Russia's representative to the UN Vassily Nebenzia raises his hand to veto the non-proliferation of nuclear weapons resolution bill on April 24, 2024.
Eduardo Munoz Alvarez/AP Photo
Russia vetoed a UN resolution led by the US and Japan to prevent a space arms race.
The resolution aimed to head off the deployment of nuclear weapons in orbit.
US intelligence suggests that Russia is developing a satellite that could carry a nuclear device.
Russia vetoed a US- and Japan-led UN resolution aimed at stopping a nuclear arms space race.
Russia used its Security Council veto on Wednesday to block a resolution calling on countries to work toward the "prevention of an arms race in outer space."
The resolution also sought to reaffirm existing treaties that oblige countries "not to place in orbit around the Earth any objects carrying nuclear weapons or any other kinds of weapons of mass destruction," per the UN press service.
Thirteen member countries voted for the resolution, with China abstaining.
The White House reacted to Wednesday's vote, saying: "We have heard President Putin say publicly that Russia has no intention of deploying nuclear weapons in space. If that were the case, Russia would not have vetoed this resolution."
"What could you possibly be hiding?" US Ambassador Linda Thomas-Greenfield said. "It's baffling. And it's a shame."
However, Russia's UN Ambassador Vassily Nebenzia called the resolution "politicized," and said it didn't go far enough, the Associated Press reported.
Russia and China had proposed an amendment to the resolution calling on all states to prevent weapons and any threat or use of force in outer space "for all time."
Nebenzia also accused the US of blocking a long-standing treaty proposal from Russia and China barring weapons in space, per the AP.
In an interview with Arms Control Today magazine ahead of the vote, US Assistant Secretary of State Mallory Stewart was critical of such proposals for being vague and unenforceable.
"We've seen where countries propose treaties, such as the prevention of placement of weapons in outer space treaty that Russia and China have pushed for many years, without even an accepted common definition of what a 'weapon' in space is," she said.
Following the vote, the US Ambassador to the UN, Robert Wood, said that the resolution would have "helped prevent the catastrophic consequences of a nuclear detonation in space."
"Needless to say, we are incredibly disappointed by the result of today's vote," he added.
Costco's new CFO won't inherit his predecessor's parking spot, as he hasn't served enough time there yet.
Costco is known for the value it places on high employee retention.
Some employees have stayed at the company for over 30 years, and several execs started out working on the shop floor.
Costco's CFO, Robert Galanti, retired in March after 40 years at the company, but the new CFO won't be so quick to fill in his parking spot.
Reserved parking spaces at Costco are based on tenure rather than seniority, The Wall Street Journal reported. So despite being in the C-suite, new CFO Gary Millerchip will have to park his car across the street.
It's an old-school way of doing things, Galanti told The Journal. "We're a little quirky, but that's our culture and it works for us," he said.
Galanti, a fierce defender of Costco's $1.50 hot dog combo, is one of the many emoployees to hold a decadeslong tenure at Costco.
The company lets its retail employees work their way to the top. CEO Ron Vachris started at the company as a forklift driver and is set to earn around $11.5 million this year in the top spot — he's only the third person ever to hold this job at the company.
Other executives also began their Costco careers on the warehouse floor.
Todd Thull, who is listed as a VP at the company on his LinkedIn profile, started as a forklift driver 44 years ago.
Another employee, John Conlon started off "pushing carts at the original Costco" back in 1987, his LinkedIn profile reads. Now, 37 years later, he's worked his way up to a director role at the company's headquarters.
At least 10 other employees based at the company headquarters in Issaquah, Washington have worked there for over 30 years, according a search of LinkedIn profiles.
Business Insider was not able to independently verify the current employment of these workers.
The warehouse club boasts some of the highest employee satisfaction ratings among big retailers. In 2021, Costco raised its minimum wage to $17 per hour, far above the federal minimum hourly wage of $7.25.
Former Costco CEO W. Craig Jelinek advocated for a higher minimum wage in front of Congress in 2021. He said that it's "good business" to cut down on the employee turnover rate.
"We're certainly not perfect, but we try to take care of our employees, because they play such a significant role in our success," Jelinek said.
Business Insider contacted Costco for comment but didn't immediately hear back.
