Canada's First Quantum strikes $1 billion gold streaming deal with Royal Gold
Gold streaming is a financing mechanism in which a buyer makes an up-front payment to a miner in exchange for purchasing future production from the miner, usually at a predetermined price.
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7 minutes ago
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The rise of Friend Socialism
Tired: still being on your family phone plan well into your 30s. Wired: hopping onto a plan with your chosen family — your friends. You still get the financial advantage of sharing a joint subscription without the embarrassment of your mom floating the cost of your excessive TikTok habit. Let's assume your friends are trustworthy enough to keep up on their part of the monthly payment, of course. Americans are drowning in subscriptions. From phone plans to streaming services, fitness apps, and media, consumers are performing what feels like a constant balancing act of sign-ups (and cancellations). While many of these services are quite affordable on their own, the costs can add up pretty fast — the average US consumer pays for about five video subscriptions a month. You realize that between Netflix, Peacock, Paramount+, HBO Max, and whatever else, you probably just should have gone with a cable package. So, people figure out all sorts of ways to game the system. They stop and start free trials and share passwords among loved ones. Or they go on — and stay on — family plans with their parents, children, etc. Some people are defining family in a broader sense to divvy up costs. They're hopping onto family plans for their cellphones, music streaming, or video content with friends, acquaintances, and even strangers, sometimes bending the rules of the terms of service in the process, other times just being a little liberal in the interpretation of family. "Word-of-mouth is a very powerful acquisition channel, and you could think of this as an extended free trial for all the freeloaders," says Daniel McCarthy, an associate marketing professor at the University of Maryland. More Americans are remaining single and childless. Doing life on your own, while the right choice for many people, can also increase costs. The "singles tax" means there's no significant other to split rent with or help shoulder the burden of a vacation hotel room. Even for people who are coupled up and in family units, the rising cost of living is making all sorts of purchases more challenging. Some people are turning to a version of what I'll call "friend socialism" to make the smaller stuff more affordable. Don't want to pay full price for that Spotify subscription? No worries. Hop on a family plan with your college roommates. Yes, you may have to all list the same address instead of the different ones you live at now, but it's not like there's the Spotify Police asking you and your homeboys for DNA samples. Getting off the family plan is seen as a milestone in the road to adulthood, but many people, because of costs and inertia, stay on. In one recent survey, about one in five American adults said they were still on their parents' phone plans, and while that proportion has gone down slightly over the past few years, one in three people still said their parents paid for some or all of their phone bill. But while they're typically marketed as "family" plans, there's often nothing in the fine print that says they have to be with your relatives. T-Mobile and AT&T, for example, openly state that they can include family and friends. Some people are opting in accordingly. You could think of this as an extended free trial for all the freeloaders. As Nicole Nikolich and her roommate got further into their 20s and increasingly independent, they decided to join forces on a phone plan. "I was just like, we will literally save so much money if we just do this together," she says. Nikolich, an artist who lives in Pennsylvania, jokes that she's the "mom" of the plan, since it's all under her name. At the end of the month, her roommate — who has since moved out — just sends over a Venmo for her portion, and she's since added on her partner, too. "It's been smooth sailing for years," she says. The only hiccup was when one of them lost a phone, and they had to do a group trip to the store together to get it replaced. She would keep adding more people if it saved her money, but she thinks they've maxed out the savings they'd get with multiple lines. "If someone needed it, I would add them," she says, "as long as it was one of my more responsible friends." Rose Petargue, who lives in Missouri, doesn't personally know the people she shares her Nintendo Switch Online subscription with. She offered up the extra slots on her family plan on Reddit a while back, and now she shares her account with a few strangers who took her up on it. One of them lives in Turkey, another in the Caribbean. She doesn't charge them for it — the subscription, which runs her $79.99 a year, isn't expensive for her, and she thinks maybe it's something they couldn't afford on their own. The individual plans cost from $19.99 to $49.99. "There's a community aspect to a lot of games, and it kind of occurred to me that there are some people who can't access that portion of the gameplay," she says. There's really