• 2 ASX shares I’d give a wide berth to in today’s stock market

    Man pinching nose and holding other hand up in a stop gesture turning away.

    The stock market has no shortage of ASX shares in which we can invest. Some will turn out to be lucrative winners, giving their investors life-changing gains.

    Many will prove to be conservative investments, slowly building wealth for their owners over time. But there will also be those ASX shares that prove to be duds and are destined to cause nothing but pain to those investors who buy them.

    Today, let’s discuss two ASX shares that I sadly think fall into the latter group.

    In today’s stock market, I’d avoid these two ASX shares

    Guzman y Gomez Ltd (ASX: GYG)

    The Guzman y Gomez float last month generated some of the biggest buzz we’ve seen from an IPO on the Australian market in years. But I think investing in Guzman shares at their current pricing is a mistake. As such, this is one ASX share I’m giving a wide berth this July.

    As a rule, I usually avoid ASX share IPOs at all costs. They are hyped-up events that usually produce wild swings in the company in question’s shares. Guzman’s IPO was no different, with investors seeing a huge surge in value, followed by a dramatic slump.

    But even if Guzman hadn’t just IPOed, I wouldn’t buy the shares at today’s ASX pricing. The company has a stretched valuation by any metric. Its market capitalisation stands at $2.79 billion right now – more than double that of KFC operator Collins Foods Ltd (ASX: CKF).

    Sure, Guzman has grand expansion plans, which probably explains why its shares look expensive based on its current metrics. But if these expansion plans don’t, well… go to plan, investors will probably be in line for a major haircut.

    Given how competitive the global fast food space is, I think Guzman’s success is far from a done deal. As such, I am in agreeance with my Fool colleague James that this is one ASX share to stay well away from at current prices.

    WAM Capital Ltd (ASX: WAM)

    WAM Capital is an ASX share and listed investment company (LIC) that is popular amongst investors who look for large, fully franked dividends. Unfortunately, I think choosing this LIC for that purpose (or any other) would be a mistake today.

    Yes, WAM Capital shares do trade on a juicy dividend yield of 10.2% right now. But if you consider that the WAM share price has lost a nasty 32% or so over the past five years, shareholders have barely come out ahead. There’s also this ASX share’s weighty management fee of 1% per annum to take into account.

    Moreover, WAM Capital’s hefty dividend doesn’t look sustainable. The company’s latest update informed investors that it currently doesn’t have enough cash to cover its dividend at the current level for the next 12 months.

    As such, this is another ASX share that I would avoid at all costs right now.

    The post 2 ASX shares I’d give a wide berth to in today’s stock market appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Guzman Y Gomez right now?

    Before you buy Guzman Y Gomez shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Guzman Y Gomez wasn’t one of them.

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    Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Collins Foods. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • See inside the McNeal Mansion, an abandoned 10,000-square-foot home from the 1800s that nature is reclaiming

    Richard Lewis_McNeal Mansion_Total Devistation 2
    The McNeal Mansion is somehow still standing after decades of neglect.

    • The McNeal Mansion in Burlington, New Jersey, is a ghost of its former grandeur.
    • The 10,000-square-foot abandoned mansion was damaged over the years by fires and nature taking over.
    • The decrepit property was captured in a photo series by photographer Richard Lewis.

    When the McNeal Mansion was built in 1890 as a family home for New Jersey industrialist Andrew McNeal, it was one of the grandest in the area.

    Today, the large 10,000-square-foot home in Burlington, New Jersey, is barely standing.

    New Jersey-based photographer Richard Lewis explored and photographed the crumbling mansion in 2016.

    He got into taking photos of run-down buildings after hearing that an abandoned Nike missile site near his home was going to be demolished for a housing development, "and decided someone had to photograph it for the record," he told Business Insider in 2021.

    "I thought, I now have a reason to photograph these abandoned buildings, and it's to honor and preserve that history. A lot of these abandoned places that aren't in great shape are eventually going to disappear," he continued.

    Depending on their size, restoration projects like the McNeal Mansion can cost hundreds of thousands of dollars, but many abandoned buildings are beyond repair, despite efforts to revitalize them and repurpose them into functional homes or businesses.

    In 2016, the city of Burlington purchased the McNeal Mansion for $1.49 million, with plans to convert part of the property into a restaurant, the Burlington County Times reported. However, the plans were never completed, and the mansion has been left to decay ever since.

    Here's a look inside the crumbling McNeal Mansion, which is a ghost of its former grandeur. 

    A version of this story was first published in 2021. It was updated in July 2024.

