. Vehicle models include the Corolla, Camry, 4Runner, Tacoma, and the Prius, the hybrid electric sedan. Lexus is the company’s luxury car division. Toyota also produces parts and accessories and provides dealers and customers with financing.
#3 Stellantis (STLA)
Revenue (TTM): $181.58 billion
Net Income (TTM): $16.97 billion
Market Cap: $45.2 billion
1-Year Return (TTM): -15.8%
Exchange: NYSE
Stellantis (STLA)is a multinational automaker that was created in 2021 through the merger of French automaker Groupe PSA and Italian-American automaker FCA (Fiat Chrysler Automobiles). The company is one of the largest automakers in the world, with a strong presence in Europe, North America, and South America. Stellantis offers a wide range of vehicles, including passenger cars, trucks, vans, and SUVs, under various brands including Peugeot, Citroën, DS, Opel, Vauxhall, Jeep, Ram, Dodge, and Chrysler. The company is headquartered in Amsterdam, Netherlands.
Ford (F) is a multinational automotive manufacturer based in Michigan. The company develops, manufactures, and services cars, SUVs, vans, and trucks. Vehicle models include the Mustang, Edge, Escape, F-150, Ranger, and more. The company also provides vehicle-related financing and leasing.
#6 General Motors (GM)
Revenue (TTM): $147.21 billion
Net Income (TTM): $9.68 billion
Market Cap: $50.0 billion
1-Year Return (TTM): -34.6%
Exchange: NYSE
General Motors (GM) is a multinational automobile manufacturer. The company designs and manufactures cars, trucks, and automobile parts. It has been a leader in the development of electric cars, first with the Chevy Volt and its successor, the Chevy Bolt. It operates under four major vehicle brands: GMC, Chevrolet, Cadillac, and Buick. The company also offers automotive financing.
#7 Honda Motor Co. Ltd. (HMC)
Revenue (TTM): $126.17 billion
Net Income (TTM): $5.29 billion
Market Cap: $39.8 billion
1-Year Return (TTM): -11.1%
Exchange: NYSE
Honda (HMC) is a Japan-based multinational automobile company. It manufactures passenger cars, trucks, vans, all-terrain vehicles, motorcycles, and related parts. Vehicle models include the Civic, Accord, Insight Hybrid, Passport, Odyssey, and more. Acura is the company’s luxury car division. The company also provides financial and insurance services.
#8 Tesla Motors (TSLA)
Revenue (TTM): $74.86 billion
Net Income (TTM): $11.19 billion
Market Cap: $435.1 billion
1-Year Return (TTM): -54.1%
Exchange: NASDAQ
Tesla (TSLA) is a manufacturer of electric vehicles and clean energy solutions. Tesla manufactures four electric models, the Model 3, Model Y, Model S, and Model X. Each model is capable of speeds of more than 135 miles per hour and can accelerate from 0-60 in less than 4.8 seconds. They all have a range of more than 320 miles. Tesla provides financing for retail customers.
#9 Nissan Motors (NSANY)
Revenue (TTM): $73.73 billion
Net Income (TTM): $0.9 billion
Market Cap: $12.7 billion
1-Year Return (TTM): -33.4%
Exchange: OTC
Nissan (NSANY) is a Japan-based multinational automotive company. It designs and manufactures passenger vehicles and related parts. Vehicle models include the Altima, Maxima, Sentra, Versa, Pathfinder, Rogue, Titan, and its LEAF electric car. The company’s luxury division is Infiniti. The company also offers financing and leasing services.
#10 BYD Co. Ltd. (BYDDY)
Revenue (TTM): $51.37 billion
Net Income (TTM): $1.48 billion
Market Cap: $74.7 billion
1-Year Return (TTM): -18.0%
Exchange: OTC
BYD Co. Ltd. (BYDDY) is a Chinese multinational corporation that specializes in the design, development, and manufacture of a wide range of products, including electric vehicles, batteries, solar panels, and other renewable energy products. The company is headquartered in Shenzhen, China, and has operations in more than 70 countries around the world. BYD is known for its leadership in the electric vehicle industry and has a strong presence in both the passenger car and commercial vehicle markets. In addition to its core businesses, BYD also has a significant presence in the renewable energy sector and is a leading supplier of solar panels and energy storage systems.
The automotive industry is a crucial part of the global economy, producing vehicles that efficiently transport people and goods within nations and across entire regions. These companies manufacture cars, trucks, vans, and sport utility vehicles (SUVs). Some even produce motorcycles, all-terrain vehicles, and commercial vehicles like transport trucks and buses.
The biggest auto manufacturers have a large global footprint, selling vehicles to consumers and businesses worldwide. These big companies are mainly headquartered in just a few countries that lead the industry; however, the list of the 10 biggest also includes car companies from other countries.
We look in detail below at the 10 biggest car companies by trailing 12 months (TTM) revenue as of December 21, 2022. Some companies outside the U.S. report profits semi-annually instead of quarterly, so the TTM data may be older than it is for companies that report quarterly. This list is limited to publicly traded companies in the U.S. or Canada, either directly or through American depositary receipts (ADRs).
Some of the stocks below are only traded over-the-counter (OTC) in the U.S., not on exchanges. This may be because they are foreign companies that do not have sponsored ADRs on traditional exchanges. As a result, trading OTC stocks often carry higher trading costs than trading stocks on exchanges. Additionally these stocks may be subject to foreign exchange fluctuations. This can lower or even outweigh potential returns.
#1 Volkswagen AG (VWAGY)
Revenue (TTM): $284.34 billion
Net Income (TTM): $19.76 billion
Market Cap: $81.0 billion
1-Year Return (TTM): -36.5%
Exchange: OTC
Volkswagen (VWAGY) is a Germany-based multinational automotive manufacturing company. It develops and produces passenger cars, trucks, and light commercial vehicles such as buses. Vehicle models include the Tiguan, Golf, Jetta, Passat, and more. The company stopped making its once-popular Volkswagen Beetle compact car last year due to falling demand for smaller cars. Volkswagen’s best-known luxury brands are Porsche and Audi. The company also manufactures parts and offers customer financing and fleet management services.
#2 Toyota Motor Corp. (TM)
Revenue (TTM): $270.58 billion
Net Income (TTM): $20.39 billion
Market Cap: $189.4 billion
1-Year Return (TTM): -21.8%
Exchange: New York Stock Exchange (NYSE)
Toyota (TM) is a Japan-based multinational. It was the first foreign manufacturer to build a dominant market share in the U.S. automobile market by setting the industry standard for efficiency and quality. Toyota designs and manufactures cars, trucks, minivans, and commercial vehicles. Vehicle models include the Corolla, Camry, 4Runner, Tacoma, and the Prius, the hybrid electric sedan. Lexus is the company’s luxury car division. Toyota also produces parts and accessories and provides dealers and customers with financing.
#3 Stellantis (STLA)
Revenue (TTM): $181.58 billion
Net Income (TTM): $16.97 billion
Market Cap: $45.2 billion
1-Year Return (TTM): -15.8%
Exchange: NYSE
Stellantis (STLA)is a multinational automaker that was created in 2021 through the merger of French automaker Groupe PSA and Italian-American automaker FCA (Fiat Chrysler Automobiles). The company is one of the largest automakers in the world, with a strong presence in Europe, North America, and South America. Stellantis offers a wide range of vehicles, including passenger cars, trucks, vans, and SUVs, under various brands including Peugeot, Citroën, DS, Opel, Vauxhall, Jeep, Ram, Dodge, and Chrysler. The company is headquartered in Amsterdam, Netherlands.
Ford (F) is a multinational automotive manufacturer based in Michigan. The company develops, manufactures, and services cars, SUVs, vans, and trucks. Vehicle models include the Mustang, Edge, Escape, F-150, Ranger, and more. The company also provides vehicle-related financing and leasing.
#6 General Motors (GM)
Revenue (TTM): $147.21 billion
Net Income (TTM): $9.68 billion
Market Cap: $50.0 billion
1-Year Return (TTM): -34.6%
Exchange: NYSE
General Motors (GM) is a multinational automobile manufacturer. The company designs and manufactures cars, trucks, and automobile parts. It has been a leader in the development of electric cars, first with the Chevy Volt and its successor, the Chevy Bolt. It operates under four major vehicle brands: GMC, Chevrolet, Cadillac, and Buick. The company also offers automotive financing.
#7 Honda Motor Co. Ltd. (HMC)
Revenue (TTM): $126.17 billion
Net Income (TTM): $5.29 billion
Market Cap: $39.8 billion
1-Year Return (TTM): -11.1%
Exchange: NYSE
Honda (HMC) is a Japan-based multinational automobile company. It manufactures passenger cars, trucks, vans, all-terrain vehicles, motorcycles, and related parts. Vehicle models include the Civic, Accord, Insight Hybrid, Passport, Odyssey, and more. Acura is the company’s luxury car division. The company also provides financial and insurance services.
#8 Tesla Motors (TSLA)
Revenue (TTM): $74.86 billion
Net Income (TTM): $11.19 billion
Market Cap: $435.1 billion
1-Year Return (TTM): -54.1%
Exchange: NASDAQ
Tesla (TSLA) is a manufacturer of electric vehicles and clean energy solutions. Tesla manufactures four electric models, the Model 3, Model Y, Model S, and Model X. Each model is capable of speeds of more than 135 miles per hour and can accelerate from 0-60 in less than 4.8 seconds. They all have a range of more than 320 miles. Tesla provides financing for retail customers.
#9 Nissan Motors (NSANY)
Revenue (TTM): $73.73 billion
Net Income (TTM): $0.9 billion
Market Cap: $12.7 billion
1-Year Return (TTM): -33.4%
Exchange: OTC
Nissan (NSANY) is a Japan-based multinational automotive company. It designs and manufactures passenger vehicles and related parts. Vehicle models include the Altima, Maxima, Sentra, Versa, Pathfinder, Rogue, Titan, and its LEAF electric car. The company’s luxury division is Infiniti. The company also offers financing and leasing services.
#10 BYD Co. Ltd. (BYDDY)
Revenue (TTM): $51.37 billion
Net Income (TTM): $1.48 billion
Market Cap: $74.7 billion
1-Year Return (TTM): -18.0%
Exchange: OTC
BYD Co. Ltd. (BYDDY) is a Chinese multinational corporation that specializes in the design, development, and manufacture of a wide range of products, including electric vehicles, batteries, solar panels, and other renewable energy products. The company is headquartered in Shenzhen, China, and has operations in more than 70 countries around the world. BYD is known for its leadership in the electric vehicle industry and has a strong presence in both the passenger car and commercial vehicle markets. In addition to its core businesses, BYD also has a significant presence in the renewable energy sector and is a leading supplier of solar panels and energy storage systems.
Air Canada (AC.TO) shares jumped more than four per cent in midday trading on Thursday after the company’s pilots voted to ratify a new four-year agreement with the airline. (REUTERS/Brian Snyder) (REUTERS / Reuters)
Air Canada (AC.TO) shares closed the trading day up 4 per cent on Thursday after the company’s pilots voted to ratify a new four-year agreement with the airline.
The Air Line Pilots Association (ALPA), the union representing more than 5,200 Air Canada pilots, says 67 per cent of members voted in favour of the deal. The union says about 99 per cent of eligible pilots cast ballots in the ratification process.
The new deal adds $1.9 billion in value for its membership, according to ALPA, with a cumulative pay rate increase of 42 per cent over four years.
“This agreement helps restore what Air Canada pilots have lost over the past two decades and creates a strong foundation from which to build on,” Hudy said in a news release on Thursday.
The ratification removes what analysts have said has been “a significant overhang” on Air Canada’s stock. In early August, before the deal was reached, the share price hit as low as $14.90. On Thursday, it jumped as much as five per cent before closing at $17.39, a gain of more than four per cent compared to Wednesday’s close. Year-to-date, the stock is down about six per cent.
The impact of the strike threat is expected to weigh on the airline’s upcoming quarterly financial results, due to higher wage costs related to the ratification of the agreement as well as an increase in the number of customers who likely turned away from Air Canada over concerns about the strike. Some analysts have lowered earnings estimates for Air Canada for the third and fourth quarters.
With the deal now set, analysts expect the company to shift its focus to returning shareholder value, something chief financial officer John Di Bert said on the company’s last quarterly conference call is “high on the priority list.”
“We have indicated that we are focused on creating shareholder value and capital allocation to shareholders, and returning value to them is high on the priority list. And we will do that in due course,” Di Bert said in August.
In a statement, Air Canada chief executive Michael Rousseau says the agreement “gives our company flexibility and creates a framework for future growth of the airline and its network.”
Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.
Download the Yahoo Finance app, available for Apple and Android.
Air Canada stock closes up 4% after pilots ratify four-year deal[/gpt3]
Air Canada (AC.TO) shares jumped more than four per cent in midday trading on Thursday after the company’s pilots voted to ratify a new four-year agreement with the airline. (REUTERS/Brian Snyder) (REUTERS / Reuters)
Air Canada (AC.TO) shares closed the trading day up 4 per cent on Thursday after the company’s pilots voted to ratify a new four-year agreement with the airline.
The Air Line Pilots Association (ALPA), the union representing more than 5,200 Air Canada pilots, says 67 per cent of members voted in favour of the deal. The union says about 99 per cent of eligible pilots cast ballots in the ratification process.
The new deal adds $1.9 billion in value for its membership, according to ALPA, with a cumulative pay rate increase of 42 per cent over four years.
“This agreement helps restore what Air Canada pilots have lost over the past two decades and creates a strong foundation from which to build on,” Hudy said in a news release on Thursday.
The ratification removes what analysts have said has been “a significant overhang” on Air Canada’s stock. In early August, before the deal was reached, the share price hit as low as $14.90. On Thursday, it jumped as much as five per cent before closing at $17.39, a gain of more than four per cent compared to Wednesday’s close. Year-to-date, the stock is down about six per cent.
The impact of the strike threat is expected to weigh on the airline’s upcoming quarterly financial results, due to higher wage costs related to the ratification of the agreement as well as an increase in the number of customers who likely turned away from Air Canada over concerns about the strike. Some analysts have lowered earnings estimates for Air Canada for the third and fourth quarters.
With the deal now set, analysts expect the company to shift its focus to returning shareholder value, something chief financial officer John Di Bert said on the company’s last quarterly conference call is “high on the priority list.”
“We have indicated that we are focused on creating shareholder value and capital allocation to shareholders, and returning value to them is high on the priority list. And we will do that in due course,” Di Bert said in August.
In a statement, Air Canada chief executive Michael Rousseau says the agreement “gives our company flexibility and creates a framework for future growth of the airline and its network.”
Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.
Download the Yahoo Finance app, available for Apple and Android.
While large-scale insider sales don’t necessarily mean a publicly traded company’s management is abandoning ship, they generally don’t inspire investor confidence. News of such a divestment hit Medical Properties Trust(NYSE: MPW) on Thursday, and the resulting sell-off saw the shares lose slightly more than 4% of their value.
