fortune--2020-02-22--Empty pavilions, taxis without passengers: A quieter Barcelona reveals the damaging reach of coronav

Empty pavilions, taxis without passengers: A quieter Barcelona reveals the damaging reach of coronavirus

Autocars Esteve S.L. is a family-owned company on the outskirts of Barcelona in Sant Boi de Llobregat. For one week each February, business booms as techies converge on the nearby Catalan capital for Mobile World Congress, the world’s biggest trade show of its kind.
At the height of the MWC hysteria, rented Mercedes-Benz E-Class sedans, vans and luxury “coach” buses pull in and out of the lot morning, noon and night to ferry telecoms executives, tech entrepreneurs, the occasional government minister and their handlers around town. The rentals can bring in thousands per customer for Autocars Esteve.
The company nets about 30% of annual sales that week, says Josep Esteve, director of the luxury car service company. Headcount climbs ten-fold to about 100 staffers just to keep up.
Virtually none of that though will play out this year after MWC organizers pulled the plug on the event, the latest casualty to the business world as the fallout of the coronavirus outbreak spreads thousands of miles beyond the epicenter in central China.
A half-billion hole
“For many weeks, we have been [managing] logistics and coordinating and training of drivers in the hope that the congress would not be canceled definitively because our main clients have confirmed their attendance,” Esteve said. “News of the cancellation was a very strong blow for us, but we have confidence in the next editions.”
Esteve’s disappointment for this year’s MWC cancellation and his hope for MWC’s 2021 return are echoed by many local business owners. The no-show could leave a 500-million-euro ($540 million) hole in the local economy.
Coronavirus is dragging down the global events business so far in 2020. From Tokyo job fairs to poker tournaments to Facebook’s annual marketing confab in San Francisco, gatherings of all sizes are being called off as big-name sponsors and ticketholders pull out last-minute.
Few cancelations have been as disruptive as the closing of MWC 2020.
What’s all very puzzling to most Barcelonans is that there isn’t a single known case of the virus anywhere within the region, health officials say.
A workforce of 14,000
Since 2006, when Barcelona became the host city, MWC has put money in the pockets of thousands, from the workers who build and take down stands to the students who work the booths or check badges. Outside the Fira expo grounds, there are hotel and restaurant staff, taxi drivers and caterers reliant on the event, an army of about 14,000 workers with various backgrounds and skill sets. Barcelona is contracted to host the event through 2023.
Inside the eerily quiet Mobile World Congress pavilion as workers made plans to dismantle of the stands for the canceled event, the world’s biggest telecoms trade show. Wire photography: David Zorrakino—Europa Press via Getty Images.
“We live off the offices around here, but the trade shows that come to the Fira are very important for us,” said Marc Carulla, the owner of Glub, a restaurant and bar nestled between high-rise office buildings. It’s a 300-meter walk from the MWC exhibition site and so a popular first stop for attendees to catch a breath or unwind.
“The trade shows give us a 30-40 percent peak in turnover,” Carulla said. Business picks up about 12 days before MWC begins as workers arrive to set up the halls, he notes, before petering out in the week after the event.
During MWC, Carulla also provides corporate catering, and rents out restaurant space for private parties. Those reservations start trickling in the year prior, as far back as April or May. To reserve, corporate customers leave a 20% deposit.
Many of his clients started to express reservations about attending MWC 2020 in mid-January just as a second payment was due, Carulla said. That was also around the time the COVID-19 coronavirus became front-page news around the world.
“Without the Congress,” Carulla said, “we stand to have about 40 percent less sales than what we expected for this February. We see this as the cost of a lost opportunity, instead of as a direct loss.”
Carulla said he has talked to customers about holding onto deposits for MWC 2021.
“Everyone is saying we have to think about and plan for next year, so that’s what I’m doing, too,” he said. “I’m telling customers I will hold their money for 2021. Most of my customers understand.”
These kinds of stories made John Hoffman, CEO of the GSMA, MWC’s organizer, emotional in a recent one-on-one interview with TVE Catalunya as he reflected on the decision to pull the plug on this year’s event.
Last week, in the aftermath of the cancellation, local and national health officials scrambled to assure the public there were no health risks in Barcelona or the Catalan province. This week, attention turned their attention to recouping losses, creating ways of attracting tourists to fill empty hotel rooms, and connecting people who still may be coming to the city next week.
For some, the show must go on
The city announced its support of what’s being called Barcelona Opportunity Week, a hotel-gastronomy-cultural initiative “being promoted jointly with the city’s main economic stakeholders to attract new visitors and maintain those who already had travel arrangements booked.” Similarly, the Barcelona Hotels Association and Renfe, the Spanish state-owned train operator, agreed to launch combined train-and-hotel travel packages from Feb. 24 to March 1 touting discounts of more than 30 percent.
Then, there’s Tech Spirit Barcelona, an alternative event that aims to bring together entrepreneurs, tech companies and investors who would have attended the cancelled MWC sister conference, 4YFN. Mobile Week 2020, Catalunya’s parallel show to promote increased digital and technology usage among citizens, continues as scheduled.
And, a number of companies announced they would host online webinars or pop-up events in Barcelona, like the Phoenix Event, assuming some MWC attendees may decide to come since getting refunds on airfare and hotels has been problematic.
And finally some companies are still hoping to find a captive audience from among the unknown number of MWC refugees who make it to town.
For instance, marketers for Oral-B, the Procter & Gamble dental-care brand, sent out a flurry of press invites in recent days for a VIP launch/dinner event on Sunday evening in which a new product debut was promised.
According to the invitation, the company would foot the bill for flights and a night in a hotel for those journalists who wanted to make the trip to witness up-close an “amazing new piece of technology which has been six years in the making.”
From the image attached to the press release, Fortune can reveal… it’s a smart toothbrush.
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—Stock scammers are using coronavirus to dupe investors, SEC warns
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—A new coronavirus red flag on the horizon—a stronger dollar
—Fortune Explains: Tariffs and trade wars
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fortune--2020-02-22--Sanders condemns Russian influence in election

How to invest in health care ?
Step one : Ask the right questions

Democratic presidential candidate Bernie Sanders said Friday he was briefed by U.S. officials “about a month ago” that Russia has been trying to help his campaign as part of Moscow’s efforts to interfere in the 2020 presidential election.
“It was not clear what role they were going to play,” Sanders said during a campaign stop in California. “We were told that Russia, maybe other countries, are going to get involved in this campaign.”
The Vermont senator continued: “Here’s the message to Russia: Stay out of American elections.”
Sanders’ response was a sharp contrast from that of President Donald Trump, who has pushed back at the assessment of U.S. intelligence agencies that Russia has interfered in elections on his behalf. Minutes before Sanders condemned Russian interference, Trump dismissed reports that Russian President Vladimir Putin was trying to help him as well as “a rumor” started by Democrats.
Federal investigators in 2018 charged 13 Russians in a covert social media campaign that prosecutors said was aimed at dividing public opinion on hot-button social issues as well as propping up Sanders and Republican candidate Trump in the 2016 election while also denigrating Hillary Clinton, the eventual Democratic nominee.
Organizers of that Russian effort circulated an outline of themes for future social media content, with instructions to “use any opportunity to criticize Hillary and the rest (except Sanders and Trump—we support them),” according to the indictment.
Campaigning Friday in Las Vegas, Trump told supporters that he heard Democrats were trying to “start a rumor … that Putin wants to make sure I get elected.”
“Listen to this, so doesn’t he want to see who the Democrat is going to be? Wouldn’t he rather have, let’s say Bernie?” Trump asked. Sanders and his wife, Jane, in 1988 spent their honeymoon in the Soviet Union, Trump noted.
Sanders told reporters he had seen some of Russia’s “tweets and stuff,” which he said were aimed at sowing divisions.
“They try to divide us up,” Sanders said of the Russians. “That is the ugliest thing they’re doing. They’re trying to cause chaos, they’re trying to cause hatred in America. It’s an ugly business and all of us have got to say, sorry, you’re not going to do this in this election.”
Sen. Elizabeth Warren said her campaign has not received a briefing from intelligence officials, while billionaire philanthropist Tom Steyer’s campaign said it was briefed “months ago” but didn’t give any details.
Sanders appeared to suggest there was a political motive to the timing of the revelations, which were first reported by The Washington Post.
“One day before the Nevada caucus, why do you think it came out?” he said, adding sarcastically: “It was The Washington Post? Good friends.”
More must-read stories from Fortune:
—What happens to leftover campaign funds when a candidate drops out of the race?
—Europe wants business to share its data and open up A.I. systems for scrutiny
—America’s heading for a tax on the middle class
—Angela Merkel is on her way out. Meet her potential replacements
—How the 2020 election could influence your personal finances
Get up to speed on your morning commute with Fortune’s CEO Daily newsletter.


fortune--2020-02-22--Can’t afford to buy Amazon or Berkshire Hathaway stock? Now you can buy a fractional share

