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<ul class="summary-list"><li>The Boeing Starliner's return to Earth is delayed indefinitely, adding $125 million in losses.</li><li>NASA astronauts have been stuck on the ISS for 57 days due to issues with its propulsion system.</li></ul>As the <a target="_blank" class="" href="https://www.businessinsider.com/nasa-could-ask-spacex-bring-home-stuck-boeing-astronauts-2024-7">Boeing Starliner's return</a> to Earth is delayed indefinitely, the aerospace company expects to lose $125 million more.NASA astronauts Suni Williams and Butch Wilmore reached the International Space Station (ISS) via the Starliner on June 6, and were supposed to stay in space for eight days.However, due to <a target="_blank" class="" href="https://www.businessinsider.com/nasa-astronauts-speak-out-boeing-starliner-spaceship-issues-space-station-2024-7">thruster issues</a> and helium leaks on the spaceship, they have been stuck there for 57 days and counting, with their return delayed indefinitely.In a <a target="_blank" class="" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000012927/000001292724000055/ba-20240630.htm">Wednesday SEC filing</a>, Boeing said that because of the delays, it has "increased the reach-forward loss on the program by $125 (million)."This was on top of the $288 million additional loss that the company had projected in 2023, per the filing. This was when it first delayed the Starliner's launch after identifying problems with the aircraft's tests.From the get go, the Starliner launch has been <a target="_blank" class="" href="https://www.businessinsider.com/boeing-starliner-takes-off-crewed-astronauts-onboard-delays-2024-6">plagued by delays</a> due to technical issues.On May 6, a pressure relief valve in the Atlas 5 rocket led to the first delay. Then, on June 1, there was an issue with the<a target="_blank" class="" href="https://www.cbsnews.com/news/boeing-starliner-launch-first-piloted-test-flight-halted-again-international-space-station/"> ground computers</a> that orchestrated the final countdown, which led to a second delay.While the eventual launch on June 5 was successful, one of Starliner's 28 Reaction Control System (RCS) thrusters <a target="_blank" class="" href="https://www.businessinsider.com/nasa-astronauts-speak-out-boeing-starliner-spaceship-issues-space-station-2024-7">unexpectedly shut down</a>, and another went offline as it approached the ISS.Later, NASA discovered <a target="_blank" class="" href="https://abcnews.go.com/US/boeings-starliner-5-small-helium-leaks-astronauts-iss/story?id=111012781">five leaks</a> in Starliner's helium supply, which is used to pressurize its propulsion system. Its ground crew has been troubleshooting the issues since.In a <a target="_blank" class="" href="https://starlinerupdates.com/starliner-return-to-earth-preps-underway/">statement</a> on July 31, Boeing said: "The Starliner team is proceeding through checklists to be ready for return when a date is chosen."It added: "They spent Tuesday practicing for undocking during an integrated simulation with the International Space Station."NASA has also floated the idea of using a <a target="_blank" class="" href="https://www.businessinsider.com/nasa-could-ask-spacex-bring-home-stuck-boeing-astronauts-2024-7">SpaceX spacecraft</a> to bring the astronauts down to Earth."We have two different systems that we're flying," Steve Stich, the manager of NASA's Commercial Crew Program, said in a press briefing on July 25. He was referring to the Boeing Starliner and SpaceX's Crew Dragon."Obviously, the backup option is to use a different system," he added. "I would rather not go into all those details until we get to that time, if we ever get to that time."<h2 id="14ab536f-f80c-4668-813c-c378c6a92379">Adding to Boeing's financial troubles</h2>The Starliner's new projected loss adds to Boeing's increasing financial woes.The company burned <a target="_blank" class="" href="https://investors.boeing.com/investors/news/press-release-details/2024/Boeing-Reports-Second-Quarter-Results/default.aspx#:~:text=The%20Boeing%20Company%20%5BNYSE%3A%20BA,billion%20(non%2DGAAP)*.">$4.3 billion in cash</a> and reported a <a target="_blank" class="" href="https://apnews.com/article/boeing-loss-second-quarter-new-ceo-c867970f875aaa4aba81a2a541ce0ed5#:~:text=The%20reported%20loss%20of%20%241.44,out%20to%20%242.90%20per%20share.">net loss of $1.44 billion</a> for the second quarter of 2024.The financial troubles come amidst a series of investigations into Boeing's manufacturing quality and safety regulations.It <a target="_blank" class="" href="https://www.businessinsider.com/boeing-big-mea-culpa-just-dropped-does-not-look-pretty-2024-7">agreed to plead guilty</a> to a criminal fraud charge linked to two crashes of its 737 Max jetliners that killed 346 people, according to a court filing by the Justice Department on July 7.Under the plea deal, Boeing will pay an additional fine of $243.6 million. This is on top of the $243.6 million Boeing paid in 2021 as part of the settlement it breached.It will also be required to invest at least $455 million in its compliance and safety programs and appoint an independent monitor to oversee the company.Representatives for Boeing did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

Boeing says it'll lose at least $125 million more as its Starliner aircraft remains stuck in space with no return date

<a href="http://www.businessinsider.in/searchresult.cms?query=Manufacturing">Manufacturing</a> has emerged as one of the high growth sectors in India. It can do better with a simpler <a href="http://www.businessinsider.in/searchresult.cms?query=tax+structure">tax structure</a>, better <a href="http://www.businessinsider.in/searchresult.cms?query=infrastructure">infrastructure</a> and a more robust component ecosystem. 
 
Here are the top 5 initiatives that helped the <a href="http://www.businessinsider.in/searchresult.cms?query=Manufacturing">manufacturing</a> sector: 
 
<keyword id="6354869" type="UNKNOWN" weightage="60" keywordseo="make-in-India">Make in India</keyword>: Make in India was launched to facilitate investment, support innovation and build a world-class <keyword id="6362048" type="ORGANIZATION" weightage="80" keywordseo="Manufacturing">manufacturing</keyword> ecosystem in India. 
 
Information on 25 key sectors is now available online along with details of <a href="http://www.businessinsider.in/searchresult.cms?query=FDI+policy">FDI policy</a>, National Manufacturing Policy, intellectual property rights, and the Delhi-Mumbai Industrial Corridor and other National Industrial Corridors. An Investor Facilitation Cell was also created in 'Invest India' to help potential investors. 
 
E-Biz Project: A Government to Business (G2B) portal is about to be launched that will be a one-stop shop for delivery of services to the investors and address the needs of the business and industry. 
 
One can now apply for industrial license (IL) and industrial entrepreneur memorandum (IEM) online and is now available 24x7. 
 
Skill development: A new Ministry of Skill Development and Entrepreneurship was set up to promote skill and entrepreneurial activities. 
 
Common norms for skill training across central ministries/ departments are being set up. The government is planning to align the National Council for Vocational Training (NCVT), School boards, and the University Grants Commission (UGC). 
 
Labour- sector reforms: The <a href="http://www.businessinsider.in/searchresult.cms?query=Shram+Suvidha+portal">Shram Suvidha portal</a> does online registrations, filing of self-certified, simplified, single online returns and introduced a transparent labour inspection scheme via a computerized system. 
 
A Universal Account Number has also been launched for facilitating portable, hassle-free, and universally accessible <a href="http://www.businessinsider.in/searchresult.cms?query=Provident+Fund">Provident Fund</a> accounts for employees. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Apprentices+Act">Apprentices Act</a>, 1961 has also been amended to make it flexible and attractive to youth and industry. The Apprentice Protsahan Yojana is set up to support micro small and medium enterprises (MSME) in the <a href="http://www.businessinsider.in/searchresult.cms?query=Manufacturing">manufacturing sector</a>. 
 
