Tag: News

  • Read the email CEO Jamie Dimon sent to JPMorgan employees after the assassination attempt on Trump

    Jamie Dimon headshot looking off into distance
    JPMorgan Chase CEO Jamie Dimon sent an internal memo to staff condemning the assassination attempt on Trump and encouraging "constructive dialogue."

    • Jamie Dimon wrote a memo to JPMorgan staff condemning the assassination attempt on Trump.
    • The CEO said people should unite against violence and engage in constructive dialogue.
    • Dimon joins other big names on Wall Street and the business world in calling for unity after the shooting.

    The attempted assassination of former President Trump drew quick responses from lawmakers and business leaders, including JPMorgan CEO Jamie Dimon.

    Dimon joined the list of CEOs who spoke out against the shooting with a companywide email to employees sent Sunday, which BI confirmed.

    Dimon wrote his message on behalf of the "entire leadership team" at the company and said his thoughts were with former President Trump and his family, along with the families of the victims of the attack.

    He also took a moment to send a message about unity and taking a strong stance "against any acts of hate, intimidation or violence" that undermine democracy or cause harm to others.

    "It is only through constructive dialogue that we can tackle our nation's toughest challenges," Dimon wrote in the memo.

    Dimon, who has donated to Democratic candidates in the past, praised Trump's policy record earlier this year in an interview. He credited the former president for growing the economy and being "kind of right about NATO, kind of right on immigration" as well as China. He also said that he wishes "the Democrats would think a little more carefully when they talk about MAGA."

    Dimon's Sunday message about constructive dialogue and unity against political violence was echoed by several other business and tech leaders, as well as big names on Wall Street.

    Goldman Sachs CEO David Solomon said in an earnings call Monday that "we cannot afford division and distrust to get the better of us." Sundar Pichai wrote on X that political violence is "intolerable" and everyone should come together against it. BlackRock CEO Larry Fink said Monday on CNBC that the shooting was a tragedy and Americans need to discuss divisions and bring "our community together."

    Citibank CEO Jane Fraser also sent a letter to employees Monday saying she hoped the events would cause everyone to rethink their words and "tone down the rhetoric so we can have a more civil discourse," according to a Yahoo Finance report.

    Read Dimon's full memo sent to employees below:

    We are deeply saddened by the political violence and the assassination attempt on former President Trump last evening. On behalf of our entire leadership team, our thoughts today are with the former President, his family and the families of those who were tragically injured and killed.

    We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm. It is only through constructive dialogue that we can tackle our nation's toughest challenges.

    Read the original article on Business Insider
  • I’m having a baby at 40, the same age my grandmother was when I was born. It was a very intentional choice.

    Jasmin Roth sitting at kitchen while pregnant
    Jasmin Roth is pregnant with her second child at age 40.

    • Jasmine Roth is the host of HGTV's "HELP! I Wrecked My House."
    • She's pregnant with her second baby, who is due just after Roth turns 40.
    • She was with her husband 15 years before having kids.

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

    I'm pregnant with my second child, who is due in October, just after my 40th birthday. I'll be the same age when my baby arrives as my grandmother was when I was born. I could be a grandmother now if I stuck to my family's schedule. Breaking that cycle was a very intentional choice.

    Growing up, the generations in my family were about 20 years apart. Everyone was young parents, and we were able to do lots of fun activities. But there were also challenges: financial worries and emotional immaturity.

    I met my husband when we were 20. We moved in together as college roommates and never moved out. When I looked at his family, which had larger generational gaps, I saw what I wanted: greater financial security and very intentional choices about parenthood. That's what I was looking for.

    I thought I was ready for a baby, but then I traveled for three years

    My husband and I both studied entrepreneurship at college, and we focused on building our separate companies after graduation. We had very optimistic goals. Children, for us, fit in later in life.

    Our first daughter was born when my husband and I were 36. About three years before that we hit a point where we were happy with our careers. We owned a home and had a level of career and financial success we were comfortable with.

    But instead of having a baby then, we decided to travel. We went all-in, taking our vacation time and then some. We snowboarded on four continents that year. It was so much fun that we did it again the next year, and then the next. After that, my biological clock was really ticking. It wasn't the perfect time, but I knew it was the right time.

    Having a baby during COVID lockdown was traumatic

    I was very confident in our decision to delay having a baby. You can't be together with someone for 15 years and not have a child without a lot of intentionality. Despite that, there were some times when I questioned waiting. Still, I had the confidence to know it was the right choice for us.

    After all that waiting, I thought we were prepared for parenthood. We had been through so much together, but nothing could have prepared us for having a baby.

    The month before my daughter Hazel was born, COVID lockdown started. When I was in labor we packed a cooler of food, because we knew if my husband left the hospital he might not be able to get back in. Afterward, we drove by my mother's house and showed her new grandchild through the car window.

    No one knew about the impact of COVID on pregnant people or infants. Even getting to the pediatrician was difficult. It was truly traumatic.

    I'm building my own happiness

    After that, it took us years to feel ready for another baby. Then, we spent another year trying to get pregnant. I had to address health issues I didn't know I had, like high cholesterol. We conceived after intrauterine insemination (IUI).

