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<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.robinhood.com/">Robinhood</a></span></p><p class="caption">Robinhood cofounders Vlad Tenev and Baiju Bhatt</p></div><p></p></div></div></strong></p><ul><li><strong>Stock-trading app Robinhood could be valued at $5.6 billion when it closes an upcoming fundraising round, according to a Thursday report in The Wall Street Journal.</strong></li><li><strong>According to The Journal's sources, the funding round is being led by Russian billionaire Yuri Miller's investment firm, DST Global.</strong></li><li><strong>DST Global led Robinhood's previous funding round in 2017. </strong></li></ul><p>Popular zero-fee trading app Robinhood could be valued in excess of $5 billion dollars - a huge increase over its previous $1.3 billion valuation in 2017 - when it closes a fundraising round that's currently in the works, <a href="https://www.wsj.com/articles/robinhoods-valuation-soars-above-5-billion-1521141033">according to The Wall Street Journal.</a></p><p>The five-year-old company is finalizing a new funding round led by DST Global, the firm led by influential Russian billionaire Yuri Miller, The Journal reports, citing anonymous sources. The firm led the company's previous funding round in 2017, <a href="http://www.businessinsider.com/robinhood-stock-trading-app-valuation-13-billion-2017-4">which was the first time Robinhood was valued at over $1 billion.</a></p><p>Robinhood gained notoriety early on its for its straightforward design and zero-fee trading, which recently expanded to include cryptocurrencies like bitcoin, ethereum, and litecoin.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Robinhood</span></p><p class="caption">A preview of Robinhood's cryptocurrency feed.</p></div><p></p></div></div></p><p>In addition to fundraising talks, Robinhood has received other interest from investors recently as well. On Wednesday, <a href="https://www.recode.net/2018/3/14/17120920/josh-elman-greylock-robinhood-product-venture-partner">the company announced that Greylock investor</a><span><a href="https://www.recode.net/2018/3/14/17120920/josh-elman-greylock-robinhood-product-venture-partner"> Josh Elman</a> would be joining Robinhood in a senior position. In a <a href="https://www.recode.net/2018/3/14/17120920/josh-elman-greylock-robinhood-product-venture-partner">statement to Recode</a>, Elman described Robinhood as "hyper-growth company."</span></p><p><span>Robinhood's reported $5.6 billion valuation would place it ahead of its rival platform, Coinbase, which <a href="https://www.recode.net/2018/1/22/16911692/cryptocurrency-bitcoin-trading-coinbase-revenue-secondary">was most recently </a></span><span><a href="https://www.recode.net/2018/1/22/16911692/cryptocurrency-bitcoin-trading-coinbase-revenue-secondary">estimated to have a $3.2 billion valuation</a>. </span></p><div><p><strong>Read <a href="https://www.wsj.com/articles/robinhoods-valuation-soars-above-5-billion-1521141033">The Wall Street Journal's full report here</a>. </strong></p></div><p class="tagline"><a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/open-bionics-prosthetic-arms-2018-2">These bionic arms make kids feel like superheroes</a></h3>        <div>                    </div>    </div>

Robinhood, the stock trading app loved by millennial investors and cryptocurrency traders, could soon be a $5.6 billion company

