• Russia needs ‘significant’ ammo from countries beyond Iran and North Korea to sustain Ukraine offensives, NATO official says

    A Ukrainian soldier prepares artillery shells at his artillery position in the direction of Liman, Ukraine
    A Ukrainian soldier prepares artillery shells near Liman, Ukraine, on May 25, 2024.

    • Russia needs a lot of ammo supplies to sustain its offensives in Ukraine, a NATO official said.
    • It's already turned to allies like Iran and North Korea to help replenish its stocks.
    • But supplies from Iran and North Korea won't be enough, the official said, per Reuters.

    Russia needs "significant" ammo supplies from countries other than Iran and North Korea in order to sustain its offensives in Ukraine, a senior NATO official said, per Reuters.

    The unnamed official shared NATO intelligence with reporters ahead of the military alliance's annual summit in Washington, DC.

    "To sustain real offensive operations, we think that Russia would have to secure significant ammunition supplies from countries beyond what it is already getting from Iran and from North Korea," they said, per Reuters.

    Russia has turned to allies like North Korea and Iran to replenish its dwindling ammunition stockpiles as its troops launch grinding offensives in Ukraine and burn through artillery shells.

    While the total amount of ammo the two countries have sent to Russia is unclear, South Korea's defense minister said in February that North Korean weapons factories were "operating at full capacity" making arms and ammunition for Russia.

    He also said it had sent 6,700 containers to Russia since last August.

    Meanwhile, Iran sent 300,000 artillery shells to Russia in 2023, an unnamed NATO official told CNN in March.

    Russia has also ramped up its own production.

    According to an analysis by consulting firm Bain & Company, reported by Sky News in May, Russia's armaments industry is expected to make or refurbish 4.5 million artillery shells this year — three times more than Ukrainian allies' 1.3 million expected shells.

    However, even help from Iran and North Korea won't be enough for Russia to sustain offensive operations on the battlefield in Ukraine, according to the NATO official.

    In addition to munition problems, Russia also faces a lack of manpower on the battlefield after its army suffered "very high" losses in Ukraine, the NATO official said, meaning it can't mount a large-scale offensive.

    "Vladimir Putin would have to order a new large-scale mobilization," the official said, per Reuters, adding that Russia is having to "order undermanned, inexperienced units to move into areas to achieve unrealistic objectives."

    Read the original article on Business Insider
  • Texans used cult fast food chain Whataburger’s app to track power outages during Hurricane Beryl

    A Whataburger restaurant
    Some Houston residents used Whataburger's app to track power outages.

    • Some Texas residents used Whataburger's app to track power outages in the wake of Hurricane Beryl.
    • They used its restaurant map to see which areas appeared to have regained power.
    • 2.26 million customers lost access to power, said CenterPoint Energy, Houston's main energy provider.

    People in Texas have been using Whataburger's app to follow power outages in the wake of Hurricane Beryl because of a lack of information from Houston's main energy provider.

    CenterPoint Energy said that 2.26 million customers had lost their power access during the storm.

    It said that it worked quickly to restore access. But information on where exactly power access had been regained was hard to come by, with no map available because of technical issues stemming from a storm in May, The New York Times reported.

    Instead, locals used Whataburger's website and app to track which of its restaurants — typically open 24 hours — were open, thus determining which areas had power.

    "The Whataburger app works as a power outage tracker, handy since the electric company doesn't show a map," one person wrote in a post on X, which gained 11 million views.

    "I really had to download the Whataburger app to keep up with the Houston power outage," another person posted.

    Many users pointed out the funny side of using Whataburger as a tracker, with one person writing: "Using the Whataburger app to track power outages after a hurricane is probably the most Houston thing I can possibly imagine."

    The chain itself even weighed in, saying in response to one tweet: "Well there's a use for our app we didn't think of! We hope you and everyone else are okay!"

    Using Whataburger's app in such a way is not dissimilar to the so-called "Waffle House Index," which is often used to measure the severity of extreme weather and natural disasters.

