• Israel's June 8 hostage rescue was aided by US intelligence, The New York Times reported.
• US specialists provided key intelligence and logistic support to Israel's military.
• The operation that freed four hostages caused over 200 Palestinian casualties, Gaza officials said.

Israel's rescue operation that freed four hostages on June 8 was supported by intelligence from US sources, The New York Times reports.

A team of US hostage recovery specialists stationed in Israel provided key intelligence and logistical support to the Israeli military, assisting a daytime operation that brought the hostages back to Israel after being held captive for eight months in Gaza, said several unnamed US and Israeli officials, the report said.

Noa Argamani, Almog Meir Jan, Andrey Kozlov, and Shlomi Ziv were rescued in the special forces operation, which IDF spokesman Rear Adm. Daniel Hagari called "daring."

Palestinian gunmen kidnapped around 240 hostages following the terrorist attacks on Israel on October 7, which killed 1,200 people, mostly civilians.

Argamani's ordeal went viral on social media when she was kidnapped on October 7. She was abducted from the Nova festival via motorbike, and footage of her pleading "Don't kill me!"

The Pentagon and CIA has been providing real-time intelligence from drone surveillance over Gaza, communications intercepts, and other sources, supplementing Israel's capabilities, said the NYT report.

"The United States is supporting all efforts to secure the release of hostages still held by terrorists," National Security Adviser Jake Sullivan said in a statement.

"We won't stop working until all the hostages come home and a cease-fire is reached," said President Joe Biden.

The hostage rescue operation took place in central Gaza's Nuseirat refugee camp.

Gaza's Government Media Office said at least 210 people were killed in the raid, per Al Jazeera.

Hamas' armed al-Qassam Brigades said that Israel's operation also killed some hostages.

Israel, "by committing horrific massacres, was able to free some its hostages, yet it killed some others during the operation," Briades' spokesperson, Abu Ubaida, said on Telegram, per Reuters.

Israeli military spokesperson Peter Lerner called the allegation a "blatant lie," per CNN.

It is not the first time Israel has been accused of killing hostages accidentally.

Efrat Katz, an Israeli grandmother who died on October 7, was likely killed by her own military in a friendly-fire incident.

She was in the process of being abducted from her kibbutz by Hamas militants when her own military opened fire on the vehicle she was traveling in.

In December, the IDF killed three Israeli hostages they mistakenly perceived to be threats.

More than 37,000 people have been killed in Gaza since October 7, according to Gaza's health ministry that Hamas runs.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back to our Sunday edition. It seems everyone has their own brand of tequila or mezcal. The latest to get in on the act: Tesla, which is selling a $450 bottle of mezcal on its website.

On the agenda:

• Inside the spectacular rise, and fall, of a Texas bankruptcy court.
• Welcome to the golden age for rich renters.
• Goldman's star bankers reveal their plan to keep winning in M&A.
• Brave startups are trying to usurp Nvidia's AI throne.

But first: Shock election results in India will shake up the world's fifth-largest economy.

If this was forwarded to you, sign up here. Download Insider's app here.

This week's dispatch

Modi misses

Indian Prime Minister Narendra Modi claimed a third term this week, but his Bharatiya Janata Party failed to secure an overall majority. He'll now have to rely on allies to form a government.

The election result was a blow to Modi, who has governed India for a decade with an increasingly firm grip. The rebuke arrived despite Modi's record of lifting hundreds of millions of Indians out of poverty, which won praise from business titans like Jamie Dimon. Indian stock indexes fell sharply on the election results before recovering.

India watchers expect the country's new government to move slower on some issues following the surprise election result. But experts believe Modi will be largely undeterred in his economic and foreign policy efforts.

One pain point is India's rising unemployment rate. That could see Modi supercharge his efforts to turn India into the new factory of the world. Apple is among those investing in manufacturing in the country.

He has also positioned India as a leader of the Global South, strengthening diplomatic ties with the US and pushing for a permanent position on the UN Security Council.

That puts India in direct competition with China, with Modi wasting no time in needling his rival shortly after claiming victory.

The fall of a bankruptcy juggernaut

New details have emerged about the tight-knit circle of attorneys and judges within one of the country's most powerful courts: the Southern District of Texas bankruptcy court.

Rampant conflicts of interest fueled the court's meteoric rise — and its spectacular fall.

Inside the court where conflicts of interest ran deep.

Rich and still renting

A wave of apartment construction has flooded metros like Salt Lake City, Nashville, and Atlanta with new studios and two-bedroom apartments. To lure tenants, landlords are hawking deals left and right, from comped parking to discounted rent.

The apartments are still expensive. But compared to the price of a down payment, they can feel like a bargain. And with amenities like pools and gyms, they are keeping wealthy Americans renting.

Why some Americans are sticking to renting.

Also read:

• I'm a multimillionaire who chooses to rent rather than buy a house. I'm glad I'm not wasting money on a mortgage.

Inside the Goldman deal machine

Goldman Sachs recently celebrated 25 years since it went public, and the bank's future has been a hot topic on Wall Street. Goldman's latest moves show its core business of advising companies and the ultrawealthy has retaken center stage.

A dozen Goldman insiders and bank watchers spoke to BI about how the bank is positioning itself to succeed in the long run and how it'll ultimately withstand recent top-partner departures.

How Goldman plans to keep winning.

Climbing Mt. Nvidia

Going up against Nvidia is generally considered a pretty bad idea for startups in Silicon Valley. "Betting against Nvidia is viewed as a very stupid investment," one VC said.