<ul class="summary-list"><li>Billionaire investor Yuri Milner said Monday he has renounced his Russian citizenship.</li><li>He has been an Israeli citizen since 1999 and now lives in California with his family.</li></ul><p>Billionaire investor <a href="https://www.businessinsider.com/yuri-milner-biography-2016-4">Yuri Milner</a> said on Monday he has renounced his Russian citizenship, more than seven months into the Ukraine war.</p><p>The founder of tech investment firm DST Global made the announcement in a <a href="https://twitter.com/yurimilner/status/1579543044390813697">tweet.</a> He said he and his family completed the processes of renouncing their Russian citizenship in the summer. They had left Russia "for good" in 2014 following Russia's annexation of Crimea, he added in the tweet.</p><p>Milner, who was born in Moscow in 1961 to a Ukrainian-Jewish father and a Russian-Jewish mother, has been an Israeli citizen since 1999, according to a <a href="https://yurimilner.com/fact-sheet">factsheet</a> on his website. He has a net worth of $3.5 billion, making him the richest Russian in Silicon Valley, according to <a href="https://www.bloomberg.com/news/articles/2022-10-10/vc-yuri-milner-says-he-has-renounced-russian-citizenship">Bloomberg.</a></p><p>He is known for his <a href="https://www.businessinsider.com/yuri-milner-biography-2016-4">profitable bets</a> on tech firms such as Airbnb, Alibaba, Facebook, and Twitter.</p><p>Milner now appears to be distancing himself from Russian President Vladimir Putin's regime.</p><p>The factsheet on Milner's website states he has not been to Russia since 2014, has no assets in the country, and that "97% of Yuri's personal wealth was created outside of Russia." It also states Milner has "never met Vladimir Putin, either individually or in a group."</p><p>In March, his investment firm <a href="https://www.bloomberg.com/news/features/2022-03-21/yuri-milner-quits-vladimir-putin-after-ukraine-invasion">DST Global</a> condemned "Russia's war against Ukraine, its sovereign neighbor," according to Bloomberg. His nonprofit <a href="https://breakthroughprize.org/News/70">Breakthrough Prize Foundation</a> also condemned "Russia's invasion of Ukraine and its unprovoked and brutal assaults against the civilian population."</p><p>DST Global did not immediately respond to Insider's request for comment sent outside of regular business hours.</p>

Yuri Milner, the richest Russian in Silicon Valley, has renounced his Russian citizenship amid the Ukraine war

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Chime</span></p><p class="caption">Chime offers a "no-fees" bank account.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Challenger bank Chime now has a $1.5 billion valuation following a $200 million funding round. </strong></li><li><strong>The new round was led by DST Global, which has backed Twitter, Facebook, and the UK digital bank Revolut, alongside new and exiting investors. </strong></li><li><strong>This new deal means Chime's valuation has now tripled in a year. </strong></li></ul><p>Challenger bank Chime closed a new financing round that trippled the firm's valuation. It brought in DST Global, the investment<span> firm led by Yuri Milner</span>, as an investor.  </p><p>Chime said Tuesday it raised $200 million in its Series D financing round led by DST Global, with participation from Coatue, General Atlantic, ICONIQ Capital, and Dragoneer Investment Group. Existing investors like Menlo Ventures, Forerunner Ventures, and Cathay Innovation also joined in the round.</p><p>This brings the total funds raised by Chime to $300 million, the firm's cofounder and CEO Chris Britt told Business Insider. </p><p>Chime was valued at $500 million as of its last round back in May, and this new deal represents a tripling of the firm's worth in a year's time.  </p><p>A group of fintechs recently have raised at much higher valuations, including German challenger bank N26 and the spare-change investment app Acorns. </p><p>"There is a trend where, increasingly, financial services will be delivered digitally through your phone, and I think that allows us to offer the no costs services and give people a greater sense of control over the money," Britt said. </p><p>With the new cash, the firm aims to hire new staff, expanding to 200 employees by the end of the year. It's also looking to explore new short-term lending and credit card offerings, including a credit product that focuses on helping its customers build credit scores.  </p><p>Founded in 2013, the firm currently offers a fee-less digital checking account, enabling customers to deposit and make everyday purchases, and it also operates a peer-to-peer lending system without fees. Customers have opened 3 million bank FIDC-insured accounts on its platform to-date.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/vitalik-buterin-created-ethereum-one-of-the-worlds-three-largest-cryptocurrencies-2019-1">Vitalik Buterin created one of the world's largest cryptocurrencies in his early twenties - here's how he did it and why</a></h3>        <div>                    </div>    </div>

Challenger bank Chime triples its valuation to $1.5 billion with $200 million in funding

