<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/546cda15dd0895a3608b4585-3111-2333/bill-gates.jpg" alt="Bill Gates" data-mce-source="REUTERS/Gus Ruelas" /><p class="source"><span>REUTERS/Gus Ruelas</span></p><p class="caption">Microsoft cofounder Bill Gates.</p></div><p></p></div></div>Good morning! Here's the technology news you need to know this Wednesday.</p><p><strong>1. <a href="http://uk.businessinsider.com/powa-technologies-lay-offs-redundancies-2016-2" target="_blank">Powa Technologies, the London payments business that went into administration last Friday, has laid off 74 of its 311 staff</a>.</strong> A source close to the company told Business Insider that most of Powa's European sales staff have been let go since Deloitte came in as administrators.</p><p><strong>2. <a href="http://uk.businessinsider.com/bill-gates-apple-should-help-the-fbi-hack-the-san-bernardino-iphone-precedent-microsoft-2016-2" target="_blank">Bill Gates has disputed Apple CEO Tim Cook's assertion that the FBI is trying to get Apple to create a "back door" to the iPhone</a>.</strong> Gates denies that he's backing the FBI in its battle with Apple.</p><p><strong>3. <a href="http://www.reuters.com/article/uber-thailand-motorcyles-idUSL3N1632C4" target="_blank">Uber has picked Bangkok for the launch of its first motorbike taxi service</a>.</strong> The Thai motorbike move is Uber's latest attempt to find ways of delivering new services to suit budget-conscious Asian consumers.</p><p><a href="http://uk.businessinsider.com/powa-technologies-lay-offs-redundancies-2016-2" target="_blank"></a><strong>4. <a href="http://uk.businessinsider.com/spotify-switches-to-google-cloud-platform-2016-2" target="_blank">Spotify has chosen Google Cloud Platform to power its backend infrastructure</a>.</strong> It's a big win for Google given the <a href="http://www.businessinsider.com/why-amazon-is-so-hard-to-topple-in-the-cloud-and-where-everybody-else-falls-2015-10">Google Cloud Platform is seen as a third-place player - at best </a>- next to leading competitors Amazon Web Services and Microsoft Azure.</p><p><strong>5. <a href="http://uk.businessinsider.com/kanye-west-the-life-of-pablo-not-in-charts-tidal-wont-release-streaming-data-2016-2" target="_blank">Kanye West's new album isn't in the charts because Tidal hasn't released streaming data</a>.</strong> Whether or not Tidal releases streaming data is down to the artist - and in this instance West has opted not to make it public, and he's not in the charts as a result.</p><p><strong>6. <a href="http://uk.businessinsider.com/mastercard-wants-to-replace-passwords-with-selfies-2016-2" target="_blank">Mastercard announced at Mobile World Congress that it will roll out an app this summer that lets people approve online payments with selfies and fingerprints</a>.</strong> The app would make traditional passwords obsolete.</p><p><strong>7. <a href="http://uk.businessinsider.com/a-london-coffee-startup-wants-to-raise-1-million-in-crowdfunding-2016-2" target="_blank">London startup Pact Coffee is hoping to secure an additional £1 million in crowdfunding as it looks to change how people get their coffee</a>.</strong> The <a href="https://www.crowdcube.com/investment/pact-coffee-20883?utm_source=pactvanity&amp;utm_medium=referral&amp;utm_campaign=pactcoffee" target="_blank">Pact Coffee Crowdcube campaign</a> allows customers and the general public to invest in Pact Coffee from just £10.</p><p><strong>8. <a href="http://uk.businessinsider.com/snapchat-adds-lenses-for-birthdays-2016-2" target="_blank">Snapchat has added a way to wish your friends a happy birthday over its platform</a>.</strong> The company is introducing lenses that let friends send each other images with a special birthday message.</p><p><strong>9. <a href="http://uk.businessinsider.com/apple-watch-sales-during-holiday-season-look-horrible-2016-2" target="_blank">Apple shipped 4.1 million Apple Watches in the fourth quarter of 2015, according to an estimate from International Data Corporation</a>.</strong> That's only a 5% increase on the amount sold in the third quarter of 2015.</p><p><strong>10. <a href="http://www.wired.co.uk/news/archive/2015-11/03/king-candy-crush-activision-acquisition" target="_blank">Activision Blizzard has completed the purchase of King Digital Entertainment, the makers of "Candy Crush Saga</a><a href="http://www.wired.co.uk/news/archive/2015-11/03/king-candy-crush-activision-acquisition" target="_blank">," for $5.9 billion (£4.2 billion)</a>.</strong> Bobby Kotick, Activision's chief executive, said the company now reaches more than 500 million users "making us the largest game network in the world."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/john-mcafee-iphone-backdoor-terrible-idea-2016-2">John McAfee explains why an iPhone backdoor is a terrible idea</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tlaGwzMTE62pPQuJ3_ceddwSMihTkX0P" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'tlaGwzMTE62pPQuJ3_ceddwSMihTkX0P',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

