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This Least Punctual Airline Is Now Offering A $550 'All You Can Fly' Annual Pass With Unlimited Flights To Attract Customers - Wizz Air Holdings (OTC:WZZZY) 2024-08-15 09:25:00+00:00 - In a bold move, European budget airline, Wizz Air WZZZY has introduced an annual subscription pass offering unlimited flights for $550. What Happened: The “all you can fly” pass will be available at this introductory price until Friday, after which it will rise to 599 euros. The pass enables passengers to book one-way and roundtrip flights to any of Wizz Air’s international destinations, up to three days before departure, with the booking window set to open in September, CNBC reported on Thursday. Each booking will incur an additional flat fee of 9.99 euros ($11), and any luggage beyond one personal item will attract extra charges. The airline aims to initially release 10,000 memberships, with seat availability subject to several factors. This initiative follows similar subscription packages introduced by U.S. carriers like Frontier Airlines, which announced a $599 unlimited pass for its North America routes last year. However, this concept is still relatively new in Europe. See Also: Donald Trump Says Elon Musk Has Not Been ‘Feeling So Well Lately,’ Sparking Speculation: Here’s What Tesla CEO Replied Wizz Air’s move comes at a time when the airline is grappling with declining profits and customer satisfaction, amid wider pressure on the sector following the post-pandemic travel boom. The Hungarian airline reported a 44% drop in its first-quarter operating profit earlier this month. Why It Matters: The launch of the pass by Wizz Air comes after the company took the spot of the least punctual airline in the U.K. for the third time in a row, as per Civil Aviation Authority data. Air travel around the world has been affected by efforts to reduce carbon emissions, leading to increased ticket prices to cover the costs. The price of sustainable aviation fuel, which is crucial for meeting the industry’s goal of achieving net-zero emissions by 2050, is more than double that of traditional jet kerosene. As a result, airlines have had to pass on the extra cost to passengers. In the U.S., domestic air travel hit a record high in the first half of 2024, with airlines showing significant operational improvement. However, European carriers like Wizz Air are facing challenges due to factors such as the ban on short-term rentals in popular vacation destinations. Read Next: Image by Oyoyoy via Wikimedia Commons
High Cost of Dating Makes It Hard for Millennials, Gen Z to Find Love 2024-08-15 09:23:02+00:00 - Ben Keenan estimates that over the past year, he's spent somewhere between $1,500 and $2,000 on dating. Despite spending a hefty sum on everything from drinks and food to tickets and Ubers, the 31-year-old Seattle communications consultant and content creator said the payout had yielded no real results: His relationship status is "nonexistent." "A lot of times I'm spending money just to get to know somebody out from behind a screen," he said Like many younger Americans, Keenan is encountering a harsh reality: Not only is the modern dating scene really tough, but putting yourself out there adds up. To be smarter about his romantic spending, Keenan has become more selective with whom he meets — and instead of immediately suggesting pricey drinks, he's proposing lower-cost options like grabbing a coffee or going for a walk. Advertisement As someone who's also been dating through whatever it is we've been doing romantically since 2020, I've noticed that my dating costs are going through the roof. There are, of course, the basic increases in just about everything, as anyone who's bought groceries or gas knows. In addition, new costs are getting layered on every day as the dating pool becomes tougher to navigate — relationship apps are barren unless you pay for access, and the new crop of exciting speed-dating events will cost you (if they don't sell out first). In an age of increasing isolation, an intimate relationship can be especially valuable. And, pragmatically, finding a partner can have some economic advantages — after all, things are cheaper when they're divided by two. But the price tag to find the right person is getting higher. Love, in this economy, is increasingly reserved only for those who can afford it. Bring in the dating coaches! There's no magical financial formula for a relationship (sadly), but to sketch out the new cost of love, I decided to ask several dating coaches a few questions that could help me develop a relationship road map: How long does it usually take to find out whether you're compatible? How much should a date cost? Who is expected to pick up the tab? The coaches said it usually takes about three months of seeing someone once or twice a week for most people to consider it a relationship. So that's at least 12 dates before getting into a relationship. Not every date is the same — costs and activities will vary by person, location, and what you're drawn to. Amy Nobile Messing, a New York City dating coach with a holistic and technology-based approach and clients aged 25 to 81, recommended a "mini screener date" for a first meetup before escalating to anything more. Advertisement "First dates should not be the traditional go out to dinner for four hours and spend a ton of money," she said. "They really shouldn't." Damona Hoffman, a Los Angeles dating coach, similarly recommended doing drinks because clients could otherwise end up overstaying their welcome and shelling out a whole lot of money. "First dates should be something short and sweet," she said. After the first date is when the tabs get more substantial — a longer meal where you can sit across from one another and delve deeper. Daphney Poyser, whose Fern Connections specializes in queer dating, recommended dinner and an activity like mini golf, ax throwing, or cooking classes. Advertisement As things progress, another big question is who's picking up the bill — a decision that comes with a host of gendered assumptions and changing norms. Messing said that among her heterosexual clients, there's still an expectation that the man is paying for all the dates. "If you're in a heterosexual relationship and you believe in chivalry, which, again, 95% of my clients do, then the man is paying, period, end of story," Messing said. Related stories But the answer is not as clear-cut for same-sex couples, couples who don't skew toward traditional heterosexual norms, or younger generations. "My younger daters, they're like, 'Of course, we're going to split the cost of the date,'" Hoffman said. "That's a huge shift." Advertisement Poyser tells her clients that everybody should expect to split the cost. "If you like someone and they like you, then you should be willing to split the cost," Poyser said. Among Messing's queer clients, the rule of thumb has been that whoever asked the other person out or planned the date should pay — and they naturally trade-off as things progress. So for simplicity's sake, in our road map, let's assume that you're always splitting costs, with the expectation that straight men will pick up the bill more often. The nitty-gritty Now that we have a sense of the time, shape of the activities, and share of the bill, we can get a sense of what dating costs look like for a 12-date plan. Of course, these numbers are all approximations — your favorite restaurant or activity might cost more or less. But to get to rough estimates, I tried to stick close to real menu prices and approximate how much costs have risen. Advertisement Since the coaches' first-date suggestions generally boiled down to drinks, I started the tabulation by looking at the average cost of a cocktail, which was about $12 in 2019 across major US markets. Adjust that for inflation, and it's about $14.50 in 2024 dollars. For alcohol-free drinkers, the average price of a coffee is about $6 in New York City, which is comparable with other markets. "The cost of everything is more expensive," Hoffman said. For movies, prices vary across the country. The average ticket cost $11.75 in 2022, the research firm EntTelligence estimated; round up for recent inflation, and the average movie ticket costs about $12, plus $27 for a large popcorn, a drink, and candy. The same logic can be applied to museums: Ticket prices across the country have ticked up to the $30 range. I chose the American Museum of Natural History as our museum date spot because it is, inarguably, a great place to go on a date. The cost of an adult ticket: $28 for non-NYC residents. I also chose a premium concert experience for our daters since those are less likely to get canceled than smaller shows right now. Pollstar, a live-music industry publication, found that the average ticket price for a tour of the top 100 performing artists was $123.25 in the first quarter of 2024, up from $95.63 in 2020. Numbers got a little fuzzier when I looked at how much it cost to go out to dinner or order in. I chose my favorite date spot — Thai72 — as a menu example, and it tracked fairly closely with MoneyGeek's estimate that a romantic dinner out costs $96. Similarly, I used my favorite pizza spot — Mama's Too — to gauge the cost of a nicer takeout pizza and then added a Trader Joe's Caesar salad and