A director sold a chunk of stock
A regulatory document filed after market close on Wednesday revealed that Medical Properties Trust director Michael Stewart sold 32,780 shares of its common stock. The price was $5.46 per share, and the sale left Stewart with 221,245 shares remaining in his portfolio.
That isn’t a massive chunk of the company’s more than 600 million shares currently outstanding, but for any individual it’s a meaningful stake. That goes double for Stewart, as he’s a director at the specialty real estate investment trust (REIT).
Medical Properties Trust has had quite a see-saw year. Its largest and most troubled tenant, Steward Health Care, declared Chapter 11 bankruptcy earlier this year. In September, the REIT and Steward reached agreement to transfer tenancy to 15 hospitals it had formerly operated.
Previous to that, Steward’s difficulties badly affected its landlord’s fundamentals, leading the REIT to aggressively cut its dividend twice in the space of less than two years.
Timing matters
Although the outlook for Medical Properties Trust is now brighter after the Steward deal, investors still have painful memories of the recent struggles stemming from the relationship of the two companies. In other words, investors are still in need of morale-boosting news, and a 32,000-plus share sale doesn’t seem to be fitting the bill.
Don’t miss this second chance at a potentially lucrative opportunity
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
Amazon: if you invested $1,000 when we doubled down in 2010, you’d have $20,855!*
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $43,423!*
Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $392,297!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Why Medical Properties Trust Stock Got Socked Today[/gpt3]
While large-scale insider sales don’t necessarily mean a publicly traded company’s management is abandoning ship, they generally don’t inspire investor confidence. News of such a divestment hit Medical Properties Trust(NYSE: MPW) on Thursday, and the resulting sell-off saw the shares lose slightly more than 4% of their value.
A director sold a chunk of stock
A regulatory document filed after market close on Wednesday revealed that Medical Properties Trust director Michael Stewart sold 32,780 shares of its common stock. The price was $5.46 per share, and the sale left Stewart with 221,245 shares remaining in his portfolio.
That isn’t a massive chunk of the company’s more than 600 million shares currently outstanding, but for any individual it’s a meaningful stake. That goes double for Stewart, as he’s a director at the specialty real estate investment trust (REIT).
Medical Properties Trust has had quite a see-saw year. Its largest and most troubled tenant, Steward Health Care, declared Chapter 11 bankruptcy earlier this year. In September, the REIT and Steward reached agreement to transfer tenancy to 15 hospitals it had formerly operated.
Previous to that, Steward’s difficulties badly affected its landlord’s fundamentals, leading the REIT to aggressively cut its dividend twice in the space of less than two years.
Timing matters
Although the outlook for Medical Properties Trust is now brighter after the Steward deal, investors still have painful memories of the recent struggles stemming from the relationship of the two companies. In other words, investors are still in need of morale-boosting news, and a 32,000-plus share sale doesn’t seem to be fitting the bill.
Don’t miss this second chance at a potentially lucrative opportunity
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
Amazon: if you invested $1,000 when we doubled down in 2010, you’d have $20,855!*
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $43,423!*
Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $392,297!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Sometimes founders fall so deeply in love with their technology that they become blind to the other elements they need to create a commercially viable business.
I’ve been there. I’ve done that. And I’ve learned from it.
Back in 2013, I had the dream job—executive role, great salary, stability at a public company. But I still wasn’t satisfied. I felt my job had made me an optimizer when I was itching to get back to being a builder.
I had founded services businesses before—and two nonprofits that continue to this day—but I had never built a product company. I had just finished a project about video technology and saw the huge opportunity in artificial intelligence applied to video.
Next thing I knew, I was quitting my job. A friend introduced me to a technical cofounder. I found the use case literally in my backyard: gigabytes of family videos of my young kids, impossible to organize into precious little bits I could relive.
We fleshed out the application, using AI to automatically tag, categorize, and search videos so you could easily find priceless moments or create “automagic” highlight reels. (Remember, this was in 2013, before Google Photos leveraged AI or Apple Photos used facial recognition.)
We grew to a team of 10, and in less than three years, we launched an advanced AI-based video tagging solution—available as an application accessed through a browser or in an iPhone app. And we had users.
Perfect startup story? It turned out not to be. In the end, we made the tough—but right—decision to shut down the venture. Do I regret that time? No. The lessons I learned from Viblio were more valuable than spending three years in “optimizer mode.”
Our failure wasn’t about execution—it was about assumptions. Here are the three mistaken assumptions we made:
Feedback is sufficient to prove product-market fit
A common piece of advice for founders is to validate their idea by seeking early feedback from potential customers. So, we did that. We started with interviews with friends who fit our target audience. We widened the circle to interview people we met at events. We paid to survey a thousand people that fit different market segments we wanted to test out. We analyzed the data and included it in our pitch decks to show product-market fit.
It’s not that the advice we get as founders is wrong—it’s just truncated, incomplete, pithy.
Here’s the thing. People don’t like telling you to your face that your idea isn’t going to be big. Our efforts showed that people thought the tech was cool (because it was!). But that didn’t mean anyone would pay to use the application we wanted to build.
What I should have done is set up a presell campaign: a website describing our product and offering a deep discount if people prepaid for the promise of delivery in the future. That would have given us real data on whether our target audience saw enough value in our product to pay something—anything—for it.
If you can’t get buyer commitment, it’s product-market fit by luck.
More features will drive stickiness
It’s not that we didn’t have users. We operated on a freemium model, where people could use our service for free with the theory that we’d build more features later that would require a subscription.
It’s just that our users didn’t stay engaged on our platform. They uploaded their videos, they played with some of our features, and then they disappeared.
So, we added more features, starting with automagically-created highlight reels that we sent to our early users along with a call to action to create more themselves. We added a “face page,” where you could click on a face and we’d load all the videos we found that contained that face. We tried doing a lot of other things we thought were really cool. Nothing drove stickiness.
Turns out we were solving the wrong problem. We thought we were solving for stickiness—but we still hadn’t solved for product-market fit.
We can hire who we need
When we started Viblio, AI was exploding (and still is today, but in a completely different way). Google had just acquired DeepMind, and tech companies were hiring machine learning specialists at high six-figure salaries. Our seed money just didn’t cut it.
Neither my cofounder nor I had the natural ecosystem for the right tech people or target markets. We lucked out engaging a senior AI person and ended up hiring a straight-out-of-college machine learning engineer. But it was impossible to hire anyone else in that field. We did pretty well, but pretty well isn’t enough to build a company in a highly competitive field.
As an advisor to startups today, I think about the mistaken assumption we made—that we could just pay our way to the right team. People choose demanding high-risk journeys either because they are paid a lot or because they are following other people they want to follow. If you lack people in your ecosystem who are experts in your startup’s area of focus, you won’t likely pay your way to the team you need.
The value of failure
These three assumptions led us further and further away from realizing our true product-market fit. We eventually did hit on two markets that we could grow into: professional sports and adult film. With each, being able to categorize huge libraries of video and create highlight reels made sense. We saw some strong early traction in people uploading their adult films to our service.
But, alas, that wasn’t a business I wanted to spend 10 years in. And when I was honest with myself, neither was analyzing videos for the professional sports market. Both were markets where money was to be made. Neither were markets that I knew (or wanted to know) enough about, or was passionate enough about, to spend a decade of my life in.
And thus, I came to understand my biggest learning. The Silicon Valley hype of finding your product-market fit isn’t enough. You must have passion about the market you are playing in. You must understand it, and have an ecosystem of people you can draw from who are connected to it.
We shut down Viblio in 2016. But even though the company failed, the journey was not a failure. In three years, I learned more than I had in six years in executive enterprise roles. Building a company teaches you things you’ll never get from working safely. Among the many lessons from my failed startup, I have focused on three in particular that have made me successful in my subsequent roles:
Do more with less. We built a functioning AI video platform on a shoestring budget. Most scaling companies fail because they learn to spend more and still end up not doing more!
Prioritize ruthlessly. Everything feels necessary, but not everything matters. It’s hard to shut down something that seems cool, but if it’s not moving the needle, it has to go.
As they say, “fall in love with the problem, not the solution.”
Read more:
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
My tech startup failed due to 3 mistaken assumptions—entrepreneurs take note[/gpt3]
Sometimes founders fall so deeply in love with their technology that they become blind to the other elements they need to create a commercially viable business.
I’ve been there. I’ve done that. And I’ve learned from it.
Back in 2013, I had the dream job—executive role, great salary, stability at a public company. But I still wasn’t satisfied. I felt my job had made me an optimizer when I was itching to get back to being a builder.
I had founded services businesses before—and two nonprofits that continue to this day—but I had never built a product company. I had just finished a project about video technology and saw the huge opportunity in artificial intelligence applied to video.
Next thing I knew, I was quitting my job. A friend introduced me to a technical cofounder. I found the use case literally in my backyard: gigabytes of family videos of my young kids, impossible to organize into precious little bits I could relive.
We fleshed out the application, using AI to automatically tag, categorize, and search videos so you could easily find priceless moments or create “automagic” highlight reels. (Remember, this was in 2013, before Google Photos leveraged AI or Apple Photos used facial recognition.)
We grew to a team of 10, and in less than three years, we launched an advanced AI-based video tagging solution—available as an application accessed through a browser or in an iPhone app. And we had users.
Perfect startup story? It turned out not to be. In the end, we made the tough—but right—decision to shut down the venture. Do I regret that time? No. The lessons I learned from Viblio were more valuable than spending three years in “optimizer mode.”
Our failure wasn’t about execution—it was about assumptions. Here are the three mistaken assumptions we made:
Feedback is sufficient to prove product-market fit
A common piece of advice for founders is to validate their idea by seeking early feedback from potential customers. So, we did that. We started with interviews with friends who fit our target audience. We widened the circle to interview people we met at events. We paid to survey a thousand people that fit different market segments we wanted to test out. We analyzed the data and included it in our pitch decks to show product-market fit.
It’s not that the advice we get as founders is wrong—it’s just truncated, incomplete, pithy.
Here’s the thing. People don’t like telling you to your face that your idea isn’t going to be big. Our efforts showed that people thought the tech was cool (because it was!). But that didn’t mean anyone would pay to use the application we wanted to build.
What I should have done is set up a presell campaign: a website describing our product and offering a deep discount if people prepaid for the promise of delivery in the future. That would have given us real data on whether our target audience saw enough value in our product to pay something—anything—for it.
If you can’t get buyer commitment, it’s product-market fit by luck.
More features will drive stickiness
It’s not that we didn’t have users. We operated on a freemium model, where people could use our service for free with the theory that we’d build more features later that would require a subscription.
It’s just that our users didn’t stay engaged on our platform. They uploaded their videos, they played with some of our features, and then they disappeared.
So, we added more features, starting with automagically-created highlight reels that we sent to our early users along with a call to action to create more themselves. We added a “face page,” where you could click on a face and we’d load all the videos we found that contained that face. We tried doing a lot of other things we thought were really cool. Nothing drove stickiness.
Turns out we were solving the wrong problem. We thought we were solving for stickiness—but we still hadn’t solved for product-market fit.
We can hire who we need
When we started Viblio, AI was exploding (and still is today, but in a completely different way). Google had just acquired DeepMind, and tech companies were hiring machine learning specialists at high six-figure salaries. Our seed money just didn’t cut it.
Neither my cofounder nor I had the natural ecosystem for the right tech people or target markets. We lucked out engaging a senior AI person and ended up hiring a straight-out-of-college machine learning engineer. But it was impossible to hire anyone else in that field. We did pretty well, but pretty well isn’t enough to build a company in a highly competitive field.
As an advisor to startups today, I think about the mistaken assumption we made—that we could just pay our way to the right team. People choose demanding high-risk journeys either because they are paid a lot or because they are following other people they want to follow. If you lack people in your ecosystem who are experts in your startup’s area of focus, you won’t likely pay your way to the team you need.
The value of failure
These three assumptions led us further and further away from realizing our true product-market fit. We eventually did hit on two markets that we could grow into: professional sports and adult film. With each, being able to categorize huge libraries of video and create highlight reels made sense. We saw some strong early traction in people uploading their adult films to our service.
But, alas, that wasn’t a business I wanted to spend 10 years in. And when I was honest with myself, neither was analyzing videos for the professional sports market. Both were markets where money was to be made. Neither were markets that I knew (or wanted to know) enough about, or was passionate enough about, to spend a decade of my life in.
And thus, I came to understand my biggest learning. The Silicon Valley hype of finding your product-market fit isn’t enough. You must have passion about the market you are playing in. You must understand it, and have an ecosystem of people you can draw from who are connected to it.
We shut down Viblio in 2016. But even though the company failed, the journey was not a failure. In three years, I learned more than I had in six years in executive enterprise roles. Building a company teaches you things you’ll never get from working safely. Among the many lessons from my failed startup, I have focused on three in particular that have made me successful in my subsequent roles:
Do more with less. We built a functioning AI video platform on a shoestring budget. Most scaling companies fail because they learn to spend more and still end up not doing more!
Prioritize ruthlessly. Everything feels necessary, but not everything matters. It’s hard to shut down something that seems cool, but if it’s not moving the needle, it has to go.
As they say, “fall in love with the problem, not the solution.”
Read more:
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
Sometimes founders fall so deeply in love with their technology that they become blind to the other elements they need to create a commercially viable business.
I’ve been there. I’ve done that. And I’ve learned from it.
Back in 2013, I had the dream job—executive role, great salary, stability at a public company. But I still wasn’t satisfied. I felt my job had made me an optimizer when I was itching to get back to being a builder.
I had founded services businesses before—and two nonprofits that continue to this day—but I had never built a product company. I had just finished a project about video technology and saw the huge opportunity in artificial intelligence applied to video.
Next thing I knew, I was quitting my job. A friend introduced me to a technical cofounder. I found the use case literally in my backyard: gigabytes of family videos of my young kids, impossible to organize into precious little bits I could relive.
We fleshed out the application, using AI to automatically tag, categorize, and search videos so you could easily find priceless moments or create “automagic” highlight reels. (Remember, this was in 2013, before Google Photos leveraged AI or Apple Photos used facial recognition.)
We grew to a team of 10, and in less than three years, we launched an advanced AI-based video tagging solution—available as an application accessed through a browser or in an iPhone app. And we had users.
Perfect startup story? It turned out not to be. In the end, we made the tough—but right—decision to shut down the venture. Do I regret that time? No. The lessons I learned from Viblio were more valuable than spending three years in “optimizer mode.”
Our failure wasn’t about execution—it was about assumptions. Here are the three mistaken assumptions we made:
Feedback is sufficient to prove product-market fit
A common piece of advice for founders is to validate their idea by seeking early feedback from potential customers. So, we did that. We started with interviews with friends who fit our target audience. We widened the circle to interview people we met at events. We paid to survey a thousand people that fit different market segments we wanted to test out. We analyzed the data and included it in our pitch decks to show product-market fit.
It’s not that the advice we get as founders is wrong—it’s just truncated, incomplete, pithy.