Customers can pick up a great product at Sephora for $20 or less.
Nora Candreva
I worked at Sephora for 11 years, so I have a few favorite products that cost $20 or less.
The Inkey List caffeine eye cream is great for reducing under-eye puffiness.
The Dr. Jart and Sephora Collection sheet masks can help treat various skin concerns.
As someone who worked at Sephora for 11 years, I'm often asked which products are worth buying — but also won't break the bank. Luckily, Sephora carries plenty of high-quality items that cost $20 or less.
Online beauty sales are expected to grow by nearly 50% through 2027, but it can be hard to choose the right shade or type of item when buying products on your phone or laptop. When you can't test a product in person, the right recommendation from an expert can help.
I spent over a decade recommending the right products for Sephora customers, and I still love helping people choose items based on their skin and hair types.
As a freelance makeup artist and former Sephora employee, here are some of my favorite makeup, skincare, and hair-care products under $20.
Don't overlook great deals in the minis and more section.
There are plenty of great items in Sephora's minis and more section.
Nora Candreva
Though a high-quality product can definitely be worth the splurge, I recommend trying mini versions of some beauty items to ensure they're the right fit for you. The minis and more section, usually located near the cash registers, houses several products around or under $20.
Almost everything in this area, including hair oils, lip products, and skincare items, is travel-sized. Some mini items are also located in the same section as the brand's full-sized products.
The Ilia mascaras create full, voluminous lashes.
I like to layer the Ilia mascaras on top of each other.
Nora Candreva
I now work as a brand ambassador for Ilia at some Sephora stores, but I've always loved the Limitless Lash lengthening clean mascara. This mascara contains organic shea butter and arginine, which helps to condition and strengthen lashes.
I like to apply multiple layers or top it off with the Ilia Fullest volumizing mascara for a dramatic look. Mini sizes of both mascaras cost $13.
The Tower 28 Beauty ShineOn lip jelly nonsticky glosses are pigmented and hydrating.
The Tower 28 Beauty ShineOn lip jelly nonsticky glosses come in various shades of pink, red, nude, and orange.
Nora Candreva
The Tower 28 Beauty ShineOn lip glosses were a bestseller at my location when I worked at Sephora.
The gloss doesn't make my lips feel sticky, and it contains apricot-kernel oil to help hydrate and prevent dryness. I recommend the shade Pistachio, a semi-sheer nude pink that gives the lips a pop of color.
The ShineOn lip glosses cost $16 each.
I apply the Benefit Cosmetics Hoola matte bronzer when I want a sun-kissed glow.
The mini Benefit Cosmetics Hoola matte bronzer can be used on the cheeks or eyes.
Nora Candreva
For years, this iconic bronzer was a top-selling Benefit Cosmetics product at my location. It comes in three different sizes and four distinct shades to help achieve a perfect, sun-kissed glow.
I even apply this bronzer as a crease color when I'm doing a quick five-minute eye-shadow look. The mini Hoola bronzer is $19.
The Inkey List caffeine eye cream is great for helping to de-puff tired eyes.
I use The Inkey List caffeine eye cream to treat puffiness before applying concealer.
Nora Candreva
The Inkey List caffeine eye cream was a top-selling product at my location because it can improve under-eye puffiness while hydrating the skin. It's also the perfect product to prep the under-eyes for a smooth concealer application.
This eye cream is only $11.
The Caudalie Beauty Elixir Prep, Set, Glow face mist is a versatile spray.
I apply the Caudalie Beauty Elixir Prep, Set, Glow face mist when I'm traveling.
Nora Candreva
This amazing face mist can be used at almost any step of your beauty routine, whether you're prepping bare skin for makeup or sealing everything in.
I apply it while traveling for a refreshing feel or after my skincare routine for an extra glow. The Caudalie Beauty Elixir is $20.
The Dr. Jart sheet masks treat many different skin concerns.
The Dr. Jart sheet masks can hydrate and nourish skin, or treat acne.
Nora Candreva
The Dr. Jart sheet masks treat a variety of concerns, from acne to dehydration.
I love the Cicapair option, a hydrating mask made with tiger grass to calm redness and irritation. These sheet masks usually cost $10, but sometimes go on sale for as low as $6.
