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Americans love to buy toys, jewelry, and music on their smartphones

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Shopping on a smartphone is no easy task: the device's cramped screen makes it difficult to view products, while poorly designed mobile websites make completing transactions a real pain.

Even so, nearly one quarter of all e-commerce spending in the US now occurs on mobile devices, according to data from comScore. And as this chart from Statista shows, certain types of products sell especially well on mobile devices (a category that includes smartphones and tablets).

More than half of consumer online spending on video games, music, and movies happens on mobile devices. That's not terribly surprising since those are digital goods that buyers can enjoy on their smartphones right away. Less self-evident is why toys and jewelry are frequently purchased on mobile devices.

One item buyers don't seem very comfortable buying on their phones: gadgets. Consumer electronic products were among the least popular mobile purchases.  

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SEE ALSO: The Disney-Fox deal could create a Hollywood giant

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Americans have already made up their minds about the tax bill — and it looks brutal for the GOP

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paul ryan mitch mcconnell

  • The polling data on the Republican tax bill looks dismal for the GOP.
  • On average, 33% of Americans approve of the bill and 52% disapprove, according to the data-journalism site FiveThirtyEight.
  • GOP leaders have said the bill will gain popularity once it becomes law.


Republicans are on the verge of passing the most significant overhaul of the federal tax code in a generation, but it looks set to become law amid lackluster reviews from people they say it will benefit.

A vote in the House and Senate on the final bill, called the Tax Cuts and Jobs Act, is expected as early as Tuesday. President Donald Trump and Republican leaders have touted their plan as focused on the middle class — but recent polls have found that many Americans aren't buying it.

Most people surveyed say they don't think the plan will benefit their situation or the US more broadly.

A Monmouth University poll released on Monday found that just 26% of Americans say they approve of the plan, while 47% say they disapprove.

A CNN survey released Tuesday found that 33% supported the bill and 55% opposed it.

The legislation is also not playing well in some of the country's political swing areas. The Monmouth poll found that in counties that Trump or Hillary Clinton, his Democratic challenger, won by less than 10 percentage points in the 2016 presidential election, 30% of people say they approve of the bill and 38% say they disapprove.

The data-journalism site FiveThirtyEight found that the average approval rating for the bill in polls conducted in December was 33%. Meanwhile, 52% said they disapproved of the legislation — good for a net -19 approval rating.

It's less popular than some tax increases

According to FiveThirtyEight, the dismal approval rating makes this plan the least popular tax bill in at least 30 years — even less so than two in the 1990s that increased some taxes.

Despite the dismal reviews, Republican leaders have remained upbeat.

"When you have a slingfest, a mudfest on TV, when pundits are slamming each other about this tax bill before it's even passed, that's what's going to happen," House Speaker Paul Ryan said at a press conference Tuesday.

He added: "But when we get this done, when people see their withholding improving, when they see the jobs occurring, when they see bigger paychecks, a fair tax system, a simpler tax code, that's what going to produce the results. Results are going to make this popular."

Republicans have acknowledged that most Americans think the bill will increase their taxes — 50% of people surveyed in the Monmouth poll, for example, said they expected that. But most analyses have found that most Americans' tax burdens will decrease in the near term.

Whether Americans would notice is another question. FiveThirtyEight pointed out that the number of people who thought tax cuts enacted under Presidents Ronald Reagan and George W. Bush would help the rich more than the middle class increased after those plans passed.

SEE ALSO: CRUNCH TIME: Republicans are set to close out their massive tax overhaul

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Republicans just sunk Trump's controversial pick to run a bank he wanted to kill

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Scott Garrett

  • President Donald Trump's nominee to lead the Export-Import Bank just got rejected by the Senate Banking Committee.
  • Two Republicans, Sens. Tim Scott and Mike Rounds, joined Democrats in voting down Trump's nominee, former GOP congressman Scott Garrett.


The Senate Banking Committee rejected President Donald Trump's nominee to lead the Export-Import Bank on Tuesday after a pair of Republicans joined with the panel's Democrats in voting down former congressman Scott Garrett.

The committee voted 10-13 against the former GOP congressman, who had pushed to shut down the bank.

Republican Sens. Tim Scott of South Carolina and Mike Rounds of South Dakota voted against advancing Garrett's nomination.

Garrett was opposed by large manufacturers like Boeing — which has a large footprint in Scott's home state.

The rejection could extend a lengthy standoff at the agency, which has left it unable to approve roughly $37 billion in transactions, The Wall Street Journal reported.

During his confirmation hearing last month, Garrett pledged to keep the agency running, moving away from his push to shut down the bank.

SEE ALSO: Obama-era ethics chief defends tweet urging people to stock up and 'take the streets' if Trump fires Mueller

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A 34-year-old activist who's fighting for his life traveled to Washington to oppose tax cuts – and he says 'Republicans are screwed'

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Ady Barkan

  • Ady Barkan, a 34-year old activist used to fighting for others, is now in a fight for his own life as he battles a terminal diagnosis of Amyotrophic Lateral Sclerosis. 
  • Despite his limited mobility, Barkan has traveled from California to Washington in a last-ditch effort to oppose a tax cut bill that also includes steep cuts to healthcare.
  • Cuts to Medicare triggered by the legislation could prevent Barkan from having enough money to fund a ventilator that could prolong his life.  
  • Barkan tells Business Insider why he's hopeful despite the likely passage of the legislation he so strongly opposes. 