    Andrew McNeal was well known for founding a pipe plant and foundry, the McNeal Pike and Foundry Company, in 1866.
    Richard Lewis_McNeal Mansion_3rd Window View
    The McNeal Mansion in Burlington, New Jersey.

    Using the wealth he acquired from his successful company, McNeal built a large mansion along the bank of the Delaware River.

    The United States Cast Iron Pipe and Foundry Company, now known simply as US Pipe, purchased McNeal's company in 1899.
    Richard Lewis_McNeal Mansion_3rd Floor Interior
    The third-floor interior of the McNeal Mansion in Burlington, New Jersey.

    The conglomerate also bought the mansion and began using the massive home as the company's headquarters.

    Andrew McNeal was the first and only person to call the mansion their home.
    Richard Lewis_McNeal Mansion Interior Hallway
    A hallway inside the McNeal Mansion in Burlington, New Jersey.

    Following his departure from the mansion, the property was used for corporate reasons.

    The pipe company moved its headquarters to Alabama in 1953, leaving the mansion abandoned.
    Richard Lewis_McNeal Mansion_Dont Jump
    Inside the McNeal Mansion in Burlington, New Jersey.

    "It's an odd building, because even though it was originally a mansion it became a company headquarters later on with office space," Lewis said. "In the center, it looks very ornate and decorative, but when you look at the wings they look very strange because they're just these big open spaces. Knowing the history really helped me photograph it."

    The home was left to rot for years until the company sold the derelict property to the municipality in 1975, according to the Burlington County Times.

    Several property developers have taken an interest in the mansion over the years, but their plans have fallen through.
    Richard Lewis_McNeal Mansion_Burned Out 3rd Floor
    A section of the third floor inside the McNeal Mansion in Burlington, New Jersey.

    According to the Burlington County Times, one developer even purchased the home in 1987 with plans to convert it into a conference center, hotel, and restaurant. However, those plans never came to fruition, and the property was bought and resold multiple times.

    Parts of the mansion were destroyed by a fire in 2001.
    mcneal mansion
    Burned remains of the McNeal Mansion in Burlington, New Jersey.

    However, much of the original structure was still standing as of 2016.

    There were more fires at the property in 2021, according to a local news station. Two buildings were destroyed and two further buildings were damaged in the incidents, but the main building was not affected, CBS News reported.

    In 2016, the city of Burlington purchased the mansion with plans to convert part of the property into a restaurant.
    Richard Lewis_McNeal Mansion 3rd Floor
    A view of the third floor inside the McNeal Mansion in Burlington, New Jersey.

    "There's a lot of interest. It really has the potential to be something interesting," Jim Kennedy, the city's economic development and redevelopment consultant, told the Burlington County Times at the time.

    It was during a trip to a test run of the restaurant concept that local photographer Richard Lewis said he was first intrigued by the historic property.
    Richard Lewis_McNeal Mansion Riverside Dining
    An incomplete outdoor dining space outside the McNeal Mansion in Burlington, New Jersey.

    When developers opened up a bar and restaurant on the deck to raise some money for the restoration, Lewis visited with his wife and spotted the mansion from where they were sitting. 

    Lewis, who said he had a "great relationship" with the city manager, asked about the property and potentially photographing it.

    "He said that a historian had come and taken photos of it on their cell phone, but didn't even want to go inside," Lewis told Business Insider. "Since he knew I was insured, he said if I could sign a liability waiver he would give me free access to the place. I was allowed to go in there and spend as much time as I wanted taking photos, as long as I shared those images with the city and the Burlington County Historical Society."

    But the mansion is collapsing in on itself, which makes it a dangerous place for "urban explorers" and trespassers.
    Richard Lewis_McNeal Mansion Arched Doorway
    A doorway inside the McNeal Mansion in Burlington, New Jersey.

    Lewis said that, over the years, he's learned it's important to get a lay of the land beforehand and watch where you walk.

    "The McNeal mansion is a stone building, so structurally it's relatively sound," he said. "In a lot of other abandoned buildings with wood frames, I won't step where there's just floor out of fear I'll fall through it."

    Safety was of the utmost importance for Lewis when photographing the McNeal Mansion — as was gaining permission to be there in the first place.
    Richard Lewis_McNeal Mansion Attic
    The attic of the McNeal Mansion in Burlington, New Jersey.

    Lewis said he'll wear a respirator, a hard hat, and steel-toed boots to protect himself should anything go awry while he's photographing abandoned properties like the McNeal Mansion. He also lets the local police department know where he is and how long he'll be there.