no risk to her, she says. Maybe if one of them "behaved badly" and Nintendo banned their account, but even then, she doesn't think it would affect her. She just adds their emails to the account and that's that. These types of arrangements aren't always foolproof. Friendships always risk being strained whenever money comes into play. One coworker tells me they've heard through the grapevine that their ex-partner stopped kicking in their portion of a group phone plan with friends. Everyone else in the arrangement makes more money, so the ex argues that the rest can afford to support them. I've had a YouTube TV subscription with friends added on as family for years. As it's gotten pricier over time, going from $35 a month when I started it back in 2018 to $82.99 now, I've been tempted to ask people to start contributing, but it also makes me feel like a jerk. Diane Brown, in New England, has no such qualms about feeling like a jerk when she deletes friends from the Peloton account she shares with them. She's largely happy to give out her password to people — her daughter, her sisters, her in-laws, and her friends — as long as they create their own user account, 20 of which can be made on her subscription. But every once in a while, she'll check in to make sure they're still using it, and if they aren't, she axes them and doesn't say anything. Given the $44 cost of the monthly subscription, Brown says she doesn't "feel badly about sharing it." It sounds like the scheme worked out for Peloton, too: One of the friends Brown shared the account with liked it so much she wound up buying her own bike. From a corporate perspective, it would probably be ideal that everyone pays full price for their phone plan or streaming subscription and calls it a day. But the calculation isn't as straightforward as it may seem. "It really depends on the company in question, the stage that they're in, and the lock-in that they have with subscribers," McCarthy says. Account sharing may be a way to get people in the door. That's part of how Netflix took hold; it allowed widespread password sharing as a way to get people hooked. It eventually cracked down on password sharing, but only once the company was making $33 billion a year and once it was sure viewers would be motivated enough to open up new subscriptions of their own. "It's a useful strategy to build usage, understanding and habit formation," says Robbie Kellman Baxter, a consultant for subscription-based companies, in an email. Allowing for account sharing may make a platform or service stickier and improve customer retention. If you and your three best friends are on a shared Verizon phone plan, are you really going to undertake the effort to switch everyone to AT&T? If you pull the plug, you're pulling the plug on five people. Despite their original promise to free viewers from ads, more and more paid platforms are tossing advertising in the mix, meaning eyeballs may be more important than subscription fees. A good chunk of revenue in ad-supported plans comes from advertising, and it's better for business if multiple people are getting hit with a bunch of ads than a single person being exposed to them. "That's made the subscription much more about engagement and view hours as opposed to, 'Is this person going to mail in the check?'" McCarthy says. "It's much less like the gym model, where the best gym member pays their fee but never goes into the gym. Now, suddenly, it's about going in all the time." Sharing the wealth, accounts-wise, is a way for people to save money as prices get higher and subscriptions multiply. To be sure, companies such as Netflix and Disney are cracking down on friend socialism for a reason. Robert Fishman, a senior research analyst at MoffettNathanson, tells me it's become an "increasing point of concern from the media companies to make sure they're getting the appropriate subscription dollars from different households." In an April survey from Pew Research Center, 26% of US streaming users said they used someone else's password, including 47% of the 18-to-29 group. "Looking backwards, the traditional media companies had to find the right balance of trying to have as many people as possible engaged in their content," he says. "But it's more recently shifted to ensuring that they're getting paid for that viewership." From a consumer perspective, it's hard to feel too guilty about playing it a little fast and loose on account sharing. Businesses are the ones who siloed content off and monetized every little thing in the first place. In turn, people find ways to fudge. Perhaps the terms of service on a subscription specify everyone has to be in a family or live in the same household, but it turns out as long as you all are in the same-ish geographic area — or just input the same address — it works just fine. Some groups develop elaborate plans for taking out and sharing various subscriptions, involving spreadsheets and coordination. Others keep it pretty simple. One colleague tells me she and her husband share a YouTube Premium subscription with a bunch of other friends. The company allows up to six accounts total on the plan, and they're all supposed to be in the same household, but YouTube apparently isn't checking. All they have to do is send over their portion to the original