a bottle of Josh rosé. Advertisement After they have a few dates under their belt, I figured that many daters clustered in too-small urban apartments would want to get some breathing room. After all, there's nothing like a day trip to figure out what longer-term travel with your partner might look like. I looked at the cost of driving from New York City to Hudson, New York, a popular mini-road-trip destination (and, conveniently, a great way to visit Business Insider's economic-data editor, Andy Kiersz, who helped oversee these calculations). For our later dates, I also included a few spicier ideas, like a visit to the board-game café Hex&Co., a pasta-making class, and a cheese tasting at Murray's Cheese, as fancier date activities. With these estimates, it's easy to see how dating adds up: Our hypothetical dater is spending $650 to make it to the 12-date mark. The estimates also don't take into account the subtler costs of dating. That could be as simple as the price of the commute to and from your meetup — which would cost you $5.80 if you took New York City's subway — or having to fill up your gas tank. The dating experts I spoke with also listed services their clients may want to invest in for dating, from hair and makeup to Botox and dating-app subscriptions. Hoffman, for instance, said that beauty norms had shifted: Skincare and different types of fillerl, along with Botox, are increasingly seen as necessary parts of a beauty regimen. Advertisement "All of these beauty enhancements, people aren't really thinking about the cost of them, but many times the reason that they're doing it is for attraction," she said. "I consider that a cost." Given these costs, I decided to incorporate a few of the major categories into the road map. An informal survey of salons across the country pegged the average haircut at $56, so add one of those to the tab for the three-month getting-you-know-you period. In a 2023 survey by the data-analytics firm Inmar Intelligence, one-third of surveyed consumers said they spent over $500 on beauty products in the past year — that works out to $125 in beauty-product spending, if we're accounting for around a three-month period. Meanwhile, an informal 2022 report found that the average cost of a full body wax was $152, and Cosmopolitan reported in January that low-end forehead Botox would cost you $300. Taken together, that could mean up to $500 more in beauty spending alone. Related stories Modern dating also comes with a new cost: forking over money for dating apps. In a 2022 Pew poll of adults who were online dating, 35% said that they'd paid to use one. Messing recommended paying for HingeX — $50 a month — and Bumble Premium, which runs about $40 a month. Hoffman doesn't have a uniform recommendation for dating apps but said people should pay for what's important to them. Similarly, Poyser recommended paying for Hinge preferences. "The average dater that only started using dating apps in the last five or 10 years has what I feel like is an unrealistic expectation of what they should get from a free dating-app experience," Hoffman said. She added: "A lot of the apps are breaking out the different levels of service, different features that you can pay for, and it's kind of like streaming television. You just pay for the ones that you are going to use." Advertisement You could also choose to employ a dating coach. Messing's services run $25,000 for a four-month program. Hoffman's costs range from $9 into the five figures; she said her most popular program was group coaching, which costs $2,500. Poyser said that she charged $200 for her initial one-hour session and then $150 for bundled sessions afterward. After adding up all the direct and implicit costs of dating, the price of finding that special someone rang in at about $1,000 for around 12 dates. Adjusting for inflation, that would've come out to about $800 in 2019 — without accounting for the loneliness and geographical shifts the pandemic caused, where people are willing to spend more to find friends. Notably, the $50 paid version of Hinge that our coaches recommended rolled out in 2023, and pricier app offerings are a more recent invention all around. And that's just the cost to get into a relationship. Even deeper down the romantic path, couples face the soaring cost of weddings — not to mention the rising price of being a parent. What does that mean for all of us? The daters out there might not be too surprised to learn that getting into a relationship is expensive — though even I was taken aback by just how much I'd been sinking into finding a partner. Advertisement But the rising costs of dating aren't just an issue for the lonely hearts of America, they also point to a growing problem for everyone in the US: The things that bring us joy, happiness, or meaning are all getting more expensive. Dinner out with friends is more expensive. Going on vacation is getting pricier. Owning a pet will cost you more. Even those who have moved beyond the cycle of dating and into building a family are facing these price pressures. Research has found that marriage is becoming increasingly reserved for the wealthy and more educated. Some people are happily opting not to have children, while others are finding themselves pushed into a child-free existence because they can't afford to have kids. But even with the high up-front cost of dating, getting into a long-term relationship might pay off in the long run. Solo Americans often come up against what's known as the "singles tax": They're paying thousands more than couples to live alone and need to make nearly (if not more than) six figures to live comfortably. Keenan, the Seattle dater still looking for love, is keenly aware of the singles tax. "Bills are made for a household," he told me. "I'm paying the same amount on my sewer and my garbage and my gas as I would if I had four people living in my apartment as I do with one person living in my apartment. There's nothing that is intended to be comfortable for one person." Advertisement As things get more expensive, the singles tax gets worse — creating an ever-increasing price for singledom. "Just because I haven't found my person, suddenly society's expecting me to pay more because I'm living alone," Keenan said. But Keenan's still out there. For about six to eight months, he tried to just meet people in person — which, as he noted, is often cheaper. Bumping into somebody at a bar means they probably already have a drink, and it's less formal than a sit-down dinner. Keenan's status, though, might be familiar to fellow beleaguered daters out there: He's back on the apps. It's a fate we all may have to resign ourselves to in the era of modern dating. It looks like those $12 first-date cocktails aren't going anywhere anytime soon (and they soon may be $20 cocktails). The only question is what new paywall might emerge in pursuit of a partner.
A man snuck onto 2 flights in 2 days by reportedly tailgating passengers with tickets, and managed to fly over 800 miles 2024-08-15 09:18:00+00:00 - A man in Germany snuck onto two flights on two consecutive days and managed to fly to Sweden. Bild reported he raised suspicions on arrival because he immediately wanted to return to Munich. Munich Airport and local police are investigating how he bypassed security and boarding checks. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement A man managed to board two flights in two days without a ticket at Munich Airport. A spokesperson for the Bavarian State Police told Business Insider that the 39-year-old Norwegian, who hasn't been named, is under investigation for trespassing and fare evasion. On August 4, he boarded a plane to Hamburg, in the north of Germany, with other passengers but was apprehended and handed over to police before it took off, according to the spokesperson. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Walmart Earnings Under Spotlight As Investors Watch Consumer Behavior Following Amazon And Airbnb's Gloomy Forecasts Blaming Trump Assassination Attempt and Israel War For Falling Demand - Amazon.com 2024-08-15 09:10:00+00:00 - As Walmart Inc. WMT gears up to release its second-quarter results today, the market is on high alert for any signs of consumer spending trends. What Happened: Investors and analysts are keeping a close eye on Walmart, as any signs of a quicker-than-anticipated slowdown in spending could potentially shake up the stocks of other consumer-oriented companies. However, the general sentiment remains hopeful. This came after other major players, such as Amazon.com Inc. AMZN and Airbnb Inc. ABNB, cited various factors, including global events and new regulations, as reasons for a potential decline in consumer demand. See Also: NASA Astronauts Are Stuck At ISS Due To Boeing Starliner’s Issues, But They Aren’t The First Ones To Be Marooned Outside Earth Evercore ISI analyst Greg Melich expects Walmart’s commentary to indicate a stable consumer environment, with positive traffic and share gain reasons. Wall Street’s prediction for Walmart’s sales growth is slightly lower than the peak pandemic levels, but still robust, likely to meet or surpass analysts’ expectations. "Walmart will speak to a steady low- to middle-income consumer backdrop, in addition to ongoing higher income consumer trade-in, with positive traffic and share