Monthly Archives: June 2022

Salesforce co-founder and co-CEO Marc Benioff.NICHOLAS KAMM/AFP via Getty Images

Salesforce employees signed an open letter urging company leadership to drop the NRA as a customer.

It's "unconscionable" that the NRA can use their software for marketing and fundraising, the employees said.

Marc Benioff, the co-CEO of Salesforce, has previously voiced support for gun control.

More than 4,000 Salesforce employees have urged their company's leadership to drop the National Rifle Association (NRA) as a customer.

The employees made their request in an open letter addressed to company leaders including co-CEOs Marc Benioff and Bret Taylor, SFGate first reported, citing a copy of the letter it viewed. The employees delivered the letter a day after a teenager went on a shooting rampage in Uvalde, Texas, on May 24, killing at least 19 students and two adults.

"It's not in our power to get background checks or other gun control measures passed by Congress but we can effect change by ending our commercial relationship with our customer, the National Rifle Association," the Salesforce employees wrote in their letter.

The letter's signatories expressed concern the NRA would rely on Marketing Cloud even more after the Uvalde massacre, according to a copy of the letter published by Protocol. Marketing Cloud is a Salesforce software that helps users plan and analyze digital marketing campaigns.

The signatories said the NRA would ramp up its marketing efforts "not to prevent future tragedies from happening, but to sow fear, sell guns, and abet future atrocities," the letter continued.

"It is unconscionable to consider their use of Marketing Cloud to capitalize on mass shootings," the letter continued.

The NRA has continued its advertising activity in the aftermath of the shooting. It started running Facebook ads about two weeks ago that urged gun owners to not let Congress limit gun ownership, and those remained active after the Uvalde shooting, per CNBC. The weekend after the massacre, the NRA held its annual convention in Houston, just 300 miles from Uvalde. The group showcased "14 acres" of guns and gear at the convention.

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Some Salesforce employees, however, were cautious about urging the company to end its commercial relationship with the NRA, especially if what it was doing was not illegal, SFGate reported.

Salesforce has taken action against gun ownership before. In 2019, it banned customers from using its software to sell certain types of firearms. After the Uvalde massacre, Benioff showed his support for gun control. In a May 25 CNBC interview, he said "we need to take direct action" against gun violence.

Salesforce hasn't responded to the open letter, an unnamed employee told Protocol. Employees are expected to attend an all-hands meeting with leadership next week, per Protocol.

Salesforce did not immediately respond to Insider's request for comment.

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More than 4,000 Salesforce employees have signed an open letter demanding the company cut ties with the NRA - Yahoo Finance

All good things must come to an end. Frank Gore, who last played in the NFL as a 37-year-old in 2020, is finally hanging up his cleats for good. Gore will reportedly sign a one-day contract and retire as a member of the San Francisco 49ers on Thursday, according to the Mercury News.

Gore revealed in April he planned to sign a one-day contract with the 49ers and retire during the 2022 NFL offseason.

Gore walks away from football as the No. 3 all-time leading rusher in NFL history. Only Emmitt Smith and Walter Payton sit above Gore on the all-time list.

After a promising rookie year with the 49ers in 2005, Gore went on to post 12 fantastic seasons in the NFL, the majority of which came with the 49ers. Gore rushed for at least 1,000 yards nine times over that period and made the Pro Bowl five times. He leaves the NFL as the 49ers' all-time leading rusher. Gore gained 11,073 rushing yards in his 10 seasons with the franchise.

Gore remained in the league for three more seasons following his peak years, and managed solid production with the Buffalo Bills, Miami Dolphins and New York Jets despite being a part-time player at the end of his career.

Gore did not sign with an NFL team in 2021. He did not draw interest during the 2022 offseason either. With Gore's NFL future in doubt, he started to train in another sport. Gore made his boxing debut in May, when he picked up a knockout victory over Yaya Olorunsola.

Gore's position on the all-time rushing list all but guarantees his induction into the Pro Football Hall of Fame. Despite his eye-popping yardage total, there is some debate about Gore making it to the hall.