The Sephora Collection sheet masks are made with fruit extracts.
There are plenty of options to choose from, but I like the Sephora Collection skin-perfecting and radiance sheet mask made with blueberry extract.
Nora Candreva
I use a selection of Sephora Collection sheet masks, many of which are compostable and made with hyaluronic acid, to help hydrate my skin.
My favorite is the skin-perfecting and radiance sheet mask, made with blueberry extract to brighten and calm the skin.
The Sephora Collection sheet masks are $6 each.
I take care of my tools with the Sephora daily brush cleaner.
The Sephora daily brush cleaner sanitizes synthetic and natural bristles.
Nora Candreva
When it comes to taking care of my makeup brushes, I use the Sephora daily brush cleaner. This product cleans and conditions both synthetic and natural-hair brushes.
I also love its quick-drying, alcohol-free formula. The standard-size Sephora daily brush cleaner is $16.
The JVN Complete hydrating air-dry hair cream adds shine to my curls.
The JVN Complete hydrating air-dry hair cream can be used on curly or straight hair.
Nora Candreva
The JVN Complete hydrating air-dry cream is perfect for when I need to smooth out my curls or minimize any frizz after a blowout.
The formula is made with hemisqualane, which can gradually improve hair health and strength. Some people may also use the air-dry cream to slick back their hair in a bun or ponytail.
The product can be used on all hair types, from straight to curly locks. The mini air-dry cream costs $14.
The Touchland Power Mist hydrating hand sanitizers can soften and sanitize hands.
The Touchland Power Mist hydrating hand sanitizers come in several scents, but I prefer the Pure Lavender one.
Each mist is small enough to throw in your bag for on-the-go hand sanitation. I keep the Pure Lavender scent in my brush belt while I'm working.
The Touchland Power Mist hand sanitizers cost $10.
I also pick up products like the Mane hair ties and clips at Sephora.
I like to grab cute accessories like the Mane hair ties and clips at Sephora.
Nora Candreva
The last time I was in Sephora, I noticed a bunch of products from Mane, a brand founded by celebrity hairstylist Jen Atkin. I love finding cute accessories at Sephora, so I had to add these to my basket.
Packs of 16 fabric hair ties and cute mini hair-clip collections were $12. Claw clips perfect for pulling hair back in the spring and summer were just $15.
The cofounder and CEO of Facebook, Instagram, and WhatsApp's parent company was worth an estimated $175 billion at Wednesday's close, per the Bloomberg Billionaires Index.
Zuckerberg has a stake of about 13% in Meta that was valued at around $170 billion at Wednesday's close. However, the stock price tumbled as much as 15% to $420 in premarket trading on Thursday, indicating Zuckerberg's shares are now worth $25 billion less at $145 billion.
If that decline persists after the market open, Zuckerberg's net worth could plunge to under $150 billion. That would rank him in fifth place on Bloomberg's rich list, below Microsoft cofounder Bill Gates, assuming Gates' wealth doesn't drop significantly too.
A $25 billion reduction in wealth in one day would be remarkable, as only the top 70 richest people in the world command fortunes of that size.
Moreover, Zuckerberg's net worth was up $47 billion this year prior to Wednesday's close, making him the biggest wealth gainer on the list by far.
He even overtook Elon Musk a few days ago, largely thanks to Tesla's ongoing troubles. But Musk has regained third place thanks to a post-earnings bump in Tesla's stock price.
Zuckerberg seemed eager to reassure shareholders about Meta's sliding stock price during the company's earnings call on Wednesday. Yet he also made clear that it wouldn't deter him from investing heavily in artificial intelligence.
'Long-term investment'
"We've historically seen a lot of volatility in our stock during this phase of our product playbook, where we're investing and scaling a new product, but aren't yet monetizing it," he said. "We saw this with Reels, Stories, as News Feed transitioned to mobile and more."
"Historically investing to build these new scaled experiences in our apps has been a very good long-term investment for us and for investors who have stuck with us and the initial signs are quite positive here too," he continued. "But building a leading AI will also be a larger undertaking than the other experiences we've added to our apps and this is likely going to take several years."
