Business

Here's why so many Reddit communities are planning to go offline for 48 hours (or more)

The front page of the Internet is going to be pretty sparse next week.

Over 800 subreddits have announced plans to go dark, making their content inaccessible to users on June 12 and 13 (and in some cases longer)and the number continues to grow rapidly. Included among the list are r/gaming, r/pics and r/todayilearned, al of which have more than 30 million subscribers each.

r/wallstreetbets, which has had a profound impact on the stock market over the past few years, will also take part in the protest.

At issue is Reddits decision to impose charges on certain third-party apps to utilize their application programming interface (API), a tool that powers popular tools like narwhal, Apollo and Infinity which give users an alternate way to browse Reddits forums.

This collective action is intended to raise awareness and urge Reddit to reconsider their recent API changes, read a message on r/pics. Our primary goal is to initiate a productive dialogue with Reddit, leading to a reversal of the detrimental modifications they have implemented. We understand that this blackout may cause temporary inconvenience to our community, and for that, we apologize. However, we firmly believe that this short-term disruption will bring long-term benefits for every user.

Reddit first announced changes to its API policy in April, but the ramifications of that werent clear until earlier this month. The founder of the Apollo app posted on Reddit that in order to keep that business running as is, it would have to pay Reddit $20 million per year. And a developer for RIF, another third-party reader, said the changes to the API policy will likely kill his app and others.

Reddit has said it is charging the fee for its API to cover the costs of an ad-free experience.

While most of the subreddits plan to stay dark for two days, others (including r/music) say they will stop operating indefinitely, since they say moderators are unable to do their work with the tools on Reddits official app.

When asked for a comment, a Reddit spokesperson told Fortune: Were in contact with a number of communities to clarify any confusion around our Data API Terms, platform-wide policies, community support resources, and timing for new moderator tools. Were committed to fostering a safe and responsible developer ecosystem around Reddit developers and third-party apps can make Reddit better and do so in a sustainable and mutually-beneficial partnership, while also keeping our users and data safe.

JPMorgan assures investors Jamie Dimon has no plans to run for U.S. Presidentyet

Jamie Dimon has steered the worlds most valuable bank for over 17 years, through the maelstrom of the global financial crisis and a once-in-a-century pandemic. In the process hes scooped up competitor after competitornames like Bear Stearns, Washington Mutual and most recently First Republicand cemented JPMorgans dominance at the top of the industrys league tables.

Whatever one may think about JPMorgan, a bank now so large that the First Republic deal needs a legal waiver just to proceed, Dimon himself is considered a constant. In December, Bloomberg even elevated him to the status as greatest banker of his time.

Now, Dimons statureand length of tenurehave raised questions about who will replace him, and what he will do next.

My best estimate would be the stock declines by 5% if Jamie were to leave suddenly, banking analyst Mike Mayo of Wells Fargo told Yahoo Finance on Saturday. Which would make him the $20 billion man.

The issue of CEO succession on Wall Street came to the forefront with Morgan Stanley veteran boss James Gormans recent announcement of his plans to step down, prompting Bloomberg TV to probe Dimon last week over a potential run for public office.

While Dimon gave no impression he was backtracking from a pledge he made last month to stay in the saddle for another three and a half years, he left the door open just enough for speculation to quickly bubble to the top.

That slight bit of possibility opened up a tsunami of speculationand led bank officials to finally decide it was time to nip any further talk of an imminent political career in the bud.

Looming dilemma over 2024 rematch

On Monday, JPMorgan assured its shareholders that one of the foremost authorities on global finance will remain true to his word.

As he has said in the past, Jamie has no plans to run for office, the bank said. He is very happy in his current role.

One of the reasons for the fervent speculation is the looming dilemma of a 2024 rematch between two Oval Office holders, Biden and Trump, an outcome few Americans consider ideal.

Doubts abound over whether the duo have the stamina at their age to credibly run for the countrys highest office, with Biden already 80 and Trump turning 77 this month. Experts worry both parties suffer from a thin bench, questioning whether there are any capable alternatives, or if the two men are really the best each party has to offer.

A Reuters/Ipsos poll conducted in April already showed that a majority of registered voters do not want either to run again.