The argument for Gore is based on his longevity instead of his peak. While Gore had an excellent peak, he was rarely the best running back in the NFL. He never led the league in yardage or touchdowns in a single season. And never made an All-Pro team. Payton and Smith combined for nine All-Pro appearances, won MVP awards and lead the NFL in rushing yards and touchdowns at least one season of their career.

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Gore was consistently above average for a long time and remained, at the very least, an average player as he aged. His season-to-season stats don't jump off the page like other Hall of Fame running backs, but there's something to be said about Gore's effectiveness and longevity at a position that takes immense punishment.

Ultimately, Gore's position on the all-time rushing list might be the only thing that matters to Hall of Fame voters. He may lack the awards of other legendary runners, but Gore's position on the all-time rushing list speaks to his immense ability and durability in the NFL.

An average or above average player wouldn't sit No. 3 on the all-time rushing list. Gore was a special talent.

Frank Gore excelled with the 49ers. (Photo by Thearon W. Henderson/Getty Images)

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Ageless wonder Frank Gore to officially retire from the NFL with 49ers - Yahoo Sports

Cameron Diaz has quite the optimistic outlook on getting older.

In a recent interview with Goop, the 49-year-old opened up about the pressures to be sexy, aging in the public eye and her zest for life.

"The whole concept of aging has just changed completely, even in the last 10 years, It's totally opened up. I'm excited. I've got 50 or 60 years to go. I want to live to be 110, since I've got a young child," she said.

The 49-year-old, who shares 2-year-old daughter Raddix with husband Benji Madden, is excited about growing older with her daughter and looks forward to their relationship once she is an adult.

"I think you have this amazing moment in your 40s where you appreciate who your parents are, and I want to have that moment with her be there with her in her 40s," she said.

Diaz notes she is the oldest mom in her group of friends and feels "lucky" to be in her position.

"I'm lucky to be my age, lucky to have those girlfriends, lucky to have my daughter, lucky to have all the support I do raising her," she said.

Aging has long since been a point of contention for women and being in the public eye can exacerbate societal pressures to appear youthful, Diaz explains.

"As women in our society, we spend so much time under pressure to be highly sexualized, thinking we need to be desired sexually at all times. I'm here to say I'm moving past that: I don't care!" she said.

Still, the co-founder of the wine label Avaline does acknowledge that adopting this mindset can take time.

"It's a tough society we live in. It comes with all kinds of benefits, but living in the public eye can be very damaging to your soul," she explained, adding that prioritizing all aspects of one's well-being is vital. "No matter who you are, it's important to take care of the whole person not just the visual, not just what people think of you, but all of you."

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Cameron Diaz, 49, on 'moving past' the 'pressure to be highly sexualized': 'I don't care!' - Yahoo Life

The good, bad and ugly of investing in NFTs. (PHOTO: Getty Creative)

SINGAPORE Non-Fungible Tokens, or NFTs for short, are digital assets that everyone seems to want to own these days. But are they really a good thing, or is it just going to be a passing trend?

This is part of a series where Yahoo Finance Singapore will focus on different aspects of millennials and their finances. In this second part, we discover whether its good for millennials to invest in NFTs.

For the uninitiated, NFTs are basically certificates of digital ownership which have gained huge traction in recent years. The certificates have a unique record that is written into the fixed code (that cannot be changed) of a blockchain at time of creation or minting, which makes it a cryptographic asset. This can take the form of anything from digital art pieces, in-game items, music, fashion items and even virtual land.

To put it simply, NFTs are crypto assets that record the ownership of a digital file such as an image, video or text. Anyone can create, or "mint", an NFT, and ownership of the token does not usually confer ownership of the underlying item.

Profits are generated when one sells the NFT to someone else who wants it more and is willing to pay a higher price, usually paid with cryptocurrency. Since it lies in the hope of selling it at a higher price to a willing buyer, the value of NFTs is heavily driven by sentiment and hype. This exposes sellers to the risk of price manipulation.

For instance, Twitter CEO Jack Dorsey created an NFT out of his first tweet and sold it for US$2.9 million in early 2021. Digital artist Beeple sold an NFT of his work for US$69 million, making him one of the most valuable living artists.

