• The world’s largest fans designed to suck carbon from the air are up and running in Iceland

    A direct-air-capture plant in Iceland with mountains in the distance.
    Climeworks' second and largest direct-air-capture plant in Iceland.

    • Climeworks' direct-air-capture plant can remove up to 36,000 metric tons of carbon from the air a year. 
    • Carbon removal is becoming a key climate technology because the world isn't cutting emissions fast enough.
    • The tech is still in its early stages and expensive, ranging from $600 to $1,000 per ton of carbon.

    The startup Climeworks this week switched on the largest direct-air-capture plant, which pulls carbon dioxide from the sky and locks it away underground.

    Climeworks said the plant, called Mammoth, has about 10 times the capacity of its first facility and could capture up to 36,000 metric tons of carbon emissions a year once it's completed.

    That amount is a small fraction of the more than 40 billion metric tons estimated to have been emitted globally in 2023, but the opening of Mammoth in Iceland marks a milestone for a nascent technology that scientists say will be key to slowing the climate crisis.

    Countries that signed the 2015 Paris Agreement said they would keep global temperatures from rising 1.5 degrees Celsius above preindustrial levels. A UN science panel has warned that the risk of catastrophic climate effects — including deadly heat waves, drought, famine, and infectious diseases — increases with each degree of warming.

    Since then, planet-warming emissions have continued to rise. The Global Carbon Project estimated that these emissions reached record levels in 2023, mainly driven by burning fossil fuels like oil, gas, and coal for energy and transportation. European climate scientists on Wednesday said April was the hottest month on record, continuing an 11-month streak.

    Countries and companies aren't slashing emissions fast enough, so technology like direct air capture is becoming more important.

    But it's an expensive and uncertain pathway. Analysts estimate that for direct air capture to be widely adopted, the price of removing and storing 1 ton of carbon dioxide would have to fall to $100 by 2050. Today it ranges from $600 to $1,000. Climateworks' Mammoth plant also cost hundreds of millions of dollars to build, though the company didn't disclose the exact amount.

    The company, which has big-name customers including Microsoft, Shopify, Swiss Re, Stripe, and JPMorgan Chase, said cost reduction was a priority. It added that while the Mammoth project wouldn't achieve that, it would help it innovate further and make the technology more efficient as it scales.

    Climeworks aims to become large enough to remove 1 million metric tons of carbon a year by 2030 and 1 billion metric tons by 2050 — or a megaton and gigaton.

    Climeworks' operations in Iceland are powered by renewable geothermal energy. In a press call, Jan Wurzbacher, a cofounder and co-CEO of Climeworks, described the process: Fans draw air through filters to separate out the carbon dioxide, which is then compressed with water and pushed underground into basalt rock formations. Within two years the mixture turns into rock and is stored away for millions of years. In early 2023, an independent third party verified that the process and its results were sound.

    "There is more needed to scale up this industry," Wurzbacher said. "It's about offtake. It's about markets, standards, and regulations. And it's about public and private funding. A lot is needed in that area, and we need to move forward quickly to reach our targets."

    Wurzbacher said Climeworks had projects in the early stages of development in the US, Canada, Norway, Oman, and Kenya.

    The US Department of Energy last year announced $1.2 billion in funding for direct-air-capture demonstration plants. Climeworks is involved in a project in Louisiana, while Occidental Petroleum was selected for a plant in West Texas. The two plants could remove more than 2 million metric tons of carbon dioxide from the air each year.

    Read the original article on Business Insider
  • I drove Hyundai’s best-selling SUV and found it’s a perfect hybrid for people who don’t like hybrids

    A blue 2024 Hyundai Tucson Hybrid SUV parked in front of green wooded area.
    A 2024 Hyundai Tucson Hybrid SUV in Limited trim.

    • The Hyundai Tucson Hybrid is a compact crossover SUV that rivals competitors from Toyota and Honda.
    • I enjoyed the Tucson Hybrid's stylish looks, new tech, solid performance, and fuel efficiency.
    • I was disappointed with the somewhat unrefined drivetrain and transmission. 

    Compact crossover SUVs are now the most popular form of automobile on American roads, accounting for roughly 1 in 5 new vehicles sold during the first quarter of this year, according to data from Cox Automotive.

    For the last 20 years, Hyundai's offering in this crucial segment has been the Tucson.

    During that time, the strikingly stylish Tucson has not only evolved into the brand's best-selling model, with nearly 210,000 units sold in 2023. It's also one of the most popular models in the segment, in its fourth generation that launched in 2021.

    I recently spent a week with a 2024 Hyundai Tucson Hybrid Limited AWD around the roads of suburban Atlanta to see why it's so popular with buyers.
    The front end of a 2024 Hyundai Tucson Hybrid SUV.
    The 2024 Hyundai Tucson Hybrid Limited has a quiet cabin.

    I was impressed. The Tucson Hybrid is a great little SUV with a quiet cabin, comfortable ride, loads of tech, peppy performance, and futuristic looks. But it isn't perfect — The unrefined engine and transmission proved to be a bit of an annoyance.

    The SUV is available in traditional internal combustion (ICE) form, as a hybrid (HEV), and as a plug-in hybrid (PHEV).

    The base Tucson SE in front-wheel-drive (FWD) starts at $27,500, while the top-spec Tucson Limited Plug-in Hybrid with all-wheel-drive (AWD) starts at $45,450.

    My test car, a Hyundai Tucson Hybrid Limited with AWD, starts at $39,465. With fees, the car carried a price of $41,010.

    The Tucson Hybrid competes with a handful of HEV rivals in the segment.
    A blue 2024 Toyota RAV4 Hybrid in XSE trim.
    The 2024 Toyota RAV4 Hybrid XSE is a top rival.

    The Tucson Hybrid goes head-to-head with the Toyota RAV4 Hybrid, Honda CR-V Hybrid, Ford Escape Hybrid, and its corporate cousin, the Kia Sportage Hybrid.

    While some versions of Tucson are made at Hyundai's plant in Montgomery, Alabama, the Tucson Hybrid is assembled in Ulsan, South Korea.