gain reasons for the commentary to skew constructive through the year," said Melich, according to Barron’s. What To Expect From Walmart? Wall Street expects Walmart to report quarterly earnings at $0.64 per share on revenue of $168.57 billion before the opening bell, according to data from Benzinga Pro. Walmart shares gained 0.50% to $69.00 in premarket trading. Why Are Analysts So Upbeat About Walmart Earnings? Joseph Feldman, an analyst at Telsey Advisory Group, believes that Walmart’s investments in automation across its supply chain, along with gains from its rapidly expanding advertising and fulfillment businesses, may have likely contributed to profit growth. Third-party data from Placer.ai shows healthy sales growth during the quarter, with visits to Walmart stores and Sam's Club outlets rising by 3.9% and 7.5% respectively, compared to the same period last year. “The company is distinguishing itself from the rest of retail with continued momentum—albeit with some moderation—amid a slowing consumer backdrop,” Deutsche Bank analyst Krisztina Katai pointed out. Why It Matters: Walmart’s Q2 earnings are particularly significant against the backdrop of recent developments in the retail sector. Airbnb recently anticipated a decrease in U.S. bookings amid dipping consumer sentiments. The vacation rental company cited global events, including the ongoing Israel War, and new regulations in California. Similarly, Amazon also attributed its lower revenue forecast to the Paris Olympics and the recent assassination attempt on former President Donald Trump. Amazon's finance chief, Brian Olsavsky, said consumers are "continuing to be cautious" and are more focused on buying everyday essentials, which could explain the revenue shortfall. These concerns are further compounded by the recent slowdown in job creation. The July slowdown signaled cooling labor market conditions and strengthening the case for imminent interest rate cuts as early as next month. Price Action: Walmart’s shares closed 0.8% up at $68.66 on Wednesday, and were up 0.50% at $69 in premarket trading at the time of writing on Thursday, according to Benzinga Pro data. Read Next: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Image Via Shutterstock
I just returned from the Paris Olympics and it was nothing like I expected. These 7 awful things surprised me the most. 2024-08-15 09:07:01+00:00 - I was at the Paris 2024 Olympics as a journalist after covering the Tokyo 2020 Games, which I loved. Tokyo spoiled me and raised my expectations for Paris 2024. The lack of AC, limited transportation shuttles, and hard water disappointed me in Paris. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement I worked as an independent journalist at the Tokyo 2020 Games and returned in that same capacity for the Paris 2024 Olympics. Working at the Olympics is always a unique experience. Due to the COVID pandemic, the Tokyo Olympics were pushed to 2021 with severe restrictions. No spectators were allowed, and only a limited group of media professionals and necessary personnel were present. But surprisingly it was an amazing experience. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Google hired me as a UX engineer without a college degree. I pushed past imposter syndrome to land the job. 2024-08-15 09:05:01+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview This as-told-to essay is based on a conversation with Edwin Toh, a former UX engineer at Google in New York. It has been edited for length and clarity. My friend told me what I should expect at Google's New York office before I started working there. You don't get the vibes you see in the movies — it's just a big office building. But when I stepped inside the lobby during the summer of 2018 and saw the big logo with the interactive screen, I still thought, Wow, I'm actually entering Google. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. I think anyone would want to work for Google if they had the chance, but I never really thought I'd get there. I ended up working for Google for six years. Advertisement I didn't take the typical route I was born and raised in Singapore in a family of five. Getting a degree would've been expensive, but I realized I might not need it. I could see how fast technology was moving. While studying at Nanyang Polytechnic for my diploma in digital media design, I remember my lecturer learning about a new development and teaching it to us simultaneously. I needed to complete my compulsory military service in the Singapore Army, so I was a full-time national serviceman for two years. When I left, I joined a digital ad agency in Singapore to save up and started applying for US internships three years later. I was sponsored as an intern by Firstborn, a digital agency in New York I worked in New York City for five months. I then returned to Singapore, where I launched my own digital design agency, and Firstborn became one of our clients. Advertisement After running it for three years, I realized most of my time was occupied with management tasks, and I was concerned my growth as a programmer was starting to stall. I closed my company and returned to the US to rejoin Firstborn as a full-time staff member in September 2015. The industry had changed mostly due to the launch of the iPhone, and many app startups had launched. Related stories I wanted to apply for Google, but I suffered from imposter syndrome. I didn't feel like a real developer. I'd been making marketing websites that only needed to be fun and creative, not for real products that people would depend on and use every day. A friend referred me to Google A television company offered me a job two years into working in the US. When I was about to sign the offer, a friend who worked for Google told me they were looking for UX engineers, and she pushed me to apply. It was the perfect role for me. Advertisement She referred me, and then the hiring manager at Google contacted me. The interview process started with a phone interview and a basic technical test. Then, I had an on-site interview. When I went for the Google interview, I didn't think I would get the job, so I just viewed it as an experience. I also thought it was cool that I got a chance to visit Google. What surprised me when I stepped into the Google office was how big the building is It spans one avenue and takes four minutes to walk from one end to the other. There were four cafés, each serving different types of food, and baristas pouring coffee. The interview day consisted of five rounds. I started by presenting my portfolio to five interviewers from different parts of the company. Advertisement Then, I had three one-on-one interviews that featured technical tests and another that focused on Googliness to see if I would be a good culture fit. The interview process took a full day. You can ask any question during lunch without counting toward your interview score. I had lunch with the hiring manager, who also did my phone interview. He made sure I was comfortable and checked that I was mentally ready for the next half of the interview because he knew how tiring it could be for the whole day. Once the interview day is over, your application goes to the hiring committee to decide whether it's a yes or no, and then the offer committee returns with an offer. This process usually takes multiple weeks, but they knew I had a pending offer, so it was only two weeks from the initial contact to the offer. I got the propeller hat, a jigsaw puzzle, a T-shirt, and a handwritten note through the mail to say welcome. Advertisement I spent six years working for Google I worked on everything from Search to Google Pay. If you want to move between the organizations at Google, you must apply. Poaching people from other teams is seen as bad form. During the pandemic, I moved to the Mountain View office in Silicon Valley to work on a moonshot for Google at X (formerly Google X). The vibe between the Google offices in New York and California is very different. There are way more engineers in Mountain View, while there's a mix of sales, engineering, and design in New York. I knew what Mountain View was like because I'd been there both for work and as a tourist. The campus had a very magical vibe. Even though it's laid-back, you can feel this is where everything happens. The X office in California had a different feel to the Google office in New York Robots roam the floor in California. You can see them everywhere. Advertisement I worked at X for a year until Google Labs acquired the moonshot I was working on. I moved back to New York because I missed the convenience of a city. My favorite thing about working at Google was how easy it was to get to know some of the most brilliant yet humble people in tech. I've been lucky to work with some of the smartest people in this space, most recently on a team called Playspace, which has been working on bringing useful generative AI features to Workspace. I left Google to join an AI startup Working for a big company like Google can often dilute or delay your impact. In a startup, your survival depends on your contribution. Anything that you do can make or break the company. I left Google for a startup called Runway in April. Advertisement I forged close relationships with the people I worked with at Google, and that's what I'll miss the most.
