Whether your stuck on the tarmac or trapped at cruising altitude, these items will make your next journey more tolerable.
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Intro Video
Thursday, July 25, 2019
UPS Wants to Go Full-Scale With Its Drone Deliveries
How Scientists Built a ‘Living Drug’ to Beat Cancer
Using AI, and Film, to Track Tear Gas Use Against Civilians
Tunisian president Beji Caid Essebsi dies
Facebook's Ex-Security Chief Details His 'Observatory' for Internet Abuse
Bobi Wine to run for Ugandan presidency
Wednesday, July 24, 2019
The puzzling 'mass migration' of Ugandans to India
The Galaxy Fold Has Been Fixed, Samsung Says
Tesla Delivers More Cars—and More Losses
Robert Mueller's Work Is Done. Now It's Congress's Turn
The FTC Takes On Mark Zuckerberg, Rutger Hauer Dies, and More News
‘When They See Us’ to get top awards at African American Film Critics Association’s TV Honors
“When They See Us,” Ava DuVernay’s important yet chilling Netflix limited series about five Black youth wrongly charged and convicted of raping a woman in Central Park, will take home four awards from the upcoming African American Film Critics Association’s inaugural TV Honors.
The series won the most awards out of the competition, including Best Limited Series, Best Ensemble, Best Writing and Breakthrough Performance for Jharrel Jerome who plays Korey Wise in the series, according to Deadline. The awards were created to celebrate stellar achievement in television. Honorees will receive their awards on Aug. 11 during a private brunch at the California Yacht Club in Marina Del Rey, Calif.
READ MORE: 5 Things to Know about ‘When They See Us’ breakout star Jharrel Jerome
Also to receive awards are the Starz drama “Power,” which will debut its sixth and final season on August 25th, and the CBS comedy, “The Neighborhood” which stars Cedric the Entertainer and Tichina Arnold. The Best Performance from a Female and Male awards will go to Angela Bassett for the Fox series “9-1-1” and Sterling K. Brown for the NBC drama “This Is Us.”
Actors aren’t the only ones who will be receiving awards. AAFCA TV Honors will also hand out the AAFCA TV Icon Award to producer, Ryan Murphy, and the AAFCA Inclusion Award to the CBS network for its diverse programming and talent, according to a press release put out by the association.
“It is impossible to ignore TV’s popularity and remarkable influence on America’s pop culture landscape today,” AAFCA president Gil Robertson IV said in the release. “As the stature of the small screen continues to expand, it has become increasingly more diverse and inclusive, a movement that we at AAFCA wholeheartedly embrace and champion. The honorees for our first AAFCA TV Honors represent the very best of television programming.
“They all successfully put a mirror up to our world to tell stories that are refreshingly diverse and authentic,” Robertson continued. “We feel that this new wave of innovative, thought-provoking storytelling is inspiring and deserving of celebration.”
READ MORE: ‘When They See Us’ is the most watched show in the U.S. since its debut, according to Netflix
Below is the breakdown of the AAFCA TV Honors 2019 winners:
Best Drama – “Power” (Starz)
Best Comedy – “The Neighborhood” (CBS)
Best Limited Series – “When They See Us” (Netflix)
Best Performance Female – Angela Bassett (9-1-1) FOX
Best Performance Male – Sterling K. Brown (“This Is Us”) NBC
Best Ensemble –– “When They See Us” (Netflix)
Best Writing – “When They See Us” (Netflix)
Breakthrough Performance – Jharrel Jerome, “When They See Us” (Netflix)
AAFCA TV Honors Inclusion Award – CBS
AAFCA TV Honors ICON Award – Ryan Murphy
The post ‘When They See Us’ to get top awards at African American Film Critics Association’s TV Honors appeared first on theGrio.
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Tuna are spawning in marine protected areas
Marine protected areas are large swaths of coastal seas or open ocean that are protected by governments from activities such as commercial fishing and mining. Such marine sanctuaries have had rehabilitating effects on at-risk species living within their borders. But it’s been less clear how they benefit highly migratory species such as tuna.
Now researchers at MIT and the Woods Hole Oceanographic Institution have found evidence that tuna are spawning in the Phoenix Islands Protected Area (PIPA), one of the largest marine protected areas in the world, covering an area of the central Pacific as large as Argentina.
