China Says Fossil Fuel Phase-Out Is Unrealistic Authored by Tsvetana Paraskova via OilPrice.com, Phasing out fossil fuels is unrealistic as oil, natural gas, and coal will continue to play a crucial role in global energy supply and energy security, China’s special climate envoy Xie Zhenhua said this week in a speech obtained by Reuters. “It is unrealistic to completely phase out fossil fuel energy,” Xie, who will represent China at COP28 in Dubai in November, told ambassadors in Beijing ahead of the climate summit. China is the world’s biggest consumer of coal and the largest importer of crude oil. Despite soaring renewable power capacity installations in recent years, China continues to consume growing volumes of coal, oil, and natural gas and continues to approve the construction of new coal-fired power capacity. China, as well as India, has fought to have “phase down” instead of “phase out” in the language at all summits on climate and energy in recent years. China is also building or planning to build some 366 gigawatts (GW) in new coal generation capacity, accounting for some 68% of global planned new coal capacity as of 2022. This is according to a report earlier this year by climate think tank Global Energy Monitor, which also found that China accounted for more than half of the new global coal generation capacity that came online last year.  During the first half of 2023 alone, China approved more than 50 GW of new coal power, Greenpeace said in a report last month. That’s more than it did in all of 2021, the environmental campaign group said. China is relying on coal to avoid blackouts as the economy reopened after the Covid lockdowns. During the first half of this year, coal production, coal imports, and coal-fired electricity generation surged and offset a significant decline in power output at China’s massive hydropower capacity due to insufficient rainfall and drought. Tyler Durden Fri, 09/22/2023 - 13:05.....»»

In Reversal, Biden Agrees To 'Small Number' Of ATACMS Long-Range Missiles For Ukraine Up until this week, the White House has consistently signaled that Biden is not in favor of giving Ukraine long-range missiles, chiefly on fears they would be used to attack deep inside Ukrainian territory. But on Friday it was revealed that as Zelensky visited the Oval Office the day prior, President Biden told him he's willing provide long-range ATACMS surface-to-surface missiles for the first time. But perhaps displaying the administration's reluctance on the issue, this is being reported as a "limited" or "small number" - according to officials. Via AP: Ukrainian President Volodymyr Zelenskyy visits with wounded Ukrainian soldiers at Staten Island University Hospital, in New York, Monday, Sept. 18, 2023. "Officials said that a small number of ATACMS will be sent in coming weeks and more could be provided later," The Wall Street Journal says. Will the "more" that "could" be provided later be contingent on Kiev not using the initial deliveries to attack Russia?  The WSJ suggests this initial delivery could be more symbolic than anything, given it's meant to encourage European allies to step up:  The U.S. provision of ATACMS could also encourage Germany to provide its Taurus long-range cruise missile. Berlin has indicated that it prefers to move with Washington in providing new types of military aid. Also looming large in the background is Poland's declaration that it will not longer provide arms to Ukraine, and will instead stick to its own defense as the top priority. Kiev no doubt fears that other Western allies could be encouraged to abandon support by Warsaw's surprise about-face. As this fresh decision to give Ukraine the ATACMS, it was only on Wednesday that US sources told Fox News Pentagon correspondent Lucas Tomlinson that the Ukrainians wouldn't get the advanced system "anytime soon". He wrote the following... "Ukraine will not get ATACMS, the 190-mile-range tactical ballistic missiles, urgently requested by Zelensky to destroy Russian forces in Crimea and other Russian-held territory ‘anytime soon,’ officials say. News comes one day before Zelensky visits Biden at the White House." But now with this reversal in White House policy by the week's end... perhaps the Biden team didn't want Zelensky and his delegation to leave Washington completely empty handed, and hence the ATACMS announcement is a consolation prize of sorts. Tyler Durden Fri, 09/22/2023 - 13:25.....»»

America Has Fallen, And It Can't Get Up Authored by Michael Shellenberger via Public, The Border Has Fallen During the Trump years, Democrats attacked Trump as cruel for separating migrant parents and children. “A policy that separates young children from their parents isn’t a ‘deterrent.’ It’s unconscionable,”  said Biden in 2018. “A policy that traumatizes children isn’t a bargaining chip. It’s abhorrent.” Two migrants drag another through barbed wire on the border (Getty Images) But Dr. Paul Wise, a pediatrician in charge of monitoring the treatment of migrant children in the custody of U.S. Customs and Border Protection, reports that the Biden administration’s U.S. Customs and Border Protection has been separating children as young as eight from their parents. “Interviews with parents and children found that there were minimal or no opportunities for phone contact or direct interaction between parent and child,” Wise said in the court filing. “The separation of families and the lack of interaction while in custody do significant, and potentially lasting, harm to children, particularly younger children.” There’s no denying the crisis. In some areas, the border between Texas and Mexico looks like a refugee camp in sub-Saharan Africa. There are thousands of African and Latin American migrants coming through daily. More than two million came last year, over 5,000 per day, and nearly as many will come this year. The Biden administration rightly points out that it tried telling migrants not to come. “Do not come,” said Vice President Kamala Harris in Guatemala in 2021. But Biden had made clear from 2018 to 2020 that he would reverse President Trump’s immigration policies. And so, many more migrants are coming. They also do so because they know we won’t turn them away. Doing so would be cruel. Children, babies, and mothers would die. And the photographs and videos of the horror would travel the world in minutes or seconds. If you doubt that this is true, watch the videos of parents sending their children through barbed wire fences and crossing the dangerous Rio Grande River. That hardly means we’re helpless to stop the flow. This year, for the first time, US Border Control is encountering more migrants from outside Latin America than from within it. That means people are flying from Africa to Latin America and entering through Mexico. Is this part of a plan by Democratic leaders to expand the voting rolls? Some Republicans say so. And in California, some progressive politicians want to give undocumented immigrants the right to vote. They already provide official California state driver’s licenses and IDs. But if that was the plan, it’s turning the nation against them The migrants are overwhelming not just the state of Texas but also New York, whose Democratic leaders, both Mayor Eric Adams and Governor Kathy Hochul, say bluntly that the city is filled up. “The national government has turned its back on New York City,” said Adams in April. “This is impacting our schools, public safety, our ability to take care of those who were already in shelters. This is impacting the entire city.” Hochul is now proposing eliminating New York’s “right to shelter” law. Maybe the progressive Democrats who run Chicago, Illinois, have more room — or compassion? Not quite. “Let me state this clearly,” said Chicago’s progressive new Mayor. “The city of Chicago cannot go on welcoming new arrivals safely and capably without significant support and immigration policy changes.” What, then, is to be done? The Biden administration doesn’t even bother offering an answer. Democrats can only say what must not be done. We must not build a wall. We must not deport. Anyone. We must instead find jobs for the millions of mostly unskilled and uneducated immigrants to the US who, critics say, will drive down working-class wages and tax already over-stressed housing, educational, and health systems. As a result, we’re seeing a return of child labor to the United States, as slaughterhouses illegally hire teenage migrants on the night shift, who are scalded by caustic chemicals and maimed in industrial accidents. Just a few weeks ago, New York’s Governor Hochul tried to stay above the battle between New York City Mayor Adams and the Biden White House. That all changed late last month when Hochul took off the kid gloves. “We’ve managed thus far without substantive support from Washington,” she said in what her aides billed as a major speech. In the end, nobody will be able to measure how much of the crisis is driven by Biden and how much of it is from the collapse of civilization within the African and Latin American nations themselves. What’s clear is that if we don’t fix this, it won’t be just the border that’s fallen. Tyler Durden Fri, 09/22/2023 - 13:45.....»»

Negotiations Break Down Between Chevron And Australian LNG Workers Authored by Charles Kennedy via Oilprice.com, Australia’s Fair Work Commission is set to decide on Friday whether to halt the strikes at Chevron’s two LNG export facilities in Australia after the latest talks between the U.S. supermajor and trade unions failed on Wednesday. “The ongoing lack of agreement reinforces our view that there is no reasonable prospect of agreement between the parties,” a spokesperson for Chevron told Reuters today.   The workers have stepped up their industrial action that began earlier last week, and plan further escalations in the coming weeks.    After the latest negotiations between the trade unions and the U.S. company failed to resolve the labor dispute, the Fair Work Commission, the labor market regulator, will meet on September 22 to hear the dispute after Chevron reached out to it in an effort to force the workers to settle. The supermajor is seeking to get a so-called “intractable bargaining” declaration from the Fair Work Commission, meaning the FWC could force workers to agree to terms proposed by Chevron. Despite the industrial action and a fault at the Wheatstone facility last week, LNG exports out of Australia remain unaffected, vessel tracking data shows. Yet, the Offshore Alliance trade union wrote in a Facebook post on Wednesday that “Chevron bosses are telling the global media that they are doing a bang up job whilst copping Protected Industrial Action on their West Coast oil and gas facilities. This is simply unadulterated bullshit from a mob who are masters of spin.” According to OA, volumes across all 3 trains at the Gorgon LNG facility have dropped by 12%, while the Wheatstone facility is still flaring gas. “The cracks are starting to appear across all 3 Chevron facilities as their unskilled, untrained, and non-competent contingency workforce are ready to implode,” the trade union said. Despite the failed talks in Australia, the front-month benchmark European natural gas price futures were trading 1% lower at 12:31 p.m. GMT on Wednesday, following a jump on Tuesday, which was driven by expected delays at the ramp-up of the giant Norwegian gas field Troll after regular maintenance. By Charles Kennedy for Oilprice.com Tyler Durden Thu, 09/21/2023 - 05:00.....»»

Rebooted Clinton Global Initiative Licks Chops Over Ukraine "Humanitarian" Aid.....»»