Meta wasn't the only Big Tech stock under pressure, signaling investors may be souring on AI, or worrying about market headwinds such as foreign conflicts, stubborn inflation, a potential recession, and interest rates perhaps staying higher for longer.
The Facebook owner was poised to shed over $180 billion of market value on Thursday. Amazon, Alphabet, and Microsoft shares also slid before the bell, raising the prospect that some $170 billion in market value could be lost between the three of them, and more than $350 billion including Meta.
Ohio-based Throwflame is selling a fire-spewing robot dog called Thermonator for $9,420.
The robot can operate in dark environments, has a torch light, and can shoot fire up to nine meters.
Surprisingly, it is fully legal in 48 states, with restrictions stated for two others.
A new robotic dog might make you run for the hills, regardless of whether you're an animal lover or not.
Ohio-based company Throwflame is selling the non-cuddly canines, which can shoot out fire up to around nine meters away, for $9,420.
A video shared online shows that the device, called Thermonator, can jump and operate in a dark environment. It is also equipped with a torch light.
The firm has touted the fire-spewing robot as a tool to help remove snow and ice. Some of the other uses mentioned include wildfire and agricultural management, and entertainment purposes.
It has a 1-hour battery life and laser sighting to help shoot fire on target, the company's website says. Users can connect it to WiFI and Bluetooth to control it using a smartphone.
It can shoot out fire up to nine meters away.
Throwflame
Surprisingly, the Thermonator is legal in 48 states. In California, the robodogs need to be fitted with a smaller nozzle that reduces its range to 10 feet so that it's state-compliant, the website says. It adds that in Maryland, buyers need to hold a type 9, 10, or 11 Federal Firearms License in order to possess a Thermonator legally.
The website doesn't state if there are age restrictions in place to purchase one, which could be concerning to some people. It simply states, "It's the purchaser's responsibility to ascertain that ownership and or use does not violate any state or local laws or regulations.
The robodog looks similar to Unitree's four-legged models, Go1 and Go2, but it's unclear who manufactures the Thermonator.
Throwflame started offering a flamethrowing attachment to add to drones back in 2019 for $1,500 and it's been selling standalone flamethrowers for almost a decade. Its founder, Quinn Whitehead, told CNN in 2015 that its buyers are "people who just want it for fun" and who want to impress their neighbors at a BBQ.
The firm's products aren't marketed as weapons, but its website has a "government procurement" section, which directs potential government buyers to its purchasing portal for quotes on large quantities.
Throwflame didn't immediately respond to a request for comment made by Business Insider.
Donald Trump is asking the Supreme Court to recognize that he had total legal immunity as president.
He wants to toss the special counsel Jack Smith's case over his attempt to overturn the 2020 election.
The Supreme Court has recognized immunity before — but never in the sweeping fashion Trump requests.
Former President Donald Trump is set to have his highest-stakes legal battle for his highest-stakes criminal case on Thursday.
His lawyers are facing off against the Justice Department, trying to persuade the Supreme Court that Trump should have total immunity from criminal prosecution — even for trying to overturn the results of an election.
The indictment, brought by the special counsel Jack Smith in Washington, DC, federal court, accuses Trump of obstructing Congress by conspiring to overturn the results of the 2020 election. The indictment alleges that by facilitating fake electors, pressuring public officials, and directing his supporters to the Capitol on January 6, 2021, where they rioted, Trump attempted to rob Americans of rightful votes.
Trump is asking the Supreme Court to grant him a sweeping immunity mandate as he runs to recapture the presidency. If the court rules his way and he wins again in November, he could push the bounds of presidential criminality.
Former President Richard Nixon famously declared to the journalist David Frost, "When the president does it, that means that it is not illegal, by definition." Trump and his lawyers' views may put that to the test.
Presidents already have some protections. A sitting president cannot be indicted under Justice Department guidelines that date back decades. The Supreme Court also previously extended former presidents' protection from civil lawsuits in a case brought by a former Air Force contractor against Nixon. Trump wants to extend this shield even further if a former president can argue that the action in question fell under the scope of their official duties.
Beyond the presidency's future, the court's decision may have ramifications not only for the election-interference case but "really all four of the criminal cases" Trump faces, as one of his lawyers has said.
