• Dyson is cutting about 1,000 jobs from its global workforce of about 15,000. 
• The appliance maker told staff about the layoffs on Tuesday.
• Dyson hit record sales of £7.1 billion in 2023, up from £6.5 billion in 2022.

Dyson is cutting about 1,000 jobs in the UK in a move that may affect about a quarter of its workforce.

The British appliance maker, which is now headquartered in Singapore, told staff about the layoffs on Tuesday.

The cuts are part of a wider reduction to its global workforce of more than 15,000 people, The Financial Times reported citing unnamed sources.

Dyson CEO Hanno Kirner said in a statement that the company had expanded quickly but operated in "increasingly fierce and competitive global markets" and needed to become "entrepreneurial and agile."

The company, which makes vacuum cleaners and hair dryers as well as a range of other devices, previously laid off 900 workers in 2020, The Guardian reported at the time. Then-CEO Roland Krüger blamed those cuts on the pandemic.

Dyson posted record revenues of £7.1 billion ($9.1 billion) last year, up from £6.5 billion in 2022.

The company was founded in 1991 by James Dyson, who is in 109th place on the Bloomberg Billionaires Index with a net worth of $19.2 billion.

He paid a record $54 million for a three-story penthouse atop Singapore's tallest building in July 2019 — the same year he relocated Dyson's headquarters there.

• Costco is a wholesale club that sells a wide range of products and services to fee-paying members.
• Founded in 1983 in Seattle, Washington, the company built off a concept pioneered by earlier stores.
• Costco made $237.7 billion in revenue last year and is the third-largest retailer in the world.

Costco is a members-only wholesale club that offers a variety of products and services at extremely competitive prices.

The company was founded in 1983 by Jim Sinegal and Jeff Brotman, who opened the first Costco warehouse in Seattle, Washington.

Now, more than 40 years later, Costco is the third largest retailer in the world with 879 locations, nearly 134 million cardholders, and more than $237.7 billion in annual revenue.

Here's how the wholesale club redefined retail.

The story of Costco begins decades before the first store launched in 1983 with FedMart, a discount department store for government employees.

FedMart was founded by entrepreneur Sol Price. Jim Sinegal started his career at FedMart and thought of Price as a mentor.

The pair developed and refined the wholesale club strategy together at FedMart, which was one of the first general merchandise retailers to expand into other categories like groceries, gasoline, and prescription drugs.

Sam Walton liked what Price and Sinegal were doing with FedMart in California so much that he opened the first Walmart in Arkansas 1962.

"I guess I've stolen – I actually prefer the word 'borrowed' – as many ideas from Sol Price as from anybody else in the business," Walton later said.

After an investor forced Price out of FedMart, he leaned more heavily into the membership model in 1976 with Price Club.

Price wanted his store to be a wholesale supplier for small businesses, and he opened his first location in an old aircraft hangar that was once used by aviator Howard Hughes.

In 1983, Sinegal and Walton each launched members-only warehouse clubs — Costco and Sam’s Club — that bore striking resemblance to Price Club.

The basic concept across each company was the same: shoppers pay a fee in order to gain access to the bargain pricing. In each case, the business relies on membership fees more than product markups to earn a profit.

Company sales in that first year reached $101 million, plus $1.3 million in membership fees, according to SEC filings.

In the beginning, non-members could shop as long as they paid a 5% surcharge on their purchases. There are still a few ways to shop at Costco without a membership. 

Sales at Costco rocketed from zero to $3 billion in less than six years — a first for any company in history, according to the company.

Costco became a publicly traded company in 1985, initially offering shares for $10. Due to several stock splits, one initial Costco share would be six today, worth a total of more than $3,200.

Despite their similarities, Costco, Price Club, and Sam's Club weren't direct competitors, as each had a sizable geographic territory in which to expand.

Price Club was largely in the Southwest, centered in San Diego, while Arkansas-based Sam's Club had the Midwest and Southeast, and Costco took the Northwest, headquartered in the Seattle area.

One way Costco found to keep prices low was to sharply limit the number of different products in its inventory.

Even today, Costco only carries around 4,000 unique products in its assortment — referenced by stock-keeping-unit codes or SKUs — while typical supermarkets carry 30,000 or more.