A number of high-profile retailers shut up shop in San Francisco recently, but others are opening new branches. There has been an exodus of retailers in downtown San Francisco, with a Nordstrom branch being among the recent closures. Justin Sullivan/Getty ImagesSome retailers are fleeing San Francisco as fears grow over rising crime and a worsening economic environment.Nordstrom, Whole Foods, and Anthropologie have all closed locations in the city in the past year.Many retailers are staying put and are even expanding their presence.San Francisco is in the middle of a retail exodus.The city has seen a number of high-profile businesses close locations in recent months, as fears over crime, soaring rents, and a worsening economic environment have grown.The most recent exit was Nordstrom, which closed the doors of its five-story department store in Westfield San Francisco Centre in August, citing falling foot traffic and the "changing dynamics" of downtown San Francisco.Other high-profile losses include Whole Foods, Amazon Go, and Office Depot. The shrinking retail scene has contributed to a general real estate slump as large tech companies have also downsized, with the city estimated to have 18 million square feet of empty office space as of June.However, despite the talk of San Francisco's "doom loop," many businesses have chosen to stay — and some are even moving into the Golden City's vacant downtown storefronts.The brands expanding and moving inSwedish furniture chain Ikea opened a new branch in San Francisco's Mid-market area in August, occupying a 52,000-square-foot location as part of its strategy to open smaller stores in city centers."As a new neighbor in the community, we are working to contribute and create a comfortable and welcoming environment," a spokesperson for Ikea US told Insider, adding that Ikea has had stores in the Bay Area since 2000.They continued, "We are excited to strengthen our presence in San Francisco and intend to test and try different formats to meet the needs of our San Francisco consumers for many years."The entrance of Ikea's new San Francisco store. Tayfun Coskun/Anadolu Agency via Getty ImagesChanel is also making moves in downtown San Francisco. The luxury fashion brand moved from a smaller location in the city after purchasing a three-story building at 340 Post Street, across from Union Square, for $63 million, the Real Deal reported. Chanel did not respond to Insider's request for comment.Another French luxury brand, Yves Saint Laurent, doubled its space in Union Square last year by leasing three floors of the I. Magnin & Co. building. The move came despite luxury stores in downtown San Francisco being targeted by a series of high-profile robberies.And luxury jewelry brand Van Cleef & Arpels opened its first standalone location in Union Square in 2022.A Banana Republic store at Gap's San Francisco headquarters.Jay WatsonOther chains, such as Banana Republic, are downsizing but staying in the area.Its parent company, Gap Inc, has been closing other locations in San Francisco. These include its downtown Old Navy site in July and its Athleta store on Sutter Street. But this isn't unique to the city. The clothing giant has been shutting stores across the country in a bid to cut costs as it grapples with declining sales.A spokesperson for Gap told Insider that the company was committed to San Francisco and had deep roots there."It's where we were founded and the region where thousands of our team members still live and work today," they said."We recently invested in renovating our Downtown San Francisco hub where our teams come together to develop new consumer experiences and product innovations. As part of that remodel, we opened four new stores at our headquarters," they added.AI boom boosts cityAI startups are giving San Francisco a much-needed boost. The city is home to 11 of the top 20 AI companies in the US, data from VC firm NFX, which was shared with Insider, showed. Many of these companies are hunting for office space.Fintech startup Brex decided to close its San Francisco office and switch to remote working during the pandemic but reopened a San Francisco location earlier this year to cash in on the opportunities offered by the AI boom.San Francisco skyline.Alexander Spatari/Getty Images"Our cofounder and co-CEO, Henrique Dubugras, was really excited by what he saw as going on in the Bay Area with regards to AI and how big of an opportunity it was going to be," Michael Tannenbaum, Brex's COO, told Insider. "So we wanted to get closer to that."He said that the sheer density of talent and innovation in San Francisco meant the city remained an ideal place for startups to develop."It's a forward-thinking town," Tannenbaum said. "It's always been somewhere where a lot of trends have started – it's just a place where ideas can get off the ground."Angela Hoover, the CEO and cofounder of Andi, an AI search-engine startup, moved the company to San Francisco earlier this year."Andi was initially based in Miami, which has a growing, vibrant startup scene. But increasingly, the heart of AI seemed to be beating in the Bay Area," she told Insider.The move has been enormously beneficial for the company, Hoover said, as it allowed Andi to accelerate its product development and has made hiring easier."It was a great decision," Hoover said. "For an AI startup, there's no better place to be right now than in San Francisco."Read the original article on Business Insider.....»»

"I only sleep in here. No work, no reading," Biotech CEO Bryan Johnson told Time Magazine in a profile published Wednesday. A biotech CEO trying to reverse aging has almost nothing in his bedroom — 'No work, no reading.'Magdalena Wosinska Bryan Johnson is trying to reverse aging through an experimental project that costs up to $2 million a year. A Time Magazine profile found that the biotech CEO's bedroom is almost completely empty.  The only objects in his bedroom are his bed, a laser face shield, and a device to attach to his genitals to measure nighttime erections. Biotech CEO Bryan Johnson — you may know him as the tech entrepreneur spending millions each year on far-out longevity treatments — spends his nights in a bedroom that's completely empty, with only three exceptions.The only objects in his bedroom are his bed, a laser face-shield — for reducing wrinkles — and a device to attach to his genitals to measure his nighttime erections, according to a Time Magazine profile of Johnson published Wednesday. Johnson explained that nighttime erections act as a marker for biological age."I only sleep in here. No work, no reading," Johnson told Time Magazine's Charlotte Alter. For context about his nighttime routine, the biotech CEO gets in bed by 8.30 p.m. and starts the day before 6 a.m. His evening routine involves using CeraVe products and hanging out with his son before bed, according to a video he published on his YouTube channel in May.The rest of Johnson's house isn't quite as sparse as his bedroom. It includes a home gym with floor-to-ceiling wallpaper depicting a forest, bookshelves full of biographies — including ones on Napoleon and Ben Franklin — and an infrared therapy lamp Johnson uses to mimic sun exposure, per the profile.Johnson's experimental bid to turn his 46-year-old body into that of an 18-year-old's doesn't just involve a peculiar sleeping arrangement, however. His routine for optimizing his health, Project Blueprint, costs up to $2 million a year.His routine involves taking over 100 pills daily, wearing a cap to project red light into his scalp, a strict diet, high-intensity exercise, and aggressively measuring his body's age — through means like blood tests, ultrasounds, MRIs, and colonoscopies.Johnson's approach to reverse aging has drawn significant controversy. Scientists told Insider's Marianne Guenot and Lloyd Lee in February that many aspects of his routine have unclear health benefits.In July, Johnson said he was halting one controversial part of his routine — receiving blood plasma transfusions from his teenage son — because he saw "no benefits" from it.To be sure, Johnson isn't alone in his search for the secret to longevity.An increasing number of the world's wealthiest entrepreneurs are investing their fortunes in expanding the human lifespan. These include Sam Altman — who invested $180 million in a biotech company aiming to "add 10 years to healthy human lifespan" — and Peter Thiel, who has given $3.5 million to a non-profit to make "90 the new 50 by 2030."Johnson did not immediately respond to a request for comment from Insider, sent outside regular business hours.Read the original article on Business Insider.....»»