But Silicon Valley often thrives when true technologists keep hacking away at something they believe in, even if everyone else thinks it's dumb.

See the startups coming for Nvidia.

Also read:

• AI just catapulted Nvidia into the $3 trillion club at lightning pace

This week's quote:

"You just leave it alone, and you look up 40 years later, and it's a really nice number."

A 65-year-old retiree who saved $2 million for retirement.

More of this week's top reads:

• Jack Dorsey gave $10 million to an anonymous founder with a deep devotion to a fascist "guru."
• Six tips from Satya Nadella on how to run a company and manage your team.
• Why big musical acts can't sell out concerts anymore.
• An unchecked AI could usher in a new dark age.
• HR exec: If you get put on a PIP, find a new job as fast as possible.
• Microsoft is laying off hundreds in its Azure cloud business.

• Apple alerted Amazon about a potential cloud security risk, prompting a change in AWS's data-deletion process.

  ---

  The Insider Today team: Matt Turner, deputy editor-in-chief, in New York. Jordan Parker Erb, editor, in New York. Dan DeFrancesco, deputy editor and anchor, in New York. Lisa Ryan, executive editor, in New York.

• The Hyundai Palisade is a mid-size, three-row family SUV that's available with all-wheel-drive.
• I recently reviewed a fully-loaded Palisade SUV in Calligraphy trim.
• I was blown away by the Palisade's premium cabin, smooth engine, and advanced tech. 

The Hyundai Palisade is one of the most popular and critically acclaimed three-row family SUVs on sale today.

The Palisade launched back in 2019 alongside its corporate sister, the Kia Telluride, and received an update in 2023 with fresh tech and styling to help it remain competitive.

I recently reviewed a $52,000 2024 Hyundai Palisade Calligraphy AWD. It proved to be one of the most impressive SUVs of its type I'd ever driven. I was blown away by the Palisade Calligraphy's premium cabin, smooth engine, and advanced tech.

Here's a closer look at some of my favorite features.

1. Cool front grille

The most obvious part of the Palisade's 2023 update is a futuristic front facia. This new grille work brings the flagship Palisade in line with Hyundai's new corporate aesthetic that debuted with the compact Tucson SUV's parametric jewel pattern grille.

Instead of chrome, the XRT and Calligraphy Night trims have their grilles blacked out.

The Palisade's headlights are on either side of the front grille. The LED daytime running lights are located on the outside of the round headlights.

When not activated, the turn signals blend in as part of the chrome grille.

2. V6 power

The only engine available on the Palisade is Hyundai's 3.8-liter, naturally aspirated Lambda II V6 engine.

The V6 produces 291 horsepower and 262 lb-ft of torque. It's paired with an 8-speed automatic transmission.

The quiet, smooth-revving V6 delivers effortless power, sufficient acceleration, and competitive fuel economy for the segment, matching the Subaru Ascent's turbocharged four-cylinder and the Honda Pilot's 3.5-liter V6.

3. Advanced safety features

All Palisades come standard with blindspot collision warning, rear cross-traffic collision avoidance assist, rear occupant alert, rear park distance warning, forward collision avoidance assist, lane keeping assist, lane following assist, driver attention warning, trailer sway control, and highway driving assist.

The Calligraphy trim gets forward park distance warning, parking collision avoidance assist, and upgraded forward collision avoidance assist.

4. HTRAC all-wheel-drive

Hyundai Palisade is naturally a front-wheel-drive crossover SUV.

All-wheel drive is available as a $2,000 option on all trim levels except the top-of-the-line Calligraphy Night Edition, which gets it as a standard feature.

HTRAC operates in front-wheel-drive when cruising around but can send up to 50% of the engine's power to the back wheel when needed. At low speeds, the driver can activate an AWD Lock function that forces the system to send at least 20% of the power to the back wheels. This is useful for driving in poor road conditions or off-road.

5. Front dash design

Hyundai did a great job with cabin ergonomics with a sensible mix of touch controls and physical switchgear. There's also a variety of useful storage scattered throughout the cabin.

6. Big touchscreen

All Palisades come standard with a 12.3-inch color touchscreen. The touchscreen comes equipped with a built-in navigation system that can receive updated maps remotely.

It also comes standard with wired Apple CarPlay and Android Auto.

7. Quiet Mode

Quiet Mode limits the volume of the front speakers and mutes the speakers in the rear cabin, allowing its occupants to rest without disruption on a road trip.

8. Passenger Talk

The Passenger Talk feature amplifies the driver's voice through the speakers in the rear cabin.

9. Blind-spot view monitor

Higher level trim levels get a blind-spot view monitor standard. The system uses side mirror-mounted cameras to give the driver a live view of the vehicle's blind spot through the digital gauge display when the turn signal is activated.

10. Head-up display

Higher-level trims also get a head-up display (HUD) projected onto the front windshield. The HUD can be configured to present various information, including speed, the status of the advanced cruise control, and the speed limit.

11. Hands-free liftgate

Hyundai's hands-free tailgate is standard on all trim levels of the Palisade except the base SE.

The liftgate triggers if you stand within 3 feet of the rear bumper for more than three seconds with the key fob. This is a departure from rival systems that require the driver to swing their leg under the back bumper.

12. Ergo-Motion driver seat

The driver's seat's Ergo-Motion function uses self-adjusting inflatable air pockets to support the driver's posture and combat fatigue on long drives. When the Palisade is in Sport Mode, the air pockets inflate to provide additional lumbar support.

