Markets would resist executive influence over the Federal Reserve, Kenneth Rogoff told Bloomberg TV.
Inflation expectations would jump while the dollar would tank, the Harvard professor said.
Donald Trump allies have reportedly been brainstorming ways for him to exert more influence over the Fed, if elected.
Political attempts to influence the Federal Reserve won't go over well with markets, Harvard's Kenneth Rogoff said.
"If you take away Fed independence, investors are gonna get jittery, inflation expectations are going to go up, the dollar is going to tank," the economics professor told Bloomberg TV on Tuesday. "So happily, for better or worse maybe, I think markets will throw a pretty cold bucket of water on the president if he tries to do that."
Sparking his comments are recent reports that Donald Trump allies are drafting plans to help the Republican candidate secure a degree of influence the central bank, in the event he wins November's election.
Suggested among these is that Trump could fire Fed Chairman Jerome Powell, a figure he himself elected in 2017, before accusing him of considering interest rate cuts as a way to help Democrats.
"It's clear you know, he wants to be a disruptor-in-chief, and it probably irritates him that Powell gets so much attention at his press conferences," Rogoff thought.
However, ideas of influencing the Fed aren't just alluring to Trump's camp, he said, citing that anyone in power will want to see the central bank ease monetary policy.
"The progressives have ideas for taking away Fed independence too," Rogoff said. "They're not at the tip of the tongue for President Biden or Jared Bernstein and his advisors, but there are ideas floating out there."
In the view of Dallas Fed President Richard Fisher, the concept of trying to control the Fed typically ends in disaster, an experience learned in countries from Argentina to Zimbabwe.
Despite this, he also cited that Powell was facing pressure from both the left and the right he told CNBC on Monday:
"I can tell you this, I think I know Jay Powell very well as a friend. He could care less," he said. "It's kind of nice to have symmetrical beating up."
For White House onlookers hoping that interest rate cuts help propel a reelection this year, the outlook has turned more and more grim in recent weeks. Though Powell himself suggested optimism about rate cuts in previous commentary, a string of hot inflation has tripped this outlook up.
Binance founder Changpeng Zhao is being sentenced to 4 months in prison after being charged for violating US anti-money laundering rules.
Antonio Masiello / Getty
Changpeng Zhao, founder of crypto exchange Binance, has been sentenced to 4 months in prison.
The sentence comes after the ex-CEO pleaded guilty to violating US anti-money laundering rules.
Zhao's sentence follows Sam Bankman-Fried's 25-year prison ruling following the FTX collapse.
Changpeng Zhao, the founder and ex-CEO of crypto exchange giant Binance, has been sentenced to four months in prison after pleading guilty to charges in a Seattle federal court that the trading platform violated US anti-money laundering requirements.
The sentencing comes after the US Department of Justice recommended in a sentencing memo earlier this month that Zhao, also known as "CZ,'" serve three years in prison and pay a $50 million fine for enabling money laundering on the exchange. The crypto kingpin's attorneys had suggested he instead only be sentenced to probation, arguing, "No defendant in a remotely similar [Bank Secrecy Act] case has ever been sentenced to incarceration."
After pleading guilty, Zhao, once one of the wealthiest people in crypto, was directed to step down from the helm of Binance last November. Under his leadership, the former CEO had expanded the company into one of the world's biggest crypto exchanges.
Binance will also pay a $4.3 billion fine in federal court, part of which will go toward settling a lawsuit the Commodity Futures and Trading Commission launched against the exchange in March 2023. The CFTC lawsuit accused the ex-CEO and his company of "failing to stop illegal trading activity" on the platform.
The charges came around the time when FTX, a rival to Binance, collapsed over allegations in November 2022 that the exchange's owners had misused customer funds. Sam Bankman-Fried, the CEO of the exchange, was eventually sentenced to 25 years in prison after he was found guilty of multiple fraud charges.
Binance and the US Department of Justice didn't immediately respond to Business Insider's request for comment before publication.