The researchers observed multiple species of tuna larvae throughout this protected expanse, suggesting that several migratory species are using these protected waters as a reproductive stopover, over several consecutive years, and even during a particularly strong El Niño season, where PIPA may have provided a critical refuge.
The results, published this week in the journal Scientific Reports, suggest that marine protected areas may be ocean oases for migratory fish, with plentiful nutrients and clean, clear waters that encourage tuna and other migratory species to linger, and spawn often. The study supports the notion that marine protected areas can provide protection to adult fish during spawning, and in this way, help to bolster fish populations — particularly those that, outside protected areas, are in danger of overfishing.
“We have proven that tuna are spawning in this protected area, and that it’s worth protecting,” says Christina Hernández, a graduate student in MIT’s Department of Earth, Atmospheric, and Planetary Sciences. “There are various types of protection for marine areas around the world, and all those measures allow us to preserve populations better, and in some cases protect highly migratory species.”
Sea change in conservation
The Phoenix Islands Protected Area is part of the territorial waters of the Republic of Kiribati (pronounced Keer-ee-bahs), a sovereign state in Micronesia made up of three island chains in the central Pacific. The islands, if stitched together, would amount to no more than the land area of Cape Cod. However, Kiribati’s ocean territory is vast, extending 200 nautical miles from each of its 32 atolls. The people of Kiribati rely heavily on revenue from tuna licenses that they mete out to commercial fishers. In 2008, however, the republic designated 11 percent of its waters as a mixed-use marine protected area, with limited fishing. Officials ultimately banned all fishing activities in the region starting in 2015, in a conservation effort that — among other things — protected many endangered species, such as giant clams and coconut crab, along with birds, mammals, and sea turtles living within its boundaries.
While fishing vessels have respected the protected territory, keeping their activities outside PIPA’s boundaries, legal fishing efforts surrounding PIPA caused the researchers to wonder whether PIPA might eventually provide an economic gain in the form of “spillover effects.” In other words, if an ecological region is preserved over long periods of time, it might produce more fish that, once full-grown, might cross the territory’s boundaries, benefiting both Kiribati and the regional fishing community.
Hernández’ colleague, Randi Rotjan of Boston University, had been working with the Republic of Kiribati on ways to scientifically monitor PIPA, and wanted to assess whether the protected region might also serve as protected spawning grounds for migratory tuna.
In 2014, the team began yearly expeditions to the central Pacific, to sample within PIPA for tuna larvae, fish younger than 4 weeks old, that would suggest recent spawning activity in the region. The researchers embarked on a 140-foot-long student sailing vessel, owned and operated by Sea Education Association, which also collaborated on this study. Sailing from Hawaii, the ship reached the edges of PIPA after about a 10-day journey. Once within the protected area, the team began sampling the waters for tiny fish, using three different nets, each designed to collect at 100 meters, 50 meters, and skimming the surface.
The team pulled up nets teeming with ocean plankton, including tuna larvae, along with tiny crustaceans, jellyfish, pelagic worms, and anchovies, all of which they preserved and transported back to Massachusetts, where they carried out analyses to extract and identify the number and type of tuna larvae amid the rest of the catch.
From 2015 to 2017, the three years included in the current paper, the researchers analyzed samples from over 175 net tows, and identified more than 600 tuna larvae, covering a distance within PIPA of more than 650 nautical miles, or 1,200 kilometers. Compared with a handful of previous studies on tuna larvae populations, Hernández says the number and density of larvae they found is “pretty on track for what we expect for this part of the Pacific.”
“Larval populations can’t really control how they move, and they get mixed around by ocean currents and dispersed away from each other,” Hernández explains. “As they continue to grow, they start to school and are in denser aggregations. But as larvae, they live at low densities.”
The tuna larvae appeared in about similar abundances over all three years, and even in 2015, when a strong El Niño season dramatically altered ocean conditions.
“That’s something that’s relatively good news, that the protected area seems to be pretty good habitat across environmental conditions,” Hernández says.
The team identified tuna larvae in their samples as species of skipjack, big-eye, and yellowfin.