    Waffle House is well-known for staying open whatever the weather, so people know that if their local Waffle House is closed, then things must be bad.

    Whataburger CEO Ed Nelson told USA Today that the app only gives a "general idea of power availability" and that people who want to visit one of its restaurants should call ahead to check if it's open. One person posted on X that they had watched cars lined up in a Whataburger drive-thru that was lit up and looked like it was open, but there were no staff on-site. "Each car takes turns sadly realizing this," they wrote.

    Business Insider has approached Whataburger and CenterPoint Energy for comment.

    More than a million customers still don't have power

    As of Wednesday morning, CenterPoint Energy has released a tracking map showing where power has been restored. As of the early hours of Wednesday, more than 1.3 million customers were still without power.

    Beryl was the first hurricane of the 2024 Atlantic hurricane season. It strengthened to a Category 5 storm "unusually early in the year," partly because of "exceptionally warm ocean temperatures," the US National Oceanic and Atmospheric Administration said. It became the earliest Category 5 hurricane observed in the Atlantic on record, with wind speeds of up to 165 miles per hour.

    It made landfall on Carriacou Island in the southern Caribbean on July 1, spread across the Caribbean, leaving devastation in its wake, and made landfall in Texas early on Monday as a Category 1 hurricane.

    Texas Acting Gov. Dan Patrick said on Tuesday that the state had been informed of three storm-related fatalities: Two by fallen trees and one by drowning. The AP reported on Monday that Beryl has caused at least 11 deaths.

    The US National Hurricane Center expects flash flooding on Wednesday in areas from southeast Michigan into northern New England, and some possible tornadoes.

    Read the original article on Business Insider
  • Front-line NATO allies say the West needs to give Ukraine the ‘technological superiority’ it needs to beat Russia

    A Romanian Air Force F-16 escorts a C-27J Spartan aircraft during an air policing exercise above eastern Romania on March 6. Ukraine has long been waiting for NATO to provide it with the American-made fighter jets.
    A Romanian Air Force F-16 escorts a C-27J Spartan aircraft during an air policing exercise above eastern Romania on March 6. Ukraine has long been waiting for NATO to provide it with the American-made fighter jets.

    • The West has outfitted Ukraine with billions of dollars in security assistance to fight Russia.
    • But it needs to give Ukraine the weapons it needs to actually win the war, NATO members say.
    • The three Baltic states said Moscow must be left unable to pose a threat in the future.

    The West should send Ukraine the kind of weapons it needs to inflict a lasting, strategic defeat on Russia, NATO countries on the front lines of the military alliance said Tuesday.

    The defense ministers of Estonia, Latvia, and Lithuania — the three Baltic states that border Russia and staunch supporters of the Ukrainian war effort — urged the West to help Ukraine in a way that renders Moscow militarily unable to take this sort of action in the future, arguing this means increasing political and military support for Kyiv.

    There is a key "strategic difference" between helping Ukraine fight Russia, as the West has been doing throughout the full-scale war, and helping it actually win, Estonian Defense Minister Hanno Pevkur said during a roundtable discussion hosted by POLITICO and German television outlet Welt on the sidelines of the NATO summit in Washington, DC.

    Pevkur said the options are to either support Ukraine for "as long as it takes" — a phrase, often used by the US to describe its intentions, that has been met with criticism — or give Kyiv everything it needs so that it can actually win.

    M142 HIMARS launches a rocket on Russian position on December 29, 2023 in Ukraine.
    A US-provided M142 High Mobility Artillery Rocket System launches a rocket on Russian positions in December 2023 in Ukraine.

    "There is a technological superiority in the West over Russia, but we are not giving that to Ukraine at the moment," Pevkur said, explaining that NATO has refused to act with urgency when making decisions about long-range munitions, fighter jets, and other weapons.

    NATO members have given Ukraine tens of billions of dollars in security assistance since Russia's full-scale invasion began in February 2022. Some of this weaponry is considered to be highly advanced and better than its Russian counterparts. But the West has also been reluctant to provide Kyiv with the more powerful tools available in its arsenal.

