Tag: News

  • Biden goes on MSNBC and goads Democrats who want to push him aside: ‘Challenge me at the convention’

    Joe Biden
    President Joe Biden has made clear that he is not dropping out of the 2024 race.

    • President Joe Biden repeatedly declared he is not dropping out during a feisty and unexpected interview.
    • Biden called into MSNBC's "Morning Joe" on Monday morning.
    • The president's appearance came as he sought to assure Democrats that he's still their best hope. 

    President Joe Biden on Monday offered a feisty challenge to Democratic politicians and donors who want him to drop out of the 2024 race.

    "I'm getting so frustrated by the elites, now I'm not talking about you guys," Biden said during a call into MSNBC's "Morning Joe." "But by elites in the party, who they know so much more, if any of these guys don't think I should run, run against me. Announce for president. Challenge me at the convention."

    The Democratic National Convention is set for next month in Chicago. There is a chance that Democrats formally nominate Biden before then. Democrats could still replace Biden, but doing so without his blessing would be an unprecedented action in modern politics.

    Biden has repeatedly declared since his disastrous debate performance that he is not going anywhere. A handful of House Democrats have called for the president to step aside. Some of the party's biggest donors have also questioned whether Biden is still the Democratic Party's best chance to defeat former President Donald Trump.

    "The bottom line here is, we're not going anywhere," Biden said. "I'm not going anywhere. I wouldn't be running if I didn't absolutely believe that I am the best candidate to beat Donald Trump in 2024."

    Lawmakers will return to Washington later Monday for what is expected to be a critical week for elected officials to consider whether to publicly express their concerns about Biden.

    So far, Biden has kept Senate Majority Leader Chuck Schumer, House Minority Leader Hakeem Jefferies, former Speaker Nancy Pelosi, and former President Barack Obama in his corner. Potential Biden replacements, including Vice President Kamala Harris, California Gov. Gavin Newsom, Michigan Gov. Gretchen Whitmer, and others have also reupped their support of the president.

    Biden sent a strongly worded letter to Hill Democrats ahead of his appearance on Morning Joe, underlining his reasons for staying in the race.

    "The question of how to move forward has been well-aired for over a week now," Biden wrote. "And it's time for it to end."

    Read the original article on Business Insider
  • Elite nightclubs are forcing the Hamptons into an identity crisis

    An aerial view of a property in Southhampton, NY.
    • The Hamptons are facing an influx of exclusive social clubs and locals aren't happy.
    • Traditionally a quiet refuge for the wealthy, club nightlife is now encroaching on the area.
    • Hamptons' residents don't want their community to become a party hot spot.

    Just two hours east of Manhattan, the Hamptons is an ultra-wealthy beach hideaway where millionaires and celebrities from Martha Stewart to Beyoncé escape from the big-city bustle.

    At least it used to be.

    Nowadays, exclusive social clubs with long lines, dress codes, and pounding music are popping up in the Long Island hub for the rich, and residents aren't happy.

    Take the Blu Mar restaurant, for example. The Southampton restaurant was recently transformed into an Italian restaurant and nightclub by Kyky Conille, who's operated several hot spots in New York City.

    Conille told The Hollywood Reporter that the restaurant's club will be inclusive, catering to "customers from 25 to anyone who can still walk."

    However, another club in the back will be more selective.

    "We will pick the clientele for the lounge,'' Conille told the outlet. "My doormen will choose by the way they dress. We don't want people coming in the lounge in the evening wearing shorts. I want to bring back elegance — for people to get excited to get dressed.''

    And Conille isn't the only one trying to shake up the scene.

    Scott Sartiano, the owner of the elite Manhattan social club Zero Bond, where high-profile celebrities from Taylor Swift and Elon Musk to Tom Brady and Kim Kardashian go to party, planned to convert East Hampton's historic Hedges Inn into a new club location earlier this year, according to the same article.

    Business Insider previously reported that the club's fees for new members would range between $2,700 and $9,000 a year, depending on age.

    But Sartiano's plans had to shift in May after residents filled town meetings and convinced local leaders to set up an 11 p.m. curfew for this season.

    Since that spoiled the nightclub idea, Sartiano says he'll use the property as a new outpost for his New York restaurant, Sartiano's, for the time being.

    Still, some locals aren't buying it.

    "Mr. Sartiano has greatly watered down his proposal so that it will simply be an Italian restaurant, and if that's the case, we will roll out the red carpet," Marcos Baladrón, the East Hampton Village administrator, told The Hollywood Reporter. "But if his ultimate goal is to open another Zero Bond, I think the neighbors should be very wary."