    This pregnancy has its own challenges. During the first trimester I had a lot of restrictions. Amid that, we decided to relocate from Huntington Beach, California to Park City, Utah, where a lot of my business is based. Our house is being built and we plan to move by the end of July.

    Getting the new house ready is difficult, because you're designing for something you haven't experienced. As soon as we bought the house while it was under construction I had them add another room so the kids didn't have to share. I've never been a mom of two but even I knew that didn't seem like a good idea.

    This time, I'm really excited to be able to have our village — our friends and family — around to help. I'm all about building your own happiness. That doesn't mean you have it all figured out or do everything right. Instead it's about celebrating whatever phase or season of life you're in, and leaning into that.

    Read the original article on Business Insider
  • 4 Gen Zers on track for financial independence explain the mix of passive income, businesses, and sacrifices it took to get there

    Cody Berman (left), Jubilee Bosch (center), Amber Smith (right)
    Cody Berman (left), Jubilee Bosch (center), and Amber Smith (right) have all followed many principles of the FIRE — financial independence, retire early — movement.

    • Many Gen Z Americans are prioritizing financial savviness, aiming for early retirement.
    • Young Americans invest more than previous generations; two-thirds save for retirement early.
    • Four Gen Zers said they're embracing FIRE principles like cutting spending and diversifying income.

    Gen Z is becoming more financially savvy — and many are doing whatever they can to retire early.

    Many more young Americans are investing compared to their parents in their early- and mid-20s, and two-thirds of Gen Z has already started saving for retirement, according to the Transamerica Center for Retirement Studies.

    Four Gen Z Americans told Business Insider they've followed the principles of the FIRE — financial independence, retire early — movement to achieve a high net worth before their 30th birthdays. These include cutting back on spending, investing in index funds and real estate, having passive income from side hustles, and maxing out retirement accounts early.

    Some said they don't intend on following the "retire early" part of the acronym and instead want to pursue their passions while making money doing so.

    Their stories vary widely, from a serial entrepreneur, to a Boeing engineer, to an enlisted sailor in the Navy. But all four emphasized that their sacrifices and risks earlier in life may be the key to their financial stability down the road.

    Cody Berman, entrepreneur and "passive income expert"

    cody berman headshot blue background
    Cody Berman hit financial independence at 25 but continues to help others achieve their financial goals.

    Cody Berman, 28, hit financial freedom at 25 but has no plans to retire early. He started a handful of businesses in college, some of which failed. He achieved success with his disc golf manufacturing company.

    "I had always thought of 'rich' people being people who made a really high dollars per hour — doctors, lawyers who make $200, $300 an hour," Berman said. "Then I realized that you didn't actually have to trade your time for money on a linear basis. You could trade your time, your energy, your money, for things were going to pay you perpetually, whether or not you're working on them."

    He got a corporate job as a commercial real estate lender but worked on side hustles each morning and night, sometimes working 15-hour days. He left his job after seven months and went all in on freelancing, digital products, blogging, and podcasting.

    At 25, he made about $400,000 in a year from side hustles, which is when he considered himself financially independent. He saved about 90% of his income, investing most of his money into index funds and his portfolio of 11 rental properties.

    "I'm not in the FIRE movement for the RE part," Berman said. "I love building businesses."

    His net worth is about $2.8 million, but he drives a 2015 Nissan truck approaching 100,000 miles. He and his wife live in a one-bedroom property and rent out a four-bedroom property next door. Cutting back on housing costs allowed him to spend almost $10,000 a month in travel, dining, and concerts.

    Berman co-founded Gold City Ventures, which helps others launch Etsy businesses selling printables through workshops and courses. Berman said they've seen people quit their corporate jobs and make much more through online selling.

    Jubilee Bosch, engineer taking a sabbatical

    Jubilee Bosch at a museum.
    Jubilee Bosch is an engineer who is planning to take a sabbatical.

    Jubilee Bosch, 26, has worked as an engineer in St. Louis since graduating from college, though with over $190,000 in net worth, she's taking a sabbatical.

    Bosch was raised in a lower-middle-class family in California by a stay-at-home mom and military father who worked three jobs until starting a house-cleaning business. Though raised to be frugal, she never learned how to invest.

    After attending community college and a four-year college, she got a mechanical engineering degree and graduated debt-free due to merit scholarships, college jobs, and some assistance from her parents.

    After an internship, she was hired full-time by Boeing, making $64,000. She struggled to transition to the corporate world and burned out quickly, but she kept rising up the ranks, negotiating a promotion and a salary increase to $95,000 a year. Around this time, she read about strategies for reaching financial independence, and increased her investments while helping her friends open Roth IRAs.

    She kept expenses to about $22,000 a year and put most of her savings into the market. She moved into a smaller space with her partner, strategically meal-prepped, and got travel credit cards to lower out-of-pocket flight expenses.

    "I was starting to realize I probably didn't want a traditional career, and I'm sure I'll probably have gaps in my life where I don't have a regular job, so I can roll those over and be tax efficient," Bosch said.

    She had enough investments and savings to take a year off from work, so she eased up on investing to build a cash cushion. She realized she didn't need to be "hyper-frugal" anymore and could spend on things that mattered to her. She now anticipates retiring between 45 and 55, as she wants to try different career paths.

