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Business

Continuing Your Job Search Remotely

Even before the pandemic changed the professional landscape, remote work was an increasingly common part of the business world. Technological advancements made it possible for employees to stay connected and contribute remotely, and a growing number of employers recognized the value of offering employees more flexibility and, ultimately, a better work/life balance to expand their candidate pools and keep their employees productive and engaged. Kitchen tables transformed into makeshift workspaces and in-person meetings gave way to tele- and video-conferencing. Similarly, finding a job has taken on a virtual component.

If you’re one of the millions of people who are searching for a newn opportunity right now, you havewill probably noticede that the process is decidedly different from the last time you were in the job market you were.. Most likely, you are alreadywere familiar with the protocols of emailing your resume and portfolio, searching through online job sites, and being mindful ofpaying close attention to your social media footprint. Now, however, it is common to go through the entire interview, offer and negotiationng processes without ever meetingspeaking to anyone from the potential employeranyone in-person. In fact, some organizations even are onboarding new employees remotely, as well. This is more convenient in numerous ways, but it also comes with a new set of challenges and requires more self-motivation and diligence than ever before. .

SomeMany professionalseople can thrive no matter whatregardless of the environment, but others are more comfortable when they have clearly delineated boundaries between work and home. Remote working of any kind blurs these lines and makes it more difficult for some to shift gears. Just like working from home, This is why stickingcommitting to a routine during your remote job search is key. This might meaninclude setting attainable goals such as updating your resume by a specific date or applying to a certain number of opportunities each day. This will allowway, you to can overcomeavoid procrastination falling into bad habitsand avoid  or feeling overwhelmed.

HAt times like these, having a strong professional network of professionals in your field is also now more important than everbecomes even more important. With so much of the business world shifting to flexible remote work environmentsarrangements, the opportunity for impromptu or everyday networking has suddenly disappeared. Conversely, this also meansthe people in your circle may be come moree accessible through emails, phone calls and social media. Be sure to keep in touch with them on a regular basis — whether it’s a friendly email asking for advicean insight or a virtual coffee break to discuss industry trendshappenings.

For these and other tips you can use to stay focused and be successful with your job hunt –, even while you’re stuck at home –, see the accompanying infographic. It provides hints and reminders that can help you find success when navigating the virtual waters of the current labor market.

Infographic provided by The Jacobson Group, an insurance staffing agency
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News

The Importance Of Sanctuary Cities In The US

A sanctuary city is a word that refers to American communities, counties, or states that limit cooperation with federal immigration officials to shield unauthorized immigrants from deportation. At the county and state levels, policies prohibiting partnership with immigration detainers are usually in place. Sanctuary policies in cities frequently mean that local officials do not inquire about a person’s immigration status. Many local law enforcement authorities support the measures, claiming that executing federal immigration rules is a job they don’t desire. They claim that their communities rely on immigrants to come forward and report crimes. The government cannot prevent the police from pursuing immigrants who commit crimes by any protected policies. However, ICE demands to detain these localities routinely ignore undocumented immigrants apprehended by local authorities for petty offenses or investigations. Examples of sanctuary cities in the US include Chicago, Cambridge, Concord, New Orleans, Boston, etc.

Sanctuary policies come in a variety of shapes and sizes, but they generally fall into one of the following categories:

  • Policies limit state and local law enforcement’s authority to make arrests for federal immigration infractions or detain people on civil immigration warrants.
  • Agreements in which ICE deputizes local law enforcement officers to enforce federal immigration laws are prohibited by policies.
  • Local governments are prohibited from engaging in a contract with the federal government to detain immigrants.
  • Policies prohibit immigration detention centers.
  • Policies prohibit police officers or other city employees from inquiring about a person’s immigration status.
  • Rules limit how much information about immigrants is shared with the federal government.
  • Policies limit local police reactions to federal immigration detainers.
  • Policies prohibiting ICE from entering local jails without a court order.

