Mark Cuban explains why downloading Snapchat is a huge mistake | ||
| | ||
| Billionaire entrepreneur and "Shark Tank" co-host Mark Cuban stopped by the office to talk about a number of topics. In this video he explains why apps like Snapchat are not secure and how any message you send can come back to haunt you. Snapchat's response: Not clear on what the context is around [Mark Cuban's statement], but when we say it's "deletion by default" it is because it's closer to regular conversations. You can always record a conversation, but ordinarily you wouldn't. Snapchat is more about the social norms and expectation than secrecy. Mark Cuban is the creator of Cyber Dust, a private messaging app. His user name is +blogmaverick. Produced by Joe Avella and Graham Flanagan Follow BI Video: On Facebook Join the conversation about this story »  | ||
| |
LeBron James: 'I'm the best player in the world' | ||
| | ||
The Golden State Warriors won a critical Game 5 to take a 3-2 lead over the Cleveland Cavaliers in the NBA Finals. But after the game, LeBron James made it clear that he still has confidence. At his press conference, LeBron was asked if he feels less pressure in this series compared to previous years because his team is missing key players due to injuries. LeBron responded in a simple deadpan manner, "Nah, I feel confident because I'm the best player in the world, it's simple" (via NBA TV). This was also reminiscent of when James was asked after the series against the Chicago Bulls what he felt like being the underdog. At that time, James seemed almost offended that somebody would ever consider him an underdog no matter what the situation. Of course, James and his rag-tag collection of healthy teammates are the underdogs in Game 6 and they are going to need a Superman-like performance from LeBron to force a Game 7. Join the conversation about this story » NOW WATCH: Two models in Russia just posed with a 1,400-pound bear  | ||
| |
Here comes industrial production ... | ||
| | ||
The latest reading on industrial production is due at 9:15 a.m. ET. Economists forecast that production rose 0.2% month-over-month in May after falling by 0.3% in April. Capacity utilization is also expected to climb, to 78.3% from 78.2%. Here's UBS' preview of the data in a weekly note to clients: "We forecast a slight increase in industrial production in May after five consecutive monthly declines. Manufacturing and utilities probably rose healthily, including a boost from light vehicle production. We also forecast a 0.2% rise in non-auto output in May. However, mining production appears to have remained weak in May, with an ongoing collapse in well drilling." We'll be back with the numbers once they cross... Join the conversation about this story » NOW WATCH: 5 clever iPhone tricks only power users know about  | ||
| |
Empire State Manufacturing activity whiffs | ||
| | ||
The June report on Empire State Manufacturing activity posted a huge miss on expectations, coming in at -2. Economists had forecast that the index rose to 6 from a prior reading of 3.1, according to Bloomberg. Last month, the reading on economic activity in the New York region increased from a prior reading of -1.2 but still missed expectations. The new orders index fell -2.1, the shipments index inched lower to 12.0, and labor market indicators showed only a slight increase in employment and the average work week. An index measuring expectations for future business conditions also fell for a second straight month. Here's the latest chart, showing a drop in general business conditions:
SEE ALSO: Here's your complete preview of this week's big economic events Join the conversation about this story » NOW WATCH: Mesmerizing time-lapse of an artist drawing the New York City skyline in just 2 minutes  | ||
| |
Sudanese dictator snubs South African court and leaves the country | ||
| | ||
Sudanese President Omar al-Bashir has left South Africa, a Sudan minister said on Monday, defying a Pretoria court order for him to remain in the country until it ruled on an application for his arrest. Bashir, who was attending an African Union summit in South Africa, has been indicted by the International Criminal Court (ICC) over war crimes and crimes against humanity. The Pretoria High Court was in session on Monday to decide on a petition by the Southern African Litigation Centre, a rights group that wanted to force South African President Jacob Zuma's government to arrest Bashir and hand him over to the ICC. On Sunday, South African judge Hans Fabricius ordered authorities to prevent Bashir, who is in South Africa for an African Union summit, from leaving the country because of an international order for his arrest, human rights activists said. Al-Bashir appeared for a group photo with other African leaders at the summit in Johannesburg on Sunday, wearing a blue three-piece suit, a tie and a smile as cameras flashed. A South African judge ordered authorities to prevent al-Bashir from leaving South Africa because he is wanted by the International Criminal Court, human rights activists said Sunday. "President Omar al-Bashir is prohibited from leaving the Republic of South Africa until a final order is made in this application," Judge Fabricius said, according to local media reports. The judge ordered the South African government to ensure that officials at all border posts enforce the court's decision, according to Caroline James, a lawyer with the Southern Africa Litigation Centre, a rights group. The court is expected to rule on Monday if al-Bashir should be handed over to the International Criminal Court to face charges of alleged genocide and human rights abuses. Kamal Ismail, the Sudanese state minister for foreign affairs, told reporters in Khartoum that al-Bashir had received assurances from the South African government prior to his visit that he would be welcome and was expected to return to Sudan on schedule.