    "When you share your images on social media, you're automatically identified with what they call the 'urban ex' crowd," he told Business Insider. "I'm big on getting permission, and by doing so you get a good reputation for the work that you do. You get to the point where people come to you and ask you to photograph places."

    He found a property that has become damaged, possibly beyond repair, over the years due to fire damage and neglect.
    Richard Lewis_McNeal Mansion_Total Devistation 2
    The McNeal Mansion is somehow still standing after decades of neglect.

    "I was surprised by how devastated the place was," Lewis said. "The McNeal Mansion was one of the most devastated buildings I've ever seen."

    Lewis described the property as "total devastation" and looking like "part of a war zone."
    Richard Lewis_McNeal Mansion Interior 6 Office
    An office space inside the McNeal Mansion in Burlington, New Jersey.

    "Despite all of this ornate woodwork, there was nothing restorable," he said. "On the other hand, I was surprised by how much was still there. Inside and out, the building was solid stone. As devastated as it was, it was still standing."

    Plans for developing the property seem to have stalled indefinitely, and officials are now urging people not to visit without permission or professional guidance.
    Richard Lewis_McNeal Mansion_Front Parlor
    The front parlor of the McNeal Mansion in Burlington, New Jersey.

    "Anyone caught on the property will be charged and will be prosecuted to the fullest extent of the law," police Chief Alan Snow told the Burlington County Times in 2017.

    "Trespassing on the McNeal Mansion is a very serious issue concerning public safety," he continued. "They're very dangerous properties. There are holes inside of these buildings, where you could drop a couple of floors at a time. There's sharp iron around the buildings. If someone were to trip, they could be seriously hurt."

    The opulent home also has a separate carriage house, which has also fallen into disrepair.
    Richard Lewis_McNeal Mansion Looking Out
    A view from a window inside the McNeal Mansion in Burlington, New Jersey.

    The entire property has become reclaimed by nature, with debris and moss intruding into most rooms.

    Despite its derelict state, you can still catch a glimpse of what it might have looked like over a century ago.
    Richard Lewis_McNeal Mansion Out Of Order
    A hallway inside the McNeal Mansion in Burlington, New Jersey.

    Lewis said he was surprised to find that although the roof had been damaged and was caving in in some areas, much of it was still intact when he photographed the mansion in 2016.

    However, he explained that, as of 2021, most of the roof is now gone due to damage from fires at the property.

    The home still has some of its original grand features.
    Richard Lewis_McNeal Mansion_Yellow Fireplace
    A fireplace inside the McNeal Mansion in Burlington, New Jersey.

    Fireplaces and arched doorways can be found throughout the property.

    Perhaps the best way to honor and remember the historic McNeal Mansion — at least, for now — is to look at photographs of the property.
    Richard Lewis_McNeal Mansion Big Plans
    Abandoned signs inside the McNeal Mansion in Burlington, New Jersey.

    "I found my creative voice while photographing these abandoned properties," Lewis said. "I realized that this is not just local history, but it's New Jersey history, and needs to be preserved. Even though they've tried to restore the home, it's slated for demolition at this point."

    Despite being a shell of its former grandeur, the home is somehow still standing after decades of neglect.
    Richard Lewis_McNeal Mansion Interior 6
    A large room inside the McNeal Mansion in Burlington, New Jersey.

    After multiple fires, the home is now seemingly up for grabs again for developers who want to restore the property or simply demolish it.

    "To my knowledge, the mansion is at the point now where you can't walk inside or you'll fall through the floors," Lewis said. "The roof is completely caved in … even though it was once a beautiful structure, it's in really terrible shape."

    Read the original article on Business Insider
  • ‘Felt like a funeral’: House Dems sound miserable after their meetings about Biden

    Rep. Cori Bush gets into her car.
    Rep. Cori Bush slips into her car as reporters pepper her with questions.

    • House Dems didn't reach a consensus on what to do about Biden.
    • Many described the meeting in somber terms, illustrating the inter-party divisions that remain.
    • Despite the debate, it seems that more Democrats may be coalescing around the president.

    House Democrats repeatedly called their Tuesday morning meeting a "family conversation." By the sounds of it, the discussion was akin to a tense Thanksgiving, when the dreaded topic of politics comes up and chaos erupts over turkey.

    In a closed-door meeting, representatives deliberated what to do about Biden, but couldn't close the gaping hole between factions of the party. Many ignored reporters' questions as they emerged from the meeting, but those who did comment painted a picture of division and sadness.

    When asked whether Democrats were on the same page, Rep. Steve Cohen painted a dire picture: "We're not even in the same book."