Here’s the thing. People don’t like telling you to your face that your idea isn’t going to be big. Our efforts showed that people thought the tech was cool (because it was!). But that didn’t mean anyone would pay to use the application we wanted to build.
What I should have done is set up a presell campaign: a website describing our product and offering a deep discount if people prepaid for the promise of delivery in the future. That would have given us real data on whether our target audience saw enough value in our product to pay something—anything—for it.
If you can’t get buyer commitment, it’s product-market fit by luck.
More features will drive stickiness
It’s not that we didn’t have users. We operated on a freemium model, where people could use our service for free with the theory that we’d build more features later that would require a subscription.
It’s just that our users didn’t stay engaged on our platform. They uploaded their videos, they played with some of our features, and then they disappeared.
So, we added more features, starting with automagically-created highlight reels that we sent to our early users along with a call to action to create more themselves. We added a “face page,” where you could click on a face and we’d load all the videos we found that contained that face. We tried doing a lot of other things we thought were really cool. Nothing drove stickiness.
Turns out we were solving the wrong problem. We thought we were solving for stickiness—but we still hadn’t solved for product-market fit.
We can hire who we need
When we started Viblio, AI was exploding (and still is today, but in a completely different way). Google had just acquired DeepMind, and tech companies were hiring machine learning specialists at high six-figure salaries. Our seed money just didn’t cut it.
Neither my cofounder nor I had the natural ecosystem for the right tech people or target markets. We lucked out engaging a senior AI person and ended up hiring a straight-out-of-college machine learning engineer. But it was impossible to hire anyone else in that field. We did pretty well, but pretty well isn’t enough to build a company in a highly competitive field.
As an advisor to startups today, I think about the mistaken assumption we made—that we could just pay our way to the right team. People choose demanding high-risk journeys either because they are paid a lot or because they are following other people they want to follow. If you lack people in your ecosystem who are experts in your startup’s area of focus, you won’t likely pay your way to the team you need.
The value of failure
These three assumptions led us further and further away from realizing our true product-market fit. We eventually did hit on two markets that we could grow into: professional sports and adult film. With each, being able to categorize huge libraries of video and create highlight reels made sense. We saw some strong early traction in people uploading their adult films to our service.
But, alas, that wasn’t a business I wanted to spend 10 years in. And when I was honest with myself, neither was analyzing videos for the professional sports market. Both were markets where money was to be made. Neither were markets that I knew (or wanted to know) enough about, or was passionate enough about, to spend a decade of my life in.
And thus, I came to understand my biggest learning. The Silicon Valley hype of finding your product-market fit isn’t enough. You must have passion about the market you are playing in. You must understand it, and have an ecosystem of people you can draw from who are connected to it.
We shut down Viblio in 2016. But even though the company failed, the journey was not a failure. In three years, I learned more than I had in six years in executive enterprise roles. Building a company teaches you things you’ll never get from working safely. Among the many lessons from my failed startup, I have focused on three in particular that have made me successful in my subsequent roles:
Do more with less. We built a functioning AI video platform on a shoestring budget. Most scaling companies fail because they learn to spend more and still end up not doing more!
Prioritize ruthlessly. Everything feels necessary, but not everything matters. It’s hard to shut down something that seems cool, but if it’s not moving the needle, it has to go.
As they say, “fall in love with the problem, not the solution.”
Read more:
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
My tech startup failed due to 3 mistaken assumptions—entrepreneurs take note[/gpt3]
Sometimes founders fall so deeply in love with their technology that they become blind to the other elements they need to create a commercially viable business.
I’ve been there. I’ve done that. And I’ve learned from it.
Back in 2013, I had the dream job—executive role, great salary, stability at a public company. But I still wasn’t satisfied. I felt my job had made me an optimizer when I was itching to get back to being a builder.
I had founded services businesses before—and two nonprofits that continue to this day—but I had never built a product company. I had just finished a project about video technology and saw the huge opportunity in artificial intelligence applied to video.
Next thing I knew, I was quitting my job. A friend introduced me to a technical cofounder. I found the use case literally in my backyard: gigabytes of family videos of my young kids, impossible to organize into precious little bits I could relive.
We fleshed out the application, using AI to automatically tag, categorize, and search videos so you could easily find priceless moments or create “automagic” highlight reels. (Remember, this was in 2013, before Google Photos leveraged AI or Apple Photos used facial recognition.)
We grew to a team of 10, and in less than three years, we launched an advanced AI-based video tagging solution—available as an application accessed through a browser or in an iPhone app. And we had users.
Perfect startup story? It turned out not to be. In the end, we made the tough—but right—decision to shut down the venture. Do I regret that time? No. The lessons I learned from Viblio were more valuable than spending three years in “optimizer mode.”
Our failure wasn’t about execution—it was about assumptions. Here are the three mistaken assumptions we made:
Feedback is sufficient to prove product-market fit
A common piece of advice for founders is to validate their idea by seeking early feedback from potential customers. So, we did that. We started with interviews with friends who fit our target audience. We widened the circle to interview people we met at events. We paid to survey a thousand people that fit different market segments we wanted to test out. We analyzed the data and included it in our pitch decks to show product-market fit.
It’s not that the advice we get as founders is wrong—it’s just truncated, incomplete, pithy.
Here’s the thing. People don’t like telling you to your face that your idea isn’t going to be big. Our efforts showed that people thought the tech was cool (because it was!). But that didn’t mean anyone would pay to use the application we wanted to build.
What I should have done is set up a presell campaign: a website describing our product and offering a deep discount if people prepaid for the promise of delivery in the future. That would have given us real data on whether our target audience saw enough value in our product to pay something—anything—for it.
If you can’t get buyer commitment, it’s product-market fit by luck.
More features will drive stickiness
It’s not that we didn’t have users. We operated on a freemium model, where people could use our service for free with the theory that we’d build more features later that would require a subscription.
It’s just that our users didn’t stay engaged on our platform. They uploaded their videos, they played with some of our features, and then they disappeared.
So, we added more features, starting with automagically-created highlight reels that we sent to our early users along with a call to action to create more themselves. We added a “face page,” where you could click on a face and we’d load all the videos we found that contained that face. We tried doing a lot of other things we thought were really cool. Nothing drove stickiness.
Turns out we were solving the wrong problem. We thought we were solving for stickiness—but we still hadn’t solved for product-market fit.
We can hire who we need
When we started Viblio, AI was exploding (and still is today, but in a completely different way). Google had just acquired DeepMind, and tech companies were hiring machine learning specialists at high six-figure salaries. Our seed money just didn’t cut it.
Neither my cofounder nor I had the natural ecosystem for the right tech people or target markets. We lucked out engaging a senior AI person and ended up hiring a straight-out-of-college machine learning engineer. But it was impossible to hire anyone else in that field. We did pretty well, but pretty well isn’t enough to build a company in a highly competitive field.
As an advisor to startups today, I think about the mistaken assumption we made—that we could just pay our way to the right team. People choose demanding high-risk journeys either because they are paid a lot or because they are following other people they want to follow. If you lack people in your ecosystem who are experts in your startup’s area of focus, you won’t likely pay your way to the team you need.
The value of failure
These three assumptions led us further and further away from realizing our true product-market fit. We eventually did hit on two markets that we could grow into: professional sports and adult film. With each, being able to categorize huge libraries of video and create highlight reels made sense. We saw some strong early traction in people uploading their adult films to our service.
But, alas, that wasn’t a business I wanted to spend 10 years in. And when I was honest with myself, neither was analyzing videos for the professional sports market. Both were markets where money was to be made. Neither were markets that I knew (or wanted to know) enough about, or was passionate enough about, to spend a decade of my life in.
And thus, I came to understand my biggest learning. The Silicon Valley hype of finding your product-market fit isn’t enough. You must have passion about the market you are playing in. You must understand it, and have an ecosystem of people you can draw from who are connected to it.
We shut down Viblio in 2016. But even though the company failed, the journey was not a failure. In three years, I learned more than I had in six years in executive enterprise roles. Building a company teaches you things you’ll never get from working safely. Among the many lessons from my failed startup, I have focused on three in particular that have made me successful in my subsequent roles:
Do more with less. We built a functioning AI video platform on a shoestring budget. Most scaling companies fail because they learn to spend more and still end up not doing more!
Prioritize ruthlessly. Everything feels necessary, but not everything matters. It’s hard to shut down something that seems cool, but if it’s not moving the needle, it has to go.
As they say, “fall in love with the problem, not the solution.”
Read more:
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
Cathie Wood’s ARK ETF published their daily trades for Thursday, October 10th, 2024, with a notable focus on the biotech and semiconductor sectors. Leading the day’s activity was a significant purchase of 10X Genomics Inc (NASDAQ:TXG) shares, where ARK acquired a total of 1,148,427 shares across its ARKK and ARKG ETFs, amounting to a substantial $23,898,765 investment. This move underscores ARK’s growing interest in the genomics space, as the firm has been consistently increasing its holdings in TXG over recent days, signaling a strong conviction in the company’s long-term growth potential.
On the sell side, ARK divested a large portion of its stake in Moderna Inc (NASDAQ:), selling 160,994 shares across ARKK and ARKG ETFs for a total of $9,476,106. This trade marks a significant shift in ARK’s position on the biotech company, which has seen its stock price fluctuate with the evolving dynamics of the pandemic and vaccine rollout.
In the semiconductor space, ARK continued to build its position in Advanced Micro Devices Inc (NASDAQ:), purchasing 3,589 shares through its ARKQ ETF, with a total value of $613,790. This follows a pattern of consistent buying in AMD, indicating ARK’s bullish stance on the semiconductor industry and AMD’s role within it.
Other trades included buying shares of Blade Air Mobility Inc (NASDAQ:) and Crispr Therapeutics AG (NASDAQ:), with total investments of $91,132 and $308,129, respectively. These purchases reflect ARK’s ongoing strategy to invest in disruptive technologies and innovative healthcare solutions.
On the smaller end of the scale, ARK sold shares of Markforged Holding Corp (NYSE:MKFG) and Materialise NV (NASDAQ:), with total values of $20,262 and $19,021, respectively. Although these trades are less significant in dollar value, they align with ARK’s active management approach, continually adjusting its holdings to optimize for growth and innovation.
The day’s transactions showcase ARK’s dynamic investment strategy, with a clear emphasis on companies poised to benefit from technological advancements and a forward-looking approach to the evolving market landscape. Investors following ARK’s trades can discern a pattern of increased investment in certain sectors, which may offer insights into where the firm sees the most promising opportunities for future growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Cathie Wood’s ARK buys AMD, TXG stock and sells MRNA By Investing.com[/gpt3]
Cathie Wood’s ARK ETF published their daily trades for Thursday, October 10th, 2024, with a notable focus on the biotech and semiconductor sectors. Leading the day’s activity was a significant purchase of 10X Genomics Inc (NASDAQ:TXG) shares, where ARK acquired a total of 1,148,427 shares across its ARKK and ARKG ETFs, amounting to a substantial $23,898,765 investment. This move underscores ARK’s growing interest in the genomics space, as the firm has been consistently increasing its holdings in TXG over recent days, signaling a strong conviction in the company’s long-term growth potential.
On the sell side, ARK divested a large portion of its stake in Moderna Inc (NASDAQ:), selling 160,994 shares across ARKK and ARKG ETFs for a total of $9,476,106. This trade marks a significant shift in ARK’s position on the biotech company, which has seen its stock price fluctuate with the evolving dynamics of the pandemic and vaccine rollout.
In the semiconductor space, ARK continued to build its position in Advanced Micro Devices Inc (NASDAQ:), purchasing 3,589 shares through its ARKQ ETF, with a total value of $613,790. This follows a pattern of consistent buying in AMD, indicating ARK’s bullish stance on the semiconductor industry and AMD’s role within it.
Other trades included buying shares of Blade Air Mobility Inc (NASDAQ:) and Crispr Therapeutics AG (NASDAQ:), with total investments of $91,132 and $308,129, respectively. These purchases reflect ARK’s ongoing strategy to invest in disruptive technologies and innovative healthcare solutions.
On the smaller end of the scale, ARK sold shares of Markforged Holding Corp (NYSE:MKFG) and Materialise NV (NASDAQ:), with total values of $20,262 and $19,021, respectively. Although these trades are less significant in dollar value, they align with ARK’s active management approach, continually adjusting its holdings to optimize for growth and innovation.
The day’s transactions showcase ARK’s dynamic investment strategy, with a clear emphasis on companies poised to benefit from technological advancements and a forward-looking approach to the evolving market landscape. Investors following ARK’s trades can discern a pattern of increased investment in certain sectors, which may offer insights into where the firm sees the most promising opportunities for future growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Finding the right venture capital investor for your fintech startup can be tough. This article highlights some of the top investors in the fintech space. Knowing who these investors are can help you choose the best fit for your business. The right investor can provide not just funding but also valuable advice and connections to help your startup grow.
Key Takeaways
These investors focus on innovative fintech ideas that can change the finance world.
Choosing the right investor can help your startup succeed and grow.
Investors look for teams with strong knowledge and experience.
A clear business model and a plan for making money are important to attract investors.
Having transparent financial data is essential for gaining investor trust.
1. Accel
Accel is a top venture capital firm based in Palo Alto, California. They have been around for over 35 years, investing in companies from their early days all the way through their growth phases. Some well-known companies they have backed include Facebook, Dropbox, and Spotify.
Key Focus Areas
Investing in Founders: Accel partners with exceptional founders who have unique insights.
Investment Stages: They invest at various stages, including Pre-Seed, Seed, Series A, B, C, and Growth.
Recent Investments: Some of their latest investments include NiYO Solutions, Coast, and Genesis Global.
Notable Achievements
Accel led a Series F round for a startup with participation from Tiger Global, Spark Capital, and Amazon.
They have a strong track record of helping companies grow and succeed in the tech space.
Accel believes in the power of great ideas and the people behind them. They focus on building long-term relationships with the companies they invest in.
In summary, Accel is a key player in the venture capital world, known for its strategic investments and support for innovative startups. Their commitment to partnering with talented founders makes them a standout in the fintech space.
2. Andreessen Horowitz
Andreessen Horowitz, often called a16z, is one of the most influential venture capital firms in the world. They have a strong focus on technology and have invested in many successful startups. Their portfolio includes big names like Airbnb and Instacart.
Key Investments
Here are some notable investments made by a16z in the fintech space:
Company Name
Funding Amount
Year
Tally
$172M
2021
Robinhood
$110M
2018
Stripe
$150M
2020
Why They Stand Out
Diverse Portfolio: They invest in various sectors, not just fintech.
Strong Network: Their connections help startups grow faster.
Expert Guidance: They provide valuable advice to founders.
Andreessen Horowitz believes in supporting innovative ideas that can change the world. Their approach is to partner with exceptional founders and help them succeed.
In conclusion, a16z is a powerhouse in the venture capital world, especially in fintech. Their investments have shaped many successful companies, making them a key player in the industry.