    The New York Times reported Thursday that town officials had seen no confirmation that Sartiano had officially leased the property.

    While the future of the Hamptons is uncertain, one thing is clear: The wealthy enclave is experiencing a cultural identity crisis, and locals will have to fight to prevent it from becoming a getaway for partyers.

    "One of the lost things in this world is quietude," Carrie Doyle, the village trustee, told The New York Times. "People come out for peace and quiet, and the ironic thing is that to get it, you have to make a lot of noise. So that's what we've done."

    Read the original article on Business Insider
  • Why we are hard-wired to feel ‘sunshine guilt’ — and what you can do to manage it

    Adult Charming Woman Wearing Red Scarf And Eyes Closed Walking Alone At The City Street
    If you're experiencing "sunshine guilt" experts recommend staying active indoors or making time for your favorite hobbies.

    • Sunshine guilt is when you feel anxious about staying inside when it's sunny and nice outside. 
    • People might have FOMO from seeing others on social media enjoying time outside. 
    • A neuropsychologist suggests people liven up their indoor space with plants and stay active. 

    Even if you don't live somewhere known for breaking rainfall records, you've probably seen the effects of "sunshine guilt," as it's called on TikTok. For instance, you might notice your co-workers flocking outside to eat lunch or friends posting about weekend plans involving hiking trails or a day at the beach.

    Sunshine guilt is when you feel anxious or guilty about staying inside and not enjoying a sunny day to the fullest. Maybe you'd prefer to lie in bed and read or watch TV instead of venturing outside or getting sand in body crevices you can't reach.

    What is sunshine guilt and why do we experience it?

    Sunshine guilt refers to the "pressure you feel to be outside and enjoying the weather when it's a sunny day," Patrice Le Goy, Ph.D., LMFT, an international psychologist and licensed marriage and family therapist, told Business Insider. You might feel ungrateful for wanting to be inside resting or doing nothing.

    This feeling tends to be more common if sunny days are rare or you're transitioning from winter to spring. Since you don't know when you'll have another opportunity to enjoy the weather, sunshine guilt is considered a form of FOMO (fear of missing out), she added.

    Sometimes you don't have a choice about when you schedule activities. Perhaps you're busy working, studying, or doing household chores and feel like you're "missing out on the benefits and pleasures of being in the sunshine," Sanam Hafeez, PsyD, neuropsychologist, told Business Insider.

    Many people are aware that being outside can contribute to enhanced mood and vitamin D production, so they might feel guilty for having to stay inside. In addition, some "cultures emphasize spending time outdoors in nice weather, encouraging a belief that staying inside is a waste of a good day," she said.

    Another reason for sunshine guilt is seeing people enjoying outdoor activities. A combination of social media and peer pressure can amplify feelings of guilt, particularly if you think of yourself as a sun worshipper or someone who loves outdoor activities.

    How is sunshine guilt different from summertime seasonal affective disorder?

    About 5% of the US population experiences seasonal affective disorder (SAD), according to Mental Health America. Someone with SAD may "experience depression, fatigue, appetite changes, and other disruptions corresponding to darker and colder months," Le Goy said.

    Of those affected by SAD, about 10% experience depressive symptoms during the spring and summer, otherwise known as summer-pattern SAD or summer depression. Symptoms of summer depression tend to improve as the weather becomes sunnier and warmer or with a treatment such as light therapy, Le Goy explained.

    Unlike summer-pattern SAD, sunshine guilt is "not a medical condition and does not typically cause severe mood disturbances or functional impairments," Hafeez said. In addition, sunshine guilt is often temporary and can be resolved by spending time outside or directing your focus away from the weather.

    On the other hand, summer-pattern SAD is a recognized medical condition characterized by symptoms like irritability, trouble sleeping, and loss of interest in activities, which significantly impact daily functioning and quality of life, she explained. This condition can last weeks or months and typically requires medical or therapeutic intervention.

    Sunshine guilt tends to be situational. For example, you might feel guilty for missing an outdoor concert or wedding. In contrast, summer-pattern SAD may be prompted by changes in sunlight exposure, which affect your circadian rhythms, melatonin production, and serotonin levels, Hafeez said.

    What can you do to manage sunshine guilt?

    If you're experiencing sunshine guilt, you can develop strategies to find a healthy balance between indoor and outdoor activities. For instance, you can schedule outdoor activities on your days off and weekends or prioritize completing indoor tasks, so you have more time for outdoor enjoyment, Hafeez said.