    What immediately stands out about the Tucson are its striking looks.
    The front grille of a 2024 Hyundai Tucson Hybrid Limited SUV.
    The Hyundai Tucson Hybrid has a striking front grille.

    The Tuscon's stylish sheet metal is the work of a team led by Hyundai's chief of global design, SangYup Lee, whose other works include the Bentley Bentayga and the 5th generation Chevrolet Camaro of Bubblebee fame.

    The striking design starts with the parametric jewel pattern front grille, created using geometric algorithms instead of traditional sketches or drawings. The coolest part of the design is the LED daytime running lights embedded into the grille that look like dark chrome when turned off.

    Here's a closer look at Hyundai's Parametric Jewel Hidden Lights.
    A close-up of the Hyundai Tucson Hybrid's LED headlights.
    The Tucson Hybrid's distinctive Parametric Jewel Hiddle Lights and headlights.

    The Tucson's actual LED headlights are nestled below and to the side of the grille.

    The geometric shapes continue beyond the front grille.
    A dark blue Hyundai Tucson Hybrid SUV parked in front of green woods.
    The 2024 Hyundai Tucson Hybrid in Limited trim.

    The overall design of the Tuscon is punctuated with sharp, chiseled surfaces. According to Hyundai, the prominent angular wheel arches are styled to evoke vehicles created by Bertone, the defunct Italian design house responsible for some of the wildest supercars of the 1960s and 70s.

    I'm a fan of the Tucson's optional 19-inch alloys.
    The 2024 Hyundai Tucson Hybrid SUV's optional 19-inch wheels.
    The Tucson Hybrid's optional 19-inch alloy wheels.

    Lower-trim models come with 17-inch wheels.

    The rear of the Tucson features vertical LED taillights protruding from a light bar that runs across the tailgate.
    The rear end of a 2024 Hyundai Tucson Hybrid SUV.
    The tailgate of our Tucson Hybrid SUV.

    Hyundai has also hidden the rear wiper under the spoiler.

    The Tucson is about an inch longer than the Toyota RAV4, but 2.5 inches shorter than the Honda CR-V.
    The side profile of a 2024 Hyundai Tucson Hybrid Limited SUV.
    The Tucson Hybrid's side profile.

    All wheel drive variants of the Tucson, such as my test vehicle, offer 8.3 inches of ground clearance, which is virtually identical to that of comparable RAV4 and CR-V models. Ground clearance for front wheel drive variants drops down to 7.1 inches.

    The interior is comfortable and relaxing.
    The dashboard and front seats of the 2024 Hyundai Tucson Hybrid Limited.
    The Tucson Hybrid's cabin.

    Aesthetically, the front dash and center console are designed to remind occupants of water meeting a central point before flowing down a waterfall.

    I was a fan of the diffuser vents that line the entire width of the front dash. They augment the Tucson's traditional air conditioning vents and give the occupants the feeling of a gentle, evenly distributed breeze.

    Material and build quality felt good but did not convey the same solid feeling one would find in a Toyota or Honda. I like the minimalist look of the shiny black piano material on the center console, but I also found it incredibly prone to smudges and scratches.

    The Tucson's overall cabin ergonomics were sound. The touch-sensitive infotainment and climate control buttons on the dash were easy to use, although I would have preferred a physical volume knob.

    The leather-trimmed front seats are heated and ventilated.
    The leather front seats of the 2024 Hyundai Tucson Hybrid SUV.
    The Tucson Hybrid's front seats.

    Front-seat passengers have access to a wireless phone charger, two USB-A plugs, and a 12V socket.

    I also liked the push-button shifter that frees up space above the center console.
    A 2024 Hyundai Tucson Hybrid center console's push-button shifter and cup holders.
    The Hyundai Tucson's push-button shifter.

    And the novel footwell map pockets that provide additional cabin storage.
    The passenger seat footwell and map pockets of a 2024 Hyundai Tucson Hybrid SUV.
    The Tucson Hybrid has a map pocket built into the center console.

    The optional panoramic sunroof helps support the relaxing feel of the cabin.
    The cabin of a 2024 Hyundai Tucson Hybrid Limited is equipped with a panoramic sunroof.
    The Tucson Hybrid's panoramic sunroof.

    The cabin is also equipped with 64-color ambient lighting and an ultrasonic rear occupant alert system.

    In front of the driver is a nicely molded, leather-wrapped steering wheel.
    From the driver's seat, the steering wheel of a 2024 Hyundai Tucson Hybrid SUV.
    The Tucson's steering wheel.

    In front of the steering wheel is an optional 10.25-inch configurable digital instrumental display.
    The digital instrument gauge display of a Hyundai Tucson Hybrid Limited SUV.
    The Hyundai Tucson Hybrid Limited's digital instrument cluster.

    Lower-trim models get an old-school analog instrument cluster.

    The instrument display is home to a blind-spot monitor.
    The Hyundai Tucson Hybrid's instrument cluster with its driver's side blind spot monitor camera activated.
    The driver's side blind spot monitor activated.

    It uses rear-view-mirror-mounted cameras to give drivers a view of their blind spots when changing lanes.
    The Hyundai Tucson Hybrid's instrument cluster with the passenger side blind spot monitor camera activated.
    The passenger side blind spot view monitor activated.

    Here's a closer look at the camera.
    One of the 2024 Hyundai Tucson Hybrid SUV's rear-view mirror-mounted side cameras.
    One of the 2024 Hyundai Tucson Hybrid SUV's rear-view mirror-mounted side cameras.

    The Tucson Hybrid Limited also uses cameras to create a 360-degree overhead view of the vehicle.
    The Hyundai Tucson Hybrid's backup camera's overhead view.
    An overhead view of the Tucson Hybrid.

    In addition, the Tucson Hybrid Limited is equipped with a complete suite of advanced driver safety aids, including adaptive cruise control, forward collision avoidance assist, lane keep and lane following assist, rear cross-traffic collision avoidance, and parking collision avoidance assist.

    It's also equipped with remote smart parking assist, or as they called it in the commercial, "Smaht Pahk"" which can pull a vehicle into and out of a parking space with the driver outside the car.