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Deliveroo</span></p><p class="caption">Deliveroo CEO Will Shu.</p></div><p></p></div></div>Meal delivery startup Deliveroo has announced it has raised a $275 million (£210 million) Series E funding round.</p><p>The company says the money comes from private equity company Bridgepoint, returning investor DST Global, and General Catalyst, and it also includes participation from returning investor Greenoaks Capital.</p><p>This is a huge fundraise for a British startup, and it shows that investors have confidence in Deliveroo's business (even with the uncertainty of Brexit hanging over the startup scene).</p><p>Deliveroo faces competition from new services to London like UberEATS, but it has the capital to aggressively expand around the world. It says the money will go towards international expansion and its RooBox remote kitchen idea. <a href="http://uk.businessinsider.com/deliveroo-planing-to-use-shipping-containers-to-fight-off-new-rivals-like-amazon-2016-5">It's building kitchens in shipping crates</a> that are set up as dedicated kitchens for meal deliveries. It currently has five in London but plans to launch more.</p><p><a href="http://uk.businessinsider.com/deliveroos-revenues-set-to-hit-130-million-in-2016-2016-6">It was reported in June</a> that Deliveroo's revenue was set to hit £130 million this year. That represents growth of more than 1,000% in the last year.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Deliveroo</span></p><p class="caption">A Deliveroo rider.</p></div><p></p></div></div></p><p>Founded in 2012 and headquartered in London, Deliveroo has built a platform that allows people to get food from popular restaurants delivered to their home or office by a cyclist or moped driver.</p><p>For every transaction, the company charges the customer a £2.50 delivery charge and takes a commission fee from the restaurant. <a href="http://uk.businessinsider.com/deliveroo-signs-deal-with-pizzaexpress-2016-5" target="_blank">Restaurants like PizzaExpress</a>, Dishoom, and Gourmet Burger Kitchen have all signed up to the platform, as has Michelin-starred restaurant Trishna.</p><p><a href="http://uk.businessinsider.com/london-startup-deliveroo-has-raised-100-million-for-its-restaurant-delivery-service-2015-11">The last time Deliveroo raised money was in November</a>. It raised $100 million (£76 million) in a round led by DST Global and Greenoaks Capital with participation from existing investors Accel, Hummingbird Ventures and Index Ventures.</p><p><strong>Deliveroo CEO Will Shu sent the following statement about the raise:</strong></p><p style="padding-left: 30px;">"After seeing strong growth in the markets we launched in November, our new focus is to drive further innovation in food delivery. In particular, I'm excited about exploring completely new ways to solve the hardest problems restaurants face when offering delivery. RooBox is the first illustration of this approach, and innovations like these are at the heart of our mission. We're proud and honoured to have the support of Bridgepoint, DST Global and General Catalyst in this endeavour."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/milo-yiannopoulos-defends-his-leslie-jones-tweets-2016-8">Milo Yiannopoulos defends his Leslie Jones tweets: All I did was crack a few jokes about a Hollywood star</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="wyN28yNTE6UVyvXrixnss2wwNxxI7vqn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Meal delivery startup Deliveroo has raised $275 million

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Storonsky</span></p><p class="caption">Revolut CEO and founder Nikolay Storonsky.</p></div><p></p></div></div></strong></p><ul><li><strong>Fintech Revolut raised $250 million at $1.7 billion valuation.</strong></li><li><strong>Russian billionaire Yuri Milner's DST Global led the funding round.</strong></li><li><strong>Funding will fuel international expansion and hiring.</strong></li><li><strong>Revolut started as a no-fee foreign exchange app but has expanded into banking and insurance.</strong></li></ul><p>LONDON - Financial technology startup Revolut has raised $250 million in a blockbuster "Series C" funding round.</p><p>The investment, one of the largest-ever in European fintech, values Revolut at $1.7 billion. It means the 33-month-old company has grown its valuation by more than five times in a year. Revolut says the funding round make it one of the fastest European tech companies to become a "unicorn." A "unicorn" is a tech industry term for a private company valued at over $1 billion.</p><p>London-headquartered Revolut began as a no-fee foreign exchange card, linked to an app, but has rapidly expanded to offer everything from travel insurance and property investment to cryptocurrency trading. It is currently applying for a banking license in Lithuania.</p><p>The app has 2 million users globally and claims to have 250,000 daily active users. Revolut is currently processing $1.8 billion of transactions per month and says it is signing up as many as 8,000 new users per day.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Revolut</span></p><p class="caption">Screenshots of Revolut's app.</p></div><p></p></div></div></p><p>The funding round was led by DST Global, the investment vehicle of Russian billionaire Yuri Milner who was an early investor of Facebook, Twitter, Spotify, and Airbnb, among others. Revolut's existing investors Index Ventures and Ribbit Capital also took part in the round.</p><p>CEO and founder Nikolay Storonsky said in a statement: "Our focus, since we launched, has been to do everything completely opposite to traditional banks.</p><p>"We build world-class tech that puts people back in control of their finances, we speak to our customers like humans and we're never afraid to challenge old thinking in order to innovate."</p><p>DST Global's Tom Stafford said: "Revolut is developing and delivering technology that reduces the complexity and cost of financial services for consumers and small businesses." He added, "We are delighted to support Nik and the Revolut team as they continue to innovate, roll out new services and expand geographically."</p><p>The fresh cash injection will be used to boost hiring and fuel expansion. The startup wants to be in the US, Canada, Singapore, Hong Kong, and Australia by the end of the year. It also expects to increase its workforce from 350 to around 800 employees. Revolut said it wants to reach 100 million customers globally within five years.</p><p>The funding takes the total raised by Revolut to $340 million and comes amid a wave of huge investment into app-only banks in Europe. In March, Germany's <a href="http://uk.businessinsider.com/fintech-bank-n26-raises-160-million-from-allianz-x-and-tencent-2018-3">N26 raised $160 million </a>and <a href="https://www.finextra.com/newsarticle/31778/bbva-raises-atom-bank-stake-to-39-as-part-of-149-million-funding-round">Britain's Atom raised £149 million.</a></p><p class="tagline"><a href="http://www.businessinsider.com/intelligence/future-of-zelle-venmo-and-p2p-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-zelle"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/gam-cio-dispels-one-big-investing-myth-2018-4">The chief economist at a $163 billion firm dispels one of investing's biggest myths</a></h3>        <div>                    </div>    </div>