Tupperware was once a US kitchen staple. It's now at risk of going out of business. Here's the history of the brand famous for parties and plastic. Tupperware was a mainstay of kitchens in the US. Now, the company is on the verge of going out of business.Science & Society Picture Library/SSPL/Getty Images Tupperware is delaying its earnings report as the brand struggles to stay in business.   It helped make plastic bowls a key part of American kitchens and multilevel marketing a part of American consumerism. Here's a history of Tupperware, from a plastics manufacturer during the Great Depression to its modern troubles. Tupperware was developed by Earl Tupper, who founded a plastics manufacturing company in Leominster, Massachusetts, during the Great Depression.TupperwareTupper was born in New Hampshire in 1907. While he wasn't a great student, he spent a lot of his early life sketching out inventions in a notebook, such as a comb with a belt clip and a fish-powered boat, according to PBS's "American Experience."His inventions didn't lead to financial success, so Tupper started a landscaping business to support himself and, later, his wife and children, per "American Experience." Then, during the Great Depression, he started working in the plastics industry and eventually founded his own company in Leominster, which was a manufacturing hub at the time.Tupper started out making plastic holders for soap and cigarettes, but his big break came after World War II.US Army reinforcements wade ashore from landing ship tanks in the background, at Saipan in the Mariana Islands, about 1,500 miles from Japan, in June 1944.AP Photo/US Army Signal CorpsAfter the war, chemical company Dupont was trying to increase sales of a new substance called polyethylene, according to PBS.Polyethylene was a popular component of radar equipment during the war. It was "the resin that helped win World War II," Plastics News reported in 2007.Afterward, Dupont, the company that made it, turned it into the most widely used kind of plastic, promoting its use for packaging, toys, and other consumer goods.By 1946, Tupper had refined the plastic to make kitchenware.Smithsonian Museum of American HistoryIt took some experimentation, but Tupper used polyethylene to make the first-ever set of Tupperware.Tupper's "wonder bowl" sealed, allowing users to keep its contents from spilling. They could also push air out before sealing to keep food fresh — a process the company called "burping," according to PBS.Tupper sold his kitchenware in department stores and a showroom in Manhattan, but sales were slow.Meanwhile, in Florida, a woman named Brownie Wise was running a company called Patio Parties.Smithsonian National Museum of American HistoryWise had worked as an advice columnist before she started selling Tupperware. Her company's premise: Tupperware was so new that most people didn't understand how it worked if they saw it on a store shelf.Instead, Wise sold Tupperware by demonstrating how it worked at parties. The events targeted stay-at-home women, who bought the kitchenware after seeing its merits over glass and ceramic alternatives, according to Smithsonian Magazine.Importantly, Wise also recruited some of those women to host parties of their own, which got Tupperware in front of new potential customers. Tupperware was one of many multilevel marketing companies at the time, alongside cosmetics maker Avon.Wise's strategy worked. One woman she recruited sold 56 bowls in one week, according to Smithsonian Magazine.Smithsonian Museum of American HistoryAt the time, Wise called the events "Poly-T parties" in a nod to the plastic that the bowls were made of. Tupper himself eventually heard about Wise's success. In 1951, he hired her to be vice president of marketing for Tupperware.Smithsonian Museum of American HistoryTupper remained focused on the manufacturing side of the business, while Wise built out Tupperware's network of dealers and most public-facing parts of the company.Tupperware built its headquarters near Orlando in 1953.John Greim/LightRocket via Getty ImagesTupper bought 1,300 acres of land in Kissimmee, Florida, to the south of Orlando, in 1953. The area was a small farm town at the time, according to the company. Part of that land is still home to the company's headquarters today.Tupperware sales reached $25 million in 1954. Tupper oversaw production, while Wise expanded the Tupperware party model across the US during the 1950s.Smithsonian National Museum of American HistoryWise nationalized the model she had developed in Florida.At Tupperware parties, attendees would play games, such as tossing a sealed bowl full of grape juice around the room to demonstrate how leakproof the bowls were, according to Smithsonian Magazine.The model was also a key source of income for the women who worked as dealers, many of whom had no income apart from what their husbands made. Wise also organized an annual "Jubilee" event that recognized top-selling dealers and awarded them prizes including a brand-new car. But Tupper got jealous of the attention that Wise got as the public face of the brand.A Tupperware party scene, 1960.Science & Society Picture Library/SSPL/Getty ImagesIn 1958, he and the company's board of directors fired her, and Tupper sold the company later that year to drugstore chain Rexall for $9 million, according to the New York Times.Tupperware continued to grow in the 1960s and 1970s, reaching new countries such as the UK.A Tupperware party at a home in the UK in 1963.Daily Herald Archive/SSPL/Getty ImagesTupper ended up parting ways with the company after the sale to Rexall. He divorced his wife and moved to Costa Rica in an effort to avoid paying US taxes, according to PBS.Meanwhile, Tupperware parties continued in the US, Europe, and elsewhere. One television ad from 1961 showed the virtues of hosting a party, including free Tupperware for the host and her guests. "It's a Tupperware party, and it's really fun," the narrator says. But in the 1980s, the patents on Tupper's products started to expire.AmazonThat made it possible for other companies to produce cheaper versions of Tupperware's products and cut into its sales.At the same time, more women than ever were working full-time.Women in a commercial for Tupperware in 1980.deputay/YoutubeThe share of US women in the labor force went from 34% in 1950 to 60% in 2000, according to the Bureau of Labor Statistics.More women going to work outside the home was bad news for Tupperware since it meant fewer were interested in hosting parties and selling the plastic containers.Tupperware was acquired by Kraft, the food company, in 1980.REUTERS/Frank PolichKraft tried new products and sales strategies. It made microwave-safe Tupperware and encouraged hosts to have Tupperware parties with colleagues during lunch breaks at work, the Wall Street Journal reported in 2017.But none of that was enough to reverse the brand's fortunes. Kraft ended up spinning off the brand in 1996, turning it into a public company.Tupperware has tried new ways of reaching consumers, from mall kiosks to brand partnerships to online sales.TupperwareIt has also continued selling through its network of party hosts.A 2019 segment from CBS Sunday Morning featured a Tupperware dealer in Charlotte, North Carolina throwing a party. Her mother also worked for Tupperware.Tupperware also struck partnerships with other brands, such as Loop, which makes reusable packaging for consumer brands, retailers, and restaurants. The company experienced a bump in sales as people cooked at home early in the pandemic.Scott Olson/Getty ImagesAfter years of struggling, Tupperware got a boost as people cooked more at home during the early months of the pandemic, according to its 2020 earnings reports.Its stock reached above $35 a share, its highest price in years, in November 2020."We do believe the results reflect that we pivoted as a company, and now we're more confident in our ability to turn around the business," Executive Vice Chairman Richard Goudis said during a July 2020 earnings call. But sales have slowed down since then.AP Photo/Richard DrewIts shares lost almost half their value and closed at $1.23 on April 10, 2023, after the company warned investors that it could go out of business.Tupperware ran afoul of New York Stock Exchange requirements when it failed to file an annual report for 2022 earlier this year, the company said. It's also hired financial advisors to help attract new investors.In August, the company warned that it would delay reporting its first- and second-quarter earnings results.The Securities and Exchange Commission (SEC) headquarters in Washington.APTupperware said that it had "identified multiple prior period misstatements and material weaknesses in internal control over financial reporting," according to a filing with the SEC in August. The filing added that Tupperware wouldn't report its results for the first half of the year until September.In September, it pushed back the timeline for filing its quarterly reports to the fourth quarter of 2023, it said in a separate filing. Tupperware did not immediately respond to Insider's request for comment.In July, it joined other troubled companies that have attracted attention from meme stock investors.Omar Havana/Getty ImagesShares of Tupperware rose 350% over just five days, Quartz reported on Friday. Other companies targeted by the same investors include movie theater chain AMC and retailer Bed, Bath & Beyond.In fact, it was likely just a rally in AMC stock at the end of July that caused some investors to take an interest in Tupperware's share, Quartz reported.Read the original article on Business Insider.....»»

Airbnb is attempting to resolve an issue that its users say is one of the app's pitfalls, in addition to high cleaning fees and increased prices. Airbnb is cracking down on fake listings. The platform has removed 59,000 so far this year.Photo by Lorenzo Di Cola/NurPhoto via Getty Images Airbnb is cracking down on fake listings. The platform said it had removed 59,000 fake listings this year and prevented another 157,000 from getting on the site. Customers also listed high cleaning fees among their top concerns about the site.   Next time you find yourself on Airbnb, there's a chance that listing you're admiring could be too good to be true - literally. The company says it has removed 59,000 fake listings and prevented another 157,000 from joining the platform this year alone. Fake listings and high cleaning fees are among several issues that Airbnb users highlighted in a company survey, the rental platform said Wednesday. Others included a desire for lower prices.Airbnb said that later this year it will begin verifying all listings in its top five markets, including the United States and the United Kingdom, to combat an outbreak of fakes.Fraudulent listings create refunds and rebooking costs for Airbnb, "but the biggest risk is to our reputation," CEO Brain Chesky said. "If you can't trust when you book an Airbnb that it's real and you're going to like it, then you're going to stay in a hotel."Earlier this year, Chesky spoke of the potential of chatbots like ChatGPT to be the "ultimate AI concierge"  for travelers. Now the company also plans to use AI to help it verify listings in those top five countries.It will have hosts go inside the property and open the Airbnb app. GPS will verify they are at the correct address, and AI will be used to compare live photos with pictures that the host uses on the listing.Properties in the U.S., U.K., Canada, France and Australia that pass the test will get a "verified" icon on their listings starting in February. The company said it will verify listings in 30 more countries starting late next year.Aside from fake listings, Airbnb has had to contend with more stringent regulations in places like New York City. At the beginning of September, NYC began enforcing a 2022 law that makes it more difficult for Airbnb hosts to use their properties for short-term rentals, prompting a staggering drop in listings.  Additionally some Airbnb users took to social media last year to complain about increased charges — like cleaning fees and extensive chore lists.The San Francisco company said more than 260,000 listings have lowered or removed cleaning fees this year, since it gave consumers the means to sort listings according to total price.Airbnb says the change in how prices are displayed discourages hosts from touting low prices but piling on extra fees. However, only about one-third of Airbnb renters are using it."We got a lot of feedback that Airbnb is not as affordable as it used to be," Chesky said in an interview. The pricing changes are starting work, he said, and more measures are in the works.One of those is "seasonal dynamic pricing" — technology that would help hosts adjust prices more often, like airlines and hotels do. Chesky said that will prod hosts into cutting prices during the off-season, but it could also help them raise peak prices. Read the original article on Business Insider.....»»

Tesla owners who get a friend to buy a Tesla before the end of the month could win a free Model 3. The Tesla Model 3.Xing Yun/Getty ImagesTesla is dangling the prospect of a free Model 3 in front of its loyal fans. Tesla owners who get a friend to buy a Tesla before the end of the month could win a free car. It's part of Tesla's revamped referral program, which incentivizes owners to spread the word about the brand. Want a free Tesla? Just get a friend to buy one before the end of the month.That's the promotion Elon Musk's car company is offering its fans in an apparent effort to boost sales as the third quarter comes to a close at the end of September.Tesla runs a loyalty program whereby owners get a unique referral code they can share with friends. When someone buys their first Tesla with that code, both the buyer and the referrer get perks of some kind. Referrers can rack up credits this way, which they can spend on things like software upgrades and free Supercharger visits.Tesla on Tuesday introduced a new referral benefit for US customers. Owners who get a friend to buy and take delivery of a new Tesla between September 19 and September 30 will be automatically entered for a chance to win a Model 3 Performance, which costs $53,240.Owners can also buy entries in the sweepstakes for 1,000 credits a pop.Lately, Tesla has run limited-time promotions to juice sales as a quarter comes to a close. In the past, it's discounted vehicle prices and offered free Supercharging to buyers who act quickly. Musk has also been known to send company-wide emails during the end-of-quarter push urging employees to put the pedal to the metal.Tesla significantly pared back the referral program in recent years after saying it was too expensive to the company. This year, it revamped and expanded the program as it looks to sell more cars at lower profit margins.Credits can also buy Tesla fans a factory tour or an entry to win a futuristic Cybertruck pickup.Read the original article on Business Insider.....»»