    The Tucson Hybrid is powered by a 1.6 liter, turbocharged four-cylinder engine working in unison with an electric drive motor.
    The 2024 Hyundai Tucson Hybrid's engine compartment with a 1.6-liter turbocharged, four-cylinder engine.
    The Tucson Hybrid's 1.6-liter turbocharged engine.

    The Tucson Hybrid's 1.6-liter engine produces 180 horsepower, while the electric motor is rated for 59 horsepower. The total output is 226 horsepower and is mated to a traditional six-speed automatic transmission.

    The Tucson Hybrid is equipped with a 1.49 kWh lithium-ion battery pack.

    The plug-in hybrid version comes with a more powerful, 90-hp electric drive motor, a larger 13.8 kWh lithium-ion battery pack, and an onboard charging port.

    The internal combustion-only version of the Tucson is powered by a 187 horsepower, 2.5-liter, normally aspirated, four-cylinder engine mated to an eight-speed automatic transmission.

    ICE-only Tucson comes with front-wheel-drive with all-wheel-drive as an option.

    So, what's it like to drive?
    The 2024 Hyundai Tucson Hybrid Limited's driver's seat.
    The Tucson Hybrid's driver's seat.

    The Tucson Hybrid doesn't drive like a hybrid. Much of that can be attributed to Hyundai's decision to go with a traditional six-speed automatic transmission instead of an E-CVT gearbox found in rivals like the Toyota RAV4 Hybrid and Ford Escape Hybrid.

    As a result, the Tucson Hybrid feels virtually identical to a traditional ICE vehicle, while the RAV4 and Escape Hybrids feel more akin to a pure BEV.

    Under hard acceleration, the Tucson Hybrid takes a split second before the power kicks in like a traditional ICE vehicle, unlike other hybrids where you feel the instantaneous torque of the electric motor before the ICE engine takes over.

    According to MotorTrend, the 2024 Hyundai Tucson Hybrid can reach 60 mph from a standstill in a respectable 7.8 seconds.

    I only have two real gripes with the driving experience.

    Even though the 1.6-liter engine delivers strong and smooth power when called upon, the intrusive, high-pitched noise it makes under hard acceleration can be jarring. In addition, the six-speed transmission has a tendency to hesitate during low-speed driving leading to abrupt gear changes. Both take away from the Tucson's generally refined driving experience.

    Overall, the Tucson Hybrid delivered solid acceleration and sure-footed handling with a quiet and comfortable ride.

    The SUV had impressive fuel economy for a 3,800-pound, all-wheel-drive SUV.
    The 2024 Hyundai Tucson Hybrid Limited's 10.25-inch digital instrument display showing the flow of energy in the hybrid system.
    The hybrid system in action.

    The Tuscon Hybrid Limited boasts EPA fuel economy figures of 37 mpg city, 36 mpg highway, and 37 mpg in combined driving.

    The Tucson Hybrid isn't as efficient as the RAV4 Hybrid. However, the RAV4 doesn't have a true mechanical all-wheel-drive like the Tucson. Instead, it uses 149-hp electric motor to power the rear wheels to create a virtual all-wheel-drive.

    During my time with the Tucson Hybrid, I fell a few mpg short of the EPA fuel economy ratings. However, my numbers were negatively affected by more aggressive than normal throttle application and extended periods of idling.

    For comparison, the internal combustion-only Tucson with AWD is rated for 23 mpg city, 29 mpg highway, and 25 mpg combined.

    The Hyundai Tucson Hybrid Limited is equipped with a touchscreen infotainment system.
    A 2024 Hyundai Tucson Hybrid's center console with a 10.25-inch touchscreen infotainment screen and touch-sensitive climate controls.
    The Tucson Hybrid Limited's optional 10.25 infotainment screen.

    The 10.25-inch screen is standard on higher trim levels, but lower trim levels get a smaller, 8-inch touchscreen.

    Apple CarPlay and Android Auto are standard on all models. However, only vehicles with the smaller screen get wireless CarPlay and Android Auto.

    The rear seats are trimmed in soft leather and heated.
    The white leather back seats of a 2024 Hyundai Tucson Hybrid SUV.
    The Tucson Hybrid's back seats.

    Occupants in the roomy rear cabin get an impressive 41.3 inches of legroom which is on par with the Honda CR-V and beats the RAV4 by 3.5 inches.

    The rear seat passengers are also treated to dedicated air vents and USB-A plugs.
    The 2024 Hyundai Tucson Hybrid's rear seat air vents and USB plugs.
    Rear seat USB plugs and air vents.

    The Tucson Hybrid Limited is equipped with a smart power liftgate.
    The tailgate of a 2024 Tucson Hybrid SUV.
    The Tucson Hybrid from the back.

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

    Open the liftgate and you'll find 38.7 cubic feet of cargo room behind the rear seats.
    A 2024 Hyundai Tucson Hybrid with its tailgate opened.
    The Tucson Hybrid's cargo area.

    There's no spare tire. Instead, there's a tire repair kit in the underfloor storage area where the spare wheel would have been.
    The 2024 Hyundai Tucson Hybrid's tire repair kit is located in an underfloor storage area.
    The Hyundai Tucson's tire repair kit.

    With the rear seats folded, the Tucson Hybrid boasts 74.5 cubic feet of cargo space.
    The cabin of a 2024 Hyundai Tucson Hybrid with the back seats folded.
    The Tucson's cargo area with the rear seats folded down.

    It's not perfect: The drivetrain needs further refinement and improved interior material quality.
    The large front grille and headlights of a 2024 Hyundai Tucson Hybrid Limited SUV
    The Tucson Hybrid's prominent front grille.

    With that said, I thoroughly enjoyed my time with the Korean hybrid.

    The Tucson Hybrid is a great choice for someone who wants the performance and feel of a pure ICE vehicle but the efficiency of a hybrid.

    This is something few vehicles can deliver these days.

    Read the original article on Business Insider
  • Gen Z is bringing back digital cameras and the post-night-out photo dump

    Friends using a digital camera
    Digital cameras are back thanks to Gen Z (stock image).

