Thursday, April 25, 2019

0 British Airways and BrewDog used on-board coffee pots to brew the world's first beer at 40,000 ft

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britishairways_2168617967015692

  • British Airways has teamed up with Scottish brewery BrewDog to create the world's first beer brewed on a flying airplane.
  • The BrewDog cofounders used tea and coffee pots to mix the water, hops, and barley.
  • The "Transatlantic IPA" was created in celebration of British Airways' centenary.
  • Cans of the beer, called the "Speedbird 100," will be available on all British Airways flights and in some lounges from May 1.
  • Visit INSIDER's homepage for more stories.

British Airways has teamed up with BrewDog to create the world's first beer brewed at 40,000 feet — and they used on-board coffee pots to do it.

Martin Dickie and James Watt, founders of the Scottish craft brewery BrewDog, started the brewing process on board a British Airways' Boeing 787 Dreamliner while cruising at 500mph over the north of Scotland.

"We've brewed beer on a train, on boats, in the back of a Nascar — we'd love to make a beer on an airplane whilst it's flying," they said before taking off.

Read more: I flew American Airlines international business class for the first time. Here are the things that surprised me.

After being told by a member of crew that they definitely weren't allowed to bring a propane system on board, the duo mixed water, hops, and barley using onboard beverage makers — or coffee/tea pots — to start the mashing part of the brewing process.

"It's like it was designed to make beer," they joked in a video released of the event.

"It even says brew," a flight attendant added.

britishairways_216861985198887

Despite a bit of turbulence, things seemed to run smoothly — and the beer was served to BA staff with the message: "What you have in your glass is the first ever beer made on an airplane."

britishairways_2168619851988872

According to the airline, the recipe was made to "work perfectly in the air and adapt to the reduction in taste and smell sensitivity at high altitudes."

britishairways_2168619851988871

Dickie added: "The key thing is that the bitterness and fruit flavours aren't really affected by the altitude, so we wanted to play on those two things and ramp up the sweetness."

You can watch the process here:

The "Transatlantic IPA" was created in celebration of British Airways' centenary, and cans of the "Speedbird 100" will be available on all British Airways flights — and in some lounges — from May 1.

can edited 2

BrewDog will also open its first bar in New York inside British Airways' new Club lounge at JFK's Terminal 7 — set to open this week — where Speedbird 100 will, of course, be served.

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0 eBay’s marketplace growth plunged into the negatives in Q1 (EBAY)

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  • This is an excerpt from a story delivered exclusively to Business Insider Intelligence E-Commerce Briefing subscribers.
  • To receive the full story plus other insights each morning, click here.

eBay reported earnings for Q1 2019, revealing that it brought in $2.6 billion in net revenue, up 2.4% year-over-year (YoY). During the quarter its marketplace's gross merchandise volume (GMV) totaled nearly $21.6 billion, decreasing 4% YoY and marking the fourth consecutive quarter of GMV growth deceleration for the marketplace.

eBay Marketplace Global Gross Merchandise Volume

Here's what it means: eBay's marketplace GMV growth going negative indicates that the e-tailer is behind its competitors and the industry overall.

eBay won't be able to compete with the likes of Amazon if its GMV growth is negative and its net revenue growth is lower than that of the US e-commerce industry. E-commerce sales in the US rose 12% YoY in Q4 2018, and while estimates for Q1 2019 haven't been released yet, they will surely be significantly higher than the marketplace's 5% YoY growth in net revenue for the quarter.

eBay will continue to lose share to Amazon, Walmart, Target, and a bevy of other e-tailers that are posting better growth numbers, and eBay may find it even more difficult to turn its performance around if consumers shift more of their spend elsewhere.

The bigger picture: While eBay's negative GMV growth is bad for the company, there are reasons to believe it may be able to improve its overall performance going forward.

  • eBay has posted consistent active buyer growth. The marketplace now boasts 180 million active buyers after growing 4% YoY in Q1 2019 — the fifth consecutive quarter where the metric has grown 4% YoY. CEO Devin Wenig suggested that eBay's number of buyers and its base's growth are good indicators of its future GMV and revenue on the company's earnings call; if that proves correct, the marketplace's GMV may rebound in the near future.
  • The marketplace still saw its revenue grow despite its negative GMV, which is partially due to Promoted Listings. Its revenue was up 5% YoY, and the growth of Promoted Listings, which sees merchants pay to increase their items' visibility on eBay, helps explain the difference in GMV and revenue, according to Wenig. In Q1, 800,000 merchants promoted more than 200 million listings, earning eBay $65 million, up almost 110%. If eBay can continue to grow revenue through advertising on its marketplace, its GMV performance may hurt its bottom line less.

Interested in getting the full story? Here are two ways to get access:

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0 Fans are freaking out over news that 'The Office' may leave Netflix, but we're still years out from that happening

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  • NBCUniversal is working on launching its own streaming service.
  • According to the Wall Street Journal, discussions are happening about removing "The Office," an NBCUniversal show, from Netflix. 
  • Fans freaked out over the news, but Netflix has "The Office" through at least 2021. 

Netflix users started freaking out over the news that "The Office" may be leaving the streaming service, but fans of the NBC show still have a few more years to watch it as much as they want. 

On Wednesday, Netflix's US Twitter account reminded fans that they still have two years to stream episodes of "The Office" on the streaming service.

"Hello it's me with your regularly scheduled reminder that 'The Office' will be on Netflix until 2021 — at least!

