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<ul><li>The online ticketing portal is planning to double its team strength by the end of the next financial year.</li><li>The hiring will be done across various domains like technology, marketing, support sectors to name a few.</li><li>In an interaction with Business Insider, Pitti mentioned that <keyword id="5030468" type="General" weightage="20" keywordseo="easemytrip" source="Orion">EaseMyTrip</keyword> will be acquiring a few more companies in the near future, but didn’t reveal any details about it.</li></ul>EaseMyTrip, a Delhi-based online ticketing portal, is looking forward to doubling its team size by the end of the next financial year (FY 2022-23). The company, which has a current employee strength of 488, is looking to hire another 370 people in the coming months, Prashant Pitti, co-founder of EaseMyTrip, told Business Insider. Pitti said, “As there is a huge requirement to grow organically and inorganically, that is why we are looking forward to doubling our headcount by next year or so.” The hiring will be done across various domains like technology, marketing, support sectors to name a few. In a conversation with Business Insider, Pitti also expressed his interest in hiring interns as well across product and analyst segments. He said, “We are more than happy to hire interns on the product side, analyst side. If we can connect to some universities, we’re happy to take interns.” When asked about how many internships the travel company is planning to roll out, Pitti said, “ There is no specific number in our mind, but we’re really looking forward to welcoming interns or freshers in our team.” Talking about the growth plans of the company, Pitti also mentioned that EaseMyTrip will be acquiring a few more companies in the near future, but didn’t reveal the name of the companies. “There are many more acquisitions which are in the pipeline.. But we can’t reveal the names and other details,” Pitti told Business Insider. EaseMyTrip, in 2021, had acquired three companies — YoloBus, a premium intercity mobility platform, Spree Hospitality, a hospitality management company and Traviat, a business to business travel platform — for an undisclosed amount. “ We also plan on leveraging our vast agent network and utilising it for the holiday bookings which shall complement the company’s hotel and holiday businesses. We also aim to rapidly grow across our international markets where we have recently expanded our international presence to six countries where we added the Philippines, Thailand, and the USA as well,” he added. The publicly-listed travel company even doubled its net profit to ₹61.4 crore in the <a href="https://www.businessinsider.in/business/news/easemytrip-doubled-investors-money-during-one-of-the-worst-periods-for-the-travel-industry/articleshow/89172116.cms">financial year</a> 2021, when the entire travel segment was brought down to its knees due to COVID-19 and sits on a market cap of ₹5,600 crore, as of January 27. It had crossed ₹7,500 crore ($1 billion) market cap milestone in September last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/manyavars-vedant-fashions-ipo-is-heavily-expensive-for-investors-as-per-analysts/articleshow/89299258.cms">Here’s why analysts are saying Manyavar’s IPO is heavily expensive leaving very little room for investor profit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hdfcs-standalone-net-profit-up-11-backed-by-strong-demand-for-home-loans/articleshow/89298483.cms">Major housing finance firm says demand for home loan continue to be strong across segments</a>

EaseMyTrip says it will double its workforce by March 2023

<ul><li>IT companies may not be hiring talent as slowdown curbs growth, but employees continue to search for jobs online. Naukri’s monthly active users at 12.1 million. </li><li>Cricket continued to give a boost to online food ordering apps in March. Daily active users online continue to increase month-on-month. </li><li>Despite the popularity of dating apps, young Indians continue to frequently visit online marriage portals and apps to find their true love. Matrimony apps see a jump in monthly and daily active users in March. </li></ul>On the face of it, there may be little or no connection between the white willow and online food ordering, but data shows that women in blue made Indians rather hungry in the month of March. And yes, most Indians also are as keen on marriage as ever, with matrimonial portals continuing to see higher month-on-month user metrics and app downloads. Three years after the pandemic struck, Indians are still addicted to their apps and are still looking for their dream job, if they are not planning their next vacation. From ordering food online to looking for jobs and homes online, Indian consumers are not putting the brakes on their online purchases just yet, even after the economy opened up completely post the lockdowns. App downloads continued in March as did higher monthly traffic across key consumer tech platforms. In the month of March, monthly and daily active users continued to surge across apps catering to consumer needs like online food ordering, travel, property rentals/purchases, groceries or even jobs. Yes, job searches have seen an unprecedented surge in the month of March shows data from Sensor Tower’s monthly data print. Leading technology services players may have slowed down on hiring, but employees are still flocking to job portals. According to a report by Bank of America, Naukri maintained its totem pole position in MAUs (monthly active users) with 12.1 million (+7.2% month on month) users and witnessed increase in daily active user base at 2.1 million (+6% MoM) in <keyword id="10294782" type="General" weightage="20" keywordseo="march-2023" source="Orion">March 2023</keyword>. LinkedIn has the highest DAUs or daily active users at 3.7 million and is a clear leader in terms of user retention at 33% followed by Naukri at 18%, says the report. Data shows that consumer apps have continued to see good traction in the month of March 2023 compared to February. What consumers have been interestingly visiting less frequently —- are the beauty apps like Nykaa and Purplle — whose traffic is down month-on-month. Beauty brands believe that omnichannel and physical store visits are the reason for the decline in online purchases. Food delivery &amp; grocery continue to see demand According to Bank of America’s India Internet report, a majority of online food delivery apps saw an increase in fresh app downloads and user metrics, while Swiggy saw a marginal decline in fresh downloads. Online food delivery apps launched special match day games to increase engagement, which resulted in higher ordering too. While Zomato launched ZPL prediction, Swiggy launched Match Day Mania. Not surprising that monthly active users of Zomato and Swiggy grew 4.9%/4.6% MoM to 53 million/35 million. Daily active users for both Zomato and Swiggy increased 2-3% MoM to 6.1 million/4.4 million, respectively. Domino’s Pizza continued to be third in all metrics. Swiggy showed a higher retention at 13% vs Zomato at 11%. Real estate continues to be hot property online Housing continued to see the highest online traffic, as searches for rented and ownership continued to jump. Both monthly active users and app downloads were healthy for online players. Monthly active users increased sequentially for all the apps catering to housing, while daily active users grew for 99acres and Housing. Traffic on Magicbricks remained stable. Monthly active users on 99acres MAUs witnessed steep growth +14.3% compared to February. In terms of user retention, Housing continues to lead at 11%, followed by 99acres and Magicbricks at 9%. Revenge travel is still a big deal With the onset of summer, consumers are planning their next trip, which has resulted in strong traction for online travel apps like Cleartrip and Makemytrip. User metrics improved for Cleartrip, GoIbibo and MakeMyTrip; while Yatra and EaseMyTrip witnessed a decline, says Bank of America. MakeMyTrip monthly and daily users inched upwards (+9%/4% MoM) ahead of the upcoming summer holiday season in May/June 2023. Cleartrip MAUs/DAUs both grew 44.8% MoM to 1.3 million /0.1 million, respectively, majorly driven by launch of bus services in over 90 cities and various offers like zero convenience fees and flat 10% off on all bus bookings. MakeMyTrip continues to be the leader in MAUs, DAUs and retention; with 15.8 million MAUs/1.5 million DAUs while Goibibo has 8.5 million MAUs/ 0.7 million DAUs. High five for fashion apps As social distancing has given way to more contact intensive interactions, demand for fashion apparel has also increased meaningfully. Consumers continue to look for bargains online and Ajio’s All Star sale has delivered the numbers. According to data, Ajio’s monthly active users showed a sharp increase sequentially as downloads of the app increased. Ajio’s MAU/DAU base rocketed 22%/26% sequentially. Myntra/Nykaa Fashion’s MAU base improved 3% MoM each while DAU base saw a slight 1-2% decline. In terms of user retention, Myntra is at 17% followed by Ajio at 16%, says the report. Marriages are forever Young Indians continue to look for their perfect partner. User metrics and downloads witnessed an increase across all apps. Shaadi.com continued to be a leader with monthly and daily active users at 9 million/2.9 million, respectively in March 2023. Jeevansathi’s monthly numbers grew 13% month-on-month, while daily users increased by 8% compared to February. BharatMatrimony user metrics remained largely stable. Jeevansathi has the highest user retention at 34% followed by BharatMatrimony at 33%. SEE ALSO <a href="https://www.businessinsider.in/stock-market/markets/news/-some-sectors-will-benefit-from-lower-energy-prices-in-fy24-a-balasubramanian/articleshow/99722850.cms">Earnings to remain volatile in FY24, but some sectors will benefit from lower energy prices, says Aditya Birla Sun Life MF’s CEO A Balasubramanian</a> <a href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a>