    Another tip is incorporating small amounts of outdoor time throughout your day, like going for a walk at lunch or stepping outside to look at the scenery. If going outside isn't possible or desirable, Hafeez suggested the following practices to help reduce feelings of guilt:

    • Liven up your indoor space with plants and natural light
    • Practice mindfulness by focusing on the present moment
    • Make time for enjoyable indoor hobbies like reading or cooking
    • Stay active with indoor exercise like dance or yoga
    • Spend time with family or friends indoors or plan virtual meetups
    • Be kind to yourself for needing rest
    • Consider talking to a mental health professional if you're feeling depressed or overwhelmed

    Although sunshine guilt isn't a clinically recognized condition, it's helpful to acknowledge that it is "a real thing people experience, and you don't have to do anything about it if you don't want to," Le Goy said.

    If you're tired, listen to what your body needs, whether it's rest or a nourishing meal. Remind yourself that sunny weather is enjoyable when you want to be outside. You might even welcome a rainy day because then you won't feel pressured to go outside and make the most of your day, she added.

    Nandini Maharaj is a freelance writer covering health, wellness, identity, and relationships. She holds a master's degree in counseling and a doctorate in public health.

    Read the original article on Business Insider
  • The 10 under-the-radar places a luxury travel planner is recommending to her clients this year

    Colorful buildings in Sardinia
    Sardinia is one of my top picks this year.

    • I'm a luxury travel planner, and these are destinations I think will be popular this year.
    • For a beach getaway in Europe, I recommend Sardinia, Corsica, and Costa Navarino
    • I suggest Niseko, Japan, for outdoor enthusiasts or Ticino, Switzerland, as a Lake Como alternative.

    With Americans spending more on travel and experiences, now could be just the time to book a trip.

    I'm a luxury travel advisor, and I book five-star hotels and luxury vacations around the world for wealthy and high-profile clients.

    My clients always ask me about under-the-radar luxury destinations that feel exclusive and are not overly crowded by tourists.

    Here are a few places I'm recommending to my clients in 2024.

    Ticino, Switzerland
    Lavertezzo in Valle Verzasca, Canton of Ticino, Switzerland
    Many locals in Ticino speak Italian.

    This charming Italian-speaking region is also known as Switzerland's "Little Italy."

    I recommend visiting Swissminiatur in Melide, an open-air miniature museum that's great for families with kids. I also suggest visiting the well-manicured Parco Ciani, a beautiful park with statues and fountains that overlook Lago di Lugano.

    The region's small lakeside town Ascona is not to be missed. Take a boat cruise there and have lunch with a view of the cafe-lined promenade situated on Lago Maggiore.

    You can also take a short boat ride to the Brissago Islands, which consist of two islands. Only Isola Grande is open to the public. There, you can walk around the botanical garden and have a meal at the dreamy, neoclassical Villa Emden.

    Sardinia, Italy
    View of colorful buildings in Bosa in Sardinia, Italy. Aerial view of colorful houses in Bosa village, Sardegna.
    Bosa is a colorful area in Sardinia.

    Sardinia is also known for its nightlife and white-sand beaches. This island in the Mediterranean is also a hot spot for celebrities.

    The northern side of the island is dotted with upscale beach clubs and luxury resorts such as Romazzino, Costa Smeralda, and Hotel Cala di Volpe.

    Botswana, Africa
    Botswana, Africa
    You can go on a high-end safari in Botswana.

    Most visitors go to Kenya for an African safari but Botswana is better suited for a high-end safari experience with luxury accommodations since there are a limited number of camps.

    You can spot the Big 5 in the Okavango Delta, which offers a good mix of land and water safaris. Or visit Chobe National Park, which has a very high population of elephants.

    Niseko, Japan
    Ski resorts at dusk in Niseko, Japan
    Niseko, Japan, has a lot of ski resorts.

    Niseko offers some of the best powder for skiing in the winter. In the summer, the area is known for its outdoor activities.

    It has natural hot springs, river activities, golf courses, hiking, and mountain biking. If you're up for an adventure in the spring or summer, I recommend climbing to the top of Mt. Yotei, a volcano and one of the famous mountains for skiing. The hike is not for the faint of heart!

    Many people visit Tokyo to see the cherry blossoms, but you can also see them in Niseko. They're often in full bloom at the beginning of May.

    Corsica, France
    Bonifacio located on the steep cliffs above the Mediterranean sea in Corsica.
    Bonifacio is on the steep cliffs above the Mediterranean Sea in Corsica.