WASHINGTON – Ady Barkan is putting his body where his mind is.

Struggling with mobility over a year after a Amyotrophic Lateral Sclerosis (ALS) diagnosis, the community activist brought his wife and 1-1/2-year old son to Washington, DC for a last-ditch effort to stop the Republican tax bill. 

The prognosis of ALS is grim. Life expectancy is three to four years and physical degeneration is fairly rapid and eventually leads to complete paralysis, at which point he will have to be placed on a ventilator.

And while public dissatisfaction with the legislation has been focused on the notion that the Republican tax cuts are deeply skewed toward the wealthiest Americans and the corporations they run, Barkan, who has spent years galvanizing support for a more diverse and inclusive Federal Reserve, wants to remind Americans this legislation also includes cuts to their healthcare.

"We’re putting a call out to the whole country — this is a make or break moment, step up, raise your voices and give it a shot," Barkan told Business Insider, as his son Carl meandered through the room under the eye of Barkan’s wife, Rachel King.

From his hotel room in Washington, Barkan has galvanized a mini-command center with a few fellow activists clanking away on various laptop keyboards and phones — emails, lists, outreach, videos, the works. He knows it's an uphill battle: Republicans appear to have the votes to pass the legislation through the House and Senate, and are aiming to get the law on President Donald Trump's desk as early as Wednesday. 

"It’s more personal when you’ve got a 33-year old terminally ill father,” he said. "I’ll try to do good with it with whatever I got. It’s a s----- hand to draw but most people don’t spend their careers doing stuff that’s as fun as what I’ve gotten to do."

In his job as an activist at the Center for Popular Democracy, Barkan led a successful effort to get Fed officials thinking more about low-income Americans as they conduct monetary policy, often arguing against interest rate hikes in the face of high underemployment and weak wage growth.

Now it’s personal

Suddenly, Barkan is fighting not just for social justice but his own life prospects and ability to spend more time watching his young son grow.

The Republican tax-cut bill "could cut many people like me off from government services," Barkan said in a recent Washington Post op-ed, because "it automatically triggers $400 billion in cuts to Medicare, and Mick Mulvaney, the head of the White House Office of Management and Budget, will have sole responsibility for deciding what programs to slash."

He adds: "Mulvaney opposes the Medicare disability program. If this tax bill passes, will I be able to get the ventilator I need to stay alive?"

Apart for the cuts Barkan outlines, the legislation also does away with the individual mandate that is part of  President Barack Obama’s healthcare law, a move that would leave millions without insurance again and could raise costs for consumers. At the same time, House Speaker Paul Ryan has also signaled the legislation may be a precursor to larger attempted cuts into America’s social safety net — including Medicare and Social Security

With life and family now the line, Barkan is applying the skills he learned while campaigning for the rights of workers and low-income families to the fight against what he describes as a ruthless piece of legislation.

What began as a one-time trip to the nation's capital from his home in Santa Barbara less than two weeks ago has mushroomed into a much bigger excursion, including a return trip to protest Tuesday's planned vote, and now, a national platform.

Barkan had his own viral moments, giving interviews on CNN and MSNBC and getting audiences with various senators, including Jeff Flake and Susan Collins.

Flake’s on a plane

Barkan’s opposition to the tax bill took on new momentum when he paired up with another activist whom he happened to meet on a flight on which Flake, the senator from Arizona who has been a critic of Trump, also happened to be boarding.

Barkan and his colleague filmed his conversation with Flake, and the video took off on social media

If anything has gotten easier for Barkan despite the physical and emotional challenges that comes with his illness, it's that the issues he is now advocating for are much simpler to explain to people than US interest rate policy, which has been his focus at the Center for Popular Democracy.

"It’s pretty hard to get passionate about an interest rate increase," Barkan joked, gazing out his hotel window.

"But with all the issues that are tied up here — taxes and the structure of our economy, healthcare, social services, our democracy, whether it’s transparent, whether it responds to people or just money — nobody needs convincing,” he said. "Maybe they need inspiration, maybe they need hope, maybe they need leadership, maybe they need direction — not convincing."

Polls suggest the tax cut legislation is deeply unpopular with voters. The popular opposition gives Barkan hope that the law's passage will be a galvanizing factor for voters in 2018. 

"Republicans are screwed," he said. "They have run on bad policies for years with no underlying justification. And now it's becoming all too clear." 

SEE ALSO: The Fed’s forecasts for the economy confirm what everyone already knows about the GOP tax cut plan

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Here's what America's biggest companies plan to do with all that cash coming back to the US

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wells fargo bank vault

  • Republicans' tax plan, the Tax Cuts and Jobs Act, is expected to be signed into law as early as Wednesday.
  • The bill would lower the federal corporate tax rate to 21% from 35% and allow a one-time repatriation of overseas cash.
  • Sixty-five percent of companies responding to a Bank of America Merrill Lynch survey say they would use at least some of the repatriated cash to pay down debt.