The African National Congress, which is South Africa's ruling party, said the South African government granted immunity "for all (summit) participants as part of the international norms for countries hosting such gathering of the AU or even the United Nations." "It is on this basis, amongst others, that the ANC calls upon government to challenge the order now being brought to compel the South African government to detain President al-Bashir," the ANC said, adding that African and Eastern European countries "continue to unjustifiably bear the brunt of the decisions of the ICC." Even before Sunday's events, the African Union had asked the International Criminal Court to stop proceedings against sitting presidents and said it will not compel any member states to arrest a leader on behalf of the court. Al-Bashir has traveled abroad before and local authorities had not detained him at the behest of the International Criminal Court, which is based in The Hague, Netherlands. International Criminal Court prosecutor Fatou Bensouda has said South Africa is under a legal obligation to arrest al-Bashir and surrender him to the court. Her office has been in touch with South African authorities on the Sudanese president's reported visit. If al-Bashir is not arrested, the matter will be reported to the court's assembly of states and the United Nations Security Council, which first referred the case of Sudan's Darfur region to the International Criminal Court in 2005, she said. The charges against al-Bashir, who took power in a 1989 coup, stem from reported atrocities in the conflict in Darfur, in which 300,000 people were killed and 2 million displaced in a government campaign, according to United Nations figures. He has visited Malawi, Kenya, Chad and Congo in the last few years, all of which are International Criminal Court member states. The court doesn't have any powers to compel countries to arrest him and can only tell them they have a legal obligation to do it. In March, the International Criminal Court halted proceedings against Kenyan President Uhuru Kenyatta after the prosecution said it did not have enough evidence against him. Kenyatta, who is attending the summit, was charged in 2011 as an "indirect co-perpetrator" in postelection violence that left more than 1,000 people dead in 2007 and 2008. He always maintained his innocence. Kenyan Deputy President William Ruto is on trial for crimes against humanity in the election-related violence. Associated Press writer Mohamed Osman contributed to this report from Khartoum, Sudan. Join the conversation about this story » NOW WATCH: Dramatic video shows desperate migrants being rescued in the Mediterranean  | ||
| |
He said the court order preventing al-Bashir from leaving South Africa "has nothing to do with the reality on the ground there," adding that "until now things are normal and there is no threat to the life of the president of the Republic." Dow futures down 110 (SPY, DJI, IXIC, TGT, CVS, BABA, UTX) | ||
| | ||
Stock futures are lower on Monday after more worrying headlines from Greece crossed over the weekend. Near 8:11 a.m. ET, Dow futures were down 109 points, S&P 500 futures were down 11 points, and Nasdaq futures were down 26 points. Stocks closed lower on Friday, and the S&P 500 and the Dow saw their biggest percentage drops of the week. On Sunday night, Greece's talks with creditors collapsed again after less than an hour of talks. Greek stocks tumbled and government bonds sold off. Last week, the IMF walked out of negotiations, and euro zone officials reportedly discussed a "Plan B" for the first time. In economic data, the June reading of Empire State Manufacturing activity posted a huge miss, coming in at -2, versus expectations for a reading of 6. Industrial Production and homebuilder sentiment data are also due this morning. In company news, CVS is buying Target's pharmacy business for $1.9 billion, acquiring 1,600 Target pharmacies in 46 states, United Technologies is selling its Sikorsky Aircraft unit and getting out of the helicopter business, and Alibaba is also launching an online video streaming service like Netflix in China in about two months. SEE ALSO: Here's your complete preview of this week's big economic events Join the conversation about this story » NOW WATCH: 5 clever iPhone tricks only power users know about  | ||
| |