In 1993, Price Club and Costco joined forces and began operating as PriceCostco with 206 locations and $16 billion in annual sales.

Memberships from each brand were honored by the other.

The company dropped the awkward PriceCostco branding in 1997 and reverted to Costco.

A few remaining Price Club locations were rebranded to Costco at this time as well.

In its 20th anniversary year, Costco had 430 warehouses in North America, Asia, and the UK, over 40 million membership cardholders, and generated $42.5 billion in revenue.

That year the company ranked ninth among the world's largest retailers.

US warehouses that year generated an average of $112 million in annual sales, while 11 locations exceeded $200 million.

Costco also opened its fifth Business Center that year, a concept that caters more to small business owners than to household shoppers.

Sinegal retired as CEO on January 1, 2012, handing the leadership to the company's head of merchandising, Craig Jelinek.

Sinegal continued to serve as Company Advisor and Director, ultimately retiring from the Board in 2018.

Jelinek had also previously worked for FedMart, and was one of Costco's early hires in the 1980s, rising to vice president in 2004 and currently CEO.

Jelinek was in charge of opening Costco's sixth location and helped the company expand in Nevada and California. As vice president of merchandising oversaw a range of priorities including e-commerce, foods, and pharmacy.

Costco became the third largest retailer in the world in 2014, a ranking it still holds today behind Walmart and Amazon.

Walmart made more than $600 billion in worldwide retail sales in 2022, followed by Amazon at $343 billion, and Costco at $217 billion, per the National Retail Federation.

Costco turned 40 in September with 838 locations around the world and nearly 129 million membership cardholders.

Costco has made more than $237.7 billion in revenue for the fiscal year.

CFO Richard Galanti confirms Costco had been selling 1-ounce gold bars and that they've been selling out "within a few hours."

"When we load them on the site, they're typically gone within a few hours and we limit two per member," Galanti said on the fourth-quarter earnings call in September.

In October, CEO Craig Jelinek announced he would step down at the end of the year.

Jelinek handed over leadership of the wholesale club to Ron Vachris, a 40-year employee of the company who had served as the company's president and chief operating officer since 2022.

Ron Vachris took over as Costco CEO on January 1, becoming just the third person ever to hold the top job.

A 40-year employee, Vachris started as a forklift driver at Costco's predecessor, Price Club, and has since worked in pretty much every area of the company.

Longtime CFO Richard Galanti stepped down, but his successor assured fans the $1.50 hot dog combo is "safe."

"While I can't promise to be able to match the humor that Richard Galanti has become famous for, I can promise the same level of open dialogue and transparency you've come to expect," incoming CFO Gary Millerchip said during his first call in the role. "Oh, and to clear up some recent media speculation I also want to confirm the $1.50 hot dog price is safe."

• India's Prime Minister Narendra Modi is in Russia to visit its president Vladimir Putin. 
• It's a visit that risks annoying India's ally the US. 
• Modi hopes his relationship with Putin will help offset China's power. 

When India's prime minister arrived in Moscow on Tuesday, he greeted Russia's famously chilly president, Vladimir Putin, with an exuberant bear hug.

It was a move likely to rile the US, India's most important geopolitical ally, which has placed pressure on New Delhi to loosen its ties with Russia over Putin's invasion of Ukraine.

But Prime Minister Narendra Modi's fear of China — a key Russian ally — means that he's willing to risk American anger to keep Putin close.

"New Delhi sees Moscow as an important buffer in their relationship due to Moscow's strong ties with Beijing," Sarang Shidore, an analyst at the Quincy Institute, told Business Insider.

"It is not in Russia's interest to have China and India at loggerheads, so it could, to a degree, act as a restraining agent."

India ignores US pressure to cut Russia ties

During the Cold War, the Soviet Union was among India's most important allies, with the Kremlin providing military support during India's clashes with Pakistan.

They've remained close ever since, but the relationship is being tested anew in the fallout from the Ukraine war.

The US has attempted to persuade India to take part in its campaign to isolate Russia over the Ukraine invasion — but with little success.

"Russia is one of India's oldest strategic partners, and New Delhi wants to maintain this relationship regardless of Russia's diplomatic isolation following the war in Ukraine," Rahul Bhatia, an analyst at the Eurasia Group, told BI.