Apple course corrects for the coronavirus to keep its next iPhones on track

Whatever you think comprises the American Dream—a corner office, a private jet, a bulging stock portfolio—the updated version is probably a fraction of that.
A fraction of an office, a fraction of a jet, and a fraction of a stock share.
Think of it as the Fractional Economy, and now it has come to the investing world in a big way.
Previously the area of smaller shops like M1 Finance, Stash, and Stockpile, fractional share purchases are now being offered by investing giants like Fidelity and Charles Schwab. Both have rolled out their own fractional offerings for retail investors in the last few months.
It’s not a new concept, to be sure—fractional shares have always been available to big institutional investors, for instance. But now they’re available to people with only a few bucks, which makes for an intriguing shift in the retail landscape.
“Thinking in terms of shares is kind of archaic,” says Howard Lindzon, managing partner of venture capital firm Social Leverage and co-founder of social network StockTwits, who has bet on numerous investing platforms like Robinhood, eToro and Rally.
“Why should someone have to invest $2,100 for a share of Amazon? If my daughter wants to invest $1,000, she should be able to break that down whatever way she wants. I think fractional share investing is here to stay, and it makes sense for Millennials who want to invest dollar amounts, not share amounts.”
So why the need? These days, companies aren’t showing much interest in stock splits—which used to happen fairly regularly, and made individual shares more affordable. A Class-A share of Berkshire Hathaway (BRK-A) is around $340,000, Alphabet (GOOGL) is over $1,500, and even humble fast-food eatery McDonald’s is over a lofty $200 a share.
So if you’re starting small, and aiming to own a piece of a particular company that has caught your fancy, fractional shares can open the door to building a portfolio.
A fractional approach to life and investing certainly seems to be in vogue. Companies like WeWork advanced the fractional idea with shared spaces, while Airbnb lets you share your home, and Uber shares your ride. Heck, these days you can even share back-office corporate services, through firms likes CFOShare.
One benefit of fractional investing is not necessarily the investment itself, but the fact that it potentially automates your saving and forces you to dollar-cost average into the market. If it locks in a monthly $100 contribution, for instance, that is a positive step for most investors.
What fractional investing is not great for, at least if you are talking about individual company shares: Diversification. Nibbling away at Amazon shares is well and good, but if the company goes into the tank, you are highly exposed to market fluctuations. Beginner investors shouldn’t typically be starting their portfolios with single company shares, but should be looking at broad market indexes.
“Fractional investing incentivizes folks to start portfolios that are very under-diversified,” says Richard Davey, a financial planner with Fiduciary Financial Group. “As a rule of thumb, I really don’t think a client should be buying any individual stock if they can’t afford a whole share.”
A steadier approach to fractional investing might involve exchange-traded funds (ETFs), baskets of stocks which can also be purchased on a partial basis through platforms like Fidelity’s and Schwab’s.
In fact, the idea of fractional investing isn’t all that new: It’s very familiar to anyone who has a Dividend Reinvestment Plan (DRIP) at their brokerage. If you have a Procter & Gamble investment, say, which throws off a $80 quarterly dividend, then that cash gets plowed back into the company—but that rarely ends up as perfectly whole shares, so what you end up with is fractions.
A final caveat: If all investors can afford these days are mere fractions of shares, it might be a broader indication that market valuations are at “nosebleed” levels, warns financial planner George Gagliardi of Lexington, Mass. As a possible sign of a market top—we are well into the late innings of one of the longest bulls in market history, after all— it would be wise to proceed cautiously.
Generally speaking, though, if a fractional approach ushers more young investors into the market with commission-free trading, that is a positive step for an industry that has historically turned up its nose at investors with smaller sums.
If you haven’t acquired the American Dream quite yet—well, at least you can start with a piece of it.
More must-read stories from Fortune:
—What will get people to save more for retirement? Letting them “opt out”—America’s heading for a tax on the middle class
—Why only one-quarter of the world will get true 5G wireless
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fortune--2020-02-22--Warren Buffett lays out a succession plan—for his Berkshire shares

Warren Buffett, chairman and chief executive of Berkshire Hathaway, has long joked that he plans to run the company from his grave.
Shareholders, accustomed to his dry wit, will be hearing such cracks from Buffett for the foreseeable future, as the soon-to-be 90-year-old said on Saturday he’s staying on the job.
The Oracle of Omaha did, however, lay out in his annual letter to shareholders a kind of succession plan—one for his considerable fortune—after his death. He’s ordered the executors of his will and the trustees to his estate “not to sell any Berkshire shares.”
As of March 2019, Buffett held 270,644 Class A shares in Berkshire Hathaway and another 91,189 Class B shares, making him far and away the largest shareholder with a net worth of roughly $90 billion, according to Forbes. Anything but an orderly sell-off of his stake would likely be a jolt to the share price.
Such reassurance to longtime shareholders comes after a difficult year. Berkshire Hathaway’s shares undershot the S&P 500 in 2019 by a long way. Shares were up just 11% for the year, versus 31.5% for the broader market, its worst performance relative to that benchmark since 2009.
The company’s groaning cash pile (north of $128 billion as of the end of 2019), and its avoidance of making a big acquisition, haven’t helped its share price. The perceived inactivity has turned away more aggressive investors seeking big returns amid a record bull run.
Berkshire Hathaway stayed largely on the sideline last year during a banner year for mergers, during which private equity funds drove up target prices across most sectors. Buffett has long said he would never overpay for an asset—be it a privately held company or a stock.
Meanwhile, there were few clues in today’s shareholder letter that would suggest the company plans to put that sizable cash hoard to work on acquisitions any time soon.
As for succession plans for Buffett himself, he told shareholders that he has no intentions of leaving, but that he will give greater say, at least for the company’s annual shareholder meeting in May, to his top lieutenants, Ajit Jain and Greg Abel. Jain oversees Berkshire’s cash-flow generating insurance businesses, and Abel is the CEO of Berkshire Hathaway Energy. Both are pegged as top contenders to someday replace Buffett. “They are outstanding individuals, both as managers and as human beings, and you should hear more from them,” Buffett wrote.
You want out? Call us
With few bargains to be found in 2019, Berkshire Hathaway instead poured money into buybacks. It did so at what is, for this company, a record clip.
That’s not to say Buffett has changed his tune on “the sense and nonsense,” as he puts it, of share-repurchases. But in 2019, thanks to a relatively cheap share price (at least compared to the booming S&P 500), he saw “modestly favorable” conditions to pull the trigger. And he fired repeatedly. “We spent $5 billion in repurchasing about 1% of the company,” he explained in his shareholder’s letter.
And he’s not done there. In a highly unusual move, Buffett invited big shareholders eyeing the exits to give the company a call.
“Shareholders having at least $20 million in value of A or B shares and an inclination to sell shares to Berkshire may wish to have their broker contact Berkshire’s Mark Millard,” Buffett wrote. “We request that you phone Mark between 8:00-8:30 a.m. or 3:00-3:30 p.m. Central Time, calling only if you are ready to sell.” (Millard is Berkshire’s director of financial assets.)
Where else did Berkshire Hathaway spend its money in 2019? It increased its stakes in JP Morgan Chase, Bank of America and Delta Air Lines while reducing its positions in Goldman Sachs by one-third and in Wells Fargo by roughly 23%.
One new addition to Berkshire Hathaway’s holding last year was Visa; it acquired 10.2 million shares, a stake worth a bit under $2 billion at year-end.
As for dividends, the company’s 52-year run of not paying one remained intact in 2019.
Bequeathing shares
Buffett gave plenty of ink in the annual letter to reassuring shareholders about their Berkshire Hathaway holdings once he dies. In an unusually detailed note, he explained how he has arranged for executors of his will to gradually convert his A shares into B shares and distribute those to certain unnamed foundations over time.
There was no detail in today’s letter about which foundations would be bequeathed the shares. Since 2006, Buffett has been supporting various philanthropic causes and foundations, including the Bill & Melinda Gates Foundation and the Sherwood Foundation, formerly the Susan A. Buffett Foundation. (For more, see the Fortune article, Warren Buffett Gives It Away.”)
“Those foundations will be required to deploy their grants promptly. In all, I estimate that it will take 12 to 15 years for the entirety of the Berkshire shares I hold at my death to move into the market,” Buffett wrote.
Buffett didn’t dwell too long on his eventual decline. He gave five reasons why he and vice chairman Charlie Munger remain optimistic about the future of the firm. For starters, he said, the company’s various businesses—from insurance to energy to rail transport—are set up to “earn attractive returns on the capital they use.” He also singled out the management team they’ve put in place, the conglomerate’s value-oriented business ethos and its culture of looking out for shareholders first.
“Berkshire shareholders need not worry: Your company is 100% prepared for our departure.”
If you don’t believe him, you can always have your broker call Mark Millard. He’ll be at his desk Monday morning between 8:00-8:30 a.m.
Correction: An earlier version of this article erroneously stated that Berkshire Hathaway vice chairman Charlie Munger made the same stipulations in his will about the disposition of Berkshire shares after his death as Warren Buffett had made in his will.
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—Stock scammers are using coronavirus to dupe investors, SEC warns
—Credit Suisse making a comeback, but spying scandal drags down outlook
—Why China is still so susceptible to disease outbreaks
—A new coronavirus red flag on the horizon—a stronger dollar
—Fortune Explains: Tariffs and trade wars
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fortune--2020-02-22--U.S. women’s soccer team seeks more than $66M in damages from U.S. Soccer