    "I started to spend more in areas that brought me a lot of joy and realized that some lifestyle creep is worth it and changes the bottom line very little," Bosch said.

    Amber Smith, tech worker-turned-online reseller and content creator

    Amber Smith on a boat
    Amber Smith quit her insurance position and does side hustles full time.

    Amber Smith, 27, has a net worth of about $250,000 and quit her tech job earlier this year to pursue her side hustles full-time.

    Smith, who lives in West Des Moines, said her parents sold things on eBay for extra money and stressed the importance of side hustles. She got a full scholarship at college and stumbled into a financial planning internship. She read finance blogs and received training from her manager on how to help others — and herself — best prepare for the future.

    "Here I was in my first real office job, and I thought I could do this for another 40 years of my life, or I could save aggressively now and cut that timeline much shorter," Smith said.

    After graduating, she did contract work with her local government and a bank. She landed at a startup making $78,000 two years out of college, then transitioned to a financial tech company making about $100,000. However, she was laid off from two jobs back to back, and when she landed in an insurance role, she felt stressed and directionless.

    She quit her insurance job to grow her side hustles, as she had a large enough nest egg to avoid the office for a few years. She turned down recruiter interviews and focused on monetized content creation and reselling secondhand clothing.

    She made $30,000 to $50,000 a year reselling part-time while at her previous companies. She brought in more from brand deals and influencing in the first five months of 2024 than in all of 2023. Content creation hasn't been as consistent, though she made $2,800 once for a brand deal and accepted others paying over $1,000.

    Though her savings are down this year because of the drop in income after leaving her corporate job, she said she's been smart about her investments and isn't too worried since her net worth continues to grow.

    "I want a way to pay my bills and afford my life, and I want to do that in a way where I'm not stressed out," Smith said. "The peace of it is such a big part, even if I am making less than I was in my insurance job."

    Cory Sarkisian, enlisted sailor in the Navy pursuing a financial planning role

    Cory Sarkisian, 27, has been an enlisted sailor in the Navy for eight years, saving and investing $375,000 in the process. He and his wife, who have two kids, have been a single-income household for the last six years, moving between San Diego, Hawaii, and Connecticut.

    Sarkisian had $10,000 saved by the time he joined the Navy, and for his first three years, he didn't have to worry about food or housing, allowing him to save most of his earnings. In 2016, he bought a four-year-old Honda Civic in cash and still drives it.

    In 2018, he moved out of government quarters and got married. He was given a housing stipend of $2,700 a month, the set amount for someone of his rank, and he and his wife found an apartment for $1,700 a month and kept the rest. He has also never had to pay for healthcare, which is free through the military.

    In 2020, he began investing in index funds through his Roth IRA and Thrift Savings plan, and he and his wife put 10% down on a condo with a 15-year loan and 1.75% interest rate. He was forced to move to Connecticut two years later, though they sold the condo for $70,000 more than they paid, which they used to start funding their kids' 529 plans, purchase a used car, and put more into brokerage accounts.

    They've put $180,000 into their Roth accounts, $125,000 in after-tax brokerage accounts, $45,000 in savings, and $21,000 in 529s. With their savings, they traveled to four Hawaiian islands and New Zealand. Sarkisian said he's looking to pursue financial planning after his time in the Navy.

    "We don't feel like we are depriving ourselves," Sarkisian said. "Maybe early on, we endured some deprivation, but we think we have found a pretty good balance."

    Are you part of the FIRE movement or living by some of its principles? Reach out to this reporter at nsheidlower@businessinsider.com.

    Read the original article on Business Insider
  • One of Tim Cook’s big bets is paying off

    Tim Cook
    Apple CEO Tim Cook's optimism about Asia is warranted, according to recent sales reports.

    • Apple hit a milestone in its Indian market.
    • Sales in its latest fiscal year hit nearly $8 billion in the country, Bloomberg reported.
    • Apple execs have made it a point to grow in Asian markets in the past year as rivals push forward.

    Apple scored a win in its fight to gain a foothold in Asia.

    Bloomberg reported Monday that the tech giant's sales in the year through March in India hit nearly $8 billion, setting a record. It's a 33% jump from the $6 billion a year prior.

    CEO Tim Cook has led an effort to strengthen Apple's presence in Asian markets. In the fiscal second-quarter earnings call, Cook said he felt "very optimistic" about his visit to Shanghai in March.

    But India is also a key part of Apple's plans in the region, helping it diversify. CFO Luca Maestri named it among the countries that could help Apple offset declines in the Chinese market thanks to government bans and competition from rivals.

    Although India's revenue represents only about 2% of Apple's $383 billion annual sales, it does show that the company's bet on an expanding Indian middle class is paying off. According to Bloomberg, iPhones accounted for over half of sales in the country, even though the Indian smartphone market is still dominated by cheaper handsets.

    Apple didn't immediately respond to a request for comment from Business Insider.

    Read the original article on Business Insider
  • I tried grilled-cheese recipes from Ina Garten, Ree Drummond, and Roy Choi. The best one didn’t have fancy add-ins

    three grilled cheeses on glass plates
    I love grilled cheese, so I wanted to try out a few popular recipes.