It's been 1,350 days since the market fell 10%, and that's just fine (DIA, SPX, SPY, QQQ, IWM, TLT) | ||
| | ||
It's been 1,350 days since the last stock market correction. But at least one analyst doesn't think this is a big deal. A correction — defined as a decline of 10% from the most recent highs — hasn't been seen since May 2011, and while this seems like a long time (because it is!) it isn't unprecedented and shouldn't particularly worry investors right now. In a note to clients on Monday, Jonathan Golub at RBC Capital Markets said that in the last 25 years, there have been 2 longer, uninterrupted stock market runs. From 2003-07, the S&P 500 rose without a 10% decline for more than 1,600 days, and from 1990-1997, the S&P 500 rose for more than 2,500 without a 10% pullback. Here's why Golub doesn't see a 10% correction on the horizon: In our view, the market’s path forward will likely be uninterrupted for two key reasons:
Golub adds that while some investors see the Federal Reserve raising interest rates as a potential risk to the market because it will heighten volatility, Golub thinks these fears are overblown. Here's the chart Golub cites, overlaying volatility and GDP growth, which he thinks will keep the market chugging along.
SEE ALSO: Here's your preview of this week's economic events Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants  | ||
| |
'Jurassic World' just eclipsed the annual GDP of these 7 countries in one weekend | ||
| | ||
"Jurassic World" has a huge opening weekend at the box office. The film brought in an estimated $511.8 million worldwide opening weekend — an estimated $204.6 million in North America and $307.2 million overseas. That's literally greater than the annual GDP of these 7 countries, according to the 2013 figures from the World Bank:
Unfortunately, it just fell short of Dominica, which has a GDP of $514.8 million. SEE ALSO: This brilliant map resizes each US state proportionally to the size of its economy Join the conversation about this story » NOW WATCH: Two models in Russia just posed with a 1,400-pound bear  | ||
| |
Kurds battle to cut IS supply line on Turkey border | ||
| | ||
Akçakale (Turkey) (AFP) - Kurdish forces battled Monday to cut a key Islamic State supply line by seizing the border town of Tal Abyad, as terrified Syrians poured into Turkey to escape the fighting. Forces from the Kurdish People's Protection Units (YPG) backed by Syrian rebels advanced on the southeastern edge of the border town overnight, backed by US-led strikes against IS fighters, a monitor said. The Syrian Observatory for Human Rights said Kurdish forces had seized the Mashur Tahtani area on the southeastern edge of Tal Abyad, with the US-led coalition carrying out at least five strikes overnight. "The strikes are paving the way for the advance of the Kurdish and rebel forces," Observatory chief Rami Abdel Rahman said. He said at least 11 IS fighters had been killed in clashes and US-led strikes overnight, along with three YPG forces. Kurdish fighters and Syrian rebels began their advance on Tal Abyad on June 4, and have largely surrounded the IS stronghold, prompting thousands of civilians to flee the fighting. About 16,000 people have fled into Turkey since last week, but the border has closed sporadically. The flood of refugees has created chaos at times, with some cutting through the border fence or scrambling over loops of barbed wire in frustration at the delay in crossing. Parents passed screaming children over one section of trampled fencing, and a mother grasped her baby by one arm, a pacifier dangling from its neck. - 'Lifeblood channel' for IS - Tal Abyad lies some 85 kilometres (50 miles) north of IS's de facto Syrian capital Raqa, and analysts say it serves as a primary conduit for incoming weapons and fighters, as well as for outgoing black market oil. "It has been an IS stronghold for a while now, and it has been described as the gateway to Raqa," said Charlie Winter, a researcher on jihadism at the London-based Quilliam Foundation. "Certainly, it's of strategic importance because it's a border town through which equipment, recruits, etc can pass." Tal Abyad is also just 70 kilometres (40 miles) east of the Kurdish-majority town of Kobane, where Kurdish forces battled for months before expelling invading IS forces in January. Tal Abyad "connects the two Kurdish cantons, Jazira and Kobane," in north and northeastern Syria, said Mutlu Civiroglu, a