<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> hit a record high of close to $62,00 on Saturday as interest in the currency continued to soar.</li><li>A diverse group of firms are now moving into <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>, from Morgan Stanley to <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>.</li><li>Analysts say institutional interest is driving prices higher and adding legitimacy to crypto assets.</li></ul>Bitcoin jumped to a record high of close to $62,000 on Saturday, with many analysts pointing to a new wave of institutional interest as the driver.The bitcoin price then tumbled around 10% in the following days but picked up again, trading at around $58,000 on Thursday.Morgan Stanley became the latest major player to make a serious move into crypto, with CNBC reporting on Wednesday that it is set to offer its wealth management clients <a href="https://markets.businessinsider.com/currencies/news/bitcoin-morgan-stanley-to-offer-wealthy-clients-btc-fund-access-2021-3-1030221077">access to bitcoin funds</a>.Skeptics argue that <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-outlook-btc-cultist-magical-thinking-barclays-cryptocurrency-2021-2-1030103875">bitcoin is too volatile</a> for investors to start buying in any meaningful quantities and has next to no use value, putting it in line for another collapse.But a rising number of firms are testing the crypto-waters. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> enthusiasts argue that "this time is different" for the world's biggest cryptocurrency, because <a href="https://www.businessinsider.com/bitcoin-cryptocurrency-institutional-interest-btc-price-goldman-sachs-digital-asset-2021-3">big-name firms are supporting the price</a> and lending legitimacy to the project.Here's a rundown of some of the major players taking steps towards bitcoin.17 March: Morgan Stanley set to offer clients access to bitcoin fundsMorgan Stanley is set to become the first major American bank to offer its high net worth wealth management clients access to bitcoin funds, <a href="https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html">CNBC reported</a>.Two will be run by Galaxy Digital, the crypto firm founded by Mike Novogratz, while one will be jointly managed by FS Investments, an asset manager, and NYDIG, a bitcoin company.17 March: Chinese selfie app Meitu snaps up another $50 million in cryptoThe photo-retouching company Meitu, which is hugely popular in China, <a href="https://corp-static.meitu.com/corp-new/ENG.pdf">said it bought</a> about $28.4 million of ether and $21.6 million bitcoin.It took the company's crypto holdings to around $90 million, with about $39.5 million in bitcoin.12 March: <keyword id="2430955" type="COMPANY" weightage="60" keywordseo="MicroStrategy">MicroStrategy</keyword> buys another $15 millionMichael Saylor's business intelligence firm <a href="https://markets.businessinsider.com/stocks/mstr-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">MicroStrategy</a> bought another $15 million worth of bitcoin, <a href="https://www.businessinsider.com/michael-saylor-microstrategy-bitcoin-purchase-cryptocurrencies-digital-assets-2021-3">it said on Friday</a>. It brought the company's total holdings to 91,326 units, worth around $5.3 billion on 12 March.Saylor has long advocated companies investing their cash in the cryptocurrency, and first bought bitcoin in August 2020.9 March: JPMorgan launches 'crypto exposure' productAn <a href="https://www.sec.gov/Archives/edgar/data/0001665650/000121390021014247/s131027_424b2.htm">SEC filing</a> on Tuesday by the bank showed it is creating a "basket of companies with exposure to cryptocurrency" that will be dominated by <a href="https://markets.businessinsider.com/stocks/mstr-stock?utm_source=markets&amp;utm_medium=ingestgest">MicroStrategy</a> and <a href="https://markets.businessinsider.com/stocks/sq-stock?utm_source=markets&amp;utm_medium=ingestgest">Square</a>.JPMorgan will create debt products linked to the performance of the crypto basket, giving investors indirect exposure to the cryptocurrency market.8 March: NYDIG raises $200 million from big namesMorgan Stanley and Soros Fund Management were among the big names to get behind crypto technology firm NYDIG in a <a href="https://www.prnewswire.com/news-releases/nydig-raises-200-million-from-strategic-partners-301242128.html">$200 million raise</a>.1 March: Goldman Sachs relaunches crypto trading desk<a href="https://www.reuters.com/article/crypto-currency-goldman-sachs/exclusive-goldman-sachs-restarts-cryptocurrency-desk-amid-bitcoin-boom-idUSL2N2KZ0XX">Reuters reported</a> that Goldman would restart its crypto desk and begin dealing bitcoin futures and non-deliverable forwards for clients in March.The bank's chief operating officer John Waldron <a href="https://www.businessinsider.com/bitcoin-demand-from-clients-rising-goldman-sachs-coo-john-waldron-2021-3">said later</a> in March that "client demand is rising" for bitcoin. And Goldman survey of nearly 300 clients found <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-outlook-btc-goldman-sachs-client-survey-2021-3-1030155561?utm_source=markets&amp;utm_medium=ingestgest">40% had exposure</a> to cryptocurrencies.February 23: Jack Dorsey's Square buys $170 million more bitcoinTwitter boss Jack Dorsey's fintech company Square <a href="https://www.businessinsider.com/bitcoin-square-purchases-additional-170-million-cryptocurrency-cash-app-2021-2">bought another 3,318 bitcoins</a> for $170 million. That took its holdings to more than 8,000, worth upwards of $450 million on 12 March.February 18: First North American bitcoin ETF launchesCanada has now <a href="https://www.coindesk.com/third-bitcoin-etf-expected-to-launch-in-canada-this-week">approved 3 bitcoin ETFs</a>, but the US is yet to approve any. Experts say ETFs could spur further rises in the bitcoin price by allowing more institutions to invest.Canada's <a href="https://www.purposeinvest.com/funds/purpose-bitcoin-etf">Purpose Bitcoin ETF</a>, the first to launch, had 913 million Canadian dollars ($731 million) under management on 11 March.February 11: BNY Mellon plans to issue, hold and transfer clients' bitcoinBank of New York Mellon plans to issue, hold, and transfer clients' bitcoin, <a href="https://www.wsj.com/articles/bitcoin-to-come-to-america-s-oldest-bank-bny-mellon-11613044810">The Wall Street Journal</a> reported. America's oldest bank <a href="https://markets.businessinsider.com/currencies/news/bitcoin-bny-mellon-transacting-cryptocurrency-market-btc-bank-investment-management-2021-2-1030073231">will soon allow</a> digital currencies to be treated the same as more orthodox investments in its asset-management system.February 10: Mastercard will allow merchants to accept select cryptocurrenciesMastercard <a href="https://markets.businessinsider.com/currencies/news/mastercard-allow-cryptocurrencies-use-payments-network-2021-2-1030071595">will begin</a> allowing customers to use some cryptocurrencies on its network later this year, although it did not specify which."We are preparing right now for the future of crypto and payments," Raj Dhamodharan, executive vice president of digital asset products <a href="https://www.mastercard.com/news/perspectives/2021/why-mastercard-is-bringing-crypto-onto-our-network/">said in a blog</a>.February 8: Tesla says it invested $1.5 billion in bitcoinElon Musk's Tesla <a href="https://www.businessinsider.com/bitcoin-price-record-high-48000-elon-musk-tesla-michael-novogratz-2021-2#:~:text=The%20bitcoin%20price%20jumped%20to,%241.5%20billion%20of%20the%20cryptocurrency.">powered a jump</a> in the bitcoin price by announcing it had invested $1.5 billion in bitcoin in January. It also said it plans to accept bitcoin as payment.Some critics <a href="https://markets.businessinsider.com/currencies/news/elon-musk-tesla-bitcoin-bet-immense-risk-price-fall-2021-2-1030061906">said the bet had exposed</a> the automaker to "immense" risks that could hammer its profits if the bitcoin price plunges.January 21: BlackRock authorizes funds to invest in bitcoin futuresThe $8 trillion asset manager BlackRock <a href="https://markets.businessinsider.com/currencies/news/blackrock-adds-bitcoin-futures-investing-opportunity-two-funds-cryptocurrency-2021-1-1029989282">has authorized</a> two of its funds to invest in bitcoin futures, according to January filings with the Securities and Exchange Commission.November 27: Guggenheim reserves right to invest in Grayscale Bitcoin TrustGuggenheim <a href="https://markets.businessinsider.com/currencies/news/guggenheim-fund-bitcoin-investment-cryptocurrency-market-rally-grayscale-trust-btc-2020-11-1029849060">disclosed in an SEC filing</a> that its Macro Opportunities Fund held the right to invest up to 10% of its net asset value in Grayscale Bitcoin Trust.The Grayscale trust, the world's biggest bitcoin fund, has become a key way for institutional investors to gain exposure to the cryptocurrency.October 21: PayPal announces it will let customers buy and sell bitcoinPayPal was in many ways a pioneer when it <a href="https://www.businessinsider.com/paypal-to-allow-cryptocurrency-buying-selling-and-shopping-on-its-network-2020-10">jumped into crypto in October 2020</a>, allowing customers to buy, sell and hold bitcoin and other currencies using online wallets.

A new wave of institutional interest has boosted bitcoin. Here are the key players getting involved, from Morgan Stanley to Tesla.