Read more: Everything coming to — and leaving — Netflix in May

Fans reacted with relief to the news

 

But some already threatened to cancel Netflix should 'The Office' still end up leaving

According to the Wall Street Journal, NBCUniversal is set to launch to their own streaming service and may pull "The Office," a show they own, after the contract ends with Netflix in 2021. 

Netflix viewers have freaked out over the potential loss of a favorite show before. When an accidental note on Netflix in December 2018 said "Friends" would be leaving the service on January 1.

Netflix later posted to social media that the show would be available to stream at least through 2019, and according to The New York Times, which cited anonymous sources, Netflix paid $100 million to keep the show.

But for now, fans of "The Office" don't have to worry about losing the show just yet.

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0 Tesla's dismal results are highlighting the divide between die-hard bulls and doomsday bears (TSLA)

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Elon Musk

  • Tesla shares fell modestly on Thursday after the electric-car maker reported first-quarter results the evening prior that fell short of analysts' expectations.
  • Wall Street analysts' commentary in the wake of the quarterly results laid bare the stark divide between Tesla bulls and bears.
  • Markets Insider has rounded up a selection of what some analysts, both bullish and bearish, are saying about Tesla's earnings and where the stock goes from here.
  • Watch Tesla trade live.

Tesla missed the mark by a mile.

First-quarter profits and sales out Tuesday evening fell short of Wall Street's expectations — even as analysts and investors were pre-warned about how disappointing the quarter would be. Shares of the electric-car maker fell 1% early Thursday. 

While some analysts said the results were better than feared, and pointed to potentially encouraging portions like the company's belief that it would generate positive free-cash-flow for the remainder of the year, others said underlying demand remains a concern.

The post-earnings commentary highlights the battleground nature of evaluating Tesla shares. Some noted bulls, like Baird analyst Ben Kallo, stuck to their guns and said the Elon Musk-led company would forge a recovery ahead. 

"Demand will likely remain a focus for bears, though we share management's constructive view," Kallo said in a note to clients on Thursday, holding steady his "outperform" rating and $400 price target.

Some noted bears, like Citi's Itay Michaeli, said Tesla's balance sheet leaves much to be desired.

"More negatives than positives in Q1 as Tesla swings back to a sizable loss & FCF burn, putting greater emphasis on the need to bolster balance sheet cushion, in our view," he said in a note to clients late Wednesday, maintaining his "sell/high risk" rating and $238 price target. 

Read more: Tesla posts huge loss, says deliveries are still on track despite 'aggressive schedule'

One standout evaluation of Tesla's results, however, came from one of the most vocal and longtime Tesla bulls, Wedbush analyst Dan Ives, who sliced his price target from $365 to $275 and cut his rating to "neutral."

Since Tesla will likely soon have to raise capital to sustain its capital expenditure and debt needs, with what Wedbush sees as an "inexperienced" chief financial officer, the firm says it can no longer "look investors in the eye and recommend buying this stock at current levels until Tesla starts to take its medicine and focus on reality around demand issues which is the core focus of investors."

Here's what else Wall Street analysts are saying about Tesla's first-quarter results:

Piper Jaffray: 'Weakish Quarter, but Downside Should be Concentrated in Q1; Staying Overweight'

Price target: $396

Rating: Overweight

"Although logistical challenges — along with lower transaction prices — had an obvious impact on Q1 profitability, we think this was temporary," analyst Alexander Potter wrote. "Guidance implies a 2H recovery for both deliveries and margins, and this seems reasonable to us."

The first-quarter suffered from a "particularly nasty combination" of challenges including seasonality, a build-up in non-US deliveries, and the expiration of US tax incentives.



JMP Securities: 'Results were weak, but not more than we expected'

Price target: $369 (cut from $374)

Rating: Market outperform

"Results were weak, but not more than we expected, and critically, the demand outlook continues to be solid, with 2Q19 ahead of our previous estimates," Joseph Osha said in a note to clients on Thursday.

"We think it is now clear that U.S. demand should recover over the course of 2019, and that 1Q19 suffered from the impact of business being pulled into 2018."

Tesla said in its earnings report on Wednesday that a decline in first-quarter Model S and Model X deliveries was due to weaker demand as a result of seasonality and what the company described as a "pull-forward of sales" in the fourth quarter.



UBS: 'We would expect the stock to trade down on the large EPS & total GM miss'

Price target: $200

Rating: Sell

"We would expect the stock to trade down on the large EPS & total GM miss," analysts led by Colin Langan wrote in a note to clients on Wednesday.

The most notable parts of the earnings report included Tesla's burning more cash than Wall Street expected — but less than UBS forecasted — and automotive gross margin beating analysts' expectations, they said.



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0 Tesla's dismal results are highlighting the divide between die-hard bulls and doomsday bears (TSLA)

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Elon Musk

  • Tesla shares fell modestly on Thursday after the electric-car maker reported first-quarter results the evening prior that fell short of analysts' expectations.
  • Wall Street analysts' commentary in the wake of the quarterly results laid bare the stark divide between Tesla bulls and bears.
  • Markets Insider has rounded up a selection of what some analysts, both bullish and bearish, are saying about Tesla's earnings and where the stock goes from here.
  • Watch Tesla trade live.

Tesla missed the mark by a mile.

First-quarter profits and sales out Tuesday evening fell short of Wall Street's expectations — even as analysts and investors were pre-warned about how disappointing the quarter would be. Shares of the electric-car maker fell 1% early Thursday. 

While some analysts said the results were better than feared, and pointed to potentially encouraging portions like the company's belief that it would generate positive free-cash-flow for the remainder of the year, others said underlying demand remains a concern.