3. Bessemer Venture Partners
Bessemer Venture Partners is a well-known name in the world of venture capital. They have invested in many successful companies, including Canva, ServiceTitan, and Zapier. Their approach focuses on finding innovative startups that can change the game in their industries.
Key Investments
Here are some notable companies that Bessemer has backed:
Canva: A graphic design platform that makes it easy for anyone to create stunning visuals.
ServiceTitan: A software solution for home service businesses that helps them manage their operations.
Zapier: A tool that connects different apps and automates workflows, making life easier for users.
Investment Strategy
Bessemer’s strategy includes:
Identifying potential: They look for startups with unique ideas and strong teams.
Supporting growth: They provide resources and guidance to help companies scale.
Long-term vision: They invest with the goal of building lasting partnerships.
Bessemer Venture Partners believes in the power of innovation and works hard to support the next generation of entrepreneurs.
In summary, Bessemer Venture Partners is a key player in the fintech space, known for its strategic investments in companies that are shaping the future of technology. Their commitment to innovation and growth makes them a top choice for startups seeking funding.
4. FinTech Collective
FinTech Collective is a notable player in the venture capital scene, based in New York City. They focus on early-stage investments, particularly in the fintech sector. Their goal is to reshape financial services by investing in innovative companies that enhance transparency and accessibility.
Key Focus Areas:
Capital Markets: They look for startups that can improve how capital is managed and traded.
Wealth and Asset Management: Investments in tools that help individuals and institutions manage their wealth better.
Banking and Payments: They support companies that are changing how we think about banking and payments.
Insurance: They also invest in startups that are innovating in the insurance space.
Recent Investments:
Some of their recent investments include:
Qlub: A platform that simplifies payments.
NYDIG: Focused on Bitcoin and financial services.
Anyfin: A service that helps users manage their loans more effectively.
FinTech Collective aims to bring financial connectivity to developing markets, making it easier for people to access financial services.
In summary, FinTech Collective is committed to investing in the future of finance, focusing on areas that can significantly impact both developed and developing markets. Their approach is not just about funding; it’s about creating a more inclusive financial landscape.
5. Goldman Sachs
Goldman Sachs is a major player in the world of finance. Founded in 1869, this firm has a long history of providing various financial services, including investment banking and asset management. They are known for their strong focus on innovation in the fintech space.
Key Investments
Goldman Sachs has made significant investments in fintech companies. Here are a few notable ones:
Klarna: A leading payments provider, last valued at $6.7 billion.
Checkout.com: A payments platform that has gained a lot of traction in recent years.
Marcus: Their own digital bank that aims to provide simple and transparent banking solutions.
Investment Strategy
Goldman Sachs looks for startups that can disrupt traditional financial services. Their strategy includes:
Identifying innovative technologies that can change the way we handle money.
Supporting early-stage companies with the potential for rapid growth.
Building partnerships with entrepreneurs who have unique insights into the market.
Investing in fintech is not just about money; it’s about shaping the future of finance.
Goldman Sachs continues to be a leader in the venture capital space, helping to drive the growth of new financial technologies. Their commitment to innovation makes them a key player in the fintech landscape.
6. Khosla Ventures
Khosla Ventures is a well-known venture capital firm that focuses on technology and healthcare startups. Founded by Vinod Khosla, the firm has made a name for itself by investing in innovative companies that have the potential to change the world. One of their standout investors is Keith Rabois, a four-time Midas List member, who led early investments in companies like DoorDash and Affirm.
Investment Focus
Khosla Ventures primarily invests in:
Technology startups
Healthcare innovations
Consumer products
Notable Investments
Some of the notable companies backed by Khosla Ventures include:
DoorDash
Affirm
Square
Khosla Ventures believes in supporting entrepreneurs who are passionate about their ideas and willing to take risks. They look for teams that can execute their vision effectively.
In summary, Khosla Ventures is a key player in the venture capital space, known for its strategic investments and commitment to fostering innovation.
7. Norwest Venture Partners
Norwest Venture Partners is a well-known venture capital firm that has been around since 1961. Based in Palo Alto, California, they focus on investing in both early-stage and growth-stage companies. They have a strong reputation for backing innovative startups in various sectors, including fintech.
Key Highlights:
Founded: 1961
Location: Palo Alto, California
Specialization: Venture and growth equity investments
Investment Approach:
Norwest takes a hands-on approach to investing. They not only provide capital but also offer guidance to help companies grow. Here are some key aspects of their investment strategy:
Focus on Innovation: They look for companies that are disrupting traditional markets.
Diverse Portfolio: Their investments span across different industries, not just fintech.
Long-term Partnerships: They aim to build lasting relationships with the companies they invest in.
Norwest believes in the power of collaboration and innovation to drive success in the startup ecosystem.
In a year where many venture capitalists continue to play musical chairs, Norwest remains a stable player in the industry, consistently backing promising ventures. Their commitment to supporting entrepreneurs makes them a top choice for startups seeking funding.
8. Ribbit Capital
Ribbit Capital is a well-known name in the fintech world. Founded by Micky Malka, this firm has made a significant impact on the industry. In fact, Malka is ranked No. 2 on the Midas List in 2024, showing just how influential he is. Ribbit Capital focuses on investing in companies that are changing the way we think about finance.
Key Investments
Ribbit Capital has backed several successful companies, including:
Robinhood: A popular trading app that allows users to invest without paying commissions.
Credit Karma: A service that helps people manage their credit scores and find loans.
Chime: A mobile banking platform that offers no-fee banking services.
Investment Strategy
Ribbit Capital looks for:
Innovative Ideas: They want to invest in companies that are doing something new.
Strong Teams: The people behind the company matter a lot.
Market Potential: They focus on businesses that can grow and reach many customers.
Ribbit Capital believes that the future of finance is digital, and they are excited to support companies that are leading this change.
In summary, Ribbit Capital is a major player in the fintech investment scene, and their focus on innovation and strong teams makes them a firm to watch.
9. Sequoia Capital
Sequoia Capital is one of the most respected names in venture capital. Founded in 1972, this firm has a long history of investing in successful startups across various sectors, including fintech. They have a knack for spotting potential in companies that others might overlook.
Key Investments
Sequoia has made significant investments in many well-known companies. Here are a few highlights:
Company
Year Invested
Amount Invested
Stripe
2010
$15 million
WhatsApp
2011
$60 million
Airbnb
2009
$600,000
Why Sequoia Stands Out
Strong Track Record: They have backed companies that have become household names.
Global Reach: Sequoia invests not just in the U.S. but also in markets like China and India.
Support Beyond Capital: They provide guidance and resources to help startups grow.
Sequoia Capital’s approach is about more than just money; they aim to build lasting partnerships with entrepreneurs.
In conclusion, Sequoia Capital continues to be a major player in the venture capital world, especially in the fintech space. Their ability to identify and nurture promising startups makes them a top choice for many entrepreneurs seeking funding.
10. Tiger Global Management
Tiger Global Management is a well-known investment firm that focuses on both public and private markets. Founded in 2001 and based in New York, they have made a significant impact in the fintech space. They are recognized for their aggressive investment strategies and keen eye for promising startups.
Key Investments
Here are some of the notable fintech companies that Tiger Global has invested in:
Stripe: A leading online payment processing platform.
Robinhood: A popular trading app that has changed how people invest.
Plaid: A company that connects apps to users’ bank accounts.
Recent Changes
Recently, there was a notable change in their team. Alex Cook, a partner at Tiger Global who oversaw some of its largest fintech investments and India deals, is departing the firm after a tenure of nearly seven years. This shift may influence their future investment strategies.
Why They Matter
Tiger Global Management is important in the fintech world because they:
Invest heavily in innovative technologies.
Support early-stage startups that can disrupt traditional finance.
Have a global reach, allowing them to tap into various markets.
Tiger Global’s approach to investing is not just about money; it’s about finding the next big thing in finance and technology. Their influence can shape the future of fintech.
Conclusion
In summary, finding the right venture capital investor for your fintech startup is crucial for its success. The investors mentioned in this article, such as Andreessen Horowitz and Sequoia Capital, have a strong history of supporting innovative companies in the financial technology space. They look for startups with talented teams, clear business models, and a solid plan for growth and profit. By understanding what these investors seek, you can better position your startup to attract the right funding. As the fintech industry continues to evolve, having the right partner can make all the difference in navigating challenges and seizing opportunities.
Frequently Asked Questions
What is a fintech startup?
A fintech startup is a company that uses technology to offer new financial services. These businesses often focus on areas like online banking, digital payments, or investing through apps.
Who are some of the top fintech investors?
Some well-known fintech investors include Accel, Andreessen Horowitz, and Sequoia Capital. These firms are known for funding innovative fintech startups.
What do fintech investors look for?
Fintech investors want to see a strong team, a clear business plan, and a way for the startup to make money. They also look for companies that can grow quickly.
How can I find a fintech investor?
You can find fintech investors by researching venture capital firms that focus on finance technology. Networking events and online platforms can also help you connect with potential investors.
What makes a startup attractive to investors?
Startups that show potential for growth, have a unique idea, and can demonstrate how they will make money are usually more attractive to investors.
What is the role of a fintech investor?
A fintech investor provides funding to startups in exchange for a share of the company. They also offer advice and support to help the business grow.
Finding the right venture capital investor for your fintech startup can be tough. This article highlights some of the top investors in the fintech space. Knowing who these investors are can help you choose the best fit for your business. The right investor can provide not just funding but also valuable advice and connections to help your startup grow.
Key Takeaways
These investors focus on innovative fintech ideas that can change the finance world.
Choosing the right investor can help your startup succeed and grow.
Investors look for teams with strong knowledge and experience.
A clear business model and a plan for making money are important to attract investors.
Having transparent financial data is essential for gaining investor trust.
1. Accel
Accel is a top venture capital firm based in Palo Alto, California. They have been around for over 35 years, investing in companies from their early days all the way through their growth phases. Some well-known companies they have backed include Facebook, Dropbox, and Spotify.
Key Focus Areas
Investing in Founders: Accel partners with exceptional founders who have unique insights.
Investment Stages: They invest at various stages, including Pre-Seed, Seed, Series A, B, C, and Growth.
Recent Investments: Some of their latest investments include NiYO Solutions, Coast, and Genesis Global.
Notable Achievements
Accel led a Series F round for a startup with participation from Tiger Global, Spark Capital, and Amazon.
They have a strong track record of helping companies grow and succeed in the tech space.
Accel believes in the power of great ideas and the people behind them. They focus on building long-term relationships with the companies they invest in.
In summary, Accel is a key player in the venture capital world, known for its strategic investments and support for innovative startups. Their commitment to partnering with talented founders makes them a standout in the fintech space.
2. Andreessen Horowitz
Andreessen Horowitz, often called a16z, is one of the most influential venture capital firms in the world. They have a strong focus on technology and have invested in many successful startups. Their portfolio includes big names like Airbnb and Instacart.
Key Investments
Here are some notable investments made by a16z in the fintech space:
Company Name
Funding Amount
Year
Tally
$172M
2021
Robinhood
$110M
2018
Stripe
$150M
2020
Why They Stand Out
Diverse Portfolio: They invest in various sectors, not just fintech.
Strong Network: Their connections help startups grow faster.
Expert Guidance: They provide valuable advice to founders.
Andreessen Horowitz believes in supporting innovative ideas that can change the world. Their approach is to partner with exceptional founders and help them succeed.
In conclusion, a16z is a powerhouse in the venture capital world, especially in fintech. Their investments have shaped many successful companies, making them a key player in the industry.
3. Bessemer Venture Partners
Bessemer Venture Partners is a well-known name in the world of venture capital. They have invested in many successful companies, including Canva, ServiceTitan, and Zapier. Their approach focuses on finding innovative startups that can change the game in their industries.
Key Investments
Here are some notable companies that Bessemer has backed:
Canva: A graphic design platform that makes it easy for anyone to create stunning visuals.
ServiceTitan: A software solution for home service businesses that helps them manage their operations.
Zapier: A tool that connects different apps and automates workflows, making life easier for users.
Investment Strategy
Bessemer’s strategy includes:
Identifying potential: They look for startups with unique ideas and strong teams.
Supporting growth: They provide resources and guidance to help companies scale.
Long-term vision: They invest with the goal of building lasting partnerships.
Bessemer Venture Partners believes in the power of innovation and works hard to support the next generation of entrepreneurs.
In summary, Bessemer Venture Partners is a key player in the fintech space, known for its strategic investments in companies that are shaping the future of technology. Their commitment to innovation and growth makes them a top choice for startups seeking funding.
4. FinTech Collective
FinTech Collective is a notable player in the venture capital scene, based in New York City. They focus on early-stage investments, particularly in the fintech sector. Their goal is to reshape financial services by investing in innovative companies that enhance transparency and accessibility.
Key Focus Areas:
Capital Markets: They look for startups that can improve how capital is managed and traded.
Wealth and Asset Management: Investments in tools that help individuals and institutions manage their wealth better.
Banking and Payments: They support companies that are changing how we think about banking and payments.
Insurance: They also invest in startups that are innovating in the insurance space.
Recent Investments:
Some of their recent investments include:
Qlub: A platform that simplifies payments.
NYDIG: Focused on Bitcoin and financial services.
Anyfin: A service that helps users manage their loans more effectively.
FinTech Collective aims to bring financial connectivity to developing markets, making it easier for people to access financial services.
In summary, FinTech Collective is committed to investing in the future of finance, focusing on areas that can significantly impact both developed and developing markets. Their approach is not just about funding; it’s about creating a more inclusive financial landscape.
5. Goldman Sachs
Goldman Sachs is a major player in the world of finance. Founded in 1869, this firm has a long history of providing various financial services, including investment banking and asset management. They are known for their strong focus on innovation in the fintech space.
Key Investments
Goldman Sachs has made significant investments in fintech companies. Here are a few notable ones:
Klarna: A leading payments provider, last valued at $6.7 billion.
Checkout.com: A payments platform that has gained a lot of traction in recent years.
Marcus: Their own digital bank that aims to provide simple and transparent banking solutions.
Investment Strategy
Goldman Sachs looks for startups that can disrupt traditional financial services. Their strategy includes:
Identifying innovative technologies that can change the way we handle money.
Supporting early-stage companies with the potential for rapid growth.
Building partnerships with entrepreneurs who have unique insights into the market.
Investing in fintech is not just about money; it’s about shaping the future of finance.
Goldman Sachs continues to be a leader in the venture capital space, helping to drive the growth of new financial technologies. Their commitment to innovation makes them a key player in the fintech landscape.
6. Khosla Ventures
Khosla Ventures is a well-known venture capital firm that focuses on technology and healthcare startups. Founded by Vinod Khosla, the firm has made a name for itself by investing in innovative companies that have the potential to change the world. One of their standout investors is Keith Rabois, a four-time Midas List member, who led early investments in companies like DoorDash and Affirm.
