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Thursday, January 16, 2020

Business News, Updates

Business News, Updates

Russia's entire cabinet resigned en masse in a plan that would help Putin keep power indefinitely. Here's everything we know.

Posted: 16 Jan 2020 10:22 AM PST

Vladimir Putin

  • Russia's prime minister and cabinet abruptly resigned on Wednesday after President Vladimir Putin outlined proposed constitutional changes that could increase his power after his presidency.
  • The changes would limit and decrease the power of future presidents after Putin's term ends in 2024.
  • Though Putin has painted the changes as a pro-democracy move, they can be seen as Putin's trying to keep his grip on the country he has essentially ruled since 1999.
  • The resignation of Prime Minister Dmitry Medvedev was likely planned with Putin and will be a boost to the president, rather than as an act of protest. Putin has also named Medvedev's successor.
  • Here's what we know about Putin's plans and what his pick for Medvedev's replacement means.
  • Visit Business Insider's homepage for more stories.

The Russian government headed by Prime Minister Dmitry Medvedev resigned en masse on Wednesday moments after President Vladimir Putin proposed constitutional changes that could extend his power after his presidency ends.

Putin proposed changes that would weaken the powers of the presidency for future presidents, as he is expected to vacate the role in 2024, and strengthen the role of the country's parliament, where he might then move to.

See the rest of the story at Business Insider

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Here's where the royal family gets their money

Posted: 16 Jan 2020 10:20 AM PST

British royal family trooping the colourREUTERS/Hannah Mckay

The Queen may be financially supporting Prince Harry and Meghan Markle (for now, anyway) — but she's not as rich as you might think.

Elizabeth II has a net worth of $442.92 million (£340 million), derived from a grant from taxpayers and two additional income sources, The Sunday Times estimated in 2016. That's still more than the Duke and Duchess of Sussex, who have a shared fortune of $30 million, Business Insider previously reported.

Nonetheless, the young couple announced their decision to "step back as 'senior' members of the Royal Family" and work towards financial independence in a statement released on January 8.

Here's how the British royal family makes their fortune.

Every year, the Queen gets a chunk of cash from taxpayers called the Sovereign Grant.

Gareth Fuller/PA Images

It comes from the treasury and it's funded by taxpayers, according to the BBC.  

The basic agreement is that the Queen gets the grant in exchange for surrendering all profits from the Crown Estate — the family's massive portfolio of properties — to the government. Every year, the Queen is given an amount of money equivalent to 25% of the Crown Estate's profits. 

The Grant totaled $107.1 million (£82.2 million) in 2019, The Wall Street Journal reported.

The Sovereign Grant pays for the family's travel, palace upkeep and utilities, and royal employee payroll, according to official royal family financial reports. But The Telegraph notes that the grant doesn't cover costs of security and royal ceremonies — that money comes from a few other places.

The Queen's private income is called the Privy Purse.

Michaelpuche /

That money comes from the Duchy of Lancaster — a portfolio of land and other assets that's been in the royal family for hundreds of years. It contains $715 million (£548.6 million) worth of net assets (including 18,433 hectares of land) and is made up of residential, commercial, and agricultural properties, Wall Street Journal UK correspondent Max Colchester reported.

It brought in $27 million (£20.7 million) in 2019, according to The JournalAccording to the royal family website, this sum helps with costs not covered by the Sovereign Grant — namely, it's used to pay "expenses incurred by other members of the royal family."

The Queen also has other valuable assets that add to her net worth.

Jane Barlow/PA Images via Getty Images

The Queen also outright owns Balmoral and Sandringham Estates, an expansive art collection, and other valuable assets that have been passed down from earlier monarchs, Wall Street Journal's Colchester said on a January 14 episode of The Journal's What's News podcast.

The unknown total value of Her Royal Highness' property makes it difficult to estimate her total net worth, according to The Journal. A royal finance expert did tell The Journal that the royal family members are "millionaires, not billionaires."

In 2016, The Sunday Times estimated the Queen's net worth to be $442.92 million (£340 million).