Effects of sanctuary cities in jurisdictions that do not involve ICE.

  • There is less crime.
  • The average household income is relatively high.
  • Poverty has decreased.
  • The percentage of people who rely on government aid is low.
  • The labor force participation rate has increased over time.
  • The ratio of employment to population is higher.
  • Unemployment has decreased.

Reasons why some communities choose to be sanctuary cities.

Firstly, many individuals across the country see immigration as a beneficial process and a human rights problem and believe it is the responsibility of U.S. citizens and politicians to assist in the protection of all people. People fleeing conflicts, poverty, and famine fall into this category. Chicago is one of these cities, with sanctuary policies stating that city authorities will not assist in the investigation or prosecution of persons purely based on their residency status. Likewise, Chicago does not discriminate against non-citizens when it comes to city services aimed at the poor and even provides a local I.D. that immigrants can use for transportation and library access.

Secondly, in terms of economic growth, several communities around the country where illegal immigrants work contribute to the community and industrial development. Undocumented workers, contrary to popular opinion, do pay taxes. They spend more in taxes than they will ever get back on their investment. Compared to native-born citizens of the United States, undocumented employees cannot file for social security benefits, are less likely to receive welfare, and have lower dollars spent on public entitlement programs.

Lastly, from a constitutional standpoint, being an illegal immigrant is a civil offense, not a criminal, according to the U.S. Constitution. Punishments for criminal crimes include jail time. Penalties are imposed for civil infractions. Deportation is currently the accepted consequence of being in the United States without authorization. Many people consider this a form of punishment and thus a human rights concern.

Pros and cons of sanctuary cities.

Pros

  • Undocumented immigrants and law police have a stronger relationship in sanctuary communities.
  • The Tenth Amendment protects sanctuary policies as legal.
  • Undocumented immigrants are protected from federal immigration rules in sanctuary communities.

Cons

  • Criminals are harbored in sanctuary communities, posing a threat to U.S. residents.
  • Federal laws obligate state and municipal governments, but sanctuary policies defy them.
  • Due to sanctuary legislation, local and state police personnel cannot carry out their duties.

Some people are against sanctuary cities in the U.S. Sanctuary cities have emerged as a contentious topic in the national debate about immigration and crime. The current argument is on whether sanctuary cities provide a haven for hardworking illegal residents or hardened undocumented criminals, increasing the level of crimes. This is controversial to research. Even though incarceration rates in the United States have risen, research repeatedly demonstrates that immigrants are less likely than native-born Americans to commit crimes. Unauthorized immigrants account for 11.3 million people in the United States. Around 9 million people live in families that include people with various legal statuses. If the entire population is afraid of being arrested and deported if they interact with authorities, they will be hesitant to report crimes, make statements, or testify in court. As a result of this chilling effect, cities become less secure for everyone.

There are other misconceptions associated with sanctuary cities, such as ICE agents’ tasks are hampered by sanctuary city legislation, sanctuary policies protect criminals, and undocumented immigrants benefit financially. They are rewarded for their efforts when they report crimes. These myths are associated with an increased danger to the public, whereas sanctuary cities have reported lower crime rates. There is no statistically significant link between rising crime rates and city sanctuary policies. As the United States’ population and ideas continue to increase, it is critical to view immigration through the prism of humanity rather than as a cost of imprisonment. Cities and communities that have declared themselves sanctuary continue to set an example.

While cities may argue that they should be allowed to operate as sanctuary cities, the next Administration and Congress may try to punish sanctuary towns by reducing federal funds to local governments. As a result, if a sanctuary city’s policy prohibits exchanging information with federal officials, it will already face budget losses. Any changes in federal funds resulting from a city’s failure to carry out a detainer request would almost definitely require Congress’ approval.

Wrapping up

Immigration is a problem that affects communities all around the country. From the perspective of human rights, welcoming immigrants and providing them with resources and help will achieve considerably more than arresting and deporting them. According to the research, illegal immigrants do not pose a significant threat to communities; instead, they positively impact them.

