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Marroquin Brothers: From Guatemala to U.S. Trucking

Todd Dills: Here’s a big, Happy belated Father’s Day to all the dads in the audience. Same, I think, will go for the men you’ll hear today on the Overdrive Radio podcast for June 17, 2024, where we’ll hand the reins of a fashion over to our own regular Overdrive extra blog contributor and owner operator coach Gary Buchs. He retired from the road several years back now after a long career leased to Landstar. I’m Todd Dills, and at the Mid America trucking show back in March, Gary happened upon the picture of four men with clearly some family resemblance between them, resting and sitting and laughing amongst themselves out in the big south wing hallways between meeting rooms.

One among them happened to be wearing a Landstar hat, and Gary took a brief moment to just introduce himself and learned that three of the four were owner operators there today. All four of the men, Ivar, Luis, Diego, and Carlos, were brothers united by the Marroquin surname and so much more. The four began their lives in Guatemala, losing their father there at an early age.

Luis immigrated to the US in the late 1980s, and Ivar and Diego both followed thereafter. Those three all had trucking experience prior to entry into the US themselves, you’ll hear. The fourth, though, didn’t yet. When Carlos’ Bakery business in Guatemala ran its course by the year 2007, he went through the immigration process himself to come to the US, and eventually found his way to a CDL, too. Carlos Marroquin is currently mulling the possibility of business ownership, leaning on what his brothers have learned throughout their three decades, each in us trucking, the most recent years as owners. Gary Buchs would learn all this when he sat down with the men around a table in the press room at Matt’s. Not the greatest spot to record a big conversation. It was a little crowded in there at the time of the recording, yet the results are worth taking the time to hear. I think the brothers Marroquin have persevered through a lot in their decades long odyssey as American truckers, and they’re sharpening their owner operator business waw, as time goes along, AB 5, California emissions rules and other pressures notwithstanding. 

Ivar Marroquin: California used to be called, like the Golden State it is. It used to be called Golden State for trucking as well. Right now it appears that, has moved to Silver State instead of a golden.

Todd Dills: After the break, we’ll hear much more about all of that from all four. Again, that’s Ivar, Luis, Diego, and Carlos Marroquin in conversation with Gary Buchs. So keep tuned.

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Todd Dills: That’s HOWES, Howesproducts.com. Here we dive right into the Marroquin brothers experience in recent years and their history trucking, starting with Ivar Marroquin. Here we go.

Ivar Marroquin: All right. My name is Ivar Marroquin, and I’ve been in the trucking industry for 33 years. And, being an owner-operator, this is my fourth year, I’m going to be four years with Landstar. That’s when I started my adventure for being an owner operator. So, yeah, four years.

Luis Marroquin: My name is Luis, and I started driving about 31 years ago. I started in Landstar about eleven years ago as an operator, and I was able to get in my own truck about four years ago.

Gary Buchs: You drove for someone else?

Luis Marroquin: I did, for the first seven years.

Diego Marroquin: Hi, I’m Diego. I have like, 31, 32 years driving trucks as well. And this is my fifth year as an owner operator. And actually, it’s my first time being an owner operator my whole life just being like an employee and now experiencing.

Carlos Marroquin: I have around six gears for the driving.

Luis Marroquin: He’s is for the process to get into Landstar.

Gary Buchs: Oh, you’re not Landstar or you’re not. You’re working on it. So have you been driving? Company driver?

And that’s how we all pretty much start.

Diego Marroquin: Our, last name. We’re four brothers. Our last name is Marroquin.

Todd Dills: That’s Diego you’re hearing there.

Diego Marroquin: That’s. We pronounce it in Spanish and it spells m m a r r o q u I n. Yeah. When, you know, in English, you said “Marrow Queen”, because you said a queen.

But I also say the joke that I don’t want to be a queen, I want to be a king. So it’s Marroquin.

You know what I mean?

Gary Buchs: From California? A tough trucking environment out in California in general. People talk about the higher taxes, the tougher rules, the environmental issues in general. How do you deal with that mentally?

Ivar Marroquin: I think it’s been a little bit tough, over the years.

Todd Dills: Owner operator Ivar Marroquin there

Ivar Marroquin: I’ve seen how has everything been changing? And then it appears that a lot of, rules, have been implemented in California, and that has affected a lot of us lease operators. So, California used to be called, like, the golden state. It is golden state, but used to be called golden state for trucking as well. Right now it appears that, has moved to, silver, silver, silver state instead of a golden. Right? Cost of living over there is so high. And then in my personal opinion, I have seen, you know, like a very unbalanced situation with all the inflation that is going. Inflation is going up, rents, or houses are going up, food, is going up, gas is going up, and rates, are going down. Rates are going down. So I think, it needs to be something, you know, done soon because I’ve seen a lot of the, you know, co, partners losing you m on their business.

When California implemented the ab five law, your income decreased significantly.

Gary Buchs: Diego, when you, talk about some of the challenges, are there any other particular challenges over the years with your experience with the different cycles of changes? What is the toughest challenge that you feel you’re facing with possibly.

Diego Marroquin: I think we faced the biggest one when they implemented the ab five law, because then we were challenging to get good loads and our income really, decreased in a very considerable amount. So we had to deal with that, figured it out, how we can keep the business going without losing that much money.

Gary Buchs: I’m glad you brought up the Ab five right away. And the challenge is because those of us who live outside of California have trouble understanding what the effect would be because we’re not there living there. So, Luis, when you look at the Ab law, when that affected, how did that affect, your contracts, for example, with Landstar, did it change the relationship?

Luis Marroquin: Pretty much it did because, we were, in order to keep going with pulling loads out of California, we had to move out of state, but our families are still in California.

Gary Buchs: You didn’t physically move your whole family?

Luis Marroquin: No, basically, I had to move myself out of state to get my license in a different state, and then, so I’ll be able to keep working in California and go see my family, but they’re not gonna move. So basically it separated my family.