Players on the U.S. women’s national team are seeking more than $66 million in damages as part of their gender discrimination lawsuit against the U.S. Soccer Federation.
The damages were included in slew of papers filed Thursday night in U.S. District Court in Los Angeles ahead of a trial scheduled to start May 5.
Among the documents filed were the separate collective bargaining agreements of the U.S. men’s and women’s teams, which had not previously been made public.
Players on the women’s national team sued the federation last March alleging institutionalized gender discrimination that includes inequitable compensation between the men’s and women’s teams.
Each side in the class-action lawsuit asked for a summary judgment in their favor. The estimate of damages, including interest, was provided by Finnie Bevin Cook, an economist from Deiter Consulting Group, which was retained by the suing players.
The collective bargaining agreements showed a disparity in bonuses but also highlighted the different pay structures between the two teams.
“Women’s national team players are paid differently because they specifically asked for and negotiated a completely different contract than the men’s national team, despite being offered, and rejecting, a similar pay-to-play agreement during the past negotiations,” U.S. Soccer said in a statement. “Their preference was a contract that provides significant additional benefits that the men’s national team does not have, including guaranteed annual salaries, medical and dental insurance, paid child-care assistance, paid pregnancy and parental leave, severance benefits, salary continuation during periods of injury, access to a retirement plan, multiple bonuses and more.”
Molly Levinson, spokeswoman for the plaintiffs, disputed the federation’s assertions.
“In the most recent CBA negotiation, USSF repeatedly said that equal pay was not an option regardless of pay structure,” Levinson said in a statement. “USSF proposed a ‘pay to play structure’ with less pay across the board. In every instance for a friendly or competitive match, the women players were offered less pay that their male counterparts. This is the very definition of gender discrimination, and of course the players rejected it.”
The lawsuit has drawn worldwide attention. When the U.S. won the World Cup final last summer in France, fans in the crowd chanted “Equal Pay! Equal Pay!”
Earlier this month, the players union for the men’s national team urged the federation to sharply increase pay for the women’s team, while also accusing the governing body of making low-ball offers in current contract negotiations with the men’s team.
Also among the documents filed Thursday were numerous pre-trial depositions. Megan Rapinoe, the reigning FIFA Player of the Year, was deposed Jan. 16. She said Russell Sawyer, an outside lawyer for the USSF, stated during a bargaining session in June 2016 that “market realities are such that the women do not deserve to be paid equally to the men.”
USSF President Carlos Cordeiro was asked during a Jan. 29 deposition about a statement he made when campaigning that “our female players have not been treated equally.”
“I felt then and I still feel to a degree, that the lack of opportunity for our female players was really what was at the root of some of their issues,” Cordeiro said. “The fact that the Women’s World Cup generates a fraction of revenue and a fraction of what the men get paid is a reflection, frankly, of lack of opportunity. … Women’s soccer outside of the United States doesn’t have the same degree of respect.”
Former USSF President Sunil Gulati, speaking during a Dec. 17 deposition, discussed the distinctions between men’s and women’s soccer.
“There is an absolute difference, which not everyone seemed to agree to, but do I think that it’s less attractive or less entertaining? I’m not saying that. Or relative quality, I’m not saying that,” he said. “But I’m also not saying, in terms of absolute level of — whether it’s speed or strength, they’re the same. I think most people would accept that, too.”
A U.S. man who was on the roster for all 16 qualifiers during the failed effort to reach the 2018 World Cup earned $179,375 in payments from the U.S. Soccer Federation.
An American woman received $52,500 for being on the roster for the five World Cup qualifiers last year plus $147,500 for her time at the World Cup, including a $37,500 roster bonus and $110,000 for winning the title in France.
The USSF keeps 16-21 women’s players under contract in each year of the current labor deal, which runs through 2021, and pays each a $100,000 salary. The federation also pays a minimum 22 players assigned to a club in the National Women’s Soccer League, with each receiving $70,000 to $75,000 this year.
Women receive 75% of salary on maternity leave for up to one year, and a player has the longer of three months or two training camps to return to full fitness. A player can receive 75% of salary for up to three months when adopting a child and a $50 daily stipend for child care during training and play. The USSF also pays for health, dental and vision insurance for the women.
When the men last qualified for the World Cup in 2014, their player pool got a $2 million payment, and each player earned $55,000 for making the roster and $5,500 per match. The player pool earned $175,000 per point for the group phase, a total of $700,000, plus $3.6 million for reaching the round of 16.
The USSF in its filing pointed out it received $9 million from FIFA for the men reaching the second round of the 2014 World Cup, but $2 million for the women winning in 2015 and $4 million for their victory in 2019.
There is parity is per diems: the women get $62.50 daily while in the U.S. and $75 internationally, the same as the men received under terms of their expired deal that covered 2015-18. And men and women both receive $1.50 per paid attendance for home matches controlled by the USSF.
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—How to fix the broken corporate approach to addressing sexual harassment
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fortune--2020-02-22--Smart speakers can mistakenly record audio nearly 20 times per day on average, study finds

Hey, Google! Alexa! Are you recording my private conversations? If you ask your smart speaker that question, the voice-enabled assistants will deny invading your privacy. But researchers now have a scientifically proven answer: Yes they are.
A new study released last week reveals just how often smart speakers, equipped with voice assistants from Google, Amazon, Apple, and Microsoft, are activating and recording audio clips without users’ permission.
According to the research, smart speakers activate without user permission between 1.5 and 19 times a day on average, depending on much dialogue is spoken around the devices. During these activations, more than half the devices recorded for 6 seconds or more, with the longest recording time lasting 43 seconds. The findings come from a study conducted by professors at Northeastern University and Imperial College London, who have spent the last six months studying smart speakers.
“If you’re worried about your conversations being recorded, its founded,” says David Choffnes, a Northeastern University assistant professor who co-authored the study. “We found it through our own controlled experiments.”
The study comes as speculation rises about smart speakers invading the privacy of consumers who buy them. Meanwhile, regulators, politicians, and consumers are increasingly scrutinizing Big Tech companies like Google and Amazon for their failure to be transparent about the data they’re collecting across their services, and what that data is being used for. Companies also are getting hammered for not providing users clear information about what is and isn’t in their control, and how to adjust those settings.
The researchers tested five speakers that use one of four voice assistants: Amazon’s Alexa, Apple’s Siri, Google voice assistant, and Microsoft’s Cortana. The study used a set of popular TV shows, like Gilmore Girls and The Office, on Netflix to simulate private conversations within a user’s home. They then played the audio nonstop for 125 hours and repeated the experiment at least four times. Once they had the results, they then tried to recreate situations where the smart speakers activated erroneously to see if there were consistencies.
The good news is researchers “found no evidence” that the speakers were constantly recording conversations in their environments. And most of the times devices erroneously activated, it was due to words that sounded similar to the wake word. For e.g., a character might’ve said “seriously,” which sounds similar to “Hey Siri.”
But the problem is that the devices are regularly activating and recording conversations that were not intended to be captured to begin with. “If you have a device in your home and you’re not interacting with it, and it’s potentially capturing data… it adds to this whole new sentiment to privacy,” says Drew Schuil, president and chief operating officer of privacy tech provider Integris Software. “It hits home.”
Consumers are getting increasingly accustomed to having companies collect small amounts of data on them for the sake of better service, says Rehan Jalil, CEO of Securiti.ai, a security compliance software company. But that can quickly become dangerous, as technology continues to rapidly progress.
“It’s very slippery slope,” he says. “You get comfortable and then it goes to the next advancement, and the next—privacy is at stake.”
For this story, Fortune reviewed what a Google Home, one of Google’s smart speakers, had captured. While all of the “hey Google” commands were tracked, not all had available audio recordings attached. Google allows users to delete the audio clips and configure their privacy settings for automatic deletion after three months. But within the recordings Fortune examined, there was no information given about whether recordings had been sent to human or machine reviewers, which Google is using to improve the assistant’s natural language processing.
Over the the previous two years of regular use, numerous cases of “unknown voice command” were listed, apparently triggered when the speaker had been activated but seemingly did not record anything. In a few cases, there were recordings of television audio, when characters on screen mentioned “Google” or said words that sound like Google. But there were also a couple recordings—one 8 seconds long, another 4 seconds—that included private conversations.
“I Googled a bunch of apartment buildings,” a person says in one recording, followed by the name of a specific property.
It’s that type of data captured from smart speakers that have alerted researchers. Choffnes says this is just the beginning of their work, as the team plans to delve into answering questions like: What happens to the data collected by those devices, regardless of whether they’re recorded with permission?
“If you ask your smart speaker about a politician of a certain pursuant, does that change anything?” Choffnes asks. “It depends on how that information is shared within the organization and how it’s shared outside. On the web, we know there are data brokers selling and sharing information. There’s no reason to believe this would be different, it’s just no one has looked yet.”
Jules Polonetsky, a former privacy exec and current CEO of the nonprofit Future of Privacy Forum, says he’s not surprised at any of the smart speaker study’s findings. But it does rehash a growing concern he has in this space: legal protection of personal data that’s stored in the cloud.
“The law protects data housed in servers differently than it protects data in my home,” he says. “If the government wants data from my home, they need a warrant. But if that data exists on another server… the standard to get that data is lower.”
And while a five-second snippet of information about an apartment complex may seem rather benign, combined with other data it could reveal a lot about a users’ identity, Schuil says. While the majority of consumer data is being leveraged for advertising purposes, he believes there could be more nefarious results that could result from what he calls a toxic combination of data.
“It’s the other use cases where this gets out into the dark web where hackers can get ahold of it and create a convincing phishing email or phone fraud,” Schuil warns. “What are the other use cases that can be used with this data if it gets in the wrong hands?”
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—HTC CEO on the company’s “new vision,” VR, and Facebook rivalry
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—Did the ‘techlash’ kill Alphabet’s city of the future?
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fortune--2020-02-22--Apple course corrects for the coronavirus to keep its next iPhones on track