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Business

Benefits of Adding Saving Plan to your Investment Portfolio

Saving is a necessary element to add to your investment portfolio for saving your upcoming future; there are unlimited benefits that you can add with the help of saving plans. This article will brief you about what are the benefits of adding saving plans to your investment portfolio and what are the best investment plans that you can invest in. Make sure you read it till the end.

The benefits of investing money in saving plans are as follows –

  • Less risk on investment return

People approaching retirement are naturally apprehensive about taking on high-risk investments. It is always a good idea to put some of your money into things like life insurance and saving plans so that those who rely on you for a living are taken care of in the tragic case of your death.

  • Financial stability to secure your future

Although many individuals search forward more to old age, the prospect of not being well-off in their later years may be stressful for many individuals. Even though many individuals rely on their children or wider family to look for the elderly, maintaining one’s own secure income is the most pleasant way of life since you can always protect your family in various situations.

  • Budgeting for retirement has never been easier

It’s a lot simpler to arrange the details of your retirement when you know you’ll be getting money on a regular basis. If you have a guaranteed income plan, you can afford the luxuries of a retirement home along with coverage for your spouse.

  • Number of savings plans available to choose from

There is a number of saving plans that you can choose from. You can choose any plan that suits your needs in the most effective manner. Just make sure that the plan must satisfy your long-term financial needs along with the current ones.

  • Establishes a Retirement Fund

Savings plans that provide a stable income following retirement enable you to maintain savings even after your career has reached its pinnacle. Savings are made a whole lot simpler when some of these income programs allow you to delay taxes until you take earnings. Numerous savings plans also provide you the choice of withdrawing the guaranteed value in installments as a monthly income or as a lump payment, which is useful if your family has any pressing financial obligations, such as a children’s wedding or schooling.

Considering the above-mentioned benefits, it is crystal clear that by investing in saving plans, you can make your coming future more secure, particularly the retirement age. It is the most convenient plan for those who have a stable and consistent income source.

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Business

A Quick Guide To Buying a Home As Self-Employed

Buying property or even getting a loan as a self-employed person can be pretty tricky. Banks are more hesitant to offer loans or even mortgages to self-employed individuals for fear of unstable income. Moreover, there’s a lot of paperwork involved in buying a home as a self-employed. However, this should not stop you from wanting to purchase a home or cause you to begin looking for work to demonstrate your ability to repay the loan.

Compared to someone with full-time employment, you will need to present more documents throughout the loan application process if you work for yourself. Your company documents, money moving in and out, and source(s) of revenue will all be required by the lender. It isn’t easy to create this information if you don’t have suitable protocols since you don’t know where to start. As a result, your prospects of securing a loan will be reduced.

Here’s a quick guide to buying a home as a self-employed

1.    Get a Mortgage Broker

Working with a mortgage broker is one of the best ways to ensure you get to buy a home as a self-employed. Mortgage brokers deal with a broad network of wholesale lenders. They understand who provides self-employed loans, what their qualification requirements are, and who is your best hope for securing the mortgage you need to refinance or purchase a home. Mortgage brokers familiar with alternative financing programs can shop around for you to get the best rate (along with the lowest fees and closing expenses) among the lenders available. Therefore, ensure you get the best mortgage broker in Vancouver to help you secure a home as self-employed.

2.    Seek Alternative Mortgage Lenders

Since banks may make it difficult for the self-employed to buy a home, an alternative mortgage can be your best bet. Unique loan conditions, an online mortgage application procedure, speedy application processing, and other perks may be available from private mortgage lenders or B-lenders, that aren’t accessible through a bank. Plus, today’s market is flooded with lenders and brokers that can assist you in navigating the maze and finding the best mortgage for you. Additionally, your bank-sponsored mortgage alternatives may be limited if you’re a less-than-ideal applicant with a poor credit score or a patchy job history. In some circumstances, alternative lenders may be able to provide you with loan possibilities that you won’t be able to find anywhere else.