See the rest of the story at Business Insider

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SEE ALSO: How Meghan Markle and Prince Harry could earn enough money to become 'financially independent' of the crown — and why it likely won't include a return to the screen

DON'T MISS: Here's how much Australia's billionaires have donated to relief efforts for the wildfires that have destroyed 25 million acres of land and have killed at least 28 people

How to change your Spotify profile picture using the desktop app, and personalize your account

Posted: 16 Jan 2020 10:19 AM PST

spotify mac computerShutterstock

  • The only way to change your Spotify profile picture is through the desktop app.
  • In the Spotify desktop app, you'll have to click on your profile name and then hover over the circular picture to change the photo.
  • Your Spotify profile picture can help personalize your account, and help followers identify you.
  • Visit Business Insider's homepage for more stories.

To better identify your account for friends, family, and followers, you may want to update your Spotify profile picture. 

You can easily make this change in the desktop app. This is currently the only way to change your picture, as you're unable to do so either on Spotify's website or mobile app.

See the rest of the story at Business Insider

NOW WATCH: Apple just released iOS 13.2 with 60 new emoji and emoji variations. Here's how everyday people submit their own emoji.

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Jeff Bezos is visiting India amid protests and a government investigation into Amazon — here's what his trip has been like so far (AMZN)

Posted: 16 Jan 2020 10:17 AM PST

Jeff Bezos IndiaAnushree Fadnavis/Reuters

  • Amazon CEO Jeff Bezos visited India this week for the first time in more than five years. 
  • Bezos has been out and about, flying kites with kids, visiting Mahatma Gandhi's tomb, and dressing in Indian clothing. 
  • But his visit has also been controversial: shortly before he arrived, India's antitrust regulators opened an investigation into Amazon, and business owners have been protesting Bezos and Amazon.
  • Visit Business Insider's homepage for more stories.

Jeff Bezos has had a busy week. 

The Amazon CEO visited India this week for the first time in more than five years, meeting with business leaders, paying his respects at Mahatma Gandhi's tomb, and even flying a kite. 

In the process, he announced that Amazon would be investing $1 billion in India, helping small business owners digitize their operations. 

But Bezos' visit has been controversial: shortly before he arrived, India's antitrust regulators opened an investigation into Amazon. And business owners in 300 Indian cities have been protesting Bezos and Amazon, carrying signs that say "Jeff Bezos go back!"

India is an important market for Amazon. The company has been battling it out for market share with Indian ecommerce platform Flipkart, and so far, Flipkart is winning, if only by a slim margin: As of 2018, the company had 31.9% of India's market share, versus Amazon with 31.2%, according to Forrester data cited by S&P Global Market Intelligence.

Here's a look at Bezos' visit so far.  

Bezos began his trip with a visit to the tomb of Mahatma Gandhi. "Spent a beautiful afternoon paying my respects to someone who truly changed the world," Bezos wrote in an Instagram video of the visit.

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Bezos got to relax a bit with some school children, even successfully flying a kite. "I haven't flown a kite in a long time," he said to one of the kids. "It brings back memories." He offered high fives all around after it was over.

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Bezos has dressed in Indian clothing throughout his visit so far. While flying kites, he dressed in a kurta and wore his signature Garrett Leight sunglasses. While the designer doesn't appear to sell Bezos' exact pair anymore, a similar option retails for $395.


Source: Garrett Leight

See the rest of the story at Business Insider

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SEE ALSO: Jeff Bezos just turned 56. Here's how he built Amazon into a nearly $1 trillion company and became the world's richest man.

This online startup makes cute organic clothes for babies and kids — its curated Birthday Boxes are great gifts for any child

Posted: 16 Jan 2020 10:16 AM PST

Monica + AndyMonica + Andy

  • Monica + Andy makes GOTS certified organic clothes for babies and kids in unique and stylish prints. It sells the clothes individually or bundled together as Birthday Boxes for $150. 
  • The Birthday Boxes are full of clothes including dresses, leggings, jeans, sweatshirts, and shirts, depending on the box you choose. They're fun and simple gifts for babies and kids, and they make shopping a lot easier. 
  • You can work with a "stork" to customize any box with sizes, styles, and prints, and even add on embroidery, so it's really easy to order the perfect box.
Product Embed:
Product Name: Monica and Andy Birthday Box
Card Type: small
Width: 100%
Height: 150%

I live about seven hours away from my oldest nephew, so buying birthday and holidays presents for him can be a struggle. Do I just send money? Do I order things online and have them shipped directly to his house? Do I buy presents, wrap them myself, and then pay $30 to have them shipped? Do I hold on to his presents and wait until I see him months after his birthday? None of these sound fun for either of us.