Another indictment, in Georgia, over Trump's attempt to overturn his election result there, features an overlapping set of facts. And Smith has brought a different criminal case in Florida, accusing Trump of taking classified documents to Mar-a-Lago after he left the presidency and refusing to return them.
Trump won't be at the Supreme Court hearing. He's on trial in New York on yet another set of charges that allege he messed with a different election.
Prosecutors in the Manhattan district attorney's office say Trump violated business record-keeping laws 34 times by disguising hush-money payments to Stormy Daniels, an adult-film actor who says she had an affair with him, to keep her quiet ahead of the 2016 presidential election.
Todd Blanche, his lead lawyer in the Manhattan trial — who's also Trump's lead counsel in the Mar-a-Lago case and a defense attorney in the DC case — said the Supreme Court hearing "comes back to the multiple different indictments" when he requested that his client be allowed to attend the Supreme Court hearing.
But criminal defendants are required to be in court during their trial proceedings, and the Manhattan judge presiding over the case refused to allow Trump a break to attend oral arguments.
The tabloid executive David Pecker, the first witness at the trial, was on the stand Tuesday.
Trump wants total immunity
In the DC election-interference case, Trump argued that presidential immunity — a doctrine typically understood to provide legal protections to US presidents over the course of their duties — shields him from prosecution.
He also said the cases should be dismissed on double-jeopardy grounds since the US Senate failed to convict him when he was impeached over his election interference.
And while the Supreme Court has previously ruled that presidents can't be immune to criminal proceedings related to the "outer perimeter" of their duties — it forced Trump to comply with a subpoena for the Manhattan criminal case in 2021 — Trump's lawyers now argue he is "categorically immune from federal criminal prosecution for any act conceivably within the outer perimeter of his executive responsibility."
US District Judge Tanya Chutkan, an appointee of former President Barack Obama, denied Trump's motion to dismiss the case, ruling that being a former president "does not confer a lifelong 'get-out-of-jail-free' pass" and that while the prosecution was "unprecedented," so were his alleged crimes.
Donald Trump conferring with his lawyer Todd Blanche in Washington, DC, district court.
Dana Verkouteren via AP
Trump's lawyers pressed on. In an appeals-court hearing, his lawyers said a president could even order SEAL Team Six to assassinate a political rival and come away unscathed as long as Congress was OK with it.
A three-judge appellate court panel backed up Chutkan's decision, writing that Trump "is answerable in court for his conduct."
"For the purpose of this criminal case, former President Trump has become citizen Trump, with all of the defenses of any other criminal defendant," the appellate judges wrote. "But any executive immunity that may have protected him while he served as President no longer protects him against this prosecution."
The Supreme Court has agreed to weigh whether impeachment counts as double jeopardy with a criminal prosecution and "whether and if so to what extent does a former president enjoy presidential immunity from a criminal prosecution for conduct alleged to involve official acts during his tenure in office."
In a brief to the high court, Smith noted that the US Constitution doesn't give the president any role in certifying elections, much less the power to "defraud the United States in the certification of presidential-election results, obstruct proceedings for doing so, or deprive voters of the effect of their votes."
Trump's lawyers have warned that a decision to allow former presidents to be prosecuted would unleash chaos. The threat of criminal charges from a politically motivated Justice Department "will hang like a millstone around every future President's neck," they argued.
"Without immunity from criminal prosecution, the Presidency as we know it will cease to exist," Trump's lawyers wrote in one brief.
The special counsel Jack Smith.
MANDEL NGAN/AFP via Getty Images
Lawyers on Smith's team wrote in their own briefs that Trump's arguments were ahistorical. They pointed to the fact that Nixon accepted President Gerald Ford's sweeping pardon, which Ford was reported to view as an admission of guilt. The special prosecutor Leon Jaworski weighed indicting Nixon. The independent prosecutor Robert Ray also came close to charging former President Bill Clinton with lying under oath about his affair with Monica Lewinsky.
"Since Watergate, the Department of Justice has held the view that a former President may face criminal prosecution, and Independent and Special Counsels have operated from that same understanding," Smith's team wrote. "Until petitioner's arguments in this case, so had former Presidents."
Donald Ayer, a former Justice Department official in the Ronald Reagan and George H.W. Bush administrations, said the case was a test for the US as a democracy.
