<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c98b07f2cc740402b218843-1500/2018-07-15t134301z1276671385rc1de7d08bf0rtrmadp3turkey-politics-president.jpg" border="0" alt="Turkish President Tayyip Erdogan makes a speech during a ceremony marking the second anniversary of the attempted coup at the Presidential Palace in Ankara, Turkey, July 15, 2018." data-mce-source="REUTERS/Umit Bektas" data-mce-caption="Turkish President Tayyip Erdogan makes a speech during a ceremony marking the second anniversary of the attempted coup at the Presidential Palace in Ankara, Turkey, July 15, 2018." data-link="https://www.reutersconnect.com/all?id=tag%3Areuters.com%2C2018%3Anewsml_RC1DE7D08BF0%3A1276671385&amp;search=all%3Aerdogan" /><p class="source"><span><a href="https://www.reutersconnect.com/all?id=tag%3Areuters.com%2C2018%3Anewsml_RC1DE7D08BF0%3A1276671385&amp;search=all%3Aerdogan">REUTERS/Umit Bektas</a></span></p><p class="caption">Erdogan went on the attack again against the financial industry after the lira's crash.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Turkey launched probes into JPMorgan after claiming that the bank's research note suggesting investors short the country's currency was "misleading and manipulative."</strong></li><li><strong>It's not the first time the country has hit out at foreign investors over alleged currency issues with Turkey's President, Tayyip Erdogan, warning they would pay a "heavy price."</strong></li><li><strong>Turkey's lira plunged more than 4% last Friday, continuing the country's economic difficulties of late.</strong></li></ul><p>It's a sign of worry at the top of the Turkish government when a banking research note causes two separate probes into a financial institution. </p><p>That's exactly what happened over the weekend with both the <a href="http://www.spk.gov.tr/Duyuru/Goster/20190323/0">Capital Markets Board of Turkey (SPK)</a> and the Bank of Turkey watchdog, the <a href="https://www.bddk.org.tr/Duyurular/Basin-Aciklamasi/706">Banking and Regulation Supervision Agency</a><span>, almost simultaneously launching probes into JPMorgan after one of its currency strategy reports suggested shorting the lira.</span></p><p><span>The Turkish lira tumbled more than 4% against the dollar Friday, its biggest one-day fall since a currency crisis took hold in August. After the August crash, President Recep Tayyip Erdogan railed against <a href="https://www.businessinsider.com/turkish-lira-price-stabilises-as-erdogan-attacks-economic-terrorists-2018-8">so-called</a> "economic terrorists."</span></p><p><span>At a rally on Sunday, Erdogan went on the attack again. </span></p><p>"If you get involved in provocative acts, saying 'foreign currencies will strengthen, this will happen, that will happen,' you will pay a very heavy price . . . The BRSA has taken some steps. I will make you pay a very heavy price," he said, <span><a href="https://www.ft.com/content/79c27d9a-4e0e-11e9-9c76-bf4a0ce37d49">according</a> to the Financial Times.</span></p><p><span>JPMorgan declined to comment.</span></p><p><span>"We have received complaints that some <a href="http://www.hurriyetdailynews.com/search/banks" title="banks">banks</a> led clients to buy foreign currencies in a manipulative and misleading way. Our agency has launched an <a href="http://www.hurriyetdailynews.com/search/investigation" title="investigation">investigation</a> and a probe and the necessary administrative and judicial processes will be conducted," the Banking Regulation and Supervision Agency <a href="http://www.hurriyetdailynews.com/search/BDDK" title="BDDK">said</a> in a statement on March 23, <a href="http://www.hurriyetdailynews.com/jp-morgan-banks-face-probe-over-manipulation-142143">per</a> Hurriyet.</span></p><p><span>Hysteria from Turkey's leader over the lira's value is <a href="https://www.businessinsider.com/turkish-lira-crisis-erdogan-interest-rates-2018-8">nothing </a>new. Banks regularly write market commentary on individual countries and their currencies, making calls of manipulation a large leap. A copy of the JPMorgan report, <a href="https://www.reuters.com/article/us-turkey-banks/turkish-watchdogs-to-probe-jp-morgan-after-lira-plunge-idUSKCN1R40OS">cited</a> by Reuters, said it saw a high risk that the lira would decline after Turkish local elections which are set to take place on March 31, and recommended that clients go "long" on the dollar. </span><span></span></p><p><span>Turks have been selling lira for dollars ahead of the election which is leading the country's central bank to boost its reserves, <a href="https://ahvalnews-com.cdn.ampproject.org/c/s/ahvalnews.com/turkish-lira/turkish-central-bank-says-committed-increasing-reserves?amp">according</a> to Ahval. The central bank's net reserves slid $6.3 billion in the two weeks to March 15 to $28.5 billion.</span></p><p><span>Currency issues have had a major impact on the Turkish economy and Turkish companies. Many large Turkish companies have US dollar loans which become increasingly difficult to repay as the lira slides in value and has even caused <a href="https://www.businessinsider.com/turkish-economy-salt-bae-is-having-debt-troubles-with-his-steakhouse-2019-3">difficulties</a> for the owners of viral sensation "Salt Bae's" restaurants. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/pi-day-math-important-eugenia-cheng-2017-3">A mathematician gave us the easiest explanation of pi and why it's so important</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/MVnsRCPo-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>

Turkey is investigating JPMorgan after the bank advised clients to short the lira