<a href="https://www.businessinsider.com/pietra-launches-platform-for-influencers-to-create-their-own-products-2021-4"></a>Hi, this is Amanda Perelli and welcome back to Insider Influencers, our weekly rundown on the business of influencers, creators, and social-media platforms. <a href="http://newsletter.businessinsider.com/join/influencerdashboard">Sign up for the newsletter here.</a>In this week's edition:<ul><li>A new startup is helping influencers <a href="https://www.businessinsider.com/pietra-launches-platform-for-influencers-to-create-their-own-products-2021-4">create and sell products</a></li><li>The exact <keyword id="6354777" type="COMPANY" weightage="100" keywordseo="Media">media</keyword> kit <a href="https://www.businessinsider.com/tiktok-influencer-group-house-media-kit-pay-rates-sponsorships-2021-4">a TikTok influencer house uses to land brand deals</a></li><li>How <keyword id="6762469" type="UNKNOWN" weightage="60" keywordseo="TikTok">TikTok</keyword> is shaping <a href="https://www.businessinsider.com/tiktok-is-influencing-teens-favorite-beauty-and-skincare-brands-2021-4">beauty and skincare brand trends</a></li><li>A look inside the <a href="https://www.businessinsider.com/inside-buy-now-pay-later-fintech-giant-klarna-influencer-council-2021-4">influencer council of fintech giant Klarna</a></li><li>And more including <keyword id="1864633" type="PERSON" weightage="60" keywordseo="Influencer">influencer</keyword> <a href="https://www.businessinsider.com/tana-mongeau-launches-influencer-talent-management-division-taa-2021-4">Tana Mongeau becoming a talent manager and accepting applications</a></li></ul>Send tips to aperelli@insider.com or DM me on Twitter at <a href="https://twitter.com/arperelli">@arperelli</a>.<h2><a href="https://www.businessinsider.com/pietra-launches-platform-for-influencers-to-create-their-own-products-2021-4"><div type="image" title="Screen Shot of Pietra" height="851" width="1135" msid="82085799" hostid="261"></div></a></h2><h2><a href="https://www.businessinsider.com/pietra-launches-platform-for-influencers-to-create-their-own-products-2021-4">A new startup is helping influencers design and manufacture their own products</a></h2>A new startup called Pietra is launching a marketplace for influencers to create their own product lines.Pietra wants to help more creators develop direct-to-consumer products like coffee, clothing, or fragrances.The platform works by connecting creators with product designers, manufacturers, and warehouse companies.Dan Whateley wrote that while in beta, the company worked with several influencers to launch clothing and skincare brands.Here's how Pietra works:<ul><li>Designing a product on Pietra pre-production is free. Then the influencers will cover the costs of manufacturing the items.</li><li>The company charges a handling fee for any samples ordered, a flat production fee to create up to 500 units of an item, and other incremental fees.</li><li>Pietra doesn't require a minimum follower count for users interested since the company passes the costs of developing a product to the influencer.</li></ul>Key takeaway: The Andreessen Horowitz-backed startup wants to lower the barriers to entry so that more creators can test out influencer-led DTC sales.<a href="https://www.businessinsider.com/pietra-launches-platform-for-influencers-to-create-their-own-products-2021-4">Read more about using Pietra's platform to create products in a variety of categories, here.</a><h2><a href="https://www.businessinsider.com/tiktok-influencer-group-house-media-kit-pay-rates-sponsorships-2021-4">TikTok influencers share the exact 16-page media kit they use to pitch brand sponsors</a></h2><h2><a href="https://www.businessinsider.com/tiktok-influencer-group-house-media-kit-pay-rates-sponsorships-2021-4"><div type="image" title="RiskHouse" height="809" width="1079" msid="82085802" hostid="261"></div></a></h2>Risk House, which was founded in November, is a group of seven creators known for their wild flips and parkour videos.Sydney Bradley wrote about the exact media kit Risk House uses to pitch brands:<ul><li>The house is interested in long-term deals that include all of its creators and multiple deliverables within a $50,000 to $100,000 range.</li><li>For its sponsorships, Risk House offers a menu of options across video, merchandise, and audio.</li><li>Risk House members have worked with a variety of brands and music partners, like Puma and Fendi. </li></ul>"The pitch is probably the most important part, the media deck really just shows that we're capable," founder Mike Hammontree said. <a href="https://www.businessinsider.com/tiktok-influencer-group-house-media-kit-pay-rates-sponsorships-2021-4">View the exact 16-page media kit here.</a><h2><a href="https://www.businessinsider.com/tiktok-is-influencing-teens-favorite-beauty-and-skincare-brands-2021-4">TikTok is reshaping beauty and skincare trends among teens. Here are the brands that are the biggest winners.</a></h2><a href="https://www.businessinsider.com/tiktok-is-influencing-teens-favorite-beauty-and-skincare-brands-2021-4"><div type="image" title="Skincare" height="1414" width="1885" msid="82085805" hostid="261"></div></a>Thanks to TikTok, CeraVe took the crown as the No. 1 favorite skincare brand in a new survey of 7,000 US teens.Sydney wrote about a new Piper Sandler report that detailed how TikTok is reshaping teens beauty and skincare brand preferences.CeraVe skyrocketed to the top in 2020 after being ranked at just No. 10 in 2019.Why? <ul><li>A new generation of skincare influencers emerged on TikTok in 2020, including creators like Hyram Yarbro who has 6.8 million TikTok followers. </li><li>CeraVe is one of Yarbro's frequently recommended products, and the brand has also sponsored Yarbro in the past. </li><li>Another TikTok favorite, The Ordinary - which didn't break into the top 10 favorite skincare brands for US teens in 2019 - now ranks at No. 4.</li></ul>"The explosive rise of TikTok has given marketers the ability to reach Gen-Z in previously unimaginable ways," Kory Marchisotto, e.l.f.'s chief marketing officer, <a href="https://www.businessinsider.com/power-list-top-brands-on-tiktok-include-chipotle-nike-crocs-2020-8#elf-beauty-9">told Insider</a> in 2020.<a href="https://www.businessinsider.com/tiktok-is-influencing-teens-favorite-beauty-and-skincare-brands-2021-4">Check out the top skincare and beauty brands that have spiked in popularity because of TikTok, here.</a><h2><a href="https://www.businessinsider.com/inside-buy-now-pay-later-fintech-giant-klarna-influencer-council-2021-4">A look inside Klarna's influencer council, which the $31 billion 'buy now, pay later' giant hopes will set a standard for responsible influencer marketing</a></h2><a href="https://www.businessinsider.com/inside-buy-now-pay-later-fintech-giant-klarna-influencer-council-2021-4"><div type="image" title="LONDON, ENGLAND - JUNE 04: Sebastian Siemiatkowski attends the official launch of the Klarna Pop-Up on June 04, 2019 in London, England." height="3012" width="4028" msid="82085810" hostid="261"></div></a>The UK's <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">Advertising</keyword> Standards Authority (ASA) has taken notice of "buy now, pay later" fintech giant Klarna's social-media marketing.Last year, the ASA ruled that four influencer advertisements Klarna ran in 2020 were "irresponsible."Now, Klarna is working with its influencer marketing council that launched in March to boost responsible marketing.Molly Innes spoke to four members of the council who outlined its strategy and ambitions.<a href="https://www.businessinsider.com/inside-buy-now-pay-later-fintech-giant-klarna-influencer-council-2021-4">Read more on how the council works, here.</a><h2>More creator industry coverage from Insider:<a href="https://www.businessinsider.com/snapchat-creators-who-have-made-over-1-million-from-spotlight-2021-1"></a></h2><ul><li><a href="https://www.businessinsider.com/tana-mongeau-launches-influencer-talent-management-division-taa-2021-4">Top influencer Tana Mongeau is becoming a talent manager and is accepting applications</a> (Amanda Perelli)</li><li><a href="https://www.businessinsider.com/why-youtube-creator-focused-on-building-email-list-for-marketing-2021-4">Why a YouTube creator has focused on email as a way to connect directly with her fans</a> (Amanda Perelli)</li><li><a href="https://www.businessinsider.com/creator-economy-hires-promotions-investments-100-thieves-patreon-2021-4">Gaming and esports organization 100 Thieves promoted two of its creators to co-owners of the business, and other industry moves</a> (Dan Whateley)</li><li><a href="https://www.businessinsider.com/salesforce-invests-40-million-in-text-marketing-startup-community-2021-4">Salesforce invests $40 million in text-marketing startup Community</a> (Dan Whateley) </li><li><a href="https://www.businessinsider.com/tiktok-careeradvice-trend-jobtok-helping-viewers-land-jobs-2021-4">Inside the CareerAdvice TikTok trend where creators are helping Gen-Z users land jobs</a> (Molly Innes)</li></ul><h2>This week from Insider's digital culture team:</h2><h2><a href="https://www.insider.com/james-charles-law-legal-alleged-sexting-minors-emily-baker-2021-4"><div type="image" title="James Charles opened up on Naomi Campell's YouTube show on October 6." height="2994" width="3993" msid="82085812" hostid="261"></div></a></h2><h1><a href="https://www.insider.com/james-charles-law-legal-alleged-sexting-minors-emily-baker-2021-4">A legal expert explains what it would take for police to get involved in the James Charles sexting scandal</a></h1>James Charles has been accused of sexting minors, and people have asked why police aren't involved.The beauty YouTuber acknowledged the conversations between himself and at least two minors.Insider reporter Kat Tenbarge spoke with Emily D. Baker, a lawyer-turned-YouTuber, on what she believes could happen legally.Baker told Insider that it's unlikely any law enforcement agency would initiate an investigation into Charles without an accuser coming forward to their local agency. "You would first have to have a police investigation, a police report, and someone either coming forward and talking to the police or the police knowing someone from one of these TikToks and starting their investigation there," Baker said. "You would need a person who is willing to hand over their TikTok to the police."<a href="https://www.insider.com/james-charles-law-legal-alleged-sexting-minors-emily-baker-2021-4">For more on what could impact a future case, read the full story here.</a>More on digital culture: <ul><li><a href="https://www.insider.com/youtube-star-trisha-paytas-announces-they-are-non-binary-2021-4">YouTube star Trisha Paytas announces they are non-binary and use "they/them" pronouns</a></li><li><a href="https://www.insider.com/jojo-siwa-coming-out-more-famous-insider-poll-2021-4">JoJo Siwa defied critics and became even more famous after coming out</a></li><li><a href="https://www.insider.com/durte-dom-tiktok-rape-allegation-david-dobrik-vlog-squad-2021-4">Durte Dom returned to the internet after a rape allegation, and he joked about the Vlog Squad</a></li></ul><div type="image" title="clubhouse app" height="2000" width="2666" msid="82085816" hostid="261"></div><h2>Here's what else we're reading: </h2><ul><li><a href="https://www.theverge.com/22380290/clubhouse-social-audio-twitter-facebook-platforms">Inside the invite-only audio app Clubhouse and its most obsessive users</a> (Ashley Carman, from The Verge)</li><li><a href="https://nymag.com/intelligencer/2021/04/the-mysterious-influencer-stock-market-worth-usd1-billion.html">What to know about BitClout, the mysterious influencer stock market</a> (Jen Wieczner, from New York Magazine)</li><li><a href="https://www.businessoffashion.com/briefings/china/influencer-beauty-brands-are-trending-in-china">Influencer beauty brands are trending in China</a> (Casey Hall, from Business of Fashion)</li><li><a href="https://www.retaildive.com/news/west-elm-launches-influencer-ambassador-program/598288/">West Elm launched an ambassador program, joining other retailers in establishing an influencer network</a> (Tatiana Walk-Morris, from Retail Dive)</li></ul><h2><a href="http://newsletter.businessinsider.com/join/influencerdashboard">Subscribe to the newsletter here</a>. </h2>