“These particular fish are not so picky about where they spawn, and they can spawn every two to three days, for a couple of months,” Hernández says. “If they’re thinking the food is pretty good in PIPA, they may stay inside its boundaries for a few weeks, and might have additional spawning events that they wouldn’t have if they were outside the protected area, where they could get caught before they spawn.”
The results are the first evidence that highly migratory species spawn in marine protected areas. But whether such regions encourage species to reproduce more than in other, unprotected waters will require studies over a longer period of time.
“We have to protect these areas long enough to figure out if they are causing an increase in tuna populations,” Hernández says. “The amount of information we have about the Pacific tuna is paltry. And it’s critically important that we study the early life stages of fishes, and that we monitor protected areas, and populations of tuna, as the ocean changes.”
This work was supported in part by the PIPA Trust, Sea Education Association, the Prince Albert of Monaco Foundation II, New England Aquarium, and Boston University.
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The Next Robert F. Smith? The Other Black-Owned Private Equity Firm Making Boss Financial Moves
When you ask Willie Woods, the president of ICV Partners L.L.C., a black-owned, New York-based private equity firm, the traits that separate his equity firm from competitors, he offers its six-year investment in Entertainment Cruises as an example.
A Smart Investment in ‘Floating Restaurants’
In 2006, the firm invested in a small dinner cruise company, then named Premier Yachts, which grossed $35 million and operated in Boston, Chicago, and Washington, D.C. The owner had outgrown its angel investor and sought to expand its line of premium cruise offerings. In examining the business, the natural assumption would be that the costs of maintenance and fuel could make the venture a money pit. Led by Lloyd Metz, a veteran Wall Street deal-maker and one of the firm’s managing directors, the team engaged in further analysis, discovering that these “floating restaurants” sailed short distances in smooth freshwater—not choppy saltwater—with little wear and tear on the vessels and relatively low burn rate of fuel, which represented less than 3% of total costs. The expense structure and operations offered great flexibility since trips could be made to accommodate parties ranging from 10 to 100.
So ICV got to work by first cashing out the angel investor and then merging Premier with its largest competitor, Spirit Cruises, and later acquiring Baltimore Harbor Cruises, which expanded the company’s reach to New York, Philadelphia, Baltimore, and Norfolk, Virginia.
Over the next few years, it combined the organizations, realigned costs, and upgraded management in key departments. Moreover, ICV’s guidance improved top-line and bottom-line results. For example, the company adopted practices such as demand pricing, which has been effectively used by hotels and airlines to significantly increase fees during holidays and special occasions. Sales and profits grew—even when the country was in the throes of the greatest economic downturn in a generation.
Reflects Woods: “This investment checked all the boxes. The deal situation was right. The red flags around one of our investment practices got diligence. We saw a lot of opportunities to make the company better with revenue management. We saw an acquisition that we could add to and that was very synergistic.”
How ICV Grew in Stealth Mode
By 2012, ICV had significantly improved operations and introduced new experiences. In expanding the company’s reach from three to seven cities and increasing the number of vessels from four to 24, Entertainment Cruises became the nation’s largest operator serving 15 million passengers annually and nearly tripling revenues to $90 million. The company was eventually sold to the Pritzker family, which owned, among other properties, the Hyatt Hotels chain.
As that example illustrates, ICV has grown in stealth mode over the past two decades by becoming a consistently successful value creation machine among be 100s financial services companies. Before ICV will put up a single dollar in a company—its cash equity investment represents roughly 45% to 55% of the value of a given transaction—the targeted acquisition must offer a low-drama, collaborative scenario.
With $1.4 billion in capital under management, Team ICV has narrowed investments to sectors the principals know best and now commits to four verticals: consumer goods and service, healthcare, business services, and food and beverages. Over the years, Woods & Co. have invested more than $727 million in 23 companies, including military and commercial bakery products manufacturer Sterling Foods, specialty casino-based store chain Marshall Retail Group, and Cargo Airport Services L.L.C. Current holdings include a commercial cleaning services franchisor Coverall and SirsiDynix, a global provider of technology solutions to libraries, which it acquired from Vista Equity Partners (No. 1 for Private Equity Firms on Black Enterprise’s ‘BE 100s’ list of the nation’s largest black businesses, with $46 billion in capital under management).