    The three Baltic states have consistently been strong advocates of sending more security assistance to Ukraine, fearing that, because of their geographical proximity to Russia, they would be the first ones targeted if Moscow ever decided to attack deeper into Europe.

    With this threat in mind, the Baltic nations have long pushed for increased defense spending among NATO member states. They are among the alliance's top defense spenders as a share of GDP, and they are also outspoken on NATO's ability to deter a broader attack from Russia.

    Estonian Defense Minister Hanno Pevkur addresses the US Chamber of Commerce in Washington, DC, on July 9.
    Estonian Defense Minister Hanno Pevkur addresses the US Chamber of Commerce in Washington, DC, on July 9.

    But sending a message of deterrence might not be enough on its own. Laurynas Kasčiūnas, Lithuania's minister of national defense, said if NATO wants to contain and damage Russian power, it should consider the fact that Ukraine is asking for ammunition and weapons — not Western troops.

    "They are ready to fight and to push back [the] Russians — not only from Ukraine, but also from Europe," Kasčiūnas said at Tuesday's event. Backing Ukraine means "building up European security," he added.

    "The goal must be [the] strategic defeat of Russia in Ukraine," said Latvian Defense Minister Andris Sprūds. He said this means Ukraine regains all the territory it's lost since 2014 — when Russia first invaded the country — and that Moscow is unable to wage any type of future conflict against Ukraine, its neighbors, or NATO.

    NATO countries have vowed to continue supporting Ukraine with critical security assistance. US President Joe Biden kicked off the consequential summit by announcing that the alliance would send more air-defense systems to Kyiv.

    US President Joe Biden shakes hands with NATO Secretary General Jens Stoltenberg during the NATO 75th anniversary celebratory event at the Andrew Mellon Auditorium on July 9 in Washington, DC.
    US President Joe Biden shakes hands with NATO Secretary General Jens Stoltenberg during the NATO 75th anniversary celebratory event at the Andrew Mellon Auditorium on July 9 in Washington, DC.

    At the same time, Russia has regained much of its military strength, and its war-time economy is increasingly firing on all cylinders. The Baltic states say enabling Ukraine to win will require a massive political buy-in and support from the West.

    "Do we want to win this war together with Ukraine, and do we want to see that Russia is not only losing, but they will be downgraded to the level that they will not even think about the new initiatives against their neighbors?" Pevkur said. Or is it to "continue helping Ukraine 'as long as it takes?'"

    "My understanding is that 'as long as it takes' is not enough," Pevkur said. "We have to say clearly: 'Yes, we will help Ukraine to win this war.'"

    Read the original article on Business Insider
  • ‘The Devil Wears Prada’ is reportedly getting a sequel starring Meryl Streep and Emily Blunt. Here’s what we know.

    Meryl Streep as Miranda Priestly in "The Devil Wears Prada."
    Miranda Priestly (Meryl Streep) is reported to be the lead in "The Devil Wears Prada" sequel.

    • "The Devil Wears Prada" is getting a sequel, multiple outlets have reported. 
    • Puck reported Meryl Streep and Emily Blunt are set to return. 
    • Entertainment Weekly reported that Anne Hathaway and Stanley Tucci are also in talks to return.

    Meryl Streep may return as the iconic Miranda Priestly in a "The Devil Wears Prada" sequel, Puck reported.

    The 2006 original, which is considered a classic, follows journalism graduate Andy Sachs (Anne Hathaway) as she struggles to survive as the junior assistant to high fashion magazine editor Miranda Priestly.

    On Monday, Puck reported without citing sources that the new film will see Priestly at the end of her career, with the publishing industry in decline. Emily Blunt, who played Priestly's assistant, has also signed on to the film, Puck reported.

    Entertainment Weekly reported on Tuesday that Hathaway and Stanley Tucci are also in talks to make an appearance in the sequel.