13. Smart rear vision camera

The Palisade's rearview mirror is equipped with a smart rear-vision camera display, which comes in handy when the cabin is loaded up with cargo.

The actual camera is located near the top of the rear window.

14. Fancy third-row seats

The Palisade Calligraphy's third-row of seats are not only power operated, but are also heated, perfect for those cold days. Third-row passengers are have a pair of dedicated USB-C plugs.

15. Powerful stereo

The Palisade Calligraphy came equipped with a 630-watt Kardon audio system. The 12-speaker system is standard on higher trims and available as an option on the SEL trim.

16. 64-color ambient lighting

The 64-color ambient lightning, installed on door trims and the center console, adds a little extra panache to the cabin, especially at night.

17. Trick cup holders

The Palisade's center console comes equipped with trick foldable cup holders that rotate to tuck away when not in use.

18. 360-degree camera

The Calligraphy trim comes with front, rear, and side cameras. The cameras come together to provide the driver with a 360-degree view of the Palisade and its surroundings.

19. Panoramic mirror

Right above the rearview mirror is a retractable panoramic mirror. The panoramic mirror gives the driver a clear view of the action in the back of the vehicle.

20. Double sunroofs

Instead of a single panoramic glass roof like those found in the Subaru Ascent or Honda Pilot, the Palisade has two individual sunroofs. The smaller front sunroof opens, but the larger rear glass roof does not.

21. Nappa Leather Seats

The leathers, plastics, and soft-touch materials used in the cabin are exceptional, especially for a mass-market vehicle.

The Palisade Calligraphy is the only trim that gets this rich Nappa leather upholstered seats.

22. Power folding seats

Unlike many of its competitors, the Palisade relies upon electric motors instead of manual latches or handles to retract the second and third-row seats.

23. Under console storage and charging

The Palisade has a hidden storage area under the center console, perfect for bags or small purses. The storage nook also houses USB-C and 12V plugs.

24. Spare tire

These days spare tires are becoming increasingly rare as automakers opt for a can of fix-a-flat to save weight and money.

Fortunately, the Palisade still has a spare wheel mounted underneath the rear cargo area.

• Former Starbucks CEO Howard Schultz sat down for a three-hour interview on the Acquired podcast.
• He revealed new facts about Starbucks' early days, and warned the business is on a bad path.
• Schultz spoke about meeting Bill Gates Sr., Steve Jobs, Costco's bosses, and Bernard Arnault.

Starbucks legend Howard Schultz spilled the beans on the company's early days, shared some of his biggest regrets, and warned the coffee chain is on the wrong track in an epic three-hour interview on the Acquired podcast, released this week.

Schultz helped pioneer the coffeehouse concept in the US. He served as Starbucks' chairman and CEO from 1986 to 2000 and from 2008 to 2017, and as interim CEO between 2022 and 2023.

The business guru also told the stories of how he crossed paths with Bill Gates Sr., Steve Jobs, Costco's cofounders, Coke and Pepsi, and luxury tycoon Bernard Arnault.

Here are the 12 best nuggets from the episode, lightly edited for length and clarity. Starbucks declined a request for comment from Business Insider.

1. Starbucks didn't sell its own coffee early on

"When Starbucks opened in Pike Place Market in 1971, they were using Peet's Coffee. No one knows that, that's new."

Schultz said that before it began roasting its own coffee, the company brought Peet's Coffee from San Francisco to Seattle, repackaged it, and sold it under the Starbucks brand.

2. Italian coffee giant Lavazza turned down the chance to invest early

When Schultz was launching his Il Giornale coffee bar concept, he approached two Italian companies for financial backing but they turned him down.

"I've never told this. One is the espresso company Faema, and one is the large Italian coffee company Lavazza, and I asked them both to invest in my idea and both of them turned me down.

"Lavazza and Faema, just get that on the record, turned me down. They'll deny it. That's a fact."

3. Bill Gates' dad helped Schultz buy Starbucks

When Schultz was raising money to buy Starbucks from its founders in the late 1980s, one of his investors made a cash offer for the company in a bid to cut him out of the deal.

Schultz secured a meeting with Bill Gates Sr. through a friend. After the top lawyer and father of the Microsoft cofounder heard his story, he walked him over to the offices of the investor in question, Samuel Stroum, and in Schultz's telling, said:

"I don't know what you are planning, but whatever it is, it's not going to happen. Howard Shultz is going to acquire Starbucks Coffee Company, and he's never going to hear from you again."

Not only did Gates see off that threat, he also helped finance Schultz's takeover of Starbucks.

4. Schultz regrets not snagging the rights to two innovations

When Schultz was sourcing a better coffee cup and lid for Starbucks than the traditional Styrofoam, the Chicago paper company he enlisted struck gold.

"They found a lid, that beautiful sip lid, which is now ubiquitous in the world. Howard Schultz should have said to them, 'I want an exclusive on that lid,' because that lid became the standard for the world. If I would have just understood that.

"The other thing I didn't do is we introduced caffè latte to America but we didn't trademark it. We trademarked Frappuccino later on, but we didn't trademark cafe latte. I wasn't thinking; I missed it."

5. Partnering with Costco and United Airlines ruffled some feathers

Costco cofounder Jeff Brotman helped finance Schultz's takeover of Starbucks in 1987 and was an early board member, and Brotman and ex-Costco CEO Jim Sinegal were mentors to Schultz, he said.