The Digital Nomad Identification Certificate is the first step for one to get a Turkish digital nomad visa.
Matteo Colombo/Getty Images
Turkey is the latest country to open its arms to remote workers keen to relocate.
Citizens from several European countries, plus Canada and the US, are eligible for a new visa.
Here's what it takes to get the Digital Nomad Identification Certificate for Turkey.
Digital nomads are now welcome to stay in Turkey.
The country joins Italy, which recently made a similar announcement, in offering a visa for traveling professionals who want to work remotely in Turkey for an extended time.
The Turkish Culture and Tourism Ministry created a website dedicated to digital nomads which provides a list of requirements for eligibility and the steps of the application process. The site also provides resources on how to get started in several of its major cities.
The Digital Nomad Identification Certificate, which is the first step to a digital nomad visa, is open to remote workers ages 21 to 55.
They have to provide proof that they are a university graduate, work in the "digital nomad field," and that they make at least $3,000 a month, or $36,000 annually, according to the site.
Applicants must also have a passport or travel documents that are valid for at least six months from the date they arrive in Turkey. The offer is only for citizens of several European countries and Canada, Russia, and the US.
If approved, it's as simple as applicants receiving a certificate with a barcode that they can use to apply for the digital nomad visa at the Turkish consulate.
Still, life in the country is not all rosy. Over the years, Turkish citizens have been up against rising inflation, and while the country bumped its minimum wage up 49% in 2024 to about $525 a month, many are still struggling.
However, more and more millennials and Gen Z are giving up on the dream of owning a house in the US, so some have opted to spend their time traveling and working abroad instead of saving for a starter home.
Earlier this month Italy announced that it would welcome remote workers and their families on renewable digital nomad visas.
As fast-food prices increase, customers are finding more value in chain restaurants.
Chains like Chili's are rolling out deals and portion sizes that could best fast-food chains.
Chili's new Big Smasher burger is the latest offensive move in the value wars.
At Chili's Dallas headquarters, I watched as a staffer dressed in Boyz II Men-themed Chili's merchandise glided through the company's spacious lobby while carrying an oversized margarita. It wasn't even 11 a.m.
This, apparently, was the place where everyone lived, ate, and breathed Chili's, and it was the first sign I was in for a memorable experience inside where its menu items are born.
The second sign was a half-pound burger smashed down, topped with lettuce, crunchy pickles, and a creamy Thousand Island dressing.
The Big Smasher burger, Chili's newest menu item, was served in the company's test kitchen before its official launch on April 29. At the company's invitation, I had traveled 1,500 miles from New York to try this burger and other new menu items in development. With the first bite, I knew it was worth the turbulent four-hour flight.
As the cheese-covered meat, tangy sauce, and freshly buttered bun hit my taste buds, I thought: This was a burger good enough to take on the Big Mac — but would it best it in a head-to-head competition?
It feels like Chili's is open to answering that question as fast-food restaurant prices rise. And if the sheer size and taste of the Chili's burger are anything to go by, it has a shot at beating fast-food chains in the value wars.
Competitive pricing and generous portions at restaurants could spell trouble for fast-food chains
Fast food has long been considered the cheapest way to dine out, but that may no longer be the case.
In New York City, a McDonald's Big Mac meal, including a medium-size order of fries and a medium drink, costs $13.89, excluding tax. (McDonald's told BI that local franchisees set pricing, which varies by restaurant.) Similarly, a Burger King Whopper meal combo costs $13.99, excluding tax.
Chain restaurants are using promotional deals to get people through the doors, such as Chili's "3 For Me" combo that allows customers to order an entrée like a burger, a side of fries, an appetizer, and a bottomless drink for $10.99. Customers also have the option to upgrade their drink and appetizer for an additional $3.99 each.
The chain argues that, based on size, Chili's burgers are a better value than those at a fast-food restaurant. All Chili's burgers weigh a half-pound versus the 3.2-ounce pre-cooked patty weight of a Big Mac.
It's not just Chili's offering discounted combo meals.