10 things in tech you need to know today

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56f25083dd0895181c8b4708-1200-900/jony ive illustration.jpg" alt="Jony Ive Apple Portrait Illustration" data-mce-source="Mike Nudelman/Business Insider" /><p class="source"><span>Mike Nudelman/Business Insider</span></p><p class="caption">Jony Ive.</p></div><p></p></div></div>Good morning! Here's the technology news you need to know this Wednesday.</p><p><strong>1. <a href="http://uk.businessinsider.com/apple-rumored-to-be-working-on-two-new-ultra-thin-macbooks-2016-3">Apple is rumoured to be working on two new "ultra-thin" MacBooks.</a></strong> It may be saving the 13 and 15-inch laptops for later this year.</p><p><strong>2. <a href="http://uk.businessinsider.com/facebook-safety-check-not-active-in-belgium-after-brussels-attacks-2016-3">Facebook activated its Safety Check feature in Brussels after the deadly attacks there.</a> </strong>It took more than two hours for Facebook to activate the tool, prompting some frustration.</p><p><strong>3. <a href="http://uk.businessinsider.com/apple-reportedly-in-advanced-talks-to-acquire-imagination-technologies-2016-3">Apple said on Tuesday that it doesn't plan to make an offer on British chip design company Imagination Technologies.</a></strong> Ars Technica reported that Apple was in "advanced talks" with the company.</p><p><strong>4.<a href="http://uk.businessinsider.com/msqrd-acquisition-story-2016-3"> Here's the story of how face-swapping app MSQRD came to be acquired by Facebook.</a></strong> There was a bidding war with other companies.</p><p><strong>5. <a href="http://uk.businessinsider.com/only-22-of-young-brits-said-theyre-likely-to-launch-a-startup-2016-3">Google asked over a 1,000 British teenagers if they wanted to launch a startup and most of them said no.</a></strong> The company is launching a new "Google Future Founders" scheme.</p><p><strong>6. <a href="http://uk.businessinsider.com/how-the-fbi-might-try-to-unlock-iphone-without-apples-help-2016-3">Here's one way the FBI could be planning to break into an iPhone without Apple's help.</a></strong> A forensic expert has outlined one method that could work.</p><p><strong>7. <a href="http://uk.businessinsider.com/pact-coffee-has-made-16-people-redundant-days-after-crowdcube-failure-2016-3">Pact Coffee has cut 16 jobs days after abandoning a £1 million crowdfunding campaign.</a></strong><a href="http://uk.businessinsider.com/pact-coffee-has-made-16-people-redundant-days-after-crowdcube-failure-2016-3"> </a>Pact Coffee CEO and founder Stephen Rapoport confirmed the layoffs with Business Insider.</p><p><strong>8. <a href="http://uk.businessinsider.com/nobody-knows-where-jony-ive-was-at-apples-big-iphone-event-2016-3">Apple launched its latest iPhone without a video from head designer Jony Ive.</a></strong> Nobody knows where he was.</p><p><strong>9. <a href="http://uk.businessinsider.com/oracle-is-suing-hewlett-packard-enterprise-2016-3">Oracle is suing Hewlett Packard Enterprise.</a></strong> Hewlett Packard Enterprise is only about six months old, but it's already being sued.</p><p><strong>10. <a href="http://uk.businessinsider.com/r-amazon-sues-former-employee-over-new-job-at-target-2016-3">Amazon is suing a former employee who is now working at Target to prevent him from revealing trade secrets.</a></strong> He was hired as Target's chief supply chain and logistics officer.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/patagonia-white-giant-glacier-collapse-2016-3">This video of a massive 230-foot glacier collapsing is absolutely mesmerizing</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pndGp4MTE6G_jQrI56sKLTVDdjPpY3q-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'pndGp4MTE6G_jQrI56sKLTVDdjPpY3q-',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c7972412628986f444d3ca9-2000/amy klobuchar in iowa eating.jpg" border="0" alt="Amy Klobuchar in Iowa eating" data-mce-source="AP Photo/Charlie Neibergall" data-mce-caption="2020 Democratic presidential candidate Senator Amy Klobuchar (D-MN) makes her way through the serving line at the Ankeny Area Democrats' Winter Banquet on Thursday, February 21, 2019, in Des Moines, Iowa." /><p class="source"><span>AP Photo/Charlie Neibergall</span></p><p class="caption">2020 Democratic presidential candidate Senator Amy Klobuchar (D-MN) makes her way through the serving line at the Ankeny Area Democrats' Winter Banquet on Thursday, February 21, 2019, in Des Moines, Iowa.</p></div><p></p></div></div></p><ul class="summary-list"><li><p>Over the past few months, 21 out of the 24 Democrats running for president in 2020 sat down with The New York Times to answer 18 questions related to their policy positions, their heroes, and their go-to comfort food on the trail.</p></li><li>Fast food and other comfort food are staples of any political campaign for candidates and staff alike.</li><li>Candidates named everything from vegan cupcakes to hamburgers and whiskey as their go-to comfort food. Here's what they all said.</li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>Over the past few months, 21 out of the 24 Democrats running for president in 2020 <a href="https://www.nytimes.com/interactive/2019/us/politics/2020-candidate-interviews.html" target="_blank" rel="noopener">sat down with The New York Times</a> to answer 18 questions related to their policy positions, their heroes, and their go-to comfort food on the trail.</p><p>Fast food and other comfort food are staples of any political campaign for candidates and staff alike. As much as they may try to stay healthy, the stress of being a presidential candidate and the delicious food offerings in early primary states like Iowa and South Carolina can make it difficult to maintain a healthy diet.</p><p>Here's what every candidate said about their favorite comfort foods and snacks: </p><ul><li>Sen. <a href="https://www.businessinsider.com/who-is-cory-booker-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Cory Booker</a>, who is vegan, said he snacks on vegetables on the campaign trail.</li><li>Rep. <a href="https://www.businessinsider.com/who-is-tulsi-gabbard-bio-age-family-key-positions-2019-4" target="_blank" rel="noopener">Tulsi Gabbard</a> also named vegan cupcakes as her guilty pleasure.</li><li>Both Gov. <a href="https://www.businessinsider.com/who-is-steve-bullock-age-bio-family-key-positions-2019-5" target="_blank" rel="noopener">Steve Bullock</a> and Rep. <a href="https://www.businessinsider.com/who-is-seth-moulton-bio-age-family-key-positions-2019-5" target="_blank" rel="noopener">Seth Moulton</a> said a classic hamburger is their go-to comfort meal.</li><li>Sen. <a href="https://www.businessinsider.com/who-is-elizabeth-warren-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Elizabeth Warren</a>'s comfort snack is chips and guacamole. </li><li>Former Rep. <a href="https://www.businessinsider.com/who-is-beto-orourke-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Beto O'Rourke</a> said he loves "any kind of fast food."</li><li>Sen. <a href="https://www.businessinsider.com/who-is-kamala-harris-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Kamala Harris</a> enjoys "a good french fry ... or just the whole thing."</li><li>Former Rep. <a href="https://www.businessinsider.com/who-is-john-delaney-bio-age-family-key-positions-2019-4" target="_blank" rel="noopener">John Delaney</a> said his go-to order from McDonald's is two grilled chicken sandwiches with no sauce. </li><li>Sen. <a href="https://www.businessinsider.com/who-is-bernie-sanders-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Bernie Sanders</a> joked that he gained three pounds in four days from "too much comfort food" on a trip to the West Coast. </li><li>Both Gov. <a href="https://www.businessinsider.com/who-is-jay-inslee-bio-age-family-key-positions-2019-4" target="_blank" rel="noopener">Jay Inslee</a> and former Gov. <a href="https://www.businessinsider.com/who-is-john-hickenlooper-bio-age-family-key-positions-2019-4" target="_blank" rel="noopener">John Hickenlooper</a> said they enjoy M&amp;Ms, but Inslee joked he made a pact to cut back on the candy for "belt security."</li><li>Mayor <a href="https://www.businessinsider.com/who-is-pete-buttigieg-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Pete Buttigieg</a> said his favorite trail snack is beef jerky - which supporters sometimes give him at events.</li><li>Sen. <a href="https://www.businessinsider.com/who-is-michael-bennet-bio-age-family-key-positions-2019-5" target="_blank" rel="noopener">Michael Bennet'</a>s favorite comfort food is an Italian sausage sandwich from Pass Key in Pueblo, Colorado.  </li><li>Former HUD Secretary <a href="https://www.businessinsider.com/who-is-julian-castro-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Julián Castro</a>'s "comfort drink" is iced tea. </li><li>Rep. <a href="https://www.businessinsider.com/who-is-eric-swalwell-bio-age-family-key-positions-2019-4" target="_blank" rel="noopener">Eric Swalwell</a> said his "comfort coffee" is a mocha. </li><li>Sen. <a href="https://www.businessinsider.com/who-is-amy-klobuchar-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Amy Klobuchar</a>'s go-to comfort food is a baked potato. </li><li>Rep. <a href="https://www.businessinsider.com/who-is-tim-ryan-bio-age-family-key-positions-2019-4" target="_blank" rel="noopener">Tim Ryan</a> said he's an "ice cream guy."</li><li>Sen. <a href="https://www.businessinsider.com/who-is-kirsten-gillibrand-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Kirsten Gillibrand</a> said she enjoys "a glass of whiskey at the end of the night."</li><li><a href="https://www.businessinsider.com/who-is-andrew-yang-bio-age-family-key-positions-2019-3">Andrew Yang</a> said KIND Bars are his go-to on the trail.</li><li>Mayor <a href="https://www.businessinsider.com/who-is-bill-de-blasio-bio-age-family-key-positions-2019-5">Bill de Blasio</a> named pulled pork as his comfort food. </li><li>And <a href="https://www.businessinsider.com/who-is-marianne-williamson-bio-age-family-key-positions-2019-3" target="_blank" rel="noopener">Marianne Williamson</a> said she has no comfort food.</li></ul><h2><a href="https://www.nytimes.com/interactive/2019/us/politics/2020-candidate-interviews.html" target="_blank" rel="noopener">Watch the full 18 questions series at The New York Times&gt;&gt;</a></h2><p><strong>Read more: </strong></p><p><a href="https://www.businessinsider.com/how-much-sleep-do-we-need-2020-dems-dont-sleep-enough-2019-6" data-analytics-position="10" data-analytics-module="homepage-river">Most of the 2020 Democratic candidates said they're not getting enough sleep. So how much sleep do we need?</a></p><p><a href="https://www.businessinsider.com/american-food-aisle-around-the-world-photos-2019-6" data-analytics-position="5">Photos show what the 'American' food aisle looks like in grocery stores around the world</a></p><p><a href="https://www.businessinsider.com/best-hot-dog-to-buy-comparison-2019-6" data-analytics-position="5">We tried 5 different hot dog brands and the winner was a classic</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/youtube-allows-hate-speech-harassment-steven-crowder-carlos-maza-2019-6">YouTube is in dangerous territory after not removing a video that ridiculed a Vox producer for being gay</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/2EWff8O8-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

From whiskey to vegetables to cupcakes, here are the 2020 Democratic candidates' favorite campaign trail comfort foods

<img src="https://static-ssl.businessinsider.com/image/5e7b9ad30c2a62493c026b78-2000/2020-03-25t174319z13450318rc25rf9ef8bmrtrmadp3health-coronavirus-usa-new-york.jpg" alt="New York Coronavirus" /><ul class="summary-list"><li>I've been reporting on the <a href="https://www.businessinsider.com/coronavirus-live-updates-latest-news">coronavirus pandemic</a> for Business Insider since early January.</li><li>Two weeks ago, I started feeling mild symptoms: body aches and chills. A week later, I had trouble finishing a sentence without gasping for air.</li><li>Two doctors told me I had COVID-19, but my case wasn't severe enough to test or to admit me to the hospital. I've been waiting it out at home.</li><li>I had prepared all along for this possibility, but it seems my local and federal officials hadn't.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>If I've learned one thing from covering the coronavirus pandemic for nearly three months, it's to <a href="https://www.businessinsider.com/how-to-prepare-for-coronavirus-pandemic-quarantine-2020-2">prepare for the worst</a>. When New York state announced its first case on March 1, I immediately purchased two weeks' worth of toilet paper, disinfectant wipes, food, and coffee. I ordered a 30-day supply of essential medications.</p><p>For the next two weeks, I fielded my friends' frantic questions about whether they should continue to go to workout classes (probably not) or if it was safe to take a walk outside (yes, but stay 6 feet from others).</p><p>When New York City ordered the closure of bars, restaurants, and schools on March 15, I made a pact with my two roommates and our four neighbors that we would only see each other from then on. We were seven people in total - well within the Trump administration's <a href="https://www.whitehouse.gov/wp-content/uploads/2020/03/03.16.20_coronavirus-guidance_8.5x11_315PM.pdf">mandate to limit social gatherings</a> to 10 people or less.</p><p>Two days later, my body started to ache. </p><p>The timing, I knew, was suspicious, but I was comforted by the fact that I had none of <a href="https://www.businessinsider.com/coronavirus-covid19-day-by-day-symptoms-patients-2020-2">the virus' main symptoms</a>: a fever, dry cough, or difficulty breathing.</p><p>I also knew that the people most likely to develop severe cases of the virus are <a href="https://www.businessinsider.com/why-more-men-die-from-coronavirus-than-women-2020-3">older men with underlying health problems</a>. Since I check none of those boxes, I wondered whether my illness was psychosomatic.</p><p>But doctors had told me that <a href="https://www.businessinsider.com/coronavirus-case-children-infants-low-disease-expert-explain-why-2020-2">every person is vulnerable to infection</a>. So when chills set in within 24 hours, I knew something was wrong. I could see why people might mistake symptoms like mine for the flu, but there was something unique about the pain coursing through my body.</p><p>It felt like I had run a marathon, then been hit by a car. I decided to self-isolate inside my apartment. </p><p>In the weeks to come, my reporting helped me understand what was happening inside my body and when to seek medical help. But none of it could have prepared me for the way it felt to sit alone in the emergency room, struggling to breathe.</p><h2>Turned away at the emergency room </h2><p>The aches lasted for a few days, then got progressively better over the first weekend of my illness. I assumed my health was on the upswing. I had forgotten my mantra to expect the worst. </p><p>Almost a week after my symptoms started, I started to feel pain in my rib cage. There was a pressure, too - as if someone was squeezing my lungs like an accordion. My breathing felt heavy.</p><p>I scheduled a virtual appointment with a doctor, who told me to go to urgent care if my symptoms worsened. By that afternoon, I was having trouble finishing a sentence without gasping for air. A trip from the bedroom to the bathroom in my small New York City apartment left me so winded that I had to sit down - all this for someone who had been running 6 miles every Saturday along the East River.</p><p>The 1-mile walk to urgent care left me panting. I took breaks along the way.</p><p>When I arrived, I was given a face mask and escorted to a waiting room. No one else was there, and the doctor saw me almost immediately. He confirmed what I had suspected: I almost certainly had COVID-19. But the urgent care clinic wasn't administering tests. </p><img src="https://static-ssl.businessinsider.com/image/5e84b53f487c224e10540242-2316/aria bendix in hospital.jpeg" alt="Aria Bendix in hospital" /><p>Instead, the doctor took my oxygen levels and asked me to walk and talk at the same time. Then he gave me a choice: I could be taken to the emergency room in an ambulance, or go home and try to ride the symptoms out.</p><p>Having written about the US's <a href="https://www.businessinsider.com/cdc-coronavirus-testing-error-resolved-by-throwing-away-reagent-2020-3">coronavirus testing issues</a>, I knew that New York's capacity was woefully limited. I also knew that hospitals were starting to overfill with COVID-19 patients. I went home to lie down.</p><p>By the evening, I couldn't take the searing sensation in my ribs or the race to catch my breath any longer. I asked a friend to drive me to the ER. Both of us wore face masks.</p><p>I sat in the waiting room, alone, for about an hour. Then I was taken to a pressure-controlled room about the size of a closet. When the doctor arrived, she told me there was nothing she could do to treat my symptoms. The fact that I could speak full sentences was a good sign, she said. In fact, she added, I was an example of why young people with mild cases needed to stay home. </p><p>Since New York City hospitals are currently <a href="https://www.businessinsider.com/how-to-get-a-coronavirus-test-in-new-york-city-2020-3">reserving tests for people with the most severe illnesses</a>, many of the city's reported cases are acute patients. But research from the Chinese Center for Disease Control and Prevention indicates that <a href="https://www.businessinsider.com/coronavirus-80-percent-cases-are-mild-2020-2">most coronavirus cases are mild</a>, suggesting that the majority of infections in New York City - including my own - don't factor into the official case count.</p><p>"We unfortunately just aren't able to test everyone, even though we wish we could," Megan Coffee, an infectious-disease clinician in New York City, told me. "Right now we're having to focus on everybody who needs intubation and critical care."</p><p>Still, <a href="https://www1.nyc.gov/site/doh/covid/covid-19-data.page">data from the New York City health department</a> shows that people under age 44 represent about a fifth of the city's coronavirus hospitalizations and <a href="https://www.businessinsider.com/new-york-city-coronavirus-cases-deaths-hospitalizations-by-age-chart-2020-3">the majority of the city's diagnosed cases</a>. Of the more than 36,000 cases reported at the end of March, more than 15,000 were among those ages 18 to 44. </p><p>My case is far from an anomaly. But as far as the data is concerned, it doesn't exist.</p><p>In the emergency room, I asked the doctor what it would take for my case to no longer be considered mild - or even to warrant a test. The doctor said I would have to struggle to breathe while seated. (I certainly felt that way, but what more was there to say?) The hospital could do a chest X-ray, the doctor added, but it would only confirm what they already knew: I had the virus.</p><p>Before I was discharged, the doctor told me to come back if my condition deteriorated. I could barely imagine what that would feel like. </p><h2>We shouldn't wait for death to spring into action</h2><p>After about another week of sleepless nights and labored breathing throughout the day, I started to feel like I could inhale normally. That was around the same time that I developed a sore throat. For around 24 hours, I struggled to swallow food or liquid. </p><p>By day 14 of my symptoms - the day I was supposed to no longer be contagious - the aches returned. I felt like I was back to square one, but at least I could breathe.</p><p>Now it takes a few laps around the apartment to make me winded. My body still feels like it has been run over by a truck. A clinician has advised me to remain indoors until my symptoms subside, whenever that may be. </p><p>It seems like a lifetime ago that I was <a href="https://www.businessinsider.com/canadian-citizen-quarantined-in-wuhan-with-cat-on-lockdown-2020-2">interviewing people confined to their apartments</a> in Wuhan, China. </p><p>I had prepared for this to become reality from the outset of my reporting. My political leaders, however, did not. </p><p>"There was so much optimism at the beginning," Joshua Sharfstein, a vice dean at the Johns Hopkins Bloomberg School of Public Health, told me a few weeks ago. "There was not a sense of urgency in the government writ large. People were downplaying the risks and telling people that there wasn't reason to be concerned."</p><p>From a testing standpoint, the government didn't take the crisis seriously until mid-March, Alex Greninger, assistant director of the University of Washington Medicine Clinical Virology Laboratory, told me. By that time, many Americans - including me - had already gotten sick. </p><p>"It would have been helpful to know that it was spreading here," Greninger said. "Unfortunately it took real morbidity and mortality. It took the Italians. It took spread in Europe. It took death - I don't know another way to say it - to really invoke social distancing."</p><p>It also takes death, or at least the imminent possibility of it, to be admitted to a hospital or receive a test in New York City. Given that, I'm grateful I didn't require either.</p><p class="tagline"><i>Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.</i></p><p><i>And get the latest <a href="/coronavirus-business-impact">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses.</i></p>