A new platform is helping influencers create their own product lines

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Brendan McDermidGoldman Sachs Chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York, U.S., September 20, 2017.</div></div></div><ul><li>Goldman Sachs is going to soon start trading products linked to bitcoin, <a href="https://www.nytimes.com/2018/05/02/technology/bitcoin-goldman-sachs.html">the New York Times reported Wednesday.</a> </li><li>The bank will not trade bitcoin and other cryptocurrencies yet, but there is a team dedicated to entering the market.</li><li>Bitcoin popped by about $200 a coin, according to Markets Insider data. </li></ul>Bitcoin enjoyed a little pop after news broke that Goldman Sachs was officially launching a bitcoin trading operation. The Wall Street investment bank will soon start trading bitcoin futures with its own money for its clients, according to the New York Times. It will also trade so-called non-deliverable forwards, another type of derivative product which the bank will create. Should the bank get approval from the necessary regulators, it will trade bitcoin, according to the report. Bitcoin popped by close to $200 soon after the news broke. The coin, which is known for its wild price swings, <a href="http://markets.businessinsider.com/currencies/btc-usd">was trading at $9,209 a coin at last check</a>. Bloomberg News reported in December that the bank was getting ready to launch a crypto desk by the end of June. Goldman would be the first major bank to launch such a trading operation. Goldman already clears bitcoin futures for some clients, <a href="http://www.businessinsider.com/morgan-stanley-is-jumping-on-the-bitcoin-futures-bandwagon-2018-1">as does its archrival Morgan Stanley</a>, while other banks like Citi and Bank of America have steered clear of the market.Notably, Goldman brought on Justin Schmidt as vice president and head of digital asset markets in the firm's securities division. Goldman executive Rana Yared will also play a role in the creation of the desk. <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> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/stocks-drop-on-10-year-yield-but-earnings-growth-steadies-2018-4">Here's what is keeping stocks from completely crashing with the 10-year above 3%</a></h3> <div> </div> </div>

Bitcoin pops after report Goldman Sachs will start trading products linked to crypto

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Lucas JacksonThe Goldman Sachs logo is pictured above a trader on the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York April 2, 2014. </div></div></div>Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.<a href="http://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> got a boost Thursday following a New York Times<a href="http://markets.businessinsider.com/currencies/news/bitcoin-pops-after-report-goldman-sachs-will-start-trading-products-linked-to-bitcoin-2018-5-1023187705"> report that said Goldman Sachs will begin trading products linked to bitcoin. </a>The Wall Street investment bank will soon start trading bitcoin futures for its clients, according to the New York Times. It will also offer so-called non-deliverable forwards, another type of derivative product which the bank will create. Should the bank get approval from the necessary regulators, it would trade bitcoin. Here are the <a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices:</a><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></div></div></div>In the news:<ul><li><a href="http://markets.businessinsider.com/news/Bitcoin-pops-after-report-Goldman-Sachs-will-start-trading-products-linked-to-crypto-1023187705" target="_blank" rel="noopener">Bitcoin pops after report Goldman Sachs will start trading products linked to crypto</a></li><li><a href="http://www.businessinsider.com/coinbase-makes-a-key-hire-for-a-product-aimed-at-luring-wall-street-into-the-crypto-market-2018-5">Coinbase makes a key hire for a product aimed at luring Wall Street into the crypto market</a></li><li><a href="http://www.businessinsider.com/blockchain-san-francisco-tsukemen-acquistion-2018-5">Hot crypto company Blockchain is opening in San Francisco after acquiring a small app building shop</a></li><li><a href="https://twitter.com/cheddar/status/991761725379801090">Reddit's CTO is hoping to bring back crypto payments to the site</a></li></ul><div id="piano-inline"></div><div data-piano-inline-content-wrapper=""><div>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</div><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell major cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"></a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul>What other questions do you have about crypto? Ask them in Business Insider's <a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a> today to discuss with readers from all over the world, as well as BI editorial staff.</div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-happens-next-north-south-korea-peace-treaty-2018-4">What will probably happen with the North and South Korean peace treaty</a></h3> <div> </div> </div>