An Amazon driver was bitten by the "highly venomous" Eastern diamondback rattlesnake while making deliveries in Palm City, Florida, authorities say. An Amazon driver, not pictured here, was taken to the hospital Monday after being bitten by an Eastern diamondback rattlesnake while delivering packages in Palm City, Florida, police say.Tom Williams/CQ-Roll Call, Inc via Getty Images A Florida Amazon driver is hospitalized in "very serious condition" after being bitten by a snake.  She was delivering a package when she was bitten by a highly venomous Eastern diamondback rattlesnake. Amazon drivers have described facing challenges on the job like dog bites and excessive heat. An Amazon driver is in "very serious condition" after being bitten by a highly venomous rattlesnake while making a delivery, authorities said.The delivery worker, whose identity Insider was unable to immediately confirm, was dropping off a package at a home in Palm City, Florida, on Monday night when she was bitten by an Eastern diamondback rattlesnake "coiled up near the front door," according to a Facebook post from the Martin County Sheriff's Office on Tuesday."The driver walked to the door, put the package down and was struck by the snake in the back of the leg, just above the knee," the post said. "She immediately became ill and called 911."The driver was taken to a hospital. The Facebook post, made Tuesday morning, said the driver was in "very serious condition."An image from the Martin County Sheriff's Office shows the Eastern diamondback rattlesnake that bit the Amazon driver.Martin County Sheriff's Office"Our thoughts are with the driver and we hope for a full recovery after this frightening incident," Amazon spokesperson Branden Baribeau said in a statement. "Together, with the Delivery Service Partner, we're looking into the circumstances surrounding this incident and continue to make sure that drivers understand they should not complete a delivery if they feel unsafe."The Martin County Sheriff's Office did not immediately respond to Insider's request for comment on the driver's current condition.Eastern diamondback rattlesnakes are "highly venomous" and very common in the area, according to the post from the sheriff's office. Each year, an estimated 7,000 to 8,000 people in the US are bitten by venomous snakes, according to the Centers for Disease Control and Prevention. In Florida, only six of the state's 50 established snake species are venomous, according to the Florida Museum of Natural History.Delivery drivers have spoken out about contending with issues like bites, often from dogs, and extreme heat on the job.Sometimes, such an incident can prove fatal. In August 2022, a USPS mail carrier died after she was attacked by five dogs when her truck broke down, the local sheriff's office said. In October, an Amazon delivery driver was found dead in a yard in Missouri and was suspected to have been mauled by two dogs.Last month, a 57-year-old UPS driver in Texas died after collapsing while making deliveries in the heat.Read the original article on Business Insider.....»»

Here's where to watch Thursday Night Football live streams for free, courtesy of Amazon Prime Video. Can Daniel Jones and the Giants keep their momentum in a Thursday Night showdown against the 49ers?Norm Hall / Getty ImagesWhen you buy through our links, Insider may earn an affiliate commission. Learn moreThere's an NFL matchup happening every Thursday, right up until the playoffs. There are a lot of misconceptions about the 2023 season being blown out of the water, and you won't want to miss a thing as the cream of American football rises to the top. We'll show you how to watch Thursday Night Football for free in this guide.TNF continues in week three with a match between the New York Giants and the San Francisco 49ers, The Giants had a rocky start to the season and struggled to score a single point in week 1 against the Dallas Cowboys but have since rebounded with a win over the Arizona Cardinals. The vaunted 49ers' defense slowed the Los Angeles Rams enough in week 2 to help them get to 2-0 on the season. All eyes are on Daniel Jones and Saquon Barkley to see how they'll handle another one of the league's most fierce front fours after the nightmarish season opener.Read more: How to watch NFL games without cableAnd: Free Rugby World Cup live streamIn case you haven't heard, Amazon is the exclusive broadcaster of Thursday Night Football games in 2023, with Al Michaels on play-by-play commentary joining analyst Kirk Herbstreit. Kaylee Hartung has sideline reporting duties.Amazon Prime subscribers can tune in on the web and smart devices as part of their membership, with a special Prime Vision broadcast available that shows analysis, statistics, and real-time game insights using the power AI. You can also watch for free online via Twitch, and if you live in one of the markets of the teams playing, you can tap into local broadcasts via Fox.Thursday Night Football live stream quick links:Access on Amazon Prime internationally via ExpressVPN (try it risk-free for 30 days)USA: Prime Video on Twitch (free) | Amazon Prime Video ($14.99 monthly or $139 annual Prime membership) | NFL+ ($6.99 monthly, mobile devices only)Watch on Fox in local markets via Sling Blue ($40 $20 for your first month)When: Pre-game coverage starts September 21 at 7 p.m. ET / 12 a.m. (Friday) BST / 1 a.m. (Friday) CEST / 9 a.m. (Friday) AEST.How to watch Thursday Night Football from anywhereIf you're in the US, Thursday Night Football streams exclusively on Amazon Prime Video in the United States. The latest game will always air on Amazon's TNF page. Thursday Night Football also simulcasts on the Prime Video Twitch channel for free. Navigate to the page during the game's airtime, and you'll be set. Pre-game coverage begins at 7 p.m. ET, with Charissa Thompson, Tony Gonzalez, Ryan Fitzpatrick, and Richard Sherman offering insights and analysis. Kickoff starts promptly at 8:15 p.m. ET.The Twitch stream is your best bet if you'd rather not pay and don't mind the detour. It'll show the full broadcast, from pre-game to the final whistle.If you're outside of the US, then a VPN can help unlock these streaming options. This tool lets you trick sites into thinking you're visiting from within a supported country. However, your best bet for TNF seems to be Prime Video. We were able to get a UK Prime subscription to show last week's game when putting a VPN on. Twitch, on the other hand, was able to detect our VPNs, and we couldn't access the live feed internationally - that's super rare as we can usually access any site via a VPN from anywhere. Do you have a Prime membership outside of the US, but don't have a VPN? There's a fantastic offer on the best VPN we've tested. Insiders have been using ExpressVPN for years for streaming and beefing up our online security. You can pick up Express VPN, save 49% on the usual price, and get three months for free. If you're unsatisfied, there's a hassle-free 30-day money-back guarantee. Want to know more about the app? We've got you covered with a detailed ExpressVPN review.In the US, if you'd rather tune in via Prime Video, you'll need an Amazon Prime subscription, which costs $14.99 monthly or $139 yearly after a free 30-day trial. Once signed up, head back to Amazon's Thursday Night Football page to tune in. You can also catch the game from Amazon Prime Video apps on smartphones, tablets, smart TVs, streaming sticks, and gaming consoles.NFL+ is a viable alternative. For $6.99 per month, you'll have access to all local and prime time NFL games on smartphones and tablets. That rules out devices like laptops and gaming consoles, but there are ways to connect your mobile devices to your TV to mirror whatever's playing. Look into HDMI cables designed for smartphones or an Apple TV to stream your iPad or iPhone to your TV using AirPlay.There's one last option for viewers living in the cities of the two teams playing. Fox broadcasts Thursday Night Football locally in both markets, so you can tune in using an over-the-air antenna, your cable service, or a live TV streaming service like Sling Blue.How to watch Thursday Night Football for freeTwitch is usually freely accessible for everyone, but if you live outside the US, you may encounter restrictions watching Thursday Night Football on the Prime Video channel. You might be able to watch the game through subscription services like Amazon Prime Video. We'll show you how to access these options internationally using a VPN ahead.Sign up for a VPN if you don't have one.Install it on the device you're using to watch the game.Turn it on and set it to a US location.Go to Thursday Night Football on Amazon Prime.Watch Giants vs. 49ers on Thursday Night Football.Pre-game coverage starts: September 21 at 7 p.m. ET / 12 a.m. (Friday) BST / 1 a.m. (Friday) CEST / 9 a.m. (Friday) AEST.Thursday Night Football scheduleHere's a list of all upcoming Thursday Night Football games for the 2023 NFL season. The broadcast starts each week with pre-game commentary at 7 p.m. ET before the 8:15 p.m. ET kickoff. Week 3: Giants at 49ers, Sept. 21 (free on Twitch)Week 4: Lions at Packers, Sept. 28 (free on Twitch)Week 5: Bears at Commanders, Oct. 5 (free on Twitch)Week 6: Broncos at Chiefs, Oct. 12 (free on Twitch)Week 7: Jaguars at Saints, Oct. 19 (free on Twitch)Week 8: Buccaneers at Bills, Oct. 26 (free on Twitch)Week 9: Titans at Steelers, Nov. 2 (free on Twitch)Week 10: Panthers at Bears, Nov. 9 (free on Twitch)Week 11: Bengals at Ravens, Nov. 16 (free on Twitch)Black Friday Football: Dolphins at Jets, Nov. 24 (free on Twitch)Week 13: Seahawks at Cowboys, Nov. 30 (free on Twitch)Week 14: Patriots at Steelers, Dec. 7 (free on Twitch)Week 15: Chargers at Raiders, Dec. 14 (free on Twitch)Week 16: Saints at Rams, Dec. 21 (free on Twitch)Week 17: Jets at Browns, Dec. 28 (free on Twitch)Note: The use of VPNs is illegal in certain countries, and using VPNs to access region-locked streaming content might constitute a breach of the terms of use for certain services. Insider does not endorse or condone the illegal use of VPNs.Read the original article on Business Insider.....»»