Applebee's "2 for $25" meal deal includes two entrées and the choice of an appetizer or two side salads, while Red Lobster's "Shrimp Your Way" gives customers the choice of three shrimp dishes for $25 or two for $21.
Unsurprisingly, the meal deals are popular. In January, Restaurant Business News reported the percentage of Chili's orders that included a promotional deal like the "3 For Me" or margarita of the month rose to 31%, up two points from the previous quarter.
After Applebee's added steak to its "2 for $25" deal in June, John Peyton, CEO of the chain's operator Dine Brands, said the percentage of Applebee's customers ordering limited-time-only or value offerings grew from 15% to 19% quarter over quarter, Nation's Restaurant News reported.
Outback Steakhouse also recently brought back its limited-time-only Steak & Lobster deal, which starts at $19.99. It includes a 6-ounce sirloin steak, lobster tail, and two sides. The chain announced the rerelease of the deal in a simple Instagram post: "Back by popular demand."
Fast-food chains are hiking prices and making customers mad
A woman eats a Big Mac burger.
Cate Gillon/Getty Images
Fast-food establishments typically raise prices by about 2% each year. Still, McDonald's chief financial officer Ian Borden told analysts at the UBS Global Consumer and Retail Conference in March that the chain raised US prices by around 10% in 2022 and 2023, blaming inflation.
Despite the price increase, last year's sales remained steady. McDonald's reported that comparable year-over-year sales increased 8.7% in 2023.
However, 2024 has brought even more price hikes for customers. The recent implementation of California's $20 minimum wage for employees in limited-service restaurants has led to across-the-board increases in menu prices throughout the state.
Still, squeezed franchise owners know there's a limit to what customers are willing to spend.
"We have looked at price, although I can't charge $20 for a Happy Meal," Scott Rodrick, a McDonald's franchise owner who operates 18 restaurants in California, told CNN. "My customers' appetite to absorb menu-board prices is not unlimited."
In a February earnings report, McDonald's CEO Chris Kempczinski said the chain had declining visits, and customers earning $45,000 a year or less were spending less.
"We certainly know consumers are more wary — and weary — of pricing and we're going to continue to be consumer-led in our pricing decisions as we look forward to 2024," Borden said on a February earnings call, CBS News reported.
Customers have also taken to social media to bemoan the increases.
"Outback can do Steak and Lobster for $19.99, but McDonald's can't keep their prices in check. The death of fast food is upon us," one Reddit user commented.
A McDonald's spokesperson told Business Insider in a statement that the chain "always strives to strike the right balance of value for money" when asked to comment on competing with casual-dining chains to attract value-driven customers.
Chain restaurants are coming out swinging with new products similar to fast-food favorites
Chili's Big Smasher burger.
Erin McDowell/Business Insider
Chili's Big Smasher burger is the latest example of how chain restaurants are following fast-food chains' playbooks by delivering what customers love while offering better value amid price increases.
The burger costs $12.99 but comes down to $10.99 when part of the chain's "3 For Me" meal combo.
"We've always had incredible burgers on our menu, but for about a year now, we've been hearing more and more frustration from fast-food fans over rising costs," Chili's director of culinary, Brian Paquette, told Business Insider, adding that it's one of the reasons the chain wanted to deliver "some of the favorite drive-thru flavors" on its menu.
When Paquette described the Big Smasher during my visit to Chili's headquarters, I noticed its similarities with McDonald's Big Mac, which I've eaten many times. Both burgers include shredded lettuce, onions, pickles, American cheese, and a Thousand-Island-style dressing.
It's a comparison Chili's is leaning into.
In a press release, Chili's said the new burger has "flavors fast food lovers will recognize." And a new ad released by the chain takes direct aim at McDonald's most famous burger, saying their iteration is better than "a tiny drive-thru burger" while showing their "3 For Me" combo next to a lone Big Mac.
Chili's half-pound burger — "twice the meat of a Big Mac," Paquette said — is made using a hand smasher, and the patty is seasoned with a spice blend on both sides.