The post-earnings commentary highlights the battleground nature of evaluating Tesla shares. Some noted bulls, like Baird analyst Ben Kallo, stuck to their guns and said the Elon Musk-led company would forge a recovery ahead. 

"Demand will likely remain a focus for bears, though we share management's constructive view," Kallo said in a note to clients on Thursday, holding steady his "outperform" rating and $400 price target.

Some noted bears, like Citi's Itay Michaeli, said Tesla's balance sheet leaves much to be desired.

"More negatives than positives in Q1 as Tesla swings back to a sizable loss & FCF burn, putting greater emphasis on the need to bolster balance sheet cushion, in our view," he said in a note to clients late Wednesday, maintaining his "sell/high risk" rating and $238 price target. 

Read more: Tesla posts huge loss, says deliveries are still on track despite 'aggressive schedule'

One standout evaluation of Tesla's results, however, came from one of the most vocal and longtime Tesla bulls, Wedbush analyst Dan Ives, who sliced his price target from $365 to $275 and cut his rating to "neutral."

Since Tesla will likely soon have to raise capital to sustain its capital expenditure and debt needs, with what Wedbush sees as an "inexperienced" chief financial officer, the firm says it can no longer "look investors in the eye and recommend buying this stock at current levels until Tesla starts to take its medicine and focus on reality around demand issues which is the core focus of investors."

Here's what else Wall Street analysts are saying about Tesla's first-quarter results:

Piper Jaffray: 'Weakish Quarter, but Downside Should be Concentrated in Q1; Staying Overweight'

Price target: $396

Rating: Overweight

"Although logistical challenges — along with lower transaction prices — had an obvious impact on Q1 profitability, we think this was temporary," analyst Alexander Potter wrote. "Guidance implies a 2H recovery for both deliveries and margins, and this seems reasonable to us."

The first-quarter suffered from a "particularly nasty combination" of challenges including seasonality, a build-up in non-US deliveries, and the expiration of US tax incentives.



JMP Securities: 'Results were weak, but not more than we expected'

Price target: $369 (cut from $374)

Rating: Market outperform

"Results were weak, but not more than we expected, and critically, the demand outlook continues to be solid, with 2Q19 ahead of our previous estimates," Joseph Osha said in a note to clients on Thursday.

"We think it is now clear that U.S. demand should recover over the course of 2019, and that 1Q19 suffered from the impact of business being pulled into 2018."

Tesla said in its earnings report on Wednesday that a decline in first-quarter Model S and Model X deliveries was due to weaker demand as a result of seasonality and what the company described as a "pull-forward of sales" in the fourth quarter.



UBS: 'We would expect the stock to trade down on the large EPS & total GM miss'

Price target: $200

Rating: Sell

"We would expect the stock to trade down on the large EPS & total GM miss," analysts led by Colin Langan wrote in a note to clients on Wednesday.

The most notable parts of the earnings report included Tesla's burning more cash than Wall Street expected — but less than UBS forecasted — and automotive gross margin beating analysts' expectations, they said.



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0 After watching over 100 TED talks, these insights have stuck with me the most

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Carole Cadwalladr

While attending the TED conference in Vancouver, Canada, I resolved not to skip a single talk for fear that I'd miss out on a golden nugget of wisdom to share with our readers. 

After totaling up all the speeches across the five-day conference, I realized I had attended 107 talks. That's about 30 hours of presentations, all of which I've distilled into a few key lessons. 

Read more: We went inside a virtual simulation of a black hole, and it was a mind-bending experience

This year's theme, "Bigger Than Us," encouraged speakers to present solutions to the world's greatest challenges. A few missed the mark in terms of offering the kind of "tough truths" that participants were promised, but others posited ideas we'll be mulling over for years to come.

Here are the lessons that have stuck with me the most.

SEE ALSO: MIT researchers figured out how to build 'pop-up islands' that could save places like Hawaii from disappearing underwater

Lack of sleep is killing us, but there are things we can do about it.

There was much talk of doom and destruction at this year's conference — technology will overtake us all, climate change could destroy the planet, and so on — but by far the scariest talk had to do with sleep. 

Most of the time, I tune out recommendations to get more sleep, partly because I hear them so often. I may not get a full eight or nine hours, but I'm far better than former Yahoo! CEO Marissa Mayer, who reportedly sleeps only four hours a night.

One short talk from sleep scientist Matt Walker and I'm going to bed early from now on. Walker taught me that sleeping six hours versus eight hours could be the difference between a healthy immune system and body that's at risk of cancer and cardiovascular disease.

Research also tells us that lack of sleep can also lead to premature aging, weight gain, memory loss, Alzheimer's, depression, type 2 diabetes, and reproductive issues. Men who sleep five hours a night even tend to have smaller testicles than those who sleep seven hours or more, Walker said. 

Rather than popping a sleeping pill, Walker said, the best way to ensure a good night's sleep is to go to bed and wake up at the same time each day. Walker also recommended keeping the bedroom temperature at around 65 degrees Fahrenheit, or moving to another room if you're tossing and turning so you don't associate your bed with wakefulness.



People who are empathetic believe their destiny is intertwined with other people.

At just 28 years old, Mayor Michael Tubbs is piloting the first major basic income program in the US in his home city of Stockton, California. 

As someone who grew up poor and was raised by a single mother while his father was in jail, Tubbs is intimately acquainted with Stockton's inequality.

During his talk, he used the Good Samaritan parable — which tells of a beaten man who is passed by on the street until one kind soul finally stops to help him — to distinguish between those who give to the poor and those who see themselves reflected in the less fortunate. The latter, he said, are helping to create a more just society. 