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cb852b4ac92a10e4d43af43-2400/2019-04-16t123806z1lynxnpef3f0umrtroptp4russia-turkey-syria-idlib.jpg" border="0" alt="Turkish President Tayyip Erdogan speaks during a joint news conference with his Russian counterpart Vladimir Putin following their talks at the Kremlin in Moscow, Russia April 8, 2019. Cem Oksuz/Turkish Presidential Press Office/Handout via REUTERS " data-mce-source="Reuters" data-mce-caption="Turkish President Erdogan speaks during a news conference in Moscow" /><p class="source"><span>Reuters</span></p><p class="caption">Turkey's president Erdogan.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Turkey's central bank has boosted its foreign currency reserves to levels below analyst expectations leading to fears that it could be caught short in the event of another lira crisis.</strong></li><li><strong>The central bank bolstered its holdings using "unorthodox" short-term currency swap deals which when removed from the total leave an even lower figure, worrying investors and analysts, <a href="https://www.ft.com/content/9718e75e-611d-11e9-b285-3acd5d43599e">as reported by the Financial Times</a>. </strong></li><li><strong>Turkey's economy has struggled to cope with a weak lira with the central bank's decision coming "out of expediency not conspiracy."</strong></li></ul><p>Turkey's central bank has caused consternation amongst analysts and investors after admitting that much of its publicized currency reserve figures are held in short-term swap contracts. </p><p>Turkey published foreign currency reserves of $28 billion recently, lower than analyst expectations. But some $12 billion of that is in the form of short-term borrowed money, <a href="https://www.ft.com/content/9718e75e-611d-11e9-b285-3acd5d43599e">as reported by the Financial Times:</a></p><p style="padding-left: 40px;">"... the central bank confirmed that dollars borrowed in the first part of these transactions are added to the balance sheet. The obligation to later repay the dollars is recorded as an 'off balance sheet item'."</p><p>The decision to boost foreign reserves through short-term borrowing probably came "out of expediency rather than conspiracy," according to Paul McNamara, an emerging markets investment director at GAM in an interview with Business Insider. "The paranoid approach to analysts in Turkey isn't helpful and not disclosing the off-balance sheet figures is unparalleled but it would need to get a lot worse for someone like the IMF to get involved," he added.</p><p>Countries like Turkey use foreign currency reserves to cover debt denominated in dollars, and for international trade. They back their own currencies with the ability to buy it in foreign currency, in other words. Simply put, countries with lower foreign reserve totals are riskier than those with higher levels. Using swaps instead of currency as a central bank reserve is extremely unusual. </p><p><span>"The country's banks are very dependent on foreign wholesale financing," according to Capital Economics in a research note. </span></p><p>Turkish banks are full of dollars after many wealthy companies and individuals fled to a stronger currency during the recent plunge in the lira's value. The short term swaps <span>- weeklong dollar borrowing by the central bank from local banks - are being reported as a gross dollar figure on the central bank's balance sheet, but will be repaid off-balance sheet, confounding investors. </span></p><p><a href="https://www.businessinsider.com/turkish-lira-crisis-erdogan-interest-rates-2018-8?r=US&amp;IR=T">Last summer's lira crisis</a> highlighted the major issues at the heart of Turkey's economy. The country's difficulties have continued into this year, with many Turkish companies struggling to repay dollar loans due to the falling value of the lira. </p><p><a href="https://www.ft.com/content/9718e75e-611d-11e9-b285-3acd5d43599e">The Financial Times quoted</a> a former Turkish central bank official who claimed the decision to borrow dollars in this way was "unorthodox." The country has borrowed some $13 billion in the period between March 25 and April 8, after only borrowing $500 million between January 1 and March 25, according to the central bank's figures, available through Bloomberg, and <a href="https://www.ft.com/content/9718e75e-611d-11e9-b285-3acd5d43599e">cited in the Financial Times</a>. </p><p>Total foreign currency reserves without the swap contracts would amount to less than $16 billion, <a href="https://www.ft.com/content/9718e75e-611d-11e9-b285-3acd5d43599e">according to the Financial Times.</a></p><p><a href="https://www.ft.com/content/9718e75e-611d-11e9-b285-3acd5d43599e">In written responses to the Financial Times</a>, the Turkish central bank said its accounting for the swaps was in<span> "full compliance with international norms."</span></p><ul class="read-more-links"><li><span>Read more:</span></li><li><a href="https://www.businessinsider.com/turkish-economy-salt-bae-is-having-debt-troubles-with-his-steakhouse-2019-3?r=US&amp;IR=T" data-e2e-name="see-also-link">How Salt Bae's debt-laden steakhouse is highlighting major issues in Turkey's economy</a></li><li><a href="https://www.businessinsider.com/turkey-bank-debt-mismatched-maturity-rates-cross-currency-swap-market-2018-9?r=US&amp;IR=T">Turkish banks 'could run out of dollars' in 9 months</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/lawsuit-captain-marvel-shazam-superman-comics-dc-superheroes-2019-4">How a $4 million lawsuit created 'Shazam!' and 'Captain Marvel' as we know them today</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/f2n4QWwm-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>

Turkey's central bank is boosting its reserves with 'off balance sheet' short-term swaps -&#160;and investors are aghast