    One person briefed on the meeting said that the general mood was "sad and frustrated," according to Politico. A representative who supports the president took the sadness a step further, saying that the event "felt like a funeral."

    For all its somberness, the so-called funeral seemed lively and loud. Rep. South Moulton of Massachusetts, one of six House Dems to call on Biden to step aside, told the New York Times that there was "vigorous debate."

    Biden's supporters walked out of the room and affirmed their support for the president. Rep. Jim Clyburn of South Carolina, a crucial ally, repeated one refrain nine times as reporters peppered him questions: "We are ridin' with Biden."

    Despite the deep divisions and doubt, it seems that more Democrats may be coalescing behind the president, however reluctantly. Just before the full-party conversation, swing-district House Democrats held a smaller meeting. The vibe? "Actual tears," according to Axios.

    One rep simply called the meeting "intense," while another predicted — and regretted — that Biden will stay in the race.

    In a late-night conversation on Monday, a House Democrat that's concerned about Biden's reelection bid told Axios that their colleagues are "folding all over the place" and "becoming resigned to Biden holding all the cards here."

    Senate Democrats discussed Biden's fate over lunch on Tuesday. It seems all of Washington is waiting to see what will emerge from that family meal.

    Read the original article on Business Insider
  • What’s the average age Australians access their superannuation?

    man and woman discussing superannuation

    Australians have enjoyed the benefits of superannuation since the scheme was initiated in July 1992.

    To ‘superannuate’ someone means to retire someone with a pension. According to Thinking Ahead Institute, Australian pension assets have grown from 108% of gross domestic product (GDP) in 2013 to 145% in 2023.

    The firm estimates Australians held over $2.4 trillion in pension assets at the end of 2023, the world’s fifth largest holdings behind Canada, the UK, Japan and the US, respectively. Most of these are in equities, like those in the iShares Core S&P/ASX 200 ETF (ASX: IOZ).

    That’s a lot of capital, and I’m sure by now you’re wondering what age Australians typically access their super.

    Let’s examine the details surrounding superannuation access, various retirement intentions, and the financial aspects related to these.

    Accessing superannuation: Preservation age

    In the vast majority of people’s cases, the preservation age is the earliest you can access your superannuation. I emphasise ‘earliest’ because it’s not the most common age.

    For those born after July 1964, the preservation age is 60 years old.

    So, to be considered ‘retired’ at preservation age, you have to be at least 60 and have ceased employment (with no intention of returning to work more than 10 hours a week).

    But what if you intend to work beyond 60?

    Once Australians reach this age, they can generally start accessing their superannuation funds, even whilst still working.

    But you cannot access the funds as a lump sum yet. Only as an income stream.

    If you want to access super as a lump sum, the criteria known as a ‘condition of release’ is:

    • Turning 65: Access to superannuation is available even if you haven’t retired.
    • Retirement: Ceasing gainful employment and having no intention of returning to work.

    So the key difference in how and when you access super depends on whether you want to start drawing it as income or as a lump sum, and what age (or if) you intend to officially retire.

    Critically, in both instances, the super payments are tax-free.

    No matter what though, once you hit 65 years old, you can access your superannuation.

    Interestingly, according to a report by super fund MLC, the average retirement age for Australians varies but has been trending upwards. MLC notes the average age at which individuals retire is approximately 65.4 years.

    This figure differs between genders and industries, with men typically retiring later than women.

    According to MLC, the average superannuation balance for Australians aged 65 to 69 is $428,738, with a median balance of $207,540.

    These amounts are usually sufficient to fund a ‘modest’ retirement lifestyle, it says.

    What does a ‘modest’ lifestyle look like in retirement, you ask? MLC provides the following table from the Association of Superannuation Funds of Australia (ASFA):

    Total per year Comfortable lifestyle p.a. Modest lifestyle p.a.
    Couple Single Couple Single
    $72,148.19 $51,278.30 $46,994.28 $32,665.66

    These figures will likely change over time as inflation plays its course.

    Foolish takeout

    Accessing superannuation can begin at the preservation age of 60 as an income stream. However, many Australians often wait until the retirement age of around 65 years old to access their super as a lump sum.

    Understanding the conditions of release and planning your finances can ensure a comfortable retirement. Always seek professional help when needed.

    The post What’s the average age Australians access their superannuation? appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

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    Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Russia wants to arrest Alexei Navalny’s widow after resistance leader died in prison

    Russian opposition leader Alexey Navalny (left) and Russian President Vladimir Putin (right).
    Russian opposition leader Alexei Navalny (left) and Russian President Vladimir Putin (right).