account holder once a year. Sharing the wealth, accounts-wise, is a way for people to save money as prices get higher and subscriptions multiply. Across groups of friends, it's a way to ease the financial burden and, sometimes, it can be a little fun, too. The only way everyone can discuss "Love Island USA" in the group chat is if they've all got access to Peacock. I share my Peloton account with a friend, and I like taking a peek to see what workouts she has (or hasn't) been up to. On a more serious note, not everyone has a family to share the family plan with, for a variety of reasons. Or, they'd just rather not wrangle their dad into an Apple Music subscription when he doesn't even have an iPhone, or has only listened to the same Bob Seger CD on a loop in his car for a decade. Some companies are coming around to that. A spokesperson for AT&T tells me they know families can "mean a lot of different things," whether the traditional understanding or not. "We are perfectly fine with customers joining our multi-line and family plans, no matter how they're related (blood, marriage, friends, co-workers, neighbors, roommates, etc.)," they say. AT&T has gone as far as to launch a payment tool to make it easier for people to split their plan costs. People may not be able to share their mortgage cost with the friend who lives across the country, but they can add them to their Strava subscription. The "family plan" can mean whatever family you choose. Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy. Read the original article on Business Insider Solve the daily Crossword
Yahoo
7 minutes ago
- Yahoo
Former CEO of CAIA Association and Boston Partners, William J. Kelly, Joins Star Mountain Capital as Senior Advisor
NEW YORK, August 07, 2025--(BUSINESS WIRE)--Star Mountain Capital, LLC ("Star Mountain"), a rapidly growing, employee-owned investment firm with over $4 billion in assets under management ("AUM"), is pleased to announce that William J. Kelly has joined the firm as a Senior Advisor. Mr. Kelly will support Star Mountain's mission by contributing to investor relations, portfolio governance, educational initiatives, and thought leadership as Star Mountain continues building its presence across the alternative investments ecosystem. Mr. Kelly brings more than four decades of executive leadership experience in asset management, financial governance, and professional education within the alternative investment industry. "Bill is a respected voice in the industry with a career focused on raising standards and improving outcomes for investors," said Brett Hickey, Founder & CEO of Star Mountain Capital. "His experience in growing mission-driven organizations and advancing best practices across the alternative investments space will bring meaningful insights to our firm and stakeholders." As the Founder and Managing Member of Educational Alpha, LLC, Mr. Kelly currently writes, speaks, and podcasts on investor education, transparency, and democratized access to differentiated risk premia. Through this platform, he remains a leading voice in shaping thought leadership and elevating standards across alternative investing. From 2014 to 2024, Mr. Kelly served as CEO of the CAIA Association, the global professional body for the alternative investment industry. Under his leadership, CAIA significantly expanded its global reach while advocating for stronger fiduciary standards, educational rigor, and ethical conduct across the industry. Earlier in his career, Mr. Kelly was the CEO of Boston Partners, a $107 billion AUM investment firm, and one of seven founding partners of its predecessor firm. Before its majority acquisition by Robeco Group (Rotterdam) in 2002, Boston Partners was a respected employee-owned firm with a disciplined approach to asset management. Mr. Kelly began his career at PricewaterhouseCoopers (PwC), earning his CPA designation (inactive). He also currently serves as Chairman and Lead Independent Director of the Boston Partners Trust Company and as Independent Director and Audit Committee Chair of the Artisan Partners Funds, where he is designated as an SEC Audit Committee Financial Expert. Additionally, he sits on the Advisory Board Member of the Certified Investment Fund Director Institute (IOB Dublin), where he supports professional excellence among independent directors. "Star Mountain is a mission-driven firm, built on values that mirror my own including integrity, education, and long-term alignment with stakeholders," said Mr. Kelly. "I am excited to support the continued growth of this exceptional team and platform." Mr. Kelly earned a B.B.A. in Accounting from Iona University. About Star Mountain Capital With over $4 billion in AUM (committed capital including debt facilities as of 7/31/2025), Star Mountain specializes in providing scalable and data-driven investment solutions across two core strategies: Direct Investments: Providing debt and equity capital to established lower middle-market businesses. Secondary Investments: Acquiring LP interests, direct assets, and making primary LP commitments. Star Mountain's investors include public and private pensions, insurance companies, commercial banks, endowments, foundations, family offices, and high-net-worth individuals. Employee-owned and sharing profits with 100% of its