London banking startup Revolut is now worth $1.7 billion - just 33 months after launching

New Delhi, Mar 30 () A Pune-based start-up has developed a negative ion generator that reduces the viral load of infected areas within a room significantly within an hour, the Department of Science and Technology said on Monday.<p>The DST has released Rs 1 crore to the start-up 'Jclean Weather Technologies' to manufacture and scale up the product, and 1,000 of them will soon be ready for installation in various hospitals in Maharashtra, it said.</p><p>The technology has been developed under the NIDHI PRAYAS programme initiated by the Department of Science and Technology, it said.</p><p>"The negative ion generator titled Scitech Airon, which helps to control the virus, bacteria, and fungal infections in a closed environment, could clean up the air and disinfect areas which are exposed to the infection through COVID-19 positive cases and suspects," DST said in a statement.</p><p>One hour of operation of ion generator machine reduces viral load within a room by 99.7 per cent depending on room size.</p><p>It could ensure the wellbeing of the staff, doctors, and nurses who are working round the clock in the quarantine facilities by enhancing their disease resistance power and ability to fight the virus, it added.</p><p>Its usefulness in killing disease-causing viruses and bacteria has been scientifically tested by various globally renowned labs in different types of closed environments like houses, hospitals, schools, farms, industries, and so on, the DST said.</p><p>Elaborating on the technology, the DST said the Scitech Airon ionizer machine generates negatively charged ions at approximately hundred million per 8 seconds (10 ions per seconds).</p><p>The negative ions generated by the ioniser form clusters around microparticles such as airborne mold, corona or influenza viruses, mite allergens, bacteria, pollens, dust and so on and render them inactive through a chemical reaction.</p><p>"The efficacy of the Ion generator has also been observed on different types of pathogens like the influenza virus, coxsackie virus, polio virus, human coronavirus, a range of allergens, bacteria, and fungi, DST said.</p>It could also be useful against floating viruses in the air on public transport, train stations, or airports, or especially within a confined space like a plane cabin, house, hospital ward.  PR  ABHABH

Pune-based technology develops ion generator that can curb virus load in infected areas

New Delhi, Dec 4 () IT firm Cognizant has appointed Greg Hyttenrauch as its Executive Vice President and President of Digital Systems &amp; Technology.
<p> In an email to employees, Cognizant CEO Brian Humphries made the announcement.
</p><p> The former Vodafone executive will join the Executive Committee,  and will report to Humphries.
</p><p> Hyttenrauch will be based in London, the email added.
</p><p> "Having worked closely with Greg at Vodafone, I know him to be a strong, client-centric leader who's passionate about delighting clients and delivering results. His background spans business applications, IT infrastructure, and digital technologies, underpinned by years of experience in sales, delivery, and general management," Humphries said.
</p><p> Prior to Vodafone, Hyttenrauch spent seven years at Capgemini, holding leadership roles that included Deputy CEO, Global Infrastructure Services, and Global Sales Officer and CEO of the UK and Nordics Outsourcing Business Unit.
</p><p> "I want to offer a special thank you to Pradeep Shilige for agreeing to oversee DS&amp;T during the search process, while leading Global Delivery, where he's focused on further modernizing and optimising this essential capability ..." Humphries said.
</p> He noted that the Digital Systems &amp; Technology (DS&amp;T), along with Digital Business and Digital Operations, is helping Cognizant compete and win in four digital battlegrounds: data, digital engineering, cloud, and Internet of Things.  SR  DRR