Monica + Andy realized that same struggle because the company came up with the ideal solution: a custom box full of the most adorable and softest children's clothing. It's a practical gift and everything comes in a nicely wrapped box, so it's immediately giftable. All the clothes are Global Organic Textile Standard (GOTS) certified organic and the brand also sells them individually if you don't want a big bundle, as well as toys, travel gear, nursery decor, and even maternity wear and loungewear for moms.

See the rest of the story at Business Insider

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How the Air Force's 'tank drivers' keep tankers full of fuel and in flying shape

Posted: 16 Jan 2020 10:15 AM PST

Air Force tank driver refueling tanker maintainerUS Air Force/Airman 1st Class Ryan C. Grossklag

  • Air Force "tank drivers" at Florida's MacDill Air Force Base have the complicated but vital job of making sure tankers can tank safely and effectively.
  • Working day and night, these airmen handle all operations involving the pumps, valves, manifolds, and other aspects of the fuel cell.
  • Visit Business Insider's homepage for more stories.

Tucked away behind US Central Command and MacDill Air Force Base, Florida's traditional hangars lies a hangar originally built to house fighter jets. On a given day, peeking out of that hangar will sit a KC-135 Stratotanker aircraft seemingly out of place in the considerably smaller maintenance shop, but surely, it's in the right hands.

This hangar is the home of the 6th Maintenance Squadron's fuels systems section. "Tank Divers," as the technicians of this shop are called, work day-and-night to ensure MacDill's aircraft are always ready to fuel the fight.

Fuels technicians handle all operations involving the pumps, valves, manifolds and all aspects that encompass the fuel cell, which the Tank Divers view as the heart of the aircraft.

The system is made up of massive, black bladders that hold jet fuel within the wings and run down the bottom of the KC-135 fuselage. Maintaining these cells takes a special group of airmen willing and capable to contort and fit themselves into the body of this aircraft.

"We're well-trained and well-versed in how to do anything on the fuel system," said Staff Sgt. Dakota Williamson, a 6th MXS fuel systems craftsman. "I like to say the fuel is the blood of the system and all of its workings are its veins. You can't have a well-oiled machine without it, so without us, you can't fly."

When a fuel leak is reported, fuels technicians must assess the damage to the cell, like a medic triaging a patient. Fuel is intended to remain in the bladder, so if it is found in the aircraft body cavity, airmen perform tests to inspect for damage.

US Air Force/Airman 1st Class Ryan C. Grossklag

Airmen remove the bladder from a hole not much bigger than a shoebox, pump it up with air pressure and then test with either a chemical or bubble solution to uncover any impairment.

"It's important to maintain the cells and make sure they're in the best condition they can be," said Airman 1st Class Brendon Kozicki, a 6th MXS fuel system journeyman. "We make sure all components are working as they should be and fix anything that would keep it out of the sky."

US Air Force/Airman 1st Class Ryan C. Grossklag

As with any job involving harmful chemicals fuels comes carefully procured safety regulations to ensure the airmen are safe when they go diving.

US Air Force/Airman 1st Class Ryan C. Grossklag

Before climbing into the aircraft fuels cell, the Tank Divers don personal protective equipment such as coveralls, head covers, gloves and air respirators to avoid harm from the chemicals they encounter.

"The process of opening a fuel tank is very dangerous and can present an explosive environment," said Williamson. "People don't really get to see much of what we do or where we go because when we open that tank up, we can't have anything that produces a spark or is not intrinsically safe [nearby]. Our hangar is set up to be 100% safe and fireproof."

See the rest of the story at Business Insider

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SEE ALSO: How the Air Force's metals techs keep aircraft flying

Best tax software 2020: TurboTax, H&R Block, and more

Posted: 16 Jan 2020 10:12 AM PST

Best tax software 4x3Alyssa Powell/Business Insider

The best tax software:

  • TurboTax: Best tax software overall
  • H&R Block: Best tax software for free filing
  • Best tax software for non-W-2 income
  • Best tax software for small business owners
  • H&R Block: Best tax software for first-time filers
  • TaxAct: Best tax software for experienced filers

Most Americans dread filing taxes. It can be costly, confusing, or just plain tedious ... but it has to be done.

The good news is that if you have a straightforward financial situation, there are free and simple tax filing options available online.