When Bloomberg TV, owned by former Biden 2020 presidential rival Michael Bloomberg, interviewed Dimon, its presenter Stephen Engle almost sounded like he was asking for his boss.

Wall Street is not too pleased about a potential Trump vs Biden run-off next year. Has the scenario ever crossed your mind that you would run for public office? asked Engle.

Its perhaps no surprise then that billionaire hedge fund manager Bill Ackman publicly endorsed him as a candidate within hours of the JPMorgan boss suggesting maybe one day hell serve his country.

Real-life succession

Whether any of Dimons purported successors is up to the job of managing a $400 billion behemoth that dwarfs all rivals is a question that is sure to worry investors.

The profile of corporate and investment banking boss Daniel Pinto is a fraction of Dimons, while the co-CEOs of JPMorgans retail bank ChaseJennifer Piepszak and Marianne Lakeare still mired in controversy over their acquisition of fraudulent fintech Frank.

Aprils annual letter to shareholders included only a brief reference to the banks hit-by-the-truck succession plan that involved multiple successor candidates who are well known to the board and to the investor community. One would only expect so given the size of the shoes that person will have to fill.

For now, however, it looks as if Wall Street wont have to say goodbye to Jamie Dimon just yet.

Astrud Gilberto, Brazilian singer who became the voice of bossa nova with 'The Girl from Ipanema,' dies at 83

Astrud Gilberto, the Brazilian singer, songwriter and entertainer whose off-hand, English-language cameo on The Girl from Ipanema made her a worldwide voice of bossa nova, has died at age 83.

Musician Paul Ricci, a family friend, confirmed that she died Monday. He did not provide additional details.

Born in Salvador, Bahia and raised in Rio de Janeiro, Gilberto became an overnight, unexpected superstar in 1964, thanks to knowing just enough English to be recruited by the makers of Getz/Gilberto, the classic bossa nova album featuring saxophonist Stan Getz and her then-husband, singer-songwriter-guitarist Joao Gilberto.

The Girl from Ipanema, the wistful ballad written by Antonio Carlos Jobim and Vinicius de Moraes, was already a hit in South America. But Getz/Gilberto producer Creed Taylor and others thought they could expand the records appeal by including both Portuguese and English language vocals. In a 2002 interview with friends posted on her web site www.astrudgilberto.com, Astrud Gilberto remembered her husband saying he had a surprise for her at the recording studio.

I begged him to tell me what it was, but he adamantly refused, and would just say: Wait and see Later on, while rehearsing with Stan, as they were in the midst of going over the song The Girl from Ipanema, Joao casually asked me to join in, and sing a chorus in English, after he had just sung the first chorus in Portuguese. So, I did just that, she explained.

When we were finished performing the song, Joao turned to Stan, and said something like: Tomorrow Astrud sing on record What do you think? Stan was very receptive, in fact very enthusiastic; he said it was a great idea. The rest, of course, as one would say, is history.

Astrud Gilberto sings The Girl from Ipanema in a light, affectless style that influenced Sade and Suzanne Vega among others, as if she had already moved on to other matters. But her words, translated from the Portuguese by Norman Gimbel, would be remembered like few others from the era.

Tall and tan and young and lovely

The girl from Ipanema goes walking

And when she passes

Each one she passes goes, Ah

Getz/Gilberto sold more than 2 million copies and The Girl from Ipanema, released as a single with Astrud Gilberto the only vocalist, became an all-time standard, often ranked just behind Yesterday as the most covered song in modern times. The Girl from Ipanema won a Grammy in 1965 for record of the year and Gilberto received nominations for best new artist and best vocal performance. The poised, dark-haired singer was so closely associated with The Girl from Ipanema that some assumed she was the inspiration; de Moraes had written the lyrics about a Brazilian teenager, Heloísa Eneida Menezes Paes Pinto.

Over the next few years, Gilberto toured with Getz among others and released eight albums (with songs in English and Portuguese), among them The Astrud Gilberto Album, Beach Samba and The Shadow of Your Smile. But after 1969, she made just seven more albums and by 2002 had essentially retired from the business and stopped giving interviews, dedicating her latter years to animal rights activism and a career in the visual arts. She would allege that she received no money for The Girl from Ipanema and that Taylor and Getz (who would refer to her as just a housewife) took undue credit for discovering her. She also felt estranged from her native country, alleging she was treated dismissively by the press, and rarely performed there after she became a star.