Together the trio made the "huge decision" to sell Starbucks coffee in Costco, which sparked a "revolt inside the halls of Starbucks," Schultz said.

The company saw a measurable increase in sales at stores near the Costco in Seattle, as selling beans there boosted brand awareness and store traffic nearby, Schultz said.

The former Starbucks CEO faced similar blowback when he agreed to let United Airlines serve his company's coffee.

"If you thought the Costco revolt was high, you can imagine when I say we have an opportunity with United Airlines. People thought it was absolute blasphemy, don't do that. And again, the exposure and the opportunity to surprise and delight customers in places that they've never had anything close to good coffee."

6. Not a Frappuccino fan

"I'm so smart that I looked at that Frappuccino with disdain. I didn't like the name, I didn't like the beverage, I didn't think it was appropriate for Starbucks. I just saw Starbucks as such a purity with regard to coffee and I was wrong, dead wrong, obviously."

7. Coke said no, Pepsi said yes

Schultz approached both Coca-Cola and Pepsi with his idea for a bottled Frappuccino to be sold in grocery stores. The meeting with Coke in Atlanta lasted less than 30 minutes: "They dismissed me, didn't understand what I was trying to do, and didn't give me much time to even explain it."

In contrast, Schultz met with Pepsi's CEO and other top executives in New York and "on a napkin, I swear, shook hands and created a multibillion-dollar business for Pepsi and Starbucks."

8. Steve Jobs' frank advice

Schultz recalled that Starbucks was having challenges at one point, so he took a walk with Steve Jobs at Apple's campus in California.

"I just told him all my problems, everything that was going on, and he stopped me and he said, 'This is what you need to do.' He just looked at me and he said, 'You go back to Seattle and you fire everyone on your leadership team.'

"I thought he was joking. I said, 'What do you mean fire, what are you talking about fire everybody?' He said, 'I just told you, f'ing fire all those people.' He was like screaming at me in my face: 'Fire all those people, that's what I would do.' I said, 'Steve, I can't fire all those people, who's going to do the work?'

"He said, 'I promise you, in six months, maybe nine, they'll all be gone.' He was right; except for one, the general counsel, they were all gone."

9. Mobile app dangers

"It is the biggest Achilles' heel for Starbucks and there's not even a close second," Schultz said about the Starbucks app that allows customers to order on their smartphones.

Schultz explained the app can erode the sense of community and a shared "third place" that he sees as fundamental to a Starbucks store. It can also overwhelm workers with orders which can lead to delays, confusion, and customer anxiety, he noted.

"My view is we should not succumb to the mobile app," Schultz said, saying that he would have restricted its availability early on to test its impact instead of making it available 24/7.

"We're not a beverage company serving coffee, we are a coffee company serving people. We need to be much more coffee forward and we cannot continue to allow the mobile app to be a runaway train that is going to consistently dilute the integrity of the experience of Starbucks."

10. Coffee in Italy

"I know I'm gonna be chastised for what I'm about to say, but it's true. By and large, coffee in Italy is not as good as it once was," Schultz said. "I'm going to be killed for that, but that's my truth."

Schultz also discussed how Starbucks only entered the home of espresso when it was truly ready to shine.

"I knew the knives would be out in ways that we couldn't even possibly imagine given the history and the cultural relevance of espresso and the coffee bar, and so we waited and waited and waited."

His strategy was to first open one of Starbucks' marquee locations, The Roastery, in Milan. He decided the empty post office building was the perfect venue, and upon discovering Blackstone owned it, he was able to strike a deal with the private equity titan.

Schultz also revealed the No. 1 beverage for Starbucks across its 30 stores in Italy is espresso, suggesting locals have embraced the brand.

11. Showing the Arnaults around

Schultz recalled giving a tour of the Roastery in Seattle to one of the world's top business figures, LVMH CEO Bernard Arnault, and his son Alexandre, a top executive at Tiffany's.

"His level of curiosity was very high," Schultz said about the man behind Louis Vuitton and a luxury empire. "I remember, he kept looking at the leather railing and stitching and I just said, 'You're spending a lot of time on the leather.'"

12. Starbucks is on a bad path

Schultz warned the company he built is at risk of becoming arrogant, complacent, and conservative.

"The worst thing that could happen to a company is believing that you are incapable of doing anything but succeeding, and you deserve the success. But if you start playing defense and don't have the offensive mind, it won't go well. And I think over time, that has happened at Starbucks."

Schultz criticized the company for not investing enough when he wasn't in charge, and for using stock buybacks to raise earnings per share.

"The company has not executed the way that I think it should have. I go into the stores, I know the company, and I think we're not at our best right now.

"If the company is doing a drift toward mediocrity," he said, "I hold leadership and the board responsible for that."

• Two cargo ships sailing near Yemen caught fire after being hit by projectiles. 
• The missiles are suspected to have been fired by Houthi rebels.
• Houthis have been targeting ships to pressure Israel and the West over the war in Gaza.

Two cargo ships traveling off Yemen's southern port city of Aden caught fire after being hit by projectiles suspected to have been fired by Houthi rebels, UK maritime agencies reported.

United Kingdom Maritime Trade Operations (UKMTO) said on Sundayit had been informed of an incident 80 nautical miles southeast of Aden.

UKMTO is linked to the UK's Royal Navy.

Suspicion for the attack fell on Yemen's Houthi rebels, who have not claimed responsibility for the latest attack but have been targeting shipping in the area for several months with missiles and drones.