    Deadline, Variety, and The Hollywood Reporter cited unnamed sources to report that the cast members haven't been confirmed yet, contradicting Puck's report.

    Representatives for Disney, Streep, Hathaway, Tucci, and Blunt did not immediately respond to a comment request from Business Insider.

    From "Mean Girls" to "Beetlejuice," Hollywood has been churning out plenty of reboots and sequels to popular movies in recent years in the hope of securing easy financial wins.

    "The Devil Wears Prada" was nominated for two Oscars and was a commercial success, making $326.7 million worldwide. It quickly became a cultural landmark, with fans continuing to discuss, dissect, and admire the movie years.

    Here's everything we know about "The Devil Wears Prada" sequel.

    The film is reportedly in early development

    Anne Hathaway typing at a desk in "The Devil Wears Prada."
    Anne Hathaway played the protagonist Andy Sachs in "The Devil Wears Prada."

    All four outlets reported the film is in early development, so it will likely not premiere within the next year.

    Puck, THR, and Deadline reported Wendy Finerman will return to produce the second film.

    The outlets also reported that Aline Brosh McKenna, who wrote the screenplay for the first movie based on Laura Weisberger's book of the same name, is in talks to write the script.

    Deadline reported that director David Frankel is in talks to return to direct the sequel.

    The main stars from the first movie may return for the sequel.

    Emily Blunt as Emily in "The Devil Wears Prada."
    Emily Blunt may also reprise her role as Emily Charlton in "The Devil Wears Prada" sequel.

    Puck reported that Finerman had persuaded Streep and Blunt to reprise their roles as Priestley and her snaky assistant Emily Charlton.

    In March, Hathaway told E! News that she didn't think there would be a sequel, but she has not ruled out returning.

    But Entertainment Weekly reported, citing unnamed sources, that Hathaway is in talks to return as the aspiring journalist Andy Sachs. EW also reported that Tucci, who played the fashion magazine's art director, Nigel, is also in talks to appear in the sequel.

    Miranda Priestly will reportedly be the protagonist in the sequel

    the devil wears prada
    "The Devil Wears Prada" was also praised for its iconic fashion outfits.

    In the sequel, Priestly reportedly ends up in a showdown against Charlton, who is now an executive of a luxury goods company that has advertising money that her former boss needs.

    Stay tuned for more information about "The Devil Wears Prada" sequel.

    Read the original article on Business Insider
  • Katy Perry released another teaser for her new song ‘Woman’s World.’ People can’t decide whether she’s so back or desperate to relive her glory days.

    Katy Perry attends the 2024 Billboard Women in Music event.
    Katy Perry is trying to make a comeback.

    • Katy Perry has released a music video teaser for her upcoming song, "Woman's World."
    • For weeks, fans have been mocking the initial "Woman's World" snippets.
    • Now, fans are divided over whether Perry's career will be revived or if she's clinging to her glory days.

    Katy Perry has released a teaser of the music video for her new single "Woman's World," and fans are divided over whether it's enough for her to finally have a successful comeback.

    Perry became a huge pop star in the late noughties thanks to iconic tracks including "I Kissed A Girl," "Hot n Cold," and "Teenage Dream," but her career stalled in the late 2010s as her new songs struggled to land with audiences.

    Ahead of her seventh album, which has no release date, Perry has been teasing a new style and snippets of her first single, "Woman's World," in a bid to win over audiences again.

    But fans instantly mocked the first snippet, released last month, describing the lyrics as "dated" and as if they were written using AI. But Perry persevered, releasing more snippets that were better received.

    On Tuesday, Perry shared a teaser for the single's music video, which will be released on Thursday. It features Perry and a group of dancers performing on a construction site with drills, hammers, and what appear to be vibrators.

    Some fans were happy with the clip, dubbing the video the start of Perry's comeback.

    https://platform.twitter.com/widgets.js

    https://platform.twitter.com/widgets.js

    Others were quick to compare it to the video for her "California Gurls" single from her 2010 "Teenage Dream" album.