Investment Focus
Khosla Ventures primarily invests in:
Technology startups
Healthcare innovations
Consumer products
Notable Investments
Some of the notable companies backed by Khosla Ventures include:
DoorDash
Affirm
Square
Khosla Ventures believes in supporting entrepreneurs who are passionate about their ideas and willing to take risks. They look for teams that can execute their vision effectively.
In summary, Khosla Ventures is a key player in the venture capital space, known for its strategic investments and commitment to fostering innovation.
7. Norwest Venture Partners
Norwest Venture Partners is a well-known venture capital firm that has been around since 1961. Based in Palo Alto, California, they focus on investing in both early-stage and growth-stage companies. They have a strong reputation for backing innovative startups in various sectors, including fintech.
Key Highlights:
Founded: 1961
Location: Palo Alto, California
Specialization: Venture and growth equity investments
Investment Approach:
Norwest takes a hands-on approach to investing. They not only provide capital but also offer guidance to help companies grow. Here are some key aspects of their investment strategy:
Focus on Innovation: They look for companies that are disrupting traditional markets.
Diverse Portfolio: Their investments span across different industries, not just fintech.
Long-term Partnerships: They aim to build lasting relationships with the companies they invest in.
Norwest believes in the power of collaboration and innovation to drive success in the startup ecosystem.
In a year where many venture capitalists continue to play musical chairs, Norwest remains a stable player in the industry, consistently backing promising ventures. Their commitment to supporting entrepreneurs makes them a top choice for startups seeking funding.
8. Ribbit Capital
Ribbit Capital is a well-known name in the fintech world. Founded by Micky Malka, this firm has made a significant impact on the industry. In fact, Malka is ranked No. 2 on the Midas List in 2024, showing just how influential he is. Ribbit Capital focuses on investing in companies that are changing the way we think about finance.
Key Investments
Ribbit Capital has backed several successful companies, including:
Robinhood: A popular trading app that allows users to invest without paying commissions.
Credit Karma: A service that helps people manage their credit scores and find loans.
Chime: A mobile banking platform that offers no-fee banking services.
Investment Strategy
Ribbit Capital looks for:
Innovative Ideas: They want to invest in companies that are doing something new.
Strong Teams: The people behind the company matter a lot.
Market Potential: They focus on businesses that can grow and reach many customers.
Ribbit Capital believes that the future of finance is digital, and they are excited to support companies that are leading this change.
In summary, Ribbit Capital is a major player in the fintech investment scene, and their focus on innovation and strong teams makes them a firm to watch.
9. Sequoia Capital
Sequoia Capital is one of the most respected names in venture capital. Founded in 1972, this firm has a long history of investing in successful startups across various sectors, including fintech. They have a knack for spotting potential in companies that others might overlook.
Key Investments
Sequoia has made significant investments in many well-known companies. Here are a few highlights:
Company
Year Invested
Amount Invested
Stripe
2010
$15 million
WhatsApp
2011
$60 million
Airbnb
2009
$600,000
Why Sequoia Stands Out
Strong Track Record: They have backed companies that have become household names.
Global Reach: Sequoia invests not just in the U.S. but also in markets like China and India.
Support Beyond Capital: They provide guidance and resources to help startups grow.
Sequoia Capital’s approach is about more than just money; they aim to build lasting partnerships with entrepreneurs.
In conclusion, Sequoia Capital continues to be a major player in the venture capital world, especially in the fintech space. Their ability to identify and nurture promising startups makes them a top choice for many entrepreneurs seeking funding.
10. Tiger Global Management
Tiger Global Management is a well-known investment firm that focuses on both public and private markets. Founded in 2001 and based in New York, they have made a significant impact in the fintech space. They are recognized for their aggressive investment strategies and keen eye for promising startups.
Key Investments
Here are some of the notable fintech companies that Tiger Global has invested in:
Stripe: A leading online payment processing platform.
Robinhood: A popular trading app that has changed how people invest.
Plaid: A company that connects apps to users’ bank accounts.
Recent Changes
Recently, there was a notable change in their team. Alex Cook, a partner at Tiger Global who oversaw some of its largest fintech investments and India deals, is departing the firm after a tenure of nearly seven years. This shift may influence their future investment strategies.
Why They Matter
Tiger Global Management is important in the fintech world because they:
Invest heavily in innovative technologies.
Support early-stage startups that can disrupt traditional finance.
Have a global reach, allowing them to tap into various markets.
Tiger Global’s approach to investing is not just about money; it’s about finding the next big thing in finance and technology. Their influence can shape the future of fintech.
Conclusion
In summary, finding the right venture capital investor for your fintech startup is crucial for its success. The investors mentioned in this article, such as Andreessen Horowitz and Sequoia Capital, have a strong history of supporting innovative companies in the financial technology space. They look for startups with talented teams, clear business models, and a solid plan for growth and profit. By understanding what these investors seek, you can better position your startup to attract the right funding. As the fintech industry continues to evolve, having the right partner can make all the difference in navigating challenges and seizing opportunities.
Frequently Asked Questions
What is a fintech startup?
A fintech startup is a company that uses technology to offer new financial services. These businesses often focus on areas like online banking, digital payments, or investing through apps.
Who are some of the top fintech investors?
Some well-known fintech investors include Accel, Andreessen Horowitz, and Sequoia Capital. These firms are known for funding innovative fintech startups.
What do fintech investors look for?
Fintech investors want to see a strong team, a clear business plan, and a way for the startup to make money. They also look for companies that can grow quickly.
How can I find a fintech investor?
You can find fintech investors by researching venture capital firms that focus on finance technology. Networking events and online platforms can also help you connect with potential investors.
What makes a startup attractive to investors?
Startups that show potential for growth, have a unique idea, and can demonstrate how they will make money are usually more attractive to investors.
What is the role of a fintech investor?
A fintech investor provides funding to startups in exchange for a share of the company. They also offer advice and support to help the business grow.
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 11, 2024 in New York City.
Angela Weiss | AFP | Getty Images
Stock futures were little changed on Thursday evening, as investors looked ahead to a wholesale inflation reading and quarterly results from major banks.
The action follows a losing day for the major averages, with the S&P 500 and the 30-stock Dow pulling back from their records in Thursday’s session. The broad market index slipped 0.2%, while the Dow lost about 0.1%. The Nasdaq Composite posted a slight decline of 0.05%.
Fresh data issued on Thursday raised investors’ fears that inflation wasn’t cooling off quickly enough. September’s consumer price index rose 0.2% on a monthly basis and 2.4% from a year earlier. Those results topped the 0.1% monthly advance and 2.3% year-over-year gain economists polled by Dow Jones anticipated.
Fed funds futures trading suggests a roughly 87% likelihood that the Federal Reserve will dial back interest rates by a quarter point in November, according to the CME FedWatch Tool. However, central bank policymakers will keep a close eye on additional data, which will shape their course on rates.
“The data isn’t compelling enough to deter the Fed from cutting entirely in November,” said Preston Caldwell, senior U.S. economist at Morningstar. “But further data like this (as well as strong data on economic activity) could induce a skip in the December 2024 or January 2025 meetings.”
Indeed, another catalyst awaits on Friday morning: the producer price index, a measure of wholesale prices. Economists polled by Dow Jones expect the PPI index to have risen 0.1% in September on a monthly basis. Excluding food and energy costs, they forecast a 0.2% advance.
JPMorgan Chase and Wells Fargo are also slated to report quarterly earnings before the bell. The results could influence the market on Friday.
The major averages are heading into the final day of the week with modest gains. The S&P 500 is up 0.5% week to date, while the Dow is toting a 0.2% gain. The Nasdaq is the outperformer of the three, up 0.8% in the period.
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 11, 2024 in New York City.
Angela Weiss | AFP | Getty Images
Stock futures were little changed on Thursday evening, as investors looked ahead to a wholesale inflation reading and quarterly results from major banks.
The action follows a losing day for the major averages, with the S&P 500 and the 30-stock Dow pulling back from their records in Thursday’s session. The broad market index slipped 0.2%, while the Dow lost about 0.1%. The Nasdaq Composite posted a slight decline of 0.05%.
Fresh data issued on Thursday raised investors’ fears that inflation wasn’t cooling off quickly enough. September’s consumer price index rose 0.2% on a monthly basis and 2.4% from a year earlier. Those results topped the 0.1% monthly advance and 2.3% year-over-year gain economists polled by Dow Jones anticipated.
Fed funds futures trading suggests a roughly 87% likelihood that the Federal Reserve will dial back interest rates by a quarter point in November, according to the CME FedWatch Tool. However, central bank policymakers will keep a close eye on additional data, which will shape their course on rates.
“The data isn’t compelling enough to deter the Fed from cutting entirely in November,” said Preston Caldwell, senior U.S. economist at Morningstar. “But further data like this (as well as strong data on economic activity) could induce a skip in the December 2024 or January 2025 meetings.”
Indeed, another catalyst awaits on Friday morning: the producer price index, a measure of wholesale prices. Economists polled by Dow Jones expect the PPI index to have risen 0.1% in September on a monthly basis. Excluding food and energy costs, they forecast a 0.2% advance.
JPMorgan Chase and Wells Fargo are also slated to report quarterly earnings before the bell. The results could influence the market on Friday.
The major averages are heading into the final day of the week with modest gains. The S&P 500 is up 0.5% week to date, while the Dow is toting a 0.2% gain. The Nasdaq is the outperformer of the three, up 0.8% in the period.
From building his first PC aged 12, to working for major tech players including IBM, Accenture and now Salesforce, tech has always played a key role in Paul O’Sullivan’s life. But even though the Croydon-born (South London) software engineer would go on to become SVP solution engineering at Salesforce, it was in a local butchers shop where his career started.
How did you get into tech?
My first job was in a butcher’s shop. It was there I met my wife. They asked me to work full-time after the owner’s dad fell ill, and I agreed, as loyalty is an important value of mine. I ended up running the shop, which was a good lesson in running a business.
The owner, my first mentor, encouraged me to go to night school. That’s where I became a certified Cisco network engineer, which led me to my first real job in tech. It was with Research in Motion, the company behind BlackBerry.
What was the most important lesson you learned from working at the butcher’s shop that you still apply today?
My mentor there lived by three key rules, and they are also transferable into technology.
First, he lived by the principle of always having a door open in the butcher shop. The key concept there was about removing friction. If somebody has to open a door, there is immediate friction, and you can apply that to reducing friction in the technology experience.
Second, always keep a smile on your face. Nobody wants to work with someone who looks miserable. As a teenager working in the shop, I quickly realised that it is easier to sell meat with a smile.
The third component I still use today is that nobody will trust you if you sell them a bad product. I’ve carried this throughout my tech career — you’re only as good as your last project.
What attracted you to Salesforce?
Prior to this role, I was at Accenture, running the software engineering and innovation business. But our UK CEO Zahra Bahrololoumi brought me on board. She phoned me and said I would love it here, and she wasn’t wrong.
The culture is incredible, especially the way people are willing to support each other. The cherry on top was that there is no business problem that we can’t solve with our technology — being a technology geek, that really attracted me to Salesforce.
What excites you in tech right now?
Obviously, we are in the middle of an AI revolution. I don’t think this will slow down consumers; they will continue to demand more from businesses.
At Salesforce, we will need to help our customers navigate through this increasingly complex environment. But, what excites me is discovering how we can help our partners unlock value throughout their entire enterprise.
I’m also excited to see what happens when these foundational AI models make a pivot to quantum or when you bring quantum compute together with traditional compute to make a layered approach.
We’re already seeing huge benefits from a multi-LLM approach, where you bring predictive and generative AI together. But, once you add quantum into the mix, you’re going to get an exponential increase in value for the customer.
What do you do to unwind?
Family is so important to me. I’ve got a 12-year-old (going on 21!) and a five-year-old. I take so much pleasure out of seeing them grow.
It sounds daft, but I enjoy sitting on the sideline, watching them play sports. I’m not one of those shouty parents; watching them play and seeing how they develop really helps me switch off.
When you aren’t working, what are your hobbies?
I’ve got a couple of pet projects on the go. I’ve built a few mini robots — I am, at my heart, always a techie!
I also run a little bit, although my wife would probably say I don’t run as much as I should!
If you could have coffee with any person in history, who would it be and why?
Alan Turing.
Not only was he well ahead of his time, but he also faced personal challenges due to his lifestyle not being socially accepted at the time. We all struggle with that battle between a pursuit of passion and what we’re really about as a person; whether or not we’re pushing the boundaries of the tech revolution.
But, we also have personal lives; if they conflict, that balance can be quite difficult.
From Butcher to Tech Leader with Paul O’Sullivan from Salesforce[/gpt3]
From building his first PC aged 12, to working for major tech players including IBM, Accenture and now Salesforce, tech has always played a key role in Paul O’Sullivan’s life. But even though the Croydon-born (South London) software engineer would go on to become SVP solution engineering at Salesforce, it was in a local butchers shop where his career started.
How did you get into tech?
My first job was in a butcher’s shop. It was there I met my wife. They asked me to work full-time after the owner’s dad fell ill, and I agreed, as loyalty is an important value of mine. I ended up running the shop, which was a good lesson in running a business.
The owner, my first mentor, encouraged me to go to night school. That’s where I became a certified Cisco network engineer, which led me to my first real job in tech. It was with Research in Motion, the company behind BlackBerry.
What was the most important lesson you learned from working at the butcher’s shop that you still apply today?
My mentor there lived by three key rules, and they are also transferable into technology.
First, he lived by the principle of always having a door open in the butcher shop. The key concept there was about removing friction. If somebody has to open a door, there is immediate friction, and you can apply that to reducing friction in the technology experience.
Second, always keep a smile on your face. Nobody wants to work with someone who looks miserable. As a teenager working in the shop, I quickly realised that it is easier to sell meat with a smile.
The third component I still use today is that nobody will trust you if you sell them a bad product. I’ve carried this throughout my tech career — you’re only as good as your last project.
What attracted you to Salesforce?
Prior to this role, I was at Accenture, running the software engineering and innovation business. But our UK CEO Zahra Bahrololoumi brought me on board. She phoned me and said I would love it here, and she wasn’t wrong.
The culture is incredible, especially the way people are willing to support each other. The cherry on top was that there is no business problem that we can’t solve with our technology — being a technology geek, that really attracted me to Salesforce.
What excites you in tech right now?
Obviously, we are in the middle of an AI revolution. I don’t think this will slow down consumers; they will continue to demand more from businesses.
At Salesforce, we will need to help our customers navigate through this increasingly complex environment. But, what excites me is discovering how we can help our partners unlock value throughout their entire enterprise.
I’m also excited to see what happens when these foundational AI models make a pivot to quantum or when you bring quantum compute together with traditional compute to make a layered approach.
We’re already seeing huge benefits from a multi-LLM approach, where you bring predictive and generative AI together. But, once you add quantum into the mix, you’re going to get an exponential increase in value for the customer.
What do you do to unwind?