The British security firm Ambrey later said a cargo vessel from Antigua and Barbuda had been hit by a missile 83 nautical miles southeast of Aden. The ship caught fire but it was contained.

"The ship was heading southwest along the Gulf of Aden at a speed of 8.2 knots when a missile struck the forward station. A fire started but was neutralized," Ambrey said in an advisory note seen by Reuters.

"A second missile was sighted but did not hit the ship. Persons on board small boats in the vicinity opened fire on the ship during the incident," Ambrey said.

No injuries were reported after the ship diverted and sped up.

The UKMTO said they had received a second report about another incident 70 nautical miles southwest of Aden.

"The master reports that the vessel was hit by an unknown projectile on the aft section, which resulted in a fire. Damage control is underway," UKMTO said.

No casualties were reported and the UKMTO said the vessel was "proceeding to its next port of call. Authorities continue to monitor the situation."

Reuters reported on Friday that the Houthi rebels had claimed responsibility for attacks on two merchant ships in the Red Sea with "a number of drones and ballistic and naval missiles," but there was no independent confirmation of the incidents.

Houthis have been targeting ships in the Red Sea corridor and the Gulf of Aden with missiles and drones as part of a campaign that aims to put pressure on Israel and the West over the war in Gaza. Shipping vessels have been forced to take longer and more costly routes around the south of Africa.

A US Navy carrier strike group and warships from European nations have defended the key shipping lanes.

On Monday, the Houthi rebels said they had fired a new solid-fuel missile called the "Palestine" at the southern Israeli city of Eilat on Monday.

The rebels have also detained 11 Yemeni employees of UN agencies under uncertain circumstances, it was reported on Friday.

"We are very concerned about these developments, and we're actively seeking clarification from the Houthi de facto authorities regarding the circumstances of these detentions," UN spokesperson Stéphane Dujarric said in New York.

Of the 11, the UN said six had been working for the UN's human rights agency, and the rest all worked separately for its special envoy's office, its development arm, Unicef, the World Food Program, and Unesco.

On Thursday, Bloomberg reported that the US was planned to further increase economic pressure on the Houthis by blocking their revenue sources. This includes preventing a $1.5 billion Saudi payment to cover salaries for government employees in militia-held territory.

• A universal basic income has wide support in South Africa.
• And South Africa's government just pledged to make universal basic income a reality.
• South Africa is ranked one of the worst countries for income inequality.

South Africa suffers from severe income inequality — one of the worst anywhere in the world. Its unemployment rate, meanwhile, is over 30%.

But its government thinks it has a solution: a universal basic income.

The idea has broad political support and the country's largest political party, the African National Congress, said recently it is committed to implementing a universal basic income within two years.

Once the figment of ideological dreamers, a universal basic income — regular direct cash payments to a population with no strings attached — has grown in legitimacy, especially after the success of COVID-era stimulus checks. Tech visionaries racing to develop ever-more advanced artificial intelligence have also suggested implementing a universal basic income. They say it would help mitigate the job losses from AI.

Several other countries have experimented with versions of a universal basic income. Kenya, for instance, offers unconditional payments to about 20,000 people in 200 different towns.

In the United States, numerous cities and some states are experimenting on a small scale with guaranteed basic incomes, which offer no-strings-attached payments but only to select groups of people in need. While studies have shown these American programs to be successful, they have also run up against significant political opposition.

But in South Africa, most political parties are all for it. They just need to work out the details.

"The ANC is committed to finalizing a comprehensive policy on the basic income support grant within two years of the new ANC administration, ensuring broad consultation and expedited action," South Africa's ruling party said in a statement.

That statement came a week before hotly contested general elections on May 29, which saw the ANC lose its majority in parliament. The ANC is now working to form a unity government and a commitment to implementing a universal basic income will almost certainly come up in negotiations.

According to the party, a study at the University of Johannesburg showed that a majority of South African citizens "fully support the introduction of a basic income support grant."

While South Africa provides payments to certain groups living below the poverty line through its Social Relief Distress grant program, the ANC plan would open eligibility to all South African adults, the Guardian reported.

The ANC said it is "exploring" options, like new tax measures and a new social-security tax, to fund the program. The party also says its goal for the program is not to replace existing social-security programs, but to complement them.

If it follows through, the ANC plan would make South Africa the first country to provide a universal basic income.

• New York Attorney General Leticia James has filed a lawsuit against crypto platform NovaTechFx.
• The lawsuit claims the company defrauded thousands, targeting immigrant and religious communities.
• Founder and "Reverend CEO" Cynthia Petion called her investors a "cult," the lawsuit says.

It was once one of the fastest-growing financial platforms on the market. Now, the New York attorney general says NovaTechFx is just a front for a $1 billion pyramid scheme.

New York Attorney General Leticia James filed a lawsuit against the company and its founders, Cynthia and Eddy Petion, in New York Supreme Court this week.

The lawsuit accuses the Petions of defrauding thousands of investors all over the world, bringing in "over a billion dollars by promoting two consecutive fraudulent investment schemes." The lawsuit also names as a defendant AWS Mining Pty, a crypto mining platform previously run by the Petions.

In 2022, NovaTechFx was one of the fastest-growing online financial services in terms of internet traffic. The company's website attracted 12.4 million visitors that year — a 518% increase from the previous year.

NovaTechFx falsely advertised itself as a "registered hedge fund broker" and claimed incorrectly that it had licenses to trade cryptocurrency worldwide, according to the complaint.