Kurdish affairs analyst. "Because of this situation, Kobane was like an island and was vulnerable, so after IS was expelled, to prevent any future attack, they (YPG) decided to address the issue of Tal Abyad." Civiroglu said Tal Abyad serves as the "main lifeblood channel for IS," connecting Raqa city to the outside world. "Tal Abyad is a financial and logistical hub for IS. Once you cut this hub it is going to be very hard for IS to smuggle in fighters, to sell oil and deal in the other goods they deal in." - Turkey fears of Kurdish rise - Kurdish forces have been chipping away at IS territory in Raqa province -- once completely under the jihadist group's control -- for around three months. According to the Observatory, they have seized some 50 towns and villages in the province, gradually encircling Tal Abyad from three sides, with only the northern border area still open. Winter said he expected IS to fight hard to keep the strategic town and to mine it heavily. "I don't think they'll give up without a fight." The Kurdish advance has prompted criticism from Turkey's President Recep Tayyip Erdogan. The Syrian Kurdish forces fighting IS are tied to the Kurdistan Workers Party (PKK), which fought a decades-long insurgency in Turkey and is listed as a "terrorist" group by Ankara and its Western allies. Nihat Ali Ozcan, an analyst at the Ankara-based TEPAV think tank, said Erdogan's criticism was prompted by fears of rising "separatist sentiment" among Kurds in Turkey's southeast. "If Tal Abyad is seized by Kurds, after Kobane's liberation, Kurds might emerge as a fighting force against Turkey," Ozcan said. The Kurdish advance has also prompted allegations of "ethnic cleansing" by some Syrian rebel groups who say YPG forces are expelling Sunni Arabs and Turkmen from the area. Kurdish forces reject those allegations, saying they have only asked civilians to evacuate potential battle zones to avoid casualties. Join the conversation about this story »  | ||
| |
TSIPRAS: Greece isn't budging | ||
| | ||
Greek Prime Minister Alexis Tsipras just released a pretty amazing statement, rebuking the creditors he's trying to negotiate a bailout with. The Financial Times' Peter Spiegel has a copy of the statement. Sunday night's talks collapsed after less than 45 minutes, and Greece seems no closer to reaching an agreement to unlock the €7.2 billion ($8.07 billion, £5.19 billion) in bailout cash it needs to make its upcoming debt payments. Here's the statement: "One can only suspect political motives behind the fact that the institutions insist on further pension cuts, despite five years of pillaging via the memoranda. the Greek government has been negotiating with a specific plan and documented proposals. We will wait patiently til the institutions adhere to realism." Translation: No, the ball is in YOUR court. These are not the words of a man who seems like he's about the capitulate, and give up the last several years of his political life (and the objectives of pretty much his entire adult life) in the next few weeks or so. It's doubtful that the International Monetary Fund, European Central Bank and other eurozone countries agree that they have been "pillaging" Greece — and everything we've seen so far suggests that they'll insist on the pension reforms and cuts that Tsipras is ruling out. He goes on: "Those who consider our sincere wish for a solution as well as our efforts to bridge the gap as a sign of weakness, should have in mind the following: "We are not only carrying a historical past underlined with struggles. "We are carrying our people's dignity as well as the aspirations of all Europeans. We cannot ignore this responsibility. It is not a matter of ideological stubbornness. It has so do with democracy." It's an extremely bold position, and if Tsipras sticks to it, it's hard to see where a deal comes from. If he's not willing to budge from his current position, this will come down to the question of who blinks first. It's not clear what the rest of Europe has to lose on this front — finance ministers from across the region have made it clear that this time around, they think Grexit would be manageable — not the existential threat that it was between 2010 and 2012. All the same, German EU Commissioner Guenther Oettinger is saying that Greece may soon fall into a "state of emergency" that the rest of Europe must prepare for. It's all getting pretty dramatic. Join the conversation about this story » NOW WATCH: 'The Little Prince' trailer looks better than anything Pixar has made in years  | ||