    Corsica has the perfect mix of rugged landscapes, hiking trails, rich history, and lively beaches. Its Plage de Palombaggia has stunning clear blue waters and a long stretch of white sand.

    Corsica also has several vineyards — including a few along the coast — so you can take scenic tours and go wine tasting on the island.

    Costa Navarino, Greece
    Navarino bay and Sphacteria island
    Navarino Bay is in Costa Navarino.

    Skip overcrowded Greek islands like Santorini and Mykonos. Instead, vacation in Costa Navarino, a coastal town in the Peloponnese known for its world-class golf courses and epic outdoor adventures.

    If you want to shop for artisanal goods made by local designers, stop by Navarino Agora, a new outdoor marketplace with an open-air cinema.

    Jose Ignacio, Uruguay
    Lighthouse in Jose Ignacio, Uruguay
    Jose Ignacio has some great beaches,.

    Jose Ignacio is a chic beach town that comes alive after Christmas (during the region's summer season) when locals from Uruguay and nearby Argentina flock here for vacation.

    The former fishing village is anchored by the faro, or lighthouse, near Playa del Faro Jose Ignacio — my favorite beach for people-watching and kite surfing. Spend a day soaking up the sun and check out the trendy seaside bars and restaurants.

    Vals, Switzerland
    Rooftop views in Vals, Switzerland
    Vals has many open landscapes.

    Vals is a small, quiet alpine village in Graubünden with only about 1,000 inhabitants.

    It's a hiker's paradise with wide open landscapes and rolling green hills. Try the moderate hike around Lake Zervreila at the base of the gondola in the center of Vals — you'll be rewarded with spectacular lake and village views.

    A crown jewel of Vals is 7132 Hotel, an architectural marvel designed by prominent Swiss architect Peter Zumthor. The hotel is famous for its thermal spa made of local quartzite.

    West Kowloon Cultural District, Hong Kong
    Harbor at West Kowloon Cultural District, Hong Kong
    West Kowloon Cultural District is right by the water.

    This waterfront district in Hong Kong is an art hub with multiple major arts and performance venues. M+ and Hong Kong Palace Museum are two of the newer museums that opened in 2021 and 2022, respectively.

    The Xiqu Centre in The West Kowloon Cultural District is an especially cool performing arts venue where you can watch a Cantonese opera.

    Hawke's Bay, New Zealand
    Overhead view of bay near Hawke's Bay, New Zealand
    Hawke's Bay is home to the National Aquarium of New Zealand.

    This warm and sunny region is perfect for foodies and wine lovers, with over 100 wineries and many restaurants that serve farm-to-table food.

    It's one of New Zealand's oldest wine regions and a great alternative to European ones. The vast majority of New Zealand's cabernet sauvignon and merlot are produced in Hawke's Bay.

    Plus, the area's flat trails make it ideal for wine and food tours by bicycle.

    Kids will love the National Aquarium of New Zealand and Napier's Marine Parade, an outdoor playground with a skate park, gardens, and mini-golf.

    Read the original article on Business Insider
  • America must love Little Tech too if it wants to stay on top, say Marc Andreessen and Ben Horowitz

    Marc Andreessen, left, and his longtime business partner, Ben Horowitz.
    Marc Andreessen and Ben Horowitz have issued a "Little Tech Agenda."

    • Can America hold onto the power it accrued in the 20th century?
    • Marc Andreessen and Ben Horowitz would like to think startups can play a key role in that process.
    • However, they worry startups face forces that could ruin them — and America's global leadership.

    Marc Andreessen and Ben Horowitz have been fretting about 21st-century America.

    Less than 24 hours after commemorating American independence on July 4, the investor duo in charge of venture capital firm A16z published a very Silicon Valley spiel on how the US can retain the power it accrued in the 20th century.

    They call it the "Little Tech Agenda."

    Simply, the agenda is about "Little Tech" startups, as opposed to Big Tech companies such as Apple, Google, and Meta. The opportunities that Little Tech presents — and the threats it faces — must be fully understood if America wants to stay on top, the investors argue.

    It's very worth noting that both Andreessen and Horowitz are hugely incentivized as VCs to draw attention to startups. In April, their firm said it raised $7.2 billion to spearhead investments into startups leading several areas, including "American Dynamism" — a catch-all term for founders leading companies that "support the national interest." Think aerospace, defense, education, housing, manufacturing.