See the rest of the story at Business Insider

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Today is the 100th anniversary of Prohibition. Take a look inside the oldest winery in America, which found a loophole so it could stay open even when alcohol was banned across the US.

Posted: 16 Jan 2020 10:10 AM PST

Final Vault - Brotherhood WineryMelissa Wiley / Business Insider

  • The oldest continuously operating winery in the United States is a 1.5-hour drive from Manhattan and features a sprawling wine cave
  • Named after a 19th-century Utopian community in the Hudson Valley, Brotherhood Winery sold "medicinal" wine during Prohibition and attracted 10,000 cars per day in the early days of wine tourism following World War II.
  • Having grown up in the tri-state area, I was wary of the fact that I had never heard about this winery before, but at the same time was intrigued by its history.
  • My verdict: If you enjoy wine and stepping back in time, you'll enjoy Brotherhood.
  • Visit Business Insider's homepage for more stories.

On a scale of wine connoisseur to knows nothing about wine, I fall into the "seeks out vineyards and appreciates good wine, but couldn't tell you the difference between caramel and chocolate wine notes" category.

I've been to Long Island's North Fork, on some fancy private tours and tastings in Napa and Sonoma with an ex-boyfriend (that's a story for another time), and to quite a number of vineyards in northern Virginia and Charlottesville.

Amid talk of wine caves during the Democratic National Debate last month, I decided to see if there were any wine caves in the New York area. I stumbled upon Brotherhood Winery in a Google search — and immediately wondered why I hadn't heard of it before. 

Not only does it have a wine cave, but it's also recognized as the oldest continuously operating winery in the United States and is credited with the birth of American wine tourism. Founded in 1839 by a cobbler, it later adopted the name of a Utopian society and managed to stay open during Prohibition, which began on January 16, 1920, and lasted for 13 years.

Here's what it's like to visit the oldest winery in the US.

Brotherhood Winery, America's oldest continuously operating winery, is located about a 1.5-hour drive from Manhattan in Washingtonville, New York. It's near West Point Academy and Storm King Art Center.

Google Maps

The winery, part of the Hudson Valley's 80-mile Shawangunk Wine Trail, is about an hour and 30 minutes' drive from New York City's Penn Station, depending on your route. It's approximately 30 minutes west of West Point and 10 minutes west of Storm King

Source: Google Maps

Marking the entrance to the winery is a blue and yellow New York historical marker that reads "America's Oldest Winery."

Melissa Wiley / Business Insider

Compared to other wineries and vineyards I've visited ⁠that pull out the stops with gondola rides and views of rolling horse farms, the scenery driving in to Brotherhood wasn't particularly captivating. It's located close to a shopping center in what I would describe as a commercial-suburban area. That said, the dreary winter day and spats of freezing rain weren't helping. A fresh dusting of snow or summer greenery likely would have changed my impression.

Walking past the parking lot and production facility, you enter Brotherhood Village, a collection of new and historic buildings.

Melissa Wiley / Business Insider

To the right is the tasting facility, which leads into the Grand Monarque Hall, a massive stone structure built in the years leading up to Prohibition. When a fire destroyed the hall in 1999, it was rebuilt and now serves as an event space and wedding venue.

The village also includes a small chapel, which opens occasionally for large group wine tastings, a staff member told me; a restaurant, bar, and gift shop located in original winery buildings; and a closed-to-the-public mansion dating back to 1837. 

See the rest of the story at Business Insider

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SEE ALSO: Inside the 'Louvre of Wine' — a subterranean cave in France housing 40,000 bottles

NOW READ: Elizabeth Warren slammed Pete Buttigieg for attending a fundraiser with billionaires in a Napa Valley 'wine cave' — here's what a wine cave actually is

Pete Buttigieg's campaign used a company criticized for its low wages to hire workers, even after Buttigieg has been critical of the gig economy (AMZN)

Posted: 16 Jan 2020 10:08 AM PST

Pete ButtigiegScott Olson/Getty Images

  • Pete Buttigieg's campaign hired gig workers using Amazon's Mechanical Turk, a platform notorious for low pay.
  • The decision appears at odds with Buttigieg's campaign message that gig workers deserve the protections and wages of full-time employees.
  • Mechanical Turk, or MTurk, lets employers set their price for specific tasks that gig workers can choose to take on, allowing payments as low as 1 cent per task.
  • Buttigieg's campaign has said that it paid gig workers above the minimum wage for tasks that lasted 2-3 minutes.
  • Visit Business Insider's homepage for more stories.