| |
Two US Catholic bishops quit, envoy trial date set in sex cases | ||
| | ||
Vatican City (AFP) - The Vatican has accepted the resignation of two US bishops accused of failing to protect minors from a paedophile priest and set a date for the unprecedented trial of a senior cleric for paedophilia. The two US bishops' resignations follow the 2012 jailing of Minnesota priest Curtis Wehmeyer for the sexual abuse of minors he preyed on during camping trips and possession of child pornography. Wehmeyer's conviction led to the archdiocese of Saint Paul and Minneapolis being charged on June 5 with six counts of failing to protect minors after prosecutors unveiled substantial evidence that senior Church officials failed to act on repeated warnings from parents and others that the priest was a danger to children. No individuals have been charged but the two clerics who have stepped down, Archbishop John Clayton Nienstedt and Auxiliary Bishop Lee Anthony Piche, were both named in the complaint as having failed to heed the warnings. A former papal ambassador to the Dominican Republic will be tried for paedophilia next month in the first case of its kind to be brought before a Vatican court. The first hearing in the trial of Jozef Wesołowski has been scheduled for July 11, 2015. The Polish former archbishop is accused of possession of child pornography in Rome in 2013-14 and the sexual abuse of minors during his 2008-13 spell as the Church's representative in the Dominican Republic. Wesolowski was secretly recalled from his posting in 2012 after the Church hierarchy was informed that he was regularly paying young Dominican boys for sexual services. He was defrocked by a church court in June 2014 but remained at liberty until September 2014, when he was placed under house arrest under an order which the Vatican described as coming directly from Francis. Possession of child pornography has been a crime under the Vatican city state's penal code since 2013 under a change also initiated by Francis. In a statement, the Vatican said its prosecutor had worked in collaboration with authorities in the Dominican Republic, who have failed in their attempts to have Wesolowski extradited to face trial there. "These serious allegations will be scrutinised by the competent judicial body which will be assisted by both technical appraisals of the IT systems used by the defendant and, if necessary, international legal cooperation for the evaluation of testimonial evidence from the competent authorities in Santo Domingo," a Vatican statement said. "This will be a delicate and detailed procedure, requiring the most careful observations and insights from all parties involved in the trial." Dominican prosecutors have said they have identified at least four boys as victims of the papal envoy. Join the conversation about this story »  | ||
| |
Mark Cuban explains why downloading Snapchat is a huge mistake | ||
| | ||
Billionaire entrepreneur and "Shark Tank" cohost Mark Cuban stopped by the office to talk about a number of topics. In this video he explains why apps like Snapchat are not secure and how any message you send can come back to haunt you. Snapchat's response: Not clear on what the context is around [Mark Cuban's statement], but when we say it's "deletion by default" it is because it's closer to regular conversations. You can always record a conversation, but ordinarily you wouldn't. Snapchat is more about the social norms and expectation than secrecy. Mark Cuban is the creator of Cyber Dust, a private messaging app. His user name is +blogmaverick. Produced by Joe Avella and Graham Flanagan Follow BI Video: On Facebook Join the conversation about this story »  | ||
| |
You'll be blown away by what it takes to customise superyachts for the mega-rich | ||
| | ||
Having some nice bedrooms, a dining room, and a party platform is no longer just enough for the mega-rich – they want waterfalls, infinity pools, several dining areas, and enough room to hold a billionaires' party of the century. So, Business Insider spoke to Sara Gioanola, a manager at Heesen Yachts, to get a glimpse into the insanely awesome world of superyachts. Heesen Yachts is a Dutch company that builds these luxury titans of the sea in a South Netherlands' shipyard.