Consumers continue to throng apps in search of Roti, Kapda & Makaan, March sees healthy user metrics and app downloads

<ul><li><keyword id="11265795" type="UNKNOWN" weightage="20" keywordseo="Windlas-Biotech-IPO">Windlas Biotech IPO</keyword> opens on August 4 and closes on August 6.</li><li>Demat account, trading application and UPI ID are mandatory if you are applying for an initial public offering (IPO).</li><li><keyword id="11265796" type="UNKNOWN" weightage="20" keywordseo="Windlas-Biotech">Windlas Biotech</keyword> is looking to raise over ₹402 crore at the upper price band of ₹460.</li></ul>Another initial public offering (IPO) coming up this week is of Windlas Biotech. The company is a pharmaceutical formulations contract development and manufacturing organisation (CDMO). It provides pharmaceutical development services and large-scale manufacturing services. Windlas Biotech IPO has a price band of ₹448-460 and the company is looking to raise ₹402 crore on its upper price band. Here is a guide on how to apply in IPOs easily. Firstly, to invest in an IPOs, you need to apply to buy a ‘lot of shares’ from the market. The bidding for these IPOs is usually open for three days particularly during market hours. For Windlas Biotech IPO the bidding will open on August 4 and close on August 6. A Demat account, a trading application like Zerodha, Angel Broking etc and UPI ID on BHIM app are necessary if you want to invest conveniently in an IPO. Unified payment interface (UPI) is a banking system for money transfers on payment apps like Google Pay, PhonePe and so on. One of the simplest ways to track IPOs and invest in them is through trading platforms. Here’s how you can do it through Zerodha’s Kite application, which is meant for trading stocks and commodities. <ul><li>Login to the mobile app and select the IPO option under the console. If you’re logging in through desktop, then go to console -- portfolio -- IPO.</li><li>You will find a list of IPOs that are open for investment. Select the IPO you want to invest in.</li><li>Enter your UPI ID from the BHIM app. Ensure your UPI ID is mapped to your personal bank account.</li><li>Enter the lot size (number of shares required to buy in one lot) announced by the company.</li><li>Tick on the cut off price for more chances of allotment of shares as it indicates investor’s willingness to subscribe to shares at any price discovered within the price band. Cut off price is the issue price.</li><li>Retail investors can bid for a maximum of three lots.</li><li>After this step, click on the check box to confirm and submit.</li><li>The last step is to accept the mandate request for proceeding with IPO on your BHIM UPI app. Once you accept the mandate, the amount of funds for IPO will be blocked till the allotment.</li><li>Now wait till the allotment date of shares to see if you have received the lot size you bid for.</li></ul>If you have invested through broking firm like Upstox, here are the 5 simple steps to invest in an IPO: Step 1: Login to the Upstox application or website with your credentials. Step 2: Select the IPO that you want to invest in and create an IPO application. Step 3: Add up to 3 bids within the price range. Step 4: Confirm your application. Step 5: Accept the UPI mandate and block funds on your mobile UPI app Another way to invest is through your bank. This option is generally available between 5 a.m. and 11 a.m. on the bank’s website. Here’s how to do it: <ul><li>Log in to your bank’s net banking account.</li><li>Go to the investment section and select the IPO option.</li><li>Fill your investment and bank account details to complete the verification process.</li><li>Later select the IPO you want to apply for.</li><li>Enter the number of shares and bid price.</li><li>Read and accept ‘terms and conditions’ documents.</li><li>Submit your application.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/travel-portal-ixigo-moves-a-step-closer-to-ipo/articleshow/85006033.cms">Travel portal Ixigo moves a step closer to IPO </a><a href="https://www.businessinsider.in/stock-market/news/heres-why-nifty-broke-the-16000-barrier/articleshow/85004061.cms">Here’s why Nifty broke the 16,000 barrier ⁠— Titan, HDFC, Nestle and Ultratech tell the story of the euphoria in the Indian stock market</a><a href="https://www.businessinsider.in/stock-market/news/heres-why-nifty-broke-the-16000-barrier/articleshow/85004061.cms"></a><a href="https://www.businessinsider.in/stock-market/news/heres-why-nifty-broke-the-16000-barrier/articleshow/85004061.cms"></a><a href="https://www.businessinsider.in/stock-market/news/heres-why-nifty-broke-the-16000-barrier/articleshow/85004061.cms"></a><a href="https://www.businessinsider.in/stock-market/news/heres-why-nifty-broke-the-16000-barrier/articleshow/85004061.cms"></a><a href="https://www.businessinsider.in/stock-market/news/heres-why-nifty-broke-the-16000-barrier/articleshow/85004061.cms"></a>

Windlas Biotech IPO open today: Here’s how to apply via banks and apps like Zerodha, Upstox

Online travel portal <keyword id="6362992" type="COMPANY" weightage="20" keywordseo="yatra">Yatra</keyword> is merging with <keyword id="6357328" type="COMPANY" weightage="100" keywordseo="NASDAQ">NASDAQ</keyword> listed <keyword id="1919669" type="UNKNOWN" weightage="100" keywordseo="Terrapin">Terrapin</keyword> 3 Acquisition Corporation (TRTL) that values Yatra at an enterprise value of $218 million. 
 
TRTL is formed for effecting a merger, acquisition, or similar business combination and had raised $212.75 million in its IPO in July 2014 and the combined entity will be listed on NASDAQ as Yatra (YTRA). 
 