U.S. women ’ s soccer team seeks more than $ 66M in damages from U.S. Soccer

Coronavirus is affecting Apple’s global supply chain. But that isn’t stopping the iPhone maker from planning big changes for 2020–even if its revenue is sliding.
This week, several reports surfaced on how coronavirus is also impacting upcoming iPhone models, including the budget-friendly iPhone 9 and flagship iPhone 12 models planned for later this year. But the news didn’t stop at the company’s Chinese production troubles. Apple is also considering a major shift in its native app policy in iOS, and its long-awaited AirTag product trackers may finally reach store shelves this year, a report said.
Apple’s coronavirus problems
Apple said on Monday that the coronavirus outbreak has slowed its supply chain and impacted sales, worldwide. The company said it will miss the second fiscal quarter revenue guidance it offered in January of between $63 billion and $67 billion. Apple said its decision was based in part on constrained supply due to less manufacturing facility production, but also lower sales across China. Apple didn’t provide new revenue guidance for the next quarter.
A shift in production
With no sign of supply chain problems letting up, Apple has started to shift some AirPods, iPad, and Apple Watch production from China to Taiwan, Taiwan News reported this week. Apple’s China-based partners won’t be able to resume full capacity production until March, according to the report. Apple has therefore decided to move as much production as possible to Taiwan, where restrictions on work and supply chain effects are minimal. Whether that will be enough to mitigate lost production in China, however, is yet unknown.
Apple’s product plans still moving forward
Despite its coronavirus woes, Apple is showing no signs of changing the rollout plans for its new products later this year. A budget-friendly iPhone 9 is still on track for a March release, Bloomberg reported this week. The company is also said to be working on a new iPad Pro that’s on track for a first-half of 2020 launch. A separate report from supply chain tracking site Digitimes said Apple is still working on flagship phones for this fall, and those devices, which might launch with iPhone 12 branding, are also on schedule.
A major change to iOS?
For years, Apple has been criticized for requiring its own browser, phone, messaging, and mail apps to serve as default options in iOS. But that might soon change, Bloomberg reported this week. Apple is mulling the possibility of allowing iOS users to set third-party browsers and other apps as their default choices in the operating system, the report says. This would be a first for the company, and be welcomed by many users. If Apple moves forward with the plan, which may be in development to fend off antitrust concerns, it could be available in iOS 14, which will be released later this year.
AirTags incoming
Apple’s long-awaited AirTag product trackers will be released this year, TF International Securities analyst Ming-Chi Kuo told investors this week. The reliable Apple rumormonger and analyst said Apple is planning to produce tens of millions of AirTag units by the end of the year. Similar to Tile trackers, AirTags could be applied to other products and allow users to track their locations in Apple’s FindMy app, according to recent rumors. It’s unknown how much the AirTags will cost or exactly when they’ll launch this year.
Apple book hits back
Apple got into a public spat this week with former German App Store manager Tom Sadowski. Apple tried to block the sale of Sadowski’s book, App Store Confidential, because the company argued it revealed trade secrets. Oddly, Apple didn’t take the case to court, so the book remains on store shelves and is selling extremely well, according to its publisher Murmann. The company told Reuters this week that the book’s first run of 4,000 copies is nearly sold out and it’s now rushing to get a second run to store shelves.
One more thing…
Larry Tesler, a former Apple engineer and chief scientist who joined the company in 1980, died this week at age 74. Tesler is best remembered for creating the copy-and-paste technique that is now used across operating systems. Tesler also played a major role at Apple, helping Steve Jobs build LISA and the Mac. Here’s a video of Tesler talking about Steve Jobs and the Mac in 2011.
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fortune--2020-02-22--What Amsterdam’s war on the rubber duckie says about global tourism

The Amsterdam city government has a new Public Enemy No. 1: rubber duckies.
As any recent visitor to the Dutch capital has witnessed, it’s become virtually impossible to stroll from one of the city’s iconic canals to the next without encountering an army of the tiny yellow waterfowl—kitted out to resemble anyone from King Tut to Madonna—roosting on every surface of the countless tchotchke shops that dominate the city’s center.
Cute as they may be, those ducks—which have become something of a mascot for the Netherlands in tribute to Dutch artist Florentijn Hofman’s famous giant rubber duckie installations—now find themselves in the crosshairs of a city government grappling with a tourism boom that is increasingly disrupting elements of daily life in Amsterdam and stoking a backlash among exasperated residents.
One result: a new zoning crackdown aimed at limiting the number of duck sellers and other souvenir shops clogging the city center. But Amsterdam’s focus is much broader than just adorable plastic doodads. The city government is also targeting tourists’ wallets with a three euro-per-night per person accommodation tax—enacted in January—and just this month voted to ban guided tours of its infamous Red Light District starting in April. That comes after Amsterdam stopped all new hotel construction in big swathes of its center, and amid a push to convince the Dutch national government to pause any increase to the number of short-haul arrivals into Schipol airport until 2023.
The new rules are a response to the steady increase in visitors to the picturesque city: Annual overnight stays climbed by 73% to 19 million between 2005 and 2018. If the trend continues, the city projects that that number could reach 29 million by 2025—quite a sum for a metropolis that’s home to fewer than one million inhabitants. All those tourists have brought plenty of money to the city, certainly, but some say they’ve also brought overcrowding, overwhelmed trams and trains, and a squeezing out of small service businesses that cater to local residents. “Locals can’t find a grocery store or a bakery anywhere,” says a spokesperson for Amsterdam’s deputy mayor Victor Everhardt, who oversees economic affairs.
The question of when tourism turns from boon to bust—and what to do when that tipping point is approaching—is one being asked in many cities across the globe, including several that double as their country’s business hub. In New York, the annual number of visitors has doubled to 66 million in 20 years, while in Barcelona, tourism increased five-fold between 1990 and 2016. Globally, people visited a foreign country 1.4 billion times in 2018, up 6% over the previous year, according to the United Nations World Tourism Organization (UNTWO), which also cites cities like Singapore and Dubai as seeing some of the biggest gains. The primary factors driving the global boom, say tourism experts: a strong economy in many countries, a rise in Chinese travelers, and cheap airfares. (The corona virus currently slamming China is, however, expected to dampen growth this year: on Friday, the International Air Transport Association forecast the first drop in global passenger demand since 2003.)
The surge is tourism is adding up to more stress on cities, many of which are already facing decaying infrastructure, traffic, a lack of housing, and a dozen other issues that only get worse when millions of new people are added to the mix. That’s prompted some governments to look into remedies that could have economic ripples that go well beyond tourism. It’s one thing to zone rubber duckies out of parts of Amsterdam or curb how many rooms Airbnb can list. It’s quite another to halt hotel construction, limit flights, or take other steps that have the potential to limit business travel or other factors linked to economic growth.
For those attuned to that difference, the question becomes: how to manage tourism without killing the golden goose that creates jobs and fills the public coffers. Tourism to New York City generates about $12 billion in tax revenues for the city, state and federal governments, according to NYC & Company, the city’s tourism promotion agency. What’s more, tourism is as big an employer in New York as Wall Street. Globally, tourism and travel are a $9 trillion industry, according to the World Tourism and Travel Council.
While no metropolis has yet entirely cracked the code, there are signs that cities are finding creative new ways to strike a balance. For instance, one report on global cities’ “readiness for tourism growth” praises New York City for its success in getting visitors to explore the world beyond Times Square.
For instance, NYC & Company has worked with merchants on Arthur Avenue in the Bronx, a strip with the highest concentration of Italian-American businesses in the city and the area regarded by many as New York’s true Little Italy, to help them grab a larger slice of the city’s tourism pie. Among the lessons the agency has provided: how to promote their businesses to tour operators and how to best handle large groups.
“You are seeing the emergence of new neighborhood destinations,” says NYC & Company. CEO Fred Dixon, who also cited a spike in visitor interest in neighborhoods like Bushwick, Brooklyn.
For many coastal cities, cruise lines—and the spew of humanity that issues from the docked ships—are a major cause of overcrowding. Dubrovnik, Croatia has tackled the issue by convincing the major cruise lines to stagger dockings over more days, allowing the city to receive the same number of tourists per week, without turning its tiny Old Town into a sardine can when they all try to squeeze through the city walls at the same time. (The mayor has also taken steps to reduce the number of souvenir stands in the city.) The cruise industry, too, seems to see the advantage of such an arrangement.
“We also know our guests will ultimately have a better overall experience on a cruise when welcomed with open arms and real excitement and anticipation by the communities we visit, so it is in our best interest to help find a solution,” says a spokesperson for Carnival Corporation, one of the cruise operators that agreed to this move.
If tourism eventually gets to the point where it begins to damage more cities’ status as business centers, the measures may become more draconian. But thus far, there’s little evidence that that’s in the offing.
Indeed, Amsterdam’s profile as an international hub has only risen: the number of businesses in the city grew 20% between 2013 and 2018, according to city statistics. And New York has continued to boom, with many of the latest round of big hotels being built near its convention center. “New York has always been a crossroads and a place people have always come to for business,” says Dixon. But, he adds, “the infrastructure hasn’t kept pace.”
Last autumn, New York’s city council held public hearings on how to better manage the city’s surging tourism. Local think tank Center for an Urban Future is pro-tourism, with its executive director Jonathan Bowles saying in his hearing testimony that “few things have been as important to (New York’s) economic renaissance.” At the same time, Bowles called on the city to reconsider the way it handles some of the side effects—such as the parked tour buses that agglomerate near Times Square or the sidewalk traffic that gums up popular areas of town—and upgrade services like the public transportation serves the city’s airports.
Such concerns will likely sound familiar to other cities on the tourism hot list—and addressing them is far from easy (or cheap). But ultimately, doing so has the potential to make a metropolis a better for both duckie-buying sightseers and those who call it home. “Our policy is quite clear,” says Amsterdam’s Al. “The city is first a place for residents, and then second a place for visitors.”