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57c6f2cd09d29330008b55d0-1134/chm_1.png" alt="CHM" data-mce-source="Jacqui Frank" /><p class="source"><span>Jacqui Frank</span></p><p class="caption">Starbucks' Chile Mocha is topped with cayenne, ancho chile, paprika, cinnamon, sea salt, and a little sugar.</p></div><p></p></div></div>Starbucks has a new beverage joining its fall lineup alongside the Pumpkin Spice Latte. </span></p><p><span style="font-weight: 400;">On Saturday, September 3, customers can begin ordering Starbucks' Chile Mocha, the coffee giant's new seasonal beverage. While Starbucks will begin promoting the drink to Rewards loyalty members on Saturday, the drink officially launches on Tuesday, September 6 - the same day as the Pumpkin Spice Latte's official launch.  </span></p><p><span style="font-weight: 400;">The drink is topped with cayenne, ancho chile, paprika, cinnamon, sea salt, and a little sugar. It's a mix of sweet and spicy that's reminiscent of Mexican hot chocolate, but the level of spice isn't overwhelming. </span></p><p><span style="font-weight: 400;"><span>Baristas create the <span>Chile Mocha</span> by topping espresso with a blend of cocoa powder and spices steamed together with milk. The use of cocoa powder, instead of syrup like the traditional Starbucks' mocha, creates a lighter and more subtly sweet chocolatey drink, superior to the original mocha. </span></span></p><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57c6f32109d29327008b5666-1351/chm_3.png" alt="CHM_3" data-mce-source="Jacqui Frank" /><p class="source"><span>Jacqui Frank</span></p></div><p></p></div></div>Starbucks created the Chile Mocha after the coffee development team decided to double down on the "spice" aspect of the Pumpkin Spice Latte. </span></p><p><span style="font-weight: 400;">"Our customers expect Pumpkin Spice every year… but we also need to continue to innovate," Mackenzie Karr, a coffee education specialist at Starbucks, told Business Insider. "We've kind of taken the PSL, and taken the S and really blown it up."</span></p><p><span style="font-weight: 400;"></span><span style="font-weight: 400;">While seasonal beverages are an expected part of Starbucks' rotating menu, new fall drinks at the chain have an impressive legacy to live up to. The Pumpkin Spice Latte is Starbucks' most popular seasonal beverage ever, with a reputation that only grows year after year.</span></p><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57c6f35909d2935f0f8b55f2-1488/chm_2.png" alt="CHM_2" data-mce-source="Jacqui Frank" /><p class="source"><span>Jacqui Frank</span></p><p class="caption">The CHM can't be overshadowed by the PSL.</p></div><p></p></div></div></span></p><p><span style="font-weight: 400;">When developing new beverages, Starbucks is forced to consider how they might measure up to the PSL. </span></p><p><span style="font-weight: 400;">"I think if we ever developed something as iconic as the pumpkin spice, that would be a huge thing to celebrate," says Karr. "But, I think that a lot of our [limited-time offerings] go with the trends - what people are talking about, what people are doing. I would love for this to be iconic, but you know, maybe next year there will be something completely different that people are interested in." </span></p><p><span style="font-weight: 400;">The Chile Mocha is the "hot friend" to the Pumpkin Spice Latte's "bae," says Karr - an exciting newcomer tagging along with customers' long-term lover. If the Chile Mocha can reach Pumpkin Spice Latte levels of adoration, that would be great, but Starbucks wouldn't mind if customers just want a fall fling with the new drink. </span></p><div id="ooyala-post-container"></div><script>// <![CDATA[var playerParam = {  'pcode': 'BhdmY6l9g002rBhQ6aEBZiheacDu',  'playerBrandingId': '6e12e8b3387a44daacfb73afba25a76e',  'skin': {      'config': '//player.ooyala.com/static/v4/stable/4.4.11/skin-plugin/skin.json'  }};OO.ready(function() {  window.pp = OO.Player.create('ooyala-post-container', 'JydnZtNTE6oSxGjIRBuwiqqo01b4fa89', playerParam);});// ]]></script>