As per reports, MIHI LLC, an affiliate of Macquarie Capital, has committed to buy an additional $20 million of TRTL equity as part of the transaction and Yatra will continue to own at least 35 per cent of the issued and outstanding shares in the combined company. 
 
In addition, existing shareholders of Yatra may receive additional consideration of up to $35 million upon the achievement of certain financial objectives during the 18 months. 
 
Yatra, which was founded in 2006, will continue to be led by co-founder Dhruv Shringi. 
 
Yatra customers booked more than 2.8 million air travel reservation and hotel stays with total transaction value worth more than $900 million during fiscal year ended March 2016 at a growth of 25 per cent. 
 
(Image: Thinkstock)

Online travel portal Yatra is merging with Terrapin 3 Acquisition Corp, to be listed on NASDAQ

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Mario Tama/Getty Images</div></div></div>Indian travel portal Yatra went public on the Nasdaq on Monday, following the footsteps of its main rival MakeMyTrip, which had its initial listing on the tech-heavy exchange in 2010. Yatra is just the fourth Indian company to be listed on the Nasdaq, following its <a href="http://techcircle.vccircle.com/2016/12/19/yatra-to-list-on-nasdaq-today-after-reverse-merger-with-us-based-blank-cheque-firm/">reverse merger with Terrapin 3 Acquisition Corp</a>. The public fundraising effort comes after a series of <a href="http://www.vccircle.com/news/technology/2014/04/24/yatra-will-break-even-less-year-ceo-dhruv-shringi">investments in the company by private equity investors</a> including Norwest Venture Partners and Network18.Yatra faces domestic competition from multiple players, and <a href="http://articles.economictimes.indiatimes.com/2015-12-07/news/68835952_1_julyseptember-rs-13-crore-mobile-internet">profits have still eluded online travel portals</a>.In email interview with Business Insider, Yatra's CEO Dhruv Shringi discussed the company's rationale for listing on the Nasdaq, his outlook for the Indian travel industry, and concerns over Yatra's profitability and competition.Prashanth Perumal: Why the decision to go public?Dhruv Shringi: We think it is the right time to go public as we have a very strong and trusted brand, a growing market, and the right internal structure, processes, and systems in place to take this huge leap forward. Over the course of the past decade, Yatra has established itself as one of the leading brands and companies in the Indian Internet and e-commerce space. We are now a force to be reckoned within the Indian travel market. With the largest Indian hotel network (61,000+) and more than 14,000 travel agents in over 1,100 cities and towns, a cumulative of more than 4.5 million customers and gross bookings of $897 million in fiscal 2016, our IPO could not have come at a better time. Also, our strategic partnership with Reliance JIO, with a preloaded Yatra app on 35 million phones, will be instrumental in our growth.Perumal: Why Nasdaq over the Indian stock exchanges?Shringi: Nasdaq has emerged as the market where a lot of our peer group of companies - the online travel companies from China, Latin America and even India - are listed. There is a lot of research analyst coverage happening for such companies on the Nasdaq, as well as liquidity and demand for these stocks. These were the factors that we kept in mind while making the decision to list on the Nasdaq. Perumal: MakeMyTrip made a similar decision to list in the Nasdaq a few years ago. Is there a trend here?Shringi: They would have their own reasons. We would not like to comment for them.Perumal: Can you explain your bullish case about India's middle-class helping Yatra?Shringi: India is the fastest growing global economy driven by a young population and travel expenditures are forecasted to grow significantly faster than the economy. India has hundreds of large cities and rising per capita income which are boosting demand for travel. Demographics, government policy, growing smartphone and mobile internet penetration, and an improved investment environment are driving growth, especially in Tier 2 and Tier 3 cities in India. The recent demonetization initiative of the Government is going to accelerate digital payments and fuel online purchasing. India is today the second largest outbound market after China, and growing faster. Also, one of the major reasons for more Indians travelling overseas is to visit their friends and families as there are a large number of Non-Resident Indians residing in various parts of the world. Perumal: Why do you think customers would choose Yatra over other online travel companies?Shringi: Yatra is one of the most trusted brands in the Indian market, with a strong emphasis on excellent customer service. This, coupled with a powerful loyalty program, has created a very loyal set of customers with almost 74% of transactions coming in from repeat users. We also have the largest hotel inventory amongst all OTAs and our strategic alliance with Reliance Jio that will enable us to efficiently reach tier 2 and 3 markets in India will ensure that Indian travelers choose us over competitors.Perumal: When will Yatra likely turn profitable?Shringi: India is a large travel market that is growing rapidly and will continue to grow over the next decade, fueled by increasing middle class disposable incomes. In addition, the rapid digital transformation that is taking place in India, coupled with the increasing penetration of smartphones and the mobile internet especially in tier 2 and tier 3 cities, is going to further drive the online travel market. In this kind of scenario, driving market share and customer acquisition is critical to building a huge business in the long term. We will invest in a number of key areas to accelerate growth in the business - building increased brand awareness, investing in mobile technology and leveraging our multi-channel approach - all of these will be critical to build a large, profitable business in the long term. Our financial projections are in the public documents associated with the listing process and we are on track to achieve those. Perumal: Are investors in Yatra looking at the IPO as a chance to exit their investment?Shringi: Our existing investors will have between 57-60% of holding in the listed entity so they are not looking at exiting their investment in Yatra. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/fed-federal-reserve-raised-rates-janet-yellen-explain-why-2016-12">Watch Yellen explain why the Federal Reserve decides to raise rates</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9iN245ODE6FzNRBdC0_U12Pgj2-fdpNL" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Here's the Indian travel company that just went public on the Nasdaq