The result, which is both juicy and crispy, was far better than any fast-food burger I've had recently, thanks to its size and the quality of the toppings. It tasted like a gourmet restaurant burger, as opposed to a fast-food joint burger speedily thrown together.
Leaning into meal deals can win over customers, but chains can risk cutting their prices too much
Red Lobster, Times Square, New York.
Richard Levine/Corbis via Getty Images
Promotional deals, while popular among customers, can threaten chains' profits if they're not sustainable.
Earlier in April, Bloomberg reported seafood chain Red Lobster is considering filing for bankruptcy after a blundered roll-out of its signature all-you-can-eat deal.
Red Lobster's "Ultimate Endless Shrimp" deal, which has run for over 18 years, offered unlimited shrimp dishes for $20. Initially a one-day-a-week deal, it became a daily promotion last summer to attract more customers. In 2023, Red Lobster raised the price twice, eventually landing at $25 to cope with demand and improve profits.
Despite the increased price, the all-you-can-eat strategy backfired. Operating losses of $11 million and $12.5 million were reported in the quarters following the daily endless shrimp promotion launch in 2023. By 2024, the deal is only available on Mondays.
Chili's executives are aware of the dangers of using discounted meal deals to attract customers. Felix said there was a focus on discounting to drive people into restaurants in years past, but Chili's recently made strategic shifts to pull back on discounts and avoid training the chain's customers to rely on them.
"You're seeing a lot of kind of desperate value plays out there that might work in the short term, but you're paying for the traffic and the gains you're seeing versus doing it in a sustainable way," he continued.
Felix told BI that while the "3 For Me" promotion wasn't designed to compete with fast food, he agreed it could do just that.
"Fast food and drive-thru prices have gone up," he said. "I think that's just the start of the conversation, and the sticker shock is real."
The EV company can't rely on hybrids and gas cars like competitors.
Musk blamed industry prioritization of hybrids for poor Q1 performance.
Tesla is finally being forced to reckon with a slowdown in electric-vehicle demand, and CEO Elon Musk's tactics are likely to look different than his peers' in the automotive industry.
Both Ford and GM exceeded analyst expectations for the first quarter thanks to cost cutting and stronger demand for gas-powered cars. Tesla, meanwhile, fell short for the same first three months of the year, with sizable declines in revenue and deliveries.
For the past year, demand for electric cars has pulled back, putting the brakes on the rapid growth for the battery-powered vehicles that underpin much of the automotive industry's plans for the next several years. This has led to strategy shifts for companies like GM and Ford, which are starting to pay off.
After years of pouring huge investments into electric vehicle technology, GM CEO Mary Barra told investors last week that the rapid rate of spending is starting to slow.
"Our focus has turned back to driving free cash flow through enhanced profitability and capital discipline, finding ways to spend less for the same results and with an unwavering focus on the customer," Barra said.
GM's hefty 10.6% profit margin in North America — underpinned by the company's lucrative pickup truck business — drove the company's sizable earnings beat.
EVs, on the other hand, still aren't profitable at all for GM or any other traditional car company. Ford, which breaks out its electric vehicle business performance, reported a $1.32 billion loss in the first quarter for that segment.
Tesla reckons with an EV slowdown
The stark difference between Tesla's first quarter results and its traditional competitors is just the latest sign that the EV slowdown is finally catching up to Musk's electric car company.
Up until the start of this year, Musk's electric car company was able to flex its impressive profit margins to lower prices for a new group of more frugal EV shoppers. Sales of the most affordable Teslas, the Model 3 and Model Y, continued to increase throughout 2023, and the company very nearly met its lofty goal of delivering 2 million cars last year despite pressure on the segment.
But the tables have turned now as traditional automakers are able to tap into a newly popular segment unoccupied by Tesla: hybrids.
Without hybrids and gas-powered cars to fall back on, Tesla's approach to the EV slowdown will instead hinge on lowering production costs and finally delivering on a long-awaited affordable model. These are lofty efforts unlikely to take root overnight.