3.    Apply For Home Equity Loans

Although it may be pretty challenging, getting a home equity loan is possible. The lender will want proof of a lucrative income as the most crucial element. When it comes to proving it, some lenders are more arduous than others. One lender may want two years of financial statements, while another may require three years. As a result, a no-doc loan is probably out as well.

Secondly, When contemplating a home equity loan, all lenders analyze the debt-to-income ratio, which typically requires a maximum of 36 percent, including all mortgages and loans. When you’re self-employed, it appears that staying as far away from this figure as possible is a brilliant idea. Also, checking your credit report before applying is crucial.

In conclusion, buying a home as a self-employed is challenging as most lenders tend to shy away from such individuals to fear the lack of a steady income. However, there are few ways you can get to buy a house as self-employed and the above mentioned are some of them.

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Business

Michael Van Eaton Discusses The Relaxing and Educational Fun of Working Around the House

Michael Van Eaton has done many things in his life and is enjoying taking it easy at the moment. In this newfound stillness, he’s found a strange sense of peace and wonder in the little thing of life. For example, he recently discovered just how rewarding housework of all types could be to his life. Not only that, he found out that it could be educational in ways he would never have anticipated.

Michael Van Eaton Discusses His Love of Housework

Michael Van Eaton finds that housework, which he had not enjoyed when he was younger, becomes an almost zen-like experience when approached properly. In other words, simple work can help clear the mind and relax the body. This work doesn’t have to be incredibly challenging to be rewarding. Even something as simple as washing the dishes by hand or shoveling the sidewalk is rewarding.

This type of mental relaxation is critical because stress and anxiety are such common thieves of joy. People going through challenging experiences often find themselves stiffening up both physically and mentally and struggling to handle their daily life. A little light housework could bring a new sense of relaxation and even joy into their lives, minimizing their struggles and keeping them safe and happy.

Michael Van Eaton also finds that housework brings him a sense of physical energy that would be hard to get if he just took it easy around the house. Standing up to sweep, mop, fix up various damage, and perform other home upgrades keeps him moving and active. That kind of energy goes not just to his body but his mind as well, providing him with more mental energy to handle the day ahead.

Lastly, Michael Van Eaton says that housework can be educational. How is that possible? Just think of fixing up your home as a great example of this educational benefit. You take the time to build up various elements of your house, repairing damage and other mistakes. Yes, you might end up making mistakes, but the progress along the way is very educational and intimately rewarding.

The biggest lessons he says that he takes from this housework are patience and taking your time. In today’s modern world, the average mind is too stimulated and often struggles to relax. Learning to take it easy and relax and have patience with the world around you can bring amazing dividends and ensure that you don’t end up in any difficulties later in life, he says.

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Finance

Five reasons why businesses should try Neobanking

With the advent of digital advancement and multiple technologies coming into existence, even the banking sector has moved ahead from its traditional way of operations.

With disruptions happening in all ecosystem, banking is not an exception. If you follow the latest tech terminologies, chances are that you have heard about a concept called Neobanking.

What exactly are these Neobanks? These are digital banks with no physical branches. Yes, you read it right. They have no physical branches like how normally banks would have and exclusively operate online. A few fintech startups i.e., startups in the space of financial technology, have come up with the concept of Neobanks for the retail customers. They also provide specialized services for your current account, that rely on high-end technologies like Artificial Intelligence and Machine Learning.

In India, Neobanks are not provided with an official banking license. Therefore, they depend on traditional banks to carry out their operations. They work in collaboration with the local banks to offer their services to the customers.  Neobanks are also targeting markets that are unreserved. If you are wondering whether this is meant for your business or not, then read on to know the reasons that you can consider to get started.