<ul><li>The <keyword id="6359327" type="General" weightage="20" keywordseo="home-ministry" source="Orion">Home Ministry</keyword> has announced that e-visas are mandatory for <keyword id="103498" type="General" weightage="20" keywordseo="afghan-nationals" source="Orion">Afghan nationals</keyword>.</li><li>All the Afghan nationals wishing to travel to India can apply for the e-visa on the official government portal.</li><li>India has reportedly rescued hundreds of people from <keyword id="6354541" type="General" weightage="20" keywordseo="afghanistan" source="Orion">Afghanistan</keyword> in the past one week. </li></ul>Amid the “prevailing security situation” in Afghanistan, India’s Home Ministry on Wednesday, August 25, said that all Afghan nationals henceforth must travel to India only on e-Visa. "Owing to the prevailing security situation in Afghanistan and streamlining of the visa process by introduction of the e-Emergency X-Misc visa, it has been decided that all Afghan nationals henceforth must travel to India only on e-Visa," the Home Ministry <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1748786">said</a> in a statement. <div type="twitter" handle="PIBHomeAffairs" handlename="Spokesperson, Ministry of Home Affairs" image="http://pbs.twimg.com/profile_images/1268908506884628482/kzuhL7lj_normal.jpg" favoritecount="216" retweetcount="85" status="Owing to prevailing security situation in Afghanistan all Afghan nationals henceforth must travel to India only on… https://t.co/ykQcpJIbQY" createdat="1629873361000" id="1430418670975479814"></div> Afghan nationals wishing to travel to India may apply for e-Visa on the official website, the ministry said. The Ministry of Home Affairs’ press note also stated that, “Keeping in view some reports that certain passports of Afghan nationals have been misplaced, previously issued visas to all Afghan nationals, who are presently not in India, stand invalidated with immediate effect.” Earlier on August 17, India had announced that it would issue an <a href="https://www.businessinsider.in/india/news/india-announces-emergency-e-visas-for-afghan-nationals-embassy-still-providing-consular-services/articleshow/85419633.cms">emergency e-Visa</a> to Afghan nationals who want to come to the country in view of the worrying situation in Afghanistan after the Taliban captured power there. "Afghan nationals wishing to travel to India may apply for an e-Visa at <a href="http://www.indianvisaonline.gov.in/">http://www.indianvisaonline.gov.in/</a> ," the government release stated. India has reportedly evacuated hundreds of people including Afghan nationals from Afghanistan in the past one week as people rush to leave the nation after the Taliban seized control last week. India has been reportedly allowed to operate two flights per day from Kabul to evacuate its nationals stranded in Afghanistan. SEE ALSO <a href="https://www.businessinsider.in/science/health/news/cadila-healthcare-to-launch-zycov-d-vaccine-for-12-year-old-and-above/articleshow/85564761.cms">Cadila Healthcare’s ZyCoV-D — This is what makes it different from other COVID-19 vaccines</a> <a href="https://www.businessinsider.in/business/startups/news/paytm-ipo-delhi-court-asks-local-police-to-conclude-investigation-on-allegations-raised-by-former-one97-communications/articleshow/85564575.cms">Paytm IPO: Delhi court asks local police to conclude its investigation in three weeks</a>

India says Afghan nationals should apply for e-visas from now on, existing visas invalidated

Hello readers,We rounded up our trending stories and big reads for you to enjoy over the long weekend. Here are just some of the highlights:<ul><li>A fresh wave of firms <a href="https://www.businessinsider.com/jpmorgan-is-raising-base-compensation-for-first-year-analysts-to-100k-2021-6">including JPMorgan</a> are hiking junior investment-banker pay - <a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">we have all the details </a></li><li>Inside <a href="https://www.businessinsider.com/paul-weiss-apollo-practice-group-leon-black-jeffrey-epstein-2021-5">law firm Paul Weiss'</a> relationship with Apollo</li><li>JPMorgan is <a href="https://www.businessinsider.com/jpmorgan-warns-competition-bond-trading-venues-marketaxess-tradeweb-bloomberg-2021-6">sounding the alarm</a> about third-party trading venues like Tradeweb and MarketAxess</li></ul>And a quick programming note: we're working on this year's list of Wall Street rising stars. <a href="https://www.businessinsider.com/insider-nominations-rising-stars-wall-street-how-to-apply-list-2021-6">Here's how to nominate someone</a>. If this email was forwarded to you, <a href="https://newsletter.businessinsider.com/click/22653302.34602/aHR0cDovL25ld3NsZXR0ZXIuYnVzaW5lc3NpbnNpZGVyLmNvbS9qb2luLzRucC9pbnNpZGVyLWZpbmFuY2U_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1JbnNpZGVyJTIwRmluYW5jZQ/5cf970723f92a452082ea752B3f5606f6">sign up here</a> to get your daily dose of the stories dominating banking, business, and big deals.<h3><a href="https://www.businessinsider.com/paul-weiss-apollo-practice-group-leon-black-jeffrey-epstein-2021-5">Law firm Paul Weiss' relationship with Apollo has been lucrative. Insiders say it's also sowed tensions within the firm and altered its DNA.</a></h3>Over the past decade, law firm Paul Weiss has boosted its profits with the help of legal fees from its large private-equity client, Apollo Global Management. The account also changed the law firm's culture, insiders say, and opened it up to criticisms about its independence.<a href="https://www.businessinsider.com/paul-weiss-apollo-practice-group-leon-black-jeffrey-epstein-2021-5">Read the full story here.</a><h3><a href="https://www.businessinsider.com/female-lawyers-dress-codes-law-firm-court-discrimination-sexism-2021-6">From 'vanilla' skirt suits to 'too-tight' shirts: Female lawyers describe how it's impossible to win when it comes to professional dress codes</a></h3><div type="image" title="A large hand holding a gavel with a woman of color with her hands on her hips and a white man next to her with a spotlight over him on a purple background." height="1200" width="2400" msid="84092504" hostid="261"></div>In prisons and courtrooms across the US, strict dress codes disproportionately affect female-presenting lawyers. As in-person prison visits and courtroom trials begin to reopen, women are contending with renewed concerns over how their wardrobes influence their work. <a href="https://www.businessinsider.com/female-lawyers-dress-codes-law-firm-court-discrimination-sexism-2021-6">Read the full story here.</a><h3><a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">Which Wall Street banks have raised pay - and which have yet to budge</a></h3><div type="image" title="headhunters and recruiters sourcing talent for wall street 2x1" height="1200" width="2400" msid="84092506" hostid="261"></div>At least three banks hiked base pay this week by up to $25,000 for junior investment-bankers. The moves come on the heels of a wave of raises and special bonuses across Wall Street earlier this year as firms battle for young talent. <a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">See our full rundown here. </a><h3><a href="https://www.businessinsider.com/jpmorgan-warns-competition-bond-trading-venues-marketaxess-tradeweb-bloomberg-2021-6">JPMorgan warns rival investment banks: MarketAxess, Tradeweb, and Bloomberg are 'real competitors'</a></h3><div type="image" title="hedge fund trader" height="500" width="1000" msid="84092508" hostid="261"></div>JPMorgan says third-party trading platforms pose a competitive threat to banks' trading floors, and compared the disruptive effect to how Skyscanner and Tripadvisor have upended the travel industry.<a href="https://www.businessinsider.com/jpmorgan-warns-competition-bond-trading-venues-marketaxess-tradeweb-bloomberg-2021-6">Keep reading here.</a><h3><a href="https://www.businessinsider.com/12-top-digital-health-bankers-break-down-trends-driving-ma-2021-7">We found the 12 go-to digital health bankers. They broke down how tech is driving record deals and the next generation of giants.</a></h3><div type="image" title="Digital Health Ecosystem Thumbnail_2x1 copy" height="885" width="1771" msid="84092509" hostid="261"></div>We spoke with some of the industry's top bankers at Morgan Stanley, Goldman Sachs, Piper Sandler, Lazard, and five other leading firms to get a sense of what's behind record deal activity.<a href="https://www.businessinsider.com/12-top-digital-health-bankers-break-down-trends-driving-ma-2021-7">Read more here. </a><h3><a href="https://www.businessinsider.com/bank-branch-strategy-future-bank-of-america-chase-wells-fargo-2021-6">These 10 execs will determine the future of bank branches. Here's how they're thinking about more than 24,000 locations.</a></h3><div type="image" title="woman atm credit card" height="2759" width="5518" msid="84092510" hostid="261"></div>From M&amp;A to accelerating digital strategy, the pandemic has changed banks' approach to branches. Some have looked to deals to broaden their footprint, while others are expanding on their own.We highlighted the 10 execs leading branch strategy at the biggest US banks. <a href="https://www.businessinsider.com/bank-branch-strategy-future-bank-of-america-chase-wells-fargo-2021-6">Get the full rundown here. </a><h3><a href="https://www.businessinsider.com/torrid-ipo-liz-munoz-ceo-curv-latina-public-2021-7">Torrid's Liz Muñoz started as a patternmaker. Now she's one of the only Latina CEOs leading a publicly traded US company.</a></h3><div type="image" title="Torrid CEO Liz Muñoz at the New York Stock Exchange, celebrating the company's IPO." height="3303" width="4404" msid="84092512" hostid="261"></div>On the morning of Torrid's initial public offering on July 1, CEO Liz Muñoz arrived at the New York Stock Exchange wearing a ripped jean jacket, a black dress, and safety-pin earrings, all from the plus-size fashion brand. She sported bright-purple hair and black nail polish."I'm sure I'm not blending in, but who wants to blend in anyway?" she told Insider.<a href="https://www.businessinsider.com/torrid-ipo-liz-munoz-ceo-curv-latina-public-2021-7">You can read our full story here.</a><h2>Other stories readers loved this week</h2><ul><li>Plaid is hiring like crazy and <a href="https://www.businessinsider.com/plaid-portal-hiring-investing-users-connections-financial-data-2021-7">investing big in a new portal</a> giving consumers control of their financial data</li><li>An IPO frenzy means a <a href="https://www.businessinsider.com/startup-hires-investor-relations-legal-gc-ipo-compensation-warby-allbirds-2021-6">hiring surge for investor relations and legal experts</a>, with some soon-to-be-public companies offering 7-figure equity packages</li><li><keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">Tech</keyword> workers and engineers are flocking to <a href="https://www.businessinsider.com/where-to-move-tech-engineers-jobs-austin-pittsburgh-raleigh-madison-2021-6">these 7 rising US cities</a> - and not a single one is on the coasts</li><li><a href="https://www.businessinsider.com/great-jones-cookware-founders-tishgart-moelis-falling-out-2021-6">Mutiny at Great Jones;</a> How a cofounder war led every employee to quit Instagram's trendiest cookware company</li></ul>