Ease of Doing Business: The most important of measures is the liberalization of licensing and deregulation of a large number of defense products. 
 
Extending the validity of licenses, adopting a checklist with specific time-lines for processing all applications filed by foreign investors and automation of processes for registration with the Employees Provident Fund Organization and Employees State Insurance Corporation have also helped. 
 
Image credit: Indiatimes

Top 5 Initiatives that will grow India’s Manufacturing
Sector

By now, most of us have filed our taxes and called it a day. But for the <a href="http://retailmenot.mediaroom.com/2014-03-24-Are-You-a-High-Tech-Tax-Filer" target="_blank">15% of Americans who didn't submit their tax forms</a> before April 1, time is running out.
Take a deep breath. Rushing through most anything lends itself to silly, last-minute errors, and taxes are no exception.
"It's like homework," says Certified Financial Planner Keith Klein of <a href="http://www.tpwm.co/" target="_blank">Turning Pointe Wealth Management</a> in Phoenix, Ariz. "You can only do so much, so long, and then you get distracted."
If you're scrambling to get your taxes together at the last minute, it's easy to slip up and enter a wrong number, which can lead to even more paperwork in the form of a <a href="http://www.irs.gov/uac/Nine-Facts-on-filing-an-Amended-Return" target="_blank">tax amendment</a> or paying additional fees to the IRS.
Now that we're getting down to the wire, Klein shares some of the dumb, last-minute filing mistakes you'll want to avoid.
1. Mixing up your federal and state taxes. Tax-preparation software and e-filing can catch a lot of errors, but you're the only one who can keep your envelopes straight. "Even if you're using apps to track your spending and software to file your taxes, you can still send your check to the wrong place," Klein reminds us.
2. Making basic arithmetic errors. Third-grade math has come back to haunt you at last. "I see people adding and subtracting wrong, putting decimals in the wrong places, or making negative numbers positive and vice versa," recalls Klein. "By simply neglecting a minus sign, you could turn a loss into a gain and owe taxes on that money."
The <a href="http://www.irs.gov/uac/Nine-Facts-on-filing-an-Amended-Return" target="_blank">IRS says</a> that most basic calculation errors are caught while processing, so you probably won't need to file an amendment if you added two and two up to five. However, if the IRS catches your mistake, it will issue a <a href="http://www.irs.gov/uac/Eight-Things-to-Know-If-You-Receive-an-IRS-Notice" target="_blank">correction notice</a> to let you know - and a request for more money if your errors resulted in your paying less than you owe. 
3. Forgetting to file extensions. April 15 is not only the filing deadline for your taxes, it's the payment deadline, too. "Even if you're going to file an extension, you have to submit it with a payment," says Klein. "But some people plan on filing extensions … and just plain forget to do it."
The IRS isn't going to forget about your taxes. It will charge you a <a href="http://www.businessinsider.com/what-happens-if-you-dont-file-pay-taxes-2013-4" target="_blank">monthly fee of 5% of what you owe for each month you wait to file</a>, up to 25% of your taxes. If you haven't filed by 60 days after the deadline, you'll owe a fee of either $135 or 100% of your taxes, whichever is lower. 
4. Filing under the wrong name. It seems like a stretch, but it's actually not uncommon among newly married people to file with the wrong last name. "Sometimes someone will file under a married name, but hasn't legally changed it," Klein explains. When filing, you need to make sure you're using your legal name, which isn't necessarily the one on your mailbox.
5. Entering the wrong Social Security number. Sure, you know your number by heart, but even the best of us have made a typo (or filled in a three that looks a little too much like an eight). You're going to want to be extra careful when entering those nine digits, because a lot depends on your accuracy. "Your Social Security number is the key thing on your return," Klein says. "Everything is documented under it."
6. Neglecting a form. The more complicated your financial situation, the more forms you may need to submit. "Sometimes people are supposed to include another form, like an extra Schedule C for people who are self-employed, and it just isn't there," Klein says. You can find the basic forms on the <a href="http://www.irs.gov/uac/Forms,-Publications,-and-Other-Tax-Products" target="_blank">IRS website</a>, as well as a <a href="http://www.irs.gov/taxtopics/tc303.html" target="_blank">handy checklist</a> that outlines some of the forms you might need. 
The <a href="http://www.irs.gov/taxtopics/tc308.html" target="_blank">IRS says</a> that it "may accept returns with certain forms or schedules left out," and will reach out and request a missing W-2 or schedule. So an amendment most likely isn't needed ... but who wants a letter from the IRS? 
7. Forgetting to include life events. Did you <a href="http://www.businessinsider.com/map-salary-needed-to-buy-a-house-2014-2" target="_blank">buy a house </a>this year? Get married? Have a baby? Congratulations! Now, make sure to share the joy on your tax return. "Even for people using software programs, you need to remember to input key events," cautions Klein. "Technology won't realize that on last year's return, you had two kids, and this year you forgot to add your third." 
How do you keep from tripping up - and potentially paying up? According to Klein, there's nothing better than a second pair of eyes. "The reality is that there's always a benefit to having someone take a second look at your return, whether that's a husband filling it out and a wife checking his work, running it through a tax-prep program, or seeing your CPA. Even really good CPAs use software to double-check their work." 
While filing an amendment isn't the end of the world, Klein says, you don't want to give the IRS another reason to comb through your return. "Any time you open up a can of worms, you never know what might happen," he reminds us. "But if everything's on the up and up, it will all work out well."