"In our country, we really have to contend with this idea of 'the other," Tubbs told Business Insider. In order to empathize with someone, he said, we must assume that our fate is tied up with theirs.

Read more: A 28-year-old mayor is giving his city's poorest residents $500 a month, but he thinks there are still obstacles to rolling out basic income in the US



Social media platforms are making even big-name celebrities feel insecure.

Joseph Gordon-Levitt knows what it's like to crave attention. In his TED talk, the actor described comparing his following on Instagram to that of other celebrities. "I see that their number is higher than mine and I feel terrible about myself," he said.

It's a feeling that should be familiar to most in the social media era, but the fact that even big-name actors are becoming insecure suggests that no one wins on these platforms — except the companies that created them. 

Like an addiction, Gordon-Levitt said, Instagram "trains you to want that attention, to crave it, to feel stressed out when you're not getting enough of it." 

Read more: Joseph Gordon-Levitt says that playing Edward Snowden inspired his distrust of Instagram and Facebook



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0 Tesla posted one of its worst quarters in years, but one analyst says there's still a way Elon Musk can get the company back on track (TSLA)

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Elon Musk

  • Tesla missed analyst estimates for first-quarter results on Wednesday. 
  • Some Wall Street analysts have downgraded the stock or cutting their price targets. 
  • Others, like Chris Eberle of Nomura Instinet, are remaining optimistic.

There's still a visible path to recovery after Tesla's dismal first-quarter earnings report, according to one Wall Street analyst.

While the disappointing financials led to some downgrades and price target reductions, Nomura's Chris Eberle remains bullish.

"Management seemed confident in their near-term visibility, in particular, which is encouraging given that the second quarter is already nearly one-third complete," he said in a note to clients Thursday.  "Tesla also noted that it expects positive FCF in every remaining quarter in 2019, including 2Q, which we think is likely. Overall, we believe that Tesla's reiterated FY19 outlook is achievable, albeit challenging, and maintain our Neutral rating and $300 target price."

Earlier in the week, Tesla hosted an autonomy day for investors to show off its latest plans for self-driving, including a million-strong network of robo-taxis. However, the lack of details from executives led the firm Evercore ISI to downgrade its view and slash its price target for the stock by a hefty $90.

Eberle says the demand fears cited by Evercore in its pullback are already addressed by Nomura delivery day.

"Data we have reviewed exiting March showed acceleration in Europe, particularly in markets in which Tesla has had only modest success in the past (Germany, France, Spain)," he said. "Furthermore, Model 3 gross margin declined only slightly QoQ, despite what we estimate was considerable ASP compression in the U.S."

Eberle's price target reflects a 16% increase from where shares of Tesla are set to open Thursday. His $300 valuation is just slightly above Wall Street's average price target, according to Bloomberg Data. Consensus targets have fallen drastically in recent months, down to $297 today.

"Over Tesla's history, step-function increases in the share price have coincided with steep increases in expected unit volumes, and Tesla's reiterated full-year outlook would qualify," Eberle said. "In 2012, TSLA shares appreciated over 4 times, as sales expectations went from effectively zero to 100,000 per year. And in 2016, the stock gained again (approximately 90% from late-2016 to mid-2017) as investors began to conceptualize annual vehicle sales of 500,000 units."

Shares of Tesla fell about 0.6% overnight following the company's first quarter earnings release.

More from Tesla's earnings:

SEE ALSO: Elon Musk says Tesla will have 1 million robo-taxis on the road next year, and some people think the claim is so unrealistic that he's being compared to PT Barnum

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0 Snap added 4 million subscribers versus Q4 (SNAP)

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  • This is an excerpt from a story delivered exclusively to Business Insider Intelligence Digital Media Briefing subscribers.
  • To receive the full story plus other insights each morning, click here.

Snapchat added 4 million daily active users (DAU) over the previous quarter, reaching 190 million DAU — up from 186 million in Q4 2018, though still down slightly from its peak of 191 million in Q1 2018, per Snap's Q1 2019 earnings release.

Snapchat Daily Active Users, by Region

Meanwhile, Snap revenue and average revenue per user (ARPU) each respectively jumped 39% year-over-year (YoY): Revenue reached $320 million in the quarter, and ARPU hit $1.68.

Here's what it means: Snapchat is showing renewed signs of life and making up some of the ground it lost after last year's botched redesign caused its user base to decline. 

Snap attributed engagement growth to investment in mobile-first, premium content, which it plans to build out even further — especially in regions beyond the US.In particular, Snap will invest in its video and AR offerings. 

  • Video for Discover, including publisher Shows and Stories, along with Snap Originals. Snap is developing more Snap Originals, with 10 new original shows set to debut in May 2019. The app will also renew three of its most popular shows from the previous slate. In the past six months, Snapchat has made a global push around premium content: It more than doubled the number of localized media partners outside of the US, and in Q1 it launched 50+ new Shows and Publisher Stories in international markets. Snapchat now offers more than 450 premium content channels worldwide. 
  • New AR features. Snap is also creating new AR features (lenses and filters) developed both by its own team of engineers and the creator community via Lens Studio. In discussing new AR features, Spiegel said that the next step would be localizing AR experiences to different regions. For example, "Landmarkers" enables users to play with filters on major landmarks around the world like NYC's Flatiron Building and the Eiffel Tower in Paris.  

The bigger picture: Future engagement and user growth could come from the new Android app redesign, which should help Snap tap into key emerging markets like India.