Great Wall Street reads for the long weekend

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Jamie McCarthy/Getty ImagesScott Rogowsky attends the 'Ocean's 8' World Premiere at Alice Tully Hall on June 5, 2018 in New York City.</div></div></div>Good morning! This is the tech news you need to know this Thursday.<ol><li><a href="https://www.businessinsider.com/facebook-uploaded-1-5-million-users-email-contacts-without-permission-2019-4?r=US&amp;IR=T">Facebook said that it has "unintentionally uploaded" the email contacts of 1.5 million new Facebook users since May 2016</a>. The Silicon Valley company said the contact data was "unintentionally uploaded to Facebook," and it is now deleting them.</li><li><a href="https://www.businessinsider.com/samsung-galaxy-fold-reviewers-breaking-2019-4?r=US&amp;IR=T">Four reviewers of Samsung's Galaxy Fold foldable smartphone have said that the phone's display broke after just two days of use</a>. The company said the Galaxy Fold's display is durable enough for 200,000 folds and unfolds, but some units are barely lasting a couple of days.</li><li><a href="https://www.businessinsider.com/inside-the-employee-mutiny-against-hq-trivias-ceo-2019-4?r=US&amp;IR=T">Quiz firm HQ Trivia was in disarray after the sudden death of its cofounder and CEO Colin Kroll, with its other cofounder Rus Yusupov then taking the top job, sources told Business Insider</a>. Employees were in a state of mutiny until Yusupov agreed to resign.</li><li><a href="https://www.businessinsider.com/pinterest-prices-ipo-2019-4?r=US&amp;IR=T">Pinterest priced its IPO at $19 a share on Wednesday, giving it a valuation of $10 billion</a>. That's above the range the company originally set for its IPO, though still below its last private funding valuation of $12.3 billion.</li><li><a href="https://www.businessinsider.com/porn-age-verification-to-launch-in-uk-on-july-15-2019-4?r=US&amp;IR=T">Porn will be age-blocked across the UK on July 15 under new laws introduced by the British government</a>. The regulation will require commercial providers of online pornography, such as PornHub, to verify that users are over the age of 18.</li><li><a href="https://www.businessinsider.com/facebook-building-voice-controlled-ai-assistant-2019-4?r=US&amp;IR=T">Facebook Inc is working to develop a voice assistant to rival the likes of Amazon.com Inc's Alexa, Apple Inc's Siri and Alphabet Inc's Google Assistant</a>. It remains unclear how exactly Facebook envisions people using the assistant, but it could potentially be used on the company's Portal video chat smart speakers, the Oculus headsets or other future projects.</li><li><a href="https://www.businessinsider.com/apple-google-pull-tiktok-in-india-over-pornography-fears-2019-4?r=US&amp;IR=T">Apple and Google have pulled popular video sharing app TikTok from their app stores in India amid pornography fears</a>. Earlier this month, the Madras high court asked the government to ban the app, saying it encouraged pornography and made young users vulnerable to sexual predators.</li><li><a href="https://www.businessinsider.com/zoom-prices-ipo-36-share-2019-4?r=US&amp;IR=T">Video communication company Zoom priced its IPO at $36 per share on Wednesday, according to a source familiar with the process</a>. This values Zoom at $9.2 billion, up from its last private valuation of $1 billion.</li><li><a href="https://www.businessinsider.com/measles-on-googles-mountain-view-campus-report-2019-4?r=US&amp;IR=T">Amid criticisms for letting anti-vaccination (anti-vax) content spread across YouTube, a case of the measles was reported on one of Google's Silicon Valley campuses</a>. The incident was revealed in an email sent to Google employees, obtained by BuzzFeed, which stated that one of its employees working out of its Mountain View, California offices had been diagnosed with the measles.</li><li><a href="https://www.businessinsider.com/customers-citymapper-pass-overcharged-unhappy-2019-4?r=US&amp;IR=T">Popular travel startup Citymapper is two months into the launch of its cheap travel card, the Citymapper Pass, and customers are tearing the new offering apart</a>. They complained the card arrived late, that there were hidden costs, and about poor customer service.</li></ol>Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings. You can also <a href="https://newsletter.businessinsider.com/join/free">subscribe to this newsletter</a> here - just tick "10 Things in Tech You Need to Know." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/donald-trump-airline-shuttle-transportation-pan-am-eastern-new-york-2019-1">The rise and fall of Donald Trump's $365 million airline</a></h3> <div> </div> </div>