The utility of NFTs varies massively across the globe too. For example, there can be security tokens (to prove your identity) and even governance tokens (to indicate the right to vote). One can buy a NFT with crypto coins and NFTs can also represent a store of value, with some tokens worth more than others.

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In fact, NFT sales volume totalled US$24.9 billion in 2021, compared to just US$94.9 million the year before, according to market tracker DappRadar.

Despite the huge number of people turning to NFTs, financial experts warn that unlike traditional financial assets, there is little or no basis for the valuation of NFTs.

This is because the asset prices of NFTs are determined by demand and supply. Meanwhile, traditional financial assets have some kind of yield or value being created. For example, if you invest into stocks of a company, and it has a business model that is growing, the value of your investment will grow along with it as well.

NFTs do not have an underlying economic return based on economic activity of companies or countries. Their payoff structure is speculative and volatile: You can win astronomically but you can also lose everything, said Chuin Ting Weber, CEO of MoneyOwl, a bionic financial advisor.

As such, Weber recommends that millennials look into buying NFTs mainly as a bet or venture. This means keeping the invested amount small and only putting in only what you are prepared to lose.

Providing a similar analogy, Gavin Chia, Head of Managed Investments and Investment Advisory of Standard Chartered Bank Singapore, said: NFTs are a little bit more like buying a luxury car or watch, which is something that is sought after but doesnt actually create value or yield a return.

Financial experts warn that because NFTs are speculative in nature, the hope of attaining financial freedom through investing in NFTs is not a plan for financial success.

Regardless of ones age, speculative investing products should not dominate your investment portfolio, said Gregory Van, CEO of Endowus, a Singapore-based financial technology company.

It is crucial to build your core wealth through an investing strategy that is strategic to your goals and passive in asset allocation while being globally diversified and low in cost, he added.

Van also advised that millennials do their research and verify the information they find online before taking action, especially when it comes to riskier investments like NFTs.

While the Monetary Authority of Singapore currently doesn't regulate activities related to NFTs, it has reminded consumers that investments in digital tokens, including NFTs, are not suitable for retail investors, Senior Minister Tharman Shanmugaratnam said in a written reply to a parliamentary question on 15 February.

"For NFTs in particular, their perceived uniqueness, combined with speculative demand, has served to inflate prices. This potentially puts investors at risk of outsized losses should speculative fervour abate," said Tharman, who is also chairman of the Monetary Authority of Singapore. He noted there are significant legal complexities and risks involved in NFTs.

Despite the lack of regulation, some Singapore companies are quick to jump on the bandwagon.

Singaporean ride-hailing app, Ryde, launched its first NFT project in April this year. Called RydePals, the NFTs will give owners exclusive in-app rewards and benefits like discounted rides and cashbacks. The RydePals NFTs can also be traded on secondary NFT exchanges like OpenSea.

We want to deploy NFTs in a way that generates more real world value, especially for the rapidly growing market segment of Singaporeans who hold crypto, says Terence Zou, founder and chief executive of Ryde.

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Millennial Money: The good, bad and ugly of investing in NFTs - Yahoo

Its Economy Month, according to the White House. As summer kicks off, President Biden and his top aides will be blitzing America with data and reassurances meant to show the U.S. economy is strong, and likely to stay that way.

The messaging crusade began with a May 30 Wall Street Journal article bearing Bidens byline, explaining the presidents plan to fight inflation, which at 8.3% is uncomfortably high. Theres no new White House policy, but Biden wants voters to know hes on the case. His inflation agenda has three parts: 1. Let the Federal Reserve do its job of raising interest rates to bring inflation down. 2. Pass new laws that would lower costs for families. 3. Lower the federal deficit by raising business taxes and paying down debt.

Theres nothing inherently wrong with any of these ideas, but its kind of a nothingburger. The Fed will do its thing with or without encouragement from the White House. Congress seems very unlikely to pass any remnants of Bidens build back better legislation, which failed last year, because Democrats cant even agree among themselves what should be in it. That includes tax hikes that could generate revenue used to bring down the deficit, though deficits in themselves are not a principal cause of inflation.