Gary Buchs: Do you have a place of residency or could people set up just a post office box? How are they doing this?

Luis Marroquin: Basically, we rent an apartment.

Gary Buchs: Are the four of you renting in the same apartment together and that’s how you’re operating your business out of and that will be the plan.

So where did you go to get this far? Where? What state?

Ivar Marroquin: Nevada.

Luis Marroquin: Las Vegas, which is about 4 hours from my family.

Gary Buchs: Okay, 4 hours.

Luis Marroquin: Basically, we did the move just to be able to keep our loads that we were pulling out of California, because otherwise we were not going to be able to do them anymore. And then we tried for a while. We tried just moving loads out of Arizona, Nevada, and, we were losing a lot of deadhead milers. So we were forced to get our license somewhere else. We were able to keep working in California. It wasn’t really difficult. All you had to do is take, the hazmat test in Nevada, and that was it. And pay the difference. And it’s actually beneficial because it’s ten years versus five in California. It’s only five years. Nevada is ten years. So that was great.

Gary Buchs: And for people that may not know if you’re a Landstar contractor, they require all the contractors to have hazardous material on their license. do you haul Hazmat, Diego?

Diego Marroquin: Yes, I, do once in a while.

Gary Buchs: I always, as a contractor, found that that was more valuable. As you coming in, you’re going to transition, hopefully from company driver to this.

Todd Dills: Gary’s talking to Carlos there. As noted previously, still working as a company truck driver to date, but with aspirations beyond, as you have your three.

Gary Buchs: Brothers there to guide and teach you. Are you the oldest?

Carlos Marroquin: Yeah, I, am oldest. For me, the better, because he is the first working. Learn me.

No, teach me.

Ivar Marroquin: Yeah, we’ll take care of him.

Gary Buchs: Well, that’s such an advantage to have, that trust, you know, it’s like you have your own built in family network.

Diego Marroquin: Can I say something? I’m Diego. Can I say something about us? See, the thing is, Luis is the first one who came to the United States when he was younger. And then we came together with my brother, with my little brother, and he is the last one to came to United States. That’s why he. His language is a little bit like he’s improving his English. He has like, maybe like, what? Eight years?

He came because he, he had his own business back in Guatemala as a bakery. Yeah. So he came, and then he, went to school and got his license.

Gary Buchs: Coming as an immigrant, how hard was that process for you?

Diego Marroquin: I have to say that, we were blessed. Came in right into a time when the government opened the door for Central America. So we came right into legal. I was already a truck driver back in Guatemala, so I came, and I was at that time was easier to get the private license.

Gary Buchs: In what years was that?

Diego Marroquin: Like 1990. So, and then, I applied, you know, to get my driving license, and I was able to get it because I already knew how to drive a truck. And then I was able to get the job. And then another blessing, that there was a Mexican owner of these trucks, he gave me and give them the opportunity to teach them and learn them and get their driving license. That’s what we started, like, moving to, sears, like, doing deliveries and stuff with doubles. And that’s all I saw. Like I said, we’ve been blessed because we got those opportunities, and we were, like, willing to take it. And then he started in Londstar, and then he’s the one who brought us, luis. He’s the one who has more years than us, and he brought us to this company, which has been a blessing as well. Even though right now, you know, the rates are lower, we’re still being blessed.

Luis Marroquin: Well, I worked for a food company for a long time, and then we got layoff, and I wanted to learn the business before I bought my own truck. I wanted to see if it was worth it. And I heard good things about Landstar, so I had the opportunity. Somebody offered me a job in Landstar.

So I started driving for somebody, and I did it for, seven, seven, eight years with him.

Gary Buchs: It must have treated you well if you. …

Luis Marroquin: Yes. He was a great guy. He’s a great guy. Since the beginning, I had, like a, he had a cousin who was my dispatcher for the first two months, but he wasn’t really good at it.

So I learned the business, and my boss told me, okay, you can. Do you think you can do it on your own? I said, yeah. So basically, I ran the truck like it was my trucks from the beginning. And he used, every time I. I needed something, I just call him. He will pay for it and keep the truck running. And we were both happy.

Todd Dills: So to get the timeline down of the Marroquin brothers immigration to the United States, owner operator Luis, who was speaking there, immigrated to the US in 1989, and his brothers, Ivar and Diego followed in 1990. Carlos came finally in 2007. And as Luis has it, when each of them formally took residence … .

Luis Marroquin: None of us spoke English, when we first came here, we learned it and experience.

Gary Buchs: How did you learn English?

Luis Marroquin: On the street driving trucks.

Gary Buchs: There you go. Okay.

Luis Marroquin: Dealing with, dispatchers, they only speak English, so we had to communicate with them. That’s how we learned it.

Gary Buchs: Did you feel like, at times there was discrimination because of your language? How you emotionally dealt with it?

Ivar Marroquin: Yes, it was. It was very difficult. I ended up literally crying times because the way that I was treated, because when you don’t speak the language in a place and you’re trying to communicate with, you know, signs and, you know, gestures and stuff like that, people think that you’re dumb. You know, people, they tend to take you, and they tend to say, he’s not understanding what I’m trying to say. So they take you. Like, they think that you’re dumb, you know, but it’s not that you’re not done. You just don’t understand what to do, you know, what are, you know? But. So it was a big challenge. And even though you are, let’s say, you know, legal, they still take you as a undocumented. So I had a, supervisor that he would call me mo. And in those times, you know, racism, there wasn’t, like, mal soul. So, what I can say, like, very, punished. Those times, they were like, you know, people. You know, where a dude. So he will call me mo because, they call it wet bats when you cross the river. So, mo, it was like, a spanish word which means, like, mojado, which is wet. Wet. So. So, yeah, so they’ll call me. So I ended up in that job calling my brother Diego one day, and I said, I quit. I quit. I just can’t handle it no more.