Greg Hyttenrauch named Cognizant EVP, President of Digital Systems & Technology

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p></div><p></p></div></div></p><ul><li><strong>Daylight saving time, or DST, began in the US in 1918 as a way to conserve energy.</strong></li><li><strong>However, many Americans believe the practice is not worth the hassle, and studies suggest it may cause more problems than it solves.</strong></li><li><strong>There are two main proposals to get rid of DST: by creating fewer time zones or moving to one universal time.</strong></li></ul><p><br />Daylight Saving Time is a global ritual concept as dumb as its name implies.</p><p>On Sunday, March 11, right at 2:00 a.m., clocks and phones across North America and Europe will jump ahead one hour to begin Daylight Saving Time (DST) until next year. (And no, it's not "savings" with an "s.")</p><p>This act goes beyond a symbolic gesture to make it seem like there's more light during the day (<a href="http://www.businessinsider.com/why-summer-sunset-later-misconception-2017-6">there won't be</a>). But it will rob humanity of billions of hours of sleep like an evil spacetime vampire.</p><p>Daylight Saving Time was created during World War I to decrease energy use. The practice was implemented year-round in 1942, during WWII. Not waking up in the dark, the thinking went, would decrease fuel use for lighting and heating - and help conserve energy supplies to win the day.</p><p>But nearly a century later, the US is a divided nation when it comes to DST. For example, a <a href="http://www.rasmussenreports.com/public_content/lifestyle/general_lifestyle/march_2012/34_see_daylight_saving_time_as_an_energy_saver" target="_blank" rel="noopener noreferrer">2012 survey of 1,000 American adults</a> by Rasmussen Reports found that 45% of adults think the practice is worth it, while more than 40% say <a href="http://www.businessinsider.com/daylight-saving-time-isnt-worth-the-trouble-it-causes-2016-11" target="_blank" rel="noopener noreferrer">it's worthless</a>.</p><p>Advocacy groups like <a href="http://www.standardtime.com/">Standardtime.com</a> are trying to abolish the practice altogether. Energy-saving claims are "unproven," they write: "If we are saving energy, let's go year-round with daylight saving time. If we are not saving energy, let's drop daylight saving time!"</p><p>More than 136,000 people have petitioned Congress to <a href="http://www.petition2congress.com/6284/end-daylight-savings-time/">end Daylight Saving Time</a>, and most of the 73,000-odd comments on the petition are vicious.</p><p>"Daylight saving time is an antiquated practice and serves no purpose in the modern world," wrote Dustin M. from Kings Mountain, North Carolina. "It causes undo stress to millions of Americans and does nothing for anyone."</p><p>"Changing the clock does not change the actual time and missing sleep is dangerous to our health," said V.C. from Diamond, Missouri. "Please do away with this outdated practice."</p><p>One anonymous petition-signer from Maryland said DST will make her routine for the next few months "consist of popping a lot of caffeine pills to stay awake during the day."</p><p>We feel the animosity of these people, and here's why.</p><h2>The health and economic problems with daylight-saving</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>NASA</span></p></div><p></p></div></div></p><p>According to Michael Downing, the author of "<a href="http://www.amazon.com/Spring-Forward-Annual-Madness-Daylight/dp/1593760531" target="_blank" rel="noopener noreferrer">Spring Forward: The Annual Madness of Daylight-Saving Time</a>," early studies didn't find evidence that DST actually decreases energy use.</p><p>In fact, sometimes the change seems to increase energy use.</p><p>For example, Indiana implemented Daylight Saving Time statewide in 2006. Afterward, people used less electricity for light, <a href="http://www.nber.org/papers/w14429" target="_blank" rel="noopener noreferrer">researchers saw</a>, yet those gains were negated by an uptick in air conditioning use. This is likely because the 6 p.m. hour felt more like 5 p.m., when the sun still shines brightly in the summer and homes haven't had the chance to cool off.</p><p>DST also increases gasoline consumption, something Downing says the petroleum industry has known since the 1930s. This is probably because evening activities - and the vehicle use they require - increase with that extra daylight.