Starbucks is hoping this drink will be the next Pumpkin Spice Latte

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c77dfe226289831c1339289-1137/maduro%20carnival%20livestream.png" border="0" alt="maduro carnival livestream" data-mce-source="Nicolás Maduro/Twitter" data-mce-caption="Venezuelan President Nicolás Maduro discussed plans for Venezuela's upcoming Carnaval celebrations on Wednesday while the country continues to crumble."><p class="source"><span>Nicolás Maduro/Twitter</span></p><p class="caption">Venezuelan President Nicolás Maduro discussed plans for Venezuela's upcoming Carnaval celebrations on Wednesday while the country continues to crumble.</p></img></div><p></p></div></div><ul class="summary-list"><li>Venezuelan President Nicolás Maduro recorded a lengthy livestream on Wednesday, talking about the state's carnival plans and showing Venezuelans celebrating.</li><li>It came four days after at least two people died and at least 300 more were injured in violent clashes over the government's refusal to let in humanitarian aid.</li><li>Meanwhile, self-declared interim president Juan Guaidó is planning to end his exile in Colombia, and mobilizing protests in Venezuela.&#xa0;</li></ul><p>Venezuelan leader Nicolás Maduro on Wednesday tweeted a 40-minute-long livestream on Periscope about the government's carnival preparations as the country further spirals into crisis.</p><p>Carnival - or "Carnaval" as known in Venezuela - is a big celebration celebrated before Lent every year, in which people dress up in costumes, dance, and attend parades with floats.</p><p>Maduro's video came after <a href="https://www.businessinsider.com/photos-protesters-and-soldiers-clash-in-venezuela-over-aid-shipments-2019-2">a weekend of violent clashes</a> when state forces barred activists from bringing in aid through the Colombian and Brazilian borders.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c72ab5b26289855ed5ac812-2400/5b104c159e8a43ce97db4f35fe92b6b7.jpg" border="0" alt="Venezuelan demonstrators throw stones during clashes with authorities, at the border between Brazil and Venezuela, Saturday, Feb.23, 2019. Tensions are running high in the Brazilian border city of Pacaraima. Thousands remained at the city's international border crossing with Venezuela to demand the entry of food and medicine.(AP Photo/Ivan Valencia)" data-mce-source="Associated Press" data-mce-caption="Venezuelan demonstrators throw stones during clashes with authorities, at the border between Brazil and Venezuela, Saturday, Feb.23, 2019. Tensions are running high in the Brazilian border city of Pacaraima. Thousands remained at the city's international border crossing with Venezuela to demand the entry of food and medicine.(AP Photo/Ivan Valencia)"><p class="source"><span>Associated Press</span></p><p class="caption">Venezuelan demonstrators throw stones during clashes with authorities  at the border between Brazil and Venezuela on February 23, 2019.</p></img></div><p></p></div></div><p>Police fired tear gas and pellets on protesters, killing at least two and injuring at least 300, The Associated Press (AP) reported. More than 300 Venezuelan soldiers defected and fled to Colombia after the unrest, the AP added.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/photos-protesters-and-soldiers-clash-in-venezuela-over-aid-shipments-2019-2">Photos show chaos in Venezuela as protesters and soldiers clash over humanitarian aid shipments</a></em></p><p>But in his lengthy stream, Maduro primarily focused on his plans for a "safe carnival" in 2019. The video showed Venezuelans in costumes dancing and celebrating, as the president calls on ministers, governors and mayors to explain how the government will ensure smooth festivities.&#xa0;</p><p>Maduro then mused about cute children in costuems before announcing that he will also dress up and join the celebration.</p><p>The leader is often criticized for organizing big celebrations and performances, like salsa dancing, as a distraction from the humanitarian and economic crisis plaguing the nation.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/nicolas-maduro-ate-steak-at-salt-bae-restaurant-venezuela-starves-2018-9">Venezuela's president ate steak at Salt Bae's restaurant while people in his country are starving</a></em></p><p>Last Saturday he was slammed for <a href="https://www.businessinsider.com/venezuela-maduro-richard-branson-stage-rival-pop-concerts-amid-chaos-2019-2">dancing at a concert</a> while government forces&#xa0;blocked the entry of food and medicine at the borders.&#xa0;</p><p>Maduro addressed his critics in his Wednesday livestream, saying: "The imperialists were mad that I was dancing. We [Venezuelans] always dance because we are a happy people and this is a revolution of joy."</p><p>The video also showed images of pro-government rallies, with Maduro saying that the majority of Venezuelans oppose international intervention.</p><p>Maduro and his allies around the world - like Russia, China, and Syria - have opposed foreign support for his opponent Juan Guaidó, who declared himself Venezuela's interim government last month.</p><p>Maduro also mocked Guaidó's slogan while discussing Carnaval plans. "We are making progress," he said, adding Guaidó's slogan: "Vamos bien."</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c77de1326289864e24beed2-2000/2019-02-23t155335z1325596042rc1878c8da50rtrmadp3venezuela-politics.jpg" border="0" alt="Juan Guaido" data-mce-source="Luisa Gonzalez/Reuters" data-mce-caption="Venezuelan opposition leader Juan Guaido, who many nations have recognized as the country's rightful interim ruler speaks to the media in the area of a warehouse where humanitarian aid for Venezuela has been collected in Cucuta, Colombia, February 23, 2019."><p class="source"><span>Luisa Gonzalez/Reuters</span></p><p class="caption">Venezuelan "interim president" Juan Guaidó speaks in a warehouse where humanitarian aid for Venezuela has been collected in Cucuta, Colombia, on February 23, 2019.</p></img></div><p></p></div></div><p>Guaidó is currently exiled in Colombia, and has met with US Vice President Mike Pence and the Lima Group, a regional bloc established to end the Venezuelan crisis.</p><p>Guaidó told his supporters via video on Tuesday that he is currently planning his return to the Venezuelan capital of Caracas to mobilize his supporters. The exact date of his arrival and next steps will be made public in the coming days, he added.</p><p>He said he refuses "this&#xa0;compromise of having to fight from abroad," referring to Colombia, and said that Maduro is "alone and desperate."&#xa0;</p><p>Guaidó also posted an audio message, urging his supporters to keep mobilizing and and announcing unspecified actions to garner support from military and government workers.</p><p>Though military leaders in Venezuela <a href="https://www.businessinsider.com/military-leaders-venezuela-declaring-support-nicolas-maduro-2019-1?r=US&amp;IR=T">publicly backed Maduro last month</a>, Guaidó has claimed that he had met some members of the military in secret.</p><div><blockquote class="twitter-tweet" lang="en"><p><a href="https://twitter.com/hashtag/EnVivo?src=hash&amp;ref_src=twsrc%5Etfw">#EnVivo</a> 📹  Revisando junto al Gabinete Ejecutivo los planes y las actividades previstas para garantizar los ¡Carnavales Felices 2019! de nuestro pueblo. <a href="https://t.co/k9HtZysG72">https://t.co/k9HtZysG72</a></p>- Nicolás Maduro  (@NicolasMaduro) <a href="https://twitter.com/mims/statuses/1100888490051551233?ref_src=twsrc%5Etfw">February 27, 2019</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><div><blockquote class="twitter-tweet" lang="en"><p>Maduro dances on national TV as national guards fire tear gas and plastic pellets at crowds trying to move humanitarian aid into the country along the Colombian border <a href="https://t.co/4u4zEHDixi">pic.twitter.com/4u4zEHDixi</a></p>- Patricia Laya  (@PattyLaya) <a href="https://twitter.com/mims/statuses/1099369210113871872?ref_src=twsrc%5Etfw">February 23, 2019</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><div><blockquote class="twitter-tweet" lang="en"><p>No asumimos este compromiso para luchar desde afuera, por eso, pronto estaré en Venezuela para ejercer mis funciones como Presidente (E).<br><br>Haré circular un audio con las próximas instrucciones. Les pido que difundan masivamente nuestro mensaje<br><br>Nada nos detendrá.<a href="https://twitter.com/hashtag/VamosBien?src=hash&amp;ref_src=twsrc%5Etfw">#VamosBien</a> <a href="https://t.co/W5SJBWr61S">pic.twitter.com/W5SJBWr61S</a></br></br></br></br></p>- Juan Guaidó  (@jguaido) <a href="https://twitter.com/mims/statuses/1100561155926474758?ref_src=twsrc%5Etfw">February 27, 2019</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/donald-glover-childish-gambino-2018-5">How Donald Glover went from unknown comedian to music sensation Childish Gambino</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/9jH2XHne-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>