I was crying because he was so much pressure, and I didn’t understand why it was like that. But, I mean, you know, but I quit that job and everything. And that’s when I decided I’m not before truck driver, you know, license, because he was already, you know, dealing with that. So that’s when I entered. I was 19 years old. yeah. And that’s when I got my license. So I’m 52 now. So from there to now, it’s being all this, you know, trucking business. But, yeah, definitely it was a big challenge. And, you know, I don’t blame the people or anything, but that’s what actually happened.

You feel like, you’re being treated, you know, like you’re a dumb person. But it’s not. It’s just, you know, you don’t understand. It’s hard, like, you know, right now they say to, let’s say china or something, and then you try to communicate. It’s gonna be very difficult, even though in Guatemala, they teach you a little bit of English, but so, so basic that you don’t really understand anything, like the complex. But, yeah, it is a big challenge. And then you feel emotional. You feel like. Like, you don’t belong to the place. You don’t belong to this place. But then you. In my. My heart always, I wanted to learn English since I was little because it was, you know, English was so influenced. We were influenced by English and everything, movies, food and everything. And then, when I was growing the movie Grease was so, you know, like, trending. And I used to watch that, and I would dream, like, being in high school and, you know, like, you know, doing what those people were doing and everything. So, in my heart, I remember that I really wanted to go to school.

So when I got here, I started to leave, you know, like adult school, because I was already 19, so they couldn’t get me on the high school when I started adult school, and I was there, like, for six, months, but I didn’t feel like I was learning English so well, so I decided to apply for college. And then I. They accept my college in Fullerton, college in California. So. So I went there for, like, for two semesters, and I was doing since anybody that, you know, doesn’t have a foreign English, they’ll do, like, the ESL, which is English as a second language. And that’s how I started learning English.

Todd Dills: When Carlos came to the US in 2007, his first work was at a Sam’s club location, stocking shelves, he said, and he, well recalls his own reticence to get out on the floor when shoppers were around.

Gary Buchs: Did you do something similar Luis?

Luis Marroquin: Yeah, when I. My first job here was at a gas station, and I knew how to change tires, brakes, oil, back from Armala. So the owner of the gas station told me, if you learn English, I’ll make you the manager, but, because you know how to do the work, but you need to learn English. So he told me, go to the night school to learn English. So I went to the classes, but we knew the numbers, the ABCs back from Guatemala, that’s what they teach us over there. So when I took the classes, when they give me the reading test, I knew what to answer, so they would put me in advanced classes, and I could not understand what they were saying. 

Gary Buchs: Because they tried to advance you.

Luis Marroquin: Because I could understand better, but I could not communicate back. So I did it for a few months, and then on the streets, that’s what I learned. And watching tv, because the teachers, that was one of the, advice that they give us, watches a lot of tv and English, so you can learn it. 

Gary Buchs: Diego, when you go to a customer still, like, let’s move forward to now, to the last few years. When you go to customers now, do you feel like the language barrier has become, less of a challenge that people are? Does it just vary a lot on where you are in the part of the country or the company? it gotten better?

Diego Marroquin: Well, I think there are some states, for some reason, the treat of the people is different. You know, I feel in California, I’m okay, whatever I go. I don’t feel like. I think my english is not perfect, though, but, I think it’s a level where people doesn’t feel like. I think sometimes people feel offended because we try to explain something, you know, and, you know, the people who speaks English, but they don’t understand, and it’s like they feel like, they don’t want to waste time, you know what I mean? We’re trying to explain, but now it’s different. It’s different. I can, you know, I can talk over the phone, and there’s some words, you know, that are. Sometimes I don’t like. Can you tell me again? You know, chances. But for the most part, I think I’m doing. I’m just okay now. It’s just some states that they’re. Some reason they don’t like the accent, maybe.

Gary Buchs: Back to the business side of things a little bit. when you got ready to start negotiating to buy a truck and so on, did you find any particular challenges buying equipment?

Luis Marroquin: Well, mine was really easy because the guy I drove for, we made a deal when he bought a brand new truck. He told me once I pay it off, I’ll sell it to you. So I worked all the time to pay it off, and then we came to an agreement, and he gave it to me without down payment. Just keep making him payments for two years, and I kept the truck. So that’s how it was. Easy available 700 8016. We got a brand new in 2015. I drove it for five years, and then another two more years paying back to him, and then I kept.

Gary Buchs: Do you still have that truck?

Luis Marroquin: No, I traded him for a new one. You bought it new and you’re a 2019 and Volvo.

Gary Buchs: So you did that in 2019?

Luis Marroquin: no, the Volvo I got. I just got it about four months ago. The 2019. It’s a used one, but. But I upgraded my. My old one because I had over a million miles already, so it was breaking down a lot.

Gary Buchs: When did you buy the second truck?

Luis Marroquin: I bought it with Lone montain. back in November of this last year. Last year, 23. And I traded my 16 Volvo, and I got that 2019. Pretty easy. No? it was. The down payment was 10,000. And the payment was. It was going to be 2100. But since I trading my old one, the payment went down a little bit. It’s 50 payments for 19, 94. And then once it’s paid off, they give you the title. Lone Mountain is a big help for us.

Gary Buchs: Do you have any protection plan with that? Like through Landstar, the NTP warranty, or any of that?

Luis Marroquin: Yeah, I had it with my 2016, but since I got the new one and it’s still on the warranty, they stopped it. They, told me once. Once I run out of my, factory warranty, then I can renew the NTP. Recently, I just took it in because I had a check engine light, and I tried to get it, the diagnosis to see if the warranty will cover, but they couldn’t find the problem. They charged me for the diagnosis, and so it didn’t help me.

Gary Buchs: That’s a very big challenge.

Luis Marroquin: Yeah, that’s a problem with the dealership, because in order for the warranty to cover, you got to take it to a dealership.

Gary Buchs: Yes.