Under Woods’ leadership, the firm also achieved its largest fundraising ever by securing $585 million from “existing limited partners,” exceeding its target goal and realizing a roughly 50% boost in capital commitments compared to its previous fund. True to form, the leadership of ICV Partners L.L.C. remains focused on the next acquisition target.
Woods has not let such achievements serve as a distraction. To maintain its superior performance in the increasingly competitive buyout space, ICV steadfastly adheres to its core values known as the ‘4Hs’: Honest, Humble, Hungry, and Hardworking. For those reasons—and more—ICV Partners has been selected as our 2019 BE Financial Services Company of the Year.
Learning Deal Dynamics
A native of the Detroit suburb of Pontiac, Wood’s professional development evolved during the go-go ’80s, an era marked by stock market fervor, hostile takeovers, and junk bond-financed deals that transformed corporate outsiders into masters of the universe.
“I knew I wanted to do something in business, which is why I majored in accounting,” says Woods, who attended Morehouse College as an undergraduate and during summers would work in the payroll department of General Motors, which was a source of pride for his family members on the assembly lines.
[RELATED: MOREHOUSE RECEIVES $1.5 MILLION FROM BLACK BILLIONAIRE ROBERT F. SMITH]
But Woods had other plans. He was drawn to finance. Upon graduation, he went back to the Detroit metro area to the banking institutions instead of one of the Big Three auto manufacturers. But the ambitious banker had a burning desire to work on Wall Street. “I felt like I was sitting on the sidelines. So I was reading in The Wall Street Journal about [iconic leveraged buyout financier] Michael Milken and all these investment bankers and what they were doing. And I’m sitting here at this bank in Detroit trying to figure out, ‘Well how do I get there because that seems to be where the real action is,’” says Woods, who attended Harvard Business School as the route to get there.
In 1993, he was recruited by legendary white-shoe investment bank Lehman Brothers. In fact, the aspiring investment banker received the job offer after he and two other African American interns stood their ground before a member of Lehman’s senior management team, debating that Wall Street was, indeed, “not a meritocracy and that African Americans continued to be shut out of opportunities.” After winning the argument, the Lehman manager stated that the firm was committed to diversifying its ranks with African American talent and brought him aboard.
Working in the firm’s Industrial and Consumer and Real Estate groups during his tenure there, Woods gained his front-row seat and participated in some of The Street’s most celebrated and complex transactions, including the $840 million initial public offering of real estate investment trust Simon Property Group, the largest deal of its kind at the time, and General Motors’ EDS unit’s $600 million acquisition of consulting firm A.T. Kearney.
Due to the range of transactions in which he was involved, Woods learned the financial and operational dynamics of mergers and acquisitions “working with CEOs, CFOs, and those at the highest level on the inside. It’s a collaborative effort.”
Sad to see Lehman as one of the casualties of the financial crisis that occurred a decade ago, he adds, “At Lehman, I learned about private equity. We were out there doing these leveraged buyout deals, bond deals, and M&A work. We were working with financial sponsors who leaned on us because they were very thinly staffed. It was just a great experience.”
Woods found that he enjoyed the entrepreneurial aspect of private equity, which married innovative financing with value creation. He gained more indispensable experience engaging in high-profile transactions and restructuring companies when he left Lehman to develop “a startup inside of a bank”—the Basic Industries Group at Bankers Trust, which became one of the most profitable at the institution that would be acquired by Deutsche Bank for $10 billion in 1998.
Investing the ICV Way
As Woods considered making a transition to entrepreneurship in the private equity arena, “I got the strangest call from my Harvard B-school professor and mentor, Michael Porter.” One of the world’s leading authorities on competition and business strategy, Porter had been Woods’ sponsor during his second year for a business school field study to identify a range of impactful businesses that could be developed within the inner city as part of the Rebuild Los Angeles initiative in the aftermath of the 1992 riots.
The research conducted by Woods and his classmates served to test and localize Porter’s hypothesis from his influential 1989 classic, “The Competitive Advantage of Nations,” that asserts “clusters”—an ecosystem of industries, suppliers, and institutions, can drive how companies and governments evaluate economies, business locations, and public policy.