Nicolas Maduro posted a 40-minute livestream of his plans for carnival as Venezuela continues to collapse, and Guaido hints at snatching the government from under him

Madame Vo's Jimmy Ly explains how to make 24-hour brisket and short rib pho

<p><em><a href="https://www.businessinsider.com/insiderpicks" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/insiderpicks&amp;source=gmail&amp;ust=1552492799928000&amp;usg=AFQjCNEykVsXnDQRq17ltaNAqtrJFjVO5w">Insider Picks</a><span> </span>writes about products and services to help you navigate when shopping online. Insider Inc. receives a commission from our affiliate partners when you buy through our links, but our reporting and recommendations are always independent and objective.</em></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://amzn.to/2K4yim1" target="_blank" title="The AeroGarden Harvest is compact  enough for even the smallest of kitchenettes." rel="noopener"><img src="https://static-ssl.businessinsider.com/image/5ca50d13c6cc503cd33796f3-2000/aerogarden 3.jpeg" border="0" alt="Aerogarden 3" data-mce-source="Walmart" /></a><p class="source"><span>Walmart</span></p><p class="caption">The AeroGarden Harvest is compact  enough for even the smallest of kitchenettes.</p></div><p></p></div></div></p><ul class="summary-list"><li>I've had the <a href="https://amzn.to/2K4yim1" target="_blank" rel="noopener">AeroGarden Harvest (currently $126.99 on Amazon)</a> for four months now and I have grown dill that reaches 35 inches above the unit and basil that's literally the size of my palm. </li><li>AeroGarden's hydroponic and self-watering countertop gardens make it easy to grow your own herbs, flowers, greens, and vegetables with just water and patience.</li><li>Even though most of the "planting" was already done by AeroGarden, watching your seeds germinate and grow is rewarding - and it's fun to use the herbs, veggies, and greens in your dishes.</li><li>We also recommend a similar AeroGarden planter in <a href="https://www.businessinsider.com/the-best-indoor-herb-garden" target="_blank" rel="noopener">our buying guide to the best herb gardens</a> you can buy.</li></ul><p>I'm not much of a cook, but damn, my seasoning game is on point. </p><p>Okay, so it's largely due to the fact that my <a href="https://amzn.to/2K4yim1" target="_blank" rel="noopener">AeroGarden Harvest (currently $126.99 on Amazon)</a> produces a jungle of fresh herbs that make me feel like Salt Bae, but still. </p><p>My future sister-in-law bought the Harvest for my fiancé as a holiday gift (but we all know it's really mine), and four months later, it's truly the gift that keeps on giving. I mean, look at these basil leaves. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://amzn.to/2K4yim1" target="_blank" rel="noopener"><img src="https://static-ssl.businessinsider.com/image/5ca52205c6cc504088485654-2400/aerogarden harvest 5.jpg" border="0" alt="Aerogarden Harvest 5.JPG" data-mce-source="Jada Wong/Business Insider" /></a><p class="source"><span>Jada Wong/Business Insider</span></p><p class="caption">These Genovese basil leaves are literally the size of my palm; I'd use a handful every time I cooked.</p></div><p></p></div></div></p><p>The herbs take time to grow, but in the four months since we've had our Harvest, we're still weirdly filled with joy at the sight of our flourishing herb garden.   </p><h2>Design</h2><p>The Harvest is made up of a large base with a notch for the water reservoir and an extendable grow light hood. The whole thing measures <span>7.5 by 10.75 by 17 inches (at the tallest height). Low kitchen cabinets might not be able to accommodate the Harvest when the light hood is fully extended, but it shouldn't be a huge deal. W</span><span>e put ours on the </span><span>corner of our kitchen table in our apartment. </span></p><p><span>The reservoir lid has six holes for the seed pods and a small opening for water, which I found to be <em>too</em> small every time because our table would suddenly turn into a kiddie pool. </span></p><p><span> Our unit is gray plastic but there are more expensive options made with stainless steel i- you want to get fancy.</span></p><p><span>There's also a basic programmable LCD screen that shows you the time and reminds you to add water and nutrient solution - this has come in super handy since the herbs drink up <em>a ton</em> of water.</span></p><p><span><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/the-best-indoor-herb-garden" target="_blank" rel="noopener">The best indoor herb gardens you can buy</a></em></span></p><p><a href="https://amzn.to/2K4yim1" target="_blank" rel="noopener"><span><em><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5ca52397c6cc5068bc6c71cd-1908/5ca50afac6cc503c874948c2-1920-2560.jpg" border="0" alt="AeroGarden harvest" data-mce-source="Jada Wong/Business Insider" /><p class="source"><span>Jada Wong/Business Insider</span></p><p class="caption">The dill on the left is basically on steroids and has started flowering, the Thai basil on the right has also done the same and produced delicate vines with tiny purple flowers.</p></div><p></p></div></div></em></span></a></p><h2>Set-up process</h2><p><span>Included in the box is the base unit, extendable grow light hood, water reservoir, six pre-planted pods and lids, and a bottle of nutritious plant food that smells funky but is highly effective. </span></p><p>The six pods are pre-seeded to grow <span>mint, dill, thyme, curly parsley, and two types of basil (Genovese and Thai). </span><span>Each of the pods are labeled with the name of the herb, germination time, and the best area to place them within the base unit's grow area (front, middle, or back) depending on how tall they can get. </span></p><p><span>You almost don't need to read the instructions because it's intuitive, but doing the steps out of order didn't really make a difference in my haste to start growing our herb garden. </span><span>The <em>correct</em> way to do it, though, is to set the reservoir onto the base, plug the unit into an outlet, </span><span>fill the reservoir with water, plop on the pods and lids accordingly, and then add the nutrient solution. After that's all done, set the time so the system can start self-watering every five minutes, and count how many days your pods have been planted and how many days until the next nutrient feeding.</span></p><p><span>The first few days after I set up our Harvest, I found myself staring at it as if the herbs would magically grow before my eyes (they didn't) and picking up the pods to see if roots had started appearing (they also didn't). Patience is a virtue that I obviously do not possess. </span></p><h2><span>What makes it stand out </span></h2><p><span>I never thought I'd say this but being able to grow your own food (even if it's just herbs) is kind of cool. I like that the unit is pretty self-contained and doesn't require any soil, so it's great for small spaces and people who don't want to deal with bugs and mess. </span></p><p>And for us personally, I don't know <em>what</em> was in that nutrient water but it was like steroids for the herbs, especially the basil and dill. I purposely took the photo of the Harvest below next to a bottle of wine to show how ridiculously big my dill was, but for additional context, the dill measures 35 inches from the top of the water reservoir to the top of the plant, which also has started to flower at the very top. </p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/how-to-grow-plants-at-home-2017-1" target="_blank" rel="noopener">How to grow your own vegetables year-round without a garden</a> </em></p><h2>Cons to consider</h2><p>The biggest issue I had with the Harvest was the pod kit that came free with the unit. You only get to choose between a variety pack of herbs, flowers, salad greens, or vegetables. There's no option to choose only the herbs or flowers you want unless you buy a pod kit separately. </p><p>The starter pod pack that came with our unit had six different types of herbs, but we really only liked the two types of basil so despite how freakishly cool it looked, the dill was a waste of space.</p><p>One of the pods also didn't germinate and instead grew weird white mold, which we later found out <a href="https://www.aerogarden.com/aerogarden-customer-service-support/lthereiswhitefuzzgrowingonmygrowspongesorplants.html" target="_blank" rel="noopener">was actually normal</a>, but we had already thrown out. </p><h2>Bottom line </h2><p>The AeroGarden Harvest is a fun herb garden that anyone can appreciate - it's easy to use and being able to say you grew the herbs that you're eating is cool. The unit isn't cheap, but the price can be justified because you're growing things that you would've bought otherwise so it saves you money in the long run. It'd also make you feel proud that, unlike your succulents, your herbs didn't die.</p><p>I like that it's compact and self-contained so it won't overwhelm even the tiniest of kitchenettes. I might've experienced a little bit of beginner's luck, but I'm actually super excited to see if I can ride this wave and grow a bodega's worth of flowers in my Harvest after this.</p><p><strong>Pros:</strong> Easy to set up, fun to use, able to grow enough save on buying groceries and flowers </p><p><strong>Cons:</strong> Basic unit can feel flimsy, expensive for a novelty item, free starter pod kit can't be customized </p><h3><a href="https://amzn.to/2K4yim1" target="_blank" rel="noopener">Buy the AeroGarden Harvest on Amazon for $128</a></h3><p class="tagline"><a href="http://e.businessinsider.com/join/ci/insider-picks">Subscribe to our newsletter.</a><br><br>Find all the best offers at our <a href="https://coupons.businessinsider.com/">Coupons page</a>.<br><br>Disclosure: This post is brought to you by the <a href="http://www.businessinsider.com/insiderpicks">Insider Picks</a> team. We highlight products and services you might find interesting. If you buy them, we get a small share of the revenue from the sale from our commerce partners. We frequently receive products free of charge from manufacturers to test. This does not drive our decision as to whether or not a product is featured or recommended. We operate independently from our advertising sales team. We welcome your feedback. Email us at insiderpicks@businessinsider.com.</br></br></br></br></p>