Republicans' tax plan, the Tax Cuts and Jobs Act, could be signed into law as soon as Wednesday. And while the bill would lower taxes for the lion's share of Americans, it would also provide benefits to America's biggest companies. The measure would slash the federal corporate tax rate to 21% from 35% and allow a one-time repatriation of overseas cash.

That's a big deal considering that Goldman Sachs estimates S&P 500 companies hold $920 billion of untaxed cash overseas. US companies as a whole have $2.5 trillion stashed overseas, according to Citigroup.

So what will the biggest companies in America do with all that money they'll most likely be able to bring back to the US?

In 2004, when a so-called tax holiday most recently occurred, roughly 80% of the cash brought back into the US went to fund stock buybacks. But this time around would most likely be different, according to a Bank of America Merrill Lynch survey of 302 US companies.

When asked how they would use the proceeds of repatriated earnings, 65% of respondents said they would pay down debt. US corporate debt issuance has risen every year but one since the financial crisis, and it is on pace for a record year in 2017.

corporate debt

"The only reason why a lot of these companies issued so much debt was that they could not touch the overseas cash - when they now gain access to this cash, it makes sense to use some of it to take out the debt," Bank of America Merrill Lynch wrote in a recent note.

With the Federal Reserve expecting three more interest-rate hikes in 2018, paying down debt could save companies exposed to floating interest rates billions of dollars in interest expenses over the next few years.

At the same time, corporate America still has plans to use the cash to buy back shares. Just less than half of the respondents, 46%, said at least a portion of the repatriated money would be spent on buybacks, which are a good way to achieve immediate share appreciation and signal to investors that a company views its stock as undervalued.

Even less responded saying they would spend the money on mergers and acquisitions (42%) and capital expenditures (35%).

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SEE ALSO: Trump's tax plan could bring $250 billion into the US — here are the companies set to benefit most

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McDonald's new Dollar Menu means massive price cuts for customers (MCD)

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  • McDonald's new value menu will slash overall menu prices by 15%, according to analysts. 
  • The new "$1, $2, $3 menu" will offer deals at three price points. 
  • The revamped version of the Dollar Menu rolls out in early January. 


McDonald's much-anticipated new value menu means massive prices cuts for customers. 

Credit Suisse found in "anecdotal pricing checks" that McDonald's upcoming "$1, $2, $3 menu" will result in a roughly 15% price reduction across the chain's the full menu. 

Trump McDonald's

"MCD's new 1,2,3 value menu appears geared towards recovering this traffic, which is likely to partly come at the expense of check," analyst Jason West wrote in a note on Tuesday.

According to West, some items are already being sold at similar prices, leading up to the launch of the new value menu. Others — including Happy Meals — are going to have their prices slashed by up to 25%. 

McDonald's is rolling out the new value menu on January 4.

The $1 items include menu offerings such as the Sausage Burrito, McChicken, and Cheeseburger. Items including the 2-piece Buttermilk Crispy Tenders, Bacon McDouble, and McCafé beverages will be sold for $2, and Happy Meals and Triple Cheeseburgers will cost $3. 

Executives have admitted that McDonald's has struggled to attract value-minded customers since killing the Dollar Menu in 2013.

While the McPick 2 has helped drive sales over the past year, a new national Dollar Menu is a major move to win over customers looking for value. The company is throwing a huge amount of weight behind the effort, increasing its already massive national advertising budget by 20% starting in 2018. 

SEE ALSO: Taco Bell and McDonald's are gearing up for a cutthroat battle of the fast-food dollar menus

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A cryptocurrency hedge fund has delivered a 24,000% return over the past 4 years

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A general view of the Bitcoin booth at the 2015 International CES at the Las Vegas Convention Center on January 8, 2015 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 9 and is expected to feature 3,600 exhibitors showing off their latest products and services to about 150,000 attendees.

  •  Pantera Capital's bitcoin fund has delivered a 24,004% return for investors since its launch in 2013.
  •  The blockchain-focused hedge fund was among the first to invest in the nascent digital coin market.

 

Bitcoin's more than 13,000% return since its inception can't hold a candle to Pantera Capital.

The investing firm's Pantera Bitcoin Fund has delivered a 24,004% return for investors since its launch in 2013, according to a report by Nathaniel Popper at The New York Times.

"A significant portion of the gains have come this year, thanks to the skyrocketing price of an individual bitcoin, which hit $19,000 on Monday," Popper reported Tuesday.

Hedge funds focused on cryptocurrencies have opened up at an eye-popping rate this year. Founded in 2003, Pantera Capital was among the first to dive into the nascent market for digital coins and the underpinning blockchain technology.

An estimated $2 billion has been invested with specialist hedge funds focusing on cryptocurrencies in 2017, according to estimates from Morgan Stanley. Over 100 such funds exist, according to the bank.

Even some traditional hedge funds are turning to the crypto-space to find outsized returns for clients.

Typhon Capital Management, a Florida hedge fund that specializes in commodities, is launching a cryptocurrency fund at the beginning of 2018 that will invest in digital currencies and initial coin offerings. 

Typhon's CEO, James Koutoulas, told Business Insider he expects to raise $5 million to $20 million for the new fund. 

"We now feel comfortable taking investors money and putting it into this space," Koutoulas said. 