White House says deals struck to cut prices of popular Medicare drugs that cost $50 billion yearly 2024-08-15 09:04:15+00:00 - WASHINGTON (AP) — The Biden administration is taking a victory lap after federal officials inked deals with drug companies to lower the price for 10 of Medicare’s most popular and costliest drugs, but shared few immediate details about the new price older Americans will pay when they fill those prescriptions. White House officials said Wednesday night they expect U.S. taxpayers to save $6 billion on the new prices, while older Americans could save roughly $1.5 billion on their medications. Those projections, however, were based on dated estimates and the administration shared no details as to how they arrived at the figures. Nonetheless, the newly negotiated prices — still elusive to the public as of early Thursday morning — will impact the price of drugs used by millions of older Americans to help manage diabetes, blood cancers and prevent heart failure or blood clots. The drugs include the blood thinners Xarelto and Eliquis and diabetes drugs Jardiance and Januvia. Medicare spent $50 billion covering the drugs last year. It’s a landmark deal for the Medicare program, which provides health care coverage for more than 67 million older and disabled Americans. For decades, the federal government had been barred from bartering with pharmaceutical companies over the price of their drugs, even though it’s a routine process for private insurers. “This meant that drug companies could basically charge whatever they want for life-saving treatments people rely on, and all Americans paid the price,” White House adviser Neera Tanden told reporters in a Wednesday night call. The drug deals will become a focal point for Vice President Kamala Harris’ presidential campaign, especially since she cast the tie-breaking vote to pass the law. She will join President Joe Biden Thursday to announce the drug prices, their first joint speaking appearance since she replaced him at the top of the Democratic ticket, as they both struggle to convince voters that costs will trend down after years of above-normal inflation. The pair last appeared publicly together to welcome back to the U.S. Americans detained in Russia who were freed as part of a massive prisoner swap earlier this month. Powerful pharmaceutical companies unsuccessfully tried to file lawsuits to stop the negotiations, which became law in 2022, when a Democratic-controlled Congress passed the Inflation Reduction Act, overhauling several Medicare prescription drug regulations. But executives of those companies have also hinted in recent weeks during earnings calls that they don’t expect the negotiations to impact their bottom line. The Centers for Medicare and Medicaid Services, which oversaw the dealmaking, is expected to release the final drug prices later Thursday. The new prices won’t go into effect until 2026. Next year, the Department of Health and Human Services can select another 15 drugs for price negotiations. Before the drug prices were finalized, the Congressional Budget Office estimated the negotiations could save the federal government $25 billion in 2031. The official event comes a day before Harris is set to unveil part of her economic agenda on Friday in North Carolina, where she was aiming to roll out other ways she plans to help cut costs and boost incomes for the middle class.
U.S. to Announce Prices for First Drugs Picked for Medicare Negotiations 2024-08-15 09:02:05.977000+00:00 - The Biden administration is set to announce on Thursday the results of landmark price negotiations between Medicare and the pharmaceutical companies over the prices of 10 costly or common medications taken by millions of older Americans. Had the new prices been in effect last year, Medicare would have saved $6 billion, administration officials said in a Wednesday news briefing previewing the announcement. The prices of the drugs, which include widely used blood thinners and arthritis medications, are to be released later Thursday morning, and will take effect in 2026. They represent the first time that the federal government has directly negotiated with drugmakers on behalf of Medicare beneficiaries, and will reshape the federal government’s role in a program that covers tens of millions of older and disabled Americans. “It’s a relief for the millions of seniors that take these drugs to treat everything from heart failure, blood clots, diabetes, arthritis, Crohn’s disease and more,” President Biden said in a statement. “And it’s a relief for American taxpayers.”
How JD Vance's family shaped his sharp-edged rhetoric about families 2024-08-15 09:00:00+00:00 - In his 2016 memoir, Sen. JD Vance wrote in awe of his older sister, who, despite an upbringing filled with trauma, broke the cycle of abandonment and dysfunction that defined their childhood. “There was something heroic about Lindsay’s marriage — that after everything she’d witnessed, she’d ended up with someone who treated her well and had a decent job,” Vance, now the Republican nominee for vice president, observed in the pages of “Hillbilly Elegy.” His sister had, in Vance’s words, “built a life almost in opposition to the one she left behind — she would be a good mother, she would have a successful marriage (and only one).” Her husband, he wrote, “never mistreated her,” adding that was “all I ever wanted in a mate for my sister.” The passage is laden with new meaning now. People close to Vance say his relationships with the women who raised him are key to understanding his worldview on the thorny cultural issues for which he has become known in his first month as Donald Trump’s running mate. He internalized violent episodes and other hard lessons of his youth and idealized the more conventional family dynamics he never knew, forming fiercely held opinions about marriage, children and families that have become the basis of Democrats’ case against him as a national candidate. Vance, whose comments mocking “childless cat ladies” in politics recently resurfaced, is the son of a single mother who battled drug addiction and, according to his book, once pulled over the car “to beat the s---” out of him. Vance’s rationalization that parents in abusive marriages might do their children additional harm by divorcing is largely informed by his grandparents’ combustible but perseverant marriage. “Everybody has problems. Everybody has some dysfunction in their family,” Lori Meibers, Vance’s aunt and one of the women who took him in when his mother could not, said in an interview with NBC News. “He’s seen what it’s like to be a kid that struggled.” “My sister had five husbands, and that’s not to mention the men that were in and out of their lives that she didn’t marry before she got her crap together,” added Meibers, whom Vance refers to as Aunt Wee. “He’s seen that side of life and living.” Vance, in a recent interview aboard his campaign plane, acknowledged that his upbringing shaped his sharp opinions. He also defended his more provocative comments, describing them as the starting point for a debate about the public policies that can help young families, rather than a “broad-stroke criticism of women,” as Democrats have contended. “I was in a lot of ways raised by strong women, from my grandmother to my mom to my aunt to my sister, and everybody played a big role,” Vance said as his wife, Usha, sat beside him. “Certainly I see a lot of the struggles that are going on in the country through the eyes of a single mom, because I was raised in part by a single mom or a grandmother.” JD Vance and his family have gone on the campaign trail together since he joined Donald Trump's ticket. Stephen Maturen / Getty Images file Vance’s socially conservative views are well-known in Ohio, where he won his Senate seat two years ago with a strong anti-abortion stance. Though he expressed support for national abortion restrictions in the past, he more recently has deferred to Trump, who has said he wants to leave the issue to the states. The 2022 Senate race, in which Vance competed for attention from Trump and Republican voters in a crowded primary, is the source of many of the old comments that his opponents have wielded to brand him as “weird.” Democrats still circulate an April 2021 social media post in which Vance, who has three young children, called universal day care initiatives a “class war against normal people.” Vance questioned the value of “childless cat ladies” — a comment he directed at Vice President Kamala Harris and other Democratic leaders — in a 2021 speech in which he also suggested that people with children deserve to have more voting power. (He has since said the remark was intended as a “thought experiment,” not as a policy proposal.) The same year, Vance held up his grandparents’ “incredibly chaotic marriage” as an example to younger generations of men shying away from the responsibilities of fatherhood. In “Hillbilly Elegy,” he had written about how his grandmother once soaked his grandfather in gasoline and briefly set him on fire after he returned home from a night of heavy drinking. “This is one of the great tricks that I think the sexual revolution pulled on the American populace,” Vance said at a forum at Pacifica Christian High School in Newport Beach, California, attacking the idea that couples in marriages that “were maybe even violent, but certainly they were unhappy,” could solve their problems through divorce. “Maybe it worked out for the moms and dads, though I’m skeptical,” Vance added, “but it really didn’t work out for the kids of those marriages.” In a recent interview on Fox News’ “Fox & Friends,” Usha Vance was asked about her husband’s emphasis on the role of families. “It comes from the fact that he knows that he would not be anywhere near where he is today if he hadn’t had family members who were looking out for him every step of the way,” she said. “I think it comes from seeing my family and knowing that the stability and sort of calm that I provide in our family life comes from, you know, all of the support that I had — just the faith that things would be OK because I had people behind me.” Past comments become part of a national campaign Democrats continue to attack Vance for his positions and past comments. “If he went through some of these situations in his own childhood, I’m sorry he went through that,” said Elizabeth Walters, who as chair of the Ohio Democratic Party has watched Vance’s rapid rise in politics. “On the campaign, we’re dealing with JD Vance as an adult, not as a child, and JD has told us time and again who he is as an adult — so why shouldn’t we believe him? His views are extreme, they’re out of touch, and they are dangerous for women.” Sarafina Chitika, a spokesperson for Harris’ presidential campaign, accused Vance of pursuing an anti-woman agenda to “control their most personal health care decisions, and rip away their fundamental freedoms.” Chitika, in an emailed statement, added that “women across America know that a vote for Harris-Walz is a vote for freedom.” Some on the right have raised concerns, as well. On his Fox News program last month, former Rep. Trey Gowdy, R-S.C., told Vance he had heard from conservative women who were “disappointed” by the “cat ladies” remarks before he asked for an explanation. Vance's upbringing has shaped his life and his political career. Jeffrey Dean / AP file Meibers, Vance’s aunt, accused the media of painting an incomplete picture of his character. “I feel like, in some ways, it’s almost like he’s been demonized,” Meibers said. “But I get it. It’s part of the game with politics. But I do think JD, he stands firm in his foundation.” “Let’s be honest,” she added. “Our family history is out there for all to see. And when he wrote the book originally, I think a lot of people in the family, we were like, ‘Oh, maybe this isn’t such a great idea to air all the dirty laundry.’ But just like anything, when something has a light shined on it … I think it helps.” Aside from Vance himself, the central character in “Hillbilly Elegy” is his grandmother Bonnie Blanton Vance, known as Mamaw. She is portrayed in the book — and in the film adaptation by Glenn Close, who was nominated for an Academy Award — as a profane but loving matriarch and self-described “crazy b----” herding a family often in crisis. In the book, Vance recalled the time Mamaw pleaded with him to provide his mother with a clean urine sample so she wouldn’t fail a drug test and lose her nursing license. He also wrote of the child Mamaw lost in infancy and the eight miscarriages she suffered between the births of her son and two daughters: “Mamaw carried the emotional scars of nine lost children for her entire life.” Meibers also frames her nephew’s narrative around Mamaw. “You know, she was not a traditional grandmother. She carried a gun; she smoked cigarettes; she wore big, baggy, comfy clothes,” Meibers said. “She was nontraditional, and I can honestly say, as a kid, I was embarrassed by that sometimes. But as I got older, I realized she was just showing her strength. She was determined, and we all know how much we were loved. I mean, that to me is the foundation in our family — the love that she taught us.” Meibers recalled a summer road trip to Kentucky when Vance was young. Headed south on Interstate 75, a motorcyclist pulled alongside the family car and exposed himself. “My mom, very casually, she said, ‘Somebody hand me my purse.’ So one of the kids handed her this giant purse, and she reached in it and she took out her .45 and she just tapped it against the window,” Meibers said. “The guy saw that and just kind of sped off. … That’s the kind of thing JD was exposed to his whole life: this crazy woman who took nothing from no one.” Vance and his mother, Beverly Aikins, embraced at the Republican National Convention in Milwaukee on July 17. J. Scott Applewhite / AP file Vance’s relationship with his mother, Beverly Aikins, was rougher — from the time he lied about the abusive incident in the car so she would avoid prosecution to the time he helped her pass the drug test. (She has been sober for nearly 10 years, Vance said in his speech at last month’s Republican National Convention.) In his book, he described Aikins as “more roommate than parent” and wrote that the “revolving door of father figures” she would bring around was one of the things he hated about his childhood. Vance also recalled how his mother nurtured his love of football and reading and made sure he and his sister were introduced to people “from all walks of life.” “Her friend Scott was a kind old gay man who, she later told me, died unexpectedly,” Vance wrote. “She made me watch a movie about Ryan White, a boy not that much older than I was, who contracted HIV through a blood transfusion and had to start a legal fight to return to school. Every time I complained about school, Mom reminded me of Ryan White and spoke about what a blessing it was to get an education.” Vance was born James Donald Bowman, named for his father, who left Vance’s mother “around the time I started walking,” he wrote in his memoir. His mother later renamed him James David Hamel, using an uncle’s name along with the surname of an adopted father. When he and Usha married, both took Vance as their last name. His aunt’s and sister’s marriages became models for his own. Meibers attributed Vance’s 2019 conversion to Catholicism to her husband, Dan, a devout Catholic. “Now he’s got Usha, and he’s got such a beautiful family,” Meibers said. “And I think now he sees the other side … life and a happy marriage.”
For the first time, Medicare cuts prices on 10 of the costliest medications 2024-08-15 09:00:00+00:00 - The Biden administration said Thursday that it had reached an agreement with drugmakers to lower prices on the 10 costliest prescription drugs under Medicare. It's part of the federal government's first-ever drug pricing negotiations, a cost reduction it claims could help ease the financial burden on the estimated 1 in 7 older adults in the U.S. struggling to pay for their medications. Details about the prices of the individual drugs are expected to be announced later Thursday morning. The expected lower prices are the result of months of negotiations between the federal government and drugmakers over the pricey medications, which include the popular blood thinner Eliquis, from Bristol Myers Squibb; Imbruvica, a blood cancer treatment from AbbVie and Johnson & Johnson; and NovoLog, a diabetes medication from Novo Nordisk. The prices won't take effect until 2026, but the measure is a landmark for Medicare. The federal government has never been able to directly haggle with drugmakers over the prices of their prescription drugs. “It is a historic moment,” White House domestic policy adviser Neera Tanden said on a call with reporters Wednesday night. “Millions of seniors and others on Medicare will soon see their drug costs go down on some of the most common and expensive drugs that treat heart disease, cancer, diabetes, blood costs and more.” Medicare provides health insurance coverage to more than 65 million people in the U.S. On Wednesday's call, administration officials said the new negotiated prices are projected to save Medicare enrollees $1.5 billion in out-of-pocket costs in the first year. The negotiations — as mandated under the Inflation Reduction Act — began in earnest in January, when Medicare presented its opening prices to drugmakers. The $1.5 billion is in addition to the savings from other provisions in the Inflation Reduction Act, which include a $35 monthly cap on the out-of-pocket cost of insulin and an annual cap on out-of-pocket prescription drug costs, officials said. Officials said the negotiations are also expected to save Medicare $6 billion in the first year. Health and Human Services Secretary Xavier Becerra described the negotiations as "intense" Wednesday. "I had the privilege to work closely with our HHS team to oversee the negotiations," Becerra said. "It took both sides to reach a good deal." All of the drugmakers subject to negotiations have been asked for comment. In a statement, Steve Ubl, the president and CEO of Pharmaceutical Research and Manufacturers of America, the drug industry's trade group, said the Biden administration is using the negotiations to "drive political headlines." "There are no assurances patients will see lower out-of-pocket costs," he said. The administration plans to leverage the negotiations to bolster Vice President Kamala Harris’ campaign ahead of the presidential election against former President Donald Trump. Harris and President Joe Biden are scheduled to appear together Thursday to tout the savings from the program. Wednesday’s call included Becerra, Tanden and Chiquita Brooks-LaSure, administrator of the Centers for Medicare & Medicaid Services. Concern about high cost of prescription drugs A study published Wednesday in JAMA found that more than half of older adults reported being very concerned about the costs of medical care and prescription drugs ahead of the election. Nearly 9 in 10 adults ages 65 and older say they take at least one prescription drug, according to KFF, a nonprofit group that researches health policy issues. An analysis from the Commonwealth Fund, a nonprofit health care research institute, found that U.S. retail prices — prices pharmacists charge to patients or insurers before discounts or rebates — for the 10 selected drugs were three to eight times higher compared with prices in other countries of similar size and wealth. Together, the 10 selected drugs accounted for $50.5 billion of Medicare Part D spending from June 1, 2022, to May 31, 2023, or 20%, according to the CMS. Medicare recipients spent $3.4 billion out of pocket for those drugs in 2022, with average out-of-pocket spending for the most expensive drugs as high as $6,497 per enrollee, according to the agency. The 10 negotiated drugs are just the start: In 2027, negotiated prices will go into effect for 15 more drugs, followed by another 15 drugs in 2028 and 20 more in each subsequent year. It's possible that seniors could save even more in the next few years. The outcome could be jeopardized if the drugmakers succeed in their lawsuits to block the law, which have so far been unsuccessful. "It's a big deal that they reached an agreement with all 10 drugmakers," Stacie Dusetzina, a health policy professor at Vanderbilt University in Nashville, Tennessee, wrote in an email. "No one opted to leave Medicare and Medicaid in protest over their negotiated prices. That’s a success!" The negotiations are limited to drugs under Medicare Part D, which covers medications used at home. In the coming years, however, drugs under Medicare Part B, which are administered in medical facilities — such as chemotherapy drugs — will also be subject to negotiation.