On the call with investors, Spiegel acknowledged that having a good Android user experience (UX) is "the price of admission to international markets." That makes sense, given Android's global dominance as a mobile operating system. 

But North America is, and has always been, Snapchat's biggest market: As of Q1, the app counts 80 million DAU compared with Europe's 61 million, and 49 million across the rest of the world (ROW). And in North America — particularly in the US — iOS users are far more abundant. That's led Snap to prioritize the experience of its iOS users up until two weeks ago, when overhauled its Android app.

The move has already delivered a flutter of engagement growth. The Android app produced a 6% increase in the number of users sending Snaps within the first week of upgrading, per Snap's earnings report. If Snap can continue to strengthen its UX for Android users, it can ideally boost growth and ARPU in the regions that currently lag North American ARPU.

Presently, ROW users earn an average of $0.97 versus $2.81 for North American users. While we expect Snapchat to remain a niche product in North America that caters chiefly to a young base, we don't expect the region to power user growth. Instead, we believe the app will add most of its new users in emerging markets, which it only now has the ability to fully tap into, given its Android redesign.

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1. Sign up for the Digital Media Briefing to get it delivered to your inbox 6x a week. >> Get Started

2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to the Digital Media Briefing, plus more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now

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0 I went to an auction at the world-famous Christie's auction house, which sold $7 billion worth of art, jewelry, and luxury goods in 2018, and it was nothing like I'd expected

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christies nyc

Christie's, the 250-year-old, world-famous auction house founded in London, sold $7 billion worth of jewelry, art, watches, and other luxury items last year. 

I'd always wondered what it would be like to attend an auction at Christie's, so last week I headed to their New York City location at Rockefeller Center for the Magnificent Jewels auction, where $30.3 million worth of fine jewelry and accessories were sold. The most expensive item sold was a twin-stone fancy vivid blue diamond ring for $6.7 million.

Here's what it was like to attend an auction at the prestigious auction house in New York City. 

SEE ALSO: There are 3 key questions you should ask before buying a vintage watch, according to a Christie's luxury watch specialist

DON'T MISS: There are 3 staples every wine cellar should have, according to an expert at Christie's

Christie's is a world-famous auction house that sold $7 billion worth of jewelry, art, watches, and other luxury items in 2018.

Christie's has a presence in 46 countries and salesrooms in 10 cities: London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zurich, Hong Kong, and Shanghai.



Christie's New York City location is at Rockefeller Center in midtown Manhattan.

Christie's New York is at 20 Rockefeller Center, right across from the famous "30 Rock."



The location at Rockefeller Center features a colorful triple-height entryway, multiple salesrooms, private viewing rooms, and expansive galleries for the display of large-scale artworks.

The colorful mural in the entryway is by artist Sol LeWitt.



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0 Snap's New Guard: Meet the 26 new power players who help CEO Evan Spiegel run Snap Inc. (SNAP)

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snap 4x3

Snap has had a bumpy ride as a public company, weathering blowback from a botched redesign, increased competition, a plateauing user base, and a revolving door of executives in the past two years.

But things are starting to look up once again.

The stock is starting to bounce back, investors are optimistic about the company's latest moves, and CEO Evan Spiegel has installed a new leadership team of seasoned deputies to support him through the company's next phase.

These deputies oversee everything from the company's evolving ad business and engineering foundation, to its relationship with investors and Wall Street. Here is the new crop of Snap executives who help Spiegel run Snap:

As Snap Inc.'s cofounder and CEO, Evan Spiegel wields the most influence and calls the shots on all product decisions.

Snap CEO Evan Spiegel founded Snapchat with Bobby Murphy while both were undergraduate students at Stanford.

The 28-year-old entrepreneur's salary (minus stock awards) may be only $1, but he still maintains ultimate control over the company, with 50.8% total voting power due to its atypical ownership structure.

Spiegel is a hands-on CEO who not only led the company through its much-anticipated IPO in 2017, but also an unpopular redesign of its app last year that caused user backlash, investor panic, and executive departures.

Still, he is deemed by many to be a product genius, and is credited with some of Snapchat's most revolutionary ideas, like ephemeral messages, Stories, and the vertical video format. 

In recent months, Spiegel has been taking more of a backseat and delegating more responsibility, insiders say, as well as making more of an effort to open up. He led the keynote at the company's first-ever Partner Summit earlier this month and mingled freely with attendees. The company too has been more open than ever before.



Bobby Murphy cofounded Snapchat with Evan Spiegel and has been the CTO since 2012.

Bobby Murphy is Snapchat's cofounder and has served as its Chief Technology Officer since 2012, but has largely steered clear of the spotlight — until very recently.

Murphy, who leads engineering and research at the company, took the stage immediately after Spiegel at the company's inaugural Partner Summit, announcing all the major updates relating to Snap's camera and AR efforts, including its new Landmarker Lenses and AR Bar. 

He has known Spiegel since they were in the same fraternity at Stanford, and is credited with building the core technical tenets of Snapchat's app. He is Snap's second-largest shareholder with 46.4% total voting power according to the company's 2018 Annual Report.

The 30-year-old is also a member of Snap's board of directors. 

 



Jeremi Gorman helped build Amazon's burgeoning ad business, and is now Snap's Chief Business Officer.

With a sales and marketing career spanning 20 years, the former Amazon exec was a star hire for the company in November 2018 after a tumultuous year of executive churn. 

As Snap's Chief Business Officer, Gorman is charged with building out the company's business strategy, including revenue, and bolstering the performance of its ad business. 