This appeared to ruffle Musk, who went so far as to blame the industry's newfound commitment to hybrids for some of Tesla's dismal earnings results last week.
"While positive for our regulatory credits business, we prefer the industry to continue pushing EV adoption, which is in line with our mission," Tesla wrote.
Matthew Prince is suing his Park City neighbors over their Bernese Mountain dogs.
They say it's retaliation for opposing Prince's plans to build his dream home.
There's a hearing Tuesday at City Hall over whether Prince can proceed with the mansion.
Matthew Prince, the billionaire cofounder of cybersecurity company Cloudflare, is waging a legal battle with his neighbors over their Bernese Mountain dogs, Sasha and Mocha.
But his neighbors, Eric Hermann and Susan Fredstom-Hermann, say the suit is actually retaliation for opposing Prince's plans to build his dream home in the ritzy ski town, The Wall Street Journal reports.
"The Large Dogs have aggressively approached, chased, and harassed the residents and guests of the Plaintiff's Property," the suit reads, adding that the Hermanns are "senior and frail and unable to control the Large Dogs."
The Hermanns told the Journal they didn't believe their dogs had ever interacted with the Prince family.
"Since we became the face of the community trying to preserve Old Town's unique character by preventing construction of a monster mansion the size of our city hall, we have been brutally harassed," Eric Hermann told local outlet KPCW.
The suit has caught the attention of locals, with residents affixing "Free Sasha & Mocha" stickers around town, the Journal reports.
Prince grew up in Park City and moved back from San Francisco in 2019, according to the Journal. He's currently designing a home for his family whose grand size some locals — including the Hermanns — say runs afoul of regulations, the Journal reports.
The Hermanns filed an appeal in March in order to block Prince's building permit, KPCW reports.
The Princes say the size squabbles are miscalculations, and that some neighbors supported their project, per the Journal.
In addition to the Sasha and Mocha suit, Prince has also brought another suit against the Hermanns over a wall on their property that he alleges infringes on land he owns, according to the Journal. The Hermanns characterized that suit to the Journal as further retaliation.
An appeal panel will host a hearing Tuesday at City Hall over whether Prince should be allowed to move forward with construction. The three-person panel could render a decision or choose to vote at a later date, according to KPCW.
This is not the first time that Prince's property fight has made national headlines. Bloomberg reported earlier this month that he had acquired a local newspaper called the Park Record, which began covering his home plans more consistently and supportively.
Lawyers for Prince did not immediately respond to a request for comment from Business Insider.
The move reverses recent plans to double the number of of clinics at its retail stores.
Walmart says it will shut down the 51 health clinics it has at retail stores across five states, as well as its virtual care operation as the business has become "unsustainable."
"The challenging reimbursement environment and escalating operating costs create a lack of profitability," the company said Tuesday.
The announcement did not provide a specific date for the closures, but sources told the Dallas Morning News and CNBC they would happen over the next 45 to 90 days.
Staffed by physicians and licensed care providers, the clinics offered services ranging from primary care to behavioral health, as well as labs and X-rays. Virtual care was also available through walmarthealth.com.
Earlier this year, the company had planned to double the number of clinics, but a spokesperson told the Dallas Morning News the decision to close was made after the company received new information about reimbursements from insurers.
Meanwhile, Amazon last year expanded a benefit for Prime members, giving them access to online services and visits at hundreds of One Medical clinics in cities across the US.
By contrast, Walgreens said last month it would close 160 Village MD clinics after taking a $5.8 billion hit in the business.
Walmart continues to operate pharmacies at about 4,600 stores across the US, with over 4,000 those in what it calls "medical provider shortage areas."
"Our pharmacies are often the front door of healthcare," the company said.
Tesla announced several updates to improve Cybetruck's off-road and camping capabilities.
Frederic J. Brown/Getty
Tesla will soon roll out updates to improve the Cybertruck's camping and off-roading capabilities.