    Perry's fun and raunchy music videos and live performances from the "Teenage Dream" era helped boost her fame in the noughties and early 2010s, and "Woman's World" seems to be a return to that.

    However, some users on X have criticized the teaser, saying that Perry is trying to use nostalgia for her glory days to revive her career.

    https://platform.twitter.com/widgets.js

    https://platform.twitter.com/widgets.js

    Regardless, Perry seems convinced "Woman's World" will be her next big win.

    In February, Perry announced on "Jimmy Kimmel Live!" that she was leaving her judging gig on "American Idol" after six years to focus on her music career.

    Perry also teamed up again with Dr. Luke, a producer and songwriter who helped make eight of Perry's Billboard Hot 100 No. 1 singles. Dr. Luke has not worked on one of Perry's songs since 2013, before her career slump.

    Some fans criticized Perry for working with Dr. Luke again after Kesha filed a lawsuit against him, accusing him of sexual, physical, and emotional abuse. Dr. Luke denied the claims, and the pair reached an undisclosed settlement in June 2023.

    Perry has yet to comment on the backlash, and a representative for Perry did not respond to a request for comment from Business Insider.

    Only time will tell if "Woman's World" can skirt criticism and put Perry back to the top.

    Read the original article on Business Insider
  • Copenhagen may have cracked how to get tourists to behave: Free glasses of wine and kayaking

    Copenhagen, Denmark
    Copenhagen, Denmark's capital and most populous city, wants to reward climate-conscious tourists.

    • Copenhagen will launch the CopenPay initiative to reward climate-conscious tourists.
    • The monthlong trial offers incentives such as free museum entry for green deeds like cycling.
    • The aim is to reduce the environmental burden of tourism on Denmark's capital.

    Copenhagen may have figured out how to get tourists to behave.

    The Danish capital is launching an initiative this month to reward climate-conscious visitors with incentives such as free meals, wine, kayaking tours, and complimentary entry to museums.

    Tourists and locals will be rewarded for their green deeds, such as arriving at a tourist attraction on a bike or picking up litter.

    For instance, those who take a train or ride a bike to Copenhagen's heating plant can then ski down its sloped roof.

    Meanwhile, visitors who show up with a piece of plastic waste at the National Gallery of Denmark can get involved in workshops that turn that waste into art.

    The city tourism board said that while proof of these green deeds is desirable, the CopenPay scheme will operate mainly on trust. A report from the Pew Research Center has shown that Denmark has the highest levels of personal trust in the world.

    Tourism generates a huge amount of money for Denmark. Official statistics from the Danish government show that the country welcomed an estimated 15 million tourists in 2023. According to Statista, revenue from tourism in 2021 was around 118.2 billion Danish kroner or about $17.5 billion.

    "With CopenPay, we're empowering people to experience more of what Copenhagen offers while placing less burden on our planet. It's about creating meaningful and memorable experiences that are enjoyable and environmentally responsible," said Mikkel Aarø Hansen, CEO of Wonderful Copenhagen.

    According to Copenhagen's tourism board, the initiative aims to reduce tourism's environmental burden rather than attract more tourists to the region.

    The disclaimer comes in the wake of anti-tourist protests in Barcelona, where visitors were sprayed by locals with water guns in a bid to deter overtourism in the country.

    Other cities, such as Venice, have implemented a daily tourist fee to deter visitors from arriving on certain days.

    The CopenPay scheme will begin on a trial basis on July 15 and run for one month.

    Read the original article on Business Insider
  • Microsoft and Apple may be playing the long game by ditching OpenAI board roles

    Satya Nadella and Sam Altman
    OpenAI CEO Sam Altman with Microsoft CEO Satya Nadella.

    • Microsoft has given up its observer role on OpenAI's board, per a letter reported by outlets including Axios.
    • Apple is not expected to take up a similar observer role, The Financial Times reported.
    • The moves may be an attempt to ease regulatory concerns over their influence in the AI sector.