Both Wall Street and Madison Avenue are bullish on Gorman, with BTIG analyst Rich Greenfield saying that brands and advertisers viewed her hire "as a meaningful step-up in management quality."

At Amazon, she was the head of global advertising sales, where she oversaw business intelligence and analytics, as well as the international expansion of Amazon's advertising business.

Her annual base salary as of December 31, 2018 was $500,000, according to Snap's 2018 Annual Report.



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0 Sears is closing its store of the future just 6 months after it opened, and it's an ominous sign for the company's recovery

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Sears Oak Brook

  • Sears is shutting down a store in Oak Brook, Illinois, just six months after celebrating its grand reopening.
  • Sears reopened the store in October after renovating it to make it smaller, sleeker, and more modern than its traditional department stores. 
  • The store's failure "underlines the fact that Sears does not have a credible plan for its long-term survival," said Neil Saunders, managing director of GlobalData Retail. 
  • A Sears spokesman said the store is not profitable.
  • Visit Business Insider's homepage for more stories.

Sears spent a year renovating a 56-year-old store in Oak Brook, Illinois, then trumpeted its grand reopening in October with a live band, celebrities, and a giant ribbon-cutting.

Six months later, the store is liquidating its inventory and closing permanently. 

The failure of the store, which was viewed as a prototype for future Sears locations, casts considerable doubt over the company's recovery post-bankruptcy, according to Neil Saunders, managing director of GlobalData Retail. 

Read more: Decaying stores, plunging sales, and a remote CEO: How Sears was driven to the edge of bankruptcy

"It underlines the fact that Sears does not have a credible plan for its long-term survival," Saunders said. "Making stores a bit nicer and reducing space are sensible steps, but they do not represent a holistic solution."

Before reopening the store, Sears had spent a year renovating the space. It was downsized from 250,000 square feet to 62,000 square feet and modernized to provide a "refreshed, improved shopping experience," the company said

Sears Oak Brook

It carries a small selection of premium brands and features a "Welcome Center" with a lounge for members of Sears' Shop Your Way rewards program. 

In an interview with the Chicago Business Journal at the time of the store's reopening, Sears Chief Brand Officer Peter Boutros called the Oak Brook location "contemporary and design driven." He said he imagined women might seek refuge in the lounge while their male counterparts shopped.

"A wife could have a coffee there while her husband is off looking at gardening equipment," he said. 

But it seems that Sears' vision for the store didn't pan out. 

Read more: Eddie Lampert wins court approval to buy Sears out of bankruptcy and save 45,000 jobs

The store is not profitable, according to Transform Holdco, which purchased Sears out of bankruptcy.

"As part of Sears Holdings' bankruptcy proceedings, our go-forward company, Transform Holdco LLC, has the right not to acquire various contracts that were entered into by Sears Holdings," a Sears spokesperson said in a statement to Business Insider. "As such, Transform Holdco decided not to acquire the current lease for the unprofitable Sears store at Oakbrook Center and the store will close on April 28."

Sears employees that are eligible will receive severance and have the opportunity to apply for open positions at area Sears or Kmart stores, he said.

Large-scale renovations like those at the Oak Brook location could have helped revive Sears years ago, but the company has already alienated too many customers through years of underinvestments in its stores, Saunders said.

"There is not enough time, capital nor goodwill to make the changes needed," he said. "That leaves Sears in a very tough position that throws major doubts over the future of the firm."

SEE ALSO: Sears is reportedly slashing life insurance policies for some of its 90,000 retirees as the retailer continues to scramble

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0 27 engagement gifts under $100 for couples who don't have a registry yet

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Insider Picks writes about products and services to help you navigate when shopping online. Insider Inc. receives a commission from our affiliate partners when you buy through our links, but our reporting and recommendations are always independent and objective.

grafomap, $49+

  • The holidays are the most popular time to get engaged, which means you can expect a good amount of engagement parties this time of year.
  • While gifting off a registry for a wedding is a pretty seamless process, choosing an engagement gift requires a little more nuance.
  • If you're not sure what to bring to your next engagement party, check out 27 great options below. 

If it seems like everyone around you is getting engaged right now, it's because they are. The holidays are peak engagement season, with Christmas being the most popular day to propose. If you've made this observation on Instagram recently, you'll likely have plenty of weddings to attend soon. Right now, though, you should probably expect a few engagement parties.

Picking out wedding gifts is easy. Couples can make a registry to let you know exactly what they actually want. Engagement parties are where gifting gets a little more complicated. How much should you spend? How do you know what they want? Do you even need to get them an engagement gift?

Engagement gift etiquette may be more nuanced, but we're going to try to make it easier for you. You don't need to spend a ton of money or make any grand gestures for an engagement party — just go for something small but sweet. So you don't show up at your next engagement party empty-handed, we rounded up 27 no-brainer options under $100. 

Keep reading for 27 great engagement gifts under $100:

A calendar

Brass Easel & Calendar, from $55, available at Artifact Uprising

They have a pretty big event coming up — help them count down to the wedding with this custom calendar featuring images you can upload from their social media pages.



A set of Champagne flutes

Personalized Champagne Flutes (set of 2), $49, available at Mark & Graham

Help them toast to the next chapter with these classy Champagne flutes. Each flute can be customized with up to 12 letters for an extra personal touch.



A Champagne cooler

Hammered Stainless-Steel Wine Bucket, $29.95, available at Williams Sonoma

They're probably going to get a lot of bubbly, and they're probably going to need somewhere to put it. Think ahead and gift them this classy wine bucket.