Biden advisers such as Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo will be echoing Bidens points during coming weeks, trying to earn Biden some cred for an economy thats pretty solid, even with high inflation. Theres also an unstated agenda behind this messaging barrage. Heres what Biden hopes to accomplish:

U.S. Treasury Secretary Janet Yellen speaks as U.S. President Joe Biden holds a meeting with business leaders and CEOs about the debt limit at the White House in Washington, U.S., October 6, 2021. REUTERS/Kevin Lamarque

Distract people from high gas prices. The typical family spends less than 3% of its budget on gasoline, but high gas prices have an outsized effect on consumer psyches. When those two-foot-high signs at every gas station start with $4or worse, $5it continually reminds people something must be wrong. The average cost of gas in the United States is now above $4.60 per gallon, and prices will probably go higher as the new European embargo on Russia oil takes hold. Its very possible many Americans will be paying $5 per gallon or more by mid-summer.

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Thats bad news for millions of drivers, but this could happen at the same time other types of inflation are improving. Supply chain snafus seem to be easing. The microchip shortage is fading. Stimulus spending is largely over. These factors have been principal causes of inflation during the last 12 months, and as that inflationary pressure fades, cars, appliances, food and many other things should become more affordable. Biden wants people to notice those improvements rather than obsess over gas pain.

Get ahead of a slowdown. Few economists think the U.S. economy is heading for a recession any time soon. But job growth could slow considerably and there could be other signs of a cooldown. For one thing, thats exactly what the Federal Reserve is trying to accomplish by rapidly tightening monetary policytake some steam out of a hot economy so businesses and consumers cut back on spending, and receding demand brings inflation down. The runout of stimulus money could have a similar effect, since theres no more free money for people to spend on things they may not have bought without it.

Biden referred to this coming slowdown in his Journal piece, saying monthly job creation could fall from the current 12-month average of 552,000 new jobs per month to around 150,000 per month. That lower job growth number would be consistent with a low unemployment rate and a healthy economy, Biden said. Hes right about that, even though it might look like a sign of impending recession if job creation falls by 75%. Half-a-million new jobs per month isnt sustainable, and Biden is trying to preempt the inevitable Republican attacks when job growth returns to normal levels.

Senator Joe Manchin (D-WV) points towards an exit at the United States Capitol building in Washington, U.S., May 26, 2022. REUTERS/Evelyn Hockstein

Make nice with Joe Manchin. Paying down the $30.4 trillion national debt has only become a Biden priority recently. Thats probably because Democratic Sen. Joe Manchin of West Virginia, who killed Bidens BBB legislation last year by saying he wouldnt vote for it, says hell only support tax hikes on businesses if some new revenue goes toward lowering the amount of government borrowing. While unlikely, theres still a small chance Democrats could pass tax hikes and green-energy legislation this year. It will take every Democratic vote in the Senate, since Dems only have a one-vote majority. So Biden may be happy to woo Manchin with promises of debt reduction. Like everybody else in Washington, Biden certainly knows his fellow Dems are likely to lose one or both houses of Congress in the November midterm elections, meaning the next few months could be the last shot Biden has at getting any of his favored legislation passed.

Vilify Republicans. The out-of-power party is likely to have a strong showing in November simply because inflation is high and Bidens popularity is low. Republicans dont have to win over voters with a strong set of policies contrary to Bidens, or prove theyd do better than he has. They just need to avoid disaster and let the familiar ebb of midterm politics, which normally punishes the presidents party, lift them back to power.

Biden is trying to remind voters that some Republicans back unpopular ideas. He refers often to a plan by Sen. Rick Scott of Florida that would require all Americans to pay at least a small amount of income tax, which would be a de facto tax hike on millions of lower-income workers. Theres no chance a Republican-controlled Congress would pass such a plan, but that doesnt stop Biden from drawing attention to it. Biden also reminds voters from time to time that his predecessor, Donald Trump, pressured the Federal Reserve to keep interest rates low and pursued other fairly extremist goals. Trump isnt running in 2022, but he has endorsed many candidates who are, and Biden wants voters to know theyre flirting with a return to Trumpist government. If that comes with cheap gas, maybe voters would take it.

Rick Newman is the author of four books, including Rebounders: How Winners Pivot from Setback to Success. Follow him on Twitter: @rickjnewman.

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What Biden is really saying about the economy - Yahoo Finance