The AeroGarden Harvest is a countertop planter that doesn't require soil - I used it to grow a 3-foot dill plant in my kitchen

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a3ae30db0bcd530328b5ba4-865/curry2.jpeg" alt="curry2" data-mce-source="YouTube" data-mce-caption="Steph Curry and King Bach appeared in a YouTube video for Brita"><p class="source"><span>YouTube</span></p><p class="caption">Steph Curry and King Bach appeared in a YouTube video for Brita</p></img></div><p></p></div></div><ul><li><strong>A new breed of social video specialists are carving out a niche.</strong></li><li><strong>These startups are stealing business from traditional ad agency giants by mastering the creative aspects of social media, while also helping brands connect to influencers.</strong></li><li><strong>Industry veterans predict that this group could become acquisition targets down the road.</strong></li></ul><hr><p><br>Creative ad agencies have traditionally been focused on big ideas, and making ads that capture those big ideas. Think "<a href="https://www.youtube.com/watch?v=3zFPcWsmH1g">Coke is It!,</a>" "<a href="https://www.campaignlive.co.uk/article/history-advertising-no-118-nikes-just-it-tagline/1329940">Just Do It</a>" and "<a href="http://www.businessinsider.com/bud-light-dilly-dilly-viral-commercial-super-bowl-campaign-2017-12">Dilly Dilly.</a>"</br></p><p>And while these TV-centric ad giants have focused on these big ideas, they haven't had to think much about: distribution, analytics, social channel management, making thousands of ads for each different social platform, and dealing with talent agencies for high-school aged digital influencers.</p><p>But that's exactly the sort of thing marketers need these days. Enter a new breed of scrappy creative upstarts that are treading on classic ad agencies' turf, while threatening to usurp their businesses and relationships.</p><p>Indeed, a slew of startups have emerged in recent years that specialize in helping marketers connect with the right digital influencers, and make content - mostly videos - designed to be shared across social media while subtly communicating advertisers messages.</p><p>This group, which includes companies like Portal A, Epic Signal, Collab, and Collectively, is tough to categorize.&#xa0;</p><ul><li>Some of them produce original video entertainment series for brands.</li><li>Most of them make branded content videos designed to travel across social networks. And they've become experts at customizing this content for each platform, whether it's&#xa0;Facebook, Instagram, Snapchat, Twitter.</li><li>Besides just making content for advertisers, they promise help in distributing it, and getting it in front of the right people</li><li>To that end, they're versed in using social analytics.</li><li>Most are deeply connected with digital influencers, and how marketers should and shouldn't work with this type of talent.</li><li>Several are housed in Los Angeles and have Hollywood roots</li></ul><p>Regardless of where you put them, these firm are winning business from top marketers like Procter and Gamble, Warner Bros., Mountain Dew and Nike. And that potentially represents a missed opportunity, and maybe even a long term threat, to the classic ad agencies and their parent companies, such as Publicis and IPG.</p><h2>Agencies are constantly playing catchup to new media trends</h2><p>Matt Britton is the CEO of the social influencer firm CrowdTap, and was previously the CEO of a social media-focused ad agency MRY. He said he's seen pattern this before.</p><p>For instance, in the early 2000s, a bunch of agencies came on the scene, establishing bona fides buying search ads on Google. A few years later, startup firms appeared claiming to be early experts on mobile marketing and social media <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword>.</p><p>Eventually big ad agencies had to either snatch these companies up, or match their capabilities quickly.</p><p><span style="font-weight: 400;">"This is the same pattern," Britton said. Only in this case, "brands are getting more savvy. Agencies are bloated, and that world moves very slowly. So they are going directly to the source for these new capabilities."&#xa0;</span></p><p><span style="font-weight: 400;">"They are probably all going to get bought up," he said.</span></p><h2><strong>Portal A started making web shows</strong></h2><p><span style="font-weight: 400;">The Los Angeles-based digital production company Portal A has launched original&#xa0;<a href="https://portal-a.com/we-gave-sulu-a-web-series/">series</a> for platforms like Spotify and Verizon's video app go90. But it is fast becoming a go-to for unique social video work for marketers anchored by influencers.</span></p><p><span style="font-weight: 400;">For example, here's a YouTube video crafted by Portal A featuring digital comic personality <a href="http://www.businessinsider.com/king-bach-is-now-vines-most-popular-celebrity-and-he-has-big-plans-for-hollywood-2015-3">King Bach</a> and NBA superstar Steph Curry (taking inspiration from the <a href="https://www.youtube.com/watch?v=J5GGG0PaSe4">Salt Bae craze</a>) promoting the water filter brand Brita.</span></p><p>Portal A cofounder Zach Blume said that this kind of work is tough for classic ad agencies to pull off, and has gradually become his company's sweet spot.</p><p>"You've had this 50-year precedent of brands working almost exclusively with [a single core agency] on creative work, and the last five years that's been cannibalized," Blume said. "For us, you've got a social strategy on one hand and influencer talent on another. Then throw in production and strategy."</p><p>"It's all very specialized, and there's very little relevance and connection between this discipline and making expensive TV ads," he said.</p><p>Blume said that Portal A's revenue should net out at $17 million in 2017, up from just over $5 million in 2014. Back then it had 10 employees. It now has a staff of more than 50 in Los Angeles who work directly with dozens of marketers.