    A Russian court has ordered the arrest of Yulia Navalnaya, the widow of former political opposition leader Alexei Navalny.

    The court accused Navalnaya of "participating in an extremist community," according to the New York Times.

    Navalny died in prison earlier this year in an Arctic penal colony, where he was imprisoned after the court convicted him of extremist activity.

    Navalny ran for office in Russia as a reformist, accusing leader Vladimir Putin of corruption.

    "Vladimir Putin is a murderer and a war criminal. His place is in prison, and not somewhere in The Hague, in a cozy cell with a TV, but in Russia – in the same colony and the same 2 by 3 meter cell in which he killed Alexei," Yulia Navalnaya wrote on X, formerly known as Twitter, according to a translation provided by the platform.

    Yulia Navalnaya has championed her deceased husband's causes and has repeatedly accused Putin of murdering her husband. She has led his Anti-Corruption Foundation, which operates out of Lithuania and is considered "extremist" by Russian authorities, according to the Times.

    Navalnaya has also been working on her husband's memoir, which is due to be published in August.

    This story is breaking and will be updated.

    Read the original article on Business Insider
  • Some workers say they’re still ‘coffee badging,’ or swiping into work to show their faces before quickly returning home

    Woman passing through security check in a office building holding coffee and scanning in her employee ID badge
    Coffee badging refers to workers who swipe in at the office solely to meet return-to-office requirements but don't do much work there, instead leaving quickly to finish their work elsewhere.

    • Some workers are still "coffee badging" at work in defiance of RTO mandates.
    • Coffee badging means scanning in at work to satisfy attendance requirements and rushing back home.
    • It's one element of productivity theater highlighted in the debate between remote and in-person work.

    Months after "coffee badging" was coined, some workers are still using the move to avoid having to work from the office … sort of. They're still going to the office, it's true; they're just not spending much time there.

    First popularized as a term by video conferencing company Owl Labs in 2023, coffee badging refers to workers who badge in at the office before going back home to do the bulk of their work.

    They're swiping their badges to satisfy their return-to-office mandates, showing face to the boss, and connecting to the company Wi-Fi on their laptops to make it known they were there — before packing it all up again and rushing back home to really do their work.

    LinkedIn recently polled people on the subject. More than 1,500 people responded to the poll in June, of whom 19% said they're still coffee-badging, 31% said they aren't, and 50% said they've never done so.

    LinkedIn doesn't have a previous poll on the topic to directly compare the results to. But Owl Labs' State of Hybrid Work report last year found 58% of hybrid respondents reported having coffee badged, and another 8% said they hadn't but were interested in trying it, compared to 34% who said they preferred working the full day in the office. The survey, conducted in June 2023, included 2,000 adult full-time workers in the US.

    The continued practice of coffee badging highlights the resistance some companies are facing as they attempt to increase office attendance after shifting to hybrid or fully in-person attendance.

    Some coffee badgers say their commute is a waste of time and money, or they're more productive at home or can better manage childcare there, so why bother going to the office?

    Others say it's workers' natural response to employer surveillance methods for enforcing RTO mandates, or it's another example of the productivity theater that, while certainly not new, has particularly come to the forefront in the debate between remote and in-person work.

    While there don't appear to be any widely publicized examples of employees being fired for coffee badging, some companies like Bank of America have begun putting employees on notice who haven't fully complied with an in-office return. Business Insider previously reported that Dell, meanwhile, is implementing a color-coded system to grade office attendance for hybrid workers.

    There are also signs that companies are cracking down on simulated work. In May, Wells Fargo fired multiple employees accused of faking work "after review of allegations involving simulation of keyboard activity creating impression of active work."

    Are you coffee badging at work, or do you have another work story to share? Contact this reporter from a non-work email and device at sjackson@businessinsider.com.

    Read the original article on Business Insider
  • New York Times editorial board says Biden has ‘put the country at risk’ by remaining in the presidential race

    Joe Biden.
    President Joe Biden has emphatically said he's remaining in the 2024 race.

    • The Times' editorial board is once again calling on President Biden to forgo his reelection bid.
    • The board first made the plea after Biden's widely panned debate performance last month.
    • In a new piece, the board wrote that Biden "is no longer an effective spokesman for his own priorities."

    President Joe Biden has emphatically said in recent days that he's not abandoning his reelection bid, a decision that continues to divide Democrats eager to stave off former President Donald Trump.

    Biden's poor debate performance against Trump has set off major alarm bells with many Democratic voters, lawmakers, and donors — a scenario that they didn't envision in the lead-up to the party's August convention in Chicago.