The best phones offer remarkable performance, battery life, and camera quality at prices that fit your budget. When you buy through our links, Insider may earn an affiliate commission. Learn moreThe best phones offer remarkable performance, battery life, and camera quality at prices that fit your budget.Antonio Villas-Boas/InsiderWhen shopping for a new phone, you can't go wrong with many of the flagship smartphones released in 2022 and 2023 so far, but the best phone for you will depend on your budget and priorities.In this guide, we've selected the absolute best phones we'd recommend to the vast majority of people, along with specific picks according to criteria like battery life, camera quality, budget value, and foldable form factors. Despite the impending release of the iPhone 15 generation, the iPhone 14 is our top overall pick for now while we review the new models, as it offers the best available balance of performance, features, and price for most people. Our top pick for Android phones is Samsung's Galaxy S23 Plus, a truly excellent device that will satisfy the widest range of Android users.Our top picks for the best phonesBest phone overall: iPhone 14 - See at Best BuyAhead of the iPhone 15's release, Apple's iPhone 14 offers an exceptional mix of battery life, performance, camera quality, and price that makes it the best overall option currently.Best Android phone: Samsung Galaxy S23 Plus - See at AmazonThe Samsung Galaxy S23 Plus excels at everything, and it's the Android user's best choice for its stellar high-end features and performance at a great price.Best budget iPhone: iPhone SE (2022) - See at Best BuyThe third-generation iPhone SE is the least expensive iPhone you can buy, but it offers performance on par with the iPhone 14.Best budget Android phone: Google Pixel 7a - See at AmazonThe Pixel 7a's price is on the high end for a budget pick, but its 90Hz screen and flagship processor make it the best option where value is concerned.Best camera phone: Samsung Galaxy S23 Ultra - See at Best BuyThe Samsung Galaxy S23 Ultra's four-lens camera is the most versatile camera system with its 10x optical zoom and excellent photo and video quality.Best battery life: iPhone 14 Plus - See at Best BuyApple's iPhone 14 Plus obtained the best record in our battery test when it was released in 2022, and it has yet to be beaten.Best foldable phone: Google Pixel Fold - See at AmazonThe Pixel Fold tops out other foldables thanks to the familiar shape of its external display, which makes it the best available phone and tablet hybrid.Best phone overall: iPhone 14Apple’s iPhone 14 remains the best phone you can buy overall, ahead of the release of the iPhone 15 series.Antonio Villas-Boas/InsiderPros: Enhanced value after recent $100 price drop, stellar performance, excellent camera quality, excellent battery life, valuable safety featuresCons: 60Hz display feels outdated, no dedicated zoom lensApple recently announced the iPhone 15 generation, and once we've reviewed those phones, one of those models will likely replace the iPhone 14 as the best phone overall. For now, however, the iPhone 14 is still technically our pick for the best iPhone and best phone overall, and that's especially the case now that its starting price has dropped by $100 down to $700.The iPhone 14 offers a hard-to-beat balance of features, battery life, camera quality, and performance for its price, which all combine to make it our top recommendation for most people. Some might point out Samsung's Galaxy S23 devices, which are among our best Android picks, don't make the same compromises as the iPhone 14 does, like a 60Hz display, or a camera system with "only" two lenses. These are valid points, but looking at the overall picture, the iPhone 14 is still the phone we can most widely recommend. Apple's ecosystem is still a major hook for the iPhone, and while Samsung is building out its own ecosystem, it's not there yet. Popular Apple devices, like the Apple Watch, Macs, AirPods, iPads, and iPhones work seamlessly with each other to offer access to popular services like iMessage, FaceTime, AirDrop, taking and making phone calls, and instant mobile hotspot connectivity. The safety features Apple introduced with the iPhone 14 series, including Emergency SOS via satellite and Crash Detection, especially, are valuable to have on hand, even if you hope to never use either. Both have proven to save lives, or at least been useful, in emergency situations. There's also something to be said about Apple's physical presence with Apple Stores — if iPhone users need help or repairs, the Apple Store is an easy, clearly defined place to go. To be fair, official repairs by Apple are often pricey. Still, at least it's a convenient option to get help, if imperfect, compared to the murkier options available for Android phone users.  Read our full iPhone 14 review.Best Android phone: Samsung Galaxy S23 PlusSamsung’s Galaxy S23 Plus is the best Android phone you can buy overall.Antonio Villas Boas/InsiderPros: Excellent performance, versatile triple-camera system, smooth 120Hz display, superb battery life, 45W charging speedCons: Occasional shutter lag, some unwanted bloatwareChances are that if you're looking for a particular feature, or all the best phone features you can get in 2023, Samsung's Galaxy S23 Plus has what you need — and at an unbeatable value, with its new starting price of $800. The Galaxy S23 Plus, our best Android phone overall, is a delight to use thanks to its smooth 120Hz display and incredibly snappy performance from the Qualcomm Snapdragon 8 Gen 2 processor that's specially optimized for Samsung's Galaxy S23 phones. To be sure, the Galaxy S23 Plus and its 6.6-inch display is for those who like larger displays. But despite its screen size, the Galaxy S23 Plus maintains a comfortable 6.91-ounce weight, which is positively featherweight for a phone of this size.Battery life is excellent and support for fast 45W charging speeds is a cherry on top. Wireless charging is included and rated for up to 15W on the Qi common standard. You can even charge other devices off the back of the Galaxy S23 Plus, albeit at a slow 4.5W that's best suited for smaller accessories, like wireless earbuds.The Galaxy S23 Plus' versatile triple-lens camera offers nearly everything you would want in a premium phone, with sharp, clear, high-quality photos and video. Read our full Samsung Galaxy S23 Plus review.Best budget iPhone: iPhone SE (2022)Apple’s iPhone SE offers entry to the Apple experience and ecosystem for the lowest price.Antonio Villas-Boas/InsiderPros: Excellent performance-to-price ratio, impressive single camera, lightweight, 4.7-inch display is comfortable to use one-handedCons: Antiquated design, lacks multiple cameras, 60Hz LCD display, short battery life compared to larger phonesThe least expensive way to get the Apple experience, as well as access to its ecosystem of apps, accessories, and services, is the third-generation iPhone SE. Starting at $430, it's also less expensive than even our budget Android pick.The iPhone SE runs on Apple's A15 Bionic processor, which also powers the iPhone 14 and iPhone 14 Plus. That means it's a powerful processor that opens and runs apps quickly now and for the next few years. For its relatively low price, the iPhone SE is missing some high-end features. It has a 4.7-inch LCD display, which not only is small, but isn't as high-quality as the OLED displays on other more expensive iPhones. Having a small display and overall size doesn't have to be a negative, as some may actively want a smaller screen for the most comfortable one-handed reachability. Plus, at 5.09 ounces, the iPhone SE is the lightest iPhone currently available.The biggest caveat with small phones like the iPhone SE is a smaller battery, which leads to shorter battery life than bigger iPhones — it might need a charging top-up during the day, depending on your usage. The iPhone SE also has an antiquated design. Many liken it to the iPhone 8, but the design with large bezels above and below the display can be traced back to the iPhone 6 generation from 2014. Still, having such large bezels affords the iPhone SE an old favorite — Touch ID. While not as seamless as the more modern Face ID, Touch ID is still incredibly reliable, and some prefer to use their fingerprints rather than their faces to unlock their iPhones. Then there's the question of cameras, or a single camera, to be precise. The iPhone SE lacks the ultrawide and zoom lenses of more expensive iPhones, but its main camera can still hold its own with high-quality photos. Again, they're not as high-quality as those on more expensive iPhones, but anyone would be more than happy with the iPhone SE's photos for its sub-$500 price.Best budget Android phone: Google Pixel 7aGoogle's Pixel 7a may have a relatively high price for a budget phone, but we feel the perks are worth it.Antonio Villas-Boas/InsiderPros: Flagship performance on a budget phone, stunning dual-camera system, 90Hz display, wireless chargingCons: mmWave 5G model is more expensive and a Verizon exclusive, thicker and heavier than premium phones its sizeBudget Android phones often try to appear more premium than they are, mostly with smooth high refresh-rate displays and bunk "macro" cameras that few people will use. Most fall flat when it comes to performance and/or camera quality. Google's Pixel 7a, however, is the exception. Even if the Pixel 7a's $444 price is on the higher end of the budget spectrum, we feel its premium attributes for the price make it the best budget Android phone you can buy, if your budget allows for it. If it doesn't, check out the $250 Pixel 6a, which is our next overall pick for a budget Android phone.The Pixel 7a has a smooth 90Hz display, but that's par for the course on budget Android phones. What's impressive is that it runs on the same Tensor G2 processor as Google's flagship Pixel 7 and Pixel 7 Pro, meaning it has high-end performance at an excellent value. The Pixel 7a's cameras also beat any other phone in its price range. In fact, the Pixel 7a's camera system comfortably competes with phones that cost twice as much. You don't get a dedicated zoom lens with the Pixel 7a, but it's not expected on a budget phone.  Apart from its premium attributes, another reason why we'd rather recommend the pricier Pixel 7a over the Pixel 6a is longevity. Google will keep the Pixel 7a supported with security updates until May 2028, while the Pixel 6a will be supported until July 2027. Read our full Google Pixel 7a review.Best camera phone: Samsung Galaxy S23 UltraSamsung's Galaxy S23 Ultra is simply the best phone for taking photos thanks to its versatile quad-lens camera and S Pen that offers more precision for on-device editing.Antonio Villas-Boas/InsiderPros: Exceptional quad-lens camera system, 10x optical zoom ability, stellar optical image stabilization, large screen and S Pen make on-device editing easierCons: Surprisingly lackluster battery life for its size, may be too large for some people, occasional shutter lagSamsung's Galaxy S23 Ultra has the most camera tech out of any other phone we've tested. It's the most versatile phone for taking photos thanks to its four lenses, including a main camera, an ultrawide, a 3x zoom, and a 10x zoom. The Galaxy S23 Ultra's 200MP camera takes 12MP photos by default, but you can set it to take photos at 50MP or the full 200MP for stunning clarity and detail. The caveat is that a 200MP photo can take up to 200 megabytes, so storage inside and out of the phone should be a consideration. Another perk with the massive 200MP sensor is better low-light performance, as more megapixels can combine to capture more light in a process called "binning." Indeed, the Galaxy S23 Ultra is also the best phone for taking high quality photos in low-light situations.The Galaxy S23 Ultra's 10x zoom lens is one of those things you never knew you needed until you tried it. I often wish I had 10x zoom when I'm using a different phone, as no other phone can capture far-away subjects as sharply and clearly as the Galaxy S23 Ultra. To take sharp photos at such a high zoom, the Galaxy S23 Ultra has impressive optical image stabilization, too, which also makes for incredibly stable video recording. Then, there's the S Pen — a built-in stylus that offers more precision and functionality than any finger could for editing photos right on the device, which is only made easier by the Galaxy S23 Ultra's larger-than-usual 6.8-inch display. There's no better phone if content capture is your top priority. Read our full Samsung Galaxy S23 Ultra review.Best battery life: iPhone 14 PlusApple's iPhone 14 Plus has the best battery life out of any phone we've tested.Antonio Villas-Boas/InsiderPros: Large screen for sub-$1,000 price, best battery life on any phoneCons: Previous generation processor, antiquated 60Hz screenApple recently announced the iPhone 15 generation, including a new iPhone 15 Plus. Once it's tested and reviewed, the iPhone 15 Plus is likely to replace the iPhone 14 Plus as the phone with the longest battery life. For now, though, the iPhone 14 Plus reigns in that department.Apart from offering the big-screen iPhone experience for less than a Pro Max model, the iPhone 14 Plus also has the best battery life out of any phone we've tested to date. It ended our intensive battery test with 73% remaining, which is astounding. Out of the dozens of phones I've tested with our latest battery test, only one other phone obtained a result in the 70th percentile — the OnePlus 11 with a 71%. Otherwise, the iPhone 14 Plus is essentially a bigger version of our pick for the best phone overall, the iPhone 14. It runs on the same processor, has the same cameras, the same 60Hz screen, and the same features. Following the announcement of the iPhone 15 generation, Apple reduced the iPhone 14 Plus' price by $100 down to $800. That's a stunning deal for an iPhone with a 6.7-inch display, but if you can wait, you may find the iPhone 15 Plus warrants the $100 premium.Read our full iPhone 14 Plus review.Best foldable phone: Google Pixel FoldGoogle's Pixel Fold is the best foldable you can buy thanks to the familiar, traditional shape of its exterior display.Antonio Villas-Boas/InsiderPros: Smooth flagship performance, excellent five-camera system, familiar-shaped exterior display, 120Hz displays inside and out, stellar battery life, thin and light as a tabletCons: Thick and heavy as a phone, prohibitive pricingBetween clamshell-style foldables like the Galaxy Z Flip 5 and Motorola Razr Plus, and tablet hybrids like the Pixel Fold and Galaxy Z Fold 5, we've decided the hybrid design is the best form factor for foldable phones. That's primarily because clamshell phones sorely lack the battery life and cameras of traditional flat phones, while the best hybrid foldables are more comparable to high-end flat phones in those respects.Out of the tablet-hybrid foldables we've tried and reviewed, Google's Pixel Fold tops our list thanks in large part to the exterior display's familiar, traditional phone shape. The tall, narrow displays on the Galaxy Z Fold series phones are more awkward to use and take more getting used to than the Pixel Fold's exterior display.The Pixel Fold runs on the same Tensor G2 processor as the Pixel 7 flagship lineup, so performance is stellar. It also comes with a total of five cameras, and when talking about Google's excellent Pixel cameras, more can only mean better — there are three cameras on the rear, a front-facing camera, and an interior camera for tablet mode. Not to mention, you can unfold the Pixel Fold and use its superior main rear camera to take selfies while using the exterior display as a viewfinder, which is a common perk in foldable phones. Both the Pixel Fold's OLED displays run at a smooth 120Hz for a seamless experience, inside and out. As with any tablet-hybrid foldable, the Pixel Fold is rather heavy and chunky as a traditional phone, even more so with its smaller 5.8-inch exterior display. Still, its small display means it's comfortable to use one-handed and offers superior reachability with your thumbs relative to the tall, narrow Z Fold displays. To boot, the Pixel Fold is also thin and light as a 7.6-inch tablet.Battery life is also excellent on the Pixel Fold, as it ended our intensive battery test with a 69% result while in folded phone mode — that's a result we'd expect for phones with larger, 6.7-inch displays. In tablet mode, the Pixel Fold scored 65%, which may not seem impressive for a 7.6-inch tablet, but it still means you can use the Pixel Fold exclusively in tablet mode all day, like you would your traditional phone, without worrying about battery life, though that'll depend on how intensively you use it. Read our full Google Pixel Fold review.Best phones comparedSpecsiPhone 14Galaxy S23 PlusiPhone SE (2022)Pixel 7aGalaxy S23 UltraiPhone 14 PlusPixel FoldStarting price$700$800$430$444$1,200$800$1,800ProcessorA15 BionicQualcomm Snapdragon 8 Gen 2 Optimized for GalaxyA15 BionicGoogle Tensor 2Qualcomm Snapdragon 8 Gen 2 Optimized for GalaxyA15 BionicGoogle Tensor 2Release dateSeptember 2022February 2023March 2022May 2023February 2023September 2022June 2023Screen size6.1 inches6.6 inches4.7 inches6.1 inches6.8 inches6.7 inches5.8-inch exterior; 7.6-inch interiorRear cameras12MP main, 12MP ultrawide50MP main, 12MP ultrawide, 10MP 3x zoom12MP main64MP main, 13MP ultrawide200MP main, 12MP ultrawide, 10MP 3x zoom, 10MP 10x zoom12MP main, 12MP ultrawide48MP main, 10.8MP ultrawide, 10.8MP 5x zoomStorage128GB, 256GB, 512GB256GB, 512GB64GB, 128GB, 256GB128GB256GB, 512GB, 1TB128GB, 256GB, 512GB256GB, 512GBBest phone FAQsWhat is the best phone to buy right now?Prior to the release of the iPhone 15 series, Apple's iPhone 14 offers the best overall combination of performance, camera quality, battery life, and value, with its new starting price of $700. If you want to buy into the Apple ecosystem at a more affordable price point, we recommend the third-generation iPhone SE starting at $430 as the best budget iPhone currently available. The best Android phone overall is Samsung's Galaxy S23 Plus for its mix of high-end features and unrivaled value at a current starting price of $800. The best budget Android phone you can buy is Google's Pixel 7a, which offers an essentially premium experience for a starting price of $444. Which phones get the most updates?As it stands, Apple's iPhones are likely to see the longest support window for updates of any current smartphones. While Apple doesn't explicitly state how long it will support its devices, the company's recent history has shown that it will support iPhones for at least six years of software updates. That means the iPhone 14, iPhone 14 Plus, and third-generation iPhone SE should see iOS and security updates at least through 2028. Among the Android phones on our list, Samsung's flagship devices have the best current support window for software and security updates, as the company said its Galaxy S23 phones will get four years of Android software updates and five years of security updates from their February 2023 release. Google's phones, on the other hand, have a comparatively short support window. Google said that its new Pixel Fold will see Android software updates until June 26, 2026 and security updates until June 25, 2028, while the Pixel 7a will see software updates until May 8, 2026 and security updates until May 7, 2028.Read the original article on Business Insider.....»»