Ivar Marroquin: And that’s what’s painful, being in trucking industry. I never wanted to be owner-operator. I was so blessed being working in good companies that did tribute really good with great benefits and everything. But for the pandemic, when the pandemic in 2020, the COVID hit us, my job got really slow, and they basically closed the doors. So when they closed the doors. I had a little bit of money saved up and I, talked to my brothers and I said, man, I don’t know what to do right now. It’s kind of hard to get a job. And then my brother Diego, he kind of like, motivated me to, why don’t you buy a truck? And I said, no, I never wanted because I heard so many bad experiences in trucking as an owner operator, and I have friends working as an owner operator, and they would talk to me the way they were saying the money that they were making, it only varies, like ten to 15,000 for what I was making and, you know, blessed company that I was working.

So I said, why am I going to struggle with oil changes and all that? In my mind, it was all bad. But then he had already, you know, Luis had, been working with Landstar and everything, and he introduced Landstar to my brother Diego and he bought his own truck. And who was he?

And then when he told me, you should buy a truck, I looked in the auction to buy with cash with the little money that I had, and I bought a Ritchie brothers auction and then I bought a truck. It was a pro star 2015 with, pro Max, I guess what Maxxforce N13, they had so many problems, supposed to be and everything. Anyways, out the door, it was a blast. It was twelve thousand, 600 out the door. And then I was ready, you know, working for Landstar and for me, it was a blessing. I never thought it was gonna be that good. So it changed my mind.

And I stayed with one year with that truck. And since everything was going so well and everything, I ended up getting my second truck. I gave that one as a down payment, plus a little bit of more cash and loan mounting. And, I got a 2022 brand new, brand spanking news. w 900 Kenworth.

Luis Marroquin: And then from a pro star to a W900.

Ivar Marroquin: Yeah, from a pro star. I chased up and oh, my God. And I don’t regret it all the time. 

Todd Dills: You can catch a picture of Ivar Marroquin with some of that red Kenworth w nine in the background of the shot and the post that houses this podcast for June 17, 2024. Overdriveonline.com/overdrive-radio

Ivar Marroquin: It’s been a little struggle for the payments because of the rates right now, but I’m on my third year already on the lease, and then it’s five years, so I only have to hang out, like, for two more years. And then I own the truck. $2850. They were asking for $23,000 as a down payment. And it was for five years, 60 payments, $2850 month, I was out. I was so surprised that they accepted me. Like, I was, like, my credit was okay and everything, but I never thought that was gonna be so. I felt like, again, blessed of getting a truck like that. It was beautiful. I mean, still beautiful. But, I mean, it was like when I drove it for the first time, and I was, like, feeling. I m ever, never felt before. I’m planning and keeping that truck if I can, like, another five years after I. And then see how it goes and then my plans and if God willy probably, get, another truck, like, after those five years old. So keeping this one for tank and those five years, try to, you know, see if I can, you know, I’m pretty sure I’m gonna feel more comfortable financial, wise, you know, talking. But, And then, you know, probably, you know, I don’t know where we’re gonna be in the industry. I don’t know. I don’t know if everything, you know, kind of, like, go back to normal, probably. Yeah, I’ll still, you know.

Gary Buchs: So, Luis, do you have a truck payment now?

Luis Marroquin: I do. 1994 a month, today was my fourth payment since I got this. So I got 56 left. No, I mean 46 left. I’m sorry. It’s 50 payments. This is a used one.

Todd Dills: Luis, partial to the Volvo brand, in contrast to his Kenworth loving brothers, recently traded his prior Volvo for the one he’s currently in. After crossing the million miles threshold, the only real headaches he’d seen were emissions related repairs that grew to such an extent, he felt getting into a newer, used model made sense.

Luis Marroquin: My own Volvo breakdown, it wasn’t too often, and basically was only after treatment that was costly. And we realized that basically, when the breakdown, the cost comes to almost the. The difference with Volvo is that you only. You can only go to the dealership because nobody else wants to work on volvos. But to me, it was a good truck. My engine, million, miles, and was still strong. I traded in only because the after treatment was giving me problems, and I didn’t want to risk it anymore. Yeah, that’s a million, 35,000. And I got it with 20 when I first got it, 20 miles.

Todd Dills: Meanwhile, Ivar has put about 300,000 miles on that brand new w nine and is looking forward to, if all goes according to plan, seven more years of ownership. Luis is winning the fuel mileage battle against his two owner operator brothers. Ivar and Diego, in part, he says, due to the automated manual transmission spec’d in combo with the engine for efficiency. What kind of mileage is he getting?

Luis Marroquin: 7.5 to 8 miles per gallon.

Diego Marroquin: See these two guys, Ivar and Liz, they run often times together from, California to Laredo back. So they go in and they compare how many, how much gallons everyone gets in putting.

Ivar Marroquin: Yes, I do, between five to six, depending on, depending on how heavy the load is. And obviously, you know, when, you know, but I’ve seen, you know, I average it always, I say like 5.5 because, you know, but I know that it sometimes, you know, goes down to five two, sometimes up to five eight.

Todd Dills: Diego, pulling in a Kenworth T 680, also with an automated transmission spec’d for optimal efficiency, is doing a good deal better than Ivar in the w nine at 6.5 to 7 mph gallon for most miles, he said. The differences among the three brothers equipment specs all provide a series of alternatives for the eldest fourth brother, Carlos, mulling his own jump into truck ownership. Currently, as noted previously, different approaches to booking loads in the Landstar system, too. Point possibilities for the way ahead. Heres Luis talking about his approach to building agent relationships over time, primarily through the Landstar load board and with out a big pre planning focus and much of his time leased to the company.

Luis Marroquin: As you’ll hear, I have found agents that have good loads, but sometimes they want you to wait for two or three days before the load is ready. So to me, that’s a waste of time and money. So I always work with the load board every time since the beginning. And I found good loads with good agents, and that’s how I kept, communicating with those agents later on, because I know that every time I’m going to be in the area where I know they have loads, I know that they always have good loads. So I was looking for them and I call them and let them know that I’m gonna be in the area, and if they have something going, any direction that pays good, I’m there. But, to me, the load board is what kept me going all these years. And I never liked to book too much in advance because, no, I always wait for the last minute, and it has worked for me. Okay, right now it’s bad, and everything is really paying really cheap. But, but it was always worked for me, waiting, for the last minute because I always got good paying loads.