10 things in tech you need to know today

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Steve Jennings/Getty Images for TechCrunchYouTube CEO Susan Wojcicki.</div></div></div>Good morning! This is the tech news you need to know this Tuesday.<ol><li><a href="https://www.businessinsider.com/hackers-accessed-us-customs-border-protection-traveler-photos-2019-6?r=US&amp;IR=T">Hackers stole photos of travellers' faces and license plates collected by the US Customs and Border Protection agency</a>. The hackers gained access to the images through a subcontractor's network, which then transferred the photographs to its network in violation of CBP policies, the agency said.</li><li><a href="https://www.businessinsider.com/youtube-ceo-susan-wojcicki-apologizes-to-lgbtq-community-2019-6?r=US&amp;IR=T">YouTube CEO Susan Wojcicki apologized to the LGBTQ community for not banning videos involving homophobic slurs last week, but maintained that she believed the company made the right decision based on its current policies</a>. The apology followed a tumultuous week for YouTube following its decision not to remove videos from one of its stars Steven Crowder after the conservative commentator made repeated homophobic remarks about Vox journalist, Carlos Maza.</li><li><a href="https://www.businessinsider.com/trump-says-facebook-google-amazon-colluded-with-democrats-2019-6?r=US&amp;IR=T">President Donald Trump said on Monday while speaking with CNBC that tech companies such as Google, Facebook, and Amazon "discriminate" against him</a>. Trump also briefly commented on the issue of regulation in the tech industry over antitrust concerns, saying that "obviously, there is something going on in terms of monopoly."</li><li><a href="https://www.businessinsider.com/salesforce-to-acquire-tableau-2019-6?r=US&amp;IR=T">Salesforce is acquiring Tableau, a publicly-traded data visualization company, for $15.7 billion</a>. Tableau's price tag makes it considerably more expensive than Salesforce's last mega-acquisition of Mulesoft for $6.5 billion in March 2018.</li><li><a href="https://www.businessinsider.com/facebook-to-announce-new-portal-form-factors-fall-2019-6?r=US&amp;IR=T">Facebook is going to launch new Portal video-chat devices in Fall 2019</a>. Facebook executive Andrew Bosworth wouldn't disclose total sales of the Portal, which launched in October 2018 and lets users video-call their contacts and utilise other apps, but described them as "really good."</li><li><a href="https://www.vice.com/en_us/article/zmpgmx/facebook-stops-graph-search">Facebook has quietly switched off Graph Search, a tool that allowed researchers and investigative journalists to search the social network in powerful ways, according to Vice</a>. The closure may have come as the firm focuses on privacy.</li><li><a href="https://www.businessinsider.com/larry-page-sergey-brin-first-tgif-six-months-2019-6?r=US&amp;IR=T">Larry Page and Sergey Brin spoke at a Google all-hands meeting for the first time in 6 months</a>. The pair recently ended their 6-month, internal quiet period, according to a CNET report on Monday.</li><li><a href="https://www.businessinsider.com/uber-rival-taxify-relaunches-in-london-as-bolt-says-it-is-sometimes-profitable-2019-6?r=US&amp;IR=T">Uber's biggest rival in Europe says it occasionally has profitable quarters because it has grown sustainably and focused on not burning cash</a>. Taxify, which has rebranded to Bolt, said Uber and Lyft's tepid IPOs had helped the firm, because it showed investors in ride-hailing firms were more focused on the bottom line.</li><li><a href="https://www.businessinsider.com/intel-acquires-barefoot-networks-cisco-2019-6?r=US&amp;IR=T">Intel is acquiring Barefoot Networks, a Silicon Valley startup that had raised over $150 million from giants like Google, Dell Technologies Capital, Alibaba, and Goldman Sachs</a>. Terms of the deal weren't disclosed, but Intel says that Dr. Craig Barratt, the CEO, and his team will be joining the chip giant after the deal closes, which it expects will happen in the third quarter of 2019.</li><li><a href="https://www.businessinsider.com/youtube-accidentally-blocks-educational-videos-hitler-nazis-hate-speech-2019-6?r=US&amp;IR=T">YouTube's crackdown on extremist videos has inadvertently shut down educational channels featuring old Nazi footage</a>. The videos were taken down in the wake of YouTube's announcement it would crack down on bigoted content and videos that glorify Nazi and other extremist ideologies.</li></ol>Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.You can also <a href="https://newsletter.businessinsider.com/join/free">subscribe to this newsletter</a> here - just tick "10 Things in Tech You Need to Know." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/ford-delivery-robot-digit-walks-on-two-legs-like-human-2019-5">Watch Ford's delivery robot that walks on two legs like a human</a></h3> <div> </div> </div>