    • Digital cameras are regaining popularity among Gen Z, who seek authentic, unfiltered experiences.
    • Profits from digital cameras are projected to grow by $1.4 billion between now and 2028.
    • It signifies a longing for disconnection with social media, which Zoomers have never known.

    I'm old enough to remember a time when I'd have to bring along my little pink digital camera if I wanted to document a night out.

    I would eagerly, if a bit fuzzy-headedly, plug its memory card into my laptop the morning after to look back on all the moments I captured. Slightly blurry, eyes closed, stained shirts, unflattering angles — it didn't matter. All the photos went up on Facebook.

    Time moved on, and so did social media. Facebook albums became a thing of the cheugy past, replaced by Instagram photo dumps and TikTok storytimes.

    But things may have come full circle because digital cameras are back for Gen Z. As are some of the raw, messy moments that come with them.

    Like Facebook albums but cooler

    Despite plummeting between 2018 and 2021, profits from digital cameras in the electronics industry since then have been steadily increasing. Revenue is expected to grow continuously by $1.4 billion between now and 2028, an increase of 5.81%, according to Statistica, with sales expected to reach a new peak of $25.5 billion that year.

    Business Insider's Amanda Krause named digital cameras one of the "quiet status symbols" you will likely see everywhere in 2024. The prediction was right, with Gen Zers now promoting $40 digital cameras all over TikTok.

    Photo slideshows have replaced videos for some Zoomers on the platform, showing off a few unedited snaps of an event or night out with their friends. It's reminiscent of those relentless catalogues I would upload and tag everybody in, just a bit cooler.

    Aswaa Khurram, a Gen Zer from Germany who regularly posts digital camera photo dumps on TikTok, told BI she bought one about six months ago after she saw a friend using a digital camera at her birthday. After that, she became "obsessed," she said, because "the result of a simple digi cam is unmatched."

    She had been using a film camera for a while and even edited her phone pictures to capture the same aesthetic.

    "I really love the precision and clarity those images give you," Khurram said. "Yet they have a certain magic in being able to freeze and feel a moment in time. A digital camera makes every picture and moment look beautiful."

    Hermione Whitehead, a 23-year-old editorial research assistant, told BI she has also always loved retro-looking photos. She had been using disposable and instant print cameras for years but found the film and development costs too expensive.

    She asked for a digital camera for her birthday and now uses her vintage Olympus model all the time. She said she loves the "graininess" of the pictures and the ease of not having to worry about editing apps.

    "Taking photos and capturing memories in the moment is fun," she said. "Using smartphones constantly, we want to be 'away' from that."

    Digital cameras don't come with the added pressures of social media. They don't talk back, and there's no association with getting the perfect shot for your feed.

    "One click and done," Whitehead said.

    @lindsiann

    Replying to @alicee_padfield #greenscreen TRUST ME I HAVE TRIED THEM ALL

    ♬ original sound – Lindsiann

    https://www.tiktok.com/embed.js

    Slowing things down

    Kellie Whitehead, Hermione's mom, told BI said she sees the trend as "a comforting throwback to childhood."

    Her daughter's generation loves all things vintage, thrift, and normcore, she said, which is "a step away from the instant hustle of modern life."

    It's more or less impossible to take a bad photo with a smartphone, Kellie said, so something is charming about being able to do that.

    Sharmin Attaran, a marketing professor at Bryant University, told BI Gen Z's return to more classic forms of photography "reminds us that not everything has to be instant."

    "This trend isn't just driven by nostalgia; it's about connecting with something more tangible and authentic in our heavily digitalized world," she said.

    It's also about embracing authenticity — something that's becoming increasingly important in a culture that's become so reliant on filters and photo editing.

    "Gen Z is championing a slower, more thoughtful approach to life. They're reminding us all that in our fast-paced, instant-everything world, there's still a place for the slow development of film, the excitement of unexpected outcomes, and the lasting value of holding a piece of history in your hands."

    Greg Morrison, the cofounder of MXML Creative, an agency focused on helping brands relate to Gen Z culture, said the hype of digital cameras is nothing new, with Zoomers adopting plenty of nostalgic trends such as Y2K fashion, Pokemon cards, and audio cassettes.

    Khurram said there's definitely nostalgia to using her digital camera because it reminds her of her childhood when her parents would bring out theirs, or a video recorder, to capture special moments and occasions.

    "It brings back memories when photography felt more natural," she said.

    She said she tends to be "less selective and perfectionist" now about what she posts online and has stopped overthinking about whether to share a photo or not — focusing instead on how she felt when she was there. It helps that photos from a camera simply look better.

    "I personally feel more photogenic in those than my phone photos," she said.

    Read the original article on Business Insider
  • ‘Why would you eat a $10 burger out of a paper bag in your car?’ Applebee’s throws shade at fast food chains as it touts deals

    Applebee's.
    Applebee's.

    • The CEO of Applebee's owner, Dine Brands, told CNBC that the chain offers a better value proposition than its fast-food rivals.
    • Diners have been complaining that fast food is too expensive after years of price hikes.
    • But they're also cutting back at casual-dining chains. Applebee's diners are buying cheaper items and visiting less often.

    The CEO of Applebee's owner, Dine Brands, said that diners are being lured in by value deals and argued that the casual-dining chain offers better bang for your buck than fast-food rivals.

    "If you can have our burger for $10, which is great quality, abundant and eat in our restaurant, in our experience, why would you eat a $10 burger out of a paper bag in your car?" Dine Brands CEO John Peyton told CNBC, referring to Applebee's Whole Lotta Bacon Burger promotion.

    Applebee's is among the fast-casual chains looking to scoop up fast-food customers who say they're tired of rising prices. Some diners say they're switching to casual-dining chains to have what they describe as a better sit-down experience with higher quality food for, in some cases, just a few extra dollars.

    But even if it is winning over some fast-food customers, Applebee's sales are still falling.

    Applebee's reported a 4.6% drop in US same-restaurant sales for the first quarter of 2024, which it attributed to a decrease in traffic. Its US restaurants brought in an average of $54,700 in sales each a week, down from $56,800 for the same quarter last year.