"This may indeed be the most important US Supreme Court case in the history of our country," he told journalists at a panel organized by the Defend Democracy Project. "Because our election this year is not just about who will be president, it's also about whether our country still believes in democracy and has a functioning rule of law."
The Supreme Court is weighing another case over the Justice Department's decision to charge hundreds of January 6 rioters with obstructing "an official proceeding" — one of the four counts Smith brought against Trump.
At a hearing last week, the justices appeared inclined to rule that prosecutors had viewed the statute too broadly, reports said, raising the possibility that Trump could score a win and get that charge dropped even if his case goes to trial.
Trump probably won't go to trial again before the November election
Chutkan originally scheduled the trial to begin at the beginning of March. But, tied up in appeals, it's now unlikely to take place before the November election.
The Supreme Court will probably issue a decision in late April. At that point, Chutkan can resume the pre-trial process. If she continues to follow the previous timeline she'd planned for pre-trial hearings, jury selection probably wouldn't begin until late October at the very earliest. Given Trump's candidacy, it's hard to imagine her insisting that he spend the final days of the election in a courtroom.
If Trump becomes president again, he may try to pardon himself or pressure the Justice Department to withdraw the case.
Trump speaking to supporters on January 6, 2021.
BRENDAN SMIALOWSKI/AFP via Getty Images
The Mar-a-Lago case, too, would probably be on the chopping block in a Trump presidency. Neither it nor the Georgia prosecution have trial dates scheduled yet, and they most likely won't be tried before 2025 at the earliest.
Some former government officials who served under Trump have urged the Supreme Court not to grant him immunity. One group of ex-military officials filed a brief arguing that giving presidents "absolute immunity" would allow them to use the armed forces for "criminal ends" and "threaten to inject chaos into military operations." A group of founding-era historians have also filed a brief saying the concept of limitless presidential immunity contradicts what the US Constitution's framers intended.
Mark Meadows, who was Trump's chief of staff when he tried to overturn the 2020 election results and is a codefendant in the Fulton County criminal case in Georgia, also filed a brief with the Supreme Court. He asked that, if the court were to find that Trump could be liable in the case, it ensured that lower-ranking employees such as himself could still have immunity protections.
Norm Eisen, a former White House lawyer in Barack Obama's administration, said the Supreme Court could keep the case moving quickly by deciding only whether Trump deserved immunity in Smith's case — and setting aside more abstract questions about the doctrine.
"Donald Trump has articulated an outrageous, unprecedented, and ahistorical assertion of absolute immunity," he said at the Defend Democracy Project panel. "The Supreme Court need not stray into other questions just because Trump has made it easy for them. They should decide this case."
Ukrainian strikes on Russian soil will increase, according to the head of the UK's armed forces.
Tony Radakin said Ukraine's ability to conduct deep operations will become a growing feature of the war.
The US is reportedly unhappy with Ukraine's strikes on targets in Russia.
Ukraine will increase its long-range strikes inside Russian airspace, the UK's military chief said, as the war enters its next stage.
Admiral Sir Tony Radakin, the head of the UK's armed forces, told the Financial Times that "as Ukraine gains more capabilities for the long-range fight . . . its ability to continue deep operations will [increasingly] become a feature" of the war.
Ukraine's strikes on Russian soil have so far included attacks on oil facilities and military targets.
Radakin said such strikes "definitely have an effect."
House lawmakers on the weekend passed a $61 billion aid package for Ukraine, after Republicans spent six months blocking it.
Radakin said that new military aid from the West aims to help Ukraine shape the war "in much stronger ways" and that Ukraine is facing a "difficult" fight.
But Radakin told the Financial Times that looking at a "snapshot" of the war hides some longer-term trends that are actually in Ukraine's favor.
He said that these include the new military aid packages from the US and Europe, Ukraine's increasingly successful long-range strikes, and Russia's "total failure" to cut off grain exports via the Black Sea.
"The danger with any snapshot is that it [ignores] where we are now with where we will be in next couple of years," he said.
Radakin also said that people need to stop "feting Russia" and believing that it "somehow has got major advantages."
Ford, like Tesla, is planning to build more affordable EVs.
Lukas Schulze/Getty Images
CEO Jim Farley talked up Ford's plans to build a new range of affordable EVs in an earnings call.