India has increased its purchase of Russian goods, including oil and fertilizer, at reduced prices after the US imposed sanctions on Russia.

It continues to buy Russian armaments, with around 70% of its weapons systems believed to be Russian-made, and its military reliant on the Kremlin for spare parts and upgrades.

"Taking a hardline position against Russia could have both economic and security ramifications for India," said Richard Rossow, an analyst at the Center for Strategic and International Studies.

China's threat to India increases

The threat from Chinese leader Xi Jinping is another key factor in Modi's determination to ignore US pressure and retain good ties with Putin.

China's regional might is growing, and it's menacing India, Asia's other major economic power.

In 2020, a long-simmering border dispute resulted in deadly clashes between Indian and Chinese troops. China has bolstered its presence in the Indian Ocean, and the two are jostling for influence in countries in the region.

China has built stronger ties with Russia in the wake of the Ukraine invasion, hoping a Russian victory will damage US power and enhance its own global might. And it's this friendship Modi's seeking to drive a wedge between.

"There is a real chance of future conflicts, and India would prefer to avoid Russia exporting advanced military hardware to China," said Rossow.

Some Indian analysts believe that China poses a greater threat to Russia than NATO in the long term and that India can exploit those differences.

"The Russia-China 'alliance' may be short-term in nature, and that historical conflicts between the two, such as over their long border and under-developed natural resources in Russia's east, will resurface and trigger renewed tensions," said Morrow.

But for the time being, Russia's new "no limits" partnership has got Modi worried, and he'll likely be hoping for a swift end to the Ukraine war. By maintaining good relations with Putin he's hoping he can contain the fallout.

"The war does not at all benefit its interests. The war also opens the door to legitimizing violations of territorial integrity, and endangers a principle that New Delhi has backed strongly," said Shidore.

• A passenger is suing British Airways for $6.4 million over a brain injury from a fall.
• Andreas Wuchner slipped on a puddle of Bailey's liquor at Heathrow Airport in 2017.
• He received $167,000, but is now seeking much more in damages after the collapse of his business.

A passenger who slipped on a puddle of liquor as he rushed to catch his flight could receive up to $5 million in compensation, according to multiple reports.

Swiss businessman Andreas Wuchner was awarded $167,000 for his injuries in 2021, but since then he's increased his claim from British Airways to $6.4 million, according to The Telegraph,

Wuchner's lawyers say he's had repeated and lengthy headaches as well as other health effects that caused the breakdown of his business, the outlet reported.

Wuchner told a court in London that he flew six feet in the air after slipping on a puddle of Bailey's liquor at London's Heathrow Airport in 2017, The Guardian reported on Monday.

Having missed an earlier flight, he and his business partner were heading to a replacement flight and were rushing to the gate when Wuchner decided to stop at a Starbucks to pick up two espressos and two macchiatos, the paper reported.

Asked in court why he took the time to do this, he reportedly said that he preferred "a proper coffee out of a coffee machine."

Wuchner said he was "walking swiftly" to get to the boarding gate as quickly as possible, but not running, "bearing in mind I had four coffees in my hand," per The Guardian.

He then slipped on the unmarked liquor spillage, hitting his head hard on the floor.

After the initial decision in 2017, Wuchner was awarded the maximum amount — around $167,000 — allowed under the Montreal Convention, which governs the compensation passengers can get for accidents that take place when getting international flights.

However, the judge left a window open for Wuchner to potentially claim more in the future, The Independent reported at the time.

This hinged on whether BA was responsible for not cleaning up the spillage sooner, Wuchner's lawyer was reported as saying.

According to legal practice Deka Chambers, the airline had called for a cleaner to come to deal with the spillage, but time had passed without airline staff attempting to clean it up.

British Airways' lawyer, Tom Bird, argued in a pre-trial hearing this week that Wuchner's rushing to the gate with the four coffees was the cause of the accident, The Guardian reported.

But Judge David Saunders found that British Airways was largely liable for the accident.

Even so, Wuchner had "contributory negligence" in cutting it so fine, Saunders said, according to The Guardian.

This means he is potentially eligible for 80% of his $6.4 million claim, or about $5 million, the outlet reported.

BA did not immediately respond to Business Insider's request for comment.