Dear Readers,I hope everyone<a href="https://www.businessinsider.com/nike-backlash-zion-williamson-shoe-explodes-2019-2"> checks their Nikes before their weekend workouts</a>...the sneaker explosion heard round the world was definitely the craziest story of the week (not to mention that the <a href="https://www.businessinsider.com/nike-shares-slide-after-zion-williamsons-sneaker-malfunction-2019-2">sportswear giant's market cap shed $1 billion in market value</a> the next day). If you're new to the Wall Street Insider newsletter, <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">you can sign up here</a>.And if you're an existing Prime subscriber,<a href="https://bievents.typeform.com/to/thLadq"> please take our reader survey here. </a>While not as dramatic as #shoegate, I was shocked by takeaways from some recent housing data analyzed by BI's Tanza Loudenback. Much has been written that millennials don't want the "American dream" of their parents - a white picket fence and 2.5 kids in the suburbs. They're putting off things like marriage and home ownership because they're too burdened by student debt (<a href="https://www.businessinsider.com/millennials-prefer-travel-over-brunch-2018-6">not to mention they've spent all their money on avocado toast</a>). But in fact, the data doesn't support this. <a href="https://www.businessinsider.com/millennials-taking-over-mortgage-market-homeownership-2019-2">Tanza reports:</a>According to <a href="https://www.realtor.com/research/generational-propensity-report-2018-review">a new report from Realtor.com</a>, millennials are taking over the mortgage market in the US. Home-loan data analyzed by Realtor.com show millennials - defined here as the generation aged 19 to 37 - have taken out a larger share of mortgages than Gen Xers or baby boomers in the US since early 2017.Now, new data reveal millennials are responsible for the largest share (42%) of new mortgage loans by dollar volume, narrowly surpassing Generation X for the first time, and there are two clear reasons why. Millennials as a group are buying more homes than ever, and, individually, they're making lower down payments despite rising home prices, which require larger mortgages. Basically, millennials want to own homes. They've just taken longer than their parents' generation to get there (individual Gen X buyers, to be sure, are still taking on the highest loan amounts). To sum it up: Millennials aren't that different than previous generations. They haven't been shunning the idea of homeownership - <a href="https://www.businessinsider.com/millennials-wealth-generation-experts-data-2019-1">they've just been broke and young </a>until now, just like other generations were before they started buying homes. Now they are older and have more money. So they're essentially doing the same thing generations did when they got more money and grew older.Some other interesting takeaways: <ul><li>The stereotype that millennials primarily choose to buy homes and live in large metro areas isn't the reality. In fact, millennials make up more than 50% of mortgage holders in Pittsburgh; Cincinnati; Milwaukee; St. Louis; Columbus, Ohio; and Buffalo, New York where it's cheaper to buy a home. </li><li>All things considered, millennials aren't approaching homeownership exactly as their parents did. There's been a rise in unmarried millennial couples buying homes together and it's due to <a href="https://www.businessinsider.com/how-millennials-gen-x-and-baby-boomers-approach-marriage-2017-11" target="_blank" rel="nofollow noopener">economic conditions</a> and a <a href="https://www.businessinsider.com/how-millennials-gen-x-and-baby-boomers-approach-marriage-2017-11" target="_blank" rel="nofollow noopener">shift in attitudes toward marriage.</a> </li></ul>There are also striking parallels between how millennials approach homebuying and their behavior with credit cards. For years, banks assumed that young people didn't want credit cards, and so they didn't bother wasting marketing dollars on them. That is,<a href="https://www.businessinsider.com/how-jpmorgan-chase-sapphire-reserve-figured-out-millennial-2018-1"> until the hugely popular Chase Sapphire Reserve card came around </a>with flexible dining and travel rewards. The truth wasn't that millennials loathed credit cards...it was that they<a href="https://www.businessinsider.com/how-jpmorgan-chase-sapphire-reserve-figured-out-millennial-2018-1"> just didn't have much interest in having products that were made and marketed</a> for their parents shoved down their throat. It's the same with homebuying. Millennials do want the American Dream...they just want it on their terms.I'd love to hear from my readers. Please let me know if you have thoughts on any of our stories, tips to pass on, or general feedback. To read most of the stories below,<a href="https://www.businessinsider.com/subscription/prime"> you can subscribe to Prime </a>(or email me at ooran@businessinsider.com for a free trial). Have a good weekend! - Olivia <div class="KonaFilter image-container display-table"><div><div class="image on-image">Heidi Gutman/Getty ImagesFormer New York City Mayor Michael Bloomberg.</div></div></div>Bloomberg is diving into into the booming alternative data field with a new product that'll help the market become mainstreamAlternative data is about to be normalized.Bloomberg LP <a href="https://www.businessinsider.com/bloomberg-launching-alternative-data-platform-2019-2">is the latest mainstream financial company </a>to wade into the once-obscure alternative data field with a new product that will give clients access to data from more than 20 niche firms, report BI's Bradley Saacks and Dan DeFrancesco. The datasets will include stats on drug approvals, retail foot traffic tracked through cell phones, construction permits, and more.As hedge-fund managers seek out ways to beat the market,<a href="https://www.businessinsider.com/alternative-data-provider-1010data-launches-new-database-2019-1"> they're increasingly turning to alternative-data providers to identify trends</a> before their competitors.And as the data industry has grown, so have <a href="https://www.businessinsider.com/hedge-fund-managers-are-eyeing-regulatory-scrutiny-in-alternative-data-2019-2">fears about a potential crackdown</a> from regulators about hedge funds and other asset managers information that may have been obtained in an illegal way. Bloomberg's portal, data companies say, allows them to get their information in front of some of the largest financial institutions in the world without the extended due diligence program typically required to onboard them. <a href="https://www.businessinsider.com/bloomberg-launching-alternative-data-platform-2019-2">READ MORE HERE&gt;&gt;</a>Digital Reasoning, a buzzy fintech valued at $270 million and backed by Goldman Sachs and Nasdaq, has lost its CEO and a handful of senior executivesThe chief executive of Digital Reasoning, a fintech valued at hundreds of millions of dollars and backed some of the world's largest banks, resigned earlier this month.<a href="https://www.businessinsider.com/digital-reasoning-executives-leaving-2019-2">Brett Jackson stepped down as CEO of the AI software firm</a> on February 7, less than two years after joining the company, Business Insider has learned. Jackson departure from the Franklin, Tenn.-based company that is <a href="https://www.businessinsider.com/most-valuable-startup-in-each-state-us-2018-11">reportedly valued at $270 million</a> is the latest in a long-line of senior departures from the company, whose investors include Goldman Sachs, Credit Suisse, Barclays and Nasdaq, among others.The company has also lost its head of North American sales, head of product, and its chief product officer in th last six months. Digital Reasoning's director of global sales operations is also on her way out.The recent departures were in part, the result of a culture clash between Jackson and Estes, who serves as president of the firm, sources told BI's Dan DeFrancesco. <a href="https://www.businessinsider.com/digital-reasoning-executives-leaving-2019-2">READ MORE HERE&gt;&gt;</a>JPMorgan is building a cloud engineering hub in Seattle minutes away from Amazon and Microsoft, and it's planning to hire 50 staffers this year<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.flickr.com/photos/horiavarlan/4272009397">Flickr/Horia Varlan</a></div></div></div>The cloud simply became too important for JPMorgan to ignore.As the bank began to embrace cloud computing and the idea of housing information at dozens of disparate data centers rather than a few it tightly controlled, execs at the largest US bank knew it would <a href="https://www.businessinsider.com/indeed-says-amazon-web-services-microsoft-azure-and-google-cloud-skills-are-rising-in-demand-2018-12">face a growing demand for engineers</a> who knew how to keep its data safe. The challenge? How to attract that talent.Many of the best engineers in cloud security work for the largest cloud providers - <a href="https://www.businessinsider.com/aws-market-share-dominates-70-billion-cloud-market-2019-2">Amazon Web Services,</a> Microsoft's Azure and Google Cloud - in Seattle, where there's a thriving tech scene and a more laid back vibe than in New York. Recruiting those engineers and asking them to move to other locations on the buttoned-up East Coast might have been a tough sell.So the bank decided to do the next best thing and go to them. <a href="https://www.businessinsider.com/jpmorgan-is-building-a-cloud-engineering-hub-in-seattle-2019-2">Last year, the company began hiring engineers for a new cloud cybersecurity office in Seattle</a>, housed with other JPMorgan employees at an office just blocks from such landmarks as Pike Place Market.