fortune--2020-02-22--Behind the scenes in the career of a prima ballerina

Irina Kolesnikova has a wealth of credits on her dance card, but the prima ballerina has made her career from one particular role of a lifetime.
That would be the famous yin and yang characters of Odette and Odile in Tchaikovsky’s Swan Lake, which has become her personal trademark since the age of 21. Her performance as the Swan Queen is regarded as a standout for a ballet that has been redone countless times on the stage and silver screen for nearly 150 years. After her debut at the London Coliseum in 2015, The Telegraph described Kolesnikova’s portrayal of Odette as “truly a thing of remarkable beauty and technically flawless.”
Since then, as a member of the world-renowned St. Petersburg Ballet Theatre (SPBT), she has gone on to dance in sold-out seasons in London, Paris, Seoul, Melbourne, Johannesburg, Hong Kong, Stockholm, and Copenhagen.
Konstantin Tachkin
Kolesnikova just made her U.S. debut in New York City at the Brooklyn Academy of Music Howard Gilman Opera House and took the time to speak with Fortune about her career.
This interview has been condensed and lightly edited for clarity.
Fortune: When did you start your career? What inspired you to go into ballet?
Kolesnikova: I became a professional ballerina at the age of 18, straight after my graduation from the Vaganova Academy [in Saint Petersburg, Russia]. When I was 5, I saw a ballet, The Sleeping Beauty, on TV, and I was so impressed by what I’d seen. That’s when I decided to be a ballet dancer.
Playing the twin roles of Odette and Odile has become a bit of a trademark for you. What made you gravitate toward Swan Lake? Are you looking forward to trying new projects?
First of all, in my repertoire of classical ballet, there is not only Swan Lake, but also The Nutcracker, The Sleeping Beauty, Don Quixote, Romeo and Juliet, Giselle, and also my favorite: La Bayadere. In regards to Swan Lake, I really love this ballet as I have a chance to show two opposite characters during one show. In terms of new projects, I would like to dance Anna Karenina, Manon, and Tatiana from Evgeny Onegin.
What’s your daily and annual schedule like? What kind of work/life balance is available to you? What about time off—is this a benefit available to you? How flexible are these requests during contract negotiations?
Almost every day I have classes and rehearsals. The upcoming tours are scheduled until mid-2021. The tour schedule is very intensive, but I always prefer to have a week break in order to recover and recharge somewhere near the sea.
What is your money management like? Does the company provide certain benefits for you at a certain stage in your career, like food and board, travel expenses, or insurance?
All costs mentioned above are covered by the St. Petersburg Ballet Theatre or inviting party. Indeed, I do have my own fee that is also covered.
How does the Internet and social media affect your line of work? Does widespread sharing or availability of video affect in-person attendance or career opportunities (for better or worse)? Also, how does it affect training?
Whenever I have any spare time, I have a chance to engage with my fans and ballet fans in general. Overall, social media doesn’t affect my daily work routine.
Irina Kolesnikova as Odette and Kimin Kim as Prince Siegfried during the London Coliseum season of “Swan Lake.” Konstantin Tachkin
Injury must be a top-of-mind concern for every dancer. It’s said one performs better if he or she doesn’t have a “Plan B,” but in the case of an unforeseen event, do you have one? What kind of financial safety net or insurance is there for ballet dancers so they can continue to make rent until they can dance again?
Whenever the ballet dancer gets injured, he or she is still getting paid their salary until they can make a comeback to the stage.
Beyond injuries, how much of a concern is burnout in the ballet world? Is mental health being taken as seriously as physical health in recent years?
I never got into these problems, so I cannot comment on this. Even if there is an intensive schedule, I still get enjoyment by dancing. Any mental and physical spending are compensated by the reaction from the audience—especially during curtain call when the audience are giving standing ovations. You feel like you can dance straight away again.
What is your long-term plan for your career? How do you prepare for life after dancing professionally?
At present, I am not thinking about finishing my career. However, last year I graduated from Vaganova Academy with a coaching diploma—even though I already have the experience of coaching and preparing two [other ballerinas] for the roles of Odette and Odile.
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fortune--2020-02-23--The best restaurant at Orlando’s Walt Disney World isn’t inside the park

Walt Disney World, while one of the most popular vacation destinations in the country, isn’t known for the strength of its culinary offerings. Sure, a frosty pineapple Dole Whip is a welcome break from braving epic lines in Orlando’s characteristically swampy heat, but mostly the food is fast, fried, and regrettable—Frisbee-size waffles cemented with thick layers of Nutella, portable turkey legs fit for Fred Flintstone, Mickey ears in every variation of sugared, frosted, and chocolate-shellacked.
For a truly memorable meal, head east of the Magic Kingdom, about halfway between Disney’s Port Orleans resort and Fort Wilderness campground, to the Four Seasons Orlando. In the midst of all the magical madness, one of the city’s best restaurants is an oasis on the 17th floor.
Capa—led by Paris-born chef Gabriel Massip, whose résumé includes kitchens from New York City to Melbourne—is part steakhouse, part Spanish tapas restaurant. “Our team comes from different backgrounds and ethnicities, and this is where we get our inspiration,” Massip says.
Porterhouse steak: a 32-ounce cut of prime beef from Creekstone Farms, Arkansas City, Kans. Courtesy of Four Seasons Resort Orlando
Those varied inspirations mesh well on the menu, which also highlights fresh Florida seafood with dishes like local red snapper ceviche, and WiAnno oysters from Cape Cod. Traditional Spanish tapas include perfectly executed versions of ham croquetas, pulpo—tender tendrils of paprika-dusted octopus, and a simple, deceptively delicious pan con tomate with house-made ciabatta bread and tomato pulp.
Steaks, sourced from South Dakota, are aged for 40 days and cooked over the wood-fire grill. Spanish charcuterie includes sausage, house-cured in the resort’s butcher shop, and Cinco Jotas, the prized acorn-fed, 100% Ibérico ham that can only be found in a handful of restaurants in the country.
Though it’s located within the Walt Disney World resort, only about a 15-minute shuttle ride from the Magic Kingdom, a stay at the Four Seasons Orlando can feel like an entirely different kind of vacation. The only AAA Five Diamond resort in the state, plush rooms and suites offer verdant views of the surrounding forest and wetlands, and a five-acre water park has one peaceful, adults-only pool. Guests get the official perks of staying on a Disney property, including Extra Magic Hours and the ability to book FastPass up to 60 days before the trip, and touches of the iconic brand throughout the resort—like the highly civilized “Goofy and Pals” character breakfast—are sporadic reminders that you’re still in the eye of the Disney hurricane.
Churros de Madrid Courtesy of Four Seasons Resort Orlando
Another reminder, for those paying attention, is on Capa’s dessert menu. In a subtle nod to the popular park treat, executive pastry chef Rabii Saber added his deluxe take on churros. “Other restaurants in Orlando may have churros, [like in] the theme parks, but ours are different,” notes Saber, who was a James Beard Award semifinalist for outstanding pastry chef in 2019. One difference in Capa’s Churros de Madrid, Saber’s take on the classic Spanish dessert, is in the quality of the ingredients. Hot, fried dough is rolled in vanilla bean sugar and served with single-origin chocolate sauce and made-from-scratch dulce de leche caramel sauce.
Additional hints that the restaurant is firmly planted in Disney World can be found on the restaurant’s robust kids’ menu. Right below toddler hits like mac and cheese and chicken fingers, a roster of gourmet options include olive oil–poached fish, roasted chicken with chorizo and truffle, and cocas, Catalan flatbread pastries topped with, in this case, sautéed tomatoes and peppers and smoked goat cheese. According to the executive chef, the kids entrées should be “as amazing as the adult entrées.”
The Capa GinTonic Courtesy of Four Seasons Resort Orlando
Besides the thoughtful food menu, Capa shines in the drinks department, with a lineup of Spanish-inspired cocktails that have their own cult following. The Capa GinTonic, for example, is made with Caorunn gin from Scotland mixed with Fever-Tree tonic and infused with juniper berries, key lime, and edible marigolds. The cocktail—a colorful panacea for a hot, hectic park day—has been on the menu since the restaurant opened, thanks to Joe Cleveland, who worked with chef José Andrés at Washington, D.C.’s two-Michelin-star Minibar before developing Capa’s cocktail menu.
The award-winning wine list showcases bottles from around the world. And with the restaurant’s Coravin program (the genius device that pours wine without uncorking), Vega Sicilia Unico and Numanthia Termanthia from Spain, Château d’Yquem 1997 from Bordeaux, and premium Champagnes like Krug, Dom Pérignon 2006, and Louis Roederer Cristal 2007 are all offered by the glass.
While most revelers are at the park, queuing up to watch the show well in advance of the first pop, the best seats for fireworks are on the Capa balcony. Courtesy of Four Seasons Resort Orlando
A glass of Champagne on the 31-seat outdoor terrace proves a perfect way to start the evening. Inside Capa’s dining room, black banquettes, dark wood, and striking artwork, including a dynamic red installation by Dutch artist Peter Gentenaar, conjure a sophisticated sensibility. At the end of the meal, there’s one last dazzling reminder that you’re in Disney World: a brilliant, booming finale as the fireworks launch above the Magic Kingdom at 8 p.m. sharp.
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fortune--2020-02-23--Sanders wins Nevada Democratic caucuses