The cryptocurrency market has soared to incredible heights in 2017, providing myriad opportunities for investment firms. Bitcoin, for instance, has soared 1,700% this year to more than $18,000 a coin, according to data from Markets Insider. The entire market for digital coins, of which there are now more than 1,300, now stands above $600 billion.

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Read the full report at The New York Times>>

SEE ALSO: Cyberattack brings a cryptocurrency exchange to its knees

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Microsoft is taking a stand on an employment practice that can silence victims of sexual harassment (MSFT)

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Brad  Smith Microsoft General Counsel

  • Microsoft is removing from employees' contracts provisions that barred them from suing the company over sexual harassment claims.
  • Only a "small segment" of employees had the provisions, which require them to go to arbitration for such claims, in their contracts.
  • The change comes as Microsoft is supporting legislation that would ban such clauses from employment agreements at all companies.
  • Mandatory arbitration clauses have come under fire of late; critics charge that they silence victims of sexual misconduct.


Microsoft is making it easier for employees to sue the software giant over sexual harassment.

The company is removing language found in some of its employees' contracts that barred them from filing suit over workplace sexual harassment claims. Previously, employees subject to the provisions would have had to go to arbitration to resolve such claims, a private process that can hide the identities of repeated perpetrators.

"Because the silencing of voices has helped perpetuate sexual harassment, the country should guarantee that people can go to court to ensure these concerns can always be heard," Brad Smith, Microsoft's president and chief legal officer, said in a blog post announcing the changes. He added: "The easiest mistake any employer can make is to assume that 'this could never happen here.'"

When a harassment case goes to private arbitration, a victim is usually barred from publicly releasing any details, including the names of any alleged harassers. Critics say that such provisions effectively silence victims, allowing abuse to continue. 

Microsoft supports "The Ending of Forced Arbitration of Sexual Harassment Act of 2017," proposed legislation from senators Kirsten Gillibrand of New York and Lindsey Graham of South Carolina that would end such provisions, Smith said. But as part of supporting the bill, Microsoft reviewed its own contracts and found that a "small segment of our employee population" had arbitration clauses in their agreements, he said. The company decided it couldn't support the Gillibrand-Graham bill and continue to include or enforce arbitration clauses in its own employment contracts, he said.

The software giant is just one among many companies that have included arbitration clauses in their employees contracts. Companies often favor arbitration, because it can be less expensive than a public trial and can allow them to avoid bad publicity.

The issue of mandatory arbitration for harassment cases gained national attention last year when former Fox News host Gretchen Carlson sued network president Roger Ailes over alleged sexual misconduct. A mandatory arbitration clause in her 11-year-old employment contract prevented her from taking the matter to court, but her legal team circumvented the matter by suing Ailes personally.

More than 56% of American workers — about 60 million — are subject to mandatory arbitration clauses that cover all kinds of claims, including sexual harassment, according to the Economic Policy Institute's survey of nonunion private-sector employers.

SEE ALSO: More than half of American workers wouldn't be able to take their sexual harassment claims to court

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HOUSE PASSES TAX BILL, NEARS HUGE WIN FOR TRUMP AND GOP

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  • The House on Tuesday voted 227-203 to pass the Republican tax bill.
  • The bill, the Tax Cuts and Jobs Act, would be the biggest overhaul of the US tax code in a generation.
  • It will next head to the Senate for a vote, expected later on Tuesday.


The House on Tuesday voted 227-203 to pass the massive GOP tax bill, putting Republicans on the edge of their biggest legislative victory of Donald Trump's presidency and a once-in-a-generation overhaul of the federal tax code.

The bill, the Tax Cuts and Jobs Act, now heads to the Senate, where Majority Leader Mitch McConnell expects a vote later Tuesday. If it passes in that chamber, Trump could enact it as soon as Wednesday.

House Speaker Paul Ryan, who has fought to rewrite the tax code for much of his nearly two decades in office, triumphantly banged his gavel as he announced the vote totals.

"This is a good day for America," he said in a press conference after the vote. "This is a good day for workers. This is a great day for growth."

Twelve Republicans voted against the bill, largely because of its tweak to the state and local tax deduction. Lawmakers from states with higher taxes, such as California and New York, did not think a compromise to allow residents to deduct up to $10,000 in state and local taxes was a fair solution for their constituents.

The bill would overhaul the tax system for businesses and individuals. It proposes cutting the federal corporate tax rate to 21% from the current 35% and lowering taxes for individuals until 2026.

It would also repeal the Affordable Care Act's so-called individual mandate requiring most people to have health insurance or pay a fine.

Republicans have said the bill will boost the economy and help middle-class families. Democrats and critics say it favors wealthy Americans and corporations while doing little to help the middle class.

Nonpartisan analyses have found that Americans at every income level would see an immediate tax cut but that the gains would eventually tilt toward wealthier people. The bill is projected to add roughly $1 trillion in new debt over the next 10 years, despite the GOP's insistence that the legislation will pay for itself.

Republicans immediately cheered the passage of the bill, with Rep. Kevin Brady, the chairman of the House Ways and Means Committee who helped write it, saying it would benefit all Americans.

"Today, the House took action on once-in-a-generation legislation that will dramatically improve the lives of hardworking people in Texas and across the country," Brady said in a statement.

Democrats, led by House Minority Leader Nancy Pelosi, blasted the bill.