    Fast food chains McDonald's, Wendy's, and Burger King have also said that their comparable sales are growing at a much slower rate than this time last year.

    Diners are hungry for deals

    Dine Brands CEO Peyton told investors at the company's earnings call on Wednesday that about 28% of Applebee's orders in the quarter were tied to a limited-time offer or promotion, up from about 19% in the same period in 2023, he said.

    "The consumer has become more price sensitive, as indicated by the response to our limited-time promotions," he added.

    Applebee's Whole Lotta Bacon Burger promotion was a time-limited deal that launched in April and provided diners with bacon-loaded cheeseburgers and a side — fries as the default — for $9.99 for both dine-in and to-go.

    At the time of writing, the burger cost between $13.99 and $19.99 at the locations Business Insider looked at.

    Other promotions Applebee's has launched so far this year include its All You Can Eat promotion in January, which Peyton said "exceeded our expectations," its Date Night Pass, which sold out within minutes, a $0.50 boneless wing promotion, and the return of the Dollarita.

    Peyton said it was important that Applebee's promotions were both profitable as a stand-alone and led to customers buying other things from its menu, too. He noted that Applebee's even makes a profit when it sells margaritas for $1 under its Dollarita promotion.

    It's not just Applebee's trying to grab some cash-strapped fast-food customers by promoting value deals. Chili's, for example, has a "3 For Me" combo that includes an appetizer, an entrée with a side, and a bottomless drink for $10.99.

    Applebee's diners are cutting back, too

    But casual dining chains have been raising their prices, too, because of wage and food inflation. At Dine Brands' restaurants, prices "spiked" in the last roughly two years, rising by between about 5% and 9% on an annualized basis, Peyton said. Historically, its franchisees had put up prices by roughly 2% to 3% a year, he said.

    Peyton warned that diners at Applebee's and sister company IHOP were switching to cheaper menu items and dining out less often. "We also continue to see guests trade down from higher-priced items at both IHOP and Applebee's, another indicator that guests are managing their wallet," Peyton told investors.

    Diners earning $50,000 and less were cutting back the most at both brands, Peyton said, echoing comments made by other restaurant chains.

    "They're more aggressively managing their check, finding our value-oriented items," Peyton said. "That's been consistent the last couple of quarters but more pronounced in Q1."

    Have you switched from fast food to casual dining chains like Applebee's, Chili's, and Olive Garden? Email this reporter at gdean@insider.com.

    Read the original article on Business Insider
  • Take a look inside Menards, the Midwest home-improvement chain owned by Wisconsin’s richest billionaire

    A Menards store in Wisconsin.
    A Menards store in Wisconsin.

    • Menards home-improvement stores earned John Menard Jr. his $22.9 billion fortune.
    • The Midwest chain is different from other stores, with mail-in rebates and no installation services.
    • I was surprised by Menards' size and enormous selection.

    If you've spent any time in the Midwest, chances are the "Save big money at Menards" jingle is permanently embedded in your brain.

    Menards, the home-improvement chain founded by John Menard Jr., is known for its discounted prices, mail-in rebates, and quirky Midwestern charm. The company helped Menard Jr. achieve billionaire status with a net worth of $22.9 billion, making him the richest person in the state of Wisconsin.

    Last year, Menards earned $13.4 billion in revenue, Forbes reported, making it the third-largest home-improvement chain in the US behind Home Depot and Lowe's.

    During a recent trip to my hometown in Wisconsin, I accompanied my dad, a frequent Menards shopper, on one of his trips to see what has made it such a successful business.

    As the founder of home-improvement retailer Menards, John Menard Jr. is Wisconsin's richest billionaire with a net worth of $22.9 billion.
    John Menard Jr.
    John Menard Jr. (left) congratulates IndyCar driver Simon Pagenaud on his victory at the 2016 Angie's List Grand Prix of Indianapolis.

    Menard Jr. is the 87th richest person in the world, Forbes reported.

    After spending a summer constructing pole buildings to put himself through college at the University of Wisconsin—Eau Claire, he started a construction company in 1958, according to Menards' official website. That led him to the building-materials business, and he opened the first Menards retail location in 1964.

    Now with over 300 locations across 15 Midwestern states, the chain sells a wide variety of home-improvement tools and building materials as well as appliances, lighting, furniture, and groceries.

    Menard Jr. is a controversial figure known for his frugality and iron-handed management style. A 2007 Milwaukee magazine profile reported that managers are fined $100 for every minute a store opens late, and Forbes reports that even top executives are still required to clock in.

    In 1997, Menard Jr. was fined over $1.5 million and pleaded no contest to charges regarding illegal hazardous waste disposal. Prosecutors alleged he used his personal pickup truck to take dangerous chemicals from the business to deposit them in his household trash, the Milwaukee Journal Sentinel reported. Menards paid another $2 million in 2005 for violating state water-pollution laws in Wisconsin.

    His personal conduct has also come under scrutiny with a 2013 lawsuit alleging he pressured the wife of one of his business partners to have sex with him and fired her husband when she refused. Menard Jr. denied any inappropriate conduct, his attorney told the Milwaukee Journal Sentinel.

    Menard Jr. is also an avid race-car enthusiast, sponsoring Menards race cars at NASCAR and IndyCar events.

    I visited a Menards store in Milwaukee for the first time.
    A Menards store in Wisconsin.
    A Menards store in Wisconsin.

    The Menards store I visited in Milwaukee's Northridge neighborhood spans a whopping 162,300 square feet, the Milwaukee Journal Sentinel reported.

    In the parking lot, Menards pickup trucks were available to rent to bring home large purchases.
    A pickup truck available for rent at Menards.
    A pickup truck available for rent at Menards.

    The pickup trucks cost $18.95 for the first 75 minutes, $6 for each additional 15 minutes, and 50 cents for each mile driven, according to the Menards website.

    I was surprised to find one-way gates at the entrance to help prevent theft.
    The entrance to Menards.
    The entrance to Menards.