BUSINESS INSIDER: So firstly, how much do these superyachts cost and what are the options for customisation? SARA GIOANOLA: Talking about prices is always a delicate subject but we can say that you're looking at entry prices of €66 million (£48 million, $74 million) for the smallest and most uncustomised superyacht. We have two choices for our clients. They can either come up with their entirely own concept and project or they can have a semi-customised boat. Usually our clients already know a lot of very experienced architects and engineers and come to us to build it but then we have many people who like to do the semi-customisation using our own architects and engineers which takes less time to build than the other choice. We can modify super structures, add or take away features. The list is probably endless in the type of extravagance and customisation they want but if they can imagine it – we will do our very best to build it. BI: What are some of the coolest trends developing in terms of what billionaires' want on their yachts?
They are wanting infinity pools, which are pools that give a visual effect of the water extending into the horizon, as well as waterfalls. The waterfalls look beautiful but they can also create a water banner, depending on the amount of water gushing, to enable a privacy shield. They can also be used to project movies onto it. A major, and quite impressive, customisation requirement is actually an engineering one, rather than design. One client wanted their 70-metre superyacht to have a 30+ knot speed (around 35 miles per hour). We added a third engine, a Rolls-Royce central booster jet to increase the speed. BI: How long does it take to make some of these superyachts, considering the level of customisation, and how do they pay for it?
We currently are building 10 superyachts at the moment in the shipyard for delivery between 2016-2017 and it's pretty much split 50/50 on semi-customisation and full customisation. When purchasing a boat, the clients would have to sign a letter of intent and then pay a 10% deposit. We then work with the client on an agreement for payment instalments and a delivery date. When the final payment is made, we hand over the boat. BI: Are you seeing growing demand from any region in particular for these superyachts?
SG: To be honest, everyone around the world is buying our boats – apart from China. We're very popular with people in the US and in Russia. Russian clients really appreciate the terms of the agreement we lay out for clients and our track record of financial stability and delivering the boats on the delivery date we agree on. BI: What makes Heesen Yachts different to other superyacht builders out there? SG: It's first Dutch shipyard to uses all aluminium and super structures and precious metals in its boats. Aluminium is a lot more precious than steel, is lighter, more flexible and allows the boats to go faster. After being founded in 1978, we have delivered around 170 boats so far and the shape is very unique, compared to other builders because of our heritage and where it is built. We have a serious limitation on the length we can build, our yachts range from 35 metres to around 70 metres because our shipyard is in the heart of the South Netherlands and the boats have to be able to navigate the canals and go under nine bridges to reach the North Sea. That means we have a maximum air draft - the distance from the surface of the water to the highest point on a boat. So, when you get a superyacht from us, you'll get a more streamlined vessel because the build is very much influenced by where we build our ships. However, our dry dock is 90 metres in length, meaning we can build vessels up to 80 metres. We also invest heavily in technology as demands are always evolving. Because of this, we have introduce a number of innovations to the yachting world, including a type of wing, which is like a spoiler on a F1 car, that increases stability and comfort for those on board by 40% and decreases fuel consumption by 35%. It's a huge breakthrough as it saves the client a lot more on fuel costs too. But it's not just us saying it, we've won lots of awards for our boats since we began.
Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants  | ||
| |
The lifestyle of a billionaire wouldn't be complete without the purchase of a superyacht. 
SG: 
SG: For a semi-customised superyacht, I would say 2.5 years on average and for a fully customised superyacht, depending on the complexity, it would be 3 years onwards. 