Masayoshi Son's Plans To Rival Nvidia With SoftBank's Own AI Chip Production Hit A Roadblock As Intel Talks Reportedly Fall Through - NVIDIA (NASDAQ:NVDA), Intel (NASDAQ:INTC) 2024-08-15 08:25:00+00:00 - In a recent development, SoftBank Group Corp. SFTBY has hit a snag in its plans to produce an artificial intelligence (AI) chip that could rival Nvidia Corp. NVDA. The Japanese conglomerate’s negotiations with Intel Corp. INTC have reportedly collapsed due to Intel’s failure to meet SoftBank’s production demands. What Happened: SoftBank had been banking on Intel’s manufacturing prowess, along with the chip designs of its subsidiary, Arm, and its latest acquisition, Graphcore, to develop a competitive AI chip. However, the talks fell through ahead of Intel’s announcement of sweeping cost-cutting measures and significant layoffs in early August, Financial Times reported on Thursday. SoftBank’s CEO, Masayoshi Son, has been strategizing to invest heavily in the AI sector, with plans encompassing chip production, software development, and data centers to house its processors. Despite the failed Intel talks, SoftBank is now turning its attention to Taiwan Semiconductor Manufacturing Co. TSM, the world’s largest contract chipmaker, blaming Intel for the breakdown of the negotiations. SoftBank and Intel has yet to respond to Benzinga’s queries. See Also: Trump Left Shocked By Power-Hungry AI, Tells Elon Musk: ‘Requires Twice The Energy That The Country Already Produces’ Why It Matters: SoftBank’s pivot from venture capital to semiconductors and AI investments has been a significant shift in its business strategy. The company has been divesting billions of dollars from its publicly listed holdings since the end of 2021. SoftBank’s decision to sell its Nvidia shares in 2019, which could have been worth over $150 billion, has been seen as a missed opportunity. This has been followed by the company’s acquisition of U.K.-based chipmaker Graphcore, as part of its multibillion-dollar AI push. Despite the setback with Intel, Son remains determined to position SoftBank at the forefront of the AI revolution, pitching his plans to major tech groups like Google and Meta to secure support and funding for his new venture. Read Next: Image via Shutterstock
Dubai-based port operator DP World’s half-year profits fall nearly 60%, in part over Red Sea attacks 2024-08-15 08:06:55+00:00 - DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World reported Thursday its half-year profits fell by nearly 60%, in part over the ongoing attacks by Yemen’s Houthi rebels over the Israel-Hamas war that have affected shipping through the Red Sea. DP World reported profits of $265 million this year, down from $651 million the same time last year. DP World Group’s chairman and CEO, Sultan Ahmed bin Sulayem, acknowledged that the Red Sea disruptions affected the firm’s revenues. “The year 2024 has been marked by a deteriorating geopolitical environment and disruptions to global supply chains due to the Red Sea crisis,” he said in a statement included in the results. “While the near-term trading outlook remains uncertain due to macroeconomic and geopolitical headwinds, the resilient financial performance of the first half ... positions us well to deliver stable full year adjusted” profits. Bin Sulayem did not elaborate on what specific effects the Houthi attacks had been having on DP World, a government-owned shipper that in recent years removed itself from the Nasdaq Dubai stock exchange. The Houthis since November have been targeting shipping through the Red Sea corridor over the Israel-Hamas war in the Gaza Strip. The assaults have disrupted the $1 trillion of goods that flow annually through the region, while also sparking the most intense combat the U.S. Navy has seen since World War II. The rebels maintain that their attacks target ships linked to Israel, the United States or the U.K. as part of a campaign they say seeks to force an end to the war. However, many of the ships attacked have little or no connection to the conflict. Shippers have begun going around the Cape of Good Hope off Southern Africa to avoid the Red Sea entirely. The rerouting has affected shipping through Dubai’s Jebel Ali Port, the home of DP World and the world’s largest manmade harbor. DP World already had faced challenges through the coronavirus pandemic, but the Houthi attacks have seen it affected while the long-haul carrier Emirates, another Dubai government-owned entity, have soared.
Climate activists protest at several German airports in the latest of a string of demonstrations 2024-08-15 07:37:02+00:00 - BERLIN (AP) — Climate activists staged protests at several German airports on Thursday, forcing a temporary halt to flights at some of them in the latest of a string of similar demonstrations. The Last Generation group said a total of eight activists were involved in the protests at Berlin, Cologne-Bonn, Nuremberg and Stuttgart airports, which started around 5 a.m. The group is demanding that the German government negotiate and sign an agreement on a global exit from the use of oil, gas and coal by 2030. Flights were suspended at Cologne-Bonn after two people were reported to have attached themselves to the asphalt, but later resumed, German news agency dpa reported. Police said a hole was found in an airport fence. Flights also were halted for about an hour at Nuremberg. At Berlin Airport, two people who had attached themselves to the ground were removed and detained. Last Generation last month staged protests at Cologne-Bonn Airport and Frankfurt Airport, Germany’s busiest, which significantly disrupted passenger flights. Earlier this month, an overnight protest by climate activists at Leipzig/Halle Airport, a major air freight hub, forced a three-hour halt to cargo flights. Interior Minister Nancy Faeser wrote on social network X that “these criminal actions are dangerous and stupid” and that protesters “are not just risking their own lives but also endangering others.” She pointed to legislation approved by the German Cabinet last month that would impose tougher penalties on people who break through airport perimeters. The bill, which still requires approval by lawmakers, foresees punishment ranging up to a two-year prison sentence for people who intentionally intrude on airside areas of airports such as taxiways or runways, endanger civil aviation, or enable someone else to. Currently such intrusions only draw a fine.
North Korea to reopen for international visitors, tour operators say 2024-08-15 07:10:00+00:00 - North Korea will resume international tourism this winter, ending a COVID-era ban on travelers, according to operators that organize trips to the country. Travel companies KTG and Koryo Tours, which organize trips to North Korea, said on Wednesday that their partners in the country had informed them about government plans to allow travel to some locations. According to the companies, trips to the North Korean city of Samjiyon will be permitted by December, while other areas of the country could also be potentially opened up for travel. "Having waited for over 4 years to make this announcement, Koryo Tours is very excited for the opening of North Korean tourism once again," Koryo Tours, a Beijing-based tour operator, said in a statement on its website.