I reported on the coronavirus for 3 months - then I got it. Here's what my battle with COVID-19 has been like.

<img class="gwt-Image" src="/photo/55111950.cms" />In 2016, <keyword id="13486" type="COUNTRY" weightage="20" keywordseo="Vietnam">Vietnam</keyword> will mark the 30th anniversary of the launch of the Đổi Mới reforms, which marked the beginning of Vietnam’s efforts to reform and transform its economy. At the time, the country was still recovering from decades of conflict, was insular, and overly dependent on long-time allies such as the Soviet Union. In just one generation, Vietnam has become one of the fastest growing economies in the world, and trade has played a starring role in that transformation.<br />
<br />
In a few short years, Vietnam has become a manufacturing hub, particularly for the electronics industry and the apparel and footwear industry, with most of the products exported to markets around the world. Foreign direct investment in Vietnam continues to be robust, with billions of dollars being invested by companies from Korea, Japan, Thailand, the United States and other countries, with the majority going towards manufacturing. Vietnam’s agricultural products are also in demand around the world, and the country is one of the world’s top exporters of rice, coffee, fish and shrimp, and a range of other agricultural products.<br />
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<img class="gwt-Image" src="/photo/55111909.cms" /><br />
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<strong>Trends in Vietnam’s GDP per capita and exports, 1986 – 2016</strong><br />
<br />
It was just about a year ago that negotiations around the landmark TPP were successfully concluded, and there was great fanfare about the benefits it is expected to bring to Vietnam. Since then, the political situation in the US has evolved in a way that makes passage unlikely this year – if ever. Likewise, Vietnam’s free trade agreement with the EU is a far-reaching pact that is expected to go into effect in 2018, but Brexit has called into question the whole concept of the EU; will other nations follow the UK’s example?<br />
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Another multilateral pact, the Regional Comprehensive Economic Partnership (RCEP), encompasses ASEAN’s ten members plus six other countries including India and China, and remains under negotiation nearly five years since it was first proposed; Singapore Prime Minister Lee recently said that talks were progressing rather slowly. None of this would be happening had Vietnam’s government not made a concerted effort to open up the country and build relationships with countries around the world.<br />
<img class="gwt-Image" src="/photo/55111938.cms" /><br /> In 2007, Vietnam joined the <keyword id="126959" type="ORGANIZATION" weightage="20" keywordseo="World-Trade-Organization">World Trade Organization</keyword>, marking the start of its integration into the global economy. Since then, the country has negotiated and/or entered into 16 free trade agreements, on both a bi- and multilateral basis. Recent agreements include those with Korea, the Russian Federation, the <keyword id="3145781" type="ORGANIZATION" weightage="20" keywordseo="ASEAN-Economic-Community">ASEAN Economic Community</keyword> (AEC), the EU, and of course the Trans-Pacific Partnership (TPP).<br />
<br />
<strong>What does all of this mean to Vietnam? </strong>Clearly the possible failure of TPP would be disappointing. Meanwhile the effects of Brexit remain to be seen. Regardless of what happens, there is no chance that Vietnam’s growth will be stopped – trade has become the cornerstone for its economy, and I would expect the government to enter into bilateral agreements with those TPP members with which it does not currently have agreements, and will negotiate a separate agreement with the UK at the appropriate time. But all of these developments point to the extreme difficulty of negotiating, let alone eventually ratifying multinational agreements, and the future of large economic communities could be called into question.<br />
<br />
The progress made by ASEAN nations over the past two decades has been nothing short of breathtaking, and trade has been and will continue to be a critical part of the region’s ongoing development. Trade encompasses so much more than simply producing and selling goods – it is a catalyst for progress, for greater exposure to and integration with the world, and ultimately for improving peoples’ lives. It is a multi-faceted topic, and that is why I am excited to be a part of the panel discussion at this year’s Insights ASEAN Summit.<br />
<br /> (The article is authored by By <keyword id="3791307" type="UNKNOWN" weightage="20" keywordseo="don-lam">Don Lam</keyword>, CEO and Founding Partner for VinaCapital, who is also a Member of <keyword id="852310" type="ORGANIZATION" weightage="20" keywordseo="YPO">YPO</keyword> since 2010)<br />
<br />
(YPO is a global community of chief executives dedicated to becoming Better Leaders through Lifelong Learning and Idea ExchangeTM. The YPO platform provides more than 24,000 members in more than 130 countries. For more information, visit www.ypo.org.)