    For more than a year, The New York Times has extensively covered issues tied to voter concerns about Biden's age, often pointing to polling which showed that a majority of the 81-year-old president's 2020 supporters felt as though he was too old to seek reelection.

    After last month's debate, The Times' editorial board, which operates separately from the newsroom, called on Biden to step aside as the Democratic nominee.

    And this week, the board once again urged Biden to leave the race, arguing that the president was seeking to "defy reality" by remaining the Democratic Party's standard-bearer.

    "For more than a year, voters have made it unquestionably clear in surveys and interviews that they harbor significant doubts about Mr. Biden's physical and mental fitness for office," the board wrote. "Mr. Biden has disregarded the concerns of those voters — his fellow citizens — and put the country at significant risk by continuing to insist that he is the best Democrat to defeat Mr. Trump."

    The board criticized Biden's dismissal of poll numbers showing him trailing Trump in most national surveys and holding no major advantage in critical swing states, writing that the president has "adopted a favorite theme of the floundering politician" by doing so.

    And the board also pleaded with Democrats — from grassroots organizers and top leaders within the party — to have heart-to-heart conversations with Biden about his candidacy.

    "They need to tell him that he is embarrassing himself and endangering his legacy," the board wrote. "He needs to hear, plain and clear, that he is no longer an effective spokesman for his own priorities."

    When Biden won in 2020, many Democrats assumed that he would only serve for one term and would be a "bridge" to younger leaders within the party. But as Biden defended his reelection bid, he leaned into his age as an important part of his life experience.

    The president in recent days has sought to squelch any idea that he'll forgo his reelection bid. However, several House Democrats have asked him to step aside, and if there's a noticeable slide in his swing-state numbers in the coming days, there will likely be more vocal pressure on the White House as lawmakers eye their political futures.

    Business Insider has reached out to the Biden campaign for comment.

    Read the original article on Business Insider
  • Former employee accuses Davos summit organizers of pregnancy and race discrimination

    Founder and Executive Chairman of the World Economic Forum (WEF) Klaus Schwab is seen at the opening of the WEF Davos Agenda virtual sessions at the WEF's headquarters in Cologny near Geneva on January 17, 2022.
    Klaus Schwab, founder of the World Economic Forum.

    • A former employee has accused Davos organizers of pregnancy and race discrimination.
    • The lawsuit arrives on the heels of a WSJ investigation into allegations of a toxic workplace. 
    • "The falsity of these claims will become evident" in court, the World Economic Forum told BI.

    A former employee at the World Economic Forum — the organizer of the illustrious Davos summit in the Swiss Alps — has accused the NGO and its founder, Klaus Schwab, in a lawsuit of pregnancy and race discrimination.

    In her lawsuit, Topaz Smith, a Black woman who worked as community lead for aviation, travel, and tourism, said she was not given the same opportunities as white colleagues — including not being invited to attend Davos in person.

    Smith also said in the lawsuit she was told by one of her supervisors — who is a white South African woman — to consider her "her master."

    Additionally, Smith said that after she announced her pregnancy in 2023, her position at the Forum "began deteriorating," according to the lawsuit. She said that when she returned from maternity leave, the role she was slated to begin — partner lead for aviation, travel, and tourism — was eliminated and later filled "with a white woman who was not pregnant."

    "While it's disappointing to see such false claims being made, now that these matters are in court, the falsity of these claims will become evident," a spokesman for the World Economic Forum told Business Insider in a statement.

    An attorney for Smith didn't immediately return BI's request for comment.

    The lawsuit arrives on the heels of an expansive Wall Street Journal investigation, which described allegations of a toxic workplace at the Forum, including discrimination against women and Black employees.

    The roughly fifty-year-old summit convenes top business and government leaders to hash out global issues. The Forum, which organizes the annual event, says its mission is to improve the state of the world — and has also published a Global Gender Gap Report since 2006.

    The event is hosted at a picturesque ski resort, bringing together nearly 3,000 world leaders. At this year's gathering, Sam Altman and Bill Gates opined on artificial intelligence and human generosity.

    But the Journal reported in June that several female staffers saw their careers suffer due to pregnancy. Others said they experienced sexual harassment by senior managers at the Forum as well as Davos VIP attendees, according to the Journal.

    Black employees also raised complaints at the organization when white colleagues used the N-word in front of them, and when they did not receive promotions, the Journal reported.

    In May, 86-year-old Schwab told staff in a memo he was stepping aside as the Forum's executive chairman as part of a planned transition. The Journal reported the announcement came after Schwab wrote to the paper expressing his concerns about its reporting.