Family is so important to me. I’ve got a 12-year-old (going on 21!) and a five-year-old. I take so much pleasure out of seeing them grow.
It sounds daft, but I enjoy sitting on the sideline, watching them play sports. I’m not one of those shouty parents; watching them play and seeing how they develop really helps me switch off.
When you aren’t working, what are your hobbies?
I’ve got a couple of pet projects on the go. I’ve built a few mini robots — I am, at my heart, always a techie!
I also run a little bit, although my wife would probably say I don’t run as much as I should!
If you could have coffee with any person in history, who would it be and why?
Alan Turing.
Not only was he well ahead of his time, but he also faced personal challenges due to his lifestyle not being socially accepted at the time. We all struggle with that battle between a pursuit of passion and what we’re really about as a person; whether or not we’re pushing the boundaries of the tech revolution.
But, we also have personal lives; if they conflict, that balance can be quite difficult.
When is it prudent to shut down a vehicle for follow-on investments in your portfolio’s proven winners and opt to return unused capital to your limited partners?
That’s what CRV, based in San Francisco, has announced it is doing with the remaining $275 million in its second Select Fund, which closed on $500 million in 2022. Founded in 1970, CRV invests in the life sciences, consumer products/services and enterprise sectors.
In a recent Medium post (registration required), CRV says it has been closely monitoring the markets and its own portfolio over the last 18 months. “We raised Select Fund I ($200 million) in 2020 and Select Fund II ($500 million) in 2022,” it writes. “At the time, public market comps supported venture-like returns in later-stage rounds of our best companies. Between 2022 and 2023, we saw an adjustment taking shape, and it became more difficult to justify those returns.”
This isn’t the first time CRV has returned unused capital to LPs. It raised $1.2 billion for its flagship Fund XI back in 2000, but ultimately returned $750 million to investors two years later in the wake of the dot-com bust.
CRV partners declined to speak with Venture Capital Journal for this article, citing time constraints during a week of meetings with founders.
But a few other VC managers who have raised follow-on vehicles say they don’t share CRV’s concerns about inadequate returns on their investments.
Ryan Drant, founder and managing partner at Questa Capital, tells VCJ he isn’t finding it hard to get attractive valuations when investing in the later rounds of Questa’s strongest portfolio companies.
John Backus, co-founder and managing partner of Proof VC, has a similar take. “We don’t have a shortage of either quantity or quality,” he tells VCJ. “Are there some areas that are overpriced? Sure.”
But, with the exception of native AI solutions and market leaders, “everything else is way down, not only from where it was in 2020 and 2021 but also relative to the public markets,” Backus says.
Proof raised $135 million for its third and largest opportunity fund last year, as VCJpreviously reported. Of the roughly 400 deals it is offered each year, it invests in about 10 of them.
Private market valuations tracked those of public companies fairly closely until 2020. Since the market correction in early 2022, which took down public and private companies alike, public company valuations have rebounded dramatically while private ones have not, says Backus.
“I think we’re at a point in time now where there’s a unique gap between private and public market valuations that will correct at some point in time,” he notes. “So I can’t understand why someone would say they can’t find enough good deals to invest in. They’re out there.”
It’s not as if CRV has lost its talent or appetite for backing winners. Three of its partners made this year’s Midas List by Forbes for best-performing deals: Murat Bicer for his investment in Datadog, Saar Gur for DoorDash and Max Gazor for Airtable.
“I applaud [CRV] for returning capital that they don’t feel that they have a good use for. I think that’s admirable,” says Drant of Questa. “We all have a target-return threshold, and if you don’t think you can hit that with a given strategy, then I think devoting less capital to it is a good idea.”
Questa pulled the plug on its second opportunity fund, Questa Capital Opportunities II, in late 2022 upon realizing it had enough capital in its primary funds to support follow-on rounds for its best-performing companies.
Most of the LPs that had already committed redirected their capital to Questa’s flagship Fund III, which closed on $400 million. But some that had invested specifically in the opportunity strategy chose to be released from their commitment, says Drant.
“Many LPs, when they see an opportunity fund, they think kind of lower risk, maybe a little lower return but an enhanced IRR, shorter hold [period] – those sorts of things,” Drant tells VCJ. “Certainly, there were some LPs where that had been their reason for investing, so we just released them from their commitment.”
For LPs investing in a typical opportunity fund, “the expectation will be you’re going to be investing at a higher price than your initial investment and sort of by definition the return will be somewhat lower,” Drant adds.
He wonders, in view of the “massive expansion of capital-raising between the late teens and 2021, particularly in tech, did that total fundraising overshoot the number of good places there are to invest that capital? And I think the answer to that is ‘yes,’ and I think that’s what CRV is saying, and that makes some sense to me.”
Drant notes the difference between the $393 million fund that CRV closed in 2014 and the combined $2.2 billion that it raised subsequently across three primary funds over the next nine years, not to mention a combined $700 million in two select funds.
“There’s a lot of firms that grew at that rate,” he says. “Maybe what [CRV is] saying is that part of the market is oversupplied with capital, and that wouldn’t surprise me.”
When is it prudent to shut down a vehicle for follow-on investments in your portfolio’s proven winners and opt to return unused capital to your limited partners?
That’s what CRV, based in San Francisco, has announced it is doing with the remaining $275 million in its second Select Fund, which closed on $500 million in 2022. Founded in 1970, CRV invests in the life sciences, consumer products/services and enterprise sectors.
In a recent Medium post (registration required), CRV says it has been closely monitoring the markets and its own portfolio over the last 18 months. “We raised Select Fund I ($200 million) in 2020 and Select Fund II ($500 million) in 2022,” it writes. “At the time, public market comps supported venture-like returns in later-stage rounds of our best companies. Between 2022 and 2023, we saw an adjustment taking shape, and it became more difficult to justify those returns.”
This isn’t the first time CRV has returned unused capital to LPs. It raised $1.2 billion for its flagship Fund XI back in 2000, but ultimately returned $750 million to investors two years later in the wake of the dot-com bust.
CRV partners declined to speak with Venture Capital Journal for this article, citing time constraints during a week of meetings with founders.
But a few other VC managers who have raised follow-on vehicles say they don’t share CRV’s concerns about inadequate returns on their investments.
Ryan Drant, founder and managing partner at Questa Capital, tells VCJ he isn’t finding it hard to get attractive valuations when investing in the later rounds of Questa’s strongest portfolio companies.
John Backus, co-founder and managing partner of Proof VC, has a similar take. “We don’t have a shortage of either quantity or quality,” he tells VCJ. “Are there some areas that are overpriced? Sure.”
But, with the exception of native AI solutions and market leaders, “everything else is way down, not only from where it was in 2020 and 2021 but also relative to the public markets,” Backus says.
Proof raised $135 million for its third and largest opportunity fund last year, as VCJpreviously reported. Of the roughly 400 deals it is offered each year, it invests in about 10 of them.
Private market valuations tracked those of public companies fairly closely until 2020. Since the market correction in early 2022, which took down public and private companies alike, public company valuations have rebounded dramatically while private ones have not, says Backus.
“I think we’re at a point in time now where there’s a unique gap between private and public market valuations that will correct at some point in time,” he notes. “So I can’t understand why someone would say they can’t find enough good deals to invest in. They’re out there.”
It’s not as if CRV has lost its talent or appetite for backing winners. Three of its partners made this year’s Midas List by Forbes for best-performing deals: Murat Bicer for his investment in Datadog, Saar Gur for DoorDash and Max Gazor for Airtable.
“I applaud [CRV] for returning capital that they don’t feel that they have a good use for. I think that’s admirable,” says Drant of Questa. “We all have a target-return threshold, and if you don’t think you can hit that with a given strategy, then I think devoting less capital to it is a good idea.”
Questa pulled the plug on its second opportunity fund, Questa Capital Opportunities II, in late 2022 upon realizing it had enough capital in its primary funds to support follow-on rounds for its best-performing companies.
Most of the LPs that had already committed redirected their capital to Questa’s flagship Fund III, which closed on $400 million. But some that had invested specifically in the opportunity strategy chose to be released from their commitment, says Drant.
“Many LPs, when they see an opportunity fund, they think kind of lower risk, maybe a little lower return but an enhanced IRR, shorter hold [period] – those sorts of things,” Drant tells VCJ. “Certainly, there were some LPs where that had been their reason for investing, so we just released them from their commitment.”
For LPs investing in a typical opportunity fund, “the expectation will be you’re going to be investing at a higher price than your initial investment and sort of by definition the return will be somewhat lower,” Drant adds.
He wonders, in view of the “massive expansion of capital-raising between the late teens and 2021, particularly in tech, did that total fundraising overshoot the number of good places there are to invest that capital? And I think the answer to that is ‘yes,’ and I think that’s what CRV is saying, and that makes some sense to me.”
Drant notes the difference between the $393 million fund that CRV closed in 2014 and the combined $2.2 billion that it raised subsequently across three primary funds over the next nine years, not to mention a combined $700 million in two select funds.
“There’s a lot of firms that grew at that rate,” he says. “Maybe what [CRV is] saying is that part of the market is oversupplied with capital, and that wouldn’t surprise me.”
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Social media and travel influencers make exploring the world look luxurious — and expensive. Those who don’t feel comfortable with their current budgets can easily feel, from the flashy posts and pricey-looking resorts, that traveling beyond their hometown isn’t feasible.
But one doesn’t have to be rich to travel, stated Evita Robinson, the founder of the Nomadness Travel Tribe and Nomadness TV.
“It’s the psychology,” Robinson told Money Glow Up host Tiffany Aliche (video above; listen below). “People were fed this story that [travel] was only for the elite, that it was only in a luxury basis that people were able to go out into the world. … You can do anything, you just have to be realistic with what your boundaries are.”
Even Aliche admitted that she didn’t feel like she could travel until she was in her 30s.
“In my 20s, I just felt like I really couldn’t afford it,” Aliche recalled. “I was a preschool teacher, and I was like where am I going to get the money? Once I started to plan for it in my 30s I realized it wasn’t as expensive as I thought.”
It’s easy to dismiss something like travel as though it’s not a necessity, and though it may not be as vital in a budget as one’s rent or grocery bill, Robinson said. However, “the character development is something you take with you your whole life.”
Robinson’s tips for traveling on a budget
Robinson noted that group travel options can help take away some of the planning hassle while providing a dedicated community. But this route may not be for everyone — whether that be due to personality differences or budget constraints.
“Every time you incorporate someone else who’s helping you with [planning], you have to pay that person,” Robinson explained. “Everything [gets] more expensive.”
Conversely, travelers can reduce costs by planning their own travel. According to Robinson, there are plenty of resources readily available for those looking for more budget-friendly options.
Tourists visit the Giza Pyramids scenic spot in Giza, Egypt, on July 14, 2024. (Wang Dongzhen/Xinhua via Getty Images) (Xinhua News Agency via Getty Images)
Certain websites, like Skyscanner.com, can make international travel more affordable by allowing users to leave their final destination open and sort possible flights by price, highlighting some of the cheapest options available.
Setting up a separate bank account that’s not easily accessible is another option for those who find themselves going over budget often, as adding extra steps to withdraw your money can make it easier to leave savings alone.
“You can do it in a way that doesn’t break your bank,” Robinson explained. “Just bridge your travel budget with your travel style where you are in this phase of life.”
Paying in installments is another hack that can make it easier to financially plan for a trip, Robinson noted.
“It’s like, don’t look at the big ticket item — the big price — all at once,” Robinson said. “Work with people, organizations, travel agents, or on your own, and get an installment plan done.”
And if all of the above options don’t seem to work, think smaller, Robinson said. For instance, she noted that the US has plenty of national parks and hidden gems that are likely much closer than one would think — it just takes some creativity and research.
“Bring it down to life,” Robinson said. “Don’t make it a big daunting or super intimidating project. … Travel can look like whatever you need it to look like within your provisions”
Every Thursday, Tiffany Aliche — aka The Budgetnista — shares inspiring money stories to help people achieve financial independence and live richer livesonMoney Glow Up. You can find more episodes on our video hub or watch on your preferred streaming service.
Traveling the world is often seen as a luxury that only the wealthy can afford. This perception forms from the belief that traveling is expensive – from flight tickets to accommodations, meals, transportation, and activities, the costs quickly add up. However, with the rise of budget airlines, affordable accommodations, and cost-saving travel tips, the adage, “You have to be rich to travel the world,” is no longer valid. Today, an increase in travel-friendly options and savvy planning allows more people, regardless of wealth, to explore the globe.
First, let’s talk about flights. It’s true that airline tickets can be costly, but remember that many budget airlines offer affordable rates to various destinations worldwide. Airlines such as Ryanair, Southwest, and AirAsia have managed to slash their prices, making air travel accessible to budget-conscious travelers. You just have to be willing to forego some of the luxuries associated with premium airlines. Utilize flight comparison websites to find the cheapest flights, be flexible with dates, and book well in advance to secure the best deals.
Accommodations can also be a major expense while traveling. Yet, thanks to platforms like Airbnb, Couchsurfing, and Hostelworld, travelers can find a range of affordable lodgings. You can stay with locals through Couchsurfing for free, sharing experiences and cultural exchanges. Hostels are another great option, offering budget-friendly rooms and a social atmosphere ideal for solo travelers. Even Airbnb has budget options if you are flexible with your accommodation style.
Food and daily expenses can also be managed on a budget. Choose to eat where the locals eat. Not only will you immerse yourself in the local culture, but these eateries are often more affordable than tourist-targeted restaurants. Learn to cook a few meals if your accommodation provides a kitchen. Visit local markets for fresh ingredients and cut down on your daily food budget.
Traveling slowly and spending more time in fewer places will decrease daily transportation costs and give you a chance to immerse yourself in local culture. Instead of hopping from city to city each day, consider spending a week or two in a single location.
Also, forget the notion that to travel, you must go abroad. Start by exploring your own backyard. Domestic travel can be just as exhilarating as experiences abroad. You might be surprised to discover the beauty and cultures that exist within your own country.
Work exchanges like Workaway and WWOOF offer opportunities to live and eat for free in exchange for a few hours of work each day. There are also opportunities to earn while traveling. Digital nomads work online while they travel, utilizing their skills to fund their adventures.
Paying for experiences and activities can add up too, but there’s a wealth of things to see and do for free anywhere you go. From exploring local parks, hiking, swimming, visiting free museums, or merely wandering through town, you can experience the essence of a destination without spending money.
Finally, research and planning before your trip can significantly cut costs. Planning helps you find the best deals, compare prices, set a realistic budget, and avoid unexpected costs.
In conclusion, while money surely makes traveling easier, it is not a strict requirement. The will to experience new cultures, meet new people, and see the world is far more essential. With a good deal of flexibility, careful planning, and an open mind, traveling the world does not have to be a luxury only afforded by the rich.
So, pack your bags, plan your budget, and get ready to embark on an adventure of a lifetime. Because yes, you don’t have to be rich to travel the world.