CRYPTO INSIDER: Goldman Sachs will soon trade bitcoin-linked products

<ul class="summary-list"><li>Last year, over a dozen video-game companies announced an alliance to combat climate change in New York City.</li><li>"<keyword id="10017978" type="UNKNOWN" weightage="60" keywordseo="playing-for-the-planet">Playing For The Planet</keyword>" was designed to bring companies together to share knowledge and make commitments to curbing emissions and encouraging planet-friendly actions among the <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="Gaming">gaming</keyword> community.</li><li>Dr. Trista Patterson, the author of the "Playing For The Planet" study that serves as the basis for the alliance, talked to Business Insider about the progress made since its debut last September, why it was formed in the first place, and the incredible opportunity that lies ahead for the industry.</li></ul>On September 23, 2019, 14 CEOs from some of the biggest video-game companies in the world met at the UN Headquarters in New York City to announce an alliance.Though many of the companies involved are competitors in the video-game space — <keyword id="6358540" type="UNKNOWN" weightage="60" keywordseo="sony">Sony</keyword> and <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>, for instance, the respective makers of the PlayStation and Xbox consoles — the "Playing For The Planet" alliance would allow these groups and other individuals across the industry to work together on promoting sustainability in gaming, and mobilizing the 2.3 billion people around the world who play <keyword id="25195" type="PERSON" weightage="60" keywordseo="video-games">video games</keyword> to combat climate change. Together, the alliance has agreed on a set of commitments — namely, curbing CO2 emissions, planting trees, finding ways to advance energy conservation, and making the acts of buying and playing games generally more sustainable."The alliance freed CEOs to be making stronger statements [on climate change]," said <a href="https://www.tristapatterson.com/">Dr. Trista Patterson</a>, a lead economist for non-profit <a href="https://www.grida.no/">GRID-Arendal</a> based in Norway. Patterson is the author of the "Playing For The Planet" <a href="https://playing4theplanet.org/playing-for-the-planet-how-video-games-can-deliver-for-people-and-the-environment/">study</a>, and a cofounder of the alliance. "And that meant the workforce could come forward with ideas about energy savings, or games, or whether commuting was affecting operations. The tech sector is enormously competitive, and games are competitive by nature," she said.Companies within the alliance are experimenting with ways to engage players so their in-game actions have real-world consequences: "Minecraft," for example, which is played by over 100 million people every month, challenged its players to create their own coral reefs. <a href="https://www.hollywoodreporter.com/heat-vision/minecraft-nature-conservancy-use-player-creations-help-real-world-coral-reefs-1123099">In just two days</a>, players placed 10 million coral blocks, which triggered "Minecraft" to donate to The Nature Conservatory to help protect coral reefs — and some of the players' coral reef designs were also recreated into real-life underwater "<a href="http://www.globalcoral.org/biorock-coral-reef-marine-habitat-restoration/">Biorock</a>" structures, which are self-repairing and help protect the ocean environments against global warming. <h2>How the alliance came to be</h2>The study, authored by Patterson, examined the potential impact of the video-game industry in addressing climate change."It was part of an effort led by the education unit out of Nairobi for UN Environment," Patterson told Business Insider. "The main question was finding out lower-cost ways to raise climate awareness for a more diverse population."Patterson worked on her study with London-based <a href="https://www.playmob.com/">Playmob</a>, which helps brands connect to gamers to take social action, like donating to charities. Together, they debuted the "Playing For The Planet" study in March 2019, at a dinner attended by other major gaming companies like "Angry Birds" maker Rovio. "The response was enormous," Patterson said. With clear interest in a global gaming alliance to tackle climate issues, <keyword id="10017980" type="UNKNOWN" weightage="60" keywordseo="playmob">Playmob</keyword> moved on that forward momentum by undertaking "a US publisher tour" to rally support from the big companies in gaming — notably Sony, Microsoft, and Google."Playmob are phenomenal networkers," Patterson said. "They were thinking about gaming for good for a long time so they, in conjunction with UN Environment, made an effort to reach directly to the companies to ask where they're at with commitments."Patterson said Sony was among the first big companies to get involved. It was Sony who actually proposed reaching out to peers that they had been competitive with in the past to join hands on climate change, she said. "We saw a flourishing of interest," she said. Gaming companies from all around the world have joined the alliance, representing countries like Kenya, Estonia, Finland, and Sweden, as well as the bigger countries known for gaming like the US, UK, and China. Patterson said alliance members are already coming up with unique ideas and challenging others to get their own to market. "It's a global phenomenon," Patterson said. "A lot of times I was thinking video games were relevant and exclusive to the developed world, but that's not the case. Even lesser-developed countries are accessing video games. People in the <keyword id="1758001" type="PERSON" weightage="60" keywordseo="games-industry">games industry</keyword> have heard about Silicon Valley companies over and over again.""It's easy to tune them out a little bit. But in order for change to happen, all of us have to cooperate. All of us have to think about the most diverse and most creative ideas possible. And the best ideas come from a diverse workforce and a diverse representation from geographic areas. Having companies that are culturally unique, representative of a unique biome and a totally different place — that's electric."<h2>One year later: Where is the alliance now?</h2>Shortly after the alliance's debut last September, Patterson said the group created a complete calendar to meet in person, even doing it in a way that lined up with dates that people were already traveling so no one needed to spend extra money and, more importantly, burn extra fuel."We laid that all out," she said. "And then COVID hit."The global pandemic has halted in-person meetings for the time being, but Patterson said there are monthly coordination calls and an advisory group of high-level individuals that are taking up specific work packages. Progress is reported out at the monthly calls."Some of those deliverables have to do with tools and those tools are then released to the broader alliance and then the general public," she said. "That's in addition to individual company momentum on things they're particularly passionate about, so there's time set aside in the monthly calls to talk about share learnings and particular successes they've had."Many companies are taking it upon themselves to curb their own carbon emissions. Sony told Business Insider (and has since announced <a href="https://www.sie.com/en/blog/playstations-one-year-update-on-playing-for-the-planet/">on its blog</a>) it has avoided about 17.5 million tonnes of emissions through energy-efficient architecture in its PlayStation 4 console, and estimates to save another 30 million tonnes by the end of the decade — partially through even smarter energy-saving systems on the upcoming PlayStation 5. Its low-power "suspend" mode, for example, will consume 72% less power compared to the previous-generation hardware.Aside from sharing updates on individual efforts, the alliance also works together to better understand "the consequences of something like, locating a data center in one ZIP code or another, or [raising awareness with] a gamer in one municipality versus another that's fossil-fuel intensive," according to Patterson. Companies within the alliance are also encouraged to implement "green nudges" in their games like "Minecraft" already has, where a component of the game is designed to raise awareness for certain causes and drive behavioral changes like picking up litter, preserving animal life, or being more energy-friendly."The alliance is a wonderful thing but it's only as strong as the excitement it generates in others," Patterson said.

The biggest gaming companies from around the world formed an alliance one year ago to combat climate change. Its architect explains how video games can save the planet.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Carl Court/Getty Images</div></div></div><ul><li>TrueEx is launching a derivatives platform for cryptocurrency, the company announced Monday. </li><li>It also entered into a partnership with ConsenSys to build a benchmark rate for ether, the second largest cryptocurrency by market capitalization. </li></ul>TrueEx, the trading technology company, is preparing to dive into the world of cryptocurrency with a new derivatives marketplace.The company said Monday it is preparing to launch trueDigital, which will list non-deliverable forward (NDF) contracts for cryptocurrency, the first of which will be for bitcoin. Already, trueEx faciliates trading for interest rate swaps. TrueDigital, which will operate under a trueEx affiliate called trueDigital Holdings, is pending regulatory review by the Commodity Futures Commission, the company said. TrueDigital would join a number of other bitcoin derivative marketplaces in the US. Cboe Global Markets and CME Group launched bitcoin futures in December. Nasdaq is preparing to launch a bitcoin futures market in 2018. "NDFs on digital assets are the logical next step for institutional investors who are seeking exposure to bitcoin and other digital currencies," Brooks Dudley, a VP of risk at ED&amp;F Capital Markets, said in a statement. ED&amp;F Capital Markets plans to offer prime brokerage services for cryptocurrency on the trueDigital platform. TrueEx also announced a partnership with ConsenSys to build a benchmark rate from ether to make the second-largest crypto by market cap more attractive to traditional financial-services firms. Up until last week, trueEx was seeking talent for a cryptocurrency derivatives exchange called Virtuoso, for which the company posted a job ad seeking a Sales Director. The ad was taken down from LinkedIn after Business Insider sent a company official an inquiry."Virtuoso is a new digital asset and digital derivative exchange, with a focus on bringing regulated and secure trading to institutional investors across the world," the ad said.The Sales Director would aim to build relationships with "top-tier" banks, asset managers, and hedge funds, the job ad said. A press representative for trueEx described trueDigital as the same project as Virtuoso, "just now a newly-formed affiliate of trueEx."<div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a>EXCLUSIVE FREE REPORT: The Bitcoin 101 Report by the BI Intelligence Research Team. <a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoin-pioneer-overstock-ceo-explains-long-standing-crypto-play-ravencoin-2018-2">Overstock CEO and bitcoin pioneer explains his long-standing crypto play and his philosophy on life</a></h3> <div> </div> </div>

Wall Street trading firm trueEx is set to launch a derivatives platform for cryptocurrency

<div class="KonaFilter image-container"><div class="image on-image">TwitterIEA launch</div></div><ul class="summary-list"><li>Senior Brexit supporting politicians helped launch an Institute for Economic Affairs (IEA) report, called 'Plan A+.'</li><li>David Davis, Boris Johnson and Gisela Stuart all publicly supported the report, which called for the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> to diverge from EU regulations and lower tariffs. </li><li>However, the plan was criticised by trade experts, who labelled it "not thought through".</li><li>Plan A+ is seen by many as the most coherent plan put forward by anti-Chequers Brexiteers so far. </li></ul>LONDON - Hard Brexiteers launched an alternate Brexit strategy on Monday as Theresa May's own Brexit plan continues to falter.The so-called "Plan A+", a discussion paper by IEA staffers Shanker Singham and Radomir Tylecote, was launched on Monday at the Gladstone Library, alongside a supportive panel including David Davis and Jacob Rees Mogg.Singham described the report as a precursor to an independent trade deal, and hit out at Theresa May's own Chequers proposals as a "small damage-limitation exercise."Singham, who <a href="https://www.buzzfeed.com/alexspence/steve-baker-brexit-meetings-shanker-singham">BuzzFeed</a> in May revealed to be a close ally of Liam Fox and Steve Baker, was in attendance. The economist described the Irish border as a diplomatic problem and outlined plans he believed to be as "simple as a tax return" regarding customs divergence between Ireland and Northern Ireland.<h2>Five things you need to know about Plan A+</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">TwitterIEA Director Mark Littlewood addressing their report launch.</div></div></div>Here are the 5 main points from the proposals:1. The IEA says the UK should stick to the agreements already made with the EU on the £39 billion divorce bill, EU citizens, and the transition period.2. But it says there should be a new backstop for Ireland which involves new laws. It says Northern Ireland should be treated differently to the rest of the UK to avoid a hard border, retaining all EU agricultural health checks, and proposes checks for other products, such as medicines, should be carried out away from the Northern Ireland-Ireland border. Experts suggested the proposals would not altogether remove the need for a border, however.3. On trade, the report recommends scrapping the "common rulebook" for goods proposed in May's Chequers blueprint. It says such a scheme would make it "all but impossible" to do trade deals with non-EU countries. 4. On trade, the IEA called for the elimination of tariffs and quotas on all the products the UK doesn't produce. It says membership of the EU has hampered economic growth in Britain as it "prevents the UK from entering into its own free trade agreements with countries outside the EU."5. The report's authors insist they are not calling to scrap regulation but instead seek to make it better. "The issue on regulation is 'who decides?'" said David Davis at the event launch. "Under Chequers it's the EU, under 'free trade plus' it's us that decides."<div class="KonaFilter image-container"><div class="image on-image">TwitterJacob Rees-Mogg</div></div><h2>The response</h2>Whilst high profile Brexiteers like David Davis and Boris Johnson endorsed the report, Plan A+ provoked heavy skepticism from trade experts. Sam Lowe of the Centre for European Reform tweeted that the report <a href="https://twitter.com/SamuelMarcLowe/status/1044135839532560384">"has not been thought through",</a> and that their response to EU non-cooperation was counter-intuitive to the vision of the report. David Henig, the UK Director of the European Centre for International Political Economy, said that the core of the project was pushing adopting US food standards, and that Plan A+ does not adequately explain why the UK should diverge from EU regulation despite their widespread use. Henig also argues that the report does not establish how damaging it would be for the UK to diverge. The proposals follow <a href="http://uk.businessinsider.com/liam-fox-trade-deal-scrap-european-union-food-standards-after-brexit-2018-9">a Business Insider report</a> last week which revealed Liam Fox's Department for International Trade was considering plans to scrap EU food standards in order to pursue trade deals with the US and other non-EU countries.<h2>The thinking behind Plan A+</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters / Simon DawsonConservative MP Jacob Rees-Mogg</div></div></div>Alongside Singham was former Labour MP Gisela Stuart, and current Conservative MPs David Davis, Jacob Rees-Mogg, and Theresa Villiers.Stuart, who was MP for Birmingham Edgbaston until last year, said that a highlight of the report was Shanker and Tylecote's strategic approach around the timing of Brexit.Stuart said that in her experience in dealing with Barnier, everything always happens in the last 48 or 36 hours of the negotiation. Former Brexit Secretary David Davis echoed this sentiment, saying that the UK had not taken advantage of timings so far. Davis said that if Plan A+ was the White Paper, he would still be in Government, and said that a free trade agreement was the best way forward for Theresa May.Rees-Mogg said the plan was easily deliverable and claimed that the European Research Group - which he chairs - solved issues of the Irish border last week. Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/inside-trump-maga-hat-factory-california-make-america-great-again-2018-8">Inside the Trump 'MAGA' hat factory</a></h3> <div> </div> </div>