Several photos published by Russian-affiliated accounts appear to show Army Gen. Sergey Surovikin in Algeria, experts and observers say. FILE PHOTO: Genera Sergey Surovikin, commander of Russian forces in Ukraine, visits the Joint Headquarters of the Russian armed forces involved in military operations in Ukraine, in an unknown location in Russia, in this picture released December 17, 2022.Sputnik/Gavriil Grigorov/Kremlin via REUTERS Russian Army Gen. Sergey Surovikin appears to be in Algeria, according to recent photos. Surovikin is the mastermind of Russia's formidable defensive lines and fortifications in Ukraine.  War experts say he may have been tasked him with overseeing Wagner Group activity in Africa. Russian Army Gen. Sergey Surovikin is credited as the architect of Russia's formidable defensive network in Ukraine. But as Kyiv's forces break through these elaborate fortifications, the mastermind behind them is nowhere near the action.Surovikin, who served at one point as Russia's overall theater commander in Ukraine, was detained in the fallout of the Wagner Group's late-June mutiny over his ties to the mercenary organization. After several weeks, during which his whereabouts were largely unknown, Surovikin was finally released earlier this month — his military career suspected of being largely finished.  But according to recent photographs shared by Russia-affiliated accounts to social media platforms, Surovikin appeared to be somewhere in Algeria as of last week, experts and observers noted. Algeria has maintained close economic and security ties with Moscow for decades and is a major purchaser of Russian arms. "Surovikin is in an exile — of sorts. Yet not. Algeria is a top client for Russian exports, and critically — has hundreds of tanks and kits/spare parts," Dara Massicot, a senior policy researcher who focuses on Russian security issues at the California-based RAND Corporation think tank, wrote on X, the social media platform formally known as Twitter.The comments came in response to an earlier post with several photos appearing to show Surovikin.   —Jack Margolin (@Jack_Mrgln) September 15, 2023 Experts at the Institute for the Study of War (ISW), a Washington-based think tank, noted Surovikin's apparent presence in Algeria as part of a Friday assessment of Russia's ongoing war in Ukraine. The experts cited several additional photographs of Surovikin purportedly in Algeria, which were published to Telegram by Russian sources.Insider was unable to independently verify any of the recent photographs of Surovikin shared to X and Telegram.According to the ISW assessment, Surovikin had previously been tasked with a leadership role within Commonwealth of Independent States (CIS), which consists of Russia and several former Soviet states. ISW experts noted in an analysis earlier this month the move "is consistent with previous patterns of the Russian military leadership shifting disgraced and ineffective commanders to peripheral positions far removed from Ukraine without discharging them from the Russian military entirely."After the Wagner Group's short-lived uprising — and the more recent confirmed death of its leader Yevgeny Prigozhin — Russia has moved to assume more oversight of the mercenaries' activity in Africa, where they had long acted as shadowy extensions of Moscow's foreign policy apparatus. Surovikin's new role, and his recent appearance in Algeria, appear to be a reflection of this.Russia's defense ministry "continues efforts to assume control over the Wagner Group's operations in North Africa and may have assigned" Surovikin to the job, the ISW experts wrote in their Friday analysis. They cited Kommersant, a Russian news outlet, in reporting that a source close to Surovikin asserted that the trip to Algeria could be connected to his "possible appointment to oversee unspecified operations in Africa." Commander of Russia's Aerospace Forces Sergei Surovikin, Chief of the General Staff of the Russian Armed Forces Valery Gerasimov and Head of the Main Operational Directorate of the Armed Forces' General Staff Sergei Rudskoi attend a meeting with President Vladimir Putin in Sochi, Russia, November 3, 2021.Sputnik/Mikhail Metzel/Pool via REUTERS"Surovikin may be involved in Russian efforts to subsume Wagner operations due to his affiliation with Wagner and his command experience, although it is unclear if the Russian MoD intends for Surovikin to assume direct command of these efforts," the ISW experts wrote in their analysis. Thousands of miles away from Algeria, in Ukraine, Kyiv's troops have been fighting to get past Russia's tough defensive fortifications known as the Surovikin Line — named after the fearsome general, who was known by supporters as "General Armageddon." When Surovikin was Russia's overall theater commander last fall, he oversaw efforts to construct an elaborate system of defensive fortifications and obstacles that stretch and intertwine across Moscow-occupied territory in eastern and southern Ukraine. Although the Surovikin Line consists of multiple lines that connect, there is a definitive main defensive line that is preceded by minefields and includes three layers of obstacles and fighting positions: anti-vehicle ditches to prevent armor from advancing, a row of dragon's teeth to further stop vehicles, and trenches manned with Russian soldiers.One direction of the Ukrainian counteroffensive — in the southern Zaporizhzhia region — has found notable momentum in recent weeks, as Kyiv's forces have been pushing against the main part of the Surovikin Line there and making territorial gains in the process. Read the original article on Business Insider.....»»