Pete Buttigieg's presidential campaign hired gig workers using Amazon Mechanical Turk, a platform that's infamous for low pay, despite Buttigieg's campaign promise to improve pay and protections for gig workers.

The campaign's payments through Mechanical Turk, first reported by The Intercept, totaled more than $20,000 throughout August and September for "polling" gigs, according to Federal Elections Commission records.

See the rest of the story at Business Insider

NOW WATCH: Apple just released iOS 13.2 with 60 new emoji and emoji variations. Here's how everyday people submit their own emoji.

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Passengers were terrified when an engine on their United flight failed after takeoff (UAL)

Posted: 16 Jan 2020 10:08 AM PST

United Airlines Boeing 757 Newark

A United flight from Newark Liberty International Airport to Los Angeles was forced to return to the airport on Wednesday when an engine failed shortly after takeoff.

United flight 1871 had just taken off from Newark when sparks appeared to come from the right wing and the engine stopped running, passengers said on Twitter.

See the rest of the story at Business Insider

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17 things millionaires do differently from everyone else

Posted: 16 Jan 2020 10:04 AM PST

rich personEdward Berthelot/Getty Images

Self-made millionaires didn't get to the two-comma club without doing things a little differently from the rest.

Various researchers who studied hundreds of self-made millionaires for several years have found that many tend to practice different habits or display heightened traits that help them build wealth. Many millionaires, for example, allocate their time differently — they spend more time focusing on personal growth, planning for investments, and working, and less time sleeping.

They also gravitate toward similar wealth-building strategies, like saving as much as they can and bringing in multiple income streams. And when it comes to investing, millionaires love low-cost index funds and real estate. Millionaires also tend to be frugal, conscientious, and resilient — all traits that help amplify their wealth-building actions.

While some of the behaviors above may also ring true for non-millionaires, millionaires often exhibit them at a stronger level and with more consistency.

Here's what sets millionaires apart from everyone else — besides a seven- to nine-figure net worth.

They're frugal.

Alan Crowhurst/Getty Images

Frugality — a commitment to saving, spending less, and sticking to a budget — is one of the wealth factors that help millionaires build wealth, according to Sarah Stanley Fallaw, the director of research for the Affluent Market Institute and an author of "The Next Millionaire Next Door: Enduring Strategies for Building Wealth," for which she surveyed more than 600 millionaires in America.

Many of the millionaires Stanley Fallaw interviewed stressed the freedom that comes with spending below their means.

"Spending above your means, spending instead of saving for retirement, spending in anticipation of becoming wealthy makes you a slave to the paycheck, even with a stellar level of income," she wrote.

They keep their housing costs low.

Alan Crowhurst/Getty Images

A prime example of frugality is that millionaires typically live in a home and neighborhood they can easily afford, according to Stanley Fallaw.

She said that most of the millionaires she studied had never purchased a home that cost more than triple their annual income. The median home value for millionaires in her latest study was $850,000 (3.4 times their current income), with a median original purchase price of $465,000.

They save a lot of their income.

Jamie Squire/Getty Images

Being frugal and living in an affordable home enables millionaires to save. They recognize that income isn't enough — they have to save what they're making.

John, who runs the personal-finance blog ESI Money and retired at 52 with a $3 million net worth, has interviewed 100 millionaires over the past few years and found that the median millionaire spent $90,000 a year while earning $250,000 in income — a 64% savings rate. Saving it, he said, allows for investment.

While this savings rate might be slightly off because of things like not counting taxes as spending, the main takeaway, he said, is that millionaires "save a large portion of their income."

If you make $250,000 and spend $250,000, "you are no better off at the end of the year," he wrote.

See the rest of the story at Business Insider

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SEE ALSO: A woman who studied 600 millionaires discovered that most of the superrich have surprisingly affordable homes. Here's what some of those look like.