"There are few things more disturbing than hearing the swell of cheers from the @HouseGOP as they raise taxes on 86 million middle class families," Pelosi tweeted after the vote.

Trump, via Twitter, singled out many Republican leaders instrumental in getting the bill through the House.

"Congratulations to Paul Ryan, Kevin McCarthy, Kevin Brady, Steve Scalise, Cathy McMorris Rodgers and all great House Republicans who voted in favor of cutting your taxes!" Trump tweeted.

Republicans have moved at lightning speed to get the bill through Congress since the House introduced the first version of the legislation just under seven weeks ago.

SEE ALSO: A key report shows the final GOP tax bill boosting the US economy — but by well less than Republicans promised

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McDonald's new Dollar Menu carries a massive threat to Wendy's and Burger King (MCD)

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Trump McDonald's

  • McDonald's is rolling out a new take on the Dollar Menu in January. 
  • Analysts say the new Dollar Menu could spell disaster for fast-food rivals like Wendy's, Jack in the Box, and Burger King. 
  • Chains including Jack in the Box and Taco Bell have already announced new dollar menu efforts of their own as they gear up for a fast-food price war. 

 

McDonald's new Dollar Menu is bad news for fast-food rivals. 

D123 Media Visual

The chain's upcoming value menu could boost McDonald's sales by 2% — putting significant pressure on competitors, according to Credit Suisse analyst Jason West. West estimates the value menu will result in 0.4% "sales risk" for the average fast-food chain, according to a note sent to investors on Tuesday. 

The chain represents a whopping 20% market share of the fast-food industry, generating roughly $36 billion in US system sales. A 1% increase in McDonald's sales means a 0.2% sales slip for the rest of the fast-food industry, assuming no growth in the sales base.

McDonald's is rolling out the new value menu on January 4, with deals at three price points. The "$1, $2, $3 menu" will result in a roughly 15% price reduction across the chain's the full menu.

Analysts are anticipating that the new value menu will hit burger rivals including Wendy's, Burger King, Jack in the Box, and Sonic especially hard. 

"McDonald's is such a big part of the industry that when they are doing well like they are currently, it is difficult for other burger [quick-service restaurant] chains to drive solid sales growth," Brian Yarbrough, a senior consumer analyst at Edward Jones, told Business Insider. 

Fast-food price war

Taco Bell

Fast-food rivals are aggressively gearing up for a price war for the ages in response to McDonald's new Dollar Menu. 

"We're all fighting this fight, and I don't think it's going to slow down," Jack in the Box’s executive brand president, Frances Allen, told Business Insider.

According to Allan, 2018 will be "no less of a war" to win over value-centric customers than continuing fast-food battles to win over customers in a competitive environment. 

Jack in the Box is rolling out new advertising to appeal to budget shoppers, focused on the $1 and $5 price points. Allan argues that the chain is primed to hold its own against McDonald's due to its "premium" products and creative, extensive menu — from burgers to tacos.

Taco Bell is similarly doubling down on its own dollar menu, going head-to-head with McDonald's new value menu. The chain announced earlier in December it is expanding its dollar menu with plans to roll out 20 $1 limited-time offerings throughout 2018, in addition to the 20 $1 permanent menu items.

"Make no mistake, when the market leader starts to do things really well in different places, it just means you have to be that much more committed to your specific strategy," Taco Bell CEO Brian Niccol told Business Insider. "It's going to be more competitive [when McDonald's rolls out its new value menu], no doubt."

SEE ALSO: McDonald's new Dollar Menu means massive price cuts for customers

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Ford responds to New York Times story about sexual and racial harassment at Chicago plants (F)

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Ford

  • Ford settled discrimination and harassment charges at two Chicago-area plants in August for $10.1 million.
  • A story in the New York Times reported that the plants continue to be difficult places for women to work.
  • Ford responded to Business Insider's request for a comment with a statement updating us on the company's general policies, as well as its efforts at the Chicago plants.


In August, Ford announced that it had reached a $10.1 million settlement of racial and sexual harassment charges at two facilities in the Chicago area.

The U.S. Equal Employment Opportunity Commission (EEOC) led an investigation into the matter and said in a statement that it found "reasonable cause to believe that personnel at two Ford facilities in the Chicago area, the Chicago Assembly Plant and the Chicago Stamping Plant, had subjected female and African-American employees to sexual and racial harassment."

Ford settled without admitting liability, but the story isn't over. 

In a lengthy article, the New York Times revisited the two plants' history and reported that "[o]ver the years the company did not act aggressively or consistently enough to root out the problem, according to interviews with more than 100 current and former employees and industry experts, and a review of legal documents."

The Times story also included brief audio accounts of 11 women's struggles against harassment at the plants. 

As numerous women in the entertainment, media, and technology industries come forward under the #MeToo banner, the Times' reporters noted that the world of manufacturing has thus far escaped widespread scrutiny. 

Ford response to the Times' report

2016 FORD EXPLORER Chicago Assembly

In a statement emailed to Business Insider, Ford said that the company "does not tolerate sexual harassment or discrimination."

"We take those claims very seriously and investigate them thoroughly," the company added. "We have a comprehensive approach to prevent and address sexual harassment and discrimination at our facilities."

Those measures include required sexual harassment training for new employees; a means to report harassment; harassment investigations; and a policy that required workers in salary to disclose relationships.