The future of trade and growth in Southeast Asia

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/568d21c7dd0895d92e8b4598-1331-998/rtx1fp6x.jpg" alt="Tim Cook" data-mce-source="REUTERS/Robert Galbraith" data-mce-caption="Apple CEO Tim Cook delivers his keynote address at the Worldwide Developers Conference in San Francisco, California June 8, 2015." /><p class="source"><span>REUTERS/Robert Galbraith</span></p><p class="caption">Apple CEO Tim Cook delivers his keynote address at the Worldwide Developers Conference in San Francisco, California June 8, 2015.</p></div><p></p></div></div>Good morning, here's the technology news you need to know this Tuesday.</p><p><strong>1. <a href="http://uk.businessinsider.com/apple-iphone-se-photos-specs-features-2016-3">Yesterday Apple announced a new, 4-inch iPhone: The iPhone SE.</a></strong> It's going to cost $399 (£278) without a contract, or free with a two-year contract.</p><p><strong>2. <a href="http://uk.businessinsider.com/apple-new-ipad-pro-ipad-air-2016-3">Apple also announced a new, 9.7-inch iPad Pro.</a></strong> That's smaller than the 12.9-inch iPad Pro that was previously released.</p><p><strong>3. <a href="http://www.nytimes.com/2016/03/22/technology/apple-fbi-hearing-unlock-iphone.html?_r=0">The US government has postponed tomorrow's hearing with Apple and says it may not need the company to unlock an iPhone after all.</a></strong> An outside party instructed the government on a way to unlock the contested iPhone without help from Apple.</p><p><strong>4.<a href="http://uk.businessinsider.com/jury-awards-hulk-hogan-another-25-million-in-damages-in-gawker-trial-2016-3"> Gawker has been hit with another $25 million (£17.4 million) in damages in the Hulk Hogan sex tape trial.</a></strong> That's on top of the $115 million (£80 million) damages awarded last week.</p><p><strong>5.<a href="http://uk.businessinsider.com/john-hopkins-researchers-discover-encryption-flaw-imessage-matthew-green-apple-iphone-2016-3"> Security researchers discovered a flaw in Apple's messaging system that could let hackers intercept photos.</a></strong> Apple fixed the issue in iOS 9.3, which was released yesterday.</p><p><strong>6. <a href="http://uk.businessinsider.com/tunepics-and-innovate7-shut-down-2016-3">Tunepics, the UK music and photo-sharing startup that promised to "define a generation," has shut down.</a></strong> CEO Justin Cooke confirmed the closure to Business Insider.</p><p><strong>7. <a href="http://uk.businessinsider.com/analyst-startups-are-turning-out-to-be-donkeys-not-unicorns-2016-3">An analyst says that food delivery and valet parking startups are turning out to be "donkeys not unicorns."</a></strong> This kind of startup can get into financial trouble.</p><p><strong>8. <a href="http://uk.businessinsider.com/london-cocktail-club-abandons-750000-crowdcube-campaign-2016-3">London Cocktail Club has cancelled its crowdfunding campaign on Crowdcube.</a></strong> That follows the cancellation of the Pact Coffee campaign last week.</p><p><strong>9. <a href="http://uk.businessinsider.com/elon-musk-and-wife-talulah-riley-file-for-second-divorce-2016-3">Elon Musk and his wife have filed for their second divorce.</a></strong><a href="http://uk.businessinsider.com/elon-musk-and-wife-talulah-riley-file-for-second-divorce-2016-3"> </a>Talulah Riley filed to divorce Musk on Monday in Los Angeles Superior Court.</p><p><strong>10. <a href="http://uk.businessinsider.com/kindle-users-need-to-update-their-devices-by-tuesday-or-theyll-stop-connecting-to-the-internet-2016-3">Kindle users need to update their devices by today or they'll stop connecting to the internet.</a></strong> The only way to fix a Kindle that didn't receive the update is to connect it to a computer and manually install the update.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/burn-survivor-is-now-a-makeup-star-2016-3">This burn survivor has become a makeup star on YouTube</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hkd2VxMTE6-2NtpfPRHNbvUu-FNA99C5" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'hkd2VxMTE6-2NtpfPRHNbvUu-FNA99C5',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55ed4c8fdd0895356c8b460f-1781-1336/rtr4szi9.jpg" alt="jeremy clarkson" data-mce-source="Reuters / Stefan Wermuth / BI illustration" data-mce-caption="Jeremy Clarkson watches from the stands as Chelsea play Paris St Germain in the UEFA Champions League Second Round Second Leg at Stamford Bridge, London, England - March 11, 2015." /><p class="source"><span>Reuters / Stefan Wermuth / BI illustration</span></p><p class="caption">Jeremy Clarkson watches from the stands as Chelsea play Paris St Germain in the UEFA Champions League Second Round Second Leg at Stamford Bridge, London, England - March 11, 2015.</p></div><p></p></div></div>Good morning, here's the technology you need to know to start off the week.</p><p><strong>1. <a href="http://uk.businessinsider.com/apples-new-iphone-and-how-to-stream-the-new-iphone-launch-2016-3">Apple will hold an event at its Cupertino campus later today where it's expected to reveal a new, smaller iPhone, a smaller iPad Pro, and accessories for the Apple Watch.</a></strong> There could be surprises, however.</p><p><strong>2. <a href="http://uk.businessinsider.com/gawker-loses-sex-tape-fight-with-hulk-hogan-2016-3">Gawker lost its lawsuit with wrestler Hulk Hogan over a sex tape posted on its site, and so far a jury has awarded Hogan $115 million (£80 million) in damages.</a></strong> The jury will meet again today to decide whether to award even more damages.</p><p><strong>3. <a href="http://uk.businessinsider.com/pact-coffee-abandoned-its-crowdfunding-campaign-2016-3">Pact Coffee abandoned its £1 million crowdfunding campaign after raising less than a fifth of its target.</a></strong> It cancelled the Crowdcube campaign with days left to go.</p><p><strong>4. <a href="http://uk.businessinsider.com/twitter-is-turning-10-years-old-march-21-2016-3">Twitter turns 10 years old today.</a></strong> The company started celebrating the anniversary last night.</p><p><strong>5. <a href="http://uk.businessinsider.com/jeremy-clarkson-gave-up-drinking-to-negotiate-amazon-prime-deal-2016-3">Jeremy Clarkson gave up drinking to "stay sharp" while negotiating his Amazon Prime deal.</a></strong> It took between four and five months.</p><p><strong>6. <a href="http://uk.businessinsider.com/netflix-pays-90-million-for-will-smith-movie-2016-3">Netflix will pay more than $90 million (£62 million) for a new Will Smith movie.</a></strong> It's a cop thriller called "Bright."</p><p><strong>7. <a href="http://uk.businessinsider.com/facebook-and-yahoo-talking-tumblr-ad-partnership-2016-3">Yahoo may let Facebook sell ads on Tumblr to get the business back on track.</a></strong> The website is only able to sell ads on 10% to 15% of its available inventory of web pages.</p><p><strong>8. <a href="http://uk.businessinsider.com/microsoft-scantily-clad-dancers-for-gdc-afterparty-2016-3">Microsoft apologised after hiring scantily clad "schoolgirl" dancers for a party that it hosted.</a></strong> Microsoft Xbox boss Phil Spencer issued a full apology.</p><p><strong>9. <a href="http://uk.businessinsider.com/mark-zuckerberg-runs-in-beijing-without-wearing-mask-2016-3">People are criticising Facebook CEO Mark Zuckerberg for taking a run in Beijing without wearing a mask.</a></strong> They claim that it sets a dangerous example to tourists.</p><p><strong>10. <a href="http://uk.businessinsider.com/evernote-replaces-leadership-team-2016-3">Evernote's CEO ripped out and replaced his entire leadership team.</a></strong> New CEO Chris O'Neill introduced seven new executives.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/little-known-google-features-2016-3">5 awesome Google features you didn't know about</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J5Y2U3bzoIG_b9FvwXC1b1SZa9sN8clG" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'J5Y2U3bzoIG_b9FvwXC1b1SZa9sN8clG',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/556c862feab8ea4c0cb5ebbd-1200-924/diriyah-saudi-arabia.jpg?maxX=480" border="0" alt="DIRIYAH, Saudi Arabia" width="480"><p class="source"><span>REUTERS/Fahad Shadeed</span></p><p class="caption">A view of the ruins of the city of Diriyah, which are being restored, 20km (12 miles) west of Riyadh, September 20, 2012.</p></img></div><p></p></div>Saudi Arabia's recently crowned King Salman is making the birthplace of his government's ruling ideology into a tourist attraction, <a href="http://www.nytimes.com/2015/06/01/world/middleeast/saudis-turn-birthplace-of-ideology-into-tourist-spot.html?_r=0">according to</a> The New York Times.</p><p>A massive complex with parks, restaurants, museums, coffee shops, and a foundation near the capital of Riyadh will be finished in two years and take $500 million to build.</p><p>The Times notes that the development, which will be in the town of Diriyah, is a "pet project" of Salman's that's meant to "reinforce the royal family's national narrative." The complex will showcase the Saudi kingdom's conservative religious ideology, referred to as Wahhabism, that has been criticized for being intolerant and fundamentalist.</p><p>Saudi officials are trying to promote a positive image of Wahhabism with the vast new complex.</p><p>"It is important for Saudis who are living now, in this century, to know that the state came from a specific place that has been preserved and that it was built on an idea, a true, correct and tolerant ideology that respected others," Abdullah Arrakban, an official who is working the project, told the Times.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/556c8e3f6bb3f79007cba7ad-617-364/screenshot 2015-06-01 12.53.54.png" border="0" alt="Screenshot 2015 06 01 12.53.54"><p class="source"><span>Google maps</span></p><p class="caption">Diriya is right outside the capital of Ridayh.</p></img></div><p></p></div></div>Diriya is where the founder of Wahabist ideology first convinced the tribe that became Saudi Arabia's ruling family to promote his ideas.</p><p>"<span style="line-height: 1.5em;">The </span><span style="line-height: 1.5em;">Saudi-Wahhabi</span><span style="line-height: 1.5em;"> pact goes back to the eighteenth century when Sheikh </span><a href="http://www.al-islam.org/new-analysis-wahhabi-doctrines-muhammad-husayn-ibrahimi/life-account-shaykh-ibn-%E2%80%98abd-al-wahhab-and">Muhammad ibn 'Abd al-Wahhab</a><span style="line-height: 1.5em;"> (1703-1792), the founder of the </span><span style="line-height: 1.5em;">Wahhabi-Salafi</span><span style="line-height: 1.5em;">school of Islam traveled to </span><span style="line-height: 1.5em;">Diriya</span><span style="line-height: 1.5em;">, the stronghold of the Saudi tribe, and struck a deal with its chief," a<span>ccording to Robert G. Rabil in the National Interest.</span></span></p><p><span style="line-height: 1.5em;">Rabil writes that "the pact served the interest of both parties by expanding their respective political and religious influence throughout the regions of </span><span style="line-height: 1.5em;">Najd</span><span style="line-height: 1.5em;"> and </span><span style="line-height: 1.5em;">Hijaz." </span></p><p><span style="line-height: 1.5em;">Hijaz is the eastern region of Saudi Arabia that's home to the holy cities of Mecca and Medinah.</span></p><p>This complex in Diriya could be just as much about projecting the royal family's authority as it is about honoring the country's religious roots, the Times notes. The Saudi government has destroyed or ignored other historical sites.</p><p>"Diriyah is extremely important in this because for the Saud, it all started there and they want to say that the Arabian Peninsula had no history before them," <span>Madawi al-Rasheed, who has written books on Saudi history, told the Times."</span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/556c86b0ecad04a554828fed-1200-924/a-general-view-shows-the-four-faced-clock-atop-the-abraj-al-bait-towers-stands-over-the-holy-kabaa-as-hundreds-of-thousands-of-muslims-circle-the-kaaba-inside-and-outside-the-grand-mosque-in-mecca-saudi-arabia-late-saturday-aug-20-2011-2.jpg" border="0" alt="A general view shows the four-faced clock, atop the Abraj Al-Bait Towers, stands over the holy Kabaa as hundreds of thousands of Muslims circle the Kaaba inside and outside the Grand Mosque in Mecca, Saudi Arabia, late Saturday, Aug. 20, 2011."><p class="source"><span>AP Photo</span></p><p class="caption">Mecca</p></img></div><p></p></div></div></p><p><span style="line-height: 1.5em;">This isn't only instance of the Saudi royal family putting its distinct stamp on a place of historical or religious significance.</span></p><p><span style="line-height: 1.5em;">Mecca, the Saudi Arabian city Muslims from all over the world travel to for the annual hajj pilgrimage, is also undergoing a wide-scale redevelopment, the Associated Press </span><a href="http://www.businessinsider.com/mecca-is-being-overhauled-and-people-are-furious-2014-10">reported last year</a><span style="line-height: 1.5em;">.</span></p><p>Skyscrapers, "monumental luxury hotel towers," and malls have replaced centuries-old neighborhoods, according to the AP. Historic sites have been destroyed to allow for this building boom.</p><p>One architect called it "Mecca-hattan."</p><p>The development has been criticized for going against that which it seemingly seeks to promote - religion. The AP noted that critics say the new buildings rob Mecca of its "more than 1,400-year-old message that all Muslims, rich or poor, are equal before God as they perform the rites meant to cleanse them of sin."</p><p>The newly constructed malls five-star hotels in Mecca, however, cater to the wealthy.</p><p>As in Diriyah, the Saudi monarchy is behind the changes. The AP reported that Mecca is a "key source of prestige" for the kingdom.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-stars-real-life-2015-4">Here's what 'Game of Thrones' stars look like in real life</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NzaTRldDoXZcQw9XO6NGGy8J2dbDaF1A" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'NzaTRldDoXZcQw9XO6NGGy8J2dbDaF1A',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