UK economy expands 0.6% in second quarter; June growth stalls 2024-08-15 07:07:00+00:00 - A guided tour in the center of in York, UK, on Friday, June 7, 2024. The U.K. economy grew by 0.6% in the second quarter of the year, the Office for National Statistics said Thursday, continuing the country's cautious recession rebound. The reading was in line with the expectations of economists polled by Reuters and follows an expansion of 0.7% in the first quarter. Economic growth was flat in June, in line with a Reuters poll, as activity in the U.K.'s dominant services sector dipped 0.1%. Construction and production output rose by a respective 0.5% and 0.8% in the month. The British economy has recorded slight but steady growth almost every month so far this year, as the U.K. exits a shallow recession. GDP was also flat in April, when wet weather quelled retail sales and construction output. On an annual basis the economy was 0.9% bigger in the second quarter, against a forecast of 0.8%. "These figures confirm that the UK's recovery from recession picked up steam in the second quarter, despite strike action and wet weather causing activity to flatline in June," Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, said in a note. "The UK's strong second quarter owes more to temporary momentum from the large recent falls in inflation and a boost to consumer spending from events like Euro 2024 than from a meaningful improvement in the UK's underlying growth trajectory," Thiru continued. The pace of growth is unlikely to continue into the second half amid weaker wage growth, high interest rates and supply challenges, Thiru added. U.K. inflation rose to 2.2% in July, data published Wednesday by the ONS showed, coming in slightly below a consensus forecast of 2.3%. The headline figure had been at the Bank of England's 2% target rate for the two months prior, helping spur the central bank's decision to cut interest rates by 25 basis points at the start of August. The July figures were described by analysts as supportive of consistent monetary easing through the rest of the year, despite stubbornness in services inflation. Over the April-June period, U.K. wage growth excluding bonuses cooled to a two-year low, but remained relatively hot at 5.4%. Richard Carter, head of fixed interest research at Quilter Cheviot, said lower interest rates should "help stimulate more economic growth by making borrowing more affordable for households and businesses" in the coming months — but noted that it would take time for the impact to be felt. The British pound ticked slightly higher following Thursday's GDP release, and was up by 0.1% against the U.S. dollar and 0.2% against the euro at 7:35 a.m. in London. Institutions including the International Monetary Fund, investment bank Goldman Sachs and the Bank of England have all hiked their growth forecasts for the U.K. economy in recent months. The IMF now sees growth of 0.7% this year, up from 0.5% previously. Factors cited include the decline in inflation and reforms to planning and business rules planned by the new Labour government, which took office in July. Prime Minister Keir Starmer and Finance Minister Rachel Reeves have repeatedly stated that boosting economic growth will be the bedrock of their policymaking, setting a target for the U.K. to achieve the fastest per capita GDP growth among the Group of 7 nations. "The new Government is under no illusion as to the scale of the challenge we have inherited after more than a decade of low economic growth and a £22 billion black hole in the public finances," Reeves said in a statement Thursday. Labour is due to deliver its first budget on Oct. 30, with analysts saying the announcement will give more clarity on the government's fiscal strategy and plans for changes to taxation and public spending. Because of this, "it is unlikely that we will see a marked acceleration in GDP in the short term," said Quilter Cheviot's Richard Carter. "For now, the economy is expected to continue on its relatively moderate growth path, bolstered by wage growth that remains ahead of inflation and the recent easing of monetary policy," he added.
Who’s Up Next in Japan? Here Are 5 Potential Leaders. 2024-08-15 07:01:13.813000+00:00 - When Prime Minister Fumio Kishida announced plans to step down on Wednesday, he vowed that his departure would clear the way for a new leader who could bring change to Japan’s long-ruling Liberal Democratic Party. The party has managed to keep a stranglehold on power despite deep public dissatisfaction over political scandals and economic stagnation — and despite repeatedly steering away from candidates popular with the public. Here are five politicians likely to figure in the party’s deliberations over whom to promote to prime minister next month.
Clear for takeoff? Amazon gets green light to test-fly delivery drones in UK 2024-08-15 07:01:00+00:00 - Amazon has been given the green light to test-fly drones beyond a human controller’s line of sight in the UK, paving the way for using the machines to deliver packages to homes. The online retailer is one of six organisations taking part in a trial led by the Civil Aviation Authority (CAA), with other projects including the inspection of offshore windfarms, air traffic control, policing and delivering emergency medical supplies. Kirkwall airport in the Orkney islands will be one of the projects, testing how drones and other aircraft might operate safely alongside each other. The regulator said all the schemes will use “advanced technologies” for tasks including navigation and the detection of other aircraft in a controlled environment as it aims to finalise regulations for wider use of drones. The trials will gather key safety data, such as how drones detect and avoid other aircraft, and the electronic signals they can send to be visible to other airspace users and communicate with air traffic control. Sophie O’Sullivan, director of future of flight at the CAA, said: “These innovative trials mark a significant step forward in integrating drones safely into UK airspace. “By supporting projects ranging from consumer deliveries to critical infrastructure inspections, we are gathering essential data to shape future policies and regulations. “Our goal is to make drone operations beyond visual line of sight a safe and everyday reality, contributing to the modernisation of UK airspace and the incorporation of new technology into our skies.” View image in fullscreen The Amazon Prime Air drone in 2013, before the project was scaled back. Photograph: Reuters Amazon said last year it wanted to launch home deliveries via drone in the UK and Italy before the end of 2024. It already offers drone deliveries in the US, in Lockeford, California, and College Station, Texas. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion However, it is nearly eight years since the tech company announced the completion of its first commercial drone delivery in Cambridge. The company scaled back the UK arm of its drone division, Prime Air, in 2021. David Carbon, the vice-president and general manager of Prime Air, said: “It’s crucial for operators like us to have clear regulatory requirements in order to bring and scale new technologies, such as drone delivery, to customers in the UK. “We appreciate the CAA’s effort to partner with us to help bring clarity to the regulations that support commercial drone delivery.”
In South Korea, Documenting a Divide Over Work-Life Balance 2024-08-15 07:00:06.738000+00:00 - Times Insider explains who we are and what we do and delivers behind-the-scenes insights into how our journalism comes together. I spent much of my childhood in the United States and Canada but have lived in South Korea for all of my adult life. I have noticed one stark contrast between the places I grew up in and South Korea: people’s attitude toward work. In North America, it seems to me that people look for jobs that they are interested in or passionate about. In South Korea, people often prioritize jobs that offer prestige and better reputations. As a reporter covering South Korea from the Seoul bureau of The New York Times, I have written about the country’s cutthroat education system. It may come as no surprise that South Korea’s work culture is also rigorous. There is a lot of data to prove this, and more than enough anecdotes about employees working extremely long hours. But to have the nation’s largest companies go on the record about implementing longer working hours for managers — a response to a downturn in business — is another thing altogether. The news about longer hours appeared on my radar in the spring. Through online forums, and later from the local news, I learned that some influential South Korean companies were advocating longer hours, and in some cases, even encouraging managers to come to the office six days a week. Rich Barbieri, the deputy business editor in Seoul, approached me about taking on the story. The news could serve as a peg and hook into a deep-dive enterprise on South Korea’s current and former labor laws. This looking-glass type of article is my favorite to report and write. Telling a story with real voices and experiences is how, I think, we preserve our humanity in our journalistic quest to record the present for posterity.
Cisco cuts thousands of jobs, 7% of workforce, as it shifts focus to AI, cybersecurity 2024-08-15 06:57:00+00:00 - SAN JOSE, Calif. (AP) — Cisco Systems is planning to lay off 7% of its employees, its second round of job cuts this year, as the company shifts its focus to more rapidly growing areas in technology, such as artificial intelligence and cybersecurity. The company based in San Jose, California, did not specify the number of jobs it is cutting. It had 84,900 employees as of July 2023. Based on that figure, the number of jobs cut would be about 5,900. In February, Cisco announced it would cut about 4,000 jobs. The networking equipment maker said in June that it would invest $1 billion in tech startups like Cohere, Mistral and Scale to develop reliable AI products. It recently also announced a partnership with Nvidia to develop infrastructure for AI systems. Cisco's layoffs come just two weeks after chipmaker Intel Corp. announced it would cut about 15,000 jobs as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD. Intel's quarterly earnings report disappointed investors and its stock took a nosedive following the announcement. In contrast, Cisco's shares were up about 6% after-hours on Wednesday. In a foray into cybersecurity, Cisco launched a cybersecurity readiness index back in March to help businesses measure their resiliency against attacks. Cisco Systems Inc. said Wednesday it earned $2.16 billion, or 54 cents per share, in its fiscal fourth quarter that ended on July 27, down 45% from $3.96 billion, or 97 cents per share, in the same period a year ago. Excluding special items, its adjusted earnings were 87 cents per share in the latest quarter. Revenue fell 10% to $13.64 billion from $15.2 billion. Analysts, on average, were expecting adjusted earnings of 85 cents per share on revenue of $13.54 billion, according to a poll by FactSet.