Gary Buchs: Diego, do you use a different strategy for picking or getting loads?

Diego Marroquin: I rely on his experience more than myself. Because I look on the board and I can see loads. And then he’s like, oh, there’s this load. And I’m like, what is it? I can see it. I don’t know how this guy probably has like a magic one or something, you know, sometimes. But I do know now, some agents, they call me, like, in advance, hey, I’m gonna have this load next week. Are you gonna be in the area? Yeah, or sometimes if I go into some direction, I just, I know some agencies, you know, that I move loads before and I just maybe send an email or text, hey, I’m gonna be, for instance, in Utah next week. You have something going on? Sometimes they do. And, but this guy, Lewis, I said, hey, I got a good load myself. And I sent it to him, check it out. He goes, that’s not good load because it’s gonna be this thing. It’s gonna be this thing. And, you know, it’s stuck with this stuff. I’m like, yeah. So he knows. I said, I’m going to this instance. I’m saying I’m going to, spoke Washington. Spokane?

Luis Marroquin: Yeah, Spokane, Washington.

Diego Marroquin: He goes, okay, why you got that load?

Luis Marroquin: Yeah. Because sometimes he gets load without checking with me. I tell him, why you do that? because when I went to orientation, they even said it right there. Sometimes the good looking loads are not that good because it requires too many days. It requires loading or you might end up with no trailer at the end. So you gotta make sure all the details before you book that load, because once you book it, you commit.

Todd Dills: So we get by with a little help from our friends, as it were. Brothers, of course, in the case of the Marroquins. Here’s a big thanks to longtime Overdrive contributor Gary Buchs for bringing these four men’s stories to us. And here’s hope for continued success. 

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Sky News understands that Hambro Perks, which counts a stake in What3Words, the location-mapping service, among its holdings, is to rebrand as Salica Investments.

An announcement about the change of name will be made on Monday, according to an insider.

The new name combines salix, the Latin word for willow, and karpos, the Greek word for fruit, and is designed to communicate the firm’s reliability as well as its organic growth potential.

Hambro Perks was founded by Rupert Hambro, an investment veteran who died in 2021, and Dominic Perks, who left the firm last year.

It was established with a focus on backing promising British startups, although it has diversified since then into a broader set of private market funds investing in equity and debt across industry sectors and geographies.

Now run by Andrew Wyke, a source close to Salica said its funds were performing well, and that it recently held a final close on its first UK venture debt fund.

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It plans to launch a range of further investment funds later this year.

Since leaving Hambro Perks, Mr Perks has incorporated Lexham Partners, another London-based firm.

Public filings show that he has joined forces with Sanjiv Somani, the former chief executive of JP Morgan’s digital bank, Chase UK.

Mr Perks is understood to remain among the largest shareholders of the renamed Salica Investments alongside the Hambro family and Phoenix Group, the FTSE-100 insurance and pensions provider.

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Telenor launches new cybersecurity company

Telenor Cyberdefense offers businesses a Security Operations Centre for 24/7 monitoring, detection, prevention and response to cyber threats.

Nordic operator Telenor has announced the creation a new company dubbed Telenor Cyberdefense with the goal of helping Norwegian companies deal with the increasing cyberattacks.

In a press release, Telenor said that Norwegian businesses and organizations in the public sector are experiencing more frequent and severe attacks. Telenor cited Norstat’s survey, which found one in five business leaders had experienced cyberattacks within the last year.

Cyber threats have never been as severe and frequent as they are today. Cybersecurity is more important than ever as the digital landscape of business is constantly under attack. Telenor, one of Norway’s leading security players, has decided to leverage its expertise and experience as a cybersecurity company with Nordic ambitions.

Telenor Cyberdefense is now part of Telenor Amp. This portfolio consists of 15 companies that are owned in full or in part by Telenor.

“The exponential growth in data and the digitalization of society provide criminals with an expanded digital landscape. Telenor Cyberdefence is taking this challenge seriously, focusing on digital safety. This will allow us to develop advanced products for the business sector more quickly and more effectively, said Dan Ouchterlony.

The Norstat survey conducted by Telenor revealed that almost 9 out of 10 business executives are worried about a cyberattack crippling their operations.

Cybercriminals are increasingly targeting businesses in all sectors, and there is an unmet market need. Thomas Kronen is the CEO of Telenor Cyberdefense.

Telenor Cyberdefense offers businesses a Security Operations Center for 24/7 monitoring, detection, prevention and response to cyber threats and incidents. Telenor said that the new company would also offer consultancy services and test IT systems and infrastructure.

Kronen said Telenor Cyberdefense is looking to expand its operations in all Nordic markets.

Telenor Cyberdefense was established by the transfer of 50 security personnel from Telenor Norway. The company will also take on responsibility for Telenor Norway’s existing SOC clients, resulting in Telenor Cyberdefense starting operations with a client base of approximately 70 Norwegian businesses.

Telenor Norway operates and owns critical infrastructure. As a result, it says that over the years, it has established a “robust security environment” in Norway. Telenor has said that it has strengthened this environment by establishing a new, dedicated internal Cyber Security Operation Center. This center will focus Telenor Norway’s IT and Telecom infrastructure, further improving security for Telenor Norway, and its customers.

Telenor opened a facility recently in Sweden for testing the performance of IoT device against a variety of network scenarios.

Telenor stated that the facility is designed to help customers “understand their connected IoT product behavior before deployment”. The site will feature a Faraday Cage that can be used to test different networks and provide connectivity across Telenor’s Nordic operations.