The 7 Dumbest Last-Minute Tax Mistakes People Make

<div class="KonaFilter image-container display-table"><div><div class="image on-image">iStockIt's never too early to start preparing for tax season.</div></div></div><ul class="summary-list"><li>The next tax day is Monday, April 15, 2019.</li><li>To prepare for tax season you'll want to gather some previously filed documents and obtain other documents you may need to file for tax returns.</li><li>Start tracking your income and deductions as soon as possible.</li></ul>The next tax day is April 15, 2019 and even though tax day is still a few months away, it's never too early to start getting everything you need to file in order. By the time it's time to file your taxes, you'll be ready to sit down with your tax preparer or input your data into an online program. The process can seem a bit daunting so INSIDER consulted certified public accountant Krystal Standberry from <a href="https://lyfeaccounting.com/">LYFE Accounting</a> in Atlanta, Georgia to create the ultimate checklist for preparing for tax season.Here's how you can prepare for tax season. <h2>Gather personal information and last year's information</h2>Make sure you have your social security or tax ID card. You will also want to bring your unexpired driver's license, identification card, and passport to your appointment. This should also include your spouse's info, if applicable. You'll also want to gather copies of last year's return for you and your spouse, if applicable. <h2>Start gathering the paperwork for your dependents</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">iStockIt can be useful if you begin organizing important paper work.</div></div></div>If you're going to include dependents (children or elderly) on your tax return, these are the documents you will need to provide:<ul><li style="font-weight: 400;">Their social security and tax ID numbers</li><li style="font-weight: 400;">Their dates of birth</li><li style="font-weight: 400;">Childcare payment records (this includes the care provider's tax ID number) </li><li style="font-weight: 400;">Adoption papers (if applicable)</li><li style="font-weight: 400;">Form 8332 to show that a custodial parent is releasing their right to claim the child to you, the noncustodial parent (if applicable)</li><li style="font-weight: 400;">Any alimony payments that have an ex-spouse's social security number</li><li style="font-weight: 400;">Any death certificates</li></ul><h2>Start tracking your income</h2>You may have various sources of income so here's what you'll need:<ul><li style="font-weight: 400;">Form W-2 for wages/salary, federal and state tax withholding, tips and earned income credit (Your employer should send this to you by January 31, 2019)</li><li style="font-weight: 400;">Form 1099-G if you are unemployed and receiving unemployment benefits</li><li style="font-weight: 400;">Form 1099-Misc for compensation from freelance work (You should receive a form from all of your clients)</li><li style="font-weight: 400;">Form 1099-R for annuity income, IRA and pension</li><li style="font-weight: 400;">Form 1099-Div for those who have earned dividends</li><li style="font-weight: 400;">Form 1099-B, 1099-S for income from sales of property and stock</li><li style="font-weight: 400;">Form W-2G for any income from gambling</li><li style="font-weight: 400;">Any other income from prizes and awards (like lottery winnings), jury duty pay, alimony, or rentals</li></ul>A comprehensive list of <a href="https://www.irs.gov/forms-instructions">income-related forms</a> can be found on the IRS website. <h2>Make note of any deductions that should be accounted for</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">John Moore/Getty ImagesSome teachers can deduct classroom expenses.</div></div></div>A tax deduction is basically a reduction in income which is subject to state and federal income taxes. In decreasing your total taxable income, this can reduce the amount of income tax you would have otherwise owed. If you're going to <a href="https://www.irs.gov/taxtopics/tc501">itemize your deductions</a>, you will need to provide records for each. Here are several potential deductions to look out for. <ul><li style="font-weight: 400;">Records of all expenses if self-employed, including credit card statements and receipts</li><li style="font-weight: 400;">Records of expenses for rental homes</li><li style="font-weight: 400;">Records of expenses related to investments</li><li style="font-weight: 400;">Real estate and property tax records</li><li style="font-weight: 400;">Charitable donations, including non-cash and mileage driven for charitable purposes</li><li style="font-weight: 400;">Records of medical expenses, including payments made to doctors, dentists, clinics, or hospitals</li><li style="font-weight: 400;">Insurance payments</li><li style="font-weight: 400;">Childcare expenses, including daycare and babysitters</li><li style="font-weight: 400;">Any scholarships or fellowships received</li><li style="font-weight: 400;">Qualifying educational expenses</li><li style="font-weight: 400;">Interest on student loans</li><li style="font-weight: 400;">Job-related vehicle expenses</li><li style="font-weight: 400;">Classroom expenses for K-12 educators</li><li style="font-weight: 400;">Relocation expenses not covered by employer</li><li style="font-weight: 400;">State and local taxes paid excluding withholding</li><li style="font-weight: 400;">An invoice showing any sales tax paid on a vehicle</li><li style="font-weight: 400;">Any contributions made towards retirement</li><li style="font-weight: 400;">Expenses related to natural disaster losses, rebuilding, and repairs</li></ul><h2>Figure out if you're going to file a federal or state return</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">iStockYour filing status can impact which type of returns you need to file.</div></div></div>You need to figure out whether you need to file a federal and state return. This is dependent on your age, your income earned minus any deductions (adjusted gross income), and your <a href="https://www.irs.gov/help/ita/what-is-my-filing-status">filing status</a>. Read More: <a href="http://uk.businessinsider.com/best-tax-software?r=US&amp;IR=T">The best tax software you can buy: TurboTax, H&amp;R Block, and TaxAct</a><h2>Have your financial information ready</h2>If applicable, have your bank account number and routing number handy for a direct deposit of your refund into your account. This information can be found in your checkbook. <h2>Take advantage of helpful resources</h2><ul><li style="font-weight: 400;">The Internal Revenue Service (IRS) has a great tool called <a href="https://www.irs.gov/help/ita">the Interactive Tax Assistant</a> that can answer some of your questions before filing. </li><li style="font-weight: 400;">The IRS has teamed up with private tax preparation companies like the <a href="https://freefilealliance.org/">Free File Alliance</a> to offer <a href="https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free">Free File </a>- a free and low-cost electronic filing service to those who earned less than $66,000 in 2018. Your information is protected from unauthorized use and will not be disclosed or used for any other purpose but tax preparation without your consent. </li><li style="font-weight: 400;">The <a href="https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers">Volunteer Income Tax Assistance (VITA)</a> program offers free tax assistance to individuals who earn less than $54,000 annually, speak limited English, or have disabilities. The volunteers are IRS-certified to aid with basic income tax preparation and electronic filing for those who qualify. </li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/donald-trump-nfl-league-usfl-sued-tweet-three-dollars-2017-9">Trump once won a lawsuit against the NFL - but the result was an embarrassment</a></h3> <div> </div> </div>

Everything you should be doing to prepare for tax season

Google-owned <keyword id="10879" type="General" weightage="20" keywordseo="youtube" source="Orion">YouTube</keyword> saw its revenue from ads falling 2.6 per cent (year-on-year) in the March quarter -- third quarter in a row that its ad revenue has decreased. YouTube logged $6.69 billion in advertising revenue for the quarter that ended March 31, compared to $6.87 billion during the same period last year. The company, however, is seeing growth in Shorts as watch time and monetisation is "progressing nicely". "People are engaging and converting on ads across Shorts at increasing rates," according to Philipp Schindler, Google's chief business officer. According to Sundar Pichai, Alphabet and Google CEO, the number of channels that uploaded to Shorts daily grew over 80 per cent last year. "Those posting weekly on Shorts saw the majority of new channel subscribers coming from their Shorts posts," he informed during the analysts' call late on Tuesday. Overall, Alphabet reported $69.8 billion in revenue for the first quarter, a 3 per cent increase (on-year). "We are pleased with our business performance in the firstAquarter, with Search performing well and momentum in the Cloud. We introduced important product updates anchored in deep computer science and AI," said Pichai. Ruth Porat, CFO of Alphabet and Google, said that resilience in Search and momentum in Cloud resulted in Q1 consolidated revenues of $69.8 billion, up 3 per cent year over year. "We remain committed to delivering long-term growth and creating capacity to invest in our most compelling growth areas by re-engineering our cost base," said Porat. In January, Alphabet slashed 6 per cent of its workforce, impacting 12,000 employees. "As of March 31, 2023, the number of employees includes almost all of the employees affected by the reduction of our workforce. We expect most of those affected will no longer be reflected in our headcount by the end of the second quarter of 2023, subject to local law and consultation requirements," said Alphabet. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/what-type-of-documents-require-for-the-return-filing-in-fy-2022-23/articleshow/99764857.cms">Your comprehensive document checklist for income tax return filing</a> <a href="https://www.businessinsider.in/business/auto/news/bajaj-auto-q4-net-profit-falls-2-yoy-to-1433-crore/articleshow/99766398.cms">Bajaj Auto Q4 net profit falls 2% YoY to ₹1,433 crore</a> <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-likely-candidate-for-rerating-after-q4-profit-surge-of-46/articleshow/99756150.cms">IndusInd Bank likely candidate for rerating after Q4 profit surge of 46%</a>