The lawsuit accuses the couple of targeting Haitian immigrants in New York City to recruit them into the pyramid scheme using local prayer circles.

After founding NovaTechFx in 2019, Cynthia Petion rebranded herself as the "Reverend CEO," claiming that her company was "God's vision," the lawsuit says.

However, in private messages, she described herself as a "zookeeper" and her investors as a "cult," according to the complaint.

"People join and follow mindlessly… they don't think," Petition says in messages, according to the lawsuit. "They just agree with everything you say."

According to the complaint, NovaTechFx workers created flyers advertising prayer groups hosted by the company with slogans like, "A team that prays together stays together & grows together."

The Petions also operated the NovaTechFx website, which the lawsuit says is where investors would go to invest in cryptocurrency through the company, according to court documents.

After receiving the payments — which the investors intended to use for trading — NovaTechFx would transfer the funds "to a payment processor that did not trade cryptocurrency for NovaTech but merely stored it in NovaTech's wallets," court documents say.

The AG's office says that of the over $1 billion deposited through the website from 2019 to 2023, NovaTechFx only actually traded about $26 million.

"Thousands of New Yorkers were falsely promised better lives if they simply trusted NovaTech and AWS Mining with their money, but it was all a lie," James said in a statement. "These cryptocurrency companies targeted immigrant and religious communities with promises of financial freedom but instead stole their money and drained their life savings.

Renold Julien, executive director of Konbit Neg Lakay, a local Haitian nonprofit, said in the statement that most Haitian immigrants come to the United States to flee violence and don't deserve to be taken advantage of.

"I thank Attorney General James for taking this action to protect all New Yorkers. Konbit Neg Lakay is looking for full restitution," he said.

Since the lawsuit's filing, the NovaTechFx website has displayed a message from Cynthia Petion saying the company experienced a "data breach" and temporarily took down its site.

"We are delighted to inform you about successfully recovered 86% of all official data from the trading platform," the message says. "In order to enable withdrawals, all accounts have been integrated into a new domain. To regain full access, please log in using your exact details on the website."

NovaTechFx did not immediately return a request for comment from Business Insider.

• A prosecutor in Donald Trump's criminal case said Melania was pregnant during his affair with Karen McDougal.
• The affair actually began after Melania gave birth to Barron, two sources told Business Insider.
• The timeline discrepancy was left a lingering mystery after the trial ended last month.

Donald Trump's criminal hush-money trial has given the public more details than anyone wanted about the former president's sex life. But, after weeks of testimony, one mystery lingered.

According to one of the prosecutors in the case, Trump had an affair with Karen McDougal, a former Playboy model, while his wife, Melania Trump, was pregnant.

The claim that McDougal and Trump had an affair was not new. The idea that the affair took place while Melania Trump was expecting a child, however, had never been previously reported. The prosecutor, Assistant District Attorney Joshua Steinglass, disclosed it at a hearing just before jury selection began, on the morning of April 15.

And it was that detail that would bolster the prosecution's argument that Trump silenced women to benefit his 2016 presidential campaign, he said.

"The fact that this relationship occurred during the defendant's wife's pregnancy, and after the birth of their child, speaks directly to the extent to which the defendant believed the story would be damaging to his campaign," Steinglass told the judge.

According to two sources with knowledge of McDougal's relationship with Trump, the prosecutor got the detail wrong.

"We were just as surprised as you when Josh Steinglass stated that Melania was pregnant at the time," Carol Heller, a representative for McDougal, told Business Insider.

A second source with knowledge of the trysts between Trump and McDougal, and who testified in the trial, confirmed the relationship began "soon after the birth."

Steinglass dropped the apparent bombshell on the very first day journalists flooded the chilly Manhattan courtroom for the trial, before a single juror had been selected.

He asked the judge, New York Supreme Court Justice Juan Merchan, to allow McDougal to testify about it.

"Karen McDougal is a former Playboy model who claimed to have had a romantic and sexual relationship with Mr. Trump that lasted nearly a year, including while Mr. Trump's wife, Melania, was pregnant with their child," Assistant District Attorney Steinglass told the judge.

But something didn't add up.

In previous media interviews, McDougal said the affair spanned 10 months, beginning around Trump's birthday in June 2006 and lasting until April 2007.

Barron Trump, the sole child of Donald and Melania Trump, was born in March 2006 — before McDougal says the affair took place.

According to Heller, Merchan relied on Steinglass's error when he ruled prosecutors should not question McDougal about the subject on the witness stand.

Steinglass had told the judge he would not elicit "the salacious details of the affair, to describe the sexual acts or locales of their liaisons" from McDougal — unless Trump's lawyers would "open the door" to it. But the judge, in his ruling, said it would be "prejudicial" to bring up "the defendant's wife was pregnant with a child at the time, and that this went on while she was pregnant and even after she gave birth."

"Steinglass misspoke about Melania being pregnant during the affair, and Merchan relied on the incorrect impression he gave when he talked about Melania being pregnant," Heller told BI.

"As everyone has previously reported, including Karen herself: Karen met Mr. Trump at the Playboy Mansion when they were filming an episode of The Apprentice," Heller said. "This was June of 2006. Barron was already three months old."

Prosecutors ultimately never called McDougal to testify, so the timeline discrepancy wasn't raised again and didn't become the subject of further scrutiny in the trial. Jurors never heard any evidence about it either way.

The detail ultimately proved inconsequential to winning the case.