Isnt there an ancient proverb to the effect that No one is a prophet in his own land? she said in 2002. I have no qualms with Brazilians, and I enjoy myself very much when I go to Brazil. Of course, I go there as an incognito visitor, and not as a performer.

Astrud Weinert was the youngest of three sisters, born into a family both musical and at ease with foreign languages: Her mother was a singer and violinist, her father a linguistics professor. By her teens, she was among a circle of musical friends and had met Joao Gilberto, a rising star in Rios emerging bossa nova scene.

After I got together with Joao, the clan grew larger, to include older folks such as Tom Jobim, Vinicius de Morais, Bene Nunes, Luis Bonfa and Joao Donato, and of course, their respective other halves, she recalled. Joao Gilberto and I used to sing duets, or he would accompany me on guitar. Friends would always request that I sing at these gatherings, as well as at our own home when they would come to visit us.

She was married twice and had two sons, Joao Marcelo Gilberto and Gregory Lasorsa, both of whom would work with her. Well after her commercial peak, she remained a popular live act, her singing becoming warmer and jazzier as she sang both covers and original material. She also had some notable moments as a recording artist, whether backed by trumpeter Chet Baker on Fly Me to the Moon or crooning with George Michael on the bossa nova standard Desafinado. In 2008, she received a Latin Grammy for lifetime achievement.

I have been labeled by an occasional frustrated journalist as a recluse. The dictionary clearly defines recluse as a person who withdraws from the world to live in seclusion and often in solitude. Why should anybody assume that just because an artist chooses not to give interviews, he/she is a recluse? she said in 2002.

I firmly believe that any artist who becomes famous through their work be it music, motion pictures or any other does not have any moral obligation to satisfy the curiosity of journalists, fans or any members of the public about their private lives, or anything else that does not have any direct reflection on their work. My work, whether perceived as good, bad, or indifferent, speaks for itself.

Gen Z are getting lessons on how to smile without masks

Gen Z students in Japan are holding mirrors up to their faces, stretching the sides of their mouths upward with their fingers and rediscovering how to smile.

They are taking classes from a smile instructor, Keiko Kawano, after becoming too accustomed to wearing face masks for over three years.

The former radio host started giving lessons in 2017, but according to Reuters, her company Egaoiku which translates to Smile Education has seen over a four-fold jump in demand in the last year.

Himawari Yoshida, a 20-year-old art student said that smiling lessons have become part of her schools curriculum to prepare them for the job market.

I hadnt used my facial muscles much during COVID so its good exercise, she told Reuters while explaining that she needs to work on her smile.

Kawanos clientele range from Gen Z students like Yoshida to salespeople that are trying to be more approachable with customersand a one-hour-long lesson is setting them back 7,700 yen ($55).

Her trademarked Hollywood Style Smiling Technique method comprises shaping the edges of the mouth to bare eight pearly whites in the upper rowand students can practice their technique on a tablet to get scored on their grins.

Mask mandates have lifted, but its embedded in culture

Japan was one of the last major economies to relax its official guidance on face coverings, in March this year.

Dubbed mask-free Monday, Disney park operator Oriental Land Co, East Japan Railway Co and cinema operator Toho Co were among the major companies to finally drop their mask requirements.

In most situations, its now up to individuals to mask upbut its unlikely people will completely ditch face coverings as it was embedded in Japanese culture long before the pandemic.

In fact, a recent poll by Japans public broadcaster NHK showed that only 6% of people planned to stop wearing masks altogether.

Tellingly, Reuters reported that roughly a quarter of the students who took Kawanos class kept their masks on during the lesson.

Young people have, perhaps, become used to life with masks, Kawano said, while adding that women might find it easier to go out without makeup and men could hide that they hadnt shaved.

Part of a wider issue

Even in parts of the world where mask mandates were dropped early on, young people are struggling to adapt to lifeand the social norms that come with itpost-pandemic.

As Gen Z Japanese students find solutions to their smiling regression, COVID-era graduates in the U.K. are learning how to work with others again.