YouTube's revenue falls as ads slow down for 3rd quarter in a row

<ul class="summary-list"><li>Elon Musk's friend David Sacks lost a bid to quash a Twitter subpoena because of his tweets.</li><li>Sacks's lawyers said the subpoena was too burdensome and duplicated a previous request.</li></ul>One of Elon Musk's friends subpoenaed in the Twitter acquisition lawsuit has lost an appeal to quash the request because of his behavior on Twitter and his podcast, a judge has ruled.David Sacks, the CEO of Craft Ventures and member of the "<a href="https://www.businessinsider.com/paypal-mafia-members-careers-elon-musk-peter-thiel-reid-hoffman-2019-11#previously-a-management-consultant-for-mckinsey-and-company-david-sacks-joined-paypal-in-1999-15">PayPal mafia"</a>, lost his appeal after being subpoenaed by Twitter for correspondence with Musk, according to <a href="https://courts.delaware.gov/Opinions/Download.aspx?id=337370">court documents</a> from Chancellor Kathleen McCormick.Sacks <a href="https://www.businessinsider.com/elon-musk-friends-angry-twitter-lawsuit-david-sacks-chamath-palihapitiya-2022-8">said</a> on his "All-In" podcast on August 5 that he had been subpoenaed by the social media platform over his comments on the Twitter acquisition, which he said was too broad. "I have no involvement in this thing, but they sent me the broadest ever subpoena. It's like, 30 pages of requests. And now I gotta hire a lawyer to go quash this thing," the former PayPal executive said.Musk <a href="https://www.businessinsider.com/read-elon-musk-letter-to-twitter-deal-is-off-2022-7">backed out of his $44 billion deal</a> to buy Twitter, saying he was misled on the number of fake accounts on the platform, sparking <a href="https://www.businessinsider.com/elon-musk-sues-twitter-deal-counter-lawsuit-2022-8">suits and countersuits</a> from the two parties. Musk <a href="https://www.youtube.com/watch?v=CnxzrX9tNoc">appeared on Sacks's podcast</a> in the middle of his takeover bid in May.One of Sacks' tweets that caused his subpoena was thought to be a <a href="https://twitter.com/DavidSacks/status/1515363131249213444?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1515363131249213444%7Ctwgr%5Ee1b11509993b8d3515b8cf651174c3195bc5e775%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Felon-musk-friends-angry-twitter-lawsuit-david-sacks-chamath-palihapitiya-2022-8">checklist of targets</a> for Musk to address if and when he took control of Twitter.Sacks, a prominent venture capitalist, had taken out a non-disclosure agreement to evaluate a potential investment in connection with Musk's acquisition of Twitter, the filing said.Sacks' lawyers said the Delaware requests from Twitter were inappropriate because they were "unduly burdensome because they were duplicative of the California subpoenas and the return dates were too soon." Sacks also complained about having to hire lawyers. Sacks initially responded to the subpoena by <a href="https://twitter.com/DavidSacks/status/1554258141876932608?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1554258141876932608%7Ctwgr%5Ee1b11509993b8d3515b8cf651174c3195bc5e775%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Felon-musk-friends-angry-twitter-lawsuit-david-sacks-chamath-palihapitiya-2022-8">tweeting</a> a picture of a middle finger from a Mad magazine cover, and <a href="https://twitter.com/DavidSacks/status/1554326357601132546">posting</a> a follow-up video from "The Wolf of Wall Street" of a character urinating on a subpoena. This behavior prompted a complaint by Twitter, and was cited by McCormick as the reason the subpoena could not be quashed. Sack's complaint about needing lawyers was also unnecessary, she said, and only appears to have occurred because Sack told his podcast listeners he would do so. "In other circumstances, I might view entirely duplicative subpoenas served for such tactical purposes as problematic. Where, as here, the subpoena recipient tweets the subpoenaing attorneys the middle finger and a video of someone urinating on subpoenas, I am less bothered by it."In an apparent effort to keep Sacks's promise to his podcast listeners, the movants created the very burden of which they now complain."McCormick's ruling may have implications for serial-tweeter Musk, who has repeatedly used the platform to antagonize Twitter. Columbia Law professor Eric Talley <a href="https://www.businessinsider.com/judge-in-twitter-elon-musk-trial-could-be-musk-nightmare-2022-7">told Insider</a> she was likely to take antagonistic tweets into consideration in her ruling.Read the filing in full here:

Elon Musk's 'PayPal mafia' friend David Sacks can't quash Twitter subpoena after posting urination tweets, judge rules

Around 8.2 lakh members of retirement fund body <keyword id="6372438" type="PERSON" weightage="20" keywordseo="epfo">EPFO</keyword> and private PF trusts have dipped into their savings and withdrew ₹3,243.17 crore to sustain in the lockdown imposed by the government to contain COVID-19. Earlier last month on March 28, the <keyword id="6423266" type="COMPANY" weightage="20" keywordseo="employees-provident-fund-organisation">Employees Provident Fund Organisation</keyword> (EPFO) had allowed formal sector workers under its ambit to withdraw a non-refundable advance from their <keyword id="415826" type="PERSON" weightage="20" keywordseo="retirement-savings">retirement savings</keyword> to deal with hardships due to lockdown. "EPFO under <keyword id="602690" type="COMPANY" weightage="20" keywordseo="Union-ministry-of-labour">Union Ministry of Labour</keyword> &amp; Employment, has settled a total of 12.91 lakhs claims, including 7.40 lakhs COVID-19 claims under Pradhan Mantri Garib Kalyan Yojana (PMGKY) package," a Labour Ministry statement said. Claims settlement involves disbursal of total amount of ₹4,684.52 crore which includes ₹2,367.65 crore COVID claims under the PMGKY package. The exempted private PF trusts have also risen to the occasion amidst the COVID-19 pandemic, the ministry said. As on April 27, 2020, ₹875.52 crore have been disbursed to 79,743 PF members as advance for COVID-19 by the exempted PF Trusts under this scheme, with 222 private sector establishments disbursing ₹338.23 crore to 54,641 beneficiaries, 76 public sector establishments disbursing ₹524.75 crores to 24,178 beneficiaries and 23 cooperative sector establishments disbursing ₹12.54 crores to 924 claimants, it said. Private PF trusts manage their employees' PF money and account themselves. They are exempted to file monthly PF return and thus also called exempted establishments. Tata Consultancy Services Mumbai, HCL Technologies Ltd. Gurugram and HDFC Bank Powai, Mumbai are the top three exempted establishments in the private sector, both in terms of number of claims settled and amount disbursed, it said. In public sector, ONGC Dehradun, Neyveli Lignite Corporation Neyveli and BHEL Trichy are the top three exempted establishments to have settled maximum number of COVID-19 advance claims; whereas, Neyveli Lignite Corporation Neyveli, ONGC Dehradun and Vishakhapatnam Steel Plant Vishakhapatnam are top three establishments in terms of amount disbursed to EPF members, it said. The provision for a special withdrawal from the EPF Scheme to fight COVID-19 pandemic is part of the PMGKY scheme announced by the government and an urgent notification on the matter was made to introduce a para 68 L (3) of the EPF Scheme on 28th March, 2020. Under this provision non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to member's credit in the EPF account, whichever is less, is provided. Despite only one-third staff being able to work due to lockdown, EPFO is committed to serve its members during this difficult situation and EPFO offices are functional to help them during these testing times, it said. See also: <a href="https://www.businessinsider.in/india/news/a-checklist-of-steps-offices-should-take-as-they-reopen-after-lockdown-to-avoid-another-wave-of-covid-19-infections/articleshow/75421144.cms">A checklist of steps offices should take, as they reopen after lockdown, to avoid another wave of COVID-19 infections</a> <a href="https://www.businessinsider.in/india/news/covid-19-combat-retired-maha-teacher-gives-pension-to-cm-fund/articleshow/75123266.cms">COVID-19 combat: Retired Maha teacher gives pension to CM fund</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-shareholders-may-get-dividend-payout-as-it-to-considers-rights-issue-at-april-30-board-meeting/articleshow/75422405.cms">Reliance Industries shareholders may get dividend payout as it to considers rights issue at April 30 board meeting</a>

Workers have withdrawn over ₹3,200 crore from their retirement savings to survive the Coronavirus lockdown