Here’s presenting five reasons why businesses should try Neobanking:

  1. More cost effective than the traditional banks

Neobanks are a cheaper alternative than our traditional bank accounts. As the charges are lesser, small to medium businesses are particularly interested in these offerings, making the adoptions rates higher among these businesses. Since these banks have an online presence only, the money spends on resources such as offices, etc. is not applicable here which enables them to offer low-cost services to the customers.

  1. Unified platform for all your monetary transactions

Neobanking puts together all your banking needs at one place, and on a single user interface. You can carry out multiple operations from a single platform.

  1. Provides a seamless banking experience

The online banking portal is user friendly, flexible and has robust APIs. You can view your financial summary, their patterns, etc. The options provided on a single platform are varied.

  1. Convenience and time-efficient

A very handy feature is that this banking is available 24*7, unlike regular banks where the doors are closed at a fixed time.

  1. Provides you the best of technology for your banking experience

The technology used here helps businesses to identify any errors, track their finances and you can even schedule al your payments and execute them as per your preference.

Just like every other field, the world of banking is witnessing major breakthroughs making it much or easier for businesses to access their transactions and reduce the complexities associated with it. Neobanks are one such technological wonders that have disrupted the banking ecosystem and made things much easier.

Disclaimer: The above article is subjective and generic in nature. It is purely for informational purposes only. It is recommended not to substitute this article in place of a professional advice.

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Finance

Remittance Tips for Online Money Transfer

Online remittance is one of the most convenient methods to transfer money. However, there are a few things that you should keep in mind when making an online money transfer, such as choosing well-established banks with an online presence, thus ensuring safety and security of the funds.

In this article, we will discuss a few tips to ensure a hassle-free online money transfer process.

Online remittance has helped many people living abroad to send money to their friends and family. While it has made the transfer process quick and simple, there are a few things to consider before transferring money.

Here are some tips that can make your money transfer process hassle-free:

  • Compare different service providers

One of the most important things you should do is compare different remittance service providers. This will help you find the best deal for you. For instance, you should use an online exchange rate calculator.

Most service providers will have this tool on their website. For example, if you want to transfer money from Germany to India, with the help of this calculator, you can find out the existing exchange rate for euro to rupee. This tool will help you calculate the amount of funds your recipient will receive. Compare different service providers based on this amount, and you’ll know which one is right for you.

  • Opt for a reputed service provider

The exchange rate is an important factor, but the reputation of the service provider is also very crucial. Online money transfer frauds offer great exchange rates to lure customers. Opting for such a service provider will lead to a loss of money. Hence, many people prefer banks for money transfers as they ensure the security of your funds.

  • Protect your ID and password

In order to use online money transfer service, you’ll require your ID and password. These details will be shared with you once you register yourself with a service provider.

Don’t share your ID and password with anyone, in order to ensure the safety of your funds and create a strong password for your account. Furthermore, choose a service provider with advanced security features such as OTP authentication etc.

  • Check the transfer charge

While looking for service providers, you should check their transfer fee and other charges. This fee can be deducted from the amount of money you want to send. Thus, you’ll know the exact amount your recipient will receive once you know the charges.

  • Know the transfer tracking number

You will receive a transfer tracking number once you start the transfer process. This number can be used to check the status of your money transfer. It is important to note the transfer tracking number because it will be required in case you need to contact customer support.

  • Understand how to contact the support team

It is important to contact the support team in case of an emergency, such as an unauthorised login. Hence, while looking for service providers, you should also understand how to contact them. This can help you secure your funds. Select easily reachable service providers which have strong presence across the domain.

Choose Online Remittance Service Providers to Transfer Money to India

Sending money has become easy due to online money transfer services. However, it is important to keep these tips in mind when making a money transfer.

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Business

5 Factors That Affect Your Email Deliverability

Whether you’re working on your own email marketing strategy or you’ve hired an Ecommerce Email Marketing Agency you’ve probably heard about the importance of constantly tracking your statistics to ensure a healthy deliverability that will later on guarantee a better performance and conversion rate.

Successful deliverability equals successful email marketing.