Two of the worlds Big Four accounting firms are now offering extra training to young new hires who have less confidence doing basic tasks such as making presentations and speaking up in meetings.

Deloitte and PwC, who run some of the largest graduate recruitment programs in Britain, took stock that junior employeeswho spent part of their school or university years isolated from their peershave weaker teamwork and communication skills than previous cohorts.

This means that there is a greater need for employers to provide training on basic professional and working skills, that wasnt necessary in prior years, said Jackie Henry, Deloittes U.K. managing partner for people and purpose.

You might not be redeeming travel rewards for their highest value. Heres what you should know

These days, theres a rewards credit card for just about everyone, including frequent travelers. Whether you fly around the country for work, enjoy taking your family on vacations, or love to sightsee solo, earning rewards on your travel spending is a great way to save money and get free perks.

However, if youre sitting on unused travel points or miles, they arent doing you any good; you have to use your points strategically to get the most value of of them. So if you want to use your travel rewards but arent sure where to start, heres what you need to know.

Types of travel rewards

Travel rewards can come in a few different forms. Its important to understand the various types of travel rewards so you can earn and redeem them strategically:

Hotel points: These are rewards points that you earn when using a co-branded hotel credit card, such as the Hilton Honors American Express Card or IHG Rewards Premier Credit Card. You can also earn points by joining a hotels loyalty program. Points translate to a dollar value, depending on the card and how theyre redeemed. Hotel points are typically used to book stays, room upgrades, spa services, and more with that particular brand.
Airline miles: Similar to hotel points, airline miles are earned by spending money through a co-branded airline credit card, such as the American Airlines AAdvantage MileUp or Delta SkyMiles Blue American Express Card, or through an airlines loyalty program. You can use your miles to book flights, cabin upgrades, etc. through the airline and its partners. Again, the exact value of your miles will depend on the card, airline, and redemption method.
Flexible travel points: These rewards points offer more flexibility when it comes to using them, and are typically offered by general (non-branded) travel credit cards such as the Capital One Venture Rewards Credit Card and Chase Sapphire Preferred Card. These types of cards offer an online portal that you can sign into and then make travel-related purchases using your points, such as flights, hotel stays, cruises, rental cars, and more. You can also transfer points to the cards airline and hotel partners.

How to use your travel rewards

Once youve racked up some travel rewards, you have several ways to use them. Here are some of the most common options.

1. Book directly with the travel company

If you have a specific airline or hotel you want to book through, you can visit their website, log into your account, and purchase a flight or hotel stay using the points you have available. This is the most straightforward option for redeeming travel rewards. Plus, your rewards are often most valuable when used to book directly with the chain you earned points with.

Keep in mind that just like when youre booking a flight or room with cash, the total number of points needed will depend on whether youre booking a more standard or premium option. For example, plane seats in an exit row or business class will require more miles than a spot in coach. Similarly, booking a suite or poolside hotel room will require more points than a standard room at the base rate.

2. Book travel through your issuers portal

Most major travel card issuers have a special website for redeeming travel rewards. Typically, issuers will have an online portal with redemption options including travel booking, travel reimbursement, gift cards, and cash (usually in the form of statement credits or deposits to eligible accounts), says Rachana Bhatt, head of credit card, unsecured lending, and retail lending distribution at PNC. Within each redemption category, consumers usually have the ability to choose from numerous options like airline tickets, hotel stays, car rentals, cruises, experiences, restaurant and store gift cards, and much more.

The conversion rate for travel points is typically 100 points to every dollar. However, some card issuers may bump up the value of your points when you go through their portal rather than booking directly through travel partner websites. Chase Ultimate Rewards points, for example, see a 25% to 50% redemption bonus when used to book travel through the portal, depending on the particular card you used to earn them.

3. Transfer to a loyalty program

Some credit card issuers have partnerships with different hotel and airline brands to allow cardholders to transfer their reward points directly to the travel partner. For example, American Express has three hotel partnersChoice Privileges, Hilton Honors, and Marriott Bonvoyas well as 18 airline partners, including Delta and JetBlue. Capital One is partnered with three hotel chains and 15 airlines.