• "The Devil Wears Prada" is getting a sequel, multiple outlets have reported. 
• Puck reported Meryl Streep and Emily Blunt are set to return. 
• There's no word yet on whether Anna Hathaway will reprise her role as Andy Sachs. 

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.

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, 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

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.

Meryl Streep and Emily Blunt may return as Miranda Priestly and Emily Charlton

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

No word yet about Hathaway. In March, Hathaway told E! News that she didn't think there would be a sequel, but she has not ruled out returning.

Miranda Priestly will reportedly be the protagonist in the sequel

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.

• Russia's FSB said it thwarted a Ukrainian attempt to hijack a missile-carrying strategic bomber.
• It said Ukraine promised the pilot money and Italian citizenship to take off and land in Ukraine.
• It also claimed NATO special services were involved in the failed operation.

Russia's Federal Security Service said it thwarted a Ukrainian attempt to hijack a missile-carrying strategic bomber.

"The FSB has stopped another Ukrainian special services attempt to carry out an operation to hijack the Tu-22M3 long-range strategic bomber," it said in a statement on Monday, per a translation by The Moscow Times.

According to the FSB, Ukrainian intelligence promised an unnamed Russian military pilot money and Italian citizenship in exchange for him taking off and landing the plane in Ukraine.

Instead, according to the report, the pilot told his commanders everything.

Russian state-owned news agency RIA Novosti published a video of the purported pilot as well as an alleged chat between him and someone from Ukrainian special services, which claimed to show the pilot and his family being threatened.

The FSB also claimed that NATO special forces took part in the attempted hijacking operation, without giving evidence, and that through the pilot it was able to obtain intelligence that allowed Russia to strike an airbase in northwestern Ukraine.

The statement didn't specify when the alleged attack took place.

Russia's FSB and Ukraine's Security Service didn't immediately respond to requests for comment.

Tu-22M3 supersonic bombers have been used to devastating effect during the war, notably to strike targets in the Ukrainian city of Mariupol in April 2022.

As a result, Ukraine has repeatedly targeted the planes, sometimes in airfields deep inside Russia.

Last August, photos appeared to show the remains of a Russian Toplev Tu-22M3 bomber at a base located about 400 miles from Russia's border with Ukraine.

The UK Ministry of Defence said at the time that the attack was likely carried out from inside Russia, as drones launched from Ukraine could not reach that far.

In a separate attack in April, the Main Intelligence Directorate of Ukraine said it shot down one of Russia's Tu-22M3 bombers.

If confirmed, this would have been the first one shot down since Russia launched its full-scale invasion in February 2022.

• Joe Biden is facing pressure to take a cognitive test after debate stumbles and verbal errors.
• Biden said he won't take one, adding in an interview: "I have a cognitive test every single day."
• Experts cautioned that a cognitive test could set a dangerous precedent for future campaigns.

Joe Biden is facing mounting pressure to prove he's medically fit to run for a second term, but experts say a cognitive test could set a dangerous precedent.

Biden stumbled through his first presidential debate of the year against former president Donald Trump on June 27, leading many to question whether he is too old for the job.

The 81-year-old president made verbal errors and appeared to lose his train of thought on several occasions.

During an interview with ABC's George Stephanopoulos on Friday, Biden dismissed his mumbling and incoherent sentences as a "bad episode" and "no indication of any serious condition."

His campaign team also offered a range of explanations for his performance, including jet lag, poor preparation, and a cold.

That isn't convincing voters, however. In a poll by Reuters and Ipsos, one in three Democrats said Biden should quit the presidential race. Others say he has to prove his fitness.

Fit for duty?

Speaking on CBS's "Face the Nation," Sen. Lindsey Graham said all presidential nominees, including Biden and Trump, should take a cognitive test.

"Here's what I worry about, that our allies see a compromised Joe Biden, that our enemies see a compromised Joe Biden, and I'm offended by the idea that he shouldn't take a competency test given all the evidence in front of us."

Three former colleagues of Biden's personal physician, Kevin O'Connor, told The Washington Post that the president should undergo cognitive screening after his debate performance.

Cognitive tests are usually quick and simple and can check for functions such as concentration, abstract thinking, language, and memory.