Here is the Hard Brexiteers' plan to scrap Theresa May's Chequers deal

<a href="https://www.reutersconnect.com/all?id=tag%3Areuters.com%2C2020%3Anewsml_RC2VJF9O99NG%3A1425742637&amp;search=all%3Anew%20york%20homeless">EDUARDO MUNOZ/Reuters</a>A hand sanitizer bottle is seen on a homeless cup to prevent spreading the coronavirus disease (COVID-19) in New York City, New York, U.S., March 14, 2020.<ul class="summary-list"><li>Trump has announced his support for a bailout of the airline industry. But thus far, the federal government has taken no action to ensure state and local governments can continue to support their nonprofit human services organizations. </li><li>These nonprofits provide critical services to impoverished children and families, the mentally ill, the homeless, and seniors in assisted living. </li><li>In New York City, they were left without clear guidance on whether they would have necessary financial support from the government for weeks. And even now, some organizations aren't fully reassured. </li><li>Without a clear message from the White House that the federal government will back local leaders financially to help serve America's most vulnerable, this will become a bigger problem in other cities. </li><li>This is an opinion column. The thoughts expressed are those of the author.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>President Trump has in recent days <a href="https://www.politico.com/news/2020/03/16/trump-coronavirus-relief-package-132369">announced sweeping moves</a> directing the federal government's relief efforts to address the novel coronavirus pandemic. He's even floated his support for a <a href="https://www.businessinsider.com/coronavirus-airlines-bailout-proposal-congress-trump-white-house-2020-3">bailout of the airlines</a> and other travel-related industries like <a href="https://www.washingtonpost.com/business/2020/03/18/trump-coronavirus-plan-bailouts/">hotels and cruise lines</a>. But thus far he's taken no actions that could directly assist the non-profit social service agencies which provide care and aid for society's most vulnerable people - including seniors, the homeless, the mentally ill, and children in poverty or in danger of living in foster care. Instead, the president has kicked that responsibility to state and local governments. That approach is full of uncertainty and bears the potential for a widespread mess. Just look at the case of New York City - the nation's largest city, metro area, and one of the two epicenters of the crisis in the US - where non-profit human services organizations were left in the dark by the city government for a full 17 days since the city's first confirmed case of COVID-19. These critical groups were unsure about whether they would be supported with the necessary cash infusion they need to continue operating. While Mayor Bill de Blasio sent the city's Human Service Providers Providers a letter Wednesday that finally offered some guidance, some providers worried that the wording is ambiguous enough to create further disruptions. The letter promises the city will reimburse providers even if there are disruptions in their services or overages on their expenses. It also says the city will cover staff overtime or the hiring of temporary workers if the regular staff can no longer make it work. But it comes with the caveat: "If you work with your contracting agency and agree to a plan for moving forward, you will get paid for executing on that plan."This is in New York, a city with a huge infrastructure and low unemployment. If there's this much confusion here, imagine what could happen in, for example, an economically-depressed Rust Belt city with far fewer resources. It wouldn't be hard to imagine mentally ill homeless people having nowhere to go but the streets, during a crucial moment when much of the country is trying to stay indoors for an indefinite period.(Disclosure: My wife works for a social services organization in New York City.)<h2>Worries about the "safety net" </h2>"Organizations like us that are really the safety net of this city," <a href="https://www.childrensaidnyc.org/about/phoebe-boyer">Phoebe Boyer</a>, President and CEO of the Children's Aid Society, told Insider before de Blasio announced the new guidelines. "We are the trusted resource in our communities for children and families when they're feeling vulnerable," Boyer added. "We need clarity on whether we are going to continue to get paid so that we can take that burden off of our staff. They can do what they do best, which is work with families and children." Boyer stressed that for workers in their field, working from home is not an option.But it's the federal government's inaction in assuring local governments that Washington will have their back to help keep the nonprofit sector afloat during this once-in-a-century crisis that Boyer finds most perplexing. "When I hear that we're talking about bailing out the airline industry because people aren't going to be flying, and yet we're not securing the front line workers. I'm like, that's just insane," Boyer says. "Tax credits don't exactly help us. We actually need cash to flow.""Nonprofits are on the frontline of helping people in crisis every day," <a href="https://humanservicescouncil.org/employee/michelle-jackson/">Michelle Jackson</a>, the acting executive director of the Human Services Council, told Insider. Jackson says the workers such as the ones delivering meals to senior centers, operating homeless and domestic violence shelters, and providing after-school programs for underprivileged children should be treated as first responders, and given the support from the government that goes without saying for other first responders. <h2>Roadblocks, red tape, and lack of clarity </h2>Non-profit organizations typically raise their part of their operational funding through private donations, but that rarely covers the extent of their costs. The critical groups largely subsist on government grants, which are contingent on the organizations meeting contractually-obligated benchmarks.In a time of extraordinary unforeseen crisis, such as right now, those benchmarks will be impossible for most organizations to hit. And without guarantees that they will be reimbursed without penalty, they could run out of the money needed to pay their employees and perform their services. Three days before De Blasio's office sent its letter to the city's nonprofit partners, City Comptroller Scott Stringer sent a letter of his own to New York's First Deputy Mayor Dean Fuleihan. Stringer <a href="https://comptroller.nyc.gov/wp-content/uploads/2020/03/Ltr-to-Fuleihan-3.15.20.pdf">wrote</a>, "to ensure non-profits will remain able to serve New Yorkers through this crisis, it is essential that they be held harmless for missed contract deliverables that are directly attributable to COVID-19."But governments are unwieldy beasts, loaded with inscrutable processes and immovable red tape. In New York City, nonprofits were left not knowing where they stood on the list of the government's priorities, and without a federal mandate to provide support for the non-profit sector, this could be exacerbated in cities around the country.Before the most recent update, the city had also provided seemingly contradictory guidance, according to Jackson."On Sunday there was an announcement that schools were closing and [Department of Education] after-schools were closing, but nonprofit after-schools were instructed to stay open," Jackson said. "It would be helpful if there was clear guidance as to why they're saying open and giving them resources so that they can stay open appropriately.Another problem facing nonprofits is the inherent conflict with being the "boots on the ground" during an unprecedented moment of social distancing. "How do you provide childcare in any meaningful way, when you're also trying to practice social isolation?" asks Michelle Yanche, the Executive Director at <a href="https://goodshepherds.org/">Good Shepherd</a> services.<h2>"A petrifying reality that cannot come to pass"</h2>"There are as many as 80,000 homeless New Yorkers and in shelters ... That's a lot of people," <a href="https://hsunited.org/staff/">Catherine Trapani</a>, the Executive Director of Homeless Services United, told Insider.Trapani said if the city had failed to ensure nonprofits will not be held to the letter of their contracts because the city won't guarantee funding "for even the most basic things like payroll and time and a half and incentive pay," then the workers won't show up and homeless shelters will go unstaffed. "That's a petrifying reality that cannot come to pass," Trapani adds. Trapani says she'd "love to see a meaningful federal stimulus package" that includes funding for nonprofits. She hopes this would include making all necessary additional supplies reimbursable and providing guarantees for social services workers that should they or a family member become ill, that they won't lose their job. Yanche told Insider, "The most important thing the federal government can do for us right now is to make funding available and create assurances that expenditures related to our response to the needs of the community - and even the flexibility we need to provide our usual essential services given the fluid status of what's happening - that those resources will be made available."President Trump demonstrated in recent days that after an inexcusably slow start, he grasps the severity of the COVID-19 pandemic, and is aware of the toll it's taking on the economy and citizens. And while he was criticized this week for telling governors to buy their own respirators and ventilators, the president at least <a href="https://www.businessinsider.com/coronavirus-trump-told-governors-get-medical-equipment-on-their-own-2020-3">assured the state executives</a>, "We will be backing you." Without assurances from the federal government, it's hard to see a trickling down from the states to the cities that the nonprofit sector will be able to provide their services to their proper effect. That could mean seniors going without meals, homeless shelters going unattended, and children going without care and supervision. That would be disastrous, and almost certainly lead to the health care system - which is already bracing for a tsunami of COVID-19 patients - to be taxed even further. If federal bailouts are coming for private businesses, it would seem that local governments should receive some kind of meaningful financial support specifically earmarked for the non-profit agencies that provide essential public services. Unless President Trump acts, help doesn't appear to be on the way. (Insider made multiple requests for comment from New York City Mayor Bill De Blasio's office, New York Governor Andrew Cuomo's office, and the White House.)<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/trump-inability-communicate-causing-government-coronavirus-pandemic-chaos-2020-3">Trump's inability to clearly communicate is making the government's coronavirus pandemic response seem like chaos</a></li><li><a href="https://www.businessinsider.com/coronavirus-cov19-trump-alex-jones-hannity-limbaugh-falwell-conspiracy-theories-2020-3">Trump's most die-hard media supporters are proving that owning the libs is more important to them than the lives of their fellow Americans during the coronavirus pandemic</a></li><li><a href="https://www.businessinsider.com/photos-trump-meets-white-house-deep-state-actors-coronavirus-outbreak-2020-3">Photos at the White House show Trump meeting with actors in a play about the 'deep state' amid the coronavirus outbreak</a></li><li><a href="https://www.businessinsider.com/cpac-2020-trump-worship-hating-socialism-bullied-victim-left-2020-2">CPAC 2020 was all about worshiping Trump, hating socialism, and feeling victimized by media and the left</a></li></ul>This is an opinion column. The thoughts expressed are those of the author(s). <h3>NOW WATCH: <a href="https://www.businessinsider.com/the-rise-and-fall-of-harley-davidson-motorcycle-company-2020-2">The rise and fall of Harley-Davidson</a></h3>