Write a blog post about the importance of reading for children.,
[/gpt3]
Why you don’t have to be rich to travel the world
Shanghai, China–(Newsfile Corp. – October 10, 2024) – Zhibao Technology Inc. (NASDAQ: ZBAO) (“Zhibao,” “we,” or the “Company”), a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, today announced the successful hosting of the first Insurance Brokerage High Quality Development Summit in Suzhou, China on September 24th, 2024.
Expose the Old and Adopt the New: The First Insurance Brokerage High-Quality Development Summit
This year’s summit brought together more than 150 guests spanning the insurance industry, including insurance companies, brokers, agents, and innovative companies in the Insurtech sector. Zhibao Technology, China Pacific Insurance Company, and InsLab worked together to organize the event, with the goal of providing a forum for the discussion and advancement of the insurance brokerage industry in China.
The event was headlined by a wide range of industry dignitaries, including Mr. Wen Hui Chen, formerly the deputy chairman of the China Banking and Insurance Regulatory Committee (CBIRC) and deputy president of the National Council for Social Security Fund of the People’s Republic of China. Mr. Chen spoke about the recent developments within China’s insurance industry and encouraged industry executives to continue to focus on innovation, digitalization, and providing exemplary customer service, while continuing to promote the necessity for insurance coverage throughout Chinese society.
Mr. Wen Hui Chen, formerly the deputy chairman of the China Banking and Insurance Regulatory Committee (CBIRC) headlines the first Insurance Brokerage High Quality Development Summit.
Mr. Chao Li, assistant to the General Manager of China Pacific Insurance Company (CPIC), one of China’s leading property and casualty insurance companies, spoke of the potential for increased collaboration between insurers and brokers in China, including in the areas of risk reduction, customer service, and technological innovation. Other event speakers representing major insurance carriers included Mr. Zichang Shen, deputy general manager of AIA Life, and Mr. Bo Pang, assistant to the general manager of China Property & Casualty Reinsurance Company, China’s largest reinsurance company.
Finally, Mr. Botao Ma, Founder, Chairman, and Chief Executive Officer, and Mr. Zhiguang, Honorary Chairman, spoke as representatives of Zhibao Technology, sharing the key role that insurance brokerage companies play in the industry, and the role of digital innovation, global vision, value creation, and professionalism.
Zhibao Technology founder, Chairman, and CEO Mr. Botao Ma delivers a speech at the first Insurance Brokerage High Quality Development Summit.
“We are thrilled to have brought together leading figures from across the insurance industry for this summit,” said Mr. Botao Ma. “The insurance brokerage industry is still in its early stages of development in China, but through similar industry events and collaboration, we believe that Chinese brokerage companies can continue to grow quickly and innovate,” continued Mr. Ma. “While Chinese insurers are among some of the largest in the world, there has not yet been a leading Chinese insurance brokerage company, but we believe that Zhibao is poised to fill this void. We hope that Zhibao and the entire Chinese insurance industry can continue to develop quickly and stably in the future.”
“I would like to thank our team and our partners at InsLab and CPIC for all of their hard work organizing this event” said Mr. Xiao Luo, general manager of Zhibao Technology’s subsidiary, Sunshine Insurance Brokers. “We are very encouraged by the attendance of this first annual summit. We are especially thankful to our panel of distinguished speakers, and I look forward to seeing you all at next year’s summit.”
About Zhibao Technology Inc.
Zhibao Technology Inc. (NASDAQ: ZBAO) is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities (“Zhibao China Group”) in China. 2B2C (“to-business-to-customer”) digital embedded insurance is the Company’s innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched the first digital insurance brokerage platform in China in 2020, which is powered by their proprietary PaaS (“Platform as a Service”).
Zhibao has developed over 40 innovative and innovative digital insurance solutions addressing different scenarios in a wide range of industries, including but not limited to travel, sports, logistics, utilities, and e-commerce. Zhibao has partnered with over 1,000 business channels, through which it has already served the various insurance needs of more than 1 million end customers. For more information, please visit: ir.zhibao-tech.com.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “is/are likely to,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.
Shanghai, China–(Newsfile Corp. – October 10, 2024) – Zhibao Technology Inc. (NASDAQ: ZBAO) (“Zhibao,” “we,” or the “Company”), a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, today announced the successful hosting of the first Insurance Brokerage High Quality Development Summit in Suzhou, China on September 24th, 2024.
Expose the Old and Adopt the New: The First Insurance Brokerage High-Quality Development Summit
This year’s summit brought together more than 150 guests spanning the insurance industry, including insurance companies, brokers, agents, and innovative companies in the Insurtech sector. Zhibao Technology, China Pacific Insurance Company, and InsLab worked together to organize the event, with the goal of providing a forum for the discussion and advancement of the insurance brokerage industry in China.
The event was headlined by a wide range of industry dignitaries, including Mr. Wen Hui Chen, formerly the deputy chairman of the China Banking and Insurance Regulatory Committee (CBIRC) and deputy president of the National Council for Social Security Fund of the People’s Republic of China. Mr. Chen spoke about the recent developments within China’s insurance industry and encouraged industry executives to continue to focus on innovation, digitalization, and providing exemplary customer service, while continuing to promote the necessity for insurance coverage throughout Chinese society.
Mr. Wen Hui Chen, formerly the deputy chairman of the China Banking and Insurance Regulatory Committee (CBIRC) headlines the first Insurance Brokerage High Quality Development Summit.
Mr. Chao Li, assistant to the General Manager of China Pacific Insurance Company (CPIC), one of China’s leading property and casualty insurance companies, spoke of the potential for increased collaboration between insurers and brokers in China, including in the areas of risk reduction, customer service, and technological innovation. Other event speakers representing major insurance carriers included Mr. Zichang Shen, deputy general manager of AIA Life, and Mr. Bo Pang, assistant to the general manager of China Property & Casualty Reinsurance Company, China’s largest reinsurance company.
Finally, Mr. Botao Ma, Founder, Chairman, and Chief Executive Officer, and Mr. Zhiguang, Honorary Chairman, spoke as representatives of Zhibao Technology, sharing the key role that insurance brokerage companies play in the industry, and the role of digital innovation, global vision, value creation, and professionalism.
Zhibao Technology founder, Chairman, and CEO Mr. Botao Ma delivers a speech at the first Insurance Brokerage High Quality Development Summit.
“We are thrilled to have brought together leading figures from across the insurance industry for this summit,” said Mr. Botao Ma. “The insurance brokerage industry is still in its early stages of development in China, but through similar industry events and collaboration, we believe that Chinese brokerage companies can continue to grow quickly and innovate,” continued Mr. Ma. “While Chinese insurers are among some of the largest in the world, there has not yet been a leading Chinese insurance brokerage company, but we believe that Zhibao is poised to fill this void. We hope that Zhibao and the entire Chinese insurance industry can continue to develop quickly and stably in the future.”
“I would like to thank our team and our partners at InsLab and CPIC for all of their hard work organizing this event” said Mr. Xiao Luo, general manager of Zhibao Technology’s subsidiary, Sunshine Insurance Brokers. “We are very encouraged by the attendance of this first annual summit. We are especially thankful to our panel of distinguished speakers, and I look forward to seeing you all at next year’s summit.”
About Zhibao Technology Inc.
Zhibao Technology Inc. (NASDAQ: ZBAO) is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities (“Zhibao China Group”) in China. 2B2C (“to-business-to-customer”) digital embedded insurance is the Company’s innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched the first digital insurance brokerage platform in China in 2020, which is powered by their proprietary PaaS (“Platform as a Service”).
Zhibao has developed over 40 innovative and innovative digital insurance solutions addressing different scenarios in a wide range of industries, including but not limited to travel, sports, logistics, utilities, and e-commerce. Zhibao has partnered with over 1,000 business channels, through which it has already served the various insurance needs of more than 1 million end customers. For more information, please visit: ir.zhibao-tech.com.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “is/are likely to,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.
BEAVERTON, Ore. – NIKE, Inc. (NYSE: NKE) has announced a significant change in its executive team, with Tom Peddie set to take over as Vice President, General Manager of the North America Geography. This move follows the decision of Scott Uzzell to depart from the company.
Tom Peddie, returning to the North American team, is recognized for his extensive experience within NIKE, including a 30-year tenure that involved leading Global Sales and the Emerging Markets. His previous role as VP, Marketplace Partners, positions him as a seasoned executive with a comprehensive understanding of the company’s operations.
Craig Williams, President of Geographies and Marketplace, expressed confidence in Peddie’s capabilities, highlighting his proven track record and the strategic growth he is expected to drive in the North American market. Williams also commended Uzzell for his six years of service with NIKE and Converse and wished him well in his future endeavors.
Peddie’s new role is set to commence on October 21, and the company plans to announce his successor for the VP, Marketplace Partners position in due course.
NIKE, Inc., headquartered near Beaverton, Oregon, continues to lead as a global powerhouse in the design, marketing, and distribution of authentic athletic footwear, apparel, and equipment. This announcement is based on a press release statement and further information regarding the company’s financials and news can be found on their official website.
In other recent news, Nike Inc (NYSE:). has seen a shift in analyst sentiments, with Truist Securities upgrading its rating from Hold to Buy and raising the stock target to $97.00, reflecting increased confidence in Nike’s long-term prospects. This change is attributed to Nike’s strategic initiatives and experienced leadership. However, HSBC has lowered Nike’s price target from $95.00 to $85.00, maintaining a Hold rating due to concerns about the company’s product innovation and distribution strategies.
Stifel and BMO Capital have also maintained Hold and Outperform ratings respectively, despite Nike’s weaker-than-expected revenue and withdrawal of its full-year guidance. BofA Securities has kept a Buy rating on Nike, expecting strong sales despite an anticipated 8-10% revenue decline in the second quarter.
Meanwhile, Adidas AG (ETR:) reported a surge in demand for its Samba and Gazelle terrace sneakers, contributing to a projected 10% increase in third-quarter revenues. Despite the challenges faced by Nike, there is cautious optimism about the company’s long-term financial prospects, particularly in the Chinese market. These are the recent developments surrounding Nike.
InvestingPro Insights
As NIKE, Inc. (NYSE: NKE) undergoes this significant leadership change, it’s crucial to consider the company’s financial health and market position. According to InvestingPro data, NIKE boasts a substantial market capitalization of $122.21 billion, underlining its status as a major player in the Textiles, Apparel & Luxury Goods industry.
Despite recent challenges, NIKE has demonstrated resilience in certain areas. An InvestingPro Tip highlights that the company has maintained dividend payments for an impressive 41 consecutive years, showcasing its commitment to shareholder returns even in turbulent times. This consistent dividend policy aligns with the company’s long-term stability, which could be reassuring as it navigates leadership transitions.
However, the company faces some headwinds. Another InvestingPro Tip indicates that 19 analysts have revised their earnings downwards for the upcoming period. This cautious outlook may be reflected in the company’s revenue growth, which shows a decline of 2.83% over the last twelve months as of Q1 2023.
It’s worth noting that NIKE’s P/E ratio stands at 23.39, which some investors might consider high given the current market conditions and growth projections. This valuation metric, coupled with the anticipated sales decline for the current year, suggests that the incoming leadership team, including Tom Peddie, may face challenges in meeting market expectations and justifying the company’s premium valuation.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 12 more tips available for NIKE, providing a deeper understanding of the company’s financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Nike appoints new VP and GM for North America By Investing.com[/gpt3]
BEAVERTON, Ore. – NIKE, Inc. (NYSE: NKE) has announced a significant change in its executive team, with Tom Peddie set to take over as Vice President, General Manager of the North America Geography. This move follows the decision of Scott Uzzell to depart from the company.
Tom Peddie, returning to the North American team, is recognized for his extensive experience within NIKE, including a 30-year tenure that involved leading Global Sales and the Emerging Markets. His previous role as VP, Marketplace Partners, positions him as a seasoned executive with a comprehensive understanding of the company’s operations.
Craig Williams, President of Geographies and Marketplace, expressed confidence in Peddie’s capabilities, highlighting his proven track record and the strategic growth he is expected to drive in the North American market. Williams also commended Uzzell for his six years of service with NIKE and Converse and wished him well in his future endeavors.
Peddie’s new role is set to commence on October 21, and the company plans to announce his successor for the VP, Marketplace Partners position in due course.
NIKE, Inc., headquartered near Beaverton, Oregon, continues to lead as a global powerhouse in the design, marketing, and distribution of authentic athletic footwear, apparel, and equipment. This announcement is based on a press release statement and further information regarding the company’s financials and news can be found on their official website.
In other recent news, Nike Inc (NYSE:). has seen a shift in analyst sentiments, with Truist Securities upgrading its rating from Hold to Buy and raising the stock target to $97.00, reflecting increased confidence in Nike’s long-term prospects. This change is attributed to Nike’s strategic initiatives and experienced leadership. However, HSBC has lowered Nike’s price target from $95.00 to $85.00, maintaining a Hold rating due to concerns about the company’s product innovation and distribution strategies.
Stifel and BMO Capital have also maintained Hold and Outperform ratings respectively, despite Nike’s weaker-than-expected revenue and withdrawal of its full-year guidance. BofA Securities has kept a Buy rating on Nike, expecting strong sales despite an anticipated 8-10% revenue decline in the second quarter.
Meanwhile, Adidas AG (ETR:) reported a surge in demand for its Samba and Gazelle terrace sneakers, contributing to a projected 10% increase in third-quarter revenues. Despite the challenges faced by Nike, there is cautious optimism about the company’s long-term financial prospects, particularly in the Chinese market. These are the recent developments surrounding Nike.
InvestingPro Insights
As NIKE, Inc. (NYSE: NKE) undergoes this significant leadership change, it’s crucial to consider the company’s financial health and market position. According to InvestingPro data, NIKE boasts a substantial market capitalization of $122.21 billion, underlining its status as a major player in the Textiles, Apparel & Luxury Goods industry.
Despite recent challenges, NIKE has demonstrated resilience in certain areas. An InvestingPro Tip highlights that the company has maintained dividend payments for an impressive 41 consecutive years, showcasing its commitment to shareholder returns even in turbulent times. This consistent dividend policy aligns with the company’s long-term stability, which could be reassuring as it navigates leadership transitions.
However, the company faces some headwinds. Another InvestingPro Tip indicates that 19 analysts have revised their earnings downwards for the upcoming period. This cautious outlook may be reflected in the company’s revenue growth, which shows a decline of 2.83% over the last twelve months as of Q1 2023.
It’s worth noting that NIKE’s P/E ratio stands at 23.39, which some investors might consider high given the current market conditions and growth projections. This valuation metric, coupled with the anticipated sales decline for the current year, suggests that the incoming leadership team, including Tom Peddie, may face challenges in meeting market expectations and justifying the company’s premium valuation.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 12 more tips available for NIKE, providing a deeper understanding of the company’s financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
A ferry that has been out of action for nine months due to a string of repairs will not return until at least mid-November, CalMac has said.