It comes after Tesla also promised to accelerate its plans to build cheaper electric vehicles.
Automakers are scrambling to build more affordable EVs as demand for electric vehicles stalls.
Ford has thrown down a gauntlet to Tesla by touting its upcoming range of cheap electric cars, as both companies grapple with slowing demand for EVs.
CEO Jim Farley confirmed in Ford's Q1 earnings call that the company is working on new affordable EVs that could be priced as low as $25,000 to $30,000, after Elon Musk vowed to accelerate Tesla's affordable EV plans earlier this week.
"Increasingly, our bet will be on our new small affordable platform developed by our team on the West Coast," said Farley.
Farley told investors he believes Ford can build an EV priced between $25,000 to $30,000 that is profitable, describing it as a "huge opportunity" for the company.
He said that the automaker was targeting its affordable EV push at urban and suburban customers, who tend to drive shorter distances and prioritize affordability.
"The more affordable we can make a great product, the more attractive it is to these mainstream EV adopters," Farley added.
The Ford boss has previously hinted that the auto giant is working on next-generation electric vehicles at a lower price point, telling investors in February that Ford had built a "skunkworks team" to "create a low-cost EV platform."
Bloomberg previously reported that the new platform would include a small pickup, a compact SUV, and a potential ride-hailing vehicle, with the first EV set to cost around $25,000 and launch in late 2026.
Tesla announced on Tuesday that it would accelerate plans to launch "new and more affordable products," after reports that CEO Elon Musk had decided to prioritize a self-driving robotaxi over a long-rumored $25,000 electric car caused concern among investors.
Ford did not immediately respond to a request for comment made outside normal working hours.
A waste worker in Srinagar, India sorts and collects plastic for recycling.
LightRocket/Getty Images
World leaders are in Ottawa negotiating a treaty to end plastic pollution.
The US, a major plastic exporter, says its a dealmaker but is under pressure to be more ambitious.
Plastic production is on the rise globally and could account for 20% of carbon emissions by 2050.
World leaders are gathering in Ottawa, Ontario, this week to hash out a global treaty to end plastic pollution.
It's a pivotal point in the talks, with countries aiming to strike a deal by the end of the year. The US has positioned itself as a broker between other big oil, gas, and petrochemical exporters — including Russia, Iran, and Saudi Arabia — and countries that want steep cuts to plastic production.
But critics say the US isn't being ambitious enough.
"We'd like to see clear recognition from the US that the treaty has to confront the production of plastic polymers and resins if it's to be successful," Carroll Muffett, the president and CEO of the Center for International Environmental Law, told Business Insider. "We cannot recycle our way out of the plastics crisis."
Muffett is among a handful of scientists and business and community advocacy groups who told BI they wanted to see a stronger position from the US. The country has a lot of sway as the world's largest exporter of oil and gas, the main ingredients in plastics. The US has also been at the forefront of a massive build-out of new plastics and petrochemical plants over the past decade. The Environmental Integrity Project, a Washington, DC-based nonprofit, identified 50 plastic plants built after 2012 and found that at least 20 more would be built or expanded over the next five years.
"We aim to be an honest broker in this process," Jose Fernandez, the US's lead negotiator and undersecretary for economic growth, energy, and the environment at the State Department, said Wednesday in his opening remarks in Ottawa. "That starts with being honest about our own limitations — which include federal authorities, complex and varying subnational governmental approaches, and the fact that the science is not yet there in developing sustainable alternatives to plastic materials."
The Biden administration wants to finish a deal this year, given that the presidential election is in November, several observers of the negotiations told BI. But it will be difficult to persuade the Senate to ratify a treaty, they said.
In Ottawa, major disagreements remain over how to tackle the more than 350 million metric tons of plastic waste produced globally each year, much of which ends up in landfills and the environment. Only 9% of plastics are recycled.
Hundreds of businesses and countries support cutting plastic production. This could involve phasing out "problematic" plastics that can't be recycled or are harmful to public health and mandating that products be made with more recycled material. Taxing plastic polymers is also being discussed, which could help finance improvements to waste infrastructure in developing countries.