</p><h2>Epic Signal focuses on bespoke social ads</h2><p>Epic Signal founder and CEO Brendan Gahan said his company has found a niche in working directly, and frequently, with a consistent crop of YouTube talent. It even helped Mountain Dew curate its own <a href="http://www.businessinsider.com/mountain-dew-digital-media-influencers-racking-up-views-2017-7">niche network of digital stars.</a></p><p>"I think we're seeing a backlash against scale and we're the antithesis of that," he said.</p><p>"Everything we do is custom. We are social, mobile and digital first. And we're probably not going to do something that maybe a more traditional agency would. We don't fit neatly in."</p><p>The company recently put together a <a href="https://www.facebook.com/Dockers/videos/10155166665813160/">live streaming event on Facebook on behalf of Dockers</a>, as well as an extensive series of custom photos and posts on Instagram and Facebook and <a href="https://www.youtube.com/watch?v=a6035wkT9Es&amp;list=PLy3NeA25EylZVoc6nuNhqut2PGZJs4jAf">even a talk show on YouTube</a> for Amazon Fire TV.</p><p>Gahan's surprised the big ad agency holding companies haven't moved into the space more aggressively. "It's not that old any more," he said. "It's mind boggling to me. How is something that is over a decade old seen as new or experimental? This is a huge issue for the industry as a whole."</p><h2>Collab once built its name on Vine</h2><p>The decade-old Collab started out focused on YouTube, and eventually became a go-to for marketers looking to connect with <a href="http://www.businessinsider.com/30-most-popular-vine-stars-in-the-world-2015-3">Vine stars.</a></p><p>The firm calls itself <em>"a&#xa0;digital talent network and entertainment studio helping creators win at life." </em>Thus, compared to other companies in this arena, Collab is a bit more focused on talents' needs, like managing creators' content rights and things like syndication deals. It works with roughly one thousand creators.</p><p>Chief strategy officer Eric Jacks said its connections with this group are a key differentiator compared to influencer platforms or <a href="http://www.businessinsider.com/youtube-networks-fullscreen-and-stylehaul-both-hit-with-layoffs-2017-9">"multichannel networks" that claim to represent several hundred thousand influencers.</a> "This whole business really operates on relationships," he said. "A connector with little context has little value. It's a&#xa0;very high touch business."</p><p>Collab has landed ad work for top brands like Nike, including a Twitter and Instagram video campaign featuring LeBron James. It's the kind of work most agencies would kill to be a part of.</p><p>"It's very hard to be a digital agency and be good at everything in digital," said&#xa0;Jacks.</p><p>&#xa0;</p><h2>Collectively helps brands with volume and gamers with rage</h2><p>The San Francisco-based Collectively Inc. bills itself as a social influencer-focused agency. It boasts of clients ranging from GMC to HP to Pandora, and has been particularly successful with producing images for advertisers <a href="http://collectivelyinc.com/case-studies/sephora-beauty-uncomplicated">like Sephora on Instagram.</a></p><p>But the firm also recently showcased a group of popular gaming influencers smashing their computers, as part of a Gamer Rage confessional series of videos for HP.</p><p>Natalie Silverstein, vice president of brand, marketing, &amp; culture, said marketers need to figure out a way to connect with consumers in social feeds, where plain-old ads are easily ignored. And unlike in traditional media, these brands simply need to make lots more ads to constantly feed these digital platforms.</p><p>"We're in the middle of a major transformation in the way marketing works," she said. "Marketers n<span style="font-weight: 400;">eed content at scale, and it has to be r</span><span style="font-weight: 400;">eally high quality. And that's o</span><span style="font-weight: 400;">ften not the way traditional agencies are set up to work."</span></p><p><span style="font-weight: 400;">"These are relatively new practices in marketing, and that's all we do."</span><span style="font-weight: 400;"></span></p><div><iframe width="854" height="480" src="//www.youtube.com/embed/zI8UnfP21lI" frameborder="0" allowfullscreen=""></iframe></div><div><iframe src="https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2Famazonfiretv%2Fvideos%2F1168746396558338%2F&amp;show_text=0&amp;width=476" width="476" height="476" style="border:none;overflow:hidden" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true"></iframe></div><div><iframe width="854" height="480" src="//www.youtube.com/embed/a6035wkT9Es?list=PLy3NeA25EylZVoc6nuNhqut2PGZJs4jAf" frameborder="0" allowfullscreen=""></iframe></div><div><blockquote class="twitter-tweet" lang="en"><p>.<a href="https://twitter.com/DemarjaySmith?ref_src=twsrc%5Etfw">@DemarjaySmith</a> talks about his favorite player <a href="https://twitter.com/KingJames?ref_src=twsrc%5Etfw">@KingJames</a> and shows us their secret handshake. 😂 <a href="https://t.co/2PzZZVVO6T">pic.twitter.com/2PzZZVVO6T</a></p>- Kids Foot Locker  (@KidsFootLocker) <a href="https://twitter.com/mims/statuses/922999283946807296?ref_src=twsrc%5Etfw">October 25, 2017</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><div>    <iframe src="//instagram.com/p/BaxKaHAlPje/embed/" width="658" height="auto" frameborder="0" scrolling="no" allowtransparency="true">    </iframe></div><div><iframe width="854" height="480" src="//www.youtube.com/embed/JoxJ30EeK14" frameborder="0" allowfullscreen=""></iframe></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/over-1500-married-people-reveal-the-most-important-quality-marriage-2017-1">1,500 happily married people say the key to lasting relationships isn't communication - it's respect</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/k72T2T9a-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></hr>