Email deliverability is the foundation of email marketing and it plays the most important role when it comes to placing your email in the subscriber’s inbox.

Marketers spend lots of time and effort on creating the perfect email – effort that it’s worthwhile. Having the right amount of text and images, using an eye-catching font, tailored content, selecting the best sending time and frequency are all key factors on the email marketing strategy. However, all the effort is wasted if your subscribers never get to open the email because it never arrived in their inbox.

With all this said, let’s talk about some factors that directly affect your deliverability health to help you define your strategy and reach out to as many subscribers as possible without interfering with your deliverability health.

  1. Infrastructure

The servers, setup and controls used by a company’s ESP – email service provider – directly affects how mailbox providers perceive their emails. Also, email authentication is also part of good email infrastructure but, don’t worry, most ESPs automatically authenticate the IP addresses and domains used. Authenticating your email with SPF and DKIM standards as well as setting up DMARC records is super important to ensure good deliverability.

  1. Email Volume

The more emails a brand sends, the more the mail providers keep an eye out on their messages. This is why very large senders will naturally struggle more to keep a good deliverability. By using sending patterns you’ll be one step ahead since inbox providers like to see predictable patterns in sending volumes from a brand. This also means that you’ll need to slowly increase the volume over weeks when heading into higher email frequency seasons such as retailers holiday season.

  1. Beware of Spam Traps

When planning and scheduling your campaign it is super important to exclude those subscribers that had hard bounce and those who are potential spam traps, this last one demonstrates that the brand has poor subscriber acquisition practices and is highly penalized by inbox providers and blocklist operators that identify spammers.

  1. Engagement

Positive feedback is as important as negative feedback when it comes to reputation, and mailbox providers pay lots of attention to it in the form of opens and other behaviors that indicate if the subscribers want to receive your emails.

  1. Reputation

Email reputation is calculated by each mailbox and it’s provided according to its own secret and unique and secret weighting of some factors and subfactors, take care of it by closely monitoring the performance of your campaigns, Keep good ORs, CRs, and low Spam Complaints & Bounces. There are some important aspects why you might be landing in spam so take this into consideration to optimize your reputation.

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Industrial News

Road project set to spur industrial growth in Weirton

Road project set to spur industrial growth in Weirton

Portion of federal funding to be used to open property for future opportunities

WEIRTON — A portion of the more than $40 million awarded to Brooke and Hancock counties through the recent Congressional spending bill will assist in opening up former steel-making property in Weirton for future economic development opportunities.

Of the funds announced March 11, $3 million was awarded to the Brooke-Hancock-Jefferson Metropolitan Planning Commission, and $1 million to the City of Weirton, with the goal of constructing an industrial access road through the Frontier Crossings development in Weirton.

“The goal is to connect the dots,” Mike Paprocki, executive director of BHJ, explained, noting plans are for the road to stretch from the Cove Road and Weir Avenue intersection, through the property now owned by the Frontier Group of Companies, and eventually lead to Brown’s Island.

Paprocki said while the road would be a public right-of-way, it’s primary purpose would be to carry industrial traffic.

Weirton City Manager Mike Adams expressed appreciation to U.S. Sen. Shelley Moore Capito, R-W.Va., U.S. Sen. Joe Manchin, D-W.Va., and U.S. Rep. David McKinley, R-W.Va., for their support of the funded projects in the region.

“That’s a testament to what they think of this area,” Adams said. “That’s their recognition that this is a special place.”

The city manager noted he believes a big selling point for the federal funds being provided was the amount of private funding already invested by the Frontier Group, which has amounted to close to $90 million to prepare the land.

“This site has tremendous potential,” Adams said, adding he feels it is only a matter of time before prospects make a decision to locate operations in the city.

Pat Ford, business development director for the Frontier Group of Companies, also expressed appreciation to West Virginia’s Congressional delegation, as well as to city officials and the BHJ, for their work in obtaining the funds.