    • I tried grilled-cheese recipes from Roy Choi, Ree Drummond, and Ina Garten to try to find the best.
    • Garten's sandwich melted beautifully, and the smoky bacon added a nice contrasting flavor. 
    • Drummond's grilled cheese had pizzazz, but Choi's is the perfect basic recipe.

    Grilled cheese is the ultimate comfort food. It can be made with almost anything in your kitchen (vegetables, fruit, herbs) as long as cheese and bread are involved.

    Plus, a well-made grilled cheese can keep a person on a budget fed like a king — which is great when most grocery prices are still so high.

    On a mission to find the best grilled cheese out there, I tried recipes from celebrity chefs Roy Choi, Ree Drummond, and Ina Garten.

    Here's how it went.

    Choi's grilled cheese had the shortest ingredient list.
    packs of cheese, bread, and butter on a wooden table
    Roy Choi keeps things basic with bread, cheese, and butter.

    I've seen Choi's recipe circulate online in the past, so I was excited to try it. It was also the quickest and easiest of the three.

    I procured a loaf of sourdough bread, unsalted butter, yellow cheddar, white cheddar, and Gruyère.

    I'd also need a block of Parmesan and a cheese grater to finish things off.

    Building the sandwich was simple.
    several types of cheese on a piece of bread
    I layered the cheeses one on top of the other.

    I buttered one side of two pieces of sourdough bread and flipped them so the non-buttered side was facing up.

    Then I added three slices of yellow cheddar, three slices of white cheddar, 1 ounce of grated Gruyère, and 1 ounce of grated Parmesan.

    Once it was built, all I had to do was transfer the grilled cheese to my pan and wait for it to get toasty on both sides.

    The finished sandwich was so cheesy and not at all stringy.
    classic grilled-cheese sandwich on a plate
    I prefer a little bit of a cheese pull.

    I could taste each layer of cheese in this sandwich, and they were all incredibly flavorful in their own right.

    Whether due to the selection of cheeses or the lack of other ingredients, this sandwich was the least stringy of the three.

    This definitely made it a little cleaner to eat, but I thought it lacked a little bit of the quintessential charm of a cheese pull.

    Garten adds protein to her recipe.
    ingredients for a bacon grilled cheese on a wooden table
    Ina Garten uses bacon and a special sauce to jazz up her grilled cheese.

    Garten's ultimate grilled-cheese recipe called for thick-cut bacon, mayonnaise (or Miracle Whip), Dijon mustard, Parmesan, kosher salt, black pepper, Gruyére (or Comte), extra-sharp cheddar, and sourdough bread.

    It also called for salted butter, but I substituted it with unsalted because that's what I keep in my house.

    I started by whipping up a sauce to spread across the bread.
    mustard sauce in a white bowl
    The sauce was mostly mustard and mayo.

    To make Garten's sauce, I mixed mustard, mayonnaise, Parmesan, pepper, and salt in a bowl. Then I took two pieces of sourdough and spread butter on one side and the sauce mixture on the other.

    I placed the prepped bread sauce-side-up on my plate.

    Before building the sandwich, I cooked the bacon according to the instructions on the package.

    With my bread prepped and my bacon cooked, I got to building my sandwich.
    bacon on one piece of bread and cheese slices on another
    Bacon went on one slice of bread, and cheese went on the other.

    I started by adding three slices of cooked bacon to the sauce side of one piece of bread. Then, I layered 1 ounce of extra-sharp cheddar and 1 ounce of Gruyère on the other slice.

    The closed sandwich went into the pan to get toasty and melty.

    Garten’s sandwich had stringy cheese and a smoky flavor.
    bacon grilled cheese on a plate
    I was pleased by the added flavor of the smoky bacon.

    Garten's grilled cheese was the stringiest of the three. The cheese oozed out of the sides, and the ingredients melded together perfectly.

    There was a pleasing, savory, smoky kick from the bacon and the Gruyère, and every few bites, I got a kick of salt. I don't think I needed the salted butter at all.

    Drummond’s grilled cheese called for extra produce.
    cheese, vegetables, and bread for grilled cheese on a wooden table
    Ree Drummond adds veggies to her sandwich.

    Drummond's recipe is definitely cheese-heavy, but it's also colorful.

    It called for poblano or Anaheim chiles, white vinegar, mayonnaise, Dijon mustard, red onion, tomatoes, provolone, cheddar, and butter.

    To make things easier for me, I decided to swap the red onion for a yellow one.

    I usually prefer sourdough for grilled cheese, but Drummond's recipe called for softer rye.

    Toasting the pepper gave it a great texture.
    chili cooking on a pan on the stove
    I only needed one chile for my grilled cheese.

    I popped one chile pepper into a pan on the stove and cooked it until the skin blackened.

    The recipe recommended toasting the peppers over an open flame, but I have an electric stove, so the pan worked fine.

    I soaked my sliced onions in some vinegar to mellow out the flavor.
    onions in a bowl of white vinegar
    I didn't want the onions to overpower the sandwich.

    To reduce any overbearing onion taste and bring out a little sweetness, I cut the onion into thin slices and submerged them in a small bowl of white vinegar.