<ul><li>The <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword>'s move into corporate debt <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> creates a looming market threat once the bank unwinds its relief efforts, <keyword id="216100" type="COMPANY" weightage="60" keywordseo="Oaktree-Capital">Oaktree Capital</keyword> co-founder <keyword id="216095" type="PERSON" weightage="60" keywordseo="Howard-Marks">Howard Marks</keyword> said Monday.</li><li>Risk assets' current prices are "artificially supported by <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword> buying," the billionaire investor told <a href="https://www.bloomberg.com/news/articles/2020-05-18/oaktree-s-marks-says-fed-support-isn-t-forever-distress-coming?srnd=markets-vp">Bloomberg TV</a>, adding buyers are unlikely to step in at current levels once the Fed retreats.</li><li>Marks is already positioning his firm to capitalize on a wave of defaults. Oaktree plans to raise $15 billion for the biggest <keyword id="9124752" type="UNKNOWN" weightage="60" keywordseo="distressed-debt">distressed-debt</keyword> fund in history, repeating a strategy it used during the financial crisis.</li><li>Several companies including JCPenney and Neiman Marcus have already filed for bankruptcy, and Marks sees plenty more joining the fray as government relief fails to save heavily indebted firms.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul>The stock and bond markets' rally on Federal Reserve aid will backfire once the economy turns around and the central bank pulls back, Oaktree Capital co-chairman Howard Marks said Monday.April's market rally was largely fueled by the Fed's announcement that it would begin buying corporate debt. Investors followed the central bank into extraordinarily risky bonds, betting on the relief lending to keep struggling companies solvent. Stocks enjoyed a similar upswing as confidence grew and capital returned to the market.The resulting prices are "artificially supported by Fed buying" and unlikely to hold strong in the absence of widespread fiscal policy, the distressed-debt investor told <a href="https://www.bloomberg.com/news/articles/2020-05-18/oaktree-s-marks-says-fed-support-isn-t-forever-distress-coming?srnd=markets-vp">Bloomberg TV</a>."Those of us in the markets believe that stocks and bonds are selling at prices they wouldn't sell at if the Fed were not the dominant force," Marks said. "So if the Fed were to recede, we would all take over as buyers, but I don't think at these levels."Read more: <a href="https://www.businessinsider.com/stock-market-crash-reasons-for-next-sell-off-this-year-2020-5">A Wall Street equity chief lays out 5 reasons why another 'significant drawdown' in stocks is coming right after the fastest crash in history</a>Marks has already positioned himself to swoop in once companies slide into default. Oaktree plans to raise $15 billion for <a href="https://markets.businessinsider.com/news/stocks/howard-marks-oaktree-raise-record-sized-distressed-debt-fund-coronavirus-2020-4-1029095873">the biggest distressed-debt fund in history</a> as credit ratings plunge and borrowing costs loom. The firm employed a similar strategy in the wake of the financial crisis."The firewood had been stacked" by massive debt sales and the pandemic sparked the flames, Oaktree said in an investor presentation seen by <a href="https://www.bloomberg.com/news/articles/2020-04-15/marks-s-oaktree-seeks-15-billion-for-biggest-distress-fund-ever">Bloomberg</a>.Several firms have fallen under even before the Fed pulls back on emergency lending. Neiman Marcus, J. Crew, and JCPenney all entered bankruptcy in recent weeks as consumer spending plummets to historically weak levels. Marks sees plenty more companies joining the retailers as relief funding fails to overcome lofty debt costs."There are large, highly levered companies and investment vehicles that the government and Fed rescue program is not likely to reach and take care of," he said.Marks still doesn't view the Fed's actions as unnecessary. Markets will face heightened turbulence when the central bank unwinds its bond purchases, but the turmoil pales in comparison to what would happen without the Fed's lending."Just because something has unforeseeable negative consequences, that doesn't mean it was a mistake," Marks said."Kids like candy, and investors like low rates, but we have to have discipline also," he added.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/federal-reserve-jerome-powell-economic-outlook-recovery-coronavirus-avoid-depression-2020-5-1029211161">Fed's Powell says an economic recovery could take until the end of 2021 — but doesn't see a full-blown depression taking hold</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-why-rally-fragile-downside-risks-coronavirus-economy-2020-5-1029208762">4 Wall Street experts weigh in on what makes the stock market's rally so fragile</a><a href="https://www.businessinsider.com/3-part-investing-checklist-stock-pick-massive-upside-harris-kupperman-2020-5">A 20-year hedge-fund vet shares the 3-part checklist that guides every investment decision he makes — and breaks down a stock pick he thinks could increase 50 to 100 times in his lifetime</a>Read the original article on <a href="https://www.businessinsider.com/howard-marks-warns-stock-bond-markets-fall-fed-aid-slows-2020-5">Business Insider</a>

Billionaire investor Howard Marks says 'artificially supported' markets will fall when the Fed's aid slows

Youtube/C.T. Fitzpatrick<ul class="summary-list"><li>C.T. Fitzpatrick - founder, CEO, and chief investment officer at Vulcan Value Partners - approaches value investing differently than most by not exclusively focusing on cheap stocks.</li><li>In today's coronavirus-stricken market, he's relying on time, strong balance sheets with net cash, free-cash-flow yield, concentration, and highly sustainable margins of safety in order to navigate and benefit from heightened volatility.</li><li>Fitzpatrick relays seven companies which he says will benefit from the impending economic fallout and an accelerated move from physical to digital. </li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories</a>.</li></ul>C.T. Fitzpatrick, founder, CEO, and chief investment officer at <a href="https://www.vulcanvaluepartners.com/">Vulcan Value Partners</a>, doesn't fit nicely into the traditional value-investor mold."As our name would suggest, we're value investors at Vulcan Value Partners, but we do not look for cheap stocks," he said on the "<a href="https://www8.gsb.columbia.edu/valueinvesting/resources/podcast">Value Investing with Legends</a>" podcast. "Instead, we put all of our energy into finding business with inherently stable values." Before starting Vulcan Value Partners in 2007, Fitzpatrick enjoyed 17 years of double-digit returns as a portfolio manager by relying heavily on his differentiated, stability-focused way of viewing the world. Since then, he's ranked in the top 1% of value managers.Today, he's taking full advantage of the volatility that's been prevalent in the market. "This is more than 3 standard deviations away from the mean," he said. "This is an extraordinary event, and I think it's really important to make sure you're doing thorough analysis."<h3>A recipe for success in today's environment</h3>"Our goal in managing the portfolios is to drive our weighted average price-to-value ratio as low as we can," he said. But before we dive into the specifics of his investment approach, it's important to note how Fitzpatrick is thinking the current <a href="https://www.businessinsider.com/category/coronavirus">coronavirus</a>-driven stock selloff. "If you look out five years from now - while this current situation is terrible ... we certainly will not have forgotten it - we will be back to normal," he said. "Companies earnings should be growing very nicely, we should be back to full employment, everything should be - not that this never happened - but things should be back to normal."These views inform Fitzpatrick's four-part checklist for achieving outsized returns - one he's using to take advantage of a market destabilized by the coronavirus. Each element is highlighted in bold.At the heart of Fitzpatrick's investment strategy is a long-term time horizon. Every potential investment is viewed through the lens of at least a five year holding period. This way, he's able to ride out bouts of unruly market volatility without undermining his original thesis."We were buying companies that had net cash on their balance sheet during the <a href="https://www.businessinsider.com/category/financial-crisis">financial crisis</a> - and they were really, really discounted. We're doing the same thing today; right now," he said. "Our companies have double-digit free cash flow yield, with net cash on the balance sheet - and that free cash flow yield is going to grow over time." With an emphasis on stable values, long-termism, free cash flow yields, and strong balance sheets with net cash, Fitzpatrick is also leveraging concentration (currently 22 positions) in this market to take advantage of juicy opportunities. "When you get into periods like this and periods like the Financial Crisis, we tend to become more concentrated," he said. "When this started, we were selling 80 cent dollars and buying 60-cent dollars - and as it progressed, we've been selling 60-cent dollars to buy 40-cent dollars."By employing this methodology, Fitzpatrick says that his portfolios look almost nothing like the market. Buried within the indexes are companies and industries he says have taken on more leverage than they can handle - and he has no interest in owning them."What we love to see is seeing what a company is supposed to do, and that is: Invest for the long term, strengthen their competitive position - and maybe miss earnings for a year or so, or more because they're doing the right things to strengthen the business," he said. "We're giving you points for that; We're very supportive of that."As you would expect, most investors would probably view prolonged earnings misses as a sign to vacate their position, but not Fitzpatrick. In fact, he says "we find a lot of opportunities like that." <h3>Who's going to benefit? </h3>Against that backdrop, Fitzpatrick is quick to relay a swath of companies he says should benefit from the economic fallout resulting from the crisis. "In the long run, someone like <a href="https://markets.businessinsider.com/stocks/fb-stock" target="_blank" rel="noopener">Facebook</a> is a real beneficiary of this," he said. "<a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, with YouTube, is a big beneficiary of this. Their cloud business is a big beneficiary."In addition to Facebook and Alphabet, Fitzpatrick's names <a href="https://markets.businessinsider.com/stocks/nvda-stock">NVIDIA</a>, <a href="https://markets.businessinsider.com/stocks/v-stock" target="_blank" rel="noopener">Visa</a>, <a href="https://markets.businessinsider.com/stocks/ma-stock" target="_blank" rel="noopener">Mastercard</a>, and <a href="https://markets.businessinsider.com/stocks/axp-stock" target="_blank" rel="noopener">American </a><a href="https://markets.businessinsider.com/stocks/axp-stock" target="_blank" rel="noopener">Express</a> as companies that should reap the rewards of an accelerated move from physical to digital. 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.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. <h3>NOW WATCH: <a href="https://www.businessinsider.com/unemployment-numbers-coronavirus-economy-layoffs-2020-3">3.3 million Americans filed for unemployment - and an economist predicts it could be far worse than the Great Recession</a></h3>