Trump has left governors and mayors to support some of the most vulnerable Americans during the coronavirus pandemic. But if New York City is any indication, that's not going to work.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Aaron Favila/APPeople at a restaurant watch as the former strongman Mahathir Mohamad is sworn in as the new Malaysian Prime Minister in Kuala Lumpur, Malaysia, on Thursday, May 10, 2018. Official results from Malaysia's national election show the opposition alliance led by the country's former authoritarian ruler Mahathir Mohamad has won a majority in parliament, ending the 60-year rule of the National Front.</div></div></div><ul><li>Malaysia's opposition party won the country's general election Wednesday.</li><li>They defeated a coalition that has ruled Malaysia for more than six decades.</li><li>A Moody's analyst said the election left Malaysia in "uncharted territory." </li></ul>After a stunning political upset, the future of Malaysia's economy is anything but certain. Ninety-two-year-old former prime minister Mahathir Muhamad on Wednesday led the country's opposition party to victory in a historic general election, defeating a coalition that has ruled Malaysia for more than six decades. Some think Muhamad could eventually offer Malaysia, which has not seen a change in government since it gained independence from Britain in 1957, relief from major structural issues that have plagued the economy. "His victory opens up the possibility that Malaysia will finally start to tackle some of the institutional problems that are holding back the country's long-run prospects," said analysts at Capital Economics. Prime Minister Najib Razak has <a href="http://www.businessinsider.com/malaysia-election-results-details-who-won-2018-5">faced a spate of corruption allegations</a>, including embezzling more than a billion dollars from a state development fund. It's likely the scandals at least partly propelled Mahathir, who has vowed to clean up the government, to victory. But in the short- to medium-term, analysts are taking a more cautious tone. Moody's analyst Anushka Shah said the win left Malaysia in "uncharted territory" and expressed concern about policy proposals Muhamad floated on the campaign trail.Muhamad has vowed to scrap the country's goods and services tax, which has been unpopular with voters but highly effective for government revenue. It raked in 42 billion ringgit last year - more than double that of the previous system.At the same time, Muhamad has also made big spending promises, including a reintroduction of fuel subsidies. Those policies, if implemented as is, would be "credit negative," according to Shah. Malaysia already has one of the highest levels of debt in the region, adding up to <a href="https://www.ceicdata.com/en/indicator/malaysia/government-debt--of-nominal-gdp">more than half of gross domestic product</a>. And the deficit is likely to continue jumping under Muhamad, according to analysts. "With spending likely to rise sharply this year, a big increase in the budget deficit looks inevitable," Capital Economics analysts said. "This would imply a sharp tightening of fiscal policy later in the forecast period."For now, Malaysia's central bank is remaining calm. Bank Negara Malaysia officials left rates unchanged at 3.25% in a policy meeting hours after the election. They didn't mention the new government or take questions from reporters, <a href="https://www.reuters.com/article/malaysia-economy-rates/update-1-malaysia-cbank-holds-key-rate-as-election-shock-spurs-economy-concerns-idUSL3N1SH1ZD">according to Reuters</a>. The ringgit's one-month non-deliverable forwards fell 2.3% overnight. Analysts at Macquaries called it a "knee jerk sell-off" and said they expect pressure to fade. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-never-release-pet-goldfish-into-wild-2018-4">Why you should never release your pet goldfish into the wild</a></h3> <div> </div> </div>

Malaysia is in 'uncharted territory' after a stunning political upset - here's what could happen to its economy

The <keyword id="6355302" type="ORGANIZATION" weightage="80" keywordseo="Rupee">rupee</keyword> fell to its lowest in 20 months on Thursday, weighed down by concerns over the government's <keyword id="6383566" type="PERSON" weightage="80" keywordseo="Taxation">taxation</keyword> policies that threaten to reduce the allure of local assets for foreign institutions, while a global debt sell-off also hurt. 
 Traders said the uptick in non-deliverable forwards traded in <keyword id="6356662" type="COUNTRY" weightage="80" keywordseo="Singapore">Singapore</keyword> was hitting sentiment for the local unit and prompting custodian banks to sell the rupee. 
 
The one-month NDF was at 64.35/35 versus Wednesday's close of 64.02. The partially convertible rupee was trading at 63.91/92 per dollar by 0602 GMT, after hitting 63.93, its lowest since Sept. 13, 2013. The pair had closed at 63.54/55 on Wednesday. 
 
Most emerging Asian currencies lost ground on Thursday as a global bond rout lifted government bond yields across the region. 
Traders are now waiting to see if the central bank steps in to prevent a further sharp fall in the currency. 
 According to experts, the rupee might have depreciated against the <keyword id="6368584" type="ORGANIZATION" weightage="80" keywordseo="US-dollar">US dollar</keyword>, but it has been a more stable currency within emerging markets. In the worst case scenario, the Indian unit may slip to 65 per dollar, but traders would then eye the RBI to stem the fall.

The Rupee Crashes and tumbles to Rs64/$. Worse days Ahead?