Ford also said that two years ago it initiated new policies at its Chicago plants, ranging from specialized training in respect and diversity to an increase in human-resources personnel to improve harassment and discrimination investigations. Employees also have in place a mechanism to receive a "financial award" if what the company termed an "independent panel" supports a claim.

The Times' story acknowledged Ford's efforts, but also reported that a previous settlement was reached in the 1990s. 

According to the Times, renewed problems at the plant in recent years may have stemmed from a lack of training for new employees. After the financial crisis, the US auto market started to boom again so Ford began to quickly hire new workers. But in the midst of the hiring surge, the company didn't always give the proper harassment training, the Times reports. 

Ford's 2017 hasn't been without other challenges. The carmaker's CEO, Mark Fields, was replaced in May by Jim Hackett, as its stock price has lagged the overall markets and its industry peers.

SEE ALSO: FOLLOW US on Facebook for more car and transportation content!

SEE ALSO: Ford is settling claims of alleged harassment for $10.1 million

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Chinese company soars 150% after pivoting from juice to crypto

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  • Shares of a Chinese juice company exploded Tuesday after investors got wind of the company's pivot to fintech.
  • It's a growing trend among companies to announce a new focus on cryptocurrencies or blockchain and watch the stock rise in kind. 


Shares of China’s Future Fintech Group, an unprofitable firm formerly known as SkyPeople Fruit Juice, exploded as high as 221% Tuesday after the company announced it would pivot to financial technology, eventually settling up roughly 127%.

The pivot happened on May 26, 2017, according to public filings, but investors appear to have taken little notice before today. The stock steadily declined in price through the summer before Tuesday’s extreme rise. 

According to the company’s website, it "utilizes financial technology solutions to operate and grow its businesses. The Company is actively leveraging e-commerce and new technology platforms, and is building a regional agricultural products commodities market with the goal to become a leader in agricultural finance technology."

Future Fintech Group previously received a written warning from Nasdaq on December 1 for failing to maintain a market value above $5 million and risked being delisted if it did not pass the threshold by May 2018, according to public filings. Today’s jump brings the firm’s market cap to roughly $9.57 million.

FTFT is the most recent example in a long-running list of companies that have exploded in value after pivoting to cryptocurrencies or announcing a pivot to blockchain technology.

Subscribe to our Crypto Insider newsletter for the best of the blockchain every day.

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Paul Ryan yelled in delight and triumphantly slammed his gavel as he announced the GOP tax bill's passage

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  • House Speaker Paul Ryan has been fighting for tax reform for decades.
  • Ryan presided over the House as the massive GOP tax bill passed the chamber.
  • In announcing the final vote, Ryan got excited and yelled out the final vote count.

House Speaker Paul Ryan is really pumped about the GOP tax bill passing the House.

Ryan, who has fought for tax reform for much of a near two-decade career in Congress, became excited at the prospect of delivering on the bill Tuesday with the House's passage of the massive tax overhaul. As he read the official vote count, the speaker's volume gradually escalated. He triumphantly banged his gavel in announcing the final vote totals.

Ryan's enthusiasm did not subside after the vote. In a follow-up press conference, Ryan touted the passage of the bill — the Tax Cuts and Jobs Act (TCJA) — as a "promise made and promise kept."

"This is one of the most important pieces of legislation that Congress has passed in decades to help the Americans worker and to help grow the American economy," Ryan said. "This is profound change and this is change that going to out our country on the right path."

While economists and most analyses agree that the TCJA will lead to a modest economic boost and on average cut taxes for Americans of all incomes, there is also concern that the bill will grow the federal deficit and could end up predominately benefiting the rich.

The TCJA was sent to the Senate soon after its passage in the House and is expected to receive a final vote to in that chamber late Tuesday. 

Watch Ryan's reaction here:

 

SEE ALSO: HOUSE PASSES TAX BILL, NEARS HUGE WIN FOR TRUMP AND GOP

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STOCKS SLIP: Here's what you need to know

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The GOP's plan to cut taxes got one step closer to becoming law on Tuesday. Republicans in the House of Representatives voted to pass the revised tax plan, meaning only the Senate and President stand in the way.

The Dow, S&P 500, and Nasdaq all slipped on Tuesday, despite the tax plan's progression, which many pundits have predicted will be good for stocks.

Here's the scoreboard:

  1. BANK OF AMERICA: Bitcoin is the 'most crowded' trade. Being long bitcoin is the most crowded trade in the world, according to a fund manager survey conducted by Bank of America Merrill Lynch.
  2. Traders are cranking up bets that the stock market will go crazy. Investors are increasingly wagering on stock market volatility, according to a measure of options trading.
  3. Investors pumped $2 billion into crypto funds this year — and 2018 will be bigger. A new index tracking cryptocurrency-focused hedge funds showed returns of 1,641% in the year through to November.
  4. Corporate borrowing drives global debt issuance to a record $6.8 trillion in 2017. Corporate borrowing made up 55% of global debt issuance in 2017.