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Week in review: JetBrains GitHub plug-in vulnerability, 20k FortiGate appliances hacked

Here’s a summary of some of the most interesting articles, videos, and news from last week:

JetBrains IDE users at risk of GitHub token compromise (CVE-2024-3711)

JetBrains fixed a critical vulnerability, CVE-2024-37051, that could expose users to GitHub token compromise.

20,000 FortiGate appliances hacked by Chinese hackers

Coathanger, a piece malware designed to persist on Fortinet FortiGate appliances, may still be lurking in too many devices around the world.

How businesses can incorporate token technology into existing payment systems

Mark Nelsen discusses the integration and token technology in existing payment systems.

Security strategies and privacy for CISOs working in a mobile first world

In this Help Net Security Interview, Jim Dolce CEO of Lookout discusses how to secure mobile devices in order to mitigate the escalating cloud threat.

Radare: Open-source reverse engineering framework

Radare is a reverse engineering framework and command line toolset that is open-source, UNIX-like. It can be scripted and modified for batch analysis.

Cybersecurity jobs are available now: June 12, 2020

We’ve scoured all the available roles in the cybersecurity industry to bring you the best selection. Check out the latest cybersecurity jobs.

Microsoft delays Windows Recall launch, more security testing is needed

Microsoft has delayed the release of Recall. This controversial Windows 11 feature will allow users to search for specific content they have previously viewed.

YetiHunter is an open-source threat hunting tool for Snowflake environments

Cloud identity protection company Permiso created YetiHunter. This tool is a threat detection tool that can be used by companies to search their Snowflake environments and find evidence of compromise.

Exploitation of a PHP command injection vulnerability to deliver ransomware CVE-2024-4577

TellYouThePass is exploiting a Windows-based PHP CVE-20244577 vulnerability (OS command injection) in CGI mode.

AWS introduces new and improved security features

Amazon Web Services (AWS), at its annual re-Inforce conference, announced new and enhanced tools and security features.

Microsoft fixes RCE vulnerability in MSMQ and Outlook (CVE-2024-3080, CVE-2024-30103).

Microsoft’s June 2024 Patch Tuesday has arrived. Microsoft has released fixes for critical MSMQ flaws (CVE-2024-3080) and RCE vulnerabilities in Microsoft Outlook (CVE-2024-30103).

The number of Snowflake customers whose data has been compromised is increasing

The attackers are attempting to sell stolen data from Snowflake hosted cloud databases.

Modern Fraud Detection Does Not Rely on PII

Online fraud detection trends are often the canary in a coal mine for understanding and combating online scams, frauds and cybersecurity threats.

Solving the systemic issue of recurring vulnerabilities

In this video from Help Net Security, Dr. Pedram Haiati, CEO of SecDim and Fil Filiposki founder of AttackForge discuss how they have formed a strategic partnership to tackle the challenge of resurfacing vulnerability.

Are you preparing for a career as a cybersecurity professional? Check out these statistics

This article contains excerpts from reports that provide statistics, insights, and data on cybersecurity jobs, skill shortages, and workforce dynamics.

Urgently needed AI governance in cyberwarfare

There will always be gaps in policy and regulation despite government efforts to regulate AI.

Maximizing productivity using Copilot for Microsoft 365 from a security perspective

In this video from Help Net Security, Brian Vecci, Field Chief Technology Officer at Varonis, discusses how to maximize the potential of Microsoft Copilot 365.

Cybersecurity professionals change strategies to combat AI-powered cyber threats

According to Deep Instinct, 75% of security professionals have had to change their cybersecurity strategies in the past year due to the increase in AI-powered cyber attacks. 73% are putting more emphasis on prevention capabilities.

Open source security in AI

New AI products are being introduced to the market at a faster rate than any other technology revolution.

Six months after SEC’s cyber-disclosure rules

Mark Millender, Senior advisor of Global Executive Engagement for Tanium, discusses in this Help Net Security video the general sentiment of CISOs from large, public companies regarding the effectiveness and understanding SEC’s Cyber Disclosure Rules and common misconceptions.

Major cybersecurity upgrades announced for American healthcare

The Biden-Harris administration is working tirelessly to improve the resilience and security of the healthcare sector against cyberattacks.

Cloud migration expands CISO’s role

CISOs used to focus primarily on information and cyber security. They would create and implement policies to protect an organization’s IT infrastructure and data from cyber threats.

GDPR turns six: Expert discusses AI impact

In this video from Help Net Security, Chris Denbigh White, CSO of Next DLP, discusses the new data protection challenges that emerging technologies such as AI have created and how organizations need to balance deployment with legality.

AI’s role in accelerating vulnerability Management

AI’s ability to analyze, predict and automate will reshape business in many areas, including cybersecurity.

New infosec Products of the Week: June 14, 2024

Here’s a look back at the most exciting products released in the past week. These include releases from Acronis Diligent Entrust KELA Plainsea SentinelOne.

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Allcargo Logistics, a subsidiary of ShipBob, joins forces with ShipBob for global freight and distribution services



Allcargo MUMBAI


‘ Wholly-owned global subsidiary

ECU Worldwide

The company announced on Thursday its partnership with

ShipBob

Air and ocean are provided by the country

freight services

The company’s fulfillment centers and reception hubs are located in the US, Europe and Canada.

ECU Worldwide is a key component in ShipBob’s end-toend managed freight program and inventory management program FreightBob. This will be done through the network of Allcargo Logistics which spans more than 180 countries and has more than 2,400 direct trading lines.

“Our new-age, tech-driven booking platform ECU360 redefined global supply chains efficiency through convenient features, product innovation and a world-wide network. “The partnership with ShipBob allows us to further enhance our delivery capabilities in different regions. Niels Bach Nielsen is Regional Head of USA and Canada for ECU Worldwide.

According to the statement this would help ShipBob manage its online inventory for its retailers in more than fifty markets as part ECU Worldwide’s LCL business (less than container load).

ShipBob, an international platform, allows mid-market ecommerce merchants as well as small and medium-sized businesses to manage their supply chain and execute orders.