</p><p>Changing the clocks also causes air travel synchronization headaches, which sometimes leads to travel delays and lost revenue, airlines have <a href="https://web.archive.org/web/20170302031730/http://usatoday30.usatoday.com/news/washington/2005-07-22-daylight-congress_x.htm">reportedly said</a>.</p><p>There are also <a href="http://www.businessinsider.com/daylight-savings-time-bad-health-effects-sleep-2016-3">health issues associated with the change</a>. Similar to the way jet-lag makes you feel all out of whack, Daylight Saving Time is like scooting one time zone over. This can disrupt our sleep, metabolism, mood, stress levels, and other bodily rhythms. One study suggests recovery can take <a href="http://www.sleep-journal.com/article/S1389-9457%2808%2900318-3/abstract">three weeks</a>.</p><p>The sheer number of people impacted by DST all at once leads to some surprising associations, including a <a href="http://philadelphia.cbslocal.com/2013/03/09/daylight-saving-time-could-have-an-impact-on-your-health/">spike in heart attacks</a>, <a href="http://psycnet.apa.org/journals/apl/94/5/1305/">increased numbers of work injuries</a>, <a href="http://www.sciencedirect.com/science/article/pii/S0001457503000150">automobile accidents</a>, <a href="http://onlinelibrary.wiley.com/doi/10.1111/j.1479-8425.2007.00331.x/abstract">suicides</a>, and more in the days after.</p><h2>Why keep it?</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://commons.wikimedia.org/wiki/File:Bombeta_de_Llum.JPG">Wikimedia Commons</a></span></p></div><p></p></div></div></p><p>Despite those early studies about energy use, one analysis from 2008 did find a small amount of energy savings after we extended DST by four weeks <a href="http://www.techinsider.io/daylight-saving-time-bad-health-effects-2015-10">in 2005</a>.</p><p>According to the <a href="http://www.csmonitor.com/Environment/2013/1030/Daylight-saving-time-ends-Does-it-save-energy" target="_blank" rel="noopener noreferrer">Christian Science Monitor</a>:</p><p style="padding-left: 30px;">"Most advocates cite a 2008 report to Congress by the Department of Energy which showed that total electricity savings from the extended daylight-saving period amounted to 1.3 terawatt-hours, or 0.03 percent of electricity consumption over the year. That's a tiny number. But if electricity costs 10 cents per kilowatt, that means an estimated $130 million in savings each year."</p><p>More evening light also inspires people to go out and spend money.</p><p><a href="http://www.npr.org/templates/story/story.php?storyId=7779869" target="_blank" rel="noopener noreferrer">Downing told NPR</a> that this comes in the form of things like shopping and even playing golf - the golf industry told Congress that an extra month of daylight-saving was worth $200 million in 1986. The BBQ industry said extending DST would boost sales by $100 million.</p><p>Extending Daylight Saving Time to November also might help the Halloween industry: The longer kids can trick-or-treat, the more candy you need to buy.</p><p>Changing the law can also be expensive. One legislature representative in Alberta, Canada, suggested that holding a referendum on DST may <a href="http://www.ctvnews.ca/canada/referendum-on-ditching-daylight-saving-time-would-cost-alberta-millions-committee-1.3587257">cost the province $2 million to $6 million</a>, even if snuck into a standard election ballot, and that holding a no-DST vote on its own might cost $22 million to organize and execute.</p><h2>A world divided on DST</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://en.wikipedia.org/wiki/File:DaylightSaving-World-Subdivisions.png">Paul Eggert/Wikipedia (CC BY-SA 3.0)</a></span></p><p class="caption">Where in the world daylight saving time is used (blue), abolished (orange), and never instituted (red), as of March 2018.</p></div><p></p></div></div></p><p>Other areas of the world have gotten rid of Daylight Saving Time, or never had it to begin with.</p><p>The <a href="https://en.wikipedia.org/wiki/File:DaylightSaving-World-Subdivisions.png">map above</a> shows the breakdown. Blue areas observe DST, red areas never have, and orange areas once did but have since abolished it.