King Salman is overhauling the birthplace of Saudi Arabia's ideology

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56f234c4dd0895bb138b4719-1823-1367/rtsbm7b.jpg" alt="bru airport" data-mce-source="Reuters" data-mce-caption="A soldier stands near broken windows after explosions at Zaventem airport near Brussels, Belgium, March 22, 2016" /><p class="source"><span>Reuters</span></p><p class="caption">A soldier stands near broken windows after explosions at Zaventem airport near Brussels, Belgium, March 22, 2016</p></div><p></p></div></div></p><p>Good morning! Here's what you need to know on Wednesday.</p><p><strong>1. <a href="http://uk.businessinsider.com/brussels-attack-suspects-2016-3" target="_blank">An international manhunt is underway to find a man suspected to have been involved in the bombings at Brussels airport. </a></strong>Belgian authorities released CCTV footage which shows three men suspected of carrying out Tuesday's attacks which killed at least 34 people.</p><p><strong>2. <a href="http://uk.businessinsider.com/isis-brussels-attacks-2016-3" target="_blank">Islamic State has claimed responsibility for the attacks on Zaventem Airport and on the Maelbeek metro station.</a> </strong>In a statement issued from the Amaq Agency, an ISIS-affiliated online channel, the terror group threatened that "dark days" were ahead for the West.</p><p><strong>3. <a href="http://uk.businessinsider.com/3-american-missionaries-injured-in-brussels-2016-3" target="_blank">Among those injured in Tuesdays attacks were three Mormon missionaries from Utah and a French missionary.</a> </strong>A Peruvian mother of three-year-old twins who was checking for a flight at Zaventem Airport was among those killed in the bombing, Sky News reports.</p><p><strong>4. <a href="http://uk.businessinsider.com/donald-trump-wins-arizona-results-2016-3" target="_blank">Republican presidential frontrunner Donald Trump has won another key state, making his path to his party's nomination even clearer.</a><span> </span></strong>A number of media outlets projected late Tuesday night that Trump would win the winner-take-all Arizona primary.</p><p><strong>5. <a href="http://uk.businessinsider.com/hillary-clinton-arizona-results-2016-3" target="_blank">Hillary Clinton gained another victory against Democratic presidential rival Bernie Sanders on Tuesday night.</a></strong> The Associated Press and ABC News projected Clinton would clinch Arizona, striking another blow to Sanders' campaign.</p><p><strong>6. <a href="http://www.businessinsider.com/r-twitter-testing-new-stickers-feature-report-2016-3" target="_blank">Twitter is testing a new feature called 'Stickers' to add images to photos before tweeting them, tech news site Re/code reported on Tuesday.</a></strong> The feature will also let Twitter users see how others around the world have edited the photo</p><p><strong>7. <a href="http://uk.businessinsider.com/pact-coffee-has-made-16-people-redundant-days-after-crowdcube-failure-2016-3" target="_blank">London startup Pact Coffee has cut 16 jobs less than a week after it abandoned a £1 million crowdfunding campaign.</a></strong> The company terminated its crowdfunding campaign last Wednesday after raising £190,000, less than a fifth of its overall target.</p><p><strong>8. <a href="http://uk.businessinsider.com/r-bookmakers-shorten-brexit-odds-after-brussels-attacks-2016-3" target="_blank">The odds of Britain voting to leave the European Union in a June referendum narrowed on Tuesday as attacks in Brussels were seen boosting the 'Out' campaign.</a></strong> Bookmaker Paddy Power <span></span><span></span>narrowed its odds on a Brexit to 7/4, or 36 percent, from 2/1, or 33 percent.</p><p><strong>9. <a href="http://uk.businessinsider.com/uk-inflation-february-2016-3" target="_blank">UK inflation came in at 0.3% for February, according to official figures released on Tuesday.</a></strong> The Office for National Statistics says the consumer price index - the key measure of inflation - held steady at 0.3%.</p><p><strong>10. <a href="http://www.businessinsider.com/afp-us-airstrike-killed-dozens-at-qaeda-camp-in-yemen-pentagon-2016-3" target="_blank">US military planes killed dozens of fighters at an Al-Qaeda affiliate's training camp in a mountainous region of Yemen, the Pentagon said.</a><span> </span></strong>"The camp was located in the mountains, and was being used by more than 70 AQAP terrorists," Pentagon spokesman Peter Cook said.</p><p><strong>And finally ... <a href="http://uk.businessinsider.com/inside-goldman-sachs-day-in-the-life-technology-analyst-2016-3" target="_blank">This is what a day in the life of a technology analyst at Goldman Sachs is like.</a></strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-billionaires-real-estate-trick-sell-their-penthouses-faster-for-more-money-2016-3">The real estate trick billionaires use to sell their penthouses faster and for more money</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VycG0yMjE69omwf5-yxWoSA5EDyVrymY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; 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The 10 most important things in the world right now