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0 Gen Z is ambitious about homeownership, and it's becoming clear that even high costs and student loans won't stop them

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Gen Z homeowners

Homeownership is as much a part of the American Dream as ever.

According to a Bank of America report, many members of America's youngest adult generation, Gen Z, not only aspire to become homeowners before age 30, but they're already saving for it.

The survey defined Gen Z as ages 18 to 23 and millennials as ages 24 to 40. Fifty-nine percent of Gen Z respondents said they want to own a home within the next five years and 33% said they want to buy a home, but are waiting at least six years to do so.

Of the prospective buyers, 52% said they're already saving money. Gen Zers list their top reasons for buying a home as starting a family (59%), building wealth over time (47%), and making their family proud (33%).

How much would a home cost you right now? Find out with these offers from our partners:


A previous Realtor.com study found that Gen Zers were twice as likely as previous generations to be saving for a home by age 25.

"Gen Zers don't just want to become homeowners; they want to do it at a younger age and we found that they're saving or planning to save for it accordingly," Danielle Hale, Realtor.com's chief economist, said. "Their desire for homeownership may be similar to that of millennials and Gen Xers, but graduating into one of the best labor markets in generations might give them the boost they need."

Attaining homeownership may be easier for Gen Z than generations before it. As Business Insider's Hillary Hoffower reported, two historic events — 9/11 and the Great Recession — shaped the way Gen Zers manage their money today. They're practical and conservative with their spending and are reaching financial milestones sooner than millennials did while trudging through a sluggish economy.

Gen Z still has student loan debt, but it doesn't seem to be a major deterrent to homeownership. An INSIDER and Morning Consult survey found that while 55% of Gen Z respondents (defined as ages 18 to 21) have student loans totaling $25,000 or less, 35% of total Gen Z respondents are currently saving to buy a home.

But Gen Zers are aware their biggest challenges to becoming a homeowner are financial, according to the Bank of America survey — namely, saving money for a down payment and closing costs and having enough to cover monthly homeownership expenses.

Read more: The best place to save money for a down payment keeps your cash safe but growing — up to 200 times as much as a regular savings account

But aspiring Gen Z homeowners aren't afraid to ask for outside help, according to the Bank of America survey. Twenty-one percent of Gen Zers are confident they'll receive financial help from their parents to buy a home, while only 14% of millennial respondents said the same. More than half of Gen Zers said they'd be willing to pay their parents back, to boot.

The survey also revealed that some Gen Zers are so determined to own a home that given a hypothetical $5,000, they'd more likely put the money toward a down payment savings fund than spend it on a dream wedding, shopping spree, or vacation. They'd also be willing to get a second job or choose to attend a college that would leave them with less debt.

Find out how close you are to affording a home with this calculator from our partners:

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0 Everyone on set hated 'The Karate Kid' title while making the movie, according to star Ralph Macchio

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karate kid crane kick

  • "The Karate Kid" star Ralph Macchio said he and many others on the movie thought the title was awful while shooting the movie.
  • He told Business Insider it was the movie's legendary producer, Jerry Weintraub, who put everyone at ease.
  • Visit BusinessInsider.com for more stories.

 

It's 1983 and with Ralph Macchio's breakout movie, "The Outsiders," in theaters, he's on top of the world as he's on screen alongside the hottest names in young Hollywood: Matt Dillon, Rob Lowe, Patrick Swayze, Tom Cruise, and more. And to make things ever better, he's already on an audition for the lead in another movie. 

But the title didn't get him excited at all. 

"I just kept thinking the title is so lame, and if it worked I would have to carry it for the rest of my life," Macchio told Business Insider with a laugh.

He was right about one thing back then: yes, he would be linked to "The Karate Kid" the rest of his life, but it wasn't because of the title.

In "The Karate Kid," Macchio plays the movie's lead, Daniel LaRusso, the east coaster who moves to California and has to deal with high-school bullies until he learns karate. It would not just make him one of the biggest movie stars of the 1980s, but would forever link him with Daniel LaRusso after the movie took on an iconic status in pop culture. (Macchio has recently reprised the role in the YouTube show "Cobra Kai," which launched its second season this week.)

Read more: "The Karate Kid" star Ralph Macchio reveals the worst pitch he heard to continue the franchise, and it involves Rocky Balboa 

But back on set of "The Karate Kid," no one was thinking about legacy. 

"It wasn't just me — a lot of people on set didn't think the title was good," Macchio remembers. 

Finally, it was the movie's legendary producer, Jerry Weintraub, who put everyone at ease with these simple words.

"[He] said, 'It's a terrible title, which makes it a great title,'" Macchio said.

Can't argue with that. The movie to date has a lifetime box-office gross of over $91 million and will forever be in the pop culture lexicon. 

SEE ALSO: "The Karate Kid" star Ralph Macchio explains why he agreed to reprise his iconic role in the YouTube hit "Cobra Kai" after 30 years of saying no to reboots and sequels

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0 The most dangerous intersection in every state

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intersection michigan

Every town seems to have at least one intersection that plays host to more accidents and close calls than all the rest.

Time Magazine looked at data from the National Highway Traffic Safety Administration over 10-year span measuring traffic accidents involving automobiles and pedestrians and determined the most dangerous intersection in each US state and Washington, DC.

The magazine identified the intersection of Knights Road and Streets Road in Bensalem, Pennsylvania, as the most dangerous intersection in America.

Read on to see the the most dangerous intersection in every state, and get a glimpse of what drivers there have to deal with.