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Courtesy of Melody WildingMelody Wilding.</div></div></div><ul class="summary-list"><li>Melody Wilding is an executive coach who helps smart, sensitive high-achievers let go of perfectionism, communicate confidently, and find lasting work-life balance.</li><li>She says that rampant passive-aggressive behavior in a workplace can erode morale and contribute to burnout, even if you otherwise enjoy your job.</li><li>She offers four tips for breaking through the behavior, including how to straightforwardly convey your feelings and get offenders to change their ways.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories.</a></li></ul>Gabe was a rising leader at a non-profit in New York City. Smart, compassionate, and driven, he had strong relationships with his donors and the community his organization served.But lately Gabe was drained by the difficult dynamics happening around him. He was sick of chasing down co-workers for information they promised to get him weeks ago. He was fed up hearing excuse after excuse, and growing tired of the complaining and water-cooler gossip.No workplace is perfect, but it's difficult to perform and feel your best when there's dysfunction all around you. Condescending comments, put-downs and sarcasm  -  all hallmarks of passive-aggressive behavior  -  contribute to an environment of incivility, according to experts. Left unchecked, latent contempt can erode morale and contribute to burnout, even if you otherwise enjoy your job.Having gone through burnout myself, I could clearly see red flags signaling Gabe was heading down an unhealthy path. His resentment was turning into anxiety. He dreaded going into work every day.When Gabe told me this and shared he was also thinking of giving up his lifelong mission to pursue the humanitarian work he so loved, I knew it was time to step in as his coach and work with Gabe to get the situation under control.<h2 id="ca55">How to spot passive-aggressive behavior</h2>Identifying passive aggressive people can be tricky precisely because they don't clearly express themselves. Their words don't match their actions.For example, your teammate may agree to help you with a task, then gripe about how <a href="https://melodywilding.com/5-ways-to-reset-your-work-life-balance-when-youre-crazy-busy/" target="_blank" rel="noreferrer noopener" aria-label="crazy busy (opens in a new tab)">crazy busy</a> and overwhelmed they are by all the responsibilities on their plate. You're left feeling bad, confused as to why they said "yes" in the first place. Sound familiar?By definition, <a href="https://melodywilding.com/realistic-ways-deal-passive-aggressive-colleague-still-get-work-done/">passive-aggressive people</a> avoid conflict. Unfortunately, their conflict avoidance strategies end up creating conflict, especially in a workplace. They express negative feelings through indirect actions like:<ul><li>Sarcasm</li><li>The silent treatment</li><li>Procrastinating or leaving tasks unfinished</li><li>A cynical attitude or air of superiority</li><li>Disguised insults and non-compliments</li><li>Stubbornness</li><li><a href="https://melodywilding.com/handle-annoying-co-workers-using-these-3-strategies/" target="_blank" rel="noreferrer noopener" aria-label="Gossip (opens in a new tab)">Gossip</a></li><li>Making excuses</li><li>Never giving a straight answer</li><li>Rejecting other viewpoints and feedback</li><li>Saying they feel under-appreciated</li></ul>Because passive aggressive behavior can show up in so many different ways, disarming it isn't always easy or straightforward. In Gabe's case, he had to uncover things about himself first before turning toward confronting his colleagues.Although dealing with difficult people takes time and patience, it's well worth the effort to save your well-being and self-respect. Learning to short circuit unproductive relationship cycles can save you from unending power struggles that leave you feeling miserable.Here's how you can protect yourself from negative effects of passive aggressive behavior and do your part to stop the spread of incivility.<h2 id="df39">1. Get your emotions under control</h2>Difficult co-workers can high-jack your emotions, causing you to act and think irrationally or out of alignment with your values.That's not exactly a healthy situation in which you can succeed.As hard as it may be, do your best to de-personalize the passive aggressive person's actions. If you do feel triggered, there are a few techniques you can use to manage your reaction:<ul><li>Use <a href="https://melodywilding.com/3-steps-to-stop-stressing-over-email-so-much/" target="_blank" rel="noopener noreferrer">box breathing</a> to help ease the body's stress response and bring your pre-frontal cortex (the area of the brain responsible for self-control) back online. With box breathing, you breathe in slowly for a four count, hold your breath for another four counts, breath out slowly for another four, and then hold your breath for four. Then you repeat.</li><li>Avoid getting caught up in a negative downward spiral with the<a href="https://www.mindful.org/free-from-self-stories/" target="_blank" rel="noreferrer noopener"> AWARE mindfulness exercise</a>. This might feel like a bit of a long exercise, taking upwards of 10 minutes. But if you have a coworker who is consistently frustrating you then this exercise is completely worth your time. The gist of the exercise is to observe and accept your feelings. It works a bit like a librarian  -  if you can catalog your feelings you can then file them away and move on toward more rational thoughts.</li><li>Externalize your thoughts and feelings by journaling, talking with a trusted friend, or through movement, for example. Research also shows <a href="https://melodywilding.com/control-stress-and-feel-less-anxious-with-emotional-labeling-free-toolkit/" target="_blank" rel="noopener noreferrer">simply labeling</a> what you're feeling can have a powerful calming effect. This also is an example of the power of observing and accepting your feelings. Many people try to white-knuckle their way toward rationality, hoping they can simply squash their feelings. Instead, it's almost always faster and healthier to practice techniques for processing these feelings.</li></ul><h2 id="a12b">2. Empathize and redirect</h2>When a colleague cops a passive-aggressive attitude, determine how this behavior has benefited them in the past. Look for the hidden positive outcome motivating the person to act passive-aggressively. What do they achieve by not expressing themselves directly? They may get to feel superior by putting others down. Compensatory strategies like gossip, complaining, or playing the victim are often used to cover low-self esteem or to indirectly deal with anger, resentment, or other uncomfortable emotions.There's a simple formula you can use to distance yourself from the dynamic while keeping relationships intact:First, empathize. Acknowledge your co-worker's reaction, addressing the deeper, human need below the surface, which could be love and belonging.The real reason they may be gossiping is because they want to feel heard and validated.Then use redirection. Maybe you nudge the person towards a solution, "Ugh, it sucks to feel like you're undervalued. You should talk directly with your boss about this."Or encourage them to focus on what is working, for example, "It sounds like the situation is still bothering you. That sucks. For now let's talk about how things are going with the new project you're working on."This step doesn't magically change passive aggressive behavior, but it does take you out of the role of enabling it by saying nothing.<h3 id="b856">3. Look at your contribution</h3>When Gabe took a closer look at what was going on with his team, he realized his people-pleasing tendencies were contributing to (and perpetuating) the cycle of passive-aggressive behavior at his office.By swooping in to fix every problem and staying late to complete projects left unfinished by others, he'd unintentionally trained his colleagues to be helpless. They could continue neglecting deadlines with zero consequences. They didn't have to take responsibility because, "Gabe will do it." Gabe's brand of self-sacrificing work martyrdom is increasingly common, especially among well-meaning leaders who value hard work.Get honest about how you may be contributing to the unhealthy dynamic in place. For instance, think about the last time you felt upset, hurt, or angered by something your co-worker or boss did. How did you react? Did you speak address the situation swiftly and directly? Or did you fall into passive aggressive patterns yourself?Consider how your beliefs and attitudes towards power, conflict, and emotional expression shape your behavior at work and in relation to other people. Do some digging around questions like:<ul><li>What's the first reaction you have when you hear the word "power"? Is it positive or negative? What images come up?</li><li>Was advocating for yourself off-limits in your family? Was it encouraged? When you were younger, was it acceptable to speak up and share your opinion?</li><li>What other major experiences shaped your attitude towards authority and asserting yourself, particularly in the workplace?</li></ul>Reflecting on questions like these helped Gabe uncover that deep down his over-functioning was actually resulted from a deeper fear of confrontation.Armed with this self-knowledge, he became more aware of how he could now change the role he played in keeping passive aggressive patterns in place.<h3 id="f9fd">4. Be firm and set limits</h3>When you start changing the way you communicate with passive aggressive people, expect backlash. Micro-aggressions may intensify when you disrupt the normal, status quo way of doing things.The assertive message formula is helpful communication tool that can aid you in standing your ground, even when the passive aggressive person argues or makes excuses.The prototypical assertive message uses a format as follows:Here's an example of how Gabe applied it to confront a colleague who was chronically late with deliverables:<ul><li>First, describe the facts of the situation and the person's behavior: "You didn't send me an email with the files by the deadline we agreed on."</li><li>Then, indicate your feelings or perspective: "I'm disappointed and stressed out because I have to scramble to get ready for the client meeting."</li><li>Describe the broader effects of the behavior: "The client has said we look disorganized. We're at risk of losing the account."</li><li>State what you need: "I need you to handle making the slides and handouts. Going forward, I will also request you send me all documents at least 24 hours ahead of time so we avoid a situation like this in the future."</li></ul>Your aim is to convey straightforwardly about your feelings and make an explicit request as to what needs to change. Does this always work? No. But it's healthier and more mature than internalizing frustrations.I know it's not easy to make demands of other people  -  especially when you're angry or annoyed. Assertiveness does take time to master, but with consistent effort, it's a skill you can get better at.Most people simply try to ignore passive-aggressiveness in the workplace, which inevitably backfires. It takes hard work to instead choose developing skills at disarming difficult dynamics. It also requires courage to dive deep and examine how your thoughts and reactions to passive aggressive behavior around you. By leaning into the discomfort, you can pave a path towards lasting leadership and personal growth. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/reporter-calls-out-claim-that-fbi-was-happy-comeys-firing-sarah-huckabee-sanders-white-house-press-briefing-2017-5">This video shows the moment Sarah Sanders lied to a room full of reporters about FBI agents telling her they were happy Trump fired Comey</a></h3> <div> </div> </div>

4 ways to deal with passive-aggressive people at the office, according to a career coach