MV Caledonian Isles usually operates on Arran’s Ardrossan-Brodick route, but has been out of service since January when significant repairs had to be carried out.
It was due to return in September but a new gearbox fault was detected, prompting the latest delay.
CalMac has extended a temporary plan to cover routes, but warned its imminent annual maintenance schedule would see boats unavailable for a record periods of time.
The plan has included restoring a previous cancelled service to and from South Uist.
During the original overhaul of the Caledonian Isles, all four of its engines had to be removed.
It was originally thought the gearbox issue would take 10 days to fix, but will now take almost two months.
CalMac’s interim chief executive Duncan Mackison said the ferry operator had anticipated a difficult winter and it was “shaping up to be just that”.
He said: “The combination of MV Caledonian Isles ongoing technical issues and the start of this year’s maintenance window has created a perfect storm for ferry services.”
CalMac said it was likely to hold regular reviews of where vessels are deployed.
Mr Mackinson said: “Our priority is to keep communities on the network informed of our plans, and meet service demands wherever we can.
“However, it is in inevitable there will be some disruption and on behalf of CalMac I apologise for that.”
The first of four new ferries being built in Turkey has also been further delayed.
MV Isle of Islay had been expected to be delivered in mid October, but that date has been pushed back to mid February after previously being delayed until the end of this year.
Further delay to return of Arran’s troubled main ferry[/gpt3]
A ferry that has been out of action for nine months due to a string of repairs will not return until at least mid-November, CalMac has said.
MV Caledonian Isles usually operates on Arran’s Ardrossan-Brodick route, but has been out of service since January when significant repairs had to be carried out.
It was due to return in September but a new gearbox fault was detected, prompting the latest delay.
CalMac has extended a temporary plan to cover routes, but warned its imminent annual maintenance schedule would see boats unavailable for a record periods of time.
The plan has included restoring a previous cancelled service to and from South Uist.
During the original overhaul of the Caledonian Isles, all four of its engines had to be removed.
It was originally thought the gearbox issue would take 10 days to fix, but will now take almost two months.
CalMac’s interim chief executive Duncan Mackison said the ferry operator had anticipated a difficult winter and it was “shaping up to be just that”.
He said: “The combination of MV Caledonian Isles ongoing technical issues and the start of this year’s maintenance window has created a perfect storm for ferry services.”
CalMac said it was likely to hold regular reviews of where vessels are deployed.
Mr Mackinson said: “Our priority is to keep communities on the network informed of our plans, and meet service demands wherever we can.
“However, it is in inevitable there will be some disruption and on behalf of CalMac I apologise for that.”
The first of four new ferries being built in Turkey has also been further delayed.
MV Isle of Islay had been expected to be delivered in mid October, but that date has been pushed back to mid February after previously being delayed until the end of this year.
In today’s rapidly transforming business world, it seems the only constant is change. Companies that can’t keep up with the pace of change and adapt to disruptive innovation often find themselves floundering.
There are quite a few examples of companies that were household names until they failed to innovate and were forced to declare bankruptcy.
Eastman Kodak is one name that comes to mind, along with Polaroid Corp., Blockbuster, Inc., and Borders Group. Some of these companies might have had other problems, but not keeping up with market changes was certainly a major factor that led to their bankruptcy.
Eastman Kodak Co.
Eastman Kodak is the company that brought the phrase “Kodak moment” into popular use. The company’s cameras tended to be lower-priced than its competitors but it made more money on the film that the cameras used.
The company failed to keep up with many of the innovations brought by the digital age. As digital cameras became popular, reducing the need for photographic film and cameras, Kodak ran into financial difficulties. The company ultimately filed for bankruptcy in 2012 before reorganizing and emerging from Chapter 11 in 2013.
Ironically enough, the company’s research people came up with a digital camera as early as the 1970s, but the company did not see nor seize its potential. Or maybe management balked at the threat to its lucrative film sales.
Kodak sold off several lines of business during tough times. It has reinvented itself as a provider of hardware, software, and services to commercial printers, publishers, and the entertainment industry.
Polaroid Corp.
Polaroid is another photo industry company that came undone at the start of the digital photography era.
Before the emergence of digital cameras, Polaroid cameras were a popular means to get instant photographs. The company was seen as a representative American company with a listing in the Nifty 50.
However, as digital photography caught on in the 1990s, the company did not respond adequately.
At the same time, its client base, which included many commercial users like insurance adjusters, started going digital.
Ultimately, Polaroid filed for bankruptcy in 2001. The rights to Polaroid went through numerous hands until 2017 when it was sold to a Polish investor. Polaroid instant cameras, film, and printers are sold through the Polaroid.com site.
Blockbuster Inc.
Blockbuster once dominated the video rental business with storefronts in strip malls across the nation. But the company failed to keep up as its market transformed with the availability of digital download technology. People were able to download videos from the internet, and cable companies started offering video-on-demand.
Even before downloading videos went mainstream, Blockbuster’s competitor Netflix, Inc. (NFLX) adopted a savvy strategy, mailing videos to customers and saving them the bother of a trip to a physical store. Video vending machines also competed for business.
Caught off guard, Blockbuster ultimately filed for bankruptcy in 2010. A locally-owned storefront in Bend, Oregon, is now proclaimed to be the Last Blockbuster on Earth.
Borders Group
The online era has also brought about changes in the bookstore business, as online booksellers like Amazon (AMZN), cut into the sales of physical retail stores, and e-reading devices, such as Kindle or mobile devices, cut into sales of physical books.
The Borders Group of bookstores, which also had an entertainment section in its retail outlets, did not get ahead of this trend, while its main competitor Barnes & Noble, Inc. (BKS) was a bit savvier.
Other companies cut down on their music and DVD sections, as physical sales started getting hit by the move to online purchases by more digitally adept younger consumers.
Borders didn’t respond as fast. As a result, Borders ultimately filed for bankruptcy in 2011. All of its stores closed that year.
Why Are Some Companies Oblivious to Innovation?
Why do some companies not heed the warning signs and continue to pursue their defined way of running their business?
Vijay Govindarajan, a professor at Dartmouth’s Tuck School of Business, has studied this subject and provides some insight. For one, he believes companies that have invested heavily in their systems or equipment are hesitant to invest again in newer technologies.
Then there is the psychological aspect in which companies tend to focus on what made them successful and don’t notice when something new comes around.
There also can be strategic missteps, which may occur when companies are too focused on today’s market and don’t prepare for change or technology shifts in the marketplace.
What Are Some Big-Name Retailers that Have Disappeared Lately?
A number of big-name retailers have significantly dwindled in size and impact, or live only in the memories of their customers.
Pier One Imports stores were once familiar to brick-and-mortar shoppers as a source of imported home goods and decor. The brand now exists only as an online retailer. The last straw for Pier One was the Covid-19 pandemic in 2020.
Bed Bath & Beyond, a ubiquitous chain of housewares stores, shut down all of its stores in April 2023. Its name lives on since its purchase by Overstock.com, which changed its website and corporate names to reflect the takeover.
Toys ‘R Us once controlled a quarter of the world’s toy market, with some 1,500 stores. It is now getting a second life as a mini-shop in Macy’s department stores.
What Are the Biggest Bankruptcies in U.S. History?
The distinction for the biggest bankruptcy in U.S. history belongs to Lehman Brother Holdings, which kicked off the 2008-2009 financial crisis by collapsing despite nearly $800 billion in assets. Most of the trouble was caused by Lehman’s investments in subprime mortgage debt, which was very popular on Wall Street until it wasn’t.
Second on the list is Washington Mutual, which came up short after a run on the bank during the start of the 2008-2009 crisis despite about $328 billion in assets. That makes it the biggest bank failure and the second most costly bankruptcy in U.S. history.
Third is Silicon Valley Bank, once the darling of West Coast tech startups. which helped kick off the crisis in March 2007 after a run on the bank. About $42 billion was withdrawn in one day, leaving the bank with -$1 billion in assets,
What Happens to a Company When It Declares Bankruptcy?
A declaration of bankruptcy is an admission that a business or an individual is incapable of meeting its financial responsibilities. Chapter 11 bankruptcy, the most common filing for businesses, is designed to allow for court approval of a plan by the company to get out of the mess, cut its expenses drastically, and pay off at least some of its creditors.
In many cases, the company hopes to emerge from bankruptcy with a second chance. In other cases, the company is shut down and its assets are liquidated to pay off as many of its debts as possible.
The Bottom Line
Companies that don’t respond to market changes brought about by innovation, either because of a fixed mindset or because they didn’t read the market right, tend to miss out on opportunities. Companies that don’t evolve ultimately go under.
If the changes are big enough that an industry’s fundamental business model changes, these old- school companies are at risk of losing their market share and ultimately going bankrupt.
Companies that Failed to Innovate and Went Bankrupt[/gpt3]
In today’s rapidly transforming business world, it seems the only constant is change. Companies that can’t keep up with the pace of change and adapt to disruptive innovation often find themselves floundering.
There are quite a few examples of companies that were household names until they failed to innovate and were forced to declare bankruptcy.
Eastman Kodak is one name that comes to mind, along with Polaroid Corp., Blockbuster, Inc., and Borders Group. Some of these companies might have had other problems, but not keeping up with market changes was certainly a major factor that led to their bankruptcy.
Eastman Kodak Co.
Eastman Kodak is the company that brought the phrase “Kodak moment” into popular use. The company’s cameras tended to be lower-priced than its competitors but it made more money on the film that the cameras used.
The company failed to keep up with many of the innovations brought by the digital age. As digital cameras became popular, reducing the need for photographic film and cameras, Kodak ran into financial difficulties. The company ultimately filed for bankruptcy in 2012 before reorganizing and emerging from Chapter 11 in 2013.
Ironically enough, the company’s research people came up with a digital camera as early as the 1970s, but the company did not see nor seize its potential. Or maybe management balked at the threat to its lucrative film sales.
Kodak sold off several lines of business during tough times. It has reinvented itself as a provider of hardware, software, and services to commercial printers, publishers, and the entertainment industry.
Polaroid Corp.
Polaroid is another photo industry company that came undone at the start of the digital photography era.
Before the emergence of digital cameras, Polaroid cameras were a popular means to get instant photographs. The company was seen as a representative American company with a listing in the Nifty 50.
However, as digital photography caught on in the 1990s, the company did not respond adequately.
At the same time, its client base, which included many commercial users like insurance adjusters, started going digital.
Ultimately, Polaroid filed for bankruptcy in 2001. The rights to Polaroid went through numerous hands until 2017 when it was sold to a Polish investor. Polaroid instant cameras, film, and printers are sold through the Polaroid.com site.
Blockbuster Inc.
Blockbuster once dominated the video rental business with storefronts in strip malls across the nation. But the company failed to keep up as its market transformed with the availability of digital download technology. People were able to download videos from the internet, and cable companies started offering video-on-demand.
Even before downloading videos went mainstream, Blockbuster’s competitor Netflix, Inc. (NFLX) adopted a savvy strategy, mailing videos to customers and saving them the bother of a trip to a physical store. Video vending machines also competed for business.
Caught off guard, Blockbuster ultimately filed for bankruptcy in 2010. A locally-owned storefront in Bend, Oregon, is now proclaimed to be the Last Blockbuster on Earth.
Borders Group
The online era has also brought about changes in the bookstore business, as online booksellers like Amazon (AMZN), cut into the sales of physical retail stores, and e-reading devices, such as Kindle or mobile devices, cut into sales of physical books.
The Borders Group of bookstores, which also had an entertainment section in its retail outlets, did not get ahead of this trend, while its main competitor Barnes & Noble, Inc. (BKS) was a bit savvier.
Other companies cut down on their music and DVD sections, as physical sales started getting hit by the move to online purchases by more digitally adept younger consumers.
Borders didn’t respond as fast. As a result, Borders ultimately filed for bankruptcy in 2011. All of its stores closed that year.
Why Are Some Companies Oblivious to Innovation?
Why do some companies not heed the warning signs and continue to pursue their defined way of running their business?
Vijay Govindarajan, a professor at Dartmouth’s Tuck School of Business, has studied this subject and provides some insight. For one, he believes companies that have invested heavily in their systems or equipment are hesitant to invest again in newer technologies.
Then there is the psychological aspect in which companies tend to focus on what made them successful and don’t notice when something new comes around.
There also can be strategic missteps, which may occur when companies are too focused on today’s market and don’t prepare for change or technology shifts in the marketplace.
What Are Some Big-Name Retailers that Have Disappeared Lately?
A number of big-name retailers have significantly dwindled in size and impact, or live only in the memories of their customers.
Pier One Imports stores were once familiar to brick-and-mortar shoppers as a source of imported home goods and decor. The brand now exists only as an online retailer. The last straw for Pier One was the Covid-19 pandemic in 2020.
Bed Bath & Beyond, a ubiquitous chain of housewares stores, shut down all of its stores in April 2023. Its name lives on since its purchase by Overstock.com, which changed its website and corporate names to reflect the takeover.
Toys ‘R Us once controlled a quarter of the world’s toy market, with some 1,500 stores. It is now getting a second life as a mini-shop in Macy’s department stores.
What Are the Biggest Bankruptcies in U.S. History?
The distinction for the biggest bankruptcy in U.S. history belongs to Lehman Brother Holdings, which kicked off the 2008-2009 financial crisis by collapsing despite nearly $800 billion in assets. Most of the trouble was caused by Lehman’s investments in subprime mortgage debt, which was very popular on Wall Street until it wasn’t.
Second on the list is Washington Mutual, which came up short after a run on the bank during the start of the 2008-2009 crisis despite about $328 billion in assets. That makes it the biggest bank failure and the second most costly bankruptcy in U.S. history.
Third is Silicon Valley Bank, once the darling of West Coast tech startups. which helped kick off the crisis in March 2007 after a run on the bank. About $42 billion was withdrawn in one day, leaving the bank with -$1 billion in assets,
What Happens to a Company When It Declares Bankruptcy?
A declaration of bankruptcy is an admission that a business or an individual is incapable of meeting its financial responsibilities. Chapter 11 bankruptcy, the most common filing for businesses, is designed to allow for court approval of a plan by the company to get out of the mess, cut its expenses drastically, and pay off at least some of its creditors.
In many cases, the company hopes to emerge from bankruptcy with a second chance. In other cases, the company is shut down and its assets are liquidated to pay off as many of its debts as possible.
The Bottom Line
Companies that don’t respond to market changes brought about by innovation, either because of a fixed mindset or because they didn’t read the market right, tend to miss out on opportunities. Companies that don’t evolve ultimately go under.
If the changes are big enough that an industry’s fundamental business model changes, these old- school companies are at risk of losing their market share and ultimately going bankrupt.
:max_bytes(150000):strip_icc()/GettyImages-1186091457-0c53b6749ceb49b79053f61f583eef03.jpg "10 Biggest Car Companies")
:max_bytes(150000):strip_icc()/GettyImages-1646969460-f974477071b54df79e17edaa6faa48a2.jpg "Companies that Failed to Innovate and Went Bankrupt")