    The Forum previously called the Journal's report "demonstrably false assertions to mischaracterize our organization."

    Read the original article on Business Insider
  • A Texas Gen Xer who went to college in his 40s says it didn’t help him find a job and saddled him with over $100k in student debt

    Kenneth Ferraro
    Kenneth Ferraro, 46, says going to college later in life hasn't helped him much in the job market.

    • A Gen Xer in Texas went to college in his 40s because he wasn't happy with his truck driving job.
    • He said a college education hasn't helped him find work and saddled him with over $100,000 in debt.
    • Recent college graduates have had a harder time finding jobs in recent years. 

    In 2018, at age 40, Kenneth Ferraro decided to pursue a college degree for the first time. It didn't go according to plan.

    Ferraro, who's based in Texas, had worked as a truck driver for decades, he told Business Insider via email. While the job provided a stable income, he said he long desired a different career — and he thought going back to school was the best way to make this a reality.

    "I traveled across the country, worked long hours, and was more than a little burned out," he said. "This was not a career I had chosen, but like many people, I happened into it. Going to college out of high school was not financially possible."

    Ferraro began his studies by attending a local community college part-time, but he said he enjoyed the experience so much that he quit his truck driving job to focus on school. After completing his associate degree, he went on to pursue a bachelor's degree in political science from New York University.

    "I knew it would be financially crippling, but I believed the prestigious credential would bolster my employment opportunities after graduation," he said.

    However, despite applying for countless jobs over the past few years, Ferraro's had little luck. He said the only role he's been able to land is a delivery driver position for a large beverage company — and he's stuck with over $100,000 in student loan debt.

    "After all my hard work and sacrifice, the only work that I have been able to secure is the same type of work that I have been doing my whole life," he said. "My education and dedication to bettering myself have cost me financially and emotionally."

    The US male unemployment rate is low compared to past decades, but Ferraro is among the men who have struggled to find work or have stopped looking altogether. In 1950, about 97% of American men ages 25 to 54 had a job or were actively looking for one, according to the Bureau of Labor Statistics. As of June, this figure had fallen to about 89%.

    Among the several explanations for this trend is that in recent decades, it's become difficult for some men to land a well-paying job without a college degree — a development that's contributed to some men leaving the labor force. These challenges persist today for men even as more companies have started hiring candidates without a degree.

    The perceived benefits of a college degree have led more Americans to go back to school later in life. About 34% of college undergraduates and 44% of community college enrollees are age 25 or older, according to the National Center for Education Statistics.

    But as Ferraro and many recent college graduates can attest to, having a degree doesn't guarantee success in the job market. Last November, the unemployment rate of US college graduates between the ages of 22 and 27 was 5% compared to the 3.7% overall US unemployment rate. That was the most the "recent graduate" unemployment rate had exceeded the overall rate in the over three decades of New York Fed data. Factor in the cost of college and pursuing a degree might not be worth it for some people.

    Ferraro shared the biggest challenges he's faced in his job search, including why he thinks having a college degree has sometimes worked against him.

    Being an older college graduate could make it hard to land certain types of jobs

    Ferraro always knew that pursuing a new career wouldn't be easy. At age 42, he was happy to spend six months interning for a local congressperson.

    However, Ferraro's struggles to find a full-time government job left him frustrated. While having a college degree improved his credentials, he thinks his age has held him back in the job market.

    Ferraro recalled applying for an entry-level position in the office of a government official, a role he thought would be the "perfect" job for him to kick-start his new career.

    The early stages of the interview process seemed promising, but he said things changed when he had an in-person interview.

    "As soon as the hiring manager saw me, his whole demeanor changed," Ferraro said. "He ran through the questions and never truly engaged with me."

    A few weeks later, Ferraro learned that he was no longer being considered for the role. The only explanation that made sense to him was that the hiring manager wasn't interested in candidates as old as him.

    "A man in his forties, who is the perfect candidate on paper, willing to work, willing to learn, and willing to apply himself to any task, is still a man in his 40s," he said. "Therefore, not a valid candidate."

    Ferraro needed an income, and after struggling to land jobs in his field of study, he reluctantly decided to expand his search to the truck driver jobs he'd hoped to escape.

    But despite his decades of prior experience, Ferraro said he struggled to land an interview for driving jobs — a development that baffled him. But then he had an idea: What if he removed his college education from his résume when he applied?

    "I did not start receiving interviews until I removed the education section on my application," he said. "My degree was holding me back."

    Despite Ferraro's challenges, truck drivers have generally been in high demand in recent years, in part due to the e-commerce boom tied to the pandemic. But as online shopping trends have begun to normalize, some drivers have had a harder time finding work.