The Manhattan District Attorney's Office charged Trump with 34 counts of falsifying business records to cover up a hush-money payment to Stormy Daniels — a different woman who says she had an affair with him — to unlawfully keep the information secret ahead of the 2016 presidential election.

Steinglass marshaled an almost-dizzying matrix of dates and other details in a marathon five-hour closing argument.

The jury convicted Trump of all 34 counts.

McDougal's story helped explain 'catch and kill'

In the past, Trump has boasted about his infidelity in general terms, but has seldom publicly talked about McDougal in particular.

In the April court hearing, Trump's lead defense attorney, Todd Blanche, called McDougal's story "unproven" but did not discuss the details of her claims.

Neither Blanche nor representatives for Melania Trump responded to requests for comment for this story.

"Until Mr. Trump himself confirms their affair, or until any witness in whom he has previously confided comes forward to verify his admission, I suppose Mr. Blanche can legally describe their affair as 'unproven,'" Heller told BI. "Karen will always hold it as the truth, because it is."

Daniels received $130,000 in hush money in October 2016. The alleged affair with McDougal was the subject of an earlier hush-money arrangement, in June of that year.

McDougal's $150,000 in hush money wasn't the subject of any criminal charges, but it helped prosecutors explain the "catch and kill" arrangements between Trump, the publisher of the National Enquirer tabloid, and people who claimed to have unsavory information about him.

In media interviews, McDougal has said she met Trump when NBC filmed an episode of "The Apprentice" at the Playboy Mansion in June 2006. (They also both participated in a softcore Playboy movie released in 2000.) The two had dinner a week later in Los Angeles, around Trump's 60th birthday, McDougal has said.

Before the two had sex after the dinner, McDougal asked Trump about naming his then-3-month-old son Barron, according to "The Fixers," a book by journalists Joe Palazzolo and Michael Rothfeld, who broke the stories about the "catch and kill" arrangements involving Trump, McDougal, and Daniels.

The idea that Trump had an affair while Melania Trump was pregnant may have originated from a text message from Gina Rodriquez, a talent agent who previously represented Daniels.

In an October 2016 text message to Dylan Howard, who then served as the editor-in-chief of the National Enquirer, Rodriguez said Daniels would "take a lie detector and go on the record" about the affair taking place while Melania was pregnant.

"Donald Trump had sex with Stormy Daniels while his current wife was pregnant," Rodriguez wrote in the text message. "He flew Stormy to his Pageant and told her he would get her on Celebrity Apprentice which he never did."

But that doesn't appear to be true, either.

According to trial testimony from Stormy Daniels, she met Trump at a Lake Tahoe celebrity golf tournament in July of 2006 — months after Barron Trump was born.

Rodriguez didn't respond to a request for comment.

Trump also met and slept with McDougal again during the event, according to "The Fixers." And the timeline for both affairs overlapped. According to Daniels' testimony, McDougal even also showed up at subsequent events Trump invited her to.

McDougal's claims first came to the attention of Michael Cohen — who then served as Trump's personal lawyer and fixer — in 2015. When Cohen raised her story of an affair with Trump, he didn't deny it, Cohen testified in the trial.

"She's really beautiful," Trump remarked, according to Cohen's testimony.

In a May 17 statement, McDougal said details of her experience remained "to be disclosed on my own terms, at a time of my own choosing." She was responding to CNN re-running a 2018 interview she gave to Anderson Cooper, where she first publicly laid out the timeline of the affair.

"What has not changed is the truth that I have always told," McDougal said.

In the interview with Cooper, McDougal expressed guilt about her relationship with Trump, since he was married.

"Back in that day, I was a different girl, I had fun," she said. "I was in the Playboy scene. I was just enjoying life as much as I could."

But there was a spark, she said.

"There was a real relationship there. There was real — there were feelings between the two of us," she said. "Not just myself, not just him. There was a real relationship there."

• Jeff Bezos owns three private jets worth $140 million in total, per JetSpy data.
• That includes a Pilatus PC-24, which the Swiss company calls "the world's only super versatile jet."
• It can seat up to 10 people and uniquely has a toilet in the galley to save space.

Just like Elon Musk and Bill Gates, Jeff Bezos' private jet of choice is a Gulfstream G650ER. In fact, he owns two of them.

But the Amazon founder also has a smaller business jet known for its versatility, according to data from JetSpy.

Swiss planemaker Pilatus bills its PC-24 as "the world's only super versatile jet" because it's capable of landing on short and unpaved runways.

Business Insider saw inside a PC-24 on display in Geneva at EBACE, Europe's largest business aviation conference. The model we visited is slightly newer than Bezos', built in 2023, compared to the Amazon founder's 2020 jet.

Jeff Bezos owns three private jets worth around $140 million, according to data from JetSpy.

Jeff Bezos' 3 private jets are worth $140 million and include 2 Gulfstream G650ERs alongside a hangar in Seattle

The majority of that figure is owed to two Gulfstream G650ERs. But the Amazon founder also owns a smaller jet made by a Swiss company: the PC-24 from Pilatus.

I toured a $65 million Gulfstream G650ER private jet like the ones owned by billionaires like Elon Musk and Jeff Bezos and saw how the ultra-rich travel

A PC-24, worth around $10 million, was on display in May at EBACE, a business aviation conference in Geneva.

This jet is the first of the updated model that Pilatus announced last October. On the tail, its livery features the Alps' famous Matterhorn.

It has a maximum cruise speed of 506 miles-per-hour, but Pilatus bills it as "the world's only super versatile jet" because it can land on shorter and non-paved runways.