    Microsoft and Apple might have made a play to assuage antitrust regulators over their involvement with OpenAI.

    Microsoft has now relinquished its role as an observer on OpenAI's board, while Apple will not take up a similar spot, according to reports by outlets including The Financial Times.

    Although Microsoft had no voting rights, its decision may be a bid to ease the concerns of regulators, who have been trying to assess its influence over OpenAI.

    Microsoft won an observer role following the brief ousting of Sam Altman as OpenAI's CEO last November.

    But late Tuesday the company said it was not "necessary" to keep its seat after witnessing "significant progress" in the past eight months, according to a letter Microsoft sent to OpenAI seen by outlets including Axios and the Financial Times.

    Microsoft also said in the letter that it's "confident" about OpenAI's "direction."

    Alex Haffner, a competition partner at law firm Fladgate, told BI: "It is hard not to conclude that Microsoft's decision has been heavily influenced by the ongoing competition/antitrust scrutiny of its (and other major tech players) influence over emerging AI players such as OpenAI."

    He added: "It is clear that regulators are very much focused on the complex web of interrelationships that Big Tech has created with AI providers, hence the need for Microsoft and others to carefully consider how they structure these arrangements going forward."

    Microsoft has invested billions in the ChatGPT maker and gets nearly half of OpenAI's profits as part of the partnership deal. OpenAI still relies on Microsoft's cloud services for the computing power needed to train and run its large language models (LLMs).

    New approach

    The partnership has been considered to have given Microsoft a leg up in the AI race, as OpenAI's models power its AI features such as Copilot.

    An OpenAI representative told BI that its new CFO, Sarah Friar, was taking a new approach to engaging with partners such as Microsoft and Apple, and investors including Thrive Capital and Khosla Ventures.

    "Moving forward, we will host regular stakeholder meetings to share progress on our mission and ensure stronger collaboration across safety and security," they said.

    Apple is set to follow Microsoft's lead, retreating from its plan to take on a similar board observer role, the FT reported. Bloomberg previously reported that Apple had secured an observer seat.

    Antitrust scrutiny

    This came after Apple announced it struck a partnership with OpenAI at its Worldwide Developers Conference (WWDC) in June, integrating ChatGPT into its devices including the iPhone as part of a broader AI push.

    The pullback underscores the mounting antitrust scrutiny of Big Tech's grip on AI. Regulators in both the US and UK have raised concerns about potential market control through strategic partnerships.

    Microsoft and OpenAI are both facing regulatory scrutiny from the Federal Trade Commission and the UK's Competition and Markets Authority. European regulators have also been assessing the partnership.

    It remains to be seen whether Microsoft and Apple's moves will placate those concerns about their involvement with OpenAI.

    Read the original article on Business Insider
  • Fans are wondering why Paul Mescal is playing Lucius in ‘Gladiator 2’ instead of Spencer Treat Clark. Ridley Scott explained his reasoning.

    Paul Mescal as Lucius in "Gladiator 2" and Spencer Treat Clark as Lucius in "Gladiator."
    Paul Mescal as Lucius in "Gladiator 2" and Spencer Treat Clark as Lucius in "Gladiator."

    • The first "Gladiator 2" trailer showed Paul Mescal as Lucius fighting Pedro Pascal's Marcus Acacius.
    • The younger version of Lucius was played by Spencer Treat Clark in the original "Gladiator" movie.
    • Here's why Clark doesn't reprise the role in "Gladiator 2."

    The trailer for the "Gladiator" sequel dropped on Tuesday, leaving fans wondering why Paul Mescal plays slave fighter Lucius instead of Spencer Treat Clark, who played him in the original.

    Ridley Scott's "Gladiator" starred Russell Crowe as Maximus Decimus Meridius, a former Roman general who is betrayed and sold into slavery. The film sees Lucius, the heir to the Roman Empire, watch Maximus fight in the Colosseum.