The project spurred Porter to launch The Initiative for a Competitive Inner City (ICIC), a nonprofit that seeks to promote economic prosperity in urban America through private sector investment. As such, Porter viewed the development of an ICIC fund as being critical in providing local entities much-needed capital to operate and grow. To implement his plan, he reached out to Woods.
To gain support for the ICIC fund, Woods and Porter brought Michael Fisch, managing director and CEO of New York-based private equity giant American Securities L.L.C., into the dialogue. American Securities is backed by the Rosenwald family whose fortune was behind the Sears department store chain and a fund that supported education for millions of African American children during the early 20th century. Fisch concluded that the fund needed to be larger in size and scope as well as owned and operated by African Americans.
In fact, at one point, Porter sought to have a prominent figure like Colin Powell serve as its face and voice. Eventually, Fisch would come back to Woods, citing the need for an investment professional engaged with management of the fund. Still harboring entrepreneurial aspirations, Woods came aboard after Fisch agreed to his terms of gaining a majority ownership stake and serving as the company’s leader. (Tarrus Richardson, CEO of IMB Development Corp., No. 42 on the BE 100s Top 100 list, with $94 million in revenue, was another ICV co-founder.)
Woods has always been struck by the serendipitous nature of the company’s founding: “If I never went to Harvard Business School or had Michael as my professor, ICV would never have been launched.”
In order to ensure ICV’s viability, Woods had to change the company’s investment philosophy. “Here was this interesting challenge. Michael Porter wanted to prove out the inner-city theory. Mike Fisch and the Rosenwalds were wealth preservationists that didn’t want to lose money. There was a little mismatch,” Woods recalls. “As we were putting the strategy together and starting to look at deals, it just conflicted with what we were trying to do. We had a new firm that was trying to figure who we are and what we wanted to be when it grew up and our partner was an established firm with an established criteria that had been successful. So we were looking at each other. I said that we should adopt [American Security’s] strategy and just tweak it.”
Tapping foundations and public pension funds, among other sources, ICV raised $130 million for the first fund, and then $313 million and $400 million for the second and third funds, respectively, in subsequent years.
A Model for Value Creation
Instead of financing risky early-stage investments, ICV identified proven market leaders that produced high margins relative to their niche and operated within stable, high-demand sectors. Other criteria included annual revenues between $25 million and $300 million and EBITDA (earnings before interest, taxes, depreciation and amortization) between $10 million and $40 million (margins of 10% or greater).
Within its midtown Manhattan quarters, the team assembles every Monday morning to review potential deals. Each prospect has an internal sponsor who shares its characteristics as he or she advocates its fit within the ICV portfolio. Says Metz of the session: “What we’re trying to get better at the process—day to day, week to week, year to year—as part of our culture. You want to focus on the facts around a situation. You want to be rigorous in your analysis and search for the facts around the business, and its customers, and the opportunity.”
Beyond the disciplined investment approach, ICV’s culture and people represent vital ingredients to the company’s secret sauce. A number of employees have been with the company for well over a decade and Woods has known and worked with them prior to their coming aboard. Metz, a Wall Street veteran who developed his deal-making chops at powerhouses such as Warburg Pincus and Morgan Stanley, worked with Woods on transactions during his Bankers Trust days. Metz has been at ICV for more than 17 years. Atlanta-based Managing Director Ira Moreland has known Woods since their college days at Morehouse and has been with the firm for a decade after amassing years of M&A and investment banking experience.
The company’s third managing director, Zeena Rao, was ICV’s fourth investment professional when it was a five-person shop, structuring deals during her first month. She’s has stayed, in large part, due to the firm’s commitment to adding value to small companies, which is deeply personal to her since she grew up in a family business.
But the demanding, yet collegial tone Rao maintains, has been set by its steward. “He’s been a great balance and consistent leader. We’ve worked together for a very long time. He’s a very good match for what our firm is tasked to do for our investors,” she says. “He’s smart about taking and managing risks and does an excellent job of building relationships.”
Although ICV did not exclusively finance minority firms as originally intended, Woods points with pride to their efforts to diversify the pipeline with African American talent. In fact, former ICV employees that have gone on to Harvard Business School and Wharton can be found at leading financial institutions as well as venture firms like nascent Harlem Capital.