    Drummond's sauce was similar to Garten's.
    mustard based sauce in a white bowl
    Ree Drummond also adds a sauce to her grilled cheese.

    Drummond's sauce was made with equal parts Dijon mustard and mayonnaise. I quickly blended it up in a bowl before prepping my bread.

    There were more layers in this sandwich.
    cheese, tomatoes, onions, chilies on rye bread
    I started with the sauce and then piled on the cheese and veggies.

    I slathered sauce across two pieces of rye bread and added butter to the other sides.

    With the sauce side up, I added two slices of provolone, two thin slices of tomato, two slices of cheddar cheese, and the onions.

    Before cutting up and adding the chiles, I removed the blackened skin and seeds.

    Because the rye bread was softer than the sourdough, I cooked the sandwich over a lower heat. I wanted to sufficiently melt and bind the cheese without burning the bread.

    The texture was the star of Drummond's sandwich.
    Grilled-cheese sandwich on a plate
    I liked the extra bite from the veggies.

    The onions added a crisp snap, but thanks to the vinegar bath, they weren't overbearing. The standout flavor was actually the mustard in the sauce.

    It's certainly a different take on grilled cheese, but I'm definitely going to keep this recipe around.

    You can't go wrong with a basic recipe, and Choi nailed it.
    three grilled-cheese sandwiches on plates
    From left to right: Ree Drummond's, Roy Choi's, and Ina Garten's grilled cheeses.

    All three of these recipes were so tasty. But I was most impressed by Choi's perfect blend of cheesy flavors. It's my new staple grilled-cheese recipe.

    I'm still memorizing Drummond's recipe to impress my friends at a barbecue or cute night in. It's a sneaky way to eat more produce and was lighter overall.

    The rye also surprised me and opened my mind to other bread possibilities.

    Garten's recipe wasn't bad by any means — in fact, I think it had the best melt. But I don't think I'll reach for it that often when I want a grilled cheese.

    Click to check out the other celebrity-chef recipes we've put head-to-head so far.

    Read the original article on Business Insider
  • Judge who dismissed Trump case says prosecutor should have taken her more seriously

    Jack Smith.
    Special Counsel Jack Smith.

    • Judge Aileen Cannon dismissed Trump's classified documents case Monday.
    • She wrote the Special Counsel failed to brief her on other remedies beyond dismissal.
    • "Startlingly, the Special Counsel submitted nothing" during a "lengthy hearing," Cannon wrote.

    Judge Aileen Cannon didn't just throw out the criminal charges alleging Donald Trump mishandled classified documents — she also suggested Special Counsel Jack Smith didn't take her seriously enough.

    In her shocking 93-page ruling on Monday, Cannon concluded the appointment of Smith as a special prosecutor in the case was unconstitutional.

    The legality of special counsels has been debated for years, and Cannon wrote Monday that Congress needs to bestow such legal powers.

    Cannon also wrote the Special Counsel had a "full and fair opportunity" to brief her on other remedies besides dismissing the case.

    "Yet startlingly, the Special Counsel submitted nothing on the topic of the proper remedy for the Appointments Clause issue, despite challenging dismissal as a remedy," Cannon wrote.

    Cannon said Smith's team instead asked for "some additional briefing" on the issue, but it was too late.

    "This last-minute reference to conditional supplemental briefing … in no way signals a lack of a full and fair opportunity given to all parties to brief their positions," Cannon concluded.

    Before issuing the decision, Cannon took the step of allowing amicus briefs — arguments from third parties unrelated to the case — over the legality of special counsels, something that's rarely done in criminal cases on a district court level. Several right-leaning groups, along with two former US Attorneys General who served in Republican presidential administrations — argued against the special counsel appointments.

    Some legal groups and allies of Trump urged the Supreme Court to weigh in on the legality of special counsels when it heard arguments related to presidential immunity earlier this year. The Supreme Court, in a 6-3 decision granting presidents broad criminal immunity powers, ultimately didn't take it up. In a concurring opinion, Justice Clarence Thomas said he believed most special counsels were unconstitutional, but none of the other eight justices joined his opinion.

    The Department of Justice did not immediately respond to Business Insider's request for comment.

    Read the original article on Business Insider
  • Ukraine is cranking out lots of homemade weapons but needs more of a key ingredient, defense industry official says

    A road-mobile launcher firing a Neptune missile in testing.
    A test of a Neptune missile in April 2020.

    • Ukraine has made monumental efforts to scale-up its defense industry since Russia's invasion began.
    • Kyiv barely made any weapons at the start, but now it's producing drones, artillery, and more.
    • Despite the country's successes, a senior official said Ukraine still needs more energetics.

    Ukraine is rapidly producing a variety of homemade weapons as its defense industry aims to meet the needs and demands of soldiers fighting on the front lines. But a senior official says Kyiv still needs more of a key ingredient to keep the arms flowing.

    Before Russia's full-scale invasion in February 2022, Ukraine was barely producing any weaponry for its armed forces and was relying heavily on pre-existing stocks of Soviet-era supplies and support from international partners. Now, the country is cranking out its own drones, artillery, missiles, and more at a breakneck pace to supplement this inventory.