“What’s exciting about this news is our voices are heard,” Ford said.

Ford said the Frontier Group has been meeting with numerous prospects about the property, with the potential for $1.2 billion in investment, but the construction of the road is needed for the efforts to move forward.

“There is not a week that goes by we’re not talking to someone,” Ford said, explaining prospects include both national operations planning to grow and international companies looking for a foothold in the U.S. markets.

Once the road is complete, it will further solidify transportation corridors through the region for roadway, river and rail.

“It’s multi-modal,” Paprocki said, adding the development also will further open industrial access in the northern parts of Hancock County and beyond.

In addition to the $4 million for the road project, the area also is set to receive $22.47 million for use in the planned expansion of the Weirton water treatment plant, $10.3 million for improvements to Follansbee’s wastewater treatment system, $1.96 million for water infrastructure improvements in the Beech Bottom Industrial Park and $4 million for improvements to a railroad bridge in the north end of Follansbee.

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Top Stories

BuzzFeed investors have pushed CEO Jonah Peretti to shut down entire newsroom, sources say

• Several large shareholders have urged BuzzFeed CEO Jonah Peretti to shut down the company’s news organization. • BuzzFeed News has won awards, including a Pulitzer Prize, but is now shrinking through voluntary buyouts. • BuzzFeed News has about 100 employees and loses roughly $10 million a year, according to people familiar with the matter. BuzzFeed is shrinking its money-losing news organization, the company announced Tuesday, amid what people familiar with the matter describe as broader investor concern that the division is weighing down the company. Several large shareholders have urged BuzzFeed founder and CEO Jonah Peretti to shut down the entire news operation, said the people, who asked not to be named because the discussions were private. BuzzFeed declined to comment. BuzzFeed’s stock closed over 6% higher at $5.27 on Tuesday. BuzzFeed News, which is part of its content division, has about 100 employees and loses roughly $10 million a year, two of the people said. The company, which also has advertising and commerce divisions, said Tuesday its full-year content revenue grew 9% in 2021 to $130 million. One shareholder told CNBC shutting down the newsroom could add up to $300 million of market capitalization to the struggling stock. The digital media company went public via a special purpose acquisition vehicle in December. The shares immediately fell nearly 40% in their first week of trading and haven’t recovered. Peretti has been a vocal champion of the importance of BuzzFeed News for years, calling it “good for the world, good for business, and good for our company culture.” The organization’s newsroom has won several awards, including a Pulitzer Prize and a George Polk Award. “This morning we announced plans to accelerate profitability for BuzzFeed News, including leadership changes, the addition of a dedicated business development group, and a planned reduction in force,” Peretti said Tuesday. “We will prioritize investments around coverage of the biggest news of the day, culture and entertainment, celebrity, and life on the Internet.” The company has offered voluntary buyouts to fewer than 30 employees, according to a person familiar with the matter, who asked not to be named because the decision is private. The buyout is only available to reporters and editors who cover investigations, inequality, politics or science and have worked for the company for more than a year. BuzzFeed plans to make the buyout proposal to the NewsGuild of New York regarding its U.S. staffers. Rather than shut down BuzzFeed News, Peretti is attempting to make the division profitable. He has a ready-made template: He made the decision to lay off 70 HuffPost staffers last year after acquiring the company from Verizon Media. “Though BuzzFeed is a profitable company, we don’t have the resources to support another two years of losses,” Peretti said at the time. “The most responsible thing we can do is to manage our costs and ensure BuzzFeed — and HuffPost — are set up to prosper long-term. That’s why we’ve made the difficult decision to restructure HuffPost to reach profitability more quickly. Our goal is for HuffPost to break even this year.” HuffPost is now profitable, according to a person familiar with the organization. Editor-in-chief departs Ahead of the job cuts, Mark Schoofs, BuzzFeed News’ editor-in-chief, told staff Tuesday he’s leaving the company. Samantha Henig, BuzzFeed News’ executive editor of strategy, will run the newsroom on an interim basis. Deputy Editor-in-Chief Tom Namako and Ariel Kaminer, executive editor of investigations, are also resigning. Namako is joining NBC News’ digital operation as executive editor. In its fourth-quarter earnings release, Buzzfeed said quarterly revenue grew 18% year over year to $146 million. Profit rose to $41.6 million, up 29% from the same period the year before. Full-year revenue grew 24% year over year to $398 million. Net income more than doubled from last year to $25.9 million.
  • Several large shareholders have urged BuzzFeed CEO Jonah Peretti to shut down the company’s news organization.
  • BuzzFeed News has won awards, including a Pulitzer Prize, but is now shrinking through voluntary buyouts.
  • BuzzFeed News has about 100 employees and loses roughly $10 million a year, according to people familiar with the matter.