As its culture dictates, ICV stands ready to pursue deals but will not engage in chest thumping or discard their discipline. Asserts Metz: “I think we feel we have a lot to prove. We have not arrived. We’re trying to get better at our craft. We’re trying to get better at finding returns for our investors. We’re trying to get better at making our portfolio companies more successful. We ain’t done yet.”
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Georgia police won’t charge white man in grocery store dispute with Black lawmaker
Officials in Georgia will not file charges against a white man who was accused of racism by a Black Georgia lawmaker in a grocery store check-out line.
Rep. Erica Thomas, a Democratic lawmaker from Austell, accused Eric Sparkes of verbally assaulting her for complaining that she had too many items in her cart in a Publix grocery store line, reported CBS News. Thomas, who is nine months pregnant, said the verbal lashing turned racist.
“You need to go back where you came from,” Thomas said Sparkes told her. The incident happened last Friday in Mableton, Ga.
READ MORE: Ga. State Rep disputes claims she changed story about “go back to where you came from” attack
Thomas posted a tearful Facebook video recounting the attack, writing that she was “verbally assaulted in the grocery store by a white man.” Sparkes denies that his comments were racist. Thomas’ video went viral on Twitter, with people sharing under the hashtag #IStandWithErica.
Both sides doubled down on their position of who took matters too far in the checkout line dispute. The man confronted Thomas at a previous press conference and denied saying “go back where you came from” although he admitted on camera that he called the pregnant politician a “lazy b****” in front of her daughter.
Although Thomas initially tweeted with certainly that Sparkes told her to “go back to where she came from,” many thought she waivered from that statement, which caused some concern and sparked the hashtag #HateHoax to trend on Twitter.
Now police say they will not be filing charges against Sparkes. Cobb County Police spokesman Sgt. Wayne Delk said Tuesday that authorities investigated the incident and decided not to pursue criminal charges, according to CBS News.
READ MORE: Pregnant Black Georgia lawmaker confronts racist who told her ‘go back where she came from’
In the video, Thomas said there was “so much hate in this world and it’s being incited by our president every single day,” although she didn’t specifically mention President Trump’s recent comments, in which he lobbed racist attacks at four congresswomen of color and told them to “go back and help fix the totally broken and crime infested places from which they came.”
Sparkes said he cursed at Thomas but said he never told her to “go back where you came from.”
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Family members in epic Disneyland fight video charged by police
The man who said he was “ready to go to jail” during a violent brawl at Disneyland that went viral earlier this month is getting his wish because Disney does make dreams come true.
In fact, three family members who were throwing blows at the “Happiest Place on Earth” were charged on Tuesday for engaging in the viral physical altercation, according to Orange County prosecutors.
The chaos was all caught on camera and showed two men and two women in a nasty fight that spilled over into Toontown. People watched in horror as punches were thrown and hair was pulled in front of their babies sitting in a stroller.
After the fight, Anaheim police followed up and launched an investigation that brought them to the offenders, Sgt. Daron Wyatt said.
What’s even more sad about the ordeal is that it was a family fight involving Avery Robinson who beat the bricks off his sister, brother-in-law and girlfriend.
According to the Los Angeles Times, Robinson was charged with felony counts of corporal injury on a spouse, assault with force likely to produce great bodily injury, assault with a deadly weapon and two counts of criminal threats.
Robinson was also charged with endangering his child and three other children at the park and faces five counts of misdemeanor battery and four counts of child abuse, according to Orange County Superior Court records.
If convicted he could reportedly receive a maximum sentence of seven years and four months in state prison.
Additionally, his sister, Andrea Nicole Robinson was charged with four misdemeanor counts of battery and a misdemeanor count of assault for assaulting her brother, his girlfriend and a Disneyland employee.
If convicted, Robinson could serve 2½ years.
—Angry Orchard fires manager and employees who Black couple of shoplifting during marriage proposal—
And since it was a family affair, Andrea Robinson’s husband, Daman Petrie, was charged too. Petrie could get the maximum of six years in jail for squarely punching Avery’s girlfriend in the face.
“Any type of violence is inexcusable and will not be tolerated,” Disneyland spokeswoman Liz Jaeger previously said. “Disneyland Resort security responded appropriately within minutes and immediately called the Anaheim Police Department for assistance.”
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