"The test is fairly easy to do for someone with a high level of education and no or even mild impairment," Dr. Kenneth Boockvar, director of the Division of Gerontology, Geriatrics and Palliative Care at the University of Alabama at Birmingham, told The Journal.

"It's only a screening test. It's not really diagnostic."

So far, Biden hasn't said he would take a cognitive assessment. He told ABC's Stephanopoulos on Friday: "I have a cognitive test every single day."

"Not only am I campaigning," Biden added, "I'm running the world."

According to White House press secretary Karine Jean-Pierre, after Biden's physical in February, his doctors decided he didn't need a cognitive test.

A slippery slope

Even as doctors debate the effectiveness of the tests, political experts are concerned that it sets a bad precedent.

"One could reasonably worry about slippery slopes," said Thomas Gift, an associate professor of political science at University College London told Business Insider.

"Today, it's basic cognitive tests. Tomorrow, it's IQ tests. The next thing you know, candidates are battling each other over who is a member of Mensa."

Gift said it's a "legitimate question" to ask Biden to take a test, but it shouldn't be mandatory.

Andrew Payne, an an author and lecturer of foreign policy at City University, agrees. He told BI that Biden is in "desperate need of evidence that he is up to the task," but that evidence shouldn't necessarily be of a medical nature.

"Does it do any good to introduce the personal health of each candidate as another axis of competition in a presidential election? I'm not so sure, and I think that is exactly what the introduction of a mandatory test could do," he added.

One issue is that there isn't an accepted standard for doctors using the test results to decide whether someone is fit to lead a country.

"You have two challenges: one is to take these kinds of tests and say something meaningful with them," Dr. Charan Ranganath, director of the Dynamic Memory Lab at the University of California told The Journal.

"But the other challenge is what does it take to do the job? What do we expect our people to do?"

Presidents and presidential candidates have the right to choose what to test and share about their health, as previously reported by BI.

For now, Biden is resisting pressure to take any type of cognitive exam. While that may not prove damaging for his political career, it may be a wise move in the long term, Payne said.

He added: "Democracy would be better served by candidates debating their policy positions rather than their test scores and golf swings."

• Having kids nowadays is incredibly expensive, and that's even more true being a family of six. 
• I buy secondhand clothes and look for things in Buy Nothing groups. 
• When we travel, we pack our own lunches instead of eating out at expensive touristy restaurants. 

My oldest son was skipping through the crowd at a local carnival — between his ride on a mini roller coaster and his spin through the sky on the Ferris wheel. "Last ride before dinner," I reminded him.

We then wandered to a picnic table at the edge of the festival grounds. I pulled out our soft cooler full of sandwiches, sliced apples, string cheese, and yogurt tubes. Just by packing our own dinner, we saved about $75 that night alone.

The cost of raising kids has never been higher, but there are creative ways to save serious cash, including online resources for free and secondhand goods. By incorporating three main strategies, our family of six saves over $7,000 a year.

Secondhand items and our Buy Nothing group save us $4,000 a year

When my oldest was 1, I joined our neighborhood's Buy Nothing group on Facebook, and it's been a massive win for our family. It's a hyper-local community that gives away and shares items with neighbors. There's no selling, buying, trading, or bartering allowed. All items are given freely from someone's abundance, whether a pair of sweatpants or a bookshelf.

Through Buy Nothing, neighbors have gifted us countless valuable items, including a vacuum, a motorized baby swing, kids' shoes, winter coats, and picture frames for a gallery wall. To make the experience fun for my kids, I refer to our Buy Nothing pickups as "surprises." It might be a puzzle or a waffle maker.

When we receive a bag of kid T-shirts, I let my son pick out a few he loves, so the experience feels like shopping — special items he selects for himself. Some of my favorite outfits come into our lives this way.

Beyond our official group, neighbors on our block generously gift us the shirts and shorts that no longer fit their sons and the headbands and dollhouses their daughters have outgrown. We are fortunate to live in a close-knit neighborhood with families who are happy to share.

I also use Facebook marketplace, garage sales, and local secondhand stores to find what my family needs, like superhero Halloween costumes or baskets to organize the linen closet.

When we come across things we no longer need in our house, we offer them to our Buy Nothing group and neighbors. I love seeing a treasured item, whether a board game or a dresser, find new life.