The updates include the Off-Road Mode and a new feature for leveling suspension in CyberTent Mode.
On-road updates include a slippery surface feature and adjustable suspension based on weight.
A new Cybetruck update is on the way, and it looks like a big one.
The update is "rolling out soon," according to Tesla, and introduces a new Off-Road Mode along with some further improvements to the EV's handling and camping experience.
The Cybetruck's new Off-Roading upgrade has two new modes: Overland Mode for better traction on rough terrain and Baja Mode for improved handling at higher speeds.
Off-Road Mode and more updates rolling out soon
Here’s what’s coming… – Off-Road Mode Overland Mode – More consistent handling & better overall traction while driving on rock, gravel, deep snow, or sand.
Locking differentials will also be available to help maintain grip on uneven surfaces, according to Tesla.
Tesla's lead Cybertruck engineer Wes Morrill, posted more details on X about the update.
The new Off-Road Mode offers multiple camera views to help drivers navigate obstacles, and all angles can expand with a simple tap, according to Morrill. Drivers can also get faster access to Wade Mode with a one-touch button and turn real-wheel steering on or off, the engineer said.
"I found less reasons to turn it off than I expected," Morrill said on X about the wheel steering. "But in Overland there some cases when rock crawling or driving off-camber on loose surface. In Baja turning it off can make drifting a bit smoother when transitioning directions."
The Off-Road Mode also has a new Trail Assist mode, which is a cruise control feature that helps maintain speed while the driver focuses on steering. Trail Assist mode also offers hill ascent and descent control to help keep the wheels from slipping.
Cybertruck also added changes to improve its camping experience with a CyberTent Mode that levels the suspension so passengers can sleep comfortably on a flat surface when using a CyberTent.
The feature also keeps the tonneau cover open to accommodate tents. "Lights, AC & outlets will stay on as well if enabled," according to Tesla.
Tesla also added some On-Road updates. Its new slippery surface feature offers better control on snowy, icy, wet, or slick roads by automatically balancing traction across all tires. It will also allow you to engage a rear-locking differential to give extra grip on difficult terrain, but it's intended only for short periods.
The Cybertruck will also have the ability to adjust suspension based on how much weight is being carried. That should give a smoother ride and better handling for drivers hauling a heavy load.
Erik Bernard likes his government job in Australia, but not the commute.
Courtesy Erik Bernard
Erik Bernard chose a government job over one where he could work from home most days.
Salary transparency, overtime pay, and investment plans influenced his decision.
Bernard values the one remote day he has for additional sleep and more flexibility with the gym.
This as-told-to essay is based on a conversation with Erik Bernard, 26, who lives near Brisbane, Australia. He recently took a government job that paid more than another role where he would have been able to work remotely four days a week. He's limited to one day a week at home in his new role. While he likes the job, he has a long commute, so some days he's not sure he made the right decision. The following has been edited for brevity and clarity.
When I got the offer for the government role I have now, I also had an offer to work at a nonprofit. I was lost because I didn't know which job to pick.
The difference in salary between the two jobs was about 20,000 Australian dollars — about $13,000 — plus the superannuation. I think you call it a 401(k) in America. The superannuation was a bit higher with the government job, and it was 20 grand in extra pay, but I had to be in the office four days a week instead of working from home.
To get to the government job, I have to drive an hour each way. I was like, "Man, it's so hard to pick which one to do." And I thought, "I'll ask Reddit." It was it was 50/50. A lot of people said to take the government job for the stability. They also said earning more would make it easier to borrow money from the bank.
But other people said, "If you're happier to work from home, then take that." It was really hard. And, to be honest, every time I sit in traffic for that hour, I think, "Man, should I have taken less money just to not have to sit in this traffic?"
Why I took the government job
I decided to go for the government job partly because they're very transparent with your pay increases. And, when you do overtime, you get paid for it. You do so many extra hours working in the private sector, and it's expected of you.
The other job was at a nonprofit. With that kind of work, you don't always have as many opportunities to excel financially.
And I really like the work I'm doing now in this new job.