Ukraine must decide how its Russian incursion ends — advance further or retreat before it's too late 2024-08-15 06:46:00+00:00 - Ukrainian servicemen operate a tank on a road near the border with Russia, in the Sumy region of Ukraine, on August 14, 2024. The Ukrainian army entered Russia's Kursk region on August 6, capturing dozens of settlements in the biggest offensive by a foreign army on Russian soil since World War II. Roman Pilipey | Afp | Getty Images More than a week into Ukraine's surprise incursion into Russia's Kursk region and the operation, and the gains made in the last week are likely to have exceeded even Kyiv's wildest expectations. Ukrainian forces now occupy more than 1,000 square kilometers of Russian territory and have captured 74 settlements, Ukraine's top military commander Oleksandr Syrskyi told Ukrainian President Volodymyr Zelenskyy Tuesday. On Wednesday, the president claimed Ukraine's forces had advanced even further into Russia, making gains of 1-2 kilometers and capturing more than 100 Russian soldiers since the beginning of the day. Ukraine appeared to make the most of its newfound offensive momentum by launching the largest ever drone attack yet on Russian military airfields on Thursday, destroying a Russian Su-34 jet used to launch glide bombs at Ukrainian front-line positions and cities, Ukraine's General Staff said. CNBC was unable to independently verify the claims made by Zelenskyy or the military. Russia is seething about the incursion which has seen the first foreign army on Russia soil since World War II. It says the raid is designed to stop its rolling offensive in eastern Ukraine, and to destabilize the country. Officials in Moscow have also used the incursion to further attack Ukraine's Western backers. A Ukrainian military vehicle drives from the direction of the border with Russia carrying blindfolded men in Russian military uniforms, in the Sumy region, on August 13, 2024, amid the Russian invasion of Ukraine. Roman Pilipey | Afp | Getty Images A grim-faced President Vladimir Putin has vowed a "worthy" retaliation to what he initially described as a "large-scale provocation." But the gains in the southwestern region of Kursk have seemingly stunned Russia's military command, which has yet to mount a robust response to the incursion. Geopolitical and defense analysts warn that a response will come, and while Kyiv can bask in the success of its cross-border operation for now, it does need to have a plan as to what happens next. Whether Ukraine chooses to consolidate its territorial gains in Kursk, reinforce its troops and continue its advances — or to withdraw its forces while the going is still good in order to preserve lives, and ahead of what might be a furious Russian response — a decision will need to come quickly. "The initial phase of the offensive that saw quick Ukrainian advances and the establishment of defensive positions in the Kursk region appears to be coming to an end," Andrius Tursa, Central & Eastern Europe advisor at risk consultancy Teneo, said in a note Wednesday. "While the first week of the offensive appears to have been successful for Kyiv from the military and political perspective, it still entails significant risks, he noted, adding that it's crucial to watch whether the Ukrainian forces "can manage to hold the occupied territory and, if needed, pull back troops and equipment with minimal losses." Ukrainian armoured military vehicles drive from the direction of the border with Russia, in the Sumy region, on August 13, 2024, amid the Russian invasion of Ukraine. On August 6, 2024, Ukraine launched an offensive surprise into the Russian border region of Kursk capturing over two dozen towns and villages in the most significant cross-border attack on Russian territory since World War II. Roman Pilipey | Afp | Getty Images The offensive is being carried out by experienced troops with advanced Western military equipment that appears to have been pulled back from the frontlines in Ukraine, Tursa said. "Their loss would have negative implications for the country's defensive capabilities and could backfire politically, especially if the outcome of the incursion is perceived to be unworthy of the losses," he warned. Russia stunned, but not for long The sheer audacity of Ukraine's cross-border raid seemed to leave Russia stunned last week, as several thousand Ukrainian troops entered Kursk. Russian authorities in Kursk and neighboring Belgorod have initiated evacuation programs, with around 300,000 residents subject to the measures. Both states have also declared a state of emergency. Russia's defense ministry has claimed in daily reports that it is repelling and thwarting Ukrainian advances, although it has conceded that Ukrainian units have advanced up to 30 kilometers into Russian territory. On Wednesday, the ministry said several ground and air units, and artillery and drone strikes, "prevented enemy mobile armoured groups from getting into the depth of the Russian Territory." A screen grab from a video released by Russian Ministry of Defense shows Russian forces launching a missile attack with Lancet, unmanned aerial vehicle (UAV), targeting the military tank of Ukrainian Armed Forces at the border area near Kursk Oblast, Russia on August 12, 2024. Russian Ministry of Defense | Anadolu | Getty Images Russia appears to be largely relying on Russian conscripts, and elements of some regular and irregular military units pulled from less critical sectors of the frontline in eastern Ukraine, to address the ongoing Ukrainian incursion, analysts at the Institute for the Study of War think tank stated Tuesday. Analysts warn Russia's lackluster response to Ukraine's incursion is unlikely to last much longer, however. "In the coming days, Russia's so-called counter-terrorist forces — consisting of various domestic security units — will likely step-up efforts to liberate the occupied territories. This will likely include addressing the dilemma of whether Russia should use heavy weapons within its own territory," Teneo's Tursa noted. Matthew Savill, the military sciences director at the Royal United Services Institute defense think tank, said Tuesday that "sustaining a force of any size in Russia, and defending against counter-attacks, will be hard, given the limited reserves available to Ukraine. Neither has it – thus far – resulted in the Russians slowing their advances around the Donbas, where the situations around Chasiv Yar and towards Povrovsk remain difficult." 'Occupation' or retreat? Ukrainian officials and defense analysts acknowledge that the incursion into Russia is designed to give Ukraine more bargaining power in any future peace initiatives with Russia. The timing is salient as a possible second term for former President Donald Trump brings with it the likelihood that Ukraine could be pressured or forced into negotiations with its foe and possible territorial concessions, in order to end the war. As such, hanging on to territory in Kursk could prove a useful bargaining chip, although doing so could come at a high cost in the face of a stronger and more organized response by Russia to the incursion. President Zelenskyy appeared to suggest there may be plans for a longer operation in Kursk, saying on Wednesday that he had held a meeting on the security and humanitarian situation in Kursk and had discussed "security, humanitarian aid" and the "creation of military administrations if necessary," he said on Telegram. A senior Ukrainian official told CNBC this week that Kyiv hoped that "if everything goes well [in Kursk], the presence of the Ukrainian troops in Russia will serve as a force to change the dynamics of the war, and it will increase our negotiating power, for example, in the context of the possible peace initiatives," the official said, speaking on condition of anonymity due to the sensitivity of the operation. The official insisted that Ukraine had no interest in occupying or annexing a part of Russia but would seek to use its incursion to change the dynamics of the war, particularly in eastern Ukraine. "This is not about Ukraine's desire to seize Russian territory. We're confident the world understands this is not about annexing parts of Russia. We don't need that territory. We just need them to get out from ours," the official said. The official said Ukraine wanted to use its present position as "leverage" to "bring about a just peace, faster." Ukrainian servicemen operate a Soviet-made T-72 tank in the Sumy region, near the border with Russia, on August 12, 2024, amid the Russian invasion of Ukraine. Roman Pilipey | Afp | Getty Images