    The 2000 movie is one of the most beloved historical epics of all time and won five Oscars, including best film, best actor, and best director. Because of this, there's plenty of pressure on "Gladiator 2" to live up to the high expectations set by the original.

    The first trailer for "Gladiator 2," which is out on November 15, suggests that Lucius disappeared after the events of the original movie and forged a life for himself. But like Maximus, he's forced into becoming a fighter when he's captured by General Marcus Acacius (Pedro Pascal) and his soldiers.

    It's not surprising that Scott cast Mescal as Lucius for the sequel considering the Irish actor has become a rising star after his critically acclaimed performances in"Normal People," "Aftersun," and "All of Us Strangers."

    But "Gladiator" fans on social media have said it's odd that Scott didn't ask Clark to reprise the role since he's still working as an actor.

    Scott said he needed someone younger to play Lucius in "Gladiator 2"

    [youtube https://www.youtube.com/watch?v=4rgYUipGJNo?si=OG8HdKC9C3jeiYWC&w=560&h=315]

    Clark, who is now 36 years old, also played Joseph Dunn in "Unbreakable" opposite Bruce Willis — a role he later reprised in 2019's "Glass." And he's appeared in several TV shows, including "Agents of S.H.I.E.L.D," "Animal Kingdom," and "Manhunt.

    In November 2023, Scott told Deadline that he wanted to cast a younger actor to play Lucius in "Gladiator 2," and said he was impressed by Mescal, who is 28, in "Normal People."

    Scott said: "I'm always looking for someone, something new and fresh. I mean, fresh is terribly important. So they're not carrying … baggage is a terrible word for what they've done before, because it's great stuff, but you will remember he just did this character already.

    "I watched this show called 'Normal People.' It's unusual for me, but I saw one and thought, that's interesting. These actors are really good I watched the whole goddamn show and thought, damn."

    He added: "So this came up at a time when I need a 23 year old, 24 year old to take up the mantle of Lucius. And I just said, 'You want to do it?' He said, 'Yeah.'"

    Representatives for Spencer Treat Clark did not immediately respond to Business Insider's request for comment.

    Read the original article on Business Insider
  • Fisker founder cuts salary to $1 to cover bankruptcy costs

    Fisker warned staff they might be laid off if efforts to course correct are unsuccessful.
    Henrik Fisker is the founder of EV startup Fisker, which filed for bankruptcy in June.

    • Fisker CEO Henrik Fisker and his wife have cut their company salaries to $1.
    • Fisker was once valued at $8 billion and planned to challenge Tesla.
    • The EV startup filed for bankruptcy in June.

    The founder of embattled EV startup Fisker has cut his salary to $1 to help cover the company's bankruptcy costs.

    In a filing submitted to bankruptcy court on Tuesday, Fisker's chief restructuring officer, John DiDonato, said Fisker CEO Henrik Fisker and his wife Dr. Geeta Gupta-Fisker — CFO and COO of the company — had "voluntarily" reduced their annual salary to $1 to continue covering "vital business expenses" as Fisker scrambles to sell off its remaining inventory.

    DiDonato also said that Fisker had decided to defer certain severance payments and employee healthcare benefits.

    A 2022 SEC filing stated that Fisker and Gupta-Fisker were each paid $62,400 a year, the minimum base salary under applicable law at that time — although both also received cash bonuses of $710,000.

    Fisker, once valued as much as $8 billion, filed for bankruptcy last month after efforts to find a buyer for the company failed.

    Founded by automotive legend Henrik Fisker, who helped design the Tesla Model S, the EV startup had ambitious plans to take on Tesla with its flagship electric SUV, the Ocean.

    However, its plan to build an affordable EV by outsourcing production quickly ran into choppy waters.

    Current and former workers told Business Insider that Fisker struggled with parts shortages and even had to strip parts from the CEO and CFO's cars to repair the first batch of Oceans delivered to customers.

    Fisker is now attempting to sell its 3,300 unsold Oceans to Uber and Lyft vehicle provider American Leasing at an 80% discount.