    Ferraro eventually landed a job similar to the one he had before his schooling began in 2018, but he said he's earning about 20% less per hour than he used to. He said his employer prioritizes experience at the company over experience in the broader trucking industry.

    As things stand, Ferraro said he regrets going to college. However, he still hopes that his education will eventually help him secure an entry-level government role.

    After working as a driver during the day, he said he attends graduate school at night. He's working toward his master's in public administration and is continuing to apply for jobs.

    "This situation is very frustrating," he said. "It feels like I am putting in so much effort, without any return."

    Have you given up looking for work or are you struggling to find a job? Have you gone back to college later in life? If so, reach out to this reporter at jzinkula@businessinsider.com.

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  • Harvey Weinstein has ‘fluid on his heart, fluid in his lungs,’ his lawyer warns as new sex abuse accusations delay NYC retrial

    Harvey Weinstein is pictured sitting at the defense table in Manhattan; behind him stand two uniformed court officers.
    Harvey Weinstein in Manhattan Supreme Court, where Manhattan prosecutors said he may face at least one additional "violent sexual assault" at his retrial this fall.

    • Harvey Weinstein, in court Tuesday, heard he may face at least one new Manhattan sex accuser.
    • The defense cited his failing health in pushing back against delaying a retrial until November.
    • The DA is trolling for new accusers through a '1-800-GET-HARVEY' hotline, one lawyer angrily joked.

    At least one woman has come forward with new, "violent sexual assault" accusations against Harvey Weinstein, prosecutors said as both sides gathered in court Tuesday to discuss next steps for his Manhattan retrial.

    No details of the new accusations were revealed as the disgraced film producer — who is being held at New York's Rikers Island jail — listened from his wheelchair at the defense table, with his lawyers beside him and a courtroom full of reporters behind him.

    But the allegations — involving a woman or women who say they were attacked in Manhattan — are timely and serious enough that prosecutors said they may lead to a grand jury and new charges.

    Any new charges would be tacked onto a retrial of Weinstein's now-overturned 2020 conviction for attacking former aspiring actor Jessica Mann, who has publicly accused the producer of rape and who attended Tuesday's court date.

    The retrial, previously scheduled for September, is now on track for November, said Assistant District Attorney Nicole Blumberg.

    "Do we have two complainants or one?" defense lawyer Arthur Aidala demanded impatiently at one point, referring to the retrial.

    He accused prosecutors of dragging out the retrial in order to troll for additional victims. Prosecutors are "out there with a hotline — 1-800-GET-HARVEY," Aidala joked bitterly.

    "We are ready to go to trial in a week if necessary," the lawyer said.

    Much of Tuesday's hearing involved Aidala detailing why a speedy retrial must be held given what he described as his 73-year-old client's downward-spiraling health issues.

    Weinstein calls his attorneys "in excruciating pain," Aidala told New York Supreme Court Justice Curtis Farber, who will preside over the retrial.

    "Mr. Weinstein has fluid on his heart," the lawyer said. "Mr. Weinstein has fluid in his lungs," he added, giving the most detailed description of Weinstein's condition to date.

    Weinstein suffers from spinal stenosis, macular degeneration, and "his diabetes is going through the roof," Aidala told the judge.

    The food at Rikers is mostly carbohydrates, and since these carbs are converted to sugar, "his blood sugar levels are off the charts," Aidala said, citing a doctor's examination that was not shared with reporters or entered into the record.

    Weinstein had been serving a 23-year sentence on his New York conviction when that verdict was overturned.

    He is still being held in New York due to his 2022 rape conviction out of Los Angeles, for which he was sentenced to 16 years. Weinstein is also appealing that conviction.

    Before being moved to Rikers in May, Weinstein had always been held in a hospital setting, Aidala said, asking the judge to help get him returned to a secure city hospital pending his retrial.

    "I'll take an active role in it," the judge promised.

    Weinstein is getting no treatment at Rikers, where he is kept alone all day in a cell in the notorious jail's West Facility, which houses ill inmates, his lawyer said.

    The former chief financial officer for Donald Trump's real estate empire, Allen Weisselberg, is also currently serving a perjury sentence in the West Facility. His release date is July 19.

    The facility, where Weisselberg previously served a five-month sentence for tax fraud, is considered Rikers' cushiest address.

    Weinstein is essentially held in "solitary confinement," Aidala told the judge. "The only recreation he gets is when a nice corrections officer chats with him."

    Asked after court whether Weinstein's life is in danger due to his health issues, Aidala answered, "This isn't a hangnail."

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