You Searched For "salt bae" and got 7 results

Turkey is investigating JPMorgan after the bank advised clients to short the lira

Callum Burroughs

Turkey's central bank is boosting its reserves with 'off balance sheet' short-term swaps - and investors are aghast

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Starbucks is hoping this drink will be the next Pumpkin Spice Latte

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Nicolas Maduro posted a 40-minute livestream of his plans for carnival as Venezuela continues to collapse, and Guaido hints at snatching the government from under him

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Madame Vo's Jimmy Ly explains how to make 24-hour brisket and short rib pho

Shirley Cheng,Medha Imam

The AeroGarden Harvest is a countertop planter that doesn't require soil - I used it to grow a 3-foot dill plant in my kitchen

Jada Wong

A new breed of social video specialists are stealing business from old school, TV obsessed ad agencies

Mike Shields

You Searched For "salt bae" and got 7 results

Turkey is investigating JPMorgan after the bank advised clients to short the lira

Callum Burroughs

Turkey's central bank is boosting its reserves with 'off balance sheet' short-term swaps -&#160;and investors are aghast

Callum Burroughs,Callum Burro…

Starbucks is hoping this drink will be the next Pumpkin Spice Latte

KATE TAYLOR

Nicolas Maduro posted a 40-minute livestream of his plans for carnival as Venezuela continues to collapse, and Guaido hints at snatching the government from under him

Beatrice Christofaro,Beatrice…

Madame Vo's Jimmy Ly explains how to make 24-hour brisket and short rib pho

Shirley Cheng,Medha Imam

The AeroGarden Harvest is a countertop planter that doesn't require soil - I used it to grow a 3-foot dill plant in my kitchen

Jada Wong

A new breed of social video specialists are stealing business from old school, TV obsessed ad agencies

Mike Shields

Turkey's central bank is boosting its reserves with 'off balance sheet' short-term swaps - and investors are aghast