Bernard enjoys working in IT, especially when he can churn through tasks.
Courtesy Erik Bernard
Plus, I've got a house, and I'm looking at investing in another. So my thought was, "I'll stick it out and go to the office every day even though I love working from home." When I get a bit older and specialize in something else, I will try to find a remote job even though I like what I'm doing now.
At my last job, I worked in IT at a law firm and didn't know what I'd make in the future. But with the government, we've actually got several years of income already planned out. Everyone can see how much we're going to be paid, and it gets updated every few years.
In my role, I'm kind of like tech support, but at a higher level. I do events and some system administration stuff as well.
I get more sleep, and I'm closer to the gym.
On the day I now work from home, it's really nice to get that extra hour of sleep.
Also, I fight. I do MMA. I coach it as well; I teach jujitsu. It's just a hobby, but it keeps me mentally sound. So, on the days when I work from home, I can train in the morning at 6 a.m. If I leave any later than 7 a.m. for work on the other days, the traffic is just insane. But if I train from 6 a.m. to 7 a.m. on the day I don't commute, I can come home, shower, and be ready to start at 8 a.m. It's about quality of life. I want to train; I want to get more sleep.
Bernard likes to train for MMA, and he teaches jujutsu.
Courtesy Erik Bernard
I have friends in the office. We can get lunch, or I can meet other friends who work nearby. But I'm also a little bit introverted, so I don't mind being at home most of the time.
I don't need too much social interaction. People online said, "You'll hate working from home because you'll be lonely." But when my social battery runs out, I just want to be alone. I can put a face on, chat, and make jokes, and I'm happy to do that. But as soon as the day is over, man, I just want to go home and relax. Plus, I have two cats, and my girlfriend's here sometimes, so I'm happy.
How I got my remote day
When I was at the law firm, I found another job that paid more and would let me work from home for two days. At that point, I had zero days. But the law firm said they couldn't match the salary. Then, about a month later, someone from the firm called and said, "Hey, we actually kind of want you back. What if we matched the salary and gave you one day working from home?"
So, I had to quit to get the one day. They wouldn't have let me otherwise. Maybe they were under the assumption that I would train during the day or something.
But IT is ones and zeros. If the job is being done, you'll see it being done. If the job isn't being done, it's obvious who isn't doing their part. So you can't really muck around. You can't be like, "Oh, I'm happy to work from home," and then do absolutely nothing because it's so obvious. I've got tickets that I work on. And if I've got tickets open from God knows when, my managers will be like, "Why aren't those tickets closed?"
I get more done at home.
I loved my one day at home at the law firm so much that I was applying for many work-from-home jobs.
It's so nice to just sit at home and just churn away. If I have to make calls, I'll make calls. But, otherwise, I'm sitting here in the peace of my own house just fixing stuff, doing tickets. I'm on a roll — I'm in my zone.
But when you're in the office, people are chatting around you and making jokes. It's fun, but I smash out a lot more IT work sitting at home than in the office. It's just quieter, and I can relax. People aren't coming up to my desk every two seconds.
Some of the IT questions I get could be a very simple fix. But when I'm in the office, I'll walk down two flights of stairs to go to their desk because that's the kind of service I like to provide. I won't say, "Go back to your office and give me a call." So, it'll take 20 minutes to chat and then fix something that could have taken one minute over the phone.
It's not just that. You're also tempted by going and getting coffee and by going out and getting lunch when in the office.
Monday is the day I work from home. It's so nice going to bed on Sunday, knowing that I don't have to drive in the next day.
I still haven't decided if the extra money is worth losing those additional days of working from home. Job satisfaction-wise, it's really cool. But the traffic sucks.
Beginning in 2026, 1,250 megawatts of electricity could speed along 339 miles of underground cable to provide a million New York City homes with hydropower generated in Canada.
The $6 billion Champlain Hudson Power Express transmission line is under construction to help New York state meet its clean-energy goals.