C.T. Fitzpatrick has ranked in the top 1% of value managers since the financial crisis. He shares his 4-part strategy for dominating a coronavirus-stricken market - and rattles off 6 companies that will benefit from the fallout.

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/davids-bridal-history-from-founding-to-bankruptcy-layoffs-2023-4">David's Bridal filed for bankruptcy in April and was sold</a> in July to Cion Investment Corp.</li><li>CEO Jim Marcum is optimistic about David's Bridal's future. </li></ul>Ever since the <a target="_blank" href="https://www.businessinsider.com/the-knot-vendors-worth-price-busy-wedding-year-weddingwire-2022-9">Covid pandemic canceled 2020 nuptials</a>, the wedding industry has been playing catch-up.Depending on who you talk to, some <a target="_blank" href="https://www.businessinsider.com/designer-taylor-swift-eras-tour-gown-markets-wedding-dress-brand-2023-6">wedding companies</a> saw business flooding back in 2021 and 2022, while others saw more of a slow trickle. Meanwhile, younger generations are redefining the wedding altogether, tossing traditions aside and looking to <a target="_blank" href="https://www.businessinsider.com/tiktok-weddings-trend-gen-z-2023-5">TikTok to plan their weddings</a>.<a target="_blank" href="https://www.businessinsider.com/davids-bridal-history-from-founding-to-bankruptcy-layoffs-2023-4">David's Bridal filed for bankruptcy in April</a>, the second time in five years. In July, a bankruptcy judge approved the company's sale to Cion Investment Corp., in a deal that's expected to preserve 7,000 jobs and keep 195 stores open.David's isn't the only retailer that's felt the aftermath of Covid's blow to the wedding industry. <a target="_blank" href="https://www.businessinsider.com/signet-jewelers-reports-sales-dip-as-fewer-americans-get-engaged-2023-4">Signet Jewelers, the country's largest jeweler, has seen ring sales slump</a> alongside a <a target="_blank" href="https://www.axios.com/2023/02/25/marriage-declining-single-dating-taxes-relationships">drop</a> in engagements.But it's David's Bridal's nimble supply chain and <a target="_blank" href="https://www.insider.com/evolution-and-history-of-davids-bridal-and-wedding-dresses-2019-5">ability to appeal to a wide range of brides</a> that keeps CEO Jim Marcum optimistic about the company's future, he said. He sat down with Insider to talk about the bankruptcy, subsequent sale, and the seismic shifts happening in the wedding industry.<div type="image" title="David's Bridal CEO Jim Marcum sits on a green couch" height="2222" width="2963" msid="103716061" hostid="261" sizebytes="293170"></div>The following has been edited and condensed for clarity.There's been a lot going on with David's Bridal recently. How do you feel about the company and its future?There's a lot of excitement in the company right now, actually. The teams are motivated. David's is back. We've gotten our customer-service scores of thousands of reviews a month up to 4.9 stars consistently.During the bankruptcy, we kept our field teams intact, stayed focused on the customer. We promised the consumer that we'd deliver on every order, every dress. They stuck true to it.Through our bankruptcy, we averaged 4.8 stars, which is kind of amazing. Now that we have this successful transaction, the morale is very high.Through the sale, how did the company attempt to save jobs?It was our goal all along to find that right partner that understood retail and could understand the impacts that were going on.We did close approximately 100 stores, and we spent an extensive amount of time evaluating our real estate footprint and the ideal number of stores.The stores that we closed represented about 10% of our four-wall contributions. Whereas the two-thirds of the stores we're going forward with, represent approximately 90%. So it's getting down to a more nimble, profitable store base.About half the store closures were in markets where we already had stores.Editor's note: A company representative later clarified that the stores closing represented 7% of four-wall contributions, which is a profitability metric. The stores staying open represent approximately 93%.Have you seen changes in demand over the last couple of years because of the pandemic and <a target="_blank" href="https://www.insider.com/micro-weddings-are-way-better-cheaper-2023-8">how weddings are changing</a>?When Covid hit, there were some trends where you saw the minimony. They'd go get married in the backyard because travel was restricted. If they did have a bridal party, it was the maid of honor and not an entire party.We've seen the bride tell us about her budget. Inflation put an economic concern on the price of her budget.The uniqueness about David's is we have dresses in the $199 price point, and we've got dresses at $2,000. We also have a broad range of aesthetics.We did see bridal parties constrict. On average, we would run 3.08 bridesmaids prior to Covid. We saw that dip as low as 2.6. That's coming back as the market opens up.<div type="image" title="David's Bridal wedding dress" height="1714" width="1200" msid="103716178" hostid="261" sizebytes="83050"></div>The pandemic taught many retailers that the just-in-time model was not beneficial for today's consumer. What did David's learn about its supply chain?What it validated was the power of that vertical supply chain. We had factories that would shut down in one country, or restrictions in one country so we had to shift the production of raw materials from that country to another country. Then no sooner than we do that, we'd have to shift it to another country.Delivery to the customer, we never missed. When that boat got stuck in the Suez Canal, we had dresses on it. When that boat got stuck in the Baltimore Harbor, we had containers of dresses on those ships.We had dresses where we would put that unit back into production in a factory and 48 hours later had it on the belly of an airplane flying it into the customer.For one dress?For one.And that's why, when we filed this bankruptcy, a lot of people thought I was absolutely crazy for making the claim that we would deliver on every dress, on every order, to make sure the customer had the confidence that she could continue to shop at David Bridal.David's Bridal has a reputation as the "Walmart of Bridal." How do you feel about that name?I don't think we could be better positioned than any retailer in this country for the segment we're in.In what way are you better positioned?We are targeting mass America. I've heard that comment about Walmart so many times. I challenge Walmart to be 4.9 stars in service.We will sell more wedding dresses on a weekend than a boutique will sell, oftentimes not only in a month, but an entire season. About 25% of marriages in the United States are second marriages. Average age is over 40. And we did a significant share of that. First-time brides, their average age is a little under 30.If you really look at our dresses, you can't get the value, price proposition, or quality anywhere at our price points.<div type="image" title="Person walks by exterior of David's Bridal store" height="1667" width="2500" msid="103716180" hostid="261" sizebytes="362358"></div>So you're not afraid of competitors taking market share?A lot of competitors have tried, and there are competitors out there that I respect. It is about helping that bride for her entire village. We have occasion, we have mother of the bride, we have the flower girl, we have the bridesmaids, we have gifts, we have accessories.And then, most recently, we launched Pearl.Yes, it's very similar to The Knot where you can plan your wedding.Yes, so now we have wedding-planning checklists and vision boards that allow you to curate the style of your wedding. We have the registry, and now we have the vendor marketplace.The reason we did that was we wanted to be with the bride way upfront when she first got engaged. Eighty-five to 90% of all brides will come into our funnel. They don't all buy their dresses with us. That's okay. But there's a chance if they don't buy their wedding dress with us, their bridesmaids or their mother will.What convinced you that maybe brides would turn to Pearl instead of somewhere like The Knot that has been doing this for many years?There's so many facets to that. The first thing brides Google when they get engaged is planning. David's is a highly recognizable name. Over half our traffic is generic traffic because it's top-of-mind brand awareness. The brides are coming in and they need information now.The Knot's value prop is the vendors. These entrepreneurs take crazy money to get those leads. So when we designed Pearl, we took a really hard look at the economics of what we would charge a vendor to list. The majority of it is free. To us, it was about the ecosystem to offer the bride something that's of value.<div type="image" title="David's Bridal bridesmaid dresses" height="2700" width="1800" msid="103716182" hostid="261" sizebytes="599432"></div>Last year, <a target="_blank" href="https://www.businessinsider.com/the-knot-vendors-worth-price-busy-wedding-year-weddingwire-2022-9">everyone dubbed 2022 as the year of weddings</a>. That worked out for some people and didn't for others. Was it a boom year for David's Bridal?It wasn't a boom year for anybody in the industry.So would you say that was mostly a facade?WeddingWire published that story about 2022 being the year of record weddings in early- to mid-2021. In 2020, when all these venues shut down, there were about a half-a-million weddings disrupted. There was a scramble, and a lot of them booked into 2021.There's only so much capacity, so the venues got really restricted. They couldn't hire labor. All those 2020 venues rolled into 2021. Then you had the Delta variants, some of those weddings rolled into 2022.Is that why David's Bridal filed for bankruptcy this year?We had a phenomenal 2021. We were the only ones that had the inventory when all of a sudden they wanted to get married in the backyard. But what happened is that we got to the first quarter of 2022 and right after that, 2022 was soft.We were projecting much higher. We had the data once a bride booked an appointment. We converted her between 65 and 70%. That means she had a sense of urgency and we had the assortment. The question was what happened at the top of the funnel.We weren't seeing any seismic shift anywhere.Signet Jewelers has projected that engagement sales will need to grow 25% by 2026 to return to pre-pandemic levels. What does that mean for the future of David's Bridal?The reason they believe that softening occurred is because of Covid when, all of a sudden, you either had a relationship or you didn't. You heard about all these engagements, which led to 2021 being good for us.It takes about three years in the dating cycle to get to the engagement. They put out projections for the fourth quarter of 2023 — they think it's going to be robust and picking back up. And they've put out data projections for 2024.If those projections are halfway true, we feel very good. We're not going anywhere.