    Fisker did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

    Do you work at Fisker or own an Ocean? Get in touch with this reporter via email at tcarter@businessinsider.com.

    Read the original article on Business Insider
  • I had a baby during my senior year of college. My friends helped raise my daughter so I could graduate and continue working.

    Couple with baby posing for photo
    Riho Maruyama had her daughter in her senior year of college, and her friends helped her raise her.

    • Riho Maruyama is a 25-year-old college student in Utah.
    • She got married in her freshman year and found out she was pregnant in her senior year.
    • A village of college friends who helped raise her daughter has allowed Riho to finish college.

    This as-told-to essay is based on a conversation with Riho Maruyama. It has been edited for length and clarity.

    During my senior year of college, my husband, who I married in my freshman year, and I found out we were expecting a baby. The news surprised us. It was a total shock.

    I felt like there was this stigma that once you have a baby, your life would be over. That you can't do all that you love anymore.

    At the time, I was in the thick of classes, work, and playing rugby.

    My team had won a national title the previous year, and we were training for another one. It was terrifying to tell my coach I was pregnant and couldn't play anymore.

    I also really wanted to graduate from college. With only a year left, I was so close to finishing. Work was a necessity. We needed the money, so quitting wasn't an option.

    I was determined to have my baby but not to give up on the things that I loved most.

    Our friends became our support system

    Already living in a two-bedroom house, we spent my pregnancy preparing for a new baby. Our house is in a college town with many students living around us. My brother only lives two doors down from us.

    They started to become a support system even during the pregnancy, but once our daughter Hinami was born, their help was amplified.

    Since my husband and I were both getting degrees, playing rugby, and working part-time, we were going to need all the help we could get with Hinami.

    Soon after her birth, our group chat became a day care forum to talk about who could take care of Hinami, with different people volunteering to have her when my husband and I weren't around.

    A typical day for me started at 4 a.m. when I would wake up to pump breastmilk that my husband could give her when she woke up in the morning. I'd leave the house at 5 a.m. for rugby practice and get back at 7 a.m. When I got home, I'd start working from home while my husband went to classes. Hinami often slept, only waking for feeds, until 11 a.m. so I could get on with work pretty easily, even with her there. By the time Hinami was born, I was getting my master's degree, which didn't require me to go in for classes as much. My husband would come back from school, and I would work all afternoon while he had the baby.

    We've only paid for childcare 3 times since she was born

    There have been plenty of times when work, rugby, or school kept both of us from being able to watch Hinami. Friends have stepped up to the plate to help when we've needed childcare. At times, it is a bit like a baton toss, with her staying with one friend for an hour and then another friend having her the next.

    Since we've had her, we've only had to pay for daycare at most three times. Having a village of friends around has saved us so much money.

    This group of friends hasn't only been childcare help — they've continued to be our social circle, which we see most evenings. Everyone will come to our house and Hinami will stay up with us, often until 12 a.m. She'll be awake and around when everyone watches sports in the evening or while we study. They'll volunteer to do her nighttime feedings and make her laugh by throwing her up in the air. All of them are incredibly protective of her.

    Luckily, our group of friends aren't drinkers or smokers, so we've been able to trust them to be around Hinami in the evenings.

    One of my favorite things to watch is how the guys have been with her. I expected my girlfriends to have a motherly instinct with Hinami, but to see college boys playing with and nurturing a baby who isn't even their own has been shocking and incredibly sweet.

    Maybe it is Hinami's personality, or perhaps the impact of being raised by college students, but she is very adaptable to both change and people. Since birth, she's learned to be around many different people in different environments and routines.

    Raising her around people who don't have children has allowed me to become a first-time mom without fear of judgment. We are all learning what it means to take care of a baby together.

    I wouldn't have been able to raise Hinami without this village of friends around us. It's been a game changer. Because of them, life didn't have to stop. I could be a mom, an athlete, a student, and an employee, even with a newborn.

    Read the original article on Business Insider