The Senate normally promotes military officers en masse via the unanimous consent process, but Tuberville's prevented them for months. Chuck Schumer.Joshua Roberts/Getty Images Senate Leader Chuck Schumer is trying to circumvent Tuberville's military promotion blockade. He filed three cloture motions to attempt to force the Senate to vote to promote three generals. The Senate normally promotes military officers en masse, but Tuberville's stopped them for months. Senate Majority Leader Chuck Schumer filed three cloture motions to jumpstart the process to promote three generals to new leadership positions as GOP Sen. Tommy Tuberville continues to block the Senate from mass-promoting hundreds of service members.Schumer filed the cloture motions on Wednesday afternoon in an attempt to confirm Gen. Randy George to be the Army's new chief of staff, Gen. Eric Smith as the Marine Corp's chief of staff, and the Air Force's Gen. Charles Q. Brown Jr. as the chairman of the Joint Chiefs of Staff.By filing the cloture motions, Schumer forced the legislative body to promptly schedule cloture-related votes regarding the three generals. If the cloture motions pass with at least two-thirds of the Senate's vote, the lawmakers will then be required to vote on whether or not to confirm the three generals' promotions.Traditionally, promoting service members to higher positions has been a relatively simple job for Senators: The majority leader would bring a vote to the floor with a long list of proposed promotions that could all be confirmed at once as long as each senator willingly consented.In early 2023, however, Tuberville decided to disturb the process.Upset over the Pentagon's decision to amend its abortion policy to cover expenses for service members traveling out of state for abortion-related services following the Supreme Court's decision to overturn Roe v. Wade's precedents, he's pledged he won't give his consent to a mass-vote. Using this method, Tuberville's blockedhundreds of officers from being promoted in 2023 alone, leaving the Marine Corps without a Senate-confirmed commandant in over 150 years. Earlier in the week, Tuberville told his GOP colleagues that he had planned to file a cloture motion to try and confirm Smith as the new commandant of the Marines, though he has yet to file it.Read the original article on Business Insider.....»»

September's supermoon is the last of the year, and also a harvest moon. The best time to see the full moon will be shortly before sunrise on Friday. A supermoon rises behind a downtown office building in Kansas City, Missouri.Charlie Riedel/AP The last supermoon of the year will occur next Friday, September 29. A supermoon can appear up to 14% larger and 30% brighter than usual. This next supermoon is also a harvest moon. It will be most full right around sunrise on Friday. Get ready, next Friday — September 29 — will be the last supermoon of 2023.A supermoon is a type of full moon that can appear up to 14% bigger and 30% brighter than the faintest moon of the year. That's because it's at its closest point to Earth, called perigee, according to NASA.Next Friday's supermoon is also this year's harvest moon, which is the full moon that occurs closest to the first day of autumn.It's called the harvest moon because it occurs around the time each year when farmers in the northern hemisphere are ready to harvest their crops.The best time to see the harvest supermoon is at moonriseA full moon, also a harvest moon, rises past thunder clouds near Encinitas, California September 8, 2014.REUTERS/Mike BlakeHarvest moons can appear deep yellow, orange, or red, especially when they first rise from the horizon. Moonrise is also the best time to experience the sheer size of a supermoon.When the moon is near the horizon, like during moonrise, foreground objects like trees and rocks can provide a sense of scale.As a result, the moon looks the largest around this time than any other, according to NASA. And a supermoon can look especially impressive.So, the best time to see this year's harvest supermoon is right around moonrise, which is approximately 7:00 pm local time. You can check exactly when moonrise is for your location on September 29 on TimeandDate.Read the original article on Business Insider.....»»

Rep. Virginia Foxx and Sen. Bill Cassidy asked the GAO to investigate how the Education Department is preparing student-loan companies for repayment. Sen. Bill Cassidy and Rep. Virginia Foxx.Kevin Dietsch/Getty Images, Bill Clark/CQ-Roll Call, Inc via Getty Images Rep. Virginia Foxx and Sen. Bill Cassidy asked the GAO to investigate the student-loan payment resumption. They said they're concerned loan servicers are not adequately prepared to facilitate repayment. Interest started building on balances on September 1, and bills will start becoming due next month. With millions of student-loan borrowers about to enter an unprecedented transition back into repayment, two leading Republican lawmakers are worried loan companies are not up to the task.On Wednesday, Rep. Virginia Foxx and Sen. Bill Cassidy — top Republicans on the House and Senate education committees, respectively — sent a letter to the Government Accountability Office requesting that it look into the Education Department's efforts to prepare for repayment.The student-loan payment pause officially ended on September 1 when interest began accruing again on federal borrowers' balances, and bills will start becoming due next month. The Education Department, along with student-loan companies, have never managed a transition back into repayment at this scale, and Foxx and Cassidy said in their letter that they're concerned the necessary preparation is not in place."Student loan servicers will be responsible for helping millions of borrowers return to repayment, yet it is unclear whether the Department has provided servicers with the necessary guidance and instruction they need to assist borrowers," they said. "Historically, the Government Accountability Office (GAO) has found weaknesses in the Department's efforts to provide appropriate guidance and instructions to servicers."The lawmakers cited a 2018 GAO report that found the Education Department did not provide "key information" regarding the Public Service Loan Forgiveness program to servicers, which resulted in borrowers being improperly denied or kept in repayment for longer than necessary. Additionally, Cassidy and Foxx said that it is "unclear whether borrowers will begin repayments when billing statements resume. Given the multiple prior deadlines for the return to repayment and the repeated extensions of the payment pause, it is highly likely there will be confusion among borrowers and many who may not take this repayment deadline seriously."The lawmakers requested the GAO begin its investigation as soon as possible giving the looming payment restart date, and the asked the agency to examine, among other things, the nature of the guidance it has given to servicers surrounding repayment.An Education Department spokesperson previously told Insider that the department remains in close contact with servicers to ensure information is effectively reaching borrowers regarding the upcoming changes to the loan industry. That includes the new SAVE income-driven repayment plan, intended to lower borrowers' monthly payments, along with a 12-month "on-ramp" period during which the department will not report missed payments to credit agencies.Still, borrowers have already encountered a range of challenges before their bills are due. One student-loan company, Nelnet, has shut down its call center and website multiple times over the past two months due to technical difficulties, leaving borrowers who need help with repayment in limbo. Additionally, some borrowers have told Insider their monthly statement is inaccurate, but long hold times with customer service have made it difficult to get those issues resolved.Under Secretary of Education James Kvaal previously told reporters that the department expects borrowers to flood the system next month, saying that more than 28 million people will once again owe payments."That's five times more than we typically have for repayment in an entire year," Kvaal said. "There's a lot of anxiety out there. And some borrowers have already begun making payments. In other cases, there will be borrowers who will take some time to work student loans back into their household budgets."Read the original article on Business Insider.....»»