    "I don't focus much on thinking how we made it, but we made it," Oleksandr Kamyshin, Ukraine's minister of strategic industries, told Business Insider last week on the sidelines of the NATO summit in Washington.

    "We've got a few challenges, just a few. One is energetics — explosives and propellants — and probably that's it," Kmayshin explained, reflecting on Ukraine's efforts to boost its defense output. "No one is making enough," he said, and that is a global challenge. "So the more you get, the more ammunition you produce."

    Ukraine has received tens of billions of dollars in security assistance from NATO since the onset of the war, including more than $53 billion from the US alone. But as the conflict has progressed, the local defense industry has steadily contributed more and more of its own military hardware to Kyiv's front-line forces.

    A homemade prototype drone is tested with a fake grenade in a field outside Kyiv in November 2022.
    A homemade prototype drone is tested with a fake grenade in a field outside Kyiv in November 2022.

    These domestic efforts supplement the provision of foreign weapons. Kamyshin said Ukraine will always be reliant on Western support because there's no one country that can outproduce Russia right now.

    Russia also has weapons flowing in from abroad — most publicly from North Korea and Iran. But Moscow has also invested a significant share of its GDP into military spending and placed the economy on what experts say is a Soviet-style war footing.

    The rapid production of weapons inside Russia has triggered alarm bells among some NATO allies, and it has underscored the need for Ukraine to prioritize local manufacturing, which is helping to grow the domestic economy.\

    From breadbasket to arsenal

    "We are putting in the war everything we have," Kamyshin said, noting that most of the budget goes into the war. He said that Ukraine can't beat Russia when it comes to funding and manpower, so it is focused on quality over quantity.

    "That's why we have to outperform in the quality of weapons, in the quality of people, and that's the only way we can withstand," he said.

    One notable area of success in this war has been Ukraine's local drone development program. Kyiv has used long-range attack drones to target military and energy facilities deep inside Russian territory and has relied on naval drones packed with explosives to hammer Moscow's warships in the Black Sea.

    A Ukrainian multi-purpose naval drone called "Magura V5" during a demonstration in April.
    A Ukrainian multi-purpose naval drone called "Magura V5" during a demonstration in April.

    Ukraine is also producing lots of first-person view (FPV) drones, which have been an ever-present force on the battlefield, functioning as a cheap way to deliver precision strikes on enemy armor and personnel.

    And drones are not its only innovations. Ukraine also developed a homemade anti-ship missile, the Neptune missile, and used it to sink the Russian cruiser Moskva, the flagship of the Russian Black Sea Fleet, early in the war. Kyiv later modified the missile for land attack.

    Meanwhile, Ukraine is taking greater steps to further integrate its domestic defense industry with those of NATO and the European Union. Kyiv recently opened an office in Washington to achieve that goal and has encouraged deeper collaboration with Western arms manufacturers.

    "They called us the 'breadbasket' of [the] Soviet Union. Then they called us the 'breadbasket' of Europe," Kamyshin said. "We've been always a good, a peaceful, nice agricultural country. I was farming myself."

    "At some point, they came and started killing us. We had to learn how to fight" again, he said. "It was not our decision to switch from being a breadbasket to being the arsenal."

    Read the original article on Business Insider
  • CMO Insider

    Track with a business person running uphill on a looped section of the track (updated)

    The role of chief marketing officer has never been more complex than it is today.

    Digital transformation, economic upheaval, societal change, and a fragmented media landscape are just some of the intricacies marketing leaders are confronting.

    CMO Insider presents profiles, case studies, research, and personal perspectives, to inspire and inform CMOs and their teams as they build and grow their brands.


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  • Trump has an idea for unity: stop all his trials

    Donald Trump, with blood on his face, holds his fist up after being shot at a campaign rally in Pennsylvania.
    Donald Trump wants the trials against him to be stopped after he survived an assassination attempt.

    • Trump says all criminal trials against him should be halted after assassination attempt.
    • He suggests Biden could demonstrate unity by asking the DOJ to drop the charges.
    • Some Trump allies have echoed his call for charges to be dropped.

    In the wake of an assassination attempt against him, Donald Trump has an idea to unite the country: stop prosecuting him.

    The former president's rallying cry that he is a victim of political persecution is only growing louder since a 20-year-old shooter tried to kill him at a rally in Pennsylvania on Saturday.

    Shortly after a Florida judge dismissed the classified documents case against Trump, Trump urged in a post on Truth Social on Monday that all remaining charges against him should be dropped.

    "As we move forward in Uniting our Nation after the horrific events on Saturday, this dismissal of the Lawless Indictment in Florida should be just the first step, followed quickly by the dismissal of ALL the Witch Hunts," Trump wrote in his post, listing out all the cases he thinks should be dropped.

    "The Democrat Justice Department coordinated ALL of these Political Attacks, which are an Election Interference conspiracy against Joe Biden's Political Opponent, ME. Let us come together to END all Weaponization of our Justice System, and Make America Great Again!" he continued on Truth Social.

    Trump also suggested to the The New York Post on Sunday that, in light of Saturday's violence, things could be more civil now between his and Joe Biden's presidential campaigns.