DON'T MISS: Inside the lives of surprisingly frugal millionaires and billionaires, from businessmen like Warren Buffett and Richard Branson to A-list celebs like Jay Leno and Jennifer Lawrence

LATIN AMERICA FINTECH LANDSCAPE: An inside look at 5 of the most innovative regions propelling the LATAM fintech market to surpass $150 billion

Posted: 16 Jan 2020 10:01 AM PST

Fintech has had a staggering influence globally, catapulting to new highs in major financial markets like the UK and the US, but Latin America (LATAM) has lagged behind — until now. 

Latin America Smartphone Adoption Business Insider Intelligence

A massive fintech boom is taking hold in the region as innovative upstarts look to leverage widespread smartphone and internet penetration to serve the region's massive unbanked and underbanked populations and small- and medium-sized businesses (SMBs).

See the rest of the story at Business Insider

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Causebox is a subscription service that delivers boxes of responsibly sourced beauty products, accessories, and home decor — here's what it's like

Posted: 16 Jan 2020 10:01 AM PST

CauseBoxCauseBox Facebook

  • Causebox is a subscription box service that gets delivered on a seasonal basis.
  • Each box has six to eight products that can include jewelry, home decor, accessories, apparel, skin-care/beauty products, wellness products, and artwork. 
  • Each item in the package is sourced from a socially conscious brand, and Causebox partners with different charities to help them raise funds, expand their base, and tell their stories. 
  • You can sign up for a customizable annual membership at $49.95 per box, or opt for the quarterly subscription at $54.95 per box. 

Subscription services like BirchBox and Stitch Fix have gained a lot of attention over the last few years, spurring more and more brands to take the subscription route in order to provide unique experiences for their customers.

Causebox is one such company capitalizing on the trend of sending clothing, beauty products, and home decor via subscription — but what sets it apart is that all the products inside its boxes are sourced from socially, economically, and environmentally conscious brands. To choose these brands, Causebox's product team works with the founders of companies doing social good and asks them about why they give back, who they are directly impacting, and where their products are made. An open line of communication between Causebox and its partners ensure that the companies are following through with their missions and goals. 

See the rest of the story at Business Insider

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5 quick and easy renovation ideas to boost your property value

Posted: 16 Jan 2020 10:00 AM PST

Chase Home Lending renovationsGetty Images

  • Investing in your home could help increase its value when it's time to sell.
  • Upgrading your home's curb appeal, making it more energy-efficient, and updating appliances can help to attract buyers.
  • A Chase Home Equity Line of Credit could be a great option to help you finance these repairs. 

If you've been in your home for a while, and have been a good steward of your mortgage payment, you'll likely have equity you can use to fund a large-scale home improvement project. Not only will it make your home more functional and attractive, but it can bolster its resale value when you're ready to move.

A great option for larger projects is a Home Equity Line of Credit (HELOC) from Chase for up to 80% of your home's current value, less than the amount you owe on mortgages.

See the rest of the story at Business Insider

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Jorge Masvidal would consider a BMF title fight with Conor McGregor if he puts something on the line also, such as his Proper No. Twelve whiskey business

Posted: 16 Jan 2020 09:59 AM PST

Jorge Masvidal BMF beltPhoto by Steven Ryan/Getty Images

  • Jorge Masvidal will be Octagonside for Saturday's UFC 246 to watch Conor McGregor and Donald Cerrone's non-title welterweight fight.
  • Masvidal won a purpose-built "BMF" title when he defeated Nate Diaz last year and McGregor wants it.
  • Masvidal told us the BMF belt is one of one and said if McGregor wants it, he'll have to put something on the line, too.
  • Masvidal seemed interested in the idea of fighting for shares in McGregor's Proper No. Twelve whiskey business, but only if the brand is profitable.
  • Visit Business Insider's homepage for more stories.

LAS VEGAS — Jorge Masvidal would consider fighting Conor McGregor for the BMF title but only if the Irishman brings something to the table as well, so they can have a winner-takes-all bout in the UFC.

Masvidal became the fight game's BMF, an acronym which means "baddest mother f-----," after he beat Nate Diaz by doctor's stoppage in New York, late last year.

See the rest of the story at Business Insider

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Bose is shutting down all of its US stores as retail makes a 'dramatic shift to online shopping'

Posted: 16 Jan 2020 09:58 AM PST

boseMike Blake/Reuters

  • Audio equipment company Bose is set to shut down 119 locations across the globe, including all its stores in the United States.
  • Sacramento's CBS affiliate reported the news of the store closures on Wednesday.
  • As of 2016, the company had a global workforce of 10,500 workers, according to the Telegram.
  • In a statement sent to Business Insider, Bose said that it would not disclose how many store employees would lose their jobs.
  • The statement cited the "dramatic shift to online shopping in specific markets" as the reason behind this move.
  • Visit Business Insider's homepage for more stories.