    Most stores I visit in the Midwest don't have extensive security measures. When I compared shopping at Target in New York City and Wisconsin, I found the New York location featured "secured shelves" and locked cases, while even limited-supply items were kept on open shelves in the Midwest.

    Menard Jr. is known to be serious about anti-theft measures. He set a policy that store managers cannot build their own houses to prevent them from stealing supplies, Milwaukee magazine reported.

    Walking in, I was immediately shocked by how large the store was.
    Aisles at Menards.
    Aisles at Menards.

    The aisles seemed to go on forever.

    Our first stop was the grocery section, which sold snacks, beverages, and other basics.
    The grocery section at Menards.
    The grocery section at Menards.

    Menards didn't have a produce section, but it did have a refrigerated section with gallons of milk and frozen food.

    Grocery items at Menards were significantly cheaper than local grocery chains.
    Shopping for cereal at Menards.
    Shopping for cereal at Menards.

    For example, a family-size box of Honey Bunches of Oats cost $4.93 at Menards. At Metro Market, a Midwestern grocery chain, the same box cost $6.29. I see why my dad swears by it.

    I came across some unique products I'd never seen before, like Hydrox sandwich cookies.
    Hydrox brand sandwich cookies at Menards
    Snacks at Menards.

    Oreos were created as an imitation of Hydrox cookies but eventually superseded them in popularity, making Hydrox look like the knockoff. I'd never even heard of Hydrox cookies until I saw them at Menards.

    Menard Jr.'s involvement in racing was evident in the packaging of the locally brewed Sprecher root beer.
    Sprecher root beer at Menards.
    Sprecher root beer at Menards.

    The root beer was labeled as the official craft soda of the Automobile Racing Club of America's Menards Series. A 24-pack cost $19.99.

    Some aisles also featured photos of Menards race cars.
    Racecar-themed decor at Menards.
    Race car-themed decor at Menards.

    Menard Jr.'s son, Paul Menard, raced in the NASCAR Cup Series.

    The lighting section glowed with lightbulbs, chandeliers, and other fixtures.
    The lighting section at Menards.
    The lighting section at Menards.

    The items also featured QR codes to scan for online shopping.

    Counters, cabinets, and bathroom vanities looked ready to install.
    Bathroom vanities at Menards.
    Bathroom vanities at Menards.

    Unlike other home-improvement stores like Home Depot and Lowe's, Menards doesn't offer installation services. Instead, it directs customers to local service providers so the store doesn't act as a competitor to the contractors who shop there.

    The lumberyard was big enough for multiple semi-trucks to load up on supplies.
    The lumber yard at Menards.
    The lumberyard at Menards.

    Milwaukee magazine reported that Menard Jr. used to recycle wood scraps and heat stores with the leftovers.

    The outdoor-living section sold an impressive array of furniture.
    Outdoor items at Menards.
    Outdoor items at Menards.

    The section also included grills, gazebos, and swing sets.

    With spring arriving, the garden center was in full bloom.
    The garden center at Menards.
    The garden center at Menards.

    The gardening section sold potted plants as well as seeds, soil, outdoor decor, and gardening tools.

    Menards had a little bit of everything, including shelves of "As Seen On TV" products.
    An "As Seen On TV" section at Menards.
    An "As Seen On TV" section at Menards.

    The section featured Mike Lindell's MyPillow, Ped Egg callus removers, and portable handheld fans, among other items.

    It even sold its own swag.
    Menards hats
    Menards swag.

    I could see how Menards, a family-owned Midwestern brand, would inspire the kind of loyalty that would make people want to wear its hats.

    Another characteristic of shopping at Menards is its mail-in rebate.
    A Menards rebate form.
    A Menards rebate form.

    On the day I visited, Menards was offering an 11% rebate in the form of a merchandise credit check if you mailed in a receipt and a completed form. The rebate percentage fluctuates, but the system is a hallmark of the Menards shopping experience and helps keep its prices even lower.

    While I'm not a DIY-er myself, I was impressed by Menards' low prices, huge stock, and unique policies.
    Talia Lakritz at Menards in Wisconsin
    The author at Menards.

    Even long after I left the store, I couldn't get the "Save big money at Menards" jingle out of my head.

    Read the original article on Business Insider
  • We bought. ASX: FEX

    Fenix Resources Ltd ASX: FEX  bought at AUD $0.305

    Fenix CEO gave a great talk at the Sydney RIU event on Tuesday 7th of May. He’s confident the iron they produce will continue to find customers as there is a huge demand this year. They focus on their own pits rather than exploring too broadly. I particularly liked his words on the Fenix team and how they value their people. Let’s hope it is genuine and that it makes a difference in an industry led by the same middle-aged white folks since its inception.

    They have a target price of 45 cents per share by next year.

  • Peter Thiel was trapped inside a student debating hall by pro-Palestine protesters accusing him of genocide

    Peter Thiel speaks at the Cambridge Union
    Peter Thiel speaks at the Cambridge Union Society.

    • Peter Thiel faced backlash from pro-Palestine protesters during an event in Cambridge, UK. 
    • Thiel is the cofounder of Palantir, a data-mining firm that works with the Israel Defense Forces.
    • Protesters interrupted his speech at the Cambridge Union and accused him of genocide. 

    Tech billionaire Peter Thiel was trapped inside a student debating hall on Wednesday by pro-Palestine protesters who accused him of genocide.

    Thiel, 56, is a cofounder of data-mining company Palantir, which supplies the Israel Defense Forces with technology for "war-related missions."

    Thiel was giving a speech at the Cambridge Union Society in the UK (which is independent of the University of Cambridge) when pro-Palestinian protesters interrupted his monologue. They were later photographed being escorted out of the event.

    Peter Thiel protester
    A protester is escorted out of the event.

    Videos circulating on X show protesters gathered outside the building. One video, posted by Mail on Sunday journalist Sabrina Miller, shows a large group of protesters waving Palestinian flags and chanting.

    "Peter Thiel trapped inside Cambridge Union. Protesters not letting him leave," Miller wrote.

    Thiel's vehicles were also blocked from leaving the Cambridge Union for more than an hour by hundreds of protesters, according to Varsity, Cambridge University's independent student newspaper.