<a href="https://www.businessinsider.com/jpmorgan-is-building-a-cloud-engineering-hub-in-seattle-2019-2">READ MORE HERE&gt;&gt;</a>Pimco and DoubleLine Capital are players in a tug-boat investment gone bad - and their struggles highlight the dark side of credit marketsTwo of the world's most savvy bond investors <a href="https://www.businessinsider.com/harley-marine-esoteric-abs-deal-2019-1">have seen an investment in the sometimes murky world of a niche fixed income market run aground.</a>Pimco and DoubleLine Capital are among the largest investors in a deal sold last May by a Seattle-based tug boat and barge company known as Harley Marine, reports BI's Dakin Campbell. The investment has taken a hit after expenses rose faster than expected, according to people with knowledge of the deal. A legal spat over $2.6 million in alleged embezzled or misappropriated funds has <a href="https://www.krollbondratings.com/announcements/8686">contributed to the deal's</a> underperformance.The deal has, for some, become a symbol of the "late cycle" froth that's developed in parts of the bond market as investors grasp for yield in riskier securities. It's a type of deal known as a whole business securitization, transactions that take entire companies and package them into bonds for sale to investors. It's one subsector in a broader category <a href="https://www.businessinsider.com/inside-the-60-billion-esoteric-abs-market-2019-1">known as the esoteric ABS market that has nearly doubled in the last four years</a>.<a href="https://www.businessinsider.com/harley-marine-esoteric-abs-deal-2019-1">READ MORE HERE&gt;&gt;</a>Pre-IPO companies like Uber and Airbnb could 'test the waters' with investors sooner under a new SEC proposal<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.com/license/872127450">Michael Cohen/Getty Images</a>Uber CEO Dara Khosrowshahi.</div></div></div><a href="https://www.businessinsider.com/sec-proposes-new-test-the-waters-rules-for-pre-ipo-unicorns-2019-2">New rules proposed by federal regulators will let mega-startups</a> like Uber and Airbnb seek early feedback about investor appetite for an <a href="https://www.businessinsider.com/category/ipo">initial public offering.</a>On Tuesday, the Securities and Exchange Commission <a href="https://www.sec.gov/news/press-release/2019-14">proposed a new "test the water" reform</a> which would allow all pre-IPO companies to consult with qualified institutional buyers before filing paperwork to go public, reports BI's Becky Peterson.These meetings give startups the chance to see if investors are actually interested in buying their stock before going through the work of filing with the SEC. And it helps institutional investors like Fidelity and T. Rowe Price the chance to see what's coming up in the IPO pipeline while setting the tone on valuation and price.<a href="https://www.businessinsider.com/sec-proposes-new-test-the-waters-rules-for-pre-ipo-unicorns-2019-2">READ MORE HERE&gt;&gt;</a>Quote of the week:<div data-bi-ad="" id="gpt-post-transportation-desktop_in_post_ad-desktop-5c6e0776a936e3.22024861" data-force="" data-type="ad" data-adunit="business-insider/desktop/tech/transportation/post" data-secvert="thelife,travel" data-pagetype="post" data-tag="bitranspo,biselect,hurricane-irma,richard-branson,virgin-group" data-authors="benjamin-zhang" data-views="" data-region="Desktop In Post Ad" data-responsive="[{" browserLimit:00slotSize:300250fluidbrowserLimit:6000slotSize:300250fluidbrowserLimit:12600slotSize:72890300250fluidlocation:inline="" data-tile-order="tile-1" data-url="richard-branson-hurricane-irma-wine-cellar-experience-2019-2" data-amazontamsizes="[[300,250],[728,90]]" data-google-query-id="COul08_ey-ACFUHbwAodvOMANg"><div id="google_ads_iframe_/4442842/business-insider/desktop/tech/transportation/post_3__container__">"It was 14 hours of a screaming train going by," <a href="https://www.businessinsider.com/richard-branson-hurricane-irma-wine-cellar-experience-2019-2">Virgin Group Richard Branson said in an interview with Business Insider </a>of riding out Hurricane Irma in his bunker in the British Virgin Islands. "We were very lucky to be in a wine cellar, a good concrete wine cellar."</div></div>Wall Street move of the week:<a href="https://www.businessinsider.com/bank-of-americas-head-of-equities-quits-2019-2">A star trader and US head of equity derivatives just quit Bank of America Merrill Lynch after less than 2 years at the bank</a>In tech news:<ul><li><a href="https://www.businessinsider.com/divvy-series-a-investor-deck-2019-2">Here's the investor deck that helped the real-estate startup Divvy raise a $30 million series A led by Andreessen Horowitz</a></li><li><a href="https://www.businessinsider.com/peloton-equinox-investor-reveals-next-fitness-trend-2019-2">A leading investor in Peloton and Equinox reveals how his firm predicts the big trends in home fitness - and what he thinks will be next</a></li><li><a href="https://www.businessinsider.com/amazon-employees-describe-peak-2019-2" data-analytics-position="16" data-analytics-module="big_picture">Amazon warehouse employees speak out about the 'brutal' reality of working during the holidays, when 60-hour weeks are mandatory and ambulance calls are common</a></li></ul><div data-sticky="subnav" data-ad-subnav=""><div data-bi-ad="" id="gpt-post-science-subnav-5c3e8bb3471e72.28787359" data-force="" data-type="ad" data-adunit="business-insider/desktop/tech/science/post" data-pagetype="post" data-tag="health,comcast,comcast-ventures,venture-capital,omers,omers-ventures,pension,pension-funds,canada,bi-prime" data-pos="atf" data-authors="zachary-tracer" data-views="4041" data-region="Subnav" data-responsive="[{" browserLimit:00slotSize:300250browserLimit:7280slotSize:72890browserLimit:9700slotSize:9702509709072890location:window="" data-url="omers-ventures-hires-michael-yang-comcast-ventures-silicon-valley-2019-1" data-amazontamsizes="[[300,250],[728,90],[970,250],[970,90]]" data-google-query-id="CJWNsfyV8d8CFZbQmgodtgIBQg"><div id="google_ads_iframe_/4442842/business-insider/desktop/tech/science/post_0__container__">In markets: </div></div></div><ul><li><a href="https://www.businessinsider.com/money-management-advice-why-investors-should-avoid-stocks-2019-2">A wealth manager for the ultrarich explains why he's advising clients to avoid stocks - and reveals where they should put their money instead</a></li><li><a href="https://www.businessinsider.com/next-recession-why-it-will-be-unlike-any-in-history-goldman-sachs-2019-2">Here's why the next recession could be unlike any the US has ever seen</a></li><li><a href="https://www.businessinsider.com/how-fidelity-picks-the-stocks-that-go-into-its-founders-fund-dan-kelley-interview-2019-2">Investing behemoth Fidelity just launched the first-ever fund for founder-led companies. Here's the 3-part 'secret sauce' its manager looks for when picking entrepreneurs.</a></li></ul>Other good stories from around the newsroom:<ul><li><a href="https://www.businessinsider.com/pharmaceutical-companies-novartis-sanofi-starting-think-beyond-drugs-digital-apps-2019-2">Pharma giants like Novartis and Sanofi are betting that the future of healthcare looks more like an app or sensor than a prescription</a></li><li><a href="https://www.businessinsider.com/regulators-fda-warn-young-blood-transfusions-ambrosia-startup-2019-2" data-analytics-position="1">A controversial startup that was charging $8,000 to fill your veins with young blood says it's halted operations after a warning from regulators</a></li><li><a href="https://www.businessinsider.com/pharmaceutical-companies-novartis-sanofi-starting-think-beyond-drugs-digital-apps-2019-2"></a><a href="https://www.businessinsider.com/walmart-rail-operations-supply-chain-2019-2">Walmart is quietly taking charge of its rail operations - and it could cut serious transportation costs as the country's largest retailer seeks to boost e-commerce profits</a></li></ul>

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