Bose will shutter 119 retail stores across the globe, including its entire United States fleet. 

The CBS affiliate in Sacramento first reported the news Wednesday. In a statement sent to Business Insider, a Bose spokesperson confirmed that it "plans to close its remaining 119 retail stores across North America, Europe, Japan and Australia over the next several months."

See the rest of the story at Business Insider

NOW WATCH: We tried $200 Bose audio sunglasses that can replace your headphones

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SEE ALSO: Amazon is taking on Apple's AirPods with its $130 Echo Buds, which come with Bose noise-canceling technology

DON'T MISS: I kept hearing about these 'Bose-killer' headphones that are $70 off on Black Friday, so I finally tried them out — and they're seriously good

SEE ALSO: I tried this $300 'personal thermostat,' which can cool you off or warm you up to keep you comfortable at all times — here's what it was like to use

How an investment in China's biggest baby formula maker fueled a monster earnings beat for Morgan Stanley (MS)

Posted: 16 Jan 2020 09:58 AM PST

Baby formula chinaReuters, China stringer network

Morgan Stanley has China's biggest baby formula maker to thank for its strong earnings.

The US bank reported solid fourth-quarter and full year 2019 earnings Thursday, rounding out a strong week for US banks and sending shares nearly 8% higher. 

See the rest of the story at Business Insider

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

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US consumer confidence hits highest level since 2000

Posted: 16 Jan 2020 09:57 AM PST

target shoppers black friday 2016Kamil Krzaczynski/Reuters

US consumers are the most comfortable they've been with the economy since 2000, according to Bloomberg survey data.

The company's index of consumer comfort hit 66 in the week ending January 12, up from 65.1 the week prior. The latest reading is the highest since October 2000, and marks the figure's eighth weekly gain in the last nine weeks.

See the rest of the story at Business Insider

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

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During President Trump's Senate impeachment trial, Senators are banned from using their phones or any other electronics (GOOGL)

Posted: 16 Jan 2020 09:56 AM PST

pelosi signs articles of impeachmentAP

  • The US House of Representatives passed a resolution Wednesday to send two articles of impeachment against President Trump to the Senate.
  • It's unclear when the Senate impeachment trial will begin, but the rules have been set — and they include a provision that bars Senators from using smartphones or other electronics.
  • "No use of phones or electronic devices will be allowed in the Chamber," the decorum guidelines document says, which was obtained by CNN. "All electronics should be left in the Cloakroom in the storage provided."
  • Visit Business Insider's homepage for more stories.

When dozens of United States Senators from all over the country converge on Capitol Hill for the impeachment trial of President Trump, they'll face a strict list of "decorum guidelines."

Prominent among them: No smartphone use in the Senate chamber during the trial.

See the rest of the story at Business Insider

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Trump's Senate impeachment trial formally begins

Posted: 16 Jan 2020 09:52 AM PST

House impeachment managers arrive for the procedural start of the Senate impeachment trial of U.S. President Donald Trump in the US Capitol.JONATHAN ERNST/Reuters

  • The Senate impeachment trial of President Donald Trump formally began on Thursday when the House impeachment prosecutors presented the articles of impeachment to the Senate. 
  • Rep. Adam Schiff, the lead prosecutor and chair of the House Intelligence Committee, read aloud the articles of impeachment to senators gathered on the Senate floor.
  • On Thursday afternoon, the Supreme Court's chief justice, John Roberts, is scheduled to administer an oath to all 100 senators, requiring them to swear to deliver "impartial justice" as jurors in the trial. 
  • The trial will officially resume on Tuesday, after lawmakers are given the day off on Monday to observe Martin Luther King Jr. Day. 
  • Visit Business Insider's homepage for more stories.

The Senate impeachment trial of President Donald Trump formally began on Thursday when the seven House impeachment prosecutors presented the articles of impeachment to the Senate. 

Rep. Adam Schiff, the lead prosecutor and chair of the House Intelligence Committee, read aloud the articles of impeachment to senators gathered on the Senate floor.

See the rest of the story at Business Insider

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