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Alicia HatchDeloitte Digital CMO Alicia Hatch</div></div></div><keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">Advertising</keyword> is no longer just the domain of Madison Avenue agencies. Instead, data-rich consulting firms including Deloitte, Accenture and IBM have <a href="http://www.businessinsider.com/marketers-like-chipotle-are-hiring-consulting-firms-over-ad-agencies-2017-10">been moving into the business - pitching themselves as more strategic and tech-savvy advisors. </a>While most agencies view these tech consultants as <a href="http://adage.com/article/agency-news/4a-s-considers-inviting-consultancies-members/310440/">a looming threat</a>, the marketing head of Deloitte Digital doesn't quite view it as a zero-sum game. Still, she does believe that many advertisers' needs are no longer being addressed with legacy tactics.Business Insider caught up with Deloitte Digital CMO Alicia Hatch during Advertising Week last week for a chat about why there's ample space for both ad agencies and consultancies in advertising. Here's an edited version of the conversation.Tanya Dua: You've been on an agency acquisition spree over the past few years. Where do consultancies like yours fit in the advertising landscape?Alicia Hatch: The needs of brands have changed dramatically. Every single industry out there is getting disrupted, and advertising is no exception. So this isn't about consulting coming in to enter a new market, this is about consulting responding to the needs of brands changing.The needs of big companies are changing dramatically. We are in the business of making them better. What that requires now is working across the entire business. You can't do marketing in isolation, separate from sales and service and business model innovation and customer model innovation...Deloitte Digital is in the business of business outcomes. That's what we do.Dua: What specific changes in the industry are you responding to?Hatch: The role of the chief marketing officer is changing. The CMO is playing a completely different role in the C-suite and in the boardroom now. Over 70% of CMOs now own [balance sheets], which is a huge difference from the days of being marketing as a cost center. So they have to wear a business hat and think very differently about how they are orchestrating all of their activities.The big shift is that technology budgets are moving over to CMOs, and that's another change in how they're operating. The best CMOs right now are using data very effectively at scale, fueled by that technology, to do really precise and powerful marketing that drives growth. So they can actually pinpoint the business impact of what they're doing.When you as a CMO can be the growth driver of the business, you have a whole new power. To empower that generation of CMOs, you need a much broader base of capabilities and understanding of business and technology strategy, understanding of depth, data and analytics - that is not what the agency model was built on originally.We are having to save a lot of companies. 40% of all Fortune 500 companies today will not exist in 2025.Dua: Agencies haven't exactly welcomed consultancies into the mix. Are they justified in being threatened and accusing consultancies of buying creativity and culture?Hatch: Creativity is the most important business goal in the 21st century. And the role that creativity plays in a business, is expanding....Historically, it was always an outsourced model, where you send the work out to the agency and you get the deliverables back. So what we're trying to do is expand the role of creativity. And in that, there's room for a new model. That's what we have to add to the industry. What is at play here is that the whole industry is changing, and we just all need to focus on what those changes are, and shift.Dua: Give me an example of that. What does that new model look like?Hatch: An insurance company that we work with wanted to rethink its retirement business because they realized that in fact, millennials don't really care about retirement and don't want to engage in a conversation about retirement. The advertising creative that they had so far didn't work because the positioning they had and the topic itself was outdated for the modern consumer.Our approach was to approach the business differently. We brought in a group of business strategists, creatives, technology strategists and design experts in a room together. We invented a new business concept that we set up within this insurance company, which is a whole new business platform about how you deliver and talk about retirement and start making it relevant to millennials in their 40s, in their 30s.We found through our research that the concepts of health and wealth are inextricably linked. Instead of just applying that insight to a [single ad], we completely changed how that product was delivered, setting up a whole new division within the company with all of our capabilities coming together to actually enable a whole new business. Dua: What do you think you do better than agencies?Hatch: It's incredibly important now to understand the industry you exist in, as well as the shifts in other industries. This is super important to us in helping brands innovate and deliver their messages. It's a really important part of business strategy that consulting firms and we have the most depth in. That's the big difference in terms of what we bring to the table and how strategic we can be.It's also about technology horsepower....Both the depth and breadth of our technology capabilities set us apart.Dua: Yet agencies say that they're seeing consultancies in pitches, but they're not winning as any yet. And even when they are, they haven't seen creative come out of the wins. How do you respond to that?Hatch: I think one thing that's true is that historically, agencies have been very, very public about their work. That's how they build their brands. We're the opposite. We actually work so deeply within companies and have so many [non-disclosure agreements], that we are not used to taking about ourselves or our work. We're doing the work, just not screaming about it from the rooftops.Dua: How much of your job involves you trying to change the perceptions surrounding consultancies? Do consulting firms have a branding problem?Hatch: Contrary to what is said, we have no trouble on actually attracting talent. It is more of a problem on the client side. We are a legacy company as well, historically known for our numbers DNA. There's definitely a perception challenge.I think the biggest challenge is communicating our vision for how the old model needs to be redefined. We don't think that the old model of advertising is what marketers need moving forward, so what we're trying to communicate is this bigger vision. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-nfl-league-usfl-sued-tweet-three-dollars-2017-9">Trump once won a lawsuit against the NFL - but the result was an embarrassment</a></h3> <div> </div> </div>

Huge consulting firms see an opportunity to displace out of touch advertising agencies - and they're taking it

CEO and MD of <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> Anil Sardana has turnaround Tata Power Delhi Distribution story and under this, the discom has scripted a success story.<o:p></o:p>

	Sardana, who has worked with NTPC, BSES in his career spanning more than three decades, is not only a well-known name in the energy sector but is also known for his acumen and no-nonsense style of functioning.<o:p></o:p>

	Sardana’s immediate colleagues say they learn a lot from him and handles toughest of situations with aplomb. <o:p></o:p>

	Serving as the Executive Director (Business Development &amp; Strategy) for Tata Power in 2007, Sardana continued to be on its board till July 2008. Sardana was also the Managing Director of Tata Teleservices Limited for over three years from 2007 to 2011.

	In a free-wheeling interview with Anupama Airy, Sardana spoke about Tata Power’s growth plans and strategies.

	Q: What do you think about the emerging mix of thermal, hydel and renewable energy in the country?

	A: I am happy to see the emerging focus on green energy but on the way forward, as far as long-term sustainable investments in the power sector are concerned, what we need is a policy that defines the energy mix that the country would have in next 5-10-15 years. This clarity will help companies plan their investments in a more systematic manner. Also, this will bring corrections in tendencies to undertake one genre of generation option. For example, while country talks about commitment towards Hydro, our actual portfolio shows dwindling hydro share which is now down to all time low of 14%. It is therefore important to have a guideline on portfolio mix that states should adopt, so that all genres are developed, as per energy security guidance. And above all and before we talk of generation, we need to first improve the off-take and distribution.

	Q: But we have the UDAY scheme for reforming the distribution side and also the state finances? 
	 
	UDAY is an excellent initiative and some states have also come forward and signed agreements. But such schemes existed before as well, albeit in different forms. State power distribution companies have to commit themselves and look at turnaround on a sustainable basis. Given the incentives offered under UDAY, some states have come forward to join scheme in line with the operational and financial efficiency parameters set in the agreements with distribution companies. It is also for the first time that all these agreements have been made public and I must admit that contains an excellent set of deliverables from states and the discoms. It is for the first time that such an elaborate and micro level documentation has been made. It is now to be seen as to how many states on ground level would be able to manage discernible change.

	Interestingly there is also no mention about change through PPP or privatisation in the distribution sector, in case the promised changes were not met.

	Now, if states actually follow the parameters laid under UDAY, the delivery of power with reduced AT&amp;C losses will become a surety. The regulators have to be more proactive in their approach. Else the investment won’t flow just because the opportunity lies. The viability has to be assured before fresh investments flow into generation projects. One has to wait and see how distribution companies respond to this.

	Q: Presently, India’s installed capacity is close to 3 lakh MW but only about 1,40,000 MW or so is available which is less than 50%. So why do we need more generation? 
	 
	See, it is not that demand is not there. Our per capita consumption is 1000 KwH compared to global average is 3000 KwH. Do you know that at least 60-90,000 MW capacity is stacked up by industry as standby back up and thus very high cost power is being produced by the industry using diesel gensets.

	Now, this same requirements can be met out of the available electricity and through the grid, which is a much cheaper option for the industry than spending close to Rs 14-16 a unit on DG set power. So if industries can be assured of stable and quality power, the entire DG generated power can get replaced from this unutilized power that you spoke of. The industry is ready to pay provided the power supply is predictable. Similarly, all out efforts need to be made to enhance off take and per capita consumption.

	Q: What are the investment plans of Tata Power?

	Tata Power’s investment verticals are India and neighbours; Africa; Middle East &amp; Turkey; and Southeast Asia. Going by my past five years’ experience, Tata Power hasn’t taken any decision of investment in India other than renewable. All decisions have gone to the other three geographical verticals. For the simple reason that we found that the rewards were more and risks could be mitigated there. The only investment that has really gone well in India is the renewable. I cannot assure you that we have a particular strategy to invest in India or abroad and it’s simply a function of risk-reward profile.

	Q: Is reducing the cost of coal prices is a big positive for companies like Tata Power? 

	All our assets are performing at good operational level, with our average PLF at over 70%. Most of our power assets are doing well and the robust growth is evident in our results.

	Q: Tata Power is seen concentrating more on non-fossils segment than thermal based projects. What are your expansion plans?

	Well, we don’t have any specific target for geography nor on a specific portfolio. We are investing in India and abroad wherever we see a viable project with reasonable returns &amp; controllable risks. Besides India, we are focussing in three geographies –Southeast Asia, Middle East and Africa. For the Southeast Asian region, we have our headquarters in Indonesia, for Africa it’s in Johannesburg while for Middle East region, we are based out of Turkey in Istanbul. Even in these regions, the investment decisions are based on viability parameters, mitigable risks and returns that are above the threshold.

	Q: But we see the company focussing more on global projects lately…. 
	 
	Like I said, we don’t have any identified projects or places where we should invest or not. Yes the reason for most of our investments in projects outside India is simply because of faster approvals and clearances. We go wherever we can add value for our shareholders.

	Q: Given your experience in Mundra UMPP, will you go for another UMPP as we hear two are on the radar. How has the journey been for Tata Power when it comes to Mundra especially as the coal comes from your mines in Indonesia where change in laws increased the imported coal prices. 
	 
	We do not have any pre-conceived notions and we evaluate a project as the opportunity comes. If another UMPP is offered with all risks covered, we will surely go ahead. If the final bid documents address all risks that a developer has to deal with, we will surely look at the new UMPPs on offer. And when you talk of the impact of higher coal prices on cost of power, the impact is just 25 paise a unit and we still continue to be one of the cheapest. It is easy for me to keep earning my fixed costs with 80% availability but it’s sad that states &amp; country is losing advantageous lowest cost power. The states are bureaucratic to not decide to procure power at low cost. In one of the meetings, a Government Finance expert told procuring states that by not taking a pragmatic call you are sitting on rights of buying 100% of ZERO. Also, unfortunately there is no policy to guide extra availability &amp; extra power into the grid and offer to those who want it at rates inclusive of compensatory tariff and ready to buy. Presently, with lower coal fuel prices, Mundra’s performance is much better compared to what it had been doing in the past though under recovery will continues.

	Q: After successful operations in Delhi, are you open to taking up more distribution franchisee?

	We are ready to take distribution provided states are ready to privatize and offer distribution business to private players.

	<o:p> </o:p>(Anupama Airy is the Founder and Editor of EnergyInfraPost.com and DefenceAviationPost.com. She can be reached at <a href="mailto:anupama.airy@gmail.com" target="_blank">anupama.airy@gmail.com</a>​, Twitter handle: @anupamaairy) 
	 
	(Image: Indiatimes)

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