Compared to one of Gulfstream's large business jet, it looks tiny — but the two are designed for completely different journeys.

In the background of this image is a Gulfstream G700 which is only slightly bigger than the G650ER. It's almost twice as long as the PC-24 and is capable of flying for more than 10 hours straight.

With a range of around 2,200 miles, the PC-24 would need a fuel stop to travel between Bezos' Miami home and Amazon's Seattle HQ.

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Boarding the plane, most people have to duck to fit into the cabin that's 5 feet and 1 inch high.

The first thing you see is the compact galley …

… which has a sink and a cupboard for champagne glasses …

… and space for a coffee machine or another appliance.

The only sign of the most unique feature is this toilet button.

Below the sink, you can pull a handle to reveal the toilet: a unique layout that saves space.

Just a curtain separates it from the cockpit, where only one pilot is needed to operate the jet. At least there's a door to the cabin on the other side for privacy.

Bathrooms are usually at the aft of a jet, but on the PC-24 you'll find a curtain …

… which allows for convenient inflight access to the hold, which has a cargo capacity of 3,100 lbs.

This cabin has seats for eight passengers, but the PC-24 can alternatively be configured for up to 10 people.

The seats can swivel round 180 degrees …

… and also lie flat — an uncommon feature on jets designed for shorter distances.

7 airlines around the world offer lie-flat beds in economy — see what makes this seating arrangement so rare

Along the ceiling are the lights and air vents, with neat little seatbelt signs.

This PC-24 also had a divan that can be made up into a bed.

Bezos' PC-24 was built in 2020 — before Pilatus added the divan as an option.

Its armrests also come with holders for two drinks.

Behind the rear seat there's more storage space.

And underneath the windows are pop-out tables for each seat.

For a man with as much money as Bezos — the world's second richest person — it's interesting that he would own this small jet as well as his large ones.

So it's likely that he was keen on the PC-24's main selling points: the only business jet capable of landing on unpaved runways as short as 3,090 feet while loaded to its maximum capacity, plus its unique space-saving designs.

• India and China's rivalry will likely intensify in the Indian prime minister's third term in office.
• Both countries have self-reliance as a policy priority — which means they will both go big into manufacturing.
• India aims to boost manufacturing, competing with China for economic leadership.

Indian Prime Minister Narendra Modi this week secured a historic third term in office — and it's likely to intensify India's economic rivalry with China.

As David Lubin, a senior research fellow at London-based think tank Chatham House, wrote on Thursday, the rivalry is likely to heat up because Modi and Chinese leader Xi Jinping have the same obsession for their country: self-reliance.

Modi has a vision for Viksit Bharat, or "Developed India," that sets a pathway for the South Asian giant to become a developed economy by 2047.

Meanwhile, Xi's vision for China is global dominance by 2049.

"Competition for economic leadership in Asia is in the air," wrote Lubin.

Both India and China will be focused on manufacturing

To reach its goal, Modi's India will likely be going big on manufacturing.

"The pursuit of national greatness is, essentially, a relative game, and for India, the comparison that matters is with China," wrote Lubin.

Since self-reliance is a policy priority for both India and China, "an obsession with manufacturing is likely to accompany it," Lubin wrote.

India's GDP of $3.9 trillion is far behind China's $18.5 trillion GDP. And China has served as the world's factory floor for the last four decades — but the tides are changing.

Companies are diversifying their operations outside China to avoid over-relying on one country, and India is aiming to be the new China.

Given that India is now the world's most populous nation — with 65% of its population under the age of 35 — there are huge opportunities for the South Asian nation.

However, with Modi's party losing its parliamentary majority, this means it will be much harder for his adminstration to push through much-needed land and labor reforms to supercharge growth.

In addition, as Raghuram Rajan, a former head of the Central Bank of India, told NPR's "Planet Money", India is wading into a crowded space with other emerging nations such as Vietnam, Bangladesh, and Malaysia with their skin in the game.

Rajan said India would do better to focus on the service industry, since the country already has a large English-speaking population.

But Delhi is throwing big money to catch up with China, including over $20 billion worth of incentives and subsidies to encourage output in 14 key sectors including electronics, automobiles, and EV batteries.

It's also provided another $10 billion for the semiconductor chip industry — a hot strategic sector that Taiwan has an outsized presence in.

India has been trying to woo Taiwan's chip plants to invest in the country and has had some success.

India's rocky relationship with China

Given India's ongoing rivalry with China and the Modi government's eagerness to attract Taiwan investments, the Delhi-Beijing relationship is also off to a rocky start as the Indian leader kicks off his new term.

On Tuesday, Modi angered China — which claims Taiwan as its own territory — when he accepted Taiwanese President William Lai's congratulations following India's elections.

"China opposes all forms of official interactions between the Taiwan authorities and countries having diplomatic relations with China," Mao Ning, the spokesperson for China's foreign ministry, said at a scheduled press conference on Thursday.

India's foreign policy toward China is unlikely to change following Modi's re-election, Ivan Lidarev, an Asian security scholar at King's College London, told Channel NewsAsia.

"India has pursued a very active foreign policy of kind of getting closer with the West and counterbalancing China for many years," he told the network. "There is a very strong consensus within India about this."

China, meanwhile, will try to limit India's influence on the global stage, he said.

"I think India has strived to position itself as a leader of the global south, and of course, China wants this position," added Lidarev. "So we think that this competition is going to increase and I think that Beijing will do a lot to limit any Indian attempts to be seen as the natural leader of the world."