<img src="https://static-ssl.businessinsider.com/image/5e8f32590b3c9b3a21374f12-1035/screen shot 2015-11-04 at 82850 am.png" alt="Carl Icahn" /><p class="source"><span>Dealbook Conference</span></p><ul class="summary-list"><li>Over the past month, as the coronavirus spread throughout the globe, some activist investors increased their stakes in public companies on the cheap.</li><li>The activity prompted law firms, including influential activism defense firm Wachtell Lipton, to issue memos, calling out what they perceived to be "aggressive" behavior. </li><li>Now, a longstanding debate surfaces yet again about the role of the activist, a name that at least some in the profession wish to change, given its connotation of pushing for change at a company for profit. </li><li>Business Insider documented the spat between these investors and attorneys who are paid to defend their targets. Reach out to us with any tips or comments about the latest activism activity. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Click here for more BI Prime stories.</a></li></ul><p>On the last day of March, two partners at the law firm of Wachtell Lipton polished off a memo to their clients, lawyers, and Wall Street at large, and touched a nerve in the tight-knit community of activist investors and their advisors. </p><p>The memo, titled "Activists Will Show Their True Colors in COVID-19 Pandemic," struck at the heart of a long-running tension between investors who mount stakes in public companies, sometimes to overhaul management, and the people who defend the boards of directors of the businesses they target.</p><p>This time around, the defense side was zeroing in on whether activist investors were taking advantage of the depressed market by aggressively pushing forward campaigns while businesses were at their most vulnerable, during the spread of the novel coronavirus. </p><p>The disease, which scaled up in late February, now has killed more than 80,000 people worldwide and wrought chaos at shuttered hotels, airlines, and amusement parks, some of which have had to seek emergency loans to keep themselves afloat as government officials order U.S. citizens to stay indoors.</p><p>While that's meant consumers have kept money in their wallets the past month, the same cannot be said for activist investors.</p><p>"A number of activist investors continue to over-reach in their private (and public) demands of companies and are seizing the opportunity from reduced valuations to increase their positions in existing targets and build new positions," wrote Wachtell partners David Katz and Sabastian Niles.</p><p>Disclosures to the US Securities and Exchange Commission of building more than 5 percent stake in companies - otherwise known as 13D filings - accumulated in March as stock markets plunged, and many activists are fundraising to have additional firepower, they wrote. </p><p>Meanwhile, some activists are continuing to make "aggressive buyback demands" and "ill-advised attempts to remove key board members and board leaders with the experience and judgment to help the company navigate the current crisis," the firm wrote.</p><p>Comments like those, of course, may make companies want to hire Wachtell as a top activism defense firm, making it far from an unbiased observer. </p><p>The firm, founded in 1965, has made its name - and hefty fees - for defending companies against hostile takeovers and has cultivated a warchest of legal and strategic maneuvers that boards of directors can use to protect themselves from being unseated in activist campaigns.</p><p>The comments show how the defense side is gearing up and leaning on painting some activists as opportunists amid a crisis. So far, it appears that companies are listening.</p><p>A review of 13D filings and sources familiar with them turned up multiple instances of activists mounting stakes in public companies - so much that they have triggered management to enact poison pills, a defense strategy designed to protect against a hostile takeover.</p><p>These companies include natural gas pipeline operator Williams Companies, budget airline Spirit, oil and gas exploration and production company Occidental Petroleum, and Chefs' Warehouse, which sells upscale food to restaurants. </p><p>Although Wachtell gave some activist investors credit, saying that they gave management "breathing space" during the emergency, that was not the main takeaway for activists and their advisers who read the memo and spoke with Business Insider in the subsequent days.</p><p>Some of them grumbled privately about how the law firm was trying to market their services to prospective clients and that the depressed market didn't mean activists should be laying down their weapons - to the contrary, it meant companies needed good management more than ever and activists should be fighting for it.</p><p>Others were not so private with their response.</p><p>"It's reprehensible, yet unsurprising, that Wachtell is twisting this crisis and unprecedentedly difficult economic environment into an opportunity to bash activist investors," said Andrew Freedman, an attorney who has represented activists in some of their biggest campaigns, including Starboard Value's stake in Papa John's and AECOM, as well as Elliott Management's stake in eBay.</p><h2>No 'get out of jail free' card</h2><p>Freedman said activists understand as well as anyone what public companies are facing in this pandemic and are, by and large, acting thoughtfully and considerately in their board engagements.</p><p>"Wachtell would like people to believe that this coronavirus crisis should be a 'get out of jail free' card for boards and management teams that were performing terribly well before this pandemic came along," he said. </p><p>He also said that there have been a bevy of settlement pacts reached over the past month, showing that activists are willing to work through issues behind the scenes.</p><p>"The situations that have not settled are more reflective of boards behaving badly by refusing to embrace the changes that are required and where they are being advised that activists should just walk away," he said. "Why should investors trust a board and management team that failed to perform on a 'clear day' to manage through this crisis where the stakes are even higher?"</p><p>Business Insider reached out to Katz and Niles, who did not offer a response to Freedman's comments. We'll update this article if they do. </p><h2>'Like any investor'</h2><p>The activists, for their part, are not apologizing for buying what they deem as a valuable security at a low price.</p><p>"We're price sensitive like any investor," said Ted White, managing director of Legion Partners, the firm that increased its holdings in Chefs' Warehouse. Legion had previously been invested with the company and still likes the long-term growth potential, White said. </p><p>The drop in global markets made the stock "ridiculously cheap," White explained, as Chefs' Warehouse's stock fell from nearly $40 a share at the start of the year, to a low of under $4 on March 18. The stock has since risen to more than $8 a share.</p><p>"As bad as all this is, it has reduced valuations in the marketplace."</p><p>Others feel the same way - that opportunity is opportunity and investors are simply doing what they do best: creating value for shareholders and making money of their own along the way. </p><p>At tea-and-coffee distributor Farmer Brothers, the same day hedge fund Trigran Investments filed its increased stake, March 30, the company announced it had "eliminated" positions across the business and furloughed half of its employees.</p><p>"The Company is working to evaluate any relief available through the CARES Act, including through industry associations, as well as any other efforts to support the food industry as a pillar of critical infrastructure," the firm said in a release. </p><p>There's no indication that Trigran pressed for the layoffs or furloughs. Trigran bought in after a sharp selloff - the company's stock price began the year trading at more than $14 a share, but has since fallen to roughly $7 a share.</p><p>Trigran and Farmer Brothers did not respond to requests for comment.</p><h2>Lawyer takes aim at Icahn</h2><p>Wachtell isn't alone in its rhetoric and, while its own memo did not name names, another firm called out billionaire Carl Icahn.</p><p>"While there are a few socially responsible activists, there are many activists who don't see a humanitarian disaster of epic proportions, they see an opportunity to generate profits," Kai Liekefett, a Sidley Austin lawyer who defended AT&amp;T in Elliott Management's activism campaign last year.</p><p>Liekefett pointed Business Insider to a memo from Sidley Austin that highlighted Icahn's CVR Energy acquiring almost 15 percent of Delek US Holdings in mid-March, which quadrupled his stake.</p><p>The Sidley memo said that "most activists" are abandoning their campaigns for the 2020 season, as many funds "are struggling to survive after suffering millions or billions of losses," but that some, like Icahn, were not.</p><p>The memo recommended that boards of public companies should, at a minimum, make sure they have an "up-to-date poison pill on the shelf and consider whether to adopt one."</p><p>"These activists exploit the low stock prices and high trading volumes in order to covertly and rapidly accumulate large stakes in target companies," he said.</p><p>"They count on boards and management teams being distracted by the crisis. And they attempt to force quick settlements knowing that companies strongly prefer not to be distracted by proxy contests in these times."</p><p>When reached for comment about the memo, Icahn's general counsel Jesse Lynn noted that Sidley Austin is representing Delek.</p><p>"It's interesting that Sidley Austin has decided to become so sanctimonious about the pandemic since they are the ones profiting from the crisis by charging egregious fees, at the expense of Delek shareholders, by scaring the board and management into believing that the company should need protection from accountability to its own shareholders," Lynn told Business Insider.</p><p>Lynn also pointed out that Delek has a poison pill agreement that doesn't let Icahn take a stake higher than 15%, and the company's next annual meeting is more than a year away.</p><p>"But most importantly, CVR started buying the stock well before the pandemic, at a much higher price, and simply averaged down, thereby helping Delek shareholders by holding up the price of the stock."</p><h2><strong>No going back to 'normal'</strong></h2><p>In recent weeks, Icahn settled with Occidental Petroleum, and Elliott Management has made nice with Twitter and French conglomerate Capgemini.</p><p>Starboard Value, the activist fund led by Jeffrey Smith, settled with Box recently, but has ramped up pressure on eBay to change its board and oust the current CEO.</p><p>Wei Jiang, a professor who teaches activism at Columbia Business School, said that businesses should not expect to go "back to normal" if normal means "the protocols of the past, even after the pandemic is over."</p><p>"Certain elements of business operations will fundamentally change as people get more comfortable with business and life online, and (hopefully) change their life habits as they take a probabilistic view about recurring pandemics," she said.</p><p>"These are both challenges and opportunities to most businesses. Shareholders have the right to demand that firms adopt such a forward-looking view, beyond dealing with the crisis."</p><p>Some activists, though, say they want their businesses to focus, in the short-term, on getting through the pandemic. </p><p>According to White, the Legion managing director, his firm isn't looking to change much with Chefs' Warehouse, "where there's a lot of things we like." </p><p>"This is a time to hunker down, take care of your employees and your customers," he said.</p><p>The investor has yet to speak with management, he said. </p><p><em>Contact us: Please feel free to reach out to Casey Sullivan, at csullivan@businessinsider or on Signal at 1-646-376-6017, and Bradley Saacks, at bsaacks@businessinsider.com or on Signal at 1-919-816-5537, for news on corporate activism. </em></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/federal-reserve-zero-percent-rate-dow-dropped-2020-3">Why the Dow plummeted after the Federal Reserve set interest rates at 0%</a></h3>                    <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/bPY4gJQb-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>            

Activist defense attorneys are blasting investors for scooping up shares during the coronavirus crisis, setting off a war of words involving top law firms and Wall Street titans like Carl Icahn