It's also part of a larger nationwide push to create more transmission lines to bring renewable energy to the country's aging electrical grid.
When CHPE (pronounced "chippy") broke ground in 2022, it became one of New York's first Tier 4 projects, the state's program aimed at sourcing 70 percent of its electricity from renewable sources by 2030.
"We're looking forward to the day when we are going to be turning on the switch and bringing that clean energy into New York City," Donald Jessome, the founder and former CEO of Transmission Developers, the company behind CHPE, told Business Insider.
The state has been making up for the loss with three natural-gas plants that came online between 2018 and 2020. According to EPA data, carbon emissions in the New York City area rose by about 20% between 2019 and 2022.
Nearly half of New York City's power comes from plants within the city, including the Ravenswood Generating Station in Astoria.
Lokman Vural Elibol/Anadolu Agency via Getty Images
"Because of bottlenecks in the grid south of Albany, there's a limit to the extent to which that generation can be used to satisfy demand in the New York City area," Ryan Calder, an assistant professor in environmental health and policy at Virginia Tech, told Business Insider.
CHPE will bypass Albany, Poughkeepsie, and other cities north of New York City. The transmission line will tap into Hydro-Québec's existing generation and send a fraction of it to New York, avoiding upstate bottlenecks that can tax the grid during peak-demand times.
Bringing renewable energy to New York City
Much of the US is struggling to connect renewable-energy projects to the electrical grid. About 930 gigawatts of solar, wind, nuclear, and other electricity sources are waiting for grid access, according to the Department of Energy. That's more than three times as much wind and solar power as the US generated in 2022 and enough to power roughly 171 million homes.
The map shows where the 339 miles of cable will run from the Canadian border to Queens, New York.
CHPE
Transmission lines are like highways for electrons, Calder said. They connect sources of energy generation to areas of demand.
"A lot of renewable sources of electricity, wind, and hydroelectric power in Canada are far from densely populated urban areas," he said.
Once CHPE is up and running, it will reduce carbon emissions by 37 million metric tons, New York state officials said in a statement.
Though hydropower does emit greenhouse gases, a recent study from Calder and his coauthors estimated the project will save an additional $13.2 billion in social costs by 2050. That includes potentially preventing over 300 premature deaths.
Gas-fired power plants contribute to poor air quality, which can lead to health problems like asthma. The asthma rate for children in New York City, especially in poorer neighborhoods, is one of the highest in the country. Switching to a cleaner energy source could improve health outcomes for kids and adults.
Environmental groups, including the Sierra Club and the Center for Biological Diversity, have objected to the project and the route. They've raised concerns over Atlantic sturgeon habitats and Hydro-Québec's history with First Nation communities in Canada.
The company's past projects flooded Indigenous lands, a process that created methylmercury, a neurotoxin, in waterways, Grist reported. Methylmercury accumulates in fish and can make its way to humans. Ingesting mercury can have serious health effects.
Jessome said TDI worked with local communities to address their concerns about construction.
CHPE will use high-voltage direct current (HVDC) cable to connect New York City with Canada.
CHPE
Since the CHPE construction won't involve creating new dams, Calder said he didn't factor the impact of flooding into his study. Other environmental concerns, such as how the project could affect fish habitats, were outside the scope of the study.
New York has six years to achieve its goal of powering 70 percent of its grid with renewable energy. The state's officials are banking CHPE providing a chunk of that energy.
"We'll be in that community for the next 60, 70, 80 years," Jessome said. "This project's here for the long term. It's going to have benefits well into the future."
April 30, 2024: This story was updated to clarify that hydropower does emit greenhouse gases including CO2, methane, and nitrous oxide.
// Places the sponsor module between the lead image and the summary bullets
if (
document.querySelector(“.gi-sponsor-module”) &&
document.querySelector(“article section:first-of-type”) &&
!document.querySelector(“.full-bleed-hero”) &&
!document.querySelector(“.enhanced-story-byline”)
) {
document.querySelector(“.summary-list”).insertAdjacentHTML(
“beforebegin”,
`