According to the company’s statement, the partnership will allow for a more efficient inventory flow from their supplier and provide their client with end-toend distribution capabilities. ECU also helped ShipBob clients export parts from their main inventory in the United States and to ShipBob facilities abroad.

  • Published on Jun 13, 2024, at 7:31 PM IST

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Cybersecurity: Solving the Policy Puzzle

Opening Remarks

Justin B. Smith is CEO and co-founder of Semafor

Interview: The View From Capitol Hill

How Congress should respond to the growing cyber threats facing consumers, government and private entities in an election year.

Featuring: Sen. Ron Wyden (D-OR)

Morgan Chalfant, Deputy Washington Bureau chief, Semafor

Panel: When Ransomware Strikes

Priorities and key vulnerabilities for U.S. healthcare cyber infrastructure

Featuring: Chris BowenFounder and CISO of ClearDATA; Nathan Lesser CISO of Children’s National Hospital [REMOTE] Brian MazanecASPR Deputy director for the Center of Preparedness at HHS

Gina Chon, Senior editor, Semafor

Panel: The Enemy Online

Cyber attacks are a major threat to election integrity and national safety.

Featuring: Gharun Lacy Deputy Assistant Secretary & Assistant Director of Cyber and Technology Security at the State Department; Brandon Pugh Director, Cybersecurity and Emerging Terrorism, R Street Institute; Cait Coley, Senior Adviser CISA

Morgan Chalfant, Deputy Washington Bureau chief, Semafor

Partner Session: Verizon’s View

Chris Novak, Senior Vice President of Cybersecurity Consulting at Verizon Business

In Conversation with: Jamie Lehman Global Head of Live Journalism Partnerships at Semafor

Panel: AI: the Double Edged Sword

How AI is revolutionizing cyber security, both in terms of enhancing threat detection as well as giving bad actors more sophisticated tools.

Featuring: Justin FierSVP Red Team Operations, Darktrace ; John DavisVP Public Sector, Palo Alto Networks

John Hilsenrath Author, in Conversation

Panel: Tracking the Threat Environment

Understanding cyber threats and strategies to combat them with public-private partnerships.

Featuring: Janet Rathod Global Head of Cyber Threat Intelligence at Citigroup; Karan sondhi CTO, Public Sector at Trellix

Gina Chon, Senior editor, Semafor

Panel: Securing Critical Infrastructure

Addressing the biggest risks to critical infrastructure in the United States and how to make it more secure and resilient.

Featuring: Jeanette M. Manfra, Google Cloud Director, Risk and Compliance; Puesh Kumar, DoE Director, Office of Cybersecurity, Energy Security, and Emergency Response;

Gina Chon, Senior editor, Semafor

Interview: Views from the Administration

The White House has released its final policy objectives ahead of any possible administration change.

Featuring: Anne Neuberger Deputy National Security Advisor, Cyber & Emerging Technology at the White House

Morgan Chalfant, Deputy Washington Bureau chief Semafor

Closing Remarks

Justin B. Smith is CEO and co-founder of Semafor

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Diesel and Gas Prices to Increase July 1 in Five States

(Minerva Studio/Getty Images)

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Fuel tax increases that are relatively routine will take effect on July 1 in California and Illinois.

California will increase its diesel tax from 44.1 cents to 45.4 cents per gallon. The state’s gasoline taxes will also rise , to 59.6cents per gallon compared to 57.9cents.

The Illinois Department of Revenue has adopted fuel tax increases which increase gradually each year. On July 1, diesel taxes will rise to 54.5 cents, up from 52.9 cents. Gasoline/gasohol tax will increase to 47 cents from 45.4 cents.

According to an announcement by the Indiana Department of Revenue from April, the tax for a gallon of gas in Indiana will increase one penny to 35 cents, while the tax for diesel and biodiesel is expected to rise two cents to 60 cents.

On July 1, Missouri drivers, who do not distinguish between fuel taxes for diesel and gasoline, will see a nearly 3-cent increase in motor fuel taxes, to 27 cents a gallon, above the current 24.5 cents. Missouri Department of Revenue reports that the state’s fuel taxes will increase again on July 1, 2020, to 29.5 cents a gallon.

In New Jersey a plan that would gradually increase fuel taxes by about 1.9 cents per year for the next five years, while also creating a annual electric vehicle fee, is causing anger among stakeholders.

The law was passed by Gov. Phil Murphy will increase fuel taxes to 49.3 cents per liter of diesel and 42.3 for gas. The measure changes the way state tax rates are calculated and also establishes a $250 EV charge this year, which will increase $10 every year until it reaches $290.

The revenue generated by the tax increases will be used to fund infrastructure projects. The state treasurer will determine the specific fuel tax amounts each fiscal year.

Trade group Americans for Tax Reform has objected to this move and believes that businesses will be hurt by the law.

The group claimed that “the increase in fuel prices would leave gas stations in the state vulnerable to states like Pennsylvania and New York, which would offer cheaper fuel prices even though they also have exorbitant gasoline taxes,” “With the increase in gas tax, New Jersey motorists, fuel providers, residents and visitors to the state will have a higher tax burden for the next four-year period.”

In Virginia, the tax for a gallon will increase to 31.8 cents. The gasoline tax will also rise to 30.8, cents. Taxes on blended diesel will increase by a penny, to 31.8 cents. The tax on blended gasoline will also rise by a penny, to 30.8 cents.

In Maryland however, motor fuel tax is set to fall. According to the state comptroller, on July 1, gasohol and gasoline will be taxed for 46.1 cents, compared to the current 47 cents per gallon. Diesel and biodiesel taxes will also drop to 46.85 cents, compared to the current 47.75 cents.

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AI, Cybersecurity, and Human Role Shape Online Shopping

Around the world and here in Ireland, a digital revolution is transforming how people shop online, with artificial intelligence (AI) now leading the charge. But this acceleration in the role of emerging tech brings a complex challenge: balancing the innovative power of AI with consumer demands and concerns. The latest EY Future Consumer Index, surveying 500 Irish consumers reveals a mix of attitudes and expectations that are radically shaping the next wave of e-commerce.