    The Times reported that Thiel taunted the group of activists by smiling and waving at them while taking pictures. The report said he had to arrive several hours early to avoid confrontations.

    "Since October 7th, 14,000 children in Palestine have been murdered, and Palantir is complicit in that. Your actions are complicit in the genocide of thousands of people," one protester from the Youth Demand campaign group could be heard saying in a video posted to X.

    "Your technology is ensuring that hospitals are being bombed," they added.

    "It's embarrassing and appalling that anyone could even want to attend a talk by a man profiting millions off the backs of dead people," one protester said in a press release issued by Youth Demand.

    Campaigners outside Peter Thiel's event at Cambridge Union
    Campaigners outside Peter Thiel's event at Cambridge Union.

    "Palestinian lives are not disposable and I cannot stand for profit over human lives," they added.

    "Since our founding in 1815, the Cambridge Union Society's foremost principle is that of freedom of speech and the open exchange of ideas," Paul Seagrove, Communications Manager at the Cambridge Union Society, told Business Insider.

    "In this spirit, we both support the right to peaceful protest alongside the right for our speakers and members to voice their opinion. Last night's event demonstrated this long-standing tradition of the society."

    Representatives for Youth Demand campaign group and Palantir did not immediately respond to requests for comment.

    The exact details of Palantir's partnership with Israel aren't clear. In 2023, the company introduced its AI platform for militaries to analyze targets and create battle plans, Bloomberg said.

    "Both parties have mutually agreed to harness Palantir's advanced technology in support of war-related missions," the company's executive vice president, Josh Harris, told Bloomberg.

    "This strategic partnership aims to significantly aid the Israeli Ministry of Defense in addressing the current situation in Israel."

    Earlier this week, Palantir posted revenue of $634 million in the quarter ending March 31, a 21% increase from the same time last year.

    Alex Karp, Palantir's CEO, previously lashed out at the wave of pro-Palestine student protests occurring at universities. He doubled down on his comment in theon the earnings call.

    "The greatest institutions of our time disappear and turn into discriminatory dysfunction," he said.

    Read the original article on Business Insider
  • American Airlines is flying 70 World War II veterans to France for the 80th anniversary of the D-Day landings

    Boeing 787-9 Dreamliner, from American Airlines
    An American Airlines Boeing 787-9.

    • American Airlines announced a charter flight to France for 70 World War II veterans.
    • It will commemorate the 80th anniversary of the D-Day landings.
    • The trip will start with a send-off parade at Dallas-Forth Worth Airport.

    Dozens of World War II veterans will enjoy a free flight to France to commemorate the 80th anniversary of the D-Day landings.

    American Airlines announced Wednesday that it will fly 70 veterans aboard a chartered Boeing 787-9 Dreamliner. It will start with a dinner at the carrier's headquarters and a send-off parade at Dallas-Fort Worth Airport, before the chartered flight to Paris on May 31.

    The veterans will spend two days in the French capital before a series of events in Normandy, finishing with a ceremony at the American Cemetery.

    Back in February, Delta Air Lines also announced similar plans. It will fly 60 World War II veterans directly to Normandy for the third year in a row.

    One of the veterans being flown by AA is Frank Perry — a former pilot with Piedmont Airlines, which later became part of American. He served in the Army Air Corps as a turret gunner.

    Felix Maurizio, a US Navy veteran, will also be on the flight. He was on one of the landing craft that transported soldiers, including his brother, to Omaha Beach on D-Day.

    [youtube https://www.youtube.com/watch?v=OKzeiwZnBmA?feature=oembed&w=560&h=315]

    "We're honored to play a part in helping this group of heroic veterans return to Normandy," said David Seymour, American's chief operating officer and an army veteran himself.

    "This special journey is not only an expression of our gratitude for these heroes and the sacrifices they made for our freedom, but we hope to help shine a light on their extraordinary stories and preserve their legacies for generations to come."

    Read the original article on Business Insider
  • An OpenAI rival says its new AI model is not only cheaper to run than GPT-4, but it’s also more useful

    From left: Ivan Zhang, Aidan Gomez, and Nick Frosst, the founders of Cohere.
    From left: Ivan Zhang, Aidan Gomez, and Nick Frosst, the co-founders of Cohere.

    • Cohere unveils fine-tuned AI model it says outperforms GPT-4 on some tasks. 
    • The model is also cheaper to run, costing up to 15 times less than larger AI systems. 
    • Cohere is betting on cheaper, business-focused AI as it tries to compete with OpenAI and Anthropic.

    OpenAI rival Cohere has unveiled an updated AI model it says is more useful and cheaper to run than GPT-4.

    The AI startup says it is rolling out the ability to fine-tune its Command R AI model, allowing it to outperform larger models like GPT-4 in some use cases while costing up to fifteen times less to operate.

    It raises hopes that smaller, cheaper models might be able to match the larger, more expensive AI systems built by tech giants as concerns grow over the spiraling costs of the AI boom.

    "We have found that fine-tuning on data sets with a small model gets really great results," Cohere cofounder Nick Frosst told Business Insider.

    "Fine tuning on Command R, when we benchmarked it against the competition, outperforms some models in completely different weight classes and can then do better than them at a tiny bracket of the price," he added.

    Cohere said when tested on tasks such as summarizing meetings and analyzing financial and scientific information, the fine-tuned version of Command R was more accurate than GPT-4, GPT-4 Turbo, and Claude Opus, the most advanced model built by Amazon-backed Anthropic.

    Cohere performed these tests itself, and found that its fine-tuned Command R model scored 80.2% on accuracy when summarizing meetings, compared to 78.8% for GPT-4 and 77.9% for Claude Opus. Similarly, when analyzing financial data Command R was 6.2% more accurate than GPT-4 and 5.3% more accurate than Claude.

    The running cost of the fine-tuned model, known as the inference cost, is also far below GPT-4 and Claude Opus, costing between $2 to $4 per million tokens compared to $30 to $60 for GPT-4.

    Cohere said that as Command R, which initially launched in March, is significantly smaller than the likes of GPT-4, it costs much less to run.