SEE ALSO: This map shows the US really has 11 separate 'nations' with entirely different cultures

ALABAMA — University Boulevard and 28th Street, Birmingham



ALASKA — Egan Drive and Yandukin Drive, Juneau



ARKANSAS — Asher Avenue and South University Avenue, Little Rock



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0 AI could displace banking jobs in Singapore

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  • This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.
  • To receive the full story plus other insights each morning, click here.

Forty financial services job roles in Singapore are set to be highly impacted — either through role convergence or displacement — by robotic process automation, advanced analytics, and AI, per an Ernst & Young study commissioned by the Institute of Banking and Finance Singapore and the Monetary Authority of Singapore.

digital transforamtion capabilities, by sector

Of these 40 roles, 13 are within retail and corporate banking, including branch tellers, loan officers, and call center representatives.

Here's what it means: Banks should focus on reskilling employees who will be mostly impacted by analytics and automation.

To ensure success in training staff, banks need to identify which skills employees will need in the future. The study highlights data interpretation and analysis, as well as advanced digital acumen as key skills necessary for employees working with analytics and AI.

In terms of data interpretation, banking product sales officers, for instance, will need to leverage useful data patterns to up sales. Ensuring digital literacy of staff is also key for banks that want to take advantage of the AI opportunity: Expertise in this area can help employees innovate, but also digitally train their customers.

The bigger picture: Despite the industry's technological transformation, human expertise will remain vital to banking operations and customer service.

As machines take over repetitive tasks, employees can focus on leveraging technology and using their expertise to create innovative products and solutions. The relationship between humans and machines can be complementary: AI can enhance staff productivity while improving employee satisfaction, as automation can allow staff to engage in more meaningful and creative activities.

And regardless of the amount of tasks to be automated, humans will still need to supervise and interpret results. Further, as customer trust of AI remains low — only 19% of respondents to recent VMware research cited by Forbes would let technology manage their money — human relationships will remain vital in banking.

To ensure a smooth transition for employees, banks should cultivate a culture of open communication that will seek to ease concerns and create an environment that favors adaptability and innovation.

Interested in getting the full story? Here are two ways to get access:

1. Sign up for the Fintech Briefing to get it delivered to your inbox 6x a week. >> Get Started

2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to the Fintech Briefing, plus more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now

SEE ALSO: Latest fintech industry trends, technologies and research from our ecosystem report

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0 Walmart and Patagonia were once the 'odd couple' of sustainability. Now, the world's biggest apparel brands are lining up to follow their example.

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walmart green environmentally friendly sustainability product marketing

Ten years ago, Walmart and Patagonia began an unlikely partnership.

On the one side, you had the world's biggest retailer whose size and influence made it a symbol of corporate power. On the other, you had a private outdoor clothing company whose mission statement aligned it with environmental activism. But the odd couple found common ground, and together they began the Sustainable Apparel Coalition (SAC).

That coalition now has more than 250 members, and more than 10,000 manufacturers use its main offering, the Higg Index tool suite, for measuring sustainability. Members include some of the world's biggest brands, like Adidas, Disney, Gap, Levi's, Nike, and Target.

And in a press release published early in April, Walmart's SVP of US apparel, Deanah Baker, announced that the company is aiming to have all of its US stores only work with suppliers adhering to the Higg Index by 2022.

Business Insider recently spoke with Patagonia CEO Rose Marcario, who we selected as one of the 100 People Transforming Business. She told us how important collaboration is when it comes to developing and implementing sustainability best practices. "There's so much that we can do if we act collectively to fix these problems," she said. "I'm excited about it. But I do think that the next five, 10 years are the most absolutely critical for us to make serious change."

Walmart first sought Patagonia's advice when it invited the company's founder, Yvon Chouinard, to speak on sustainability at one of its conferences. This started a discussion that led to Patagonia's VP of public engagement, Rick Ridgeway, collaborating with Walmart's senior VP of apparel sourcing, Mary Fox. The companies published an open letter to CEOs in 2009 with a message that was both optimistic and pragmatic.

To paraphrase, this came down to: Big companies are in a position to significantly reduce the environmental impact of their apparel supply chains. Aside from benefitting the planet, these changes would also fulfill customers' and employees' demands. And finally, if we don't do something ourselves, the government is going to force us to, and we may not like how they handle that. We're better off figuring this out together.

The next year, the Sustainable Apparel Coalition launched, and in 2011 debuted the first version of the Higg Index. SAC built the index off research from the Outdoor Industry Association, and in 2012 Nike gave SAC its Nike Considered Index, a significant contribution.

Today, the Higg Index comprises tools for every step of a product's life, for designers, factory managers, and retailers. For example, the running-apparel company Brooks has used the index to assess certain shoe models, determining the model's environmental impact based on its individual components and how they fit together. It will begin using the index to assist it in redesigning these models to minimize this impact.

Each SAC member can also use the index to measure its progress through ratings. The SAC has shown that the numbers in aggregate have improved each year, but individual ratings have remained private in these first few years of mass adoption — but that is scheduled to change next year, when the SAC plans to go fully transparent.

In our interview, Marcario spoke generally about how her experience at Patagonia and with partners across initiatives like the SAC has proven to her that working on improving a company's relationship with the environment is simply good business at this point in history — and the SAC's purpose is to make an element of this as easy as possible. 

"If you're not working at solving these problems in a transparent and active way, I think the reality is your customer's going to drop away in time," she said. "So, to me, it's kind of a no-brainer at this point."

SEE ALSO: Patagonia's CEO says 'capitalism needs to evolve' if we want to save the planet

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