The shifting habits of online shopping

The study shows the Irish consumer base in flux, 18% are buying more online than last year, 54% maintain the same, and 28% shop online less often, indicating a reassessment of the role of e-commerce. With affordability still front of mind for many Irish consumers, seeking value via online is evident, with 60% looking for discounts, 47% using shopping apps, and 42% joining rewards programs, indicating increased engagement for brands who offer benefits and discounts. Social media influencers are also significantly impacting consumer behaviour, with 39% of consumers interacting with them, 67% trusting them, and 58% making purchases based on their recommendations.

Perceptions of AI in E-Commerce

While more than 70% of the respondents are engaging with AI technology on e-commerce platforms, the perceived usefulness of this technology is notably lower for Irish consumers than their global counterparts. 54% of Irish consumers feel that AI-driven product recommendations in their shopping experience are not very useful, in stark contrast to just 32% globally.

Usefulness of AI-driven product recommendations in shopping experience

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OpenAI appoints Former NSA Director Paul Nakasone to Board of Directors

Retired U.S. Army General and former National Security Agency (NSA) Director Paul M. Nakasone has joined the Board of Directors at artificial intelligence giant OpenAI.

Nakasone will also join the Board’s Safety and Security Committee that was announced in late May, which responsible for making recommendations on safety and security decisions for all OpenAI projects and operations.

OpenAI says Nakasone’s insights will “contribute to OpenAI’s efforts to better understand how AI can be used to strengthen cybersecurity by quickly detecting and responding to cybersecurity threats.”

General Nakasone, who retired in early 2024, served as Commander, USCYBERCOM and Director, NSA/CSS since May 2018, taking the helm after the retirement of Admiral Mike Rogers as it ascended to the status of a unified combatant command.

“Artificial Intelligence has the potential to have huge positive impacts on people’s lives, but it can only meet this potential if these innovations are securely built and deployed,“ said Bret Taylor, Chair of OpenAI’s Board. “General Nakasone’s unparalleled experience in areas like cybersecurity will help guide OpenAI in achieving its mission of ensuring artificial general intelligence benefits all of humanity.” 

“OpenAI’s dedication to its mission aligns closely with my own values and experience in public service,” Nakasone said. “I look forward to contributing to OpenAI’s efforts to ensure artificial general intelligence is safe and beneficial to people around the world.”

Under General Nakasone’s leadership, the NSA established the unclassified Cybersecurity Collaboration Center and announced the formation of the Artificial Intelligence Security Center in September 2023.

General Timothy D. Haugh assumed command of NSA and USCYBERCOM on February 2, 2024, taking over the role from Nakasone.

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Early-stage VC Dirk Steller sees a ‘startup spring’ ahead, especially for fintech and regtech

As we draw into the second half of 2024, we are declaring the end of winter for startups, and enjoying the fresh green shoots of startup spring.

While we are all hearing constantly about AI, there are many more areas of growth in the fintech world where we’re seeing warming interest from investors. Payments, digital currencies and supply chain tech are among the sub-sectors we see enjoying moments in the sun. 

The painful rationalisation process that took place over 2022-3 sees us now with a blossoming and a robust industry in Australia, with 88% of fintechs in this country now post-revenue and 75% three years old or more

Crunchbase data shows that funding in Q1 2024 in Australia is up just over 6% over Q1 2023, and Australia is doing far better than the global average, which is down around 20%. Reflecting the maturity of the startup market overall, rounds at seed stage and later attracted bigger cheques in Q1 this year than they did a year ago. 

In a delightful evolution of the sector, 2023 saw a massive uptick in female-founded companies being funded.

At Seed Space Venture Capital we have diversity as a core value, so this development is exciting and a trend we hope to see continue. 

In an excellent development for investors, we are seeing movement again in both exit and follow-on opportunities.

High profile subsequent rounds for companies like Honey Insurance and Employment Hero have definitely stimulated the appetites of investors here in Australia as well as international investors tracking this market.

And with Canva and Remitter both signalling their intent to list in the US, we see the heralding of a fresh round of tech IPOs that will certainly refresh local enthusiasm for taking to the boards.

Canva investors received an extra bonus with their huge liquidity event, a great signal that those who have built up equity in companies that thrived through the difficult times will be able to be rewarded for their patience.

Payments and the ‘pipes and plumbing’ for financial transactions is an area where the rays of spring are bright.

BNPL has enjoyed a resurgence, but more interestingly we are seeing burgeoning growth in many and varied payments related areas including solutions for rental bond payments; SME employee expense solutions; construction contractor payments, and financial solutions for international students.

The fat in payments is enormous, and we see this dissipating over the coming decade to the detriment of the incumbents and the benefit of those eating up the spread.

Digital assets, and the infrastructure associated with them, are once again an area of interest for investors.

In a speech in March this year, ASIC Commissioner Alan Kirkland talked about the new regulations that are now in development for this sector. With several banks trialling stablecoins and thinking about future tokenised assets, we now see good opportunities in the digital asset space, which was probably one of the most severely affected during fintech winter.

Supportive regulatory regimes in place in Hong Kong and Singapore make APAC more broadly a good place to develop new products and services using these technologies, and we see excellent prospects for fintech companies in Australia to take advantage of these tailwinds.

Supply chain tech continued to grow even through the winter and we are seeing a real maturity in this sector now. Creative implementations for traceability and trade are beginning to get real traction to replace outdated paper-based trade workflows, as well as capturing valuable trade data that can be repurposed to create brand new business opportunities. 

Great vintages of venture capital are built during periods of economic uncertainty, and we’re excited both about the growth we’ve seen from our investments during the winter, and about continuing to deploy capital into the current more optimistic environment.

* Dirk Steller is the founder and Managing Partner of Seed Space Venture Capital

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