"Shared financial responsibility is something we really want to see," Allison Lin, the global vice president of packaging sustainability at Mars Inc., said. Lin represents the Business Coalition for a Global Plastics Treaty, which includes more than 200 companies. Among them are Walmart, PepsiCo, and L'Oréal.
Lin said the coalition supported a policy called extended producer responsibility, which slaps a fee on companies' packaging to help fund recycling and waste management and has been successful in countries such as Belgium. Plastic makers similarly should bear some of the financial burden, she said.
Stewart Harris, a spokesperson for the International Council of Chemical Association, agreed that plastic makers needed to make greater investments, and he supports EPR and recycled-content mandates. But the industry is opposed to taxes because they would be difficult to implement and it would be hard to ensure money flows into programs tackling plastic pollution, he said.
Plastic makers also oppose setting caps on production, as do countries including Russia, Iran, and Saudi Arabia. Harris cited an industry-commissioned report by Oxford Economics that found a cap could increase costs for consumers as well as greenhouse-gas emissions. Plastics require less energy to manufacture and transport compared with some other materials, the report found.
Cutting plastic production would also hit the bottom line of oil majors such as Exxon. The International Energy Agency forecast that by 2050, petrochemical products like plastic would outpace trucks, aviation, and shipping in oil demand.
Neil Nathan, a project scientist at UC Santa Barbara, helped build an artificial-intelligence model of how 11 policies could curb plastic pollution. While many can make a dent in the problem, pollution will go up without production caps, he said.
The model has been shared with US negotiators, Nathan added. He's disappointed the US hasn't included some of the most impactful policies into its position, he said.
"If the US takes a position or is supportive of something, we typically see a snowball effect," he said.
Meta shares took a post-earnings battering in after-hours trading despite reporting better-than-expected revenues as investors balked at its AI spending plans.
On a conference call with analysts, Zuckerberg said he'd become "more ambitious and optimistic on AI" following the recent release of Meta's Llama 3 model and planned to "invest significantly more over the coming years."
Meta increased its estimate of capital expenses as the company invests "aggressively" in "AI research."
Costs are expected to be about $5 billion more than the original estimate of between $35 billion and $40 billion, largely due to AI investments.
Zuckerberg's attempts to reassure investors that there were "several ways" generative AI could make money appeared to fall on deaf ears as shares tumbled as much as 15% in after-hours trading.
That slide shows that investors' tolerance for huge AI spending without clear revenue gains might be beginning to wane.
Fading AI hype
Big Tech companies have reaped the benefit of investor enthusiasm around AI for the past two years.
Meta, Google, and Microsoft are among those pouring resources into development and rapidly releasing products.
Meta has launched several splashy products, including Llama 3, which outperformed many of its competitors except OpenAI GPT-4. Zuckerberg's also been praised for some of his strategies around Meta's AI development, including the decision to open-source models and stockpile GPUs.
While Meta's AI products, including Llama 3, have been generally well received, the company is not selling any version of its newest AI model, which is largely open source.
But while investors seemed willing to overlook spending concerns at the height of the AI boom in exchange for flashy product promises, the response to Zuckerberg's lavish spending shows this enthusiasm has its limits.
On the call, Zuckerberg warned investors: "Building the leading AI will also be a larger undertaking than the other experiences we've added to our apps, and this is likely going to take several years on the upside once our new AI services reach scale."
Metaverse memories
Meta also has an image problem.
Despite years of investment in AI, the Facebook owner was not seen as an AI leader in the same way as Google, nor has it been able to control the post-ChatGPT narrative as successfully as Microsoft.
Just months before OpenAI first launched ChatGPT in late 2022, Meta suffered an embarrassing setback after releasing its own AI chatbot called BlenderBot. The bot proved to be obsessed with conspiracy theories, prompting users to call it "incompetent."
Meta has since solidified its AI reputation, with later releases praised by developers. Zuckerberg's newest AI model even received a nod of approval from old rival Elon Musk.
However, investors may be wary of Zuckerberg's tendency to jump the gun on a technology he's excited about.
It's not the first time he's announced huge spending for a new passion project — Meta's heavy metaverse spending and subsequent stock slide are unlikely to be far from analysts' minds.
Meta did not immediately respond to a request for comment from Business Insider, made outside normal working hours.