<img src="https://static-ssl.businessinsider.com/image/5e0fbf84855cc2307e2d3c64-2400/rtr2u76b.jpg" alt="iran anti-us mural" /><p class="source"><span>Raheb Homavandi/Reuters</span></p><p class="caption">A woman walks past an anti U.S. mural at the former U.S. embassy in Tehran November 19, 2011.</p><ul class="summary-list"><li>The US and Iran's decades as adversaries started with the Iranian revolution in 1979 when students overran the US Embassy in Tehran while protesters chanted "Death to America." </li><li>But the seeds of those tensions were planted decades before when the CIA orchested a coup that ousted an elected prime minister who had nationalized the country's oil industry, to the detriment of Western companies.  </li><li>The Trump era has seen relations between Iran and the US deteriorate rapidly after attempts at diplomacy under the Obama administration, which had focused on preventing Iran from developing nuclear weapons. Trump ratcheted up sanctions after withdrawing the US from the deal, and Iran is now violating its enrichment limits.</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><p>The US and Iran have been adversaries for roughly four decades, and that contentious relationship has at times sparked acts of extreme aggression - including the assassination of Iran's top general, Qassem Soleimani, on Friday. </p><p>The history of relations between the two countries is convoluted, but an examination of key moments can help one better understand why they continue to be at odds in the present day. </p><h2>The 1953 coup</h2><p>The antagonistic dynamic between Tehran and Washington is often attributed to the 1979 Iran hostage crisis, but those events were in many ways catalyzed by a CIA-orchestrated coup in the country decades before. </p><p>It's impossible to explain the modern relationship and political seesaw that's existed between Iran and the US without looking at the 1953 coup against Iran's democratically-elected Prime Minister Mohammad Mossadegh. For many Iranians, this was America's original sin against their country. </p><p>Mossadegh introduced a number of reforms and was popular domestically, but his nationalization of the country's oil industry in 1951 was a step too far for the British, which had controlled Iran's oil for years via the Anglo-Iranian Oil Co (which is today known as British Petroleum or BP).</p><p>It wasn't long before the UK enlisted the US government in a plot to overthrow Mossadegh, which ultimately resulted in the coup that ousted him in 1953.  </p><p>The US-orchestrated coup placed a pro-American monarch - Shah Mohammad Reza Pahlavi - in charge of the Middle Eastern country. Mossadegh spent the rest of his days under house arrest. </p><p>The CIA publicly admitted its involvement in the coup <a href="https://foreignpolicy.com/2017/06/20/64-years-later-cia-finally-releases-details-of-iranian-coup-iran-tehran-oil/">for the first time in 2013</a>, when it released declassified documents that offered intricate details of the event that helped solidify anti-US sentiments in Iran. </p><h2>The 1979 Islamic Revolution and hostage crisis at the US embassy</h2><p>In 1979, millions of Iranians rose up against the shah, who was widely viewed as corrupt, dictatorial, and illegitimate. </p><p>In what is known as the 1979 Islamic revolution, the shah was deposed. </p><p>Ayatollah Ruhollah Khomeini, who had been living in exile after leading protests against the shah's rule years years earlier, returned to Iran in February 1979 to great fanfare and would go on to declare Iran an Islamic Republic after his backers overwhelmed another faction in street fighting. This effectively meant Iran had transitioned from a pro-Western puppet monarchical state to an anti-Western theocracy. </p><img src="https://static-ssl.businessinsider.com/image/57c44235b996eb1d008b4e69-1052/iranhostagecrisis-iraninanstudentscomesupusembassyintehran.jpg" alt="Iran hostage crisis us embassy terhan" /><p class="source"><span><a href="https://en.wikipedia.org/wiki/Iran_hostage_crisis#/media/File:Iran_hostage_crisis_-_Iraninan_students_comes_up_U.S._embassy_in_Tehran.jpg">Public Domain</a></span></p><p class="caption">Iraninan students comes up US embassy in Tehran.</p><p>Amid all of this revolutionary fervor, Iranian students in November 1979 stormed and occupied the US Embassy in Tehran, taking over 60 hostages for 444 days in what's known as the Iran hostage crisis. The students were angered, in part, that then-President Jimmy Carter had allowed the shah to come to the US for cancer treatment. A secret US mission to rescue the hostages went awry when two helicopters collided while refueling, killing eight troops.</p><p>But the crisis was also a symbolic rebuke of the US government's longtime influence in Iran's internal affairs. The hostages were released on January 21, 1981, the same day as Ronald Reagan's inauguration. The hostage crisis has been widely attributed as a leading reason why Carter did not win a second term, it's also why the US and Iran cut diplomatic ties in 1980.  </p><p>The <a href="https://www.businessinsider.com/photos-show-aftermath-of-violent-attack-on-us-embassy-iraq-2020-1">storming</a> of the US Embassy compound in Baghdad on Dec. 31 sparked fears of a similar kind of crisis, and US Marines responded in force to secure the embassy.</p><h2>The Iran-Iraq War, 1983 Beirut bombing, and Iran Air Flight 655</h2><p>Though the US would launch a war in 2003 to depose Saddam Hussein, it backed the Iraqi dictator in his war against Iran from 1980 to 1988. </p><p>CIA documents declassified in 2013 showed that US intelligence officials <a href="https://foreignpolicy.com/2013/08/26/exclusive-cia-files-prove-america-helped-saddam-as-he-gassed-iran/">helped Hussein gas Iranian troops</a> in the later years of the war by conveying their location to Iraq, even with the knowledge chemical weapons would be used. </p><p>In 1983, amid the war, a suicide bomber hit a US Marine Corps barracks in Beirut, Lebanon, <a href="https://www.cnn.com/2013/06/13/world/meast/beirut-marine-barracks-bombing-fast-facts/index.html">killing 241 US military personnel</a>. The bombing was blamed on Hezbollah, an Iran-backed Shiite Muslim militant group and political party that continues to have strong influence in Lebanon in the present day and that the US considers to be a terrorist organization.</p><p>Five years later, in 1988, an Iranian passenger airline was shot down by a US warship, the USS Vincennes. All 290 passengers on the plane, <a href="https://www.washingtonpost.com/news/worldviews/wp/2013/10/16/the-forgotten-story-of-iran-air-flight-655/">Iran Air Flight 655</a>, were killed. This occurred as American and Iranian ships skirmished in the Persian Gulf, and the US government claimed it was an accident. The Iranian government, however, viewed the tragedy as purposeful. </p><h2>The Axis of Evil</h2><p>After short-lived signs of a potential warming in relations in the late 1990s, the relationship between the US and Iran took another turn for the worse when then-President George W. Bush in his 2002 State of the Union address deemed the Middle Eastern country part of an "axis of evil" with Iraq and North Korea. </p><p>At the time, Bush said: "States like these, and their terrorist allies, constitute an axis of evil, arming to threaten the peace of the world. By seeking weapons of mass destruction, these regimes pose a grave and growing danger. They could provide these arms to terrorists, giving them the means to match their hatred. They could attack our allies or attempt to blackmail the United States. In any of these cases, the price of indifference would be catastrophic."</p><p>Around this period of time, Iran continued to drive a wedge in its relations with the US with the election of conservative Mahmoud Ahmadinejad as president in 2005. Ahmadinejad raised alarm bells in Washington when he said that Israel, a key US ally, must be <a href="https://www.nytimes.com/2005/10/27/world/africa/wipe-israel-off-the-map-iranian-says.html">"wiped off the map."</a></p><img src="https://static-ssl.businessinsider.com/image/58f9ff580ba0b888008b50a3-2000/ap17105536510326.jpg" alt="iran mahmoud ahmadinejad" /><p class="source"><span>Associated Press/Ebrahim Noroozi</span></p><p class="caption">Former Iranian President Mahmoud Ahmadinejad gives an interview to The Associated Press at his office, in Tehran, Iran, Saturday, April 15, 2017.</p><h2>The Iran nuclear deal and the Trump era</h2><p>The Obama administration took a drastically different approach to relations with Iran, embracing diplomacy.</p><p>Obama's administration orchestrated the landmark pact known as <a href="https://www.businessinsider.com/iran-nuclear-deal-explained">the Iran nuclear deal</a>, which was finalized in July 2015 and aimed to prevent Iran from obtaining nuclear weapons in exchange for the easing of economic sanctions. </p><p>Critics of the deal said it didn't go far enough to bar Iran from building nuclear weapons and that Tehran could not be trusted. Along these lines, Trump <a href="http://www.businessinsider.com/trump-withdraws-from-iran-deal-2018-5">withdrew the US from the deal</a> in May 2018 despite having no evidence Iran was violating its terms. This move <a href="https://www.nytimes.com/2019/05/08/world/europe/eu-iran-nuclear-sanctions.html">put Washington at odds with key allies</a>, and the tense US-Iran relationship took a turn for the worse.</p><img src="https://static-ssl.businessinsider.com/image/570e61cc910584e73c8bc363-2000/rtx22p9i.jpg" alt="kerry iran" /><p class="source"><span>REUTERS/Kevin Lamarque</span></p><p class="caption">U.S. Secretary of State John Kerry talks with Iranian Foreign Minister Javad Zarif after the International Atomic Energy Agency (IAEA) verified that Iran has met all conditions under the nuclear deal, in Vienna January 16, 2016.</p><p>The relationship between Iran and the US has deteriorated rapidly since Trump withdrew from the 2015 nuclear deal, and reached a boiling point this past summer as mounting US sanctions battered the Iranian economy and the region was rocked by a series of events in the Persian Gulf involving attacks on oil tankers and oil fields. </p><p>In late December, <a href="https://www.businessinsider.com/us-contractor-killed-in-iraq-rocket-attack-troops-wounded-2019-12">a rocket attack</a> killed a US contractor and injured four US service members at a base in Kirkuk, which is in the northeastern part of Iraq. The US has blamed the deadly attack on Kataeb Hezbollah, an Iran-backed militia. The US retaliated with airstrikes that killed dozens of the militia's fighters. Subsequently, the US embassy in Baghdad was consumed by <a href="https://www.businessinsider.com/photos-show-aftermath-of-violent-attack-on-us-embassy-iraq-2020-1">violent protests</a>, prompting the US to send about 100 more Marines to the embassy for protection.</p><p>Trump blamed Iran for the attack on the embassy perimeter, and threatened Tehran in a Dec. 31 tweet: "Iran will be held fully responsible for lives lost, or damage incurred, at any of our facilities. They will pay a very BIG PRICE! This is not a Warning, it is a Threat. Happy New Year!"</p><p>On the morning of January 2, Defense Secretary Mark Esper warned the US might conduct preemptive strikes on Iranian-backed militias. Esper said: "If we get word of attacks, we will take preemptive action as well to protect American forces, protect American lives. The game has changed."</p><img src="https://static-ssl.businessinsider.com/image/5e0fc32a855cc232cd267f37-2400/ap16280309493656.jpg" alt="Qassem Soleimani Iran Revolutionary Guard" /><p class="source"><span>(Office of the Iranian Supreme Leader via AP)</span></p><p class="caption">Revolutionary Guard Gen. Qassem Soleimani, center, attends a meeting with Supreme Leader Ayatollah Ali Khamenei and Revolutionary Guard commanders in Tehran, Iran, September 18, 2016. As Saudi Arabia holds a naval drill in the strategic Strait of Hormuz, Soleimani, a powerful Iranian general was quoted, Wednesday, Oct. 5, 2016, by the semi-official Fars and Tasnim news agencies as suggesting the kingdom's deputy crown prince is so "impatient" he may kill his own father to take the throne. While harsh rhetoric has been common between the two rivals since January, the outrageous comments by Soleimani take things to an entirely different level by outright discussing Saudi King Salman being killed.</p><p>Hours later, the Pentagon confirmed that the US military, acting on the orders of the president, killed top Iranian general Qassem Soleimani. "The US military has taken decisive defensive action to protect US personnel abroad by killing Qasem Soleimani, the head of the Iranian Revolutionary Guard Corps-Quds Force," the Pentagon said in a statement.</p><p>Zarif described the Soleimani's death as an act of "international terrorism."</p><p>On Friday, Trump said Soleimani was killed not to start a war, <a href="https://www.businessinsider.com/trump-claims-us-killed-iranian-general-soleimani-to-stop-war-2020-1">but to stop one</a>. </p><p>"We take comfort in knowing that his reign of terror is over," Trump said of Soleimani, adding: "We took action last night to stop a war. We did not take action to start a war."</p><p>Meanwhile, Iran has vowed to avenge the death of Soleimani, who was the country's most important military commander. </p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/qassem-soleimani-death-experts-warn-iran-cyberattacks-against-america-2020-1">Iran's 'forceful revenge' against the US is likely to include cyberwarfare, and experts warn that the attacks could be devastating</a></li><li><a href="https://www.businessinsider.com/trump-has-no-clear-strategy-after-killing-top-iran-general-2020-1">Trump has no clear strategy if Iran makes good on its vow to avenge the killing of a top general, experts say</a></li><li><a href="https://www.businessinsider.com/map-us-iran-tension-in-iraq-soleimani-death-2020-1">This map shows where US-Iran tensions have flared in Iraq, which culminated in the strike killing Iranian Gen. Qassem Soleimani</a></li><li><a href="https://www.businessinsider.com/timeline-of-how-trump-administration-got-into-a-showdown-with-iran-2019-5">How the Trump administration got into a showdown with Iran that could lead to war</a></li></ul>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/starbucks-spend-more-money-coffee-chain-rewards-2019-4">Starbucks is giving away free drinks for the rest of 2019. It's one of the 5 sneaky tactics the coffee chain uses to get you to spend more money.</a></h3>                    <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/kkNM9tiF-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>            

Why the US and Iran have been adversaries for 4 decades

The Berlin Wall fell 30 years ago. Here's how people who were there in 1989 remember the historic 'Mauerfall' today.