Leveraging points transfer partners is a popular way to use travel credit card rewards and can make cardmembers points go even further for them and their travel plans, says Pam Habner, CEO of U.S. branded cards and lending at Citi. Through points transfers, cardholders can redeem their points and convert them to another airline or hotel loyalty program which can provide cardmembers access to even more perks during their travels based on the loyalty programs offerings. Habner adds that keeping an eye on limited-time offers can help you find the best conversion rates for your rewards redemption.

While this is often the method for getting the highest redemption value from your points, keep in mind that it does require a lot more research and knowledge of how various loyalty programs work. Additionally, once youve transferred your points to a partner, you cant transfer them back.

4. Go through an award booking service

If you dont want to go through the effort of comparing redemption options, points values, and loyalty programs, you could opt to use an award booking service such as Award Advocate or Mile Value. These services specialize in redeeming complicated travel awards, and will search for award availability and book travel for you, for a fee.

There are definitely benefits to going this route. For one, youll free up time to focus on other things while your travel is being planned for you. Plus, an award booking service may know about more redemption options that you wouldnt otherwise be aware of, opening up possibilities for redeeming rewards at a higher rate. On the other hand, the fee to use these services will eat into any savings you secure.

5. Redeem for a statement credit

One of the simplest ways to redeem your travel rewards is by booking your travel directly, then requesting a statement credit to offset the cost on your credit card balance. With this method, you dont have to worry about comparing redemption values across multiple partners or programsyou simply get the value of your points added back to your balance as a credit, reducing the total amount owed.

The downside is that you might miss out on higher redemption values. points redeemed for a statement credit are worth about 1 cent each, versus the higher values you can enjoy by redeeming via other methods.

5 Tips for getting the most out of your travel rewards

Choosing the best redemption method isnt the only way to maximize your travel reward values and save the most money. Here are a few more ideas to keep in mind:

Understand your program: Not all reward programs are created equal. Some offer more value on flights, while others are better for hotel stays or car rentals. Take some time to learn the rules and restrictions of your rewards program so you can use points strategically. Bhatt added that you should have an understanding of your point redemption values before using them. For a general rule of thumb, consumers should aim for a redemption value of at least one cent per point/mile, she says. If youre redeeming your points/miles for a particular gift card with a face value, that math should be fairly easy. However, if youre redeeming your points/miles for a flight or hotel stay, youll need to do a bit of extra research to find the actual cash value of the flight or hotel stay.
Double dip: Use a rewards credit card to book flights, hotels, or car rentals that also have their own rewards program. This way, you'll earn rewards on a single transaction from both from the credit card and the travel company.
Pay attention to special promotions: Credit card companies and rewards programs often run promotions that offer extra points or miles. Subscribe to newsletters and follow these companies on social media to stay informed about these opportunities.
Keep your account active: In most rewards programs, your points or miles will expire if your account is inactive for a certain period. Even small activities like earning or redeeming a small number of points can keep your account active.
Be flexible: If you're flexible with your travel dates and destinations, you can often get more value from your points or miles. Many airlines and hotels have award charts that require fewer points for off-peak times or less popular destinations.

Frequently asked questions

How do I redeem my travel reward points?

There are a variety of ways to redeem travel points, including through your card issuers travel portal, directly through travel partner websites, by transferring them to your card issuers travel partners, or even requesting a simple statement credit.

What can travel rewards be used for?

Travel rewards are most commonly used to book flights and hotel stays. However, they can be used to cover a number of travel-related expenses, including cruises, rental cars, vacation packages, and more.

How many travel rewards points do you need for a flight?

In general, one travel point or mile is equal to one cent. So if your flight costs $400, for example, youd need 40,000 points to book it. However, its possible to redeem travel points strategically so that each point is worth more, requiring fewer points to book.

Bitcoin and Ethereum sag as SEC suit against Coinbase weighs on crypto market

The prices of Bitcoin, Ether, and other top cryptocurrencies dropped marginally just after the Securities and Exchange Commission sued U.S. crypto exchange Coinbasejust one day after the agency filed another blockbuster lawsuit against Binance, the worlds largest cryptocurrency exchange.

Bitcoin was immediately down about 1%, Ether 0.7%, and BNB, Binances digital currency, dipped to a low of 1%. Bitcoin began the day at $25,700 and dropped to a low of $25,400. The total market capitalization of all cryptocurrencies sagged about 0.7% .