</p><p>Some parts of the US have taken their own initiative not to observe Daylight Saving Time, including most of Arizona (<a href="http://www.usatoday.com/story/news/nation/2015/03/08/no-arizona-daylight-saving-time/24619125/">excluding the Navajo and Hopi reservations in the northeast</a>), and before 2006, parts of Indiana. Lawmakers in Utah <a href="https://le.utah.gov/~2018/bills/static/SCR005.html" target="_blank" rel="noopener">introduced legislation</a> to try to abolish DST in 2018 (one of several attempts), but the bill died in the state Senate.</p><p>A bill to abolish DST was once <a href="http://www.inquisitr.com/2786687/daylight-saving-time-on-its-way-out-in-oklahoma/">recommended for passage in Oklahoma</a> in 2015, but it was <a href="https://openstates.org/ok/bills/2015-2016/HB2557/">not signed into law</a>. However, the state is again considering passing <a href="http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1309&amp;Session=1800">an anti-DST bill</a>.</p><p>The decision is up to the individual counties, but choosing not observe DST in a county where nearby cities do can be problematic.</p><h2>What are the alternatives?</h2><p>Standardtime.com has a unique suggestion.</p><p>Their proposal has only two time zones in the continental US that are two hours apart, which The Atlantic calls "<a href="http://www.theatlantic.com/business/archive/2013/11/daylight-savings-time-is-terrible-heres-a-simple-plan-to-fix-it/281075/" target="_blank" rel="noopener noreferrer">a simple plan to fix [DST]</a>".</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://standardtime.com/proposal.html">Standardtime.com</a></span></p></div><p></p></div></div></p><p>Compare that plan to the current state of things in the US, which is broken into four time zones: Eastern, Central, Mountain, and Pacific time, each one hour apart.</p><p><div class="KonaFilter image-container full"><div class="image on-image"></div></div>These four time zones exist so that areas in the east of each time zone get sunrise at about the same time - the sun hits the eastern side of a time zone about an hour before it hits the western side in our current zones.</p><p>With Standardtime.com's system, keeping the coasts only two hours apart would facilitate travel and meeting times. On the downside, sunrise and sunset would happen at wildly different times for many areas of the nation. Extending the eastern time zone into the middle of the country would mean sunrise would happen for some people very late in the morning.</p><p>For example, the sun rose in New York City at about 6:17 a.m. EST today and in Chicago at 6:12 a.m. CST; but if the two were in the same time zone, sunrise would be at 8:17 "Eastern Time" in Chicago.</p><p>Johns Hopkins University professors Richard Henry and Steven Hanke have come up with yet another possible fix: <a href="http://io9.gizmodo.com/5871546/the-hanke-henry-permanent-calendar-would-put-us-all-in-one-big-happy-timezone">worldwide adoption of a single time zone</a>. They argue that the internet has eliminated the need for discrete time zones across the globe, so we might as well just do away with them. The proposal also includes a 13-month "<a href="http://www.bbc.com/capital/story/20151222-the-case-for-an-entirely-new-calendar">permanent calendar</a>." (The idea, understandably, <a href="http://www.latimes.com/business/hiltzik/la-fi-mh-your-time-zone-is-your-destiny-20160216-column.html">has encountered some resistance</a>.)</p><p>No plan will satisfy everyone. But that doesn't mean daylight-saving time is good.</p><p>The absence of major energy-saving benefits from DST - along with its <a href="http://www.businessinsider.com/daylight-savings-time-bad-health-effects-sleep-2016-3">death toll, health impacts, and economic ramifications</a> - are reason enough to get rid of the ritual altogether.</p><p><em><a href="https://twitter.com/MicrobeLover" target="_blank" rel="noopener noreferrer">Jennifer Welsh</a> and <a href="https://twitter.com/sarahbkramer" target="_blank" rel="noopener noreferrer">Sarah Kramer</a> contributed to previous versions of this post.</em></p><p class="tagline">This column does not necessarily reflect the <keyword id="6356002" type="ORGANIZATION" weightage="60" keywordseo="opinion">opinion</keyword> of Business Insider.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/scientists-closer-to-doomsday-donald-trump-clock-atomic-2017-1">Scientists are saying we're closer to 'Doomsday' - and they blame Trump</a></h3>        <div>                    </div>    </div>

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