U.S. full-time employees, the firm prioritizes alignment of interests to maximize value for stakeholders. Since 2010, Star Mountain has completed over 300 direct investments and 50 secondary/fund investments in the North American lower middle-market. The firm has been recognized as one of the Inc. 5000 fastest-growing private companies and a Best Place to Work by Crain's New York Business and Pensions & Investments. For more information, visit Legal Disclaimer: This press release does not constitute an offer to sell or a solicitation of an offer to purchase interests in any investment product. Awards and recognitions by third-party rating agencies, companies, or publications should not be interpreted as a guarantee of future results or performance. They should not be considered as an endorsement, recommendation, or referral of Star Mountain Capital or its representatives by any client or third party. Rankings published by media and industry organizations are based on information provided by the recognized advisor. Additionally, readers should understand that past performance is not indicative of future results. Award descriptions and selection methodologies may vary. Awards and Recognition Disclosure: Star Mountain Capital's awards and recognitions are based on third-party evaluations and criteria, which may be subjective. These honors do not imply a guarantee of future performance or an endorsement by current or past clients. Ranking Methodologies: Crain's Best Places to Work: Evaluations were conducted through a two-part process, assessing workplace policies, practices, and employee satisfaction via surveys. Participation required a fee solely for survey processing purposes. More details are available at Crain's eligibility criteria. Pensions & Investments Best Places to Work: Companies were evaluated based on surveys measuring employee engagement (75%) and employer policies (25%). Participation required a minimum of 20 U.S. employees and $100 million in discretionary assets under management. Further details can be found at P&I eligibility criteria. Inc. 5000 Rankings: Companies were ranked based on revenue growth from 2019 to 2022. To qualify, firms had to be U.S.-based, privately held, and independent, with revenue thresholds of at least $100,000 in 2019 and $2 million in 2022. More details are available at Inc. 5000 criteria. View source version on Contacts Media: John Polis – Media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 minutes ago
- Yahoo
Schlaupitz Madhavan Welcomes Margi Fox as Chief Human Resources Officer to Drive Growth and People-Centric Innovation
TROY, Mich., August 07, 2025--(BUSINESS WIRE)--Schlaupitz Madhavan, recognized as one of Michigan's Top 25 Accounting Firms, is thrilled to welcome Margi Fox as Chief Human Resources Officer (CHRO). A seasoned HR executive with over 20 years of experience, Fox will lead the firm's human resources strategy, driving talent development, and operational excellence as Schlaupitz Madhavan continues its expansion. Fox brings deep expertise in strategic HR leadership, having worked internationally across industries including real estate, manufacturing, and fintech. Her track record includes spearheading large-scale transformations, optimizing people operations, and fostering high-performance workplace cultures. She has held senior leadership roles at a real estate investment trust (REIT), a high-growth fintech company, and a Tier 1 automotive supplier in the U.S. and Brazil. "At Schlaupitz Madhavan, we believe that people are the foundation of success, both within our firm and for our clients," said Ron Schlaupitz, Founder and Managing Partner at Schlaupitz Madhavan. "Margi's leadership will elevate our approach to talent development and workplace culture, ensuring we remain a firm where top professionals thrive." Fox's immediate focus will be strengthening Schlaupitz Madhavan's internal HR strategy, "I'm excited to join a firm that understands the direct impact of strong HR strategy on business success," said Fox. "Schlaupitz Madhavan has built an incredible reputation for guiding emerging and established companies alike. I look forward to fostering an environment where both our team members and clients can reach new heights." Fox holds a Master's in Labor and Human Resources and a B.A. in Psychology from The Ohio State University. She is a Certified Lominger Leadership Architect, an AchieveGlobal Certified Facilitator, and a Registered ISO 9000 Lead Auditor. Outside of work, Fox enjoys an active lifestyle, including boot camp workouts, hiking, and biking. A lifelong learner and Ohio State football fan, she and her husband live in Metro Detroit and spend time restoring their Grand Traverse Bay hobby farm. For more information about Schlaupitz Madhavan, visit About Schlaupitz Madhavan Schlaupitz Madhavan is a full-service advisory firm committed to the success of emerging businesses with expert tax, audit, and business advisory services. Recognized as one of Crain's Top 25 Accounting Firms, the firm continues to expand its focus on talent and organizational strategy, helping companies unlock their full potential through people-first solutions. View source version on Contacts Media Contact:Heather DominiakSMCPA CommunicationsConsultant email: Heather@ Phone: 917.755.1323