Because we stay consistent in sourcing secondhand items, the savings build throughout the year. Almost everything that comes into our home is used, and that makes me feel proud, not just for the money savings but also for its low impact on the environment.

Attending free events and local spots saves us $1,000

When we look for things to do as a family, we search online local calendars for free events that provide maximum fun for our family, including community festivals, library events, and cultural experiences. We attend art festivals, book readings in the park, and events like the Hispanic and Asian-Pacific festivals. The events often have giveaway booths, craft projects for the kids, and music or dancing. The activities are free and add richness and depth to our family life. We might hear live jazz or learn about our city's history.

Rather than paying for the zoo entrance or movie theater tickets, we can enjoy family fun with minimal cost. We might visit the splash pad at a city park or go on a tour through the local recycling center. It's exciting to see our kids thrive in different environments and try new things.

Packing our meals rather than eating out saves us $2,200

My husband and I recently took our family to Chicago for two days and stayed at a hotel using our credit card reward points. Before the trip, I packed our large cooler with cut fruits, veggies, hard-boiled eggs, yogurt, and chicken salad. We didn't eat out once or buy any food, except for donuts from a local shop as a treat. My husband says that maybe we should splurge for a deep-dish pizza next time. We both enjoy local cuisine and giving our kids that experience, but sometimes it makes more sense to skip it. We saved about $250 on the Chicago trip alone just for food and we ate a lot healthier too.

Having our meals on hand also allowed us to fit in more sites than we thought possible. We went straight from ascending the Willis Tower to gazing at The Bean without wasting time finding a restaurant, ordering, and waiting for food, only for our kids to take two bites of their chicken fingers. At Maggie Daley Park that evening, we shared a container of fresh strawberries and a package of graham crackers. The kids got extra time to play because we had their snacks ready.

Whenever our family heads to the beach or to explore a city, we load up a bag of food to take with us. While it requires extra prep and planning, we find the cost and time savings well worth the initial investment.

With peanut butter and jelly in hand, we cherish our time and build up our savings to go on more adventures together and put our funds toward what matters most to us. Plus, we know we've budgeted for the best indulgences when life calls for a little ice cream or one more carnival ride.

• A four-day work week trial at a UK council cut staff turnover by 39%, researchers from two universities said.
• The council saved almost $500,000, and worker mental health and motivation improved.
• The experiment showed improved or stable performance in 22 of 24 areas.

A four-day workweek reduces staff turnover, improves employee mental health, and saves money, according to the largest public sector trial held in the UK.

On Monday, academics at two British universities — Cambridge and Salford — released their findings from a 15-month trial of a shortened working week.

The experiment, which started in January 2023, was introduced by South Cambridgeshire District Council in southeast England.

It is the largest public sector trial of the four-day workweek held so far in the UK, involving 697 employees, including office and waste workers.

As part of the project, people were expected to complete 100% of their work in 80% of the time for full pay.

Researchers assessed 24 areas, such as worker motivation, staff mental health, and workers' commitment to their roles.

Out of the 24 areas assessed, performance improved or stayed the same in a total of 22. Staff turnover was reduced by 39%, significantly lowering recruitment demand. The number of external applicants for open roles also greatly increased, with 76% reporting the four-day week trial as influencing them to apply for open positions.

Prof Daiga Kamerāde, one of the report's authors and a professor of work and wellbeing at the University of Salford, told Business Insider: "Organizations that will be too reluctant to introduce the four-day week might start falling behind, because that's what we see in other trials already."

"Organizations who are forerunners in the industry of four-day workweek trials attract the best talent around because people say if I can do four days a week or five days a week, I'm going to go where I can do four days a week," she said.

The project helped the council to save £371,500 ($476,980), mainly from agency staff costs, which related to only 10 posts.

Workers saw their mental and physical health improve and their motivation levels rise, researchers said.

"You can see across the board, that if anything, there's a lot more evidence that things improved during the period of the trial compared to before the trial," Prof Brendan Burchell, another author of the report and a professor at the faculty of Human, Social and Political Sciences at the University of Cambridge, told BI.

Discussing the positive outcomes of the four-day workweek experiment, he said: "It should give other organizations a lot of confidence that this is definitely something worth looking at."