'We're not going anywhere.' David's Bridal's CEO reveals what's next for the company after its second bankruptcy.     

Welcome to <keyword id="9075000" type="UNKNOWN" weightage="60" keywordseo="wall-street-insider">Wall Street Insider</keyword>, where we take you behind the scenes of the <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> team's biggest scoops and deep dives from the past week. <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc73475027502">If you aren't yet a subscriber to Wall Street Insider, you can sign up here.</a>Car-rental giant Hertz <a href="https://www.businessinsider.com/hertz-filing-for-bankruptcy-as-early-as-this-weekend-report-2020-5">filed for bankruptcy protection on Friday evening</a> after it was unable to reach an agreement with its biggest lenders, adding to a wave of bankruptcy filings in recent weeks as <a href="https://www.businessinsider.com/latest-news-about-restructuring-and-the-coronavirus-2020-3">companies struggle with an unprecedented hit</a> from the coronavirus pandemic. Distressed-credit trading at Wall Street banks had been a small, quiet corner of the market over the past decade. But as the economic fallout spreads, more opportunities and flow are likely to come the way of the desks that make markets in bonds and loans trading at discounted prices, bankruptcy claims, litigation events, and other more complex and special situations.Alex Morrell and Dakin Campbell spoke with nearly a dozen industry insiders — buy-side traders and portfolio managers, current and former sell-side credit execs, and headhunters and consultants — to map out Wall Street's most powerful and noteworthy distressed-debt traders. Read the full story here: <h2><a href="https://www.businessinsider.com/wall-streets-top-distressed-credit-and-debt-traders-2020-5">Meet 11 Wall Street stars trading busted bonds, bankruptcy claims, and other fire-sale securities</a></h2>The pandemic has also prompted a surge in e-commerce and forced <a href="https://www.businessinsider.com/ceos-are-ready-to-cut-back-office-portfolio-post-pandemic-2020-5">a re-think of how companies use and occupy office space</a>. A pair of stories from Dan Geiger this week took a look at how those forces are already reshaping real-estate markets. Facebook CEO Mark Zuckerberg revealed on Thursday that the tech giant is eyeing offices in cities like Dallas, Atlanta, and Denver to act as "hubs" to support 50% of its workers staying remote — <a href="https://www.businessinsider.com/facebook-could-allow-half-its-employees-to-work-remotely-2020-5">and it's a move that could upend Silicon Valley and NYC real estate.</a> Meanwhile, warehouse properties are suddenly red-hot, with Amazon snapping up space while ailing companies are looking to sell. <a href="https://www.businessinsider.com/demand-for-warehouse-space-surges-as-ecommerce-and-logistics-soar-2020-5">Here's a look at key deals and market forecasts that lay out a huge opportunity for industrial real-estate</a>.Keep reading for a look at where investors draw the line when it comes to hedge fund social-media spats, the story behind pandemic bonds, and a push to pitch SPACs to family offices and super-wealthy people. Have a great long weekend!Meredith<h2>Hedge fund Twitter spats</h2>As social media has become ubiquitous over recent years and the pandemic now has forced everyone to stay at home and logged on at all hours, hedge-fund investors have added online activity to their due diligence checklist.Bradley Saacks took a look at what allocators make of high-profile social media spats — and what online behavior can cross the line and cause them to rethink investments. Read the full story here:<h2><a href="https://www.businessinsider.com/hedge-fund-investors-watch-social-media-accounts-and-online-personas-2020-5">When big-name hedge-fund managers like Cliff Asness feud with the Twitter masses, major investors notice. Here are the behaviors that could cost them billions.</a></h2><h2>Pandemic bonds</h2><div type="image" title="Karen Fang Bank of America" height="2880" width="5760" msid="75922195" hostid="261"></div>Investors are clamoring for "pandemic bonds" linked to the coronavirus recovery effort, and Alex Morrell took a look at how Wall Street banks are preparing for a deluge of similar socially-minded financing opportunities.For one, Karen Fang, a star in Bank of America's sales and trading division who'd been <a href="https://www.businessinsider.com/who-is-bank-of-america-fixed-income-star-karen-fang-2019-8">promoted to an ambitious new role</a> a year earlier, relinquished some of her trading responsibilities earlier this year to assume the role of the bank's global head of sustainable finance. Read the full story here:<h2><a href="https://www.businessinsider.com/wall-street-banks-and-investors-clamoring-for-pandemic-social-bonds-2020-5">Investors are clamoring for 'pandemic bonds.' Here's how Wall Street banks are revamping their businesses and senior execs are devising ways to capture the surging demand.</a></h2><h2>Staffing shuffle at JPMorgan and Bank of America</h2><div type="image" title="bankruptcy graffiti" height="1000" width="2000" msid="75922198" hostid="261"></div>As Dakin Campbell reports, some of the largest US banks have been shifting employees into roles restructuring troubled loans.Workers are also lending a hand with an influx of new loan requests, including credits for troubled companies seeking cash. Some of the employees had been working on examination activities, and got freed up when the Federal Reserve called a halt to some exams in late March.Read the full story here:<h2><a href="https://www.businessinsider.com/jpmorgan-bank-of-america-moving-staff-into-restructuring-roles-2020-5">JPMorgan and Bank of America are reassigning staff to focus on troubled loans and companies amid a wave of pandemic-driven disruptions</a></h2><h2>Pitching SPACs</h2><div type="image" title="A man walks past a UBS logo projected on a screen in Singapore, January 14, 2019. REUTERS/Feline Lim" height="2047" width="4094" msid="75922200" hostid="261"></div>UBS is pitching special purpose acquisition companies — so-called blank-check companies — to its massive wealth-management network, and looking to bring SPACs to market with as much as a 20% retail investor base.Dan DeFrancecso took at look at how