BuzzFeed is shrinking its money-losing news organization, the company announced Tuesday, amid what people familiar with the matter describe as broader investor concern that the division is weighing down the company.

Several large shareholders have urged BuzzFeed founder and CEO Jonah Peretti to shut down the entire news operation, said the people, who asked not to be named because the discussions were private. BuzzFeed declined to comment.

BuzzFeed’s stock closed over 6% higher at $5.27 on Tuesday.

BuzzFeed News, which is part of its content division, has about 100 employees and loses roughly $10 million a year, two of the people said. The company, which also has advertising and commerce divisions, said Tuesday its full-year content revenue grew 9% in 2021 to $130 million.

One shareholder told CNBC shutting down the newsroom could add up to $300 million of market capitalization to the struggling stock. The digital media company went public via a special purpose acquisition vehicle in December. The shares immediately fell nearly 40% in their first week of trading and haven’t recovered.

Peretti has been a vocal champion of the importance of BuzzFeed News for years, calling it “good for the world, good for business, and good for our company culture.” The organization’s newsroom has won several awards, including a Pulitzer Prize and a George Polk Award.

“This morning we announced plans to accelerate profitability for BuzzFeed News, including leadership changes, the addition of a dedicated business development group, and a planned reduction in force,” Peretti said Tuesday. “We will prioritize investments around coverage of the biggest news of the day, culture and entertainment, celebrity, and life on the Internet.”

The company has offered voluntary buyouts to fewer than 30 employees, according to a person familiar with the matter, who asked not to be named because the decision is private. The buyout is only available to reporters and editors who cover investigations, inequality, politics or science and have worked for the company for more than a year. BuzzFeed plans to make the buyout proposal to the NewsGuild of New York regarding its U.S. staffers.

Rather than shut down BuzzFeed News, Peretti is attempting to make the division profitable. He has a ready-made template: He made the decision to lay off 70 HuffPost staffers last year after acquiring the company from Verizon Media.

“Though BuzzFeed is a profitable company, we don’t have the resources to support another two years of losses,” Peretti said at the time. “The most responsible thing we can do is to manage our costs and ensure BuzzFeed — and HuffPost — are set up to prosper long-term. That’s why we’ve made the difficult decision to restructure HuffPost to reach profitability more quickly. Our goal is for HuffPost to break even this year.”

HuffPost is now profitable, according to a person familiar with the organization.

Editor-in-chief departs

Ahead of the job cuts, Mark Schoofs, BuzzFeed News’ editor-in-chief, told staff Tuesday he’s leaving the company. Samantha Henig, BuzzFeed News’ executive editor of strategy, will run the newsroom on an interim basis.

Deputy Editor-in-Chief Tom Namako and Ariel Kaminer, executive editor of investigations, are also resigning. Namako is joining NBC News’ digital operation as executive editor.

In its fourth-quarter earnings release, Buzzfeed said quarterly revenue grew 18% year over year to $146 million. Profit rose to $41.6 million, up 29% from the same period the year before.

Full-year revenue grew 24% year over year to $398 million. Net income more than doubled from last year to $25.9 million.

 

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