Sanders wins Nevada Democratic caucuses

This story was last updated on Feb. 22 at 9 p.m. E.T.
Bernie Sanders scored a resounding victory in Nevada’s presidential caucuses on Saturday, cementing his status as the Democrats’ national front-runner amid escalating tensions over whether he’s too liberal to defeat President Donald Trump.
While Sanders scored a strong victory, a cluster of candidates fought for a distant second place — and any momentum that may come with it heading into next-up South Carolina and then Super Tuesday on March 3. Joe Biden, Pete Buttigieg and Elizabeth Warren were trailing far behind Sanders.
The 78-year-old Vermont senatorwon by rallying his fiercely loyal base andtapping into support from Nevada’s large Latino community as the Democratic contest moved for the first time into a state with a significant minority population.
In a show of confidence, Sanders left Nevada for Texas, which offers one of the biggest delegate troves in just 10 days on Super Tuesday.
“We are bringing our people together,” he declared.“In Nevada we have just brought together a multigenerational, multiracial coalition which is not only going to win in Nevada, it’s going to sweep this country.”
Saturday’s win built on Sanders’ win earlier this month in the New Hampshire primary. He essentially tied for first place in the Iowa caucuses with Buttigieg, the former mayor of South Bend, Indiana, who has sought to position himself as an ideological counter to Sanders’ unabashedly progressive politics.
The victory, while encouraging for Sanders supporters, only deepened concern among establishment-minded Democratic leaders who fear that the self-described democratic socialist is too extreme to defeat Trump. Sanders for decades has been calling for transformative policies to address inequities in politics and the economy, none bigger than his signature “Medicare for All” health care plan that would replace the private insurance system with a government-run universal system.
Trump gloated on social media, continuing his weeks-long push to sow discord between Sanders and his Democratic rivals.
“Looks like Crazy Bernie is doing well in the Great State of Nevada. Biden & the rest look weak,” Trump tweeted. “Congratulations Bernie, & don’t let them take it away from you!”
Buttigieg congratulated Sanders, too, but then launched an aggressive verbal assault on the senator as too divisive.
“Before we rush to nominate Senator Sanders in our one shot to take on this president, let’s take a sober look at what is at stake for our party, for our values and for those with so much to lose,” he said. “Senator Sanders believes in an inflexible, ideological revolution that leaves out most Democrats, not to mention most Americans.”
Biden also took aim at the Vermont senator as he claimed a success — but not a victory — in Nevada that would trigger a comeback.
Without naming names, he took a swipe at Sanders and billionaire Michael Bloomberg, who wasn’t on the Nevada ballot but has emerged as a threat to Biden in contests that begin next month.
“I ain’t a socialist. I’m not a plutocrat. I’m a Democrat,” Biden declared.
Also in the fight: Warren, who desperately needed a spark to revive her stalled bid; billionaire Tom Steyer, who spent more than $12 million on Nevada television and Minnesota Sen. Amy Klobuchar, who hoped to prove her strong New Hampshire finish was no fluke.
Klobuchar, campaigning in her home state of Minnesota Saturday night, claimed Nevada success no matter her poor showing. “As usual I think we have exceeded expectations.”
New York billionaire Mike Bloomberg, who dominated the political conversation this week after a poor debate-stage debut, wasn’t on the ballot. He’s betting everything on a series of delegate-rich states that begin voting next month.
After the chaos of Iowa’s caucuses, there were concerns about Nevada’s similar setup. But no major problems showed up.
At noon, under sunny skies, dozens of uniformed housekeepers and casino workers cast ballots in the Bellagio, one of seven casino-resorts on the Las Vegas Strip among 200 locations statewide that hosted caucuses.
Nevada was the third contest on a 2020 election calendar marked by chaos and uncertainty after the opening votes in Iowa and New Hampshire, overwhelmingly white, rural states.
The first presidential contest in the West tested the candidates’ strength with black and Latino voters for the first time in 2020. Nevada’s population aligns more with the U.S. as a whole, compared with Iowa and New Hampshire: 29% Latino, 10% black and 9% Asian American and Pacific Islander.
The Nevada verdict represented the third in a primary season that will span all 50 states and several U.S. territories, ending only at the party’s national convention in July. But with two more rounds of voting scheduled over the next 10 days — including Super Tuesday’s massive delegate haul — the party may identify a consensus candidate long before the convention.
The stakes were high for Nevada Democrats to avoid a repeat of the chaos in Iowa, and it appeared Saturday’s caucuses were largely successful.
Unlike state primaries and the November election, which are run by government officials, caucuses are overseen by state parties.
Nevada Democrats sought to minimize problems by creating multiple redundancies in their reporting system, relying on results called in by phone, a paper worksheet filled out by caucus organizers, a photo of that worksheet sent in by text message and electronic results captured with a Google form.
In addition, it appeared Nevada Democrats were able to successfully navigate a complicated process for adding early voting to the caucus process. Nearly 75,000 people cast early ballots over a four-day period, and the party was able to process those in time for Saturday so they could be integrated into the in-person vot.
At the Bellagio caucus site, 41-year-old Christian Nielsen, a scuba diver for the Cirque du Soleil show “O,” said he backed Sanders because he believes the country needs a “major change in the White House.”
“We need somebody in the White House who has been on the right side of history for their entire career, somebody who stands with the working class, and will make things more fair for everybody,” Nielsen said.
The Democrats’ 2020 nomination fight shifted beyond Nevada even before the final results were known.
Only Biden, Buttigieg and Steyer were still in the state when news of Sanders’ victory was announced.
Sanders and Klobuchar spent the night in Super Tuesday states, and Buttigieg was headed to a third, Virginia. Warren, who began Saturday in Las Vegas, was to finish the day in Washington state, which hosts its election on March 10 but has already begun offering early voting.
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fortune--2020-02-23--States step up funding for Planned Parenthood clinics