    Without providing any details, Trump told the Post "we hear" that Biden will order the Department of Justice to drop its criminal cases against Trump.

    One of those cases, the Florida classified documents case, was dismissed by a Trump-appointed judge on Monday, though Biden wouldn't have played any role in the federal judge's ruling.

    The DOJ has historically operated independently from the executive branch; there's also no indication that Biden has orchestrated the charges against Trump, or that he'd order them to be dropped.

    The Biden campaign declined to comment. The White House, the Trump campaign, and the DOJ did not immediately respond to a request for comment from Business Insider.

    Trump's comments reinforce his frequent message that Biden has been personally directing the criminal cases against him, even the ones in state court.

    Trump and the GOP have repeatedly alleged, long before Saturday's shooting, that Biden is behind the charges against Trump.

    And Trump isn't the only one suggesting he should now be spared from criminal prosecution for the good of the country.

    Trump's former national security advisor Robert O'Brien posted a joint statement with Republican Senator Mike Lee of Utah, urging the charges be dropped.

    "We've got to take the political temperature down, as evidenced by what happened in PA today," O'Brien wrote in a post on X. "We call on President Biden to immediately order that all federal criminal charges against President Trump be dropped, and to ask the governors of New York and Georgia to do the same."

    "Such a gesture would help heal wounds and allow all Americans to take a deep breath and reflect on how we got here," the statement on X continued. "Our prayers are with the victims of the shooting, President Trump and our country."

    Politicians on both sides of the aisle, including Biden, have been calling for peace and unity as Americans are increasingly worried about political violence breaking out.

    In an address from the Oval Office on Sunday, Biden urged Americans to remain calm and resolve their political disputes peacefully.

    "The power to change America should always rest in the hands of the people, not in the hands of a would-be assassin," the president said. "The path forward, through competing visions of the campaign, should always be resolved peacefully, not through acts of violence."

    The president has also ordered an independent investigation into the security at Trump's rally.

    Read the original article on Business Insider
  • I ate at the Paris bistro that’s now owned by the richest man in Europe. It has many critics, but one dish won me over.

    Author Kasia Dietz outside of Chez L'Ami Louis smiling
    I dined at Chez L'Ami Louis for the first time to see what the buzz was all about.

    • I dined at the Chez L'Ami Louis in Paris, which was just bought by the richest man in Europe. 
    • The bistro's famous $130 roast chicken was incredible, and the portion was large.
    • The food was delicious, and I wasn't mad that our meal cost 272 euros (just under $300).  

    As a local to Paris for 15 years, I've often passed by the red-checkered curtains of Chez L'Ami Louis.

    The seemingly exorbitant prices displayed on the menu by the door have long kept me from heading inside, but it's no secret this 100-year-old Haut Marais hot spot is among the city's most famous bistros.

    It's even said to have welcomed famous patrons like Bill Clinton, David Beckham, Francis Ford Coppola, Keanu Reeves, and Brad Pitt.

    With such a reputation, it's perhaps not surprising Europe's richest man, LVMH CEO Bernard Arnault, bought a majority stake in the bistro in June. Financial details of the deal were not disclosed.

    In a statement, LVMH (the French luxury-goods conglomerate that owns big names like Louis Vuitton) called Chez L'Ami Louis "a go-to destination for those seeking an authentic culinary experience in the capital."

    Even so, the bistro has famously had mixed reviews — it has 3.5 stars on Yelp, and a common criticism is that its prices are far too high.

    Either way, I was curious to try Chez L'Ami Louis and form my own impression.

    It was easier to make a reservation in person than by phone

    Menu outside of L'Ami Louis in frame
    Chez L'Ami Louis has its menu posted outside its storefront.

    The restaurant only has about 12 tables, so I knew making a reservation was my best bet if I wanted to get dinner here.

    Reservations can't be made online, and I tried to make one by calling but was unsuccessful. (After reading many reviews, it seems it can be hard to get someone from the bistro on the phone).

    Since I live nearby, I tried my luck visiting in person on a Wednesday morning in late June. Even before the lunch seating, the atmosphere at Chez L'Ami Louis appeared inviting.

    As I entered the pre-war space, I was greeted by crates of fresh fruits and vegetables covering the aged wooden tables. Half a dozen staff were bringing the bistro back to life following its two-day repose (it's closed on Mondays and Tuesdays).

    I walked to the back counter, where a solemn man asked if he could assist me. I asked for a reservation in French — a table for two, s'il vous plaît.

    He studied his notebook and suggested a dinner seating for the following week. I eagerly booked a table for two on Sunday night.

    Our reservation almost fell through, but we got lucky

    My husband and I arrived at Chez L'Ami Louis promptly at 8 p.m. on the night of our dinner date.

    The wait staff was in the midst of their nightly plating performance as I slinked past the 12 buzzing tables to let the host know we'd arrived.

    After glancing at the reservation list, he looked back up at me and shook his head. He asked if I'd called yesterday to confirm my table, and my heart sank.

    I'd misunderstood when I made my reservation: I had been expecting a confirmation call from them, as is the standard practice by many top restaurants.

    Maybe the maître d' was moved by the dumbfounded, desperate look on my face, or we just got lucky. He told us to come back at 9 p.m.