<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5445682d6bb3f70c6a7d5fb5-1200-1715/ap111114116382.jpg" border="0" alt="warren buffett"><p class="source"><span>AP Images</span></p><p class="caption">Warren Buffett</p></img></div><p></p></div></div>THE "Lucky Sperm Club", as Warren Buffett likes to call it, is still going strong in the commanding heights of business. On opposite sides of the Atlantic, Ana Botín and Abigail Johnson have recently succeeded their fathers in filling two of the most powerful jobs in finance, as chairman of Banco Santander and chief executive of Fidelity Investments, respectively.</span></p>
<p>Founding dynasties run, or wield significant clout at, some of the world's largest multinationals, from Walmart to Mars, Samsung to BMW. Half a century ago management experts expected the hereditary principle to fade fast, because of the greater ability of professionally-run public firms to raise capital and attract top talent. In fact, family firms have held their ground and, in recent years have increased their presence among global businesses.</p>
<p>Family-controlled firms now make up 19% of the companies in the Fortune Global 500, which tracks the world's largest firms by sales. That is up from 15% in 2005, according to new research by McKinsey, a consulting firm (which defines such firms as ones whose founders or their families have the biggest stake, of at least 18%, plus the power to appoint the chief executive). Since 2008 sales by these firms have grown by 7% a year, slightly ahead of the 6.2% a year by non-family firms in the list. McKinsey sees these trends continuing for the foreseeable future.</p>
<p>This is largely because of rapid growth in big developing economies where family ownership is the norm among large businesses. Since 2005 the countries that have most increased their share of the Fortune Global 500 are Brazil, China, Russia, South Korea and Taiwan. By 2025, McKinsey forecasts, there will be more than 15,000 companies worldwide with at least $1 billion in annual revenues, of which 37% will be emerging-market family firms. In 2010 there were only 8,000 firms worldwide of this size, and only 16% of them were family-controlled and from emerging markets.</p>
<p>Around 85% of $1 billion-plus businesses in South-East Asia are family-run, around 75% in Latin America, 67% in India and around 65% in the Middle East. China (where the proportion is about 40%) and Sub-Saharan Africa (35%) stand out for their relatively low share of family firms, because in both cases many large firms are state-owned.</p>
<p>However, even in the rich world, big family firms are defying expectations of their demise. The tendency for founders and their heirs to abandon control to faceless institutional shareholders seems to have reached a limit. Of the American firms in the Fortune Global 500, 15% are family ones, only slightly less than in 2005. Among them is the world's largest family firm, Walmart, in which the children of the late founder, Sam Walton (pictured, third from left) are still big shareholders. His eldest son, Rob, is the chairman, another son, Jim, is also on the board and their sister, Alice, also inherited a huge stake. In Europe, 40% of big stockmarket-listed companies still have a controlling family.</p>
<p>Until recently many emerging economies lacked the large, liquid capital markets that rich countries enjoy. So local firms could not rely on them to provide funds for expansion, and depended instead on founding families reinvesting their profits. As such firms' access to domestic and global stock and bond markets continues to improve, it is possible to imagine this situation changing; family owners could seize the opportunity to make a lucrative exit, as happened for a time in the rich world.</p>
<p>However, one reason why the experts' predictions of 50 years ago have proved wrong is that stockmarkets and regulators have been so accommodating in letting founding families retain a fair degree of control despite selling large stakes to outside investors. One way they have done so is through special classes of shares--a trend that has lately featured in a number of technology-firm flotations: who knows, perhaps in future Facebook will be controlled by the Zuckerberg dynasty and Google by the Page and Brin clans.</p>
<p>Investors have accepted such arrangements as the price of getting a slice of these firms' profits, but they rarely like them. Some institutional investors were unhappy, for example, when a deal struck years ago by her father allowed Ms Botín to succeed him in the chair at Santander shortly after his death in September, even though the family owned only 2% of the bank.</p>
<p>Besides being able to access capital markets without losing control, there are at least four other reasons why so many big firms have defied expectations and stayed under family control. One is that they are often the product of a superbly talented entrepreneur like Sam Walton. While such founders are alive and on form, the combination of their abilities and the freedom they have as controlling shareholder to run by their own rules often gives them a strong competitive advantage. Even after they are gone, their heirs can keep up the firm's success, simply by continuing to follow the founder's successful principles.</p>
<p>Whether private or public, family firms also tend to take a longer-term perspective. As Heinrich Liechtenstein of IESE business school in Barcelona observes, this is true both relative to non-family-controlled public companies, which tend to be obsessed with meeting the demands of investors to maximise short-term profits, and companies owned by private-equity firms, which although able to take a longer view than public firms must still cater to investors who want to sell up for a juicy profit within a few years.</p>
<p>Family firms are also less likely to load up on debt. An obvious exception, and an illustration of why most family capitalists fear debt, is the recent collapse of Espírito Santo. Massive debts turned the family-owned Portuguese financial conglomerate into one of Europe's largest corporate failures, ending in a state bail-out of the bank at the group's core. A reluctance to borrow may limit growth in good times, but it can make family firms more resilient when the going is tough.</p>
<p>They also tend to have better labour relations, according to studies by Holger Mueler and Thomas Philippon of New York University's Stern business school. This may be because workers are readier to believe promises that they will be rewarded for delivering in the long run, if such pledges are made by founding families rather than outsider bosses who may be gone in a few years. And in situations where businesses have to push through efficiency improvements, family owners may be more willing to act firmly when dealing with labour unions, because of their significant stake in the business, than salaried outsider bosses, the studies suggest. These are advantages especially in countries with generally hostile relations between workers and management, say the two economists.</p>
<p>Overall, those family firms that get big tend to have a superior corporate culture to their non-family peers, reckons Heinz-Peter Elstrodt of McKinsey. The firm has applied its index of "organisational health" to 114 family firms and around 1,200 other large companies. Family firms scored significantly higher on their culture, worker motivation and leadership, though they lagged slightly on innovation and being too internally focused.</p>
<p>The presence of a founding family seems to be good for a business's image. In a recent survey in 12 big economies by Edelman, a (family-run) PR firm, 73% of people said they trusted family-owned companies, compared with 64% who trusted publicly-traded companies in general, and 61% for both private-equity-owned and state-owned firms. This is no doubt why S.C. Johnson, a household-products maker, has as its slogan, "A Family Company".</p>
<p>There is evidence of a positive "family effect" on financial performance, according to a new study by Cristina Cruz Serrano and Laura Nuñez Letamendia of IE business school in Madrid. They calculated that EUR1,000 invested in 2001 in a portfolio of publicly traded family firms in Europe, weighted by market capitalisation, would have generated EUR3,533 by the end of the decade, compared with EUR2,241 from a portfolio of non-family firms. The difference is equivalent to five percentage points of extra return per year.</p>
<p>All this may be why, for all his professed disapproval of the Lucky Sperm Club, Mr Buffett wants his son, Howard (pictured, left, with his son, Howard Warren Buffett, an academic) to succeed him as chairman, and guardian of the firm's culture. The elder Mr Buffett is such a big fan of family firms that he likes to buy them: in October he bought Van Tuyl Group, America's largest family-owned car dealership chain. As with LVMH and Kering, two family-run French luxury-goods giants that have bought a number of European fashion houses, Mr Buffett's spiel to founding families is: if you want to sell up but want your business's culture preserved, it will be in safe hands with us.</p>
<p>Ultimately, whether big family firms will continue to defy expectations of their demise will depend on their ability to negotiate the rocks on which family businesses have a unique propensity to founder. One is the risk of squabbles among relatives. This summer, for example, a family feud nearly destroyed Market Basket, an American supermarket chain. Workers went on strike when their popular boss, Arthur T. Demoulas, was fired at the behest of his cousin, Arthur S. Demoulas. Disaster was only averted after pleas to the family by the governors of Massachusetts and New Hampshire.</p>
<p>No issue is potentially more toxic than the transition from one generation of a family to the next. In India, an epic feud began in 2002 after Dhirubhai Ambani, the founder of Reliance Industries, died without naming a sole heir. The battle between his sons, Mukesh and Anil, eventually led to the group being split in two.</p>
<p>In some cases even strong and successful firms can implode soon after a generational succession, which is why so many countries have some variation of the saying, "from shirtsleeves to shirtsleeves in three generations" (clogs to clogs, kimono to kimono). Edelman's survey found that the public's trust in family firms falls once the baton is passed from the founder to the next generation. Alarmingly, a study of 2,400 family firms in 40 countries published last month by PwC, a consulting firm, found that only 16% of them had a "discussed and documented" succession plan in place.</p>
<p>The families that do best are those which understand that their interests and those of their business can diverge, and put in place processes to manage the consequences of these differences, says John Davis of Harvard Business School, the author of several books about family firms.</p>
<p>Some families are adept at training the next generation to work in the family firm. Illycaffé, a coffee-maker now run by a third-generation Illy family member, has a pact setting the rules for when an Illy can go into the business: competence for the job is paramount. Sweden's Wallenberg business empire is run by a fifth generation of the founding family: two cousins, Jacob and Marcus Wallenberg, were groomed from an early age to run the group's industrial and financial sides respectively.</p>
<p>However, sometimes children do not want to join the family business, or turn out not to have inherited the entrepreneurial genes of the founder. It may then be in the best interests of the firm for a professional to run it, rather than a reluctant or incompetent scion, even if the family retains some control. Letting professionals take over can make a lot of sense. Talented managers are more likely to join a firm where there is a chance of getting to the very top, or at least where they do not have to work under a useless heir. Some 40% of the family firms interviewed by PwC said that professionalising their business was among the main challenges they face in the next five years.</p>
<p>Even when they have agreed to let an outside manager run their businesses, families sometimes find it hard to keep their hands away from the wheel. Luxottica, an Italian maker of sunglasses, was well run by a professional chief executive for ten years, but recently lost him, and six weeks later his successor, reportedly following differences of opinion with the founder, Leonardo Del Vecchio, and his wife, Nicoletta Zampillo.</p>
<p>Even when independent outsiders are brought in to serve on a family company's board, they can often fail to make the impact they should, notes Mr Davis. Outsiders often refuse to get involved in managing tensions within the family and assume their job is just to oversee the running of the business, when in reality they may be the last line of defence against a family breakdown destabilising the firm, he says.</p>
<p>In the rich world there is a strong contingent of firms which have demonstrated an ability to get the best out of being both family-controlled and professionally run. In some emerging markets, however, things are not so clear. Many of their big firms are still run by a founder with strong links to those in power, and only time will tell if they have what it takes to survive the passing of either the founder or the regime. However, the positive examples of Tata in India and Samsung in South Korea suggest that it is possible, even in places with a strong tradition of crony capitalism, for world-class, professionally run family firms to emerge.</p>
<p>As big emerging-market firms pass from the founders to their heirs, the challenge will be, as it has been in the rich world, to reconcile the family's needs and desires with the demands of running a successful business. They will need to learn that when it comes to company matters, as Michael Corleone put it in "The Godfather", that great study of a family firm, "It's not personal...it's strictly business."</p>
<p>Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist</p>
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