You don ’ t have to become a manager to grow your career

Several states have begun picking up the tab for family planning services at clinics run by Planned Parenthood, which last year quit a $260 million federal funding program over a Trump administration rule prohibiting clinics from referring women for abortions.
States including New Jersey, Massachusetts and Hawaii already are providing new funding, and Democratic governors in Connecticut and Pennsylvania have proposed carving out money in state budgets to counter the effects of the national provider’s fallout with the Republican presidential administration.
The proposals have stirred political debates over abortion at the state level, with some opponents claiming it’s a government endorsement of abortion and an inappropriate use of taxpayer money.
Connecticut Gov. Ned Lamont earmarked $1.2 million for Planned Parenthood in his new budget proposal. The executive director of the Connecticut Catholic Conference, Christopher Healy, criticized it as a purely political act.
“Where is the pressing need here to do this?” Healy said, arguing Planned Parenthood does not need taxpayer money. “They have the ability to raise money.”
Lamont said he wants to help cover an expected shortfall for Planned Parenthood to ensure women in Connecticut have access to all the health services they need. A spokesman for Lamont said the administration doesn’t want the abortion debate to stymie access to things like contraception and cervical cancer screenings.
“Look, this is the law of the land. Here in a state like this, we believe that abortion rights are right, and we believe they ought to be affordable for folks who otherwise might not have that availability,” Lamont said. “So I think it’s the right thing to do.”
Nationwide, about 4 million women across the U.S., many low-income and uninsured, were receiving services last year under the Title X federal program, including STD testing, various screenings, education and wellness exams. Planned Parenthood and some other providers decided to withdraw from the program rather than comply with what Planned Parenthood calls the Trump administration’s “gag order,” which bars clinics that participate in Title X from referring women for abortions. The move caused a money crunch for some clinics.
Since then, some of the rejected federal funds have been replenished by state or local funds in Hawaii, Illinois, Maryland, Vermont, Oregon, Washington, Massachusetts, California and New York. Hawaii’s current fiscal year budget sets aside $750,000 to partly cover a $2 million loss in Title X grant money.
In Massachusetts, Republican Gov. Charlie Baker signed legislation authorizing up to $8 million. In California, the Santa Clara County Board of Supervisors last year voted to cover a $482,000 expected shortfall for six Planned Parenthood clinics serving 36,274 patients. And Pennsylvania’s Democratic governor, Tom Wolf, has included a $3 million line item in his proposed 2020-21 budget to also help offset the funding loss for Planned Parenthood providers.
In Oregon, the lead plaintiff in a lawsuit challenging the Trump administration’s rule, a spokesman for Planned Parenthood Advocates of Oregon said the agency has been “working closely with state officials to create critical backstops and protect access to care for all Oregonians who need it, regardless of federal action on Title X,” and commended Gov. Kate Brown, a Democrat, for prioritizing funding for reproductive health services.
Abortion opponents have accused governors of providing the money to gain favor with an organization that often supports Democrats at election time.
In New Jersey, where Democratic Gov. Phil Murphy last month signed legislation that set aside $9.5 million in state money for family planning at Planned Parenthood, New Jersey Right to Life called it a disgraceful money grab.
“The taxpayers of NJ should not be forced to fund abortion -– and make no mistake -– that is what this bill will do,” Marie Tasy, the group’s executive director, said in a written statement.
Title X regulations prohibit funds from being used for abortions, with some narrow exceptions, and the money Lamont has proposed would fund Title X services and not on abortions, according to Connecticut’s Department of Public Health.
Abortion opponents in Connecticut have argued for years that state funds should not be used for abortions or abortion referrals. The state’s health insurance program paid for 6,995 abortions in 2018. A Department of Social Services spokesman said Connecticut is under a court order to pay for any abortion for a Medicaid-covered woman that she and her doctor have determined to be necessary.
The state money budgeted by Lamont would not go toward abortions, as it would fund only Title X services, according to state health officials. But opponents say that regardless of where it goes, the money for Planned Parenthood makes it appear the state is outwardly advocating for abortion.
“I’m disturbed by it, that it’s now state policy to outwardly advocate it no, matter what,” said Chris O’Brien, executive director of Connecticut Right to Life.
It’s unclear how long the help from states will continue.
Jacqueline Ayers, vice president of government relations and public policy at Planned Parenthood Federation of America, said it’s “encouraging” that governors and state legislators are trying to fill the gap, but said the state-by-state efforts cannot replace the nearly 50-year-old Title X program.
“While we applaud leaders in the states for taking these temporary but critical steps, we must continue fighting for a nationwide solution,” Ayers said. “Only Congress has the power to permanently stop this harmful rule, and people across the country are continuing to call on them to do so.”
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fortune--2020-02-23--You don’t have to become a manager to grow your career

Hawaiian Airlines named most punctual airline in U.S. for 16th straight year

Whether you become an editor overseeing writers, a head chef directing others around the restaurant kitchen, or a senior engineer dictating project roles to your team, it seems as if growing your career implies moving into a managerial role in any industry.
But what if you have no interest in becoming a manager? Not everyone possesses the skills required to be one or wants to be in charge of other employees—and that’s OK. “Some people relish the thought of leading a team, but for many, the added responsibilities and pressure that comes with a management position just isn’t for them,” says Wendy Webster, finance and HR manager at Ramblers Walking Holidays. “And that isn’t a sign of weakness or a lack of ambition.”
While management may be a more commonly pursued route, it’s far from the only option. “There are certain roles that offer an employee the ability to challenge themselves, learn more, and earn more money while still remaining in the same position,” continues Webster.
When a person is job-hunting, she suggests, they should look at the job description and ask themselves what the possible opportunities for progression would be in that role; the keyword is ‘in’ that role, not ‘above’ it.” With that in mind, take control of what your professional path will look like with these tips for growing your career without becoming a manager.
1. Expand your job responsibilities
Instead of moving to a new position within your company which involves managing others, expand your job laterally. You can take a side project outside your current position, maybe a volunteering role. You may find that the work being done is unexpectedly fulfilling or rewarding, teaching you valuable and new skills.
Find your foundation: Is there a work-related project you’ve always wanted to pursue or another department you’d like to work with? Go ahead: talk to your boss about opportunities to expand your activities and discuss if your compensation can increase to reflect the wider scope of your work.
2. Dedicate time to learn new skills
Consider your side interests or the things you need to become a bigger asset at work. “Identify what skills will be most valuable to your company and begin to systematically acquire them, either through formal training or through self-study,” says Roy Cohen, author of The Wall Street Professional’s Survival Guide. Courses or certifications also help, since they vouch for your commitment to grow professionally. By taking this initiative you’re expanding your abilities and value as an employee—and fulfilling your own interests as an individual.
3. Use your know-how to do consulting
Whether it’s due to increased studies or skills you already had, consulting is an amazing way to grow your career. “This means that you don’t need to be responsible for the work of others, but you’re still able to impart your knowledge and expertise,” says Nate Masterson, HR manager for Maple Holistics. Consulting could be done within your current company—with necessary clearance from HR, of course—or a side hustle that gives you a sense of accomplishment. Not only can you bring in some extra cash, but consulting gives you credibility in your field of expertise.
4. Become an expert in your area and capitalize on it
Speaking of, becoming an expert allows you to have an increased presence in your industry and take on more responsibility—no subordinates necessary. If you become the best at what you do, you turn into a source of reference for your teammates. You’ll be appreciated, looked-up to, considered an authority figure, and might even become a keynote speaker for internal or external forums.
If you’re passionate about what you do, and want to dive into it, then this is a clear path for growth without becoming a manager.
5. Join or participate in industry associations
Is there an organization for your type of work? If so, consider joining it. “When you demonstrate a commitment to promoting excellence in your industry, you benefit by gaining access to colleagues at other companies and you expand your professional network,” says Cohen. “You also learn about how other companies besides your own approach the same challenges, and this knowledge has the potential to offer you a competitive advantage.” Getting involved in these associations is an amazing way to connect with others in your industry and to learn about potential opportunities.
6. Be upfront with your company
If you let your company assume that you want to advance into a managerial role, then that’s the type of position they’ll keep you in mind for. Instead, being transparent about your desire to grow without managing allows them to find the right position for you inside the company — and someone who does want to become a manager.
“Many companies would rather keep a competent team member and create a role for them as opposed to lose them,” says Atta Tarki, founder and CEO of ECA, an executive search firm, and author of the upcoming book Evidence-Based Recruiting: How to Build a Company of Star Performers Through Systematic and Repeatable Hiring Practices. While it may be intimidating, discussing this with your employer creates the best opportunity for both of you to win.
6. Move laterally to a company where you can grow more
Sometimes the only option left for growth at a company will be entering a managerial role. If this is the case, it may be time to seek out another company with more opportunities aligned to your goals. A new company can expose you to other areas of the industry. Maybe another company is simply more prestigious, known for their innovative ideas, or are considered to be great places to work for. A move to a small one would give you the opportunity to have your hands in a variety of projects, while a big company may have more connections. At the end of the day, it’s really about determining what the best move for you is while growing your career in your own way.
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fortune--2020-02-23--Hawaiian Airlines named most punctual airline in U.S. for 16th straight year