the trend is a departure from how SPACs — entities with no commercial operations that raise money and IPO with the intention of acquiring a company — traditionally raise money.Read the full story here:<h2><a href="https://www.businessinsider.com/ubs-is-pitching-wealth-management-clients-on-spacs-2020-5">UBS is pitching more 'blank-check' companies to rich clients and family offices </a></h2><h2>Knotel-Rhino deals</h2><div type="image" title="Amol Sarva Knotel" height="1920" width="3840" msid="75922204" hostid="261"></div>Dan Geiger revealed that flex-office firm Knotel and the insurance startup Rhino failed to disclose a family tie between the two companies when the pair struck a deal to place an insurance firm on the hook financially if Knotel defaults on office leases it has signed.In recent months, <a href="https://www.businessinsider.com/knotel-stops-paying-rent-landlords-commission-fees-to-cushman-cbre-2020-4">Knotel has let millions of dollars in bills to vendors and landlords go unpaid</a> — and its CEO has said it will walk away from leases. Read the full story here:<h2><a href="https://www.businessinsider.com/knotel-sourced-bonds-rhino-potential-conflict-of-interest-2020-5">Knotel and insurance startup Rhino didn't disclose its CEOs were brothers when it struck a complex financial deal. Now a key partner could be on the hook as Knotel scrambles to pay bills, slashes staff, and plans to shed portions of its portfolio.</a></h2><h2>On the move</h2><a href="https://www.businessinsider.com/citadels-tech-team-hired-two-sigmas-andrew-janian-2020-5">Citadel is adding Two Sigma's Andrew Janian,</a> the $60 billion quant fund's former chief information officer and data chief, to its tech team. Ken Griffin's fund has poached several big names from Wall Street and Silicon Valley for its tech team in the past couple of years, including former Goldman Sachs partner Umesh Subramanian.<h3>Careers</h3><ul><li><a href="https://www.businessinsider.com/ceo-larry-raffone-edelman-financial-engines-pandemic-response-hires-2020-5">The CEO of $192 billion wealth firm Edelman Financial Engines lays out its post-pandemic roadmap, from 'doubling down' on digital to hiring more planners</a></li><li><a href="https://www.businessinsider.com/morgan-stanley-summer-internship-virtual-remote-coronavirus-2020-5">Morgan Stanley's head of HR lays out how to impress in a virtual internship and land a banking job at the end of the summer</a></li><li><a href="https://www.businessinsider.com/paypal-hiring-software-engineers-risk-analysts-running-summer-internships-remotely-2020-5">From virtual ice-breakers to weekly wellness surveys, PayPal's head of talent lays out what remote work will look like for interns and new hires</a></li><li><a href="https://www.businessinsider.com/liontrees-aryeh-bourkoff-writes-on-the-post-covid-19-world-2020-5">Read the full memo one of tech and media's biggest investment bankers just sent to his team laying out why returning to the office will be a 'complex art'</a></li></ul><h3>Hedge funds and investing</h3><ul><li><a href="https://www.businessinsider.com/man-group-bridgwater-schonfeld-explain-quantamental-and-how-it-works-2020-5">The world's biggest hedge funds like Bridgewater are blending quantitative and fundamental trading. Here's why it's gaining hype on Wall Street.</a></li><li><a href="https://www.businessinsider.com/worldquant-hires-former-goldman-top-quant-gary-chropuvka-as-president-2020-5">$7 billion hedge fund WorldQuant is bringing on the former top quant at Goldman to help create the 'future of quantitative investing'</a></li><li><a href="https://www.businessinsider.com/60-million-sale-airbnb-shares-signals-private-stock-reboot-2020-5">A rumored $60 million trade of Airbnb shares signals reboot of secondary market for private securities</a></li><li><a href="https://www.businessinsider.com/blackrocks-aladdin-growth-potential-alternatives-investments-2020-5">BlackRock execs lay out how its $1.3 billion eFront deal is setting up Aladdin to crack into a massive alternative-investment opportunity</a></li><li><a href="https://www.businessinsider.com/prime"></a><a href="https://www.businessinsider.com/tradeweb-hires-citadel-exec-lead-data-strategy-2020-5">Tradeweb just hired a former Citadel exec to lead its strategy for selling data and launching tools based on its massive fixed-income marketplaces</a></li></ul><h3>Fintech</h3><ul><li><a href="https://www.businessinsider.com/sofi-cut-7-percent-staff-quarterely-performance-reviews-2020-5">SoFi just cut 7% of staff based on performance reviews, and is eliminating a team by automating it away. The moves come a month after the fintech announced a $1.2 billion acquisition.</a></li><li><a href="https://www.businessinsider.com/shopify-product-launch-e-commerce-digital-2020-5">$85 billion e-commerce giant Shopify is trying to make banks irrelevant for small businesses. Its chief product officer lays out why.</a></li></ul><h3>Real estate</h3><ul><li><a href="https://www.businessinsider.com/ceos-are-ready-to-cut-back-office-portfolio-post-pandemic-2020-5">Global firms are cutting down on their real-estate footprint as CEOs across industries are considering a permanent switch to remote work</a></li><li><a href="https://www.businessinsider.com/amazon-backed-smartrent-launches-full-remote-actress-control-product-2020-5">A smart home startup that raised $41 million from Amazon and Bain just launched an app that lets landlords and residents give remote access for deliveries, guests, and self-guided tours</a></li><li><a href="https://www.businessinsider.com/social-distancing-tech-proptech-startup-vergesense-9-million-2020-5">Worker-tracking startup VergeSense just raised $9 million as it pivots to provide social-distancing tech. Here's the pitch it's hoping can boost sales to Fortune 1000 companies by 500%.</a></li><li><a href="https://www.businessinsider.com/zillow-offers-restarts-with-the-help-of-former-surgeon-general-2020-5">Zillow is restarting its iBuyer business with the help of a former US surgeon general. She laid out how the company will get home-flipping up and running safely.</a></li></ul>Read the original article on <a href="https://www.businessinsider.com/wall-street-insider-may-23-top-finance-news-2020-5">Business Insider</a>

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