    Fine-tuning, which sees users tailor the model with specialist data, also reduces the amount of computation required to run the model by making it better at more relevant tasks.

    Fine-tuning on the Command R model is available on Cohere's platform from Thursday, with availability on other platforms coming in the near future.

    Cohere bets on enterprise

    The massive amount of computer power needed to train large AI models like GPT-4 and Meta's Llama has forced many AI companies into a multi-billion-dollar arms race, even as the path to making AI profitable remains elusive.

    Mark Zuckerberg told investors that Meta will continue spending "aggressively" on AI, and OpenAI boss Sam Altman said last month that he "doesn't care" if building Artificial General Intelligence — AI with above human-level intelligence — costs $5 billion, $50 billion or $500 billion.

    "As long as we can figure out a way to pay the bills, we're making AGI. It's going to be expensive," Altman said to a group of students at Stanford University.

    Cohere, which is based in Toronto, has taken a different approach. The company is targeting businesses and enterprise customers, offering smaller AI models specifically tailored to business uses at a fraction of the cost of larger models.

    "I think there's a very interesting scientific debate to be had about whether or not large language models alone will scale to AGI — I don't think they will. So I don't think just throwing more money into compute will result in something like AGI," said Frosst.

    "Large language models are an incredible technology. I think they can deliver so much more value than they're delivering currently. But only if they're actually put into real business use cases, if they're made at a reasonable price point," he added.

    Cohere was valued at over $2.1 billion last year, but the road hasn't been completely smooth. The Information reported in March that despite its lofty valuation, Cohere was generating only $13 million in annualized revenue by the end of last year.

    Business Insider understands that annualized revenue had risen to around $35 million by the end of Q1. Frosst said that Cohere's revenue had increased due to the company releasing a steady stream of new models and updates this year.

    "It's been a good start to the year for us. I think that is a direct result of us focusing on actually business-ready and real-world solutions rather than lofty science projects," he said.

    However, the company still faces a challenge in competing with Big Tech-backed heavyweights like OpenAI and Anthropic.

    The picture for AI startups looks less sunny than a year ago, with buzzy firms like Stability AI and Inflection encountering problems in recent months.

    Stability conducted layoffs last month as part of an effort to "focus" its operations after CEO Emad Mostaque resigned, following reports that the startup was experiencing financial problems.

    Meanwhile, Inflection, which was once valued at $4 billion, lost cofounder Mustafa Suleyman and a chunk of its staff to Microsoft in March.

    Cohere is counting on its focus on enterprise and low-cost models to help it carve out a niche in an increasingly competitive AI landscape.

    "We're interested in making these models as useful as possible," said Frosst.

    "We're interested in a world where every day you use a language model to help you in any of the things you're using a computer with. You don't need AGI for that," he added.

    Read the original article on Business Insider
  • Home prices are falling in parts of Florida and Texas as buyers tap out and supply outpaces demand

    house home price
    Home prices fell in several parts of Florida and Texas last quarter.

    • Home prices are falling in parts of Florida and Texas even as they soar nationally.
    • Sale prices only dropped in 15 of 221 metro areas last quarter, and five were in those states.
    • High prices, steeper mortgage rates, and supply catching up with demand help explain the declines.

    Home prices are falling in parts of Florida and Texas as buyers tap out and supply catches up with demand.

    The median sale price for existing single-family homes rose in 93% of 221 metro areas in the year through March, the National Association of Realtors reported this week.

    There were falls in just 15 markets, and five of those were in Florida and Texas — Cape Coral-Fort Myers (-4.4%), Panama City (-3.8%), and Crestview-Fort Walton Beach-Destin (-0.2%), and San Antonio-New Braunfels (-4.6%) and Austin-Round Rock (-0.3%) respectively.

    That's a striking contrast to the national picture. Overall, the median home price rose 5% to north of $389,000, led by metro areas such as Fond du Lac, Wisconsin (23.7%), and the Illinois regions of Kankakee (22%), Rockford (20.1%), and Champaign-Urbana (20%).

    Florida and Texas are known for their red-hot real estate markets, so it's surprising to see prices dropping in several parts of those states.

    Buyers may be getting priced out. Austin-Round Rock ranked among the 50 most expensive markets analyzed by NAR, with a median sale price of $467,000.

    Cape Coral ($415,000) and Panama City ($351,000) were also in the top 100. Homeowners in Florida face the added headache of surging insurance costs due to climate risks.

    Not only are homes expensive, but taking out a loan to buy one has become far more costly, creating an affordability crisis.

    The monthly mortgage payment on a typical home with 20% down jumped by more than 9% last quarter to north of $2,000, NAR found.

    The increase is largely down to the Federal Reserve's campaign to crush inflation by raising interest rates. The average 30-year fixed-rate mortgage rate was nearly 7% last quarter — more than double its 3% level at the start of 2022.

    Florida and Texas have also scrambled to build more houses in recent years, since the pandemic sparked a surge in people moving to those states.

    Redfin identified only 10 metro areas that increased their housing supply in the year to March, and eight were in those two southern states.

    'Lock-in effect'

    Inventory has now caught up with demand in some areas, leading to homes sitting on the market for longer, sellers cutting prices, and price growth stagnating.

    That differs from much of the country, where supply remains heavily constrained duer to the "lock-in effect" — sellers holding off on listing their homes because they don't want to give up their cheap mortgages.

    Florida's Cape Coral led the supply boom with a 51% increase in homes for sale last quarter. It also had one of the highest rates of seller price cuts and saw an unrivaled 31-day increase in the time taken to sell a typical home, Redfin found.

    In line with NAR, Redfin found that prices fell in San Antonio and were flat in Austin, even as the vast majority of markets recorded price increases.

    The takeaway is that a combination of sky-high prices, steeper mortgage rates and other costs like insurance squeezing buyers' budgets, and supply catching up with demand has resulted in prices flatlining or falling in parts of Florida and Texas, bucking the national trend.

    That's bad news for sellers and homeowners hoping their properties will appreciate in the near term. But it could give bold buyers an opening to snag their next home.

    Read the original article on Business Insider