    When we returned, all eyes were on us

    Coral table at Chez L'Ami Louis in front of large display of produce in baskets
    Chez L'Ami Louis had wood chairs, baskets of fresh fruit, and a busy floor pattern.

    After a convivial apéritif in the neighborhood, we returned to the same curious stares from diners who were now onto their next courses. I smiled graciously as a nook was cleared, and we settled into the salmon-cloth-covered table.

    Oval mirrors lined the brown lacquered walls, and the trippy black-and-white tiled floor felt like a statement. Near the open kitchen, baskets overflowing with ripe fruit looked prepped for a royal banquet.

    A server in a white button-down and black tie brought us menus, and asked if we preferred still or sparkling water.

    The prices were still a bit tough to swallow

    Menu at Chez L'Ami Louis on plate
    I'd been intimidated by the Chez L'Ami Louis prices before.

    I was tempted to order the fish of the day, but the price seemed so high — 150 euros (about $163) — that I'm not sure I would've been able to really enjoy it.

    Was the côte de bœuf (rib steak) for two more reasonable at 205 euros? I wasn't sure. I've seen fish and meat dishes cost less at even Michelin-star restaurants.

    We settled on the signature dishes of escargot (50 euros) and roast chicken (clearly for two with a price tag of 120 euros), then asked for the wine list.

    A leather-bound tome arrived with an extensive selection of wines from around the country.

    Wine book at Chez L'Ami Louis
    Chez L'Ami Louis has an extensive wine list.

    The bistro's well-stocked cellar apparently has thousands of bottles. With house wine at 25 euros a glass, we ordered a half bottle of Bordeaux at 65 euros, which felt like a bargain.

    An international crew of locals and tourists surrounded us

    Groups of people sitting close together at Chez L'Ami Louis
    We sat among people who seemed to be regulars, tourists, and elite diners.

    While devouring a sky-high plate of toasted baguette with heavenly demi-sel (slightly salted) butter, I scanned the animated space to discover a room filled with faces both local and foreign.

    At a nearby table, I recognized a fashion model used in a campaign by a Parisian brand whose clothing I happened to be wearing. The ladies next to us were from Toronto and eager to share details of their stellar meal.

    To our other side sat a group of Frenchmen who appeared to be regulars, engaged in spirited conversation with the person who seemed to be running the bistro.

    Our first dish arrived — and every buttery bite of it was sensational

    Stack of bread on plate next to dish of escargot at Chez L'Ami Louis
    We ate butter, bread, and escargot first.

    Our anticipation grew along with our appetites as we observed overflowing trays of grilled beef and roast chicken passing overhead.

    At last, our escargot arrived dripping in butter and garlic. We savored every one of our dozen succulent snails.

    Author Kasia Dietz eating escargot at Chez L'Ami Louis
    Our order of escargot came with a dozen snails.

    Once the bread and butter were deftly whisked away and the silverware refreshed, the main act began.

    I quickly learned why the roast chicken is one of the bistro's famous dishes

    Roast chicken in cast-iron skillet on a silver tray being held by a server
    Our Chez L'Ami Louis roast chicken was brought out on a silver tray at first.

    After a brief acquaintance with our roast chicken, it was returned to us in parts and accompanied by a towering plate of shoestring fries.

    With his first bite, my husband announced, "This is the best roast chicken I've ever had."

    Plated pieces of roast chicken at Chez L'Ami Louis next to stack of shoestring fries on table
    The fries were particularly delicious when dipped in the juices of the chicken.

    With a mouthful of tender, wood-oven-roasted chicken, I nodded in agreement. I also couldn't resist dripping the fries into the rich gravy composed of goose fat and butter.

    By the second serving of the chicken (which, in its entirety, I think could've easily fed a family of four), my husband accurately described the meal as "French traditional eating at an excess."

    Perhaps it's the excess that makes this restaurant worthy of its elite status.

    I wish I'd saved more room for dessert

    Chocolate dessert on plate with two plats and forks for sharing
    The chocolate cake at Chez L'Ami Louis was creamy and decadent.

    After our meal, we were so full that I understood why the lighter triple serving of seasonal red fruits with freshly whipped cream (26 euros) was a popular dessert choice.

    But tempted by chocolate, we ordered the rich gateau au chocolat (25 euros) and were not surprised by the generous portion. It was more than enough for the two of us.

    The chocolate cake was creamy, decadent, and very much on the sweet side. It was easy to inhale, and I particularly enjoyed its crunchy bottom layer.

    Our meal cost nearly 300 euros, but I left with a smile on my face

    Authro Kasia Dietz slicing roast chicken at Chez L'Ami Louis
    I enjoyed my meal at Chez L'Ami Louis.

    Without cleaning my dessert plate, we paid the bill totaling 272 euros and left the still-bustling bistro smiling and satiated.

    Maybe Arnault was just as charmed by his own Chez L'Ami Louis dining experience — so much so that he felt inspired to add the bistro to his portfolio.

    But as for me, I'd definitely recommend Chez L'Ami Louis to those looking for an authentic French bistro experience. Just make sure you confirm your booking, dine with gourmands, and stay open to asking for a doggie bag.

    Read the original article on Business Insider