In the lawsuit against Coinbase, the SEC specifically detailed a non-exhaustive list of 13 cryptocurrencies that it argued were securities, including pages of details outlining these tokens releases. The most prominent include Solana (SOL), Cardano (ADA), and Polygon (MATIC). After the SECs lawsuit became public, SOL was down approximately 2%, ADA 0.6%, and MATIC 2.6%.

From the time of their first offer or sale, each of these Crypto Asset Securities was
offered and sold, and continues to be offered and sold today, as an investment contract and thus a
security, wrote the SEC.

The depression in the market mirrors the price action seen on Monday, when the SEC sued Binance, as both cryptocurrencies and the share prices of publicly traded crypto companies, including Coinbase, took a hit.

In its suit against the U.S. crypto exchange, the SEC alleges Coinbase was operating as a broker, national securities exchange, and clearing agency without registering with the agency.

You simply cant ignore the rules because you dont like them or because youd prefer different ones: The consequences for the investing public are far too great, Gurbir S. Grewal, director of the SECs Division of Enforcement, said in a statement.

Coinbase did not immediately issue a response to the lawsuit.

Learn more about all things crypto with short, easy-to-read lesson cards. Click here for Fortunes Crypto Crash Course.

Harvards future of work professor sees A.I. killing off one job in particular

A.I. will probably not steal your jobexcept if youre doing that one. While white collar jobs as we know them are hardly set to disappear, a handful of them will dwindle hugely, according to Joseph Fuller, a professor of management at Harvard Business School, and Fuller should knowbefore Harvard, he spent three decades heading a consulting firm focused on corporate strategy and competitiveness that was ultimately acquired by Deloitte. At HBS, he co-leads the Managing the Future of Work initiative, which researches the shifting global product and labor markets, evolving regulations, and the gig economy. Theres one type of job he wouldnt want right now.

I wouldnt want to be someone who does the reading or summarization of business books to send out 20-page summaries, because A.I. is really good at summarization already, Fuller told Fortune.

A.I. has already become a powerhouse across sectors and disciplessome say its moving faster than real life. Just last year, OpenAI unveiled the now-ubiquitous ChatGPT and Google launched DeepMind, which went on to predict the structure of nearly every protein in the human body.

Back at the office, the next phase of work is taking material shape, particularly as generative A.I. becomes a cornerstone of modern business. Fuller predicts that a significant chunk of what people do today will go away, although he adds that a material amount of work will remain.

As A.I. goes multimodalable to draw on pictorial, audio and alphanumeric data to carry out processesour current iteration of ChatGPT could soon seem quaint. Thats where the trouble for workers whose jobs are easy to automate might really kick in. That doesnt catch workers entirely by surprise; 40% of them who are familiar with ChatGPT are concerned it will replace their jobs completely, per a March 2023 Harris poll.

Yet many experts, including Microsofts CEO Satya Nadella, whose company invested heavily in OpenAI, insist that A.I. is no threat to human ingenuity and creativity. When executed correctly, A.I. in the workplace doesnt threaten real jobs, Nadella said; it just eliminates the drudgery.

Indeed, A.I. is very effective in making real people more productive, Fuller saysfor better or worse.

Out with the rote, in with the creative

Routine contract lawyersthose who write out standard submissionswill be the first to see their jobs go, Fuller anticipates. Other workers in jobs with similarly rote duties will follow in short order. There will be open source data that will knock out 90% of their billable hours, he says.

Luckily, thats probably just a few peoples idea of a dream job. The future of white collar work looks a lot less dull, a lot less routine, and [has] a lot less filling out of expense resorts or quarterly forecast updates, Fuller says; business intelligence systems will gobble up most of the boring stuff.

Whats left for humans? Judgment, motivation, collaboration, and articulating a vision, even a vision for what A.I. itself can do next. Luckily for most workers, thats what bosses want and need most. The World Economic Forums 2023 Future of Jobs report found that four of the top five skills employers are going to demand in the next five years are creative thinking, analytical thinking, curiosity and lifelong learning, and resilience/flexibility/agility.

That sounds like the fun part of work to me, Fuller says. And much harder to automate.

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