There were just two drawbacks discovered from the shorter week.

Rent collected from social housing mildly declined, and the average number of days to re-let housing stock worsened slightly. Burchell said national problems such as the cost-of-living crisis and people struggling to pay their bills were partially responsible for the trial's problematic aspects.

The US, Canada, Ireland, and Germany are among the countries that have trialed the shortened working week. Belgium became the first country to legislate for a four-day week in February 2022.

In a post-pandemic world already accustomed to remote and hybrid work patterns, with more and more reports coming back hailing the benefits of prolonged weekends, the movement is gaining traction.

"When workers are better rested, when they have a better work-life balance, and they have more time to themselves outside of work, they then actually perform better at their job," Joe Ryle, the campaign director at 4 Day Week, a campaign to transition to a shorter working week with no loss of pay, told BI.

"We're finding that people are doing all sorts of things on their day off, like volunteering in the community," he said.

"At the end of the day, that's what this is all about, it's about creating a society where we can all live happier and healthier lives."

• A millennial couple who spends more than they make sought financial advice from a money expert.
• Self-made millionaire Ramit Sethi warned the couple about living above their means.
• The couple makes $235,000 but spends like they make $750,000 a year," Sethi said on his podcast.

A high-earning millennial couple who spends thousands each month on travel and shopping is stuck in a dangerous dynamic of wanting to have it all, a popular money podcaster says.

Paul, 33, and Maddie, 29, live in London and are planning a wedding next year, they told self-made millionaire Ramit Sethi on a recent episode of his "I Will Teach You To Be Rich" podcast.

The couple, who were identified by only their first names, told Sethi that Paul recently left his job, making Maddie's $235,000 salary their sole income.

Despite the loss of Paul's income, the couple still manages to live comfortably, in part because they regularly save and invest. They have $627,000 invested, $27,000 in savings, $5,000 in debt, and a total net worth of $649,000, Paul said.

While Paul told Sethi he thinks those stats are "incredible," Maddie only feels "OK" about their portfolio.

"I feel like I constantly live between two feelings," Maddie said. "I've made great money. I can do what I want, and we can travel a ton…And then the other side is constantly feeling stressed and guilty about it."

The couple's expenses quickly add up, especially in a high-cost city like London. They spend about 19% of their gross monthly income on rent, $850 on groceries, $300 on subscriptions, and try to invest about 9% each month, Maddie said.

Sethi, who wrote a bestselling book by the same name as his podcast, said he initially thought the couple's spending looked solid — until he saw how much they spend on "guilt-free" items and experiences.

Paul and Maddie estimated they spend about $7,000 monthly on various expenses, including travel, shopping, and various wedding costs — totaling $84,000 a year.

"If that's the case, you are spending more than you make every month," Sethi told the couple.

Maddie suggested their superfluous spending was a consequence of "lifestyle creep," acknowledging that the more she makes, the more she wants to spend.

The couple also said they regularly hang out with people who come from wealthier backgrounds, for whom finances are less of a concern.

"We do a lot of group trips," Maddie said. "We buy a lot of nice things, and there's definitely a sense like, we need to keep up."

But the couple's expenses will only continue to grow as they plan their wedding, Sethi warned.

Paul and Maddie said they weren't initially sure how much they should spend on their wedding. After comparing themselves to their married friends, they settled on an $80,000 budget, though Paul said he was mentally prepared to spend $120,000 when all was said and done.

That approach, however, is risky, according to Sethi.

"They have arbitrarily picked a number based on what friends spent," Sethi said on the podcast. "They haven't run a real analysis."

In addition to their wedding costs, the couple said they wanted to attend several destination weddings this year, which will likely be a financial burden.

But Paul and Maddie's desire to "keep up with the Joneses" will ultimately result in the couple "constantly feeling poor" relative to everyone else around them, Sethi said.

The couple lives like they make "at least $750,000 a year" despite making less than half of that, Sethi said.

"In the end, their spending is no different than someone in $38,000 of credit card debt who can't stop buying random junk," Sethi added.

He suggested the couple get serious about their financial goals and be willing to make some sacrifices.

In a follow-up to the podcast, Paul told Sethi that the couple had successfully implemented his advice, building specific spending targets and politely declining several destination weddings this year.