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Paul Ryan yelled in delight and triumphantly slammed his gavel as he announced the GOP tax bill's passage

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These 15 retailers could be the next to declare bankruptcy

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Sears store closing

  • 50 US retailers filed for bankruptcy in 2017, and more bankruptcies are on the horizon.
  • Companies most likely to default within the next year include Sears, Vince, Bebe, Stein Mart, and Destination Maternity, according to an analysis by S&P Global Market Intelligence.

 

Retailers are filing for bankruptcy at a staggering rate.

A total of 50 US retailers have filed for bankruptcy this year — the highest rate since the recession — and analysts say more bankruptcies are on the horizon. 

Fifteen retailers in particular are at high risk of defaulting in 2018, according to an analysis by S&P Global Market Intelligence.

Here are those companies ranked in order of likelihood to default, with those seen as most likely appearing first.

  • Sun Pacific Holding Corp. 
  • Sears Holdings (parent company of Sears and Kmart)
  • Razer Inc.
  • Vince Holding Corp.
  • The Bon-Ton Stores
  • Bebe Stores Inc.
  • Destination Maternity Corp. (parent company of A Pea in the Pod, Motherhood Maternity, and Destination Maternity)
  • Destination XL Group Inc.
  • Stein Mart Inc. 
  • Christopher & Banks Corp.
  • Sears Hometown and Outlet Stores Inc.
  • DGSE Cos Inc. (parent company of Dallas Gold & Silver and Charleston Gold & Diamond).
  • Burlington Stores Inc.
  • Tailored Brands Inc. (parent company of Men's Wearhouse and Jos. A. Bank)
  • Clarus Corp. (parent company of Black Diamond brand clothing)

This chart shows the likelihood that each retailer will default within a year, classified below as the "1-year PD," according to S&P Global Market Intelligence.

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SEE ALSO: Sears is teetering on the edge of bankruptcy and Kmart could be its first casualty

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The House will be forced to revote on the massive tax bill because of provisions that break Senate rules

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Paul Ryan

  • The House on Tuesday afternoon voted to pass the GOP tax bill.
  • But a Senate rule then forced Republicans to drop two provisions in the bill.
  • Since the House passed a bill different from the one the Senate will vote on, the House must revote on the final version, most likely on Wednesday.


The House will be forced to vote for a second time on the GOP tax bill because a Senate rule forced Republicans to change it hours after leaders celebrated what appeared to be a massive legislative victory.

The House on Tuesday voted to pass the version of the tax bill that came out of the bicameral conference committee, appearing to pave the way for the Senate to pass it later in the night.

But three pieces of the bill, the Tax Cuts and Jobs Act, were deemed to violate the so-called Byrd rule and must be removed before the Senate can vote on the legislation.

The House will now have to vote on this latest version so that both chambers pass an identical bill.

A representative for the House Ways and Means Committee said the chamber would take up this version, expected to pass the Senate, on Wednesday.

"The Senate parliamentarian determined two minor provisions do not have budgetary impacts and had to be removed from the bill," the representative told Business Insider. "The Senate will still vote tonight, and the House will vote tomorrow to send the final bill to the president's desk."

Republicans are using a process known as budget reconciliation to pass the bill without being subject to a Democratic filibuster. But that also means the legislation must comply with the Byrd rule, which stipulates that it must not be projected to add to the federal debt outside of 10 years and that all its provisions must deal with the budget.

The parliamentarian, a sort of umpire for Senate rules, determined that three elements of the bill violated the Byrd rule:

  1. The name. The short name of the bill, the Tax Cuts and Jobs Act, appears to be placed incorrectly in the legislation.
  2. Changes to the so-called 529 savings plan. The bill would have allowed money in the college-savings accounts to be used for homeschooling supplies.
  3. The exemption for small colleges from a new excise tax. The bill had proposed a tax on college and university endowments exceeding $500,000 for every student enrolled, but it included a provision that would have exempted those with fewer than 500 tuition-paying students. The parliamentarian struck only the words "tuition-paying," the Ways and Means representative said.

Even with the delay, the bill is expected to make it to President Donald Trump's desk before the GOP's self-imposed Christmas deadline.

SEE ALSO: Paul Ryan yelled in delight and triumphantly slammed his gavel as he announced the GOP tax bill's passage

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NOW WATCH: Fox News' Tucker Carlson — a registered Democrat — explains why he always votes for the most corrupt mayoral candidate

More than 8,000 store closures were announced in 2017 — here's the full list

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Sears store closing

Retailers are closing thousands of stores following years of declines in sales and customer traffic. 

Bankruptcies accounted for a large chunk of the stores that have closed or are closing. But a tough physical retail environment stemming from steeper online competition is also being blamed.

We compiled a list of the 8,053 closures that were announced in 2017. 

Radioshack — 1,430 stores

Radioshack filed for bankrupcy in 2017, and announced it will close all its stores.



Payless — 900 stores

Payless also filed for bankrupcy this year, announcing the closure of about 900 stores.



Ascena Brands — 667 stores

Ann Taylor's parent brand announced hundreds of store closures to close over the next two years. About 250 locations either are to close or all arleady closed, with more than 400 slated to close if rents aren't renegotated. 



See the rest of the story at Business Insider

The Winklevoss twins are worth about $1.3 billion in Bitcoin alone

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Entrepeneurs Tyler and Cameron Winklevoss arrive at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of

  • The Winklevoss twins have amassed a Bitcoin fortune worth about $1.3 billion as of Tuesday.
  • Bitcoin's price has exploded over the last two years, leading some experts to call it a bubble.