Airline travelers were a bit more likely to be delayed, and more often for longer spells, when flying around the U.S. last year, according to a government report issued Wednesday.
Canceled flights were up, and so were the number of passengers bumped off overcrowded flights.
But travelers apparently are learning to take it all in stride. The rate of complaints remained nearly unchanged from 2018.
The Transportation Department said that 79% of domestic flights last year arrived within 15 minutes of the airline’s schedule — the government’s definition of being on time. That was down from 79.2% in 2018.
Hawaiian Airlines took home the prize for being the nation’s most punctual airline for the 16th straight year. Blessed by good weather where it operates most of its flights, Hawaiian scored an 87.7% on-time mark, followed by Delta Air Lines at 83.5%.
After that, in order from best to worst, it was Alaska Airlines, Southwest, Spirit, Allegiant, American, United, JetBlue and discount carrier Frontier Airlines, last at 73.1%.
The Transportation Department said 302 domestic flights were stuck on the ground for three hours or longer, a 50% increase over 2018. Airlines reported another 26 international flights that were delayed on the ground by at least four hours, an improvement from 61 in 2018. Airlines can be fined for such long tarmac delays.
Cancellations rose to 1.9%, up from 1.7% in 2018. Hawaiian had the lowest cancellation rate, while the highest rates belonged to American, Southwest and United. Those three big airlines are the only U.S. carriers that own Boeing 737 Max jets, and they were forced to scrub thousands of flights after the planes were grounded worldwide in March 2019 following two deadly crashes overseas.
Airlines have reduced the number of people bumped off oversold flights in recent years, usually by offering travel vouchers to passengers who willingly give up their seats. The number of bumped passenger nearly doubled last year, however, to almost 21,000. Bumping was still rare — only one in every 41,000 passengers was forced off a flight.
Complaints filed with the government remained rare and about the same as in 2018. Consumer advocates say many aggrieved travelers don’t bother filing a formal complaint with the Transportation Department. Southwest had the lowest complaint rate. Spirit Airlines had the highest, followed by Frontier, American, Allegiant and United.
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fortune--2020-02-23--Investors shouldn’t underestimate election volatility, warns UBS

UBS says investors are still too confident that a Trump re-election is a given.
The majority of investors at UBS’s Investor Forum events have a “high level of confidence” in a Trump re-election, per a UBS report Thursday. But according to UBS Global Wealth Management’s chief investment officer Mark Haefele, recent national polls “portend a close general election contest between any Democratic nominee and President Trump.”
In fact, heading into Wednesday’s debate, Bernie Sanders was polling higher, about 10% above the next leading candidate, according to an average of national polls compiled by Real Clear Politics. What’s more: According to a ABC/Washington Post poll this week, the battle would be tight between Trump and any democratic candidate—per the poll, Trump would earn between 45% and 47% of the vote nationwide, while the six Democrats onstage on Wednesday would have shares ranging from 49% to 52%.
That’s in stark contrast with many investors’ expectations. UBS’s Haefele contends “investors might be underestimating the risk of higher volatility in certain sectors that are sensitive to potential policy changes.”
And UBS isn’t alone. According to Wells Fargo Investment Institute’s senior global market strategist Sameer Samana, the market has been “completely discounting” the possibility of a progressive democratic candidate (and president)—almost to zero.
“The odds of a progressive candidate not only winning the nomination but also the presidency do seem to be under-appreciated,” Samana tells Fortune. “We don’t think they’re high, but we do think they’re under-appreciated and could be a source of volatility as this year progresses.”
And for those like Mark Hamrick, senior economic analyst at Bankrate.com, the risk of even more volatility “only rises” in the next 12 months.
“Buckets of possibilities”
Some analysts argue that the increasing likelihood of a more progressive democratic candidate (like Sanders or Elizabeth Warren) have helped buoy stocks under the assumption that President Trump could win a re-election against such an opponent. To wit, the Nasdaq Composite is up over 7% so far this year, and the Dow has managed to stay in the green year-to-date, amid polling and primaries showing a lean toward Sanders.
For Wells Fargo’s Samana, there are three so-called “buckets of possibility” markets are grappling with—a Trump re-election, a moderate democratic candidate, and a progressive democratic candidate. Right now, Samana thinks the most likely base case is a combination of either a Trump re-election or a moderate democratic candidate—but that markets are still “under-appreciating” the risk that Sanders or Warren could pull ahead.
“Markets can get surprised—look no further than President Trump’s election in 2016,” Samana cautions.
Still, UBS warns that sectors like tech, energy and the enviroment, and healthcare could be hit hard if drug pricing and coverage concerns take center stage, and potential increased regulations on Big Tech could raise compliance costs and put pressure on profitability.
An election (re)examination
Although some investors might still be expecting a Trump status quo for the markets after this year, some analysts suggest investors are taking another look at their portfolios now that the race might be trending tighter.
“Investors would be wise to consider the likelihood that the risks are higher right now for the next six to 12 months, and if they have funds that are invested that they can’t afford to lose as opposed to those they can allow to ride over the long term, particularly for retirement, then that’s worth having some deliberation and conversations about,” says Hamrick.
One area that’s clearly getting the cold shoulder? Energy, Samana says. The sector has gotten hit, trading at lower multiples of around 12 times sales on average, and is only poised for further troubles, especially if a democratic candidate takes office. Fracking, a hot debate topic on Wednesday, also adds to qualms about the sector.
And on a broader level, Trump’s potential tax cut 2.0 versus a presumed democratic president’s corporate tax increases are leaving investors scratching their heads on how to strategize. “[It] is at a stalemate of, ‘do I prepare for higher taxes or lower taxes?'” Samana says.
But for UBS Global Wealth Management’s head of Americas fixed income Tom McLoughlin, “A lot of it is smoke and noise about a lot of other things regarding a big increase in taxation or something else,” he tells Fortune. “We’re all going to wake up after the two conventions … and say, where is the risk?”
Depending on your politics, the answer could lie with the incumbent, or the challenger.
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fortune--2020-02-23--5G will transform smartphones—but it won’t stop there

Though the coronavirus outbreak forced the cancelation of Mobile World Congress, one of the technology industry’s biggest annual events, in Barcelona next week, mobile innovation marches onward. Today we stand on the cusp of 5G, the new generation of mobile broadband rolling out globally. 5G smartphones will allow consumers to download a movie in less than one minute, browse the web 10 times faster, experience life-like virtual and augmented reality, and stream 4K video the same way users stream audio today. But while 5G smartphones will be remarkable, focusing only on the 5G smartphone user experience is limiting the technology’s true potential.
5G’s larger purpose is to be the underlying digital fabric connecting all elements of our modern world. In particular, look for 5G to fundamentally change the way our manufacturing, automotive, and health care sectors operate.
Qualcomm develops and sells technologies and products used in mobile devices and other wireless devices, including network equipment, broadband gateway equipment, and consumer electronic devices. As such, we will benefit from the growth and adoption of 5G.
Like the advent of electrification before it, 5G will transform countries, industries, and societies all over the world, catalyzing unprecedented growth. In fact, according to a new IHS Markit study commissioned by Qualcomm, 5G will contribute to $13.2 trillion in global economic output in 2035, supporting 22 million jobs that year. A Defense Department report from earlier this year states, “5G will enable a host of new technologies that will change the standard of public and private sector operations, from autonomous vehicles to smart cities, virtual reality, and battle networks.”
The manufacturing sector, for example, stands poised to be one of the biggest winners in this digital revolution. Deploying private 5G networks will allow manufacturers to eliminate the cumbersome bundles of ethernet cables that litter their factory floors and connect the machines wirelessly to the cloud. As a result of collecting so much data from factory operations, companies will be able to use A.I. to increase productivity and efficiency. Everything from sensors and handheld tools to assembly-line robots will be wirelessly connected, allowing manufacturing to reconfigure production lines more quickly and flexibly.
The automotive industry offers a perfect window into the transformative potential of 5G for the entire value chain. The new mobile network will revolutionize how vehicles are built, as automakers employ wirelessly connected production robots to work on car body construction. It will also affect how cars are serviced, as repair shops tap secure software updates for complex telematics systems. And of course, 5G will influence how passengers enjoy the ride, as its high speed and low latency allow for more seamless streaming of entertainment.
Tomorrow’s connected vehicles will be incredibly chatty, communicating with each other through the exchange of complex data packets only possible through 5G. They’ll also interact with road infrastructure, traffic lights, drivers, and even passengers through 5G-enabled smartphones. This next level of connectivity, combined with completely transformed navigation and mapping systems enabled by 5G, will reduce accidents and save lives through enhanced sensors and vehicle safety, and push down costs associated with maintenance, accidents, and insurance.
5G will also impact health care, an industry that consumed $3.5 trillion in U.S. spending, or 18% of GDP, in 2017. Historically, challenges surrounding the tracking and maintenance of medical records have made the field of health care somewhat of a laggard to digitization. But 5G’s reliable, faster, and more uniform data rates will create a future of telemedicine where doctors monitor, treat, and predict health challenges remotely, delivering affordable, quality care right to the living room. Earlier this year, Federal Communications chairman Ajit Pai said, “I think telemedicine and telehealth solutions are really one of the major positive impacts that broadband availability can have.”
The pace of the 5G rollout is unprecedented in the history of cellular. In the first year of 4G, there were just three device manufacturers and four mobile operators using the network. By contrast, we expect 45 different operators to launch 5G service globally, alongside 45 device manufacturers, in 2020, the year 5G is expected to roll out.
As this unprecedented opportunity starts rolling out across this nation, and throughout the world, the time is now for businesses and governments to double down on the 5G future.
Cristiano Amon is president of Qualcomm.
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