Fox bosses "ordered a hit" on Smartmatic while spreading election disinformation, the election company's lawyer said in a defamation case hearing. Rupert Murdoch in Los Angeles.Hollywood To You/Star Max/GC Images/Getty Images A Smartmatic lawyer compared Rupert Murdoch to a "mafia boss" in a court hearing Wednesday. The company says Fox News and parent company Fox Corp. defamed it through 2020 election conspiracy theories. Rupert and Lachlan Murdoch "ordered a hit" on Smartmatic, the Smartmatic lawyer argued. An attorney for Smartmatic Voting Systems compared Rupert Murdoch to a mafia boss in a court hearing Wednesday, arguing he "ordered a hit" on the election technology company when Fox News engaged in conspiracy theories about the 2020 election."I can think of an analogy like a mafia boss ordering one of his lieutenants, 'Take out Johnny Two-Bones. That's your instruction,'" J. Erik Connolly, who's representing Smartmatic in its $2.7 billion lawsuit, said in a downtown Manhattan courtroom."The mafia boss doesn't say, 'I want you to whack him on this day, I want you to use this tool, I want this henchman to do it.' The mafia boss doesn't give the direction of exactly how the henchman carries out that hit," he continued. "But, unquestionably, we would all say the mafia boss participated in the hit when the hit happened. Exact same thing happened here."Connolly made the extended analogy to argue that Fox Corp., the parent company of Fox News, shouldn't escape liability in the case. Smartmatic is suing both companies, along with several hosts, alleging they defamed it when Fox News aired conspiracy theories alleging the election technology company rigged the 2020 election.At Fox Corp., Rupert Murdoch is the chairman and his son Lachlan is the CEO. But at Fox News, CEO Suzanne Scott and President Jay Wallace are in charge. Connolly argues that the Murdochs had a hand in shaping Fox News' narrative about Smartmatic in the wake of Donald Trump's election loss, which makes the parent company responsible in the case."Rupert and Lachlan Murdoch ordered a hit. They saw the ratings take a huge dive, they saw their stock price taking a dive. So Rupert and Lachlan Murdoch said, 'Oh, if we aren't embracing this disinformation, it's going to be a problem,'" Connolly said in court Wednesday."So they ordered their lieutenants, Suzanne Scott and Jay Wallace, 'You're taking out Smartmatic, you are embracing this disinformation about voting machines,'" he continued. "And lo and behold, that's exactly what happened."Erin Murphy, an attorney representing both Fox Corp. and Fox News, argued that it wasn't enough to show that the Murdochs were generally involved in shaping Fox News's editorial coverage.In order for Fox Corp. to remain a defendant in the case, she said, Smartmatic would have to prove that the Murdochs were specifically talking about Smartmatic when they communicated with top Fox officials about the direction of news coverage."It's all a very good story," Murphy said in court Wednesday. "The problem is, they don't actually allege any facts that connect between the vast gulf between saying, 'They should pivot and we should be careful about our messaging,' and then connecting it to, 'And therefore you should say a bunch of things about Smartmatic.'"Smartmatic says it has evidence of the Murdochs' involvementSmartmatic initially filed its lawsuit against Fox Corp. and Fox News in 2021, arguing they defamed the company when their hosts allowed Rudy Giuliani and Sidney Powell — who are also defendants in the case — to spout false conspiracy theories about how Smartmatic rigged the 2020 presidential election against Trump and in favor of now-President Joe Biden.The network's motivation for pushing those theories, Smartmatic argued, was to fend off competition from the likes of Newsmax, which had more readily embraced those false theories and was, in turn, embraced by Trump, who held powerful sway over the Republican electorate."We will be ready to defend this case surrounding extremely newsworthy events when it goes to trial, likely in 2025," a Fox News representative said in a statement. "As our financial expert's report shows and ongoing discovery has since confirmed, Smartmatic's damages claims are implausible, disconnected from reality, and intended to chill vital First Amendment freedoms."Rupert and Lachlan Murdoch at the US Open.Jean Catuffe/GC Images/Getty ImagesDominion, another election technology company that was the subject of many of the same conspiracy theories, agreed to settle its defamation lawsuit against Fox earlier this year for a historic $787.5 million. Both Smartmatic and Dominion also have pending lawsuits against Newsmax, as well as other right-wing figures and media organizations that pushed false theories.Fox News has asked New York Supreme Court Justice David B. Cohen, who's overseeing the Smartmatic case, to dismiss the lawsuit, arguing its actions were protected by the First Amendment. Last year, Cohen allowed the case against Fox News to move forward. An appeals court upheld that decision, but said Smartmatic needed to specifically identify who at Fox Corp. played a role in the alleged defamation to keep the parent company involved in the case.Now, Smartmatic says, it's more clear that Rupert and Lachlan Murdoch were involved.Connolly said they "set in motion" the interviews with Powell and Giuliani that defamed Smartmatic."This isn't idle gossip. This isn't just guessing. We have extensive allegations about what they were doing," Connolly said. "We have extensive emails with our discussing that they have a game plan to pivot. The pivot is the disinformation. It's not a coincidence."Cohen said he would decide whether to dismiss the claims against Fox Corp. at a later date.Read the original article on Business Insider.....»»

Earlier this year, the Senate easily passed a bill that would repeal the 1991 and 2002 authorizations for the use of military force against Iraq. Republican Rep. Michael McCaul (left) and Democratic Rep. Gregory Meeks (right), the chairman and ranking member of the House Foreign Affairs Committee.Bill Clark/CQ-Roll Call via Getty Images The House Foreign Affairs Committee will hold a hearing next Thursday on AUMFs. That tees up a potential repeal of the more than 20-year-old law, which authorized the Iraq war. The Senate easily passed a bill to do just that earlier this year, but it's stalled in the House. The House Foreign Affairs Committee will hold a hearing next week on repealing the law that authorized the disastrous US invasion of Iraq in 2003.Committee spokeswoman Leslie Shedd confirmed that the hearing would take place, and that more details will be announced on Thursday morning.The hearing, scheduled for 10 am next Thursday, is expected to address both the repeal of the 2002 authorization of the use of military force (AUMF) against Iraq and the replacement of the 2001 AUMF, according to one person familiar with the planning.It's the first time that the House is set to officially address the issue since Republicans gained control of the chamber earlier this year. In March, the Senate passed a bill to repeal both the 1991 and 2002 AUMFs by a sweeping 66-30 margin, though dozens of Republicans ultimately opposed it.The effort to repeal the Iraq war powers has been stalled for months in the House, largely owing to the opposition of defense-minded Republicans on key committees.While members of the hard-right House Freedom Caucus — along with most Democrats — are supportive of the effort, defense hawks have viewed the effort skeptically, believing that repealing the law could leave the United States with fewer tools to combat Iranian-backed militias in Iraq and the looming threat of terrorism more broadly.House Republicans, seeking to mollify defense hawks, have established a working group led by Republican Rep. Ken Buck of Colorado to address both the Iraq war authorization and the 2001 AUMF, which authorized the president to wage war against the "nations, organizations, or persons he determines planned, authorized, committed, or aided" the September 11, 2001 terrorist attacks.Democratic Rep. Gregory Meeks of New York, the committee's ranking member, introduced a bill earlier this year that would replace the 2001 AUMF with a new authorization that's more narrowly tailored to terrorist hotspots, and would need to be re-authorized every 4 years.The House easily voted to repeal both the 1991 and 2002 AUMF in June 2021, when the chamber was controlled by Democrats. But dozens of House Republicans also voted for the bill. The Senate never took up the legislation.This year marked the 20th anniversary of the 2003 invasion of Iraq, which resulted in the destabilization of the region and contributed to the rise of ISIS. The war, launched under false allegations that Iraqi dictator Saddam Hussein was developing weapons of mass destruction, has since been condemned by members of both parties as a mistake. Read the original article on Business Insider.....»»

An analysis of Instacart's lackluster IPO performance and its tough grocery delivery business model. Fidji Simo (left) took over as CEO of Instacart in August 2021 from cofounder Apoorva Mehta (right).InstacartInstacart shares slumped 11% on Wednesday.Finance professor Aswath Damodaran posted a harsh analysis of the company's core business. CEO Fidji Simo built an impressive ads business, but the main grocery delivery operation is tough.To have a healthy digital advertising business, you actually have to have something else substantial sitting behind it, luring customers to visit your site and hopefully spend money.This is one of the concerns that has turned Instacart's IPO into a flop on its second day as a public company.The stock slumped 11% on Wednesday to close at $30.10 per share, a whisker away from the company's original $30 per share listing price.To be successful, an IPO must deliver a big pop to the investors who signed on to buy stock when it debuts. Gains of 20% or more are pretty solid. After an early surge on Tuesday, Instacart has now delivered its new shareholders almost nothing in 2 days.The company is valued at just over $8 billion, down from $39 billion a few years ago during the pandemic. Several late-stage investors, including D1, Fidelity, DST Global and T. Rowe Price, are likely sitting on losses now, according to estimates from Aswath Damodaran, a professor of finance at NYU's Stern School of Business.He came out with an analysis of Instacart's business on Tuesday, valuing the company at $29 a share.Instacart, and its relatively new CEO Fidji Simo, built an impressive advertising business on top of the company's core grocery delivery operation. That addition has generated new revenue and even profits.But the future growth of Instacart will ultimately depend on how many customers it has and how much they spend. Without that, there's no one to advertise to. So Damodaran rightly focused his analysis mostly on the grocery delivery business.The main takeaway is that grocery delivery is a tough business. I pulled out some highlights from Damodaran's blog to illustrate this.Instacart declined to comment about its share price decline and Damodaran's analysis.Grocery is a low-margin businessInstacart's take rate was 7.5% over the past 12 months. That's much lower than Airbnb and Doordash, Damodaran wrote. The reason: The grocery business is low-margin, so there's not a lot of room for Instacart to skim more fees."If you are an intermediary in a business with slim operating margins, as Instacart is, the low operating profitability of the grocery business will limit how much you can claim as a price for intermediation, in service fees," Damodaran wrote.Most people like to go to grocery storesFor non-processed food, especially fresh meats and produce, being able to see and touch items before you buy them is part of the shopping experience. Online photos don't cut it. I personally like to feel the avocados before I buy them. And those endless product substitution messages from rushed Instacart Shoppers are infuriating.COVID hangoverInstacart saw orders and revenue surge dramatically when everyone was stuck at home during COVID-19. Makes sense. But once the pandemic ebbed, a lot of consumers went back to their local grocery store (see the section above)."Caught up in the mood of the moment, it is easy to see why so many extrapolated Instacart's success in 2020 into the future, forecasting that the shift to online grocery shopping would be permanent, and that Instacart would dominate that business," Damodaran wrote.Growth is cappedSome Instacart customers have stayed with the service, judging the convenience to be worth it over the downsides. However, the grocery industry is not a growth sector, unlike other parts of e-commerce."The ceiling on online grocery retail will remain much lower than the ceiling on online shopping in other areas in retail, with even optimists capping the share at 20%," Damodaran said. "In short, the growth in online grocery sales will be higher than total grocery sales growth, but not overwhelmingly so."CompetitionDuring the pandemic, grocers woke up and started offering online shopping services directly to their own customers, often preferring to have consumers pick-up their orders rather than deliver them. These offerings are pretty cost competitive because most grocery stores nixed the extra service fees and used existing employees as shoppers.Instacart is also starting to face competition from Uber Eats, DoorDash, and GrubHub."In short, Instacart will be lucky to hold on to its existing market share, even if it plays its cards right, leaving its growth at or below the growth in the overall online grocery shopping market," Damodaran wrote.CostsInstacart usually pays its Shoppers based on the number of orders they handle and how many deliveries they make. This is a major expense for the company and it is variable, rising and falling with revenue.That reduces risk, but it means Instacart can't benefit much from economies of scale. This is a core feature of most tech companies that investors love. As sales rise, expenses usually don't rise as much for a software company, which often means big profits over time. Instacart doesn't really have this, according to Damodaran.Growth has slowedTech companies are expected to grow quickly. Instacart's core business isn't really doing that.The company handled 262.6 million orders in 2022 versus 263.20 million in the last 12 months. Gross transaction volume was $28.8 billion in 2022 versus $29.4 billion in the past 12 months, according to Damodaran's blog.Read the original article on Business Insider.....»»