 

The Winklevoss twins made a big bet on Bitcoin— and it looks like it's paid off.

Cameron and Tyler Winklevoss have amassed a Bitcoin fortune worth about $1.3 billion as of Tuesday, according to estimates from the New York Times.

The twins bought about 120,000 Bitcoins back in when the price was less than $10 per bitcoin. They bought the cryptocurrency with the $65 million settlement they got in their lawsuit against Mark Zuckerberg over claims that they came up with the idea for Facebook.

Fast-forward several years: the price of Bitcoin has skyrocketed, and so has the value of their investment. And they have also racked up "an additional $350 million or so" of other virtual currencies, most of it in Ethereum.

The twins said they might think about selling when the value of all Bitcoin in circulation is on par with all the gold in the world — about $7-8 trillion compared to the $310 billion value of all Bitcoin on Tuesday. But Tyler Winklevoss added that even that might not be the tipping point since "Bitcoin is more than gold."

Bitcoin's price has exploded over the last two years. Its rapid ascent, and the cottage industry that has started to grow around it, have both galvanized investors' interests and elicited their fair share of criticism.

Earlier this year, JPMorgan CEO Jamie Dimon called it "a fraud" that is "worse than the tulip bulbs," referring to the 17th century Dutch tulip-mania bubble.

People outside the finance world have started to take notice as the price of Bitcoin keeps soaring higher. Some have even started to do creative things to get in on the action, like taking out mortgages to buy Bitcoin or purchasing the cryptocurrency with credit cards.

But, as the NYT put it, the Winklevoss' experience might be a good, cautionary reminder for regular investors that "the biggest winners have been a relatively small number of early holders who had plenty of money to start with and have been riding a price roller coaster for years."

Check out the full report at The New York Times »

SEE ALSO: People are putting their homes at risk to buy Bitcoin

SEE ALSO: KEN ROGOFF: Bitcoin will eventually collapse

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NOW WATCH: PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was

The iPhone was the camera of choice in 2017, but standalone cameras still have a loyal following (AAPL)

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Your smartphone's built-in camera can't match the photo quality and features offered by a standalone camera, but that's not stopping most people from using their phones to take pictures. According to recent data from photo-sharing site Flickr, charted for us by Statista, smartphones are far and away the most popular photographic device.

Half of the photos uploaded onto Flickr in 2017 were captured by phone cameras, while digital SLR cameras accounted for one third of the pictures. Point-and-shoot cameras, once the standard tool for amateurs to snap red-eyed photos of family dinners and birthday parties, are now a distant third place.

When it comes to smartphone cameras, Business Insider's Antonio Villas-Boas found the iPhone 8's camera to be the best of the pack. And Flickr users seem to agree: more than half of all photos uploaded to the service in 2017 were taken on an iPhone.

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SEE ALSO: Americans love to buy toys, jewelry, and music on their smartphones

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Bitcoin cash soars above $3,000 after Coinbase says it will offer trading of the cryptocurrency

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  • Bitcoin cash, an offshoot of red-hot bitcoin, was soaring after Coinbase said it would enable trading of the cryptocurrency on its platform.
  •  Bitcoin cash was trading at $3,338 a coin at 7:40 p.m. ET, according to Markets Insider data.


Bitcoin cash jumped by more than $600 after Coinbase, one of the largest cryptocurrency exchanges, announced Tuesday evening it would soon enable trading of the bitcoin offshoot.

The cryptocurrency, which was formed after a fork of the bitcoin network in August, was trading above $3,000 a coin for the first time at an all-time high of $3,338 at 7:40 p.m. ET, according to data from Markets Insider.

Bitcoin cash, a sort of clone of the original bitcoin built to scale faster by processing more transactions, was not supported by Coinbase when it went live on August 1. As such, users did not receive one bitcoin cash for every bitcoin they owned as users on some other wallets and exchanges did. Coinbase said Tuesday, however, that users who owned bitcoin at the time of the fork would receive their tokens.

"All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account," the company said in a statement.

On Coinbase's GDAX exchange bitcoin cash was trading at a premium to the overall market, reaching as high as $9,500.

Bitcoin cash supporters claim the coin better reflects the vision of Satoshi Nakamoto, the mysterious creator of the Bitcoin blockchain.

Roger Ver, one of the original bitcoin cash backers, tweeted Tuesday that bitcoin cash was the true bitcoin.

"The reason there is so much hostility from Bitcoin Core towards Bitcoin Cash is because Core knows they have stolen the name but are advocating a completely different system than what was originally described by Satoshi," Ver said on Twitter."Bitcoin Cash is Bitcoin."

The bitcoin/bitcoin cash schism is one iteration of an ongoing battle within the bitcoin community over how to scale the red-hot coin.

Other bitcoin offshoots include bitcoin gold, bitcoin silver, and even super bitcoin.

As for bitcoin, it was trading down as much as 10% against the US dollar Tuesday evening, dropping nearly as low as $15,800 a coin. It was trading at $16,344 at last check.

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NOW WATCH: Economist Jim Rickards on gold versus bitcoin — intrinsic value is meaningless for both but the bitcoin prices aren't real

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