    That said, the Silicon Valley veterans are ready to make their case for why concern for the future of startups extends to concern for the future of America itself.

    The Little Tech Agenda, explained

    Andreessen and Horowitz have a simple explanation for their new agenda: They want America to recreate the successes that gave it unassailable leadership in the 20th century.

    But they're not sure current circumstances will allow for that to happen.

    In the blog published on Friday, they wrote how America enjoyed unipolar power over the global order in the 1900s thanks to the second Industrial Revolution, the spread of computers, a championing of a free market system, and sheer military might.

    That said, they are aware of a growing chorus of voices that think such successes will be hard to come by again. "Naysayers say America's best days are behind us, that the 21st century will see America play a diminished role," they wrote. "We disagree."

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

    As VCs, their disagreement is rooted in a belief that startups have a vital role to play in ensuring America's continued role as the world's chief nation-state. The spirit that produced Ford, Lockheed Martin, and SpaceX is the spirit needed for future prosperity, their argument goes.

    However, they think startup spirit is being wrecked by the very people who need it to ensure continued power.

    Andreessen and Horowitz argue that "there is no reason the 21st century cannot be a Second American Century" if the political machinery in Washington DC stops getting in the way of startups reaching their full potential.

    As they put it, the US government is "now far more hostile to new startups than it used to be," with regulatory agencies being "greenlit to use brute force investigations, prosecutions, intimidation, and threats" to hobble growing industries such as artificial intelligence.

    They also claimed that regulators are getting in the way of market activities such as takeovers, and proposing new tax regimes targeting "unrealized capital gains" that would "absolutely kill both startups and the venture capital industry that funds them."

    Now, it's worth asking the extent to which vocalizing such concerns is really about America keeping the hot seat on the global stage until 2100 rather than helping VCs further line their pockets.

    'Regulatory capture'

    The technology sector's tilt toward generative AI since the launch of ChatGPT, for instance, has thus far massively favored Big Tech over VCs and startups. Silicon Valley heavyweights leading the Nasdaq have earned a far larger share of the financial reward from AI than their startup counterparts.

    That's partly because Big Tech firms have had an easier time securing the vast amounts of capital and computing power needed to power the intensive large language models driving up AI costs.

    Andreessen and Horowitz also argue that Big Tech's advantage has been helped by "regulatory capture" that has served to "protect and entrench their positions."

    The end result, they say, is "stagnation and then decline." They'll now hope others share the view that America's future depends massively on bootstrapped founders with a dream.

    Read the original article on Business Insider
  • Europe has overpromised on artillery shells to Ukraine and is making even less than it admits: investigation

    A Ukrainian soldier prepares 155mm artillery shells in his fighting position as Ukrainian Army conduct operation to target trenches of Russian forces through the Donetsk Oblast amid Russia and Ukraine war in Donetsk Oblast, Ukraine on August 6, 2023.
    A Ukrainian soldier prepares 155mm artillery shells in Donetsk Oblast, Ukraine, in August 2023.

    • Europe's artillery shell production won't meet promises made to Ukraine, an investigation found.
    • The European Commission claimed production of 1 million shells annually as of January this year.
    • An investigation found that actual production is around 550,000 shells, a major shortfall.

    European claims about its capacity to produce artillery shells are wildly overblown, meaning it won't be able to supply Ukraine anywhere near the quantity it has promised, according to a new investigation.

    The European Commission claimed that, as of January this year, Europe's annual production capacity for 155 mm shells had reached one million shells a year.

    This was followed by claims in June by the EU's Commissioner for Internal Market, Thierry Breton, that the bloc planned to be producing 1.7 million shells annually by the end of 2024.

    But a consortium of newsrooms, including Radio Free Europe and Die Welt, which spoke to manufacturers, experts and government officials, said in an investigation published Monday that these claims are far from the reality.

    An internal document from Rheinmetall, Germany's flagship arms manufacturer and one of Europe's largest, instead put the EU's annual 155mm shell production at the start of the year at more like 550,000, the group reported.

    This tallies with a report published at the end of 2023 by the Estonian defense ministry, which estimated that collective production for that year stood at between 480,000 and 700,000 shells — a far cry from the European Commission's claims a month later.

    The investigation published Monday reported that unnamed experts and industry insiders broadly agreed with their assessment.

    One source familiar with the industry said Europe would produce less than half a million shells by the end of the year, and said it was poor policy to pretend otherwise.

    The report identified numerous factors affecting the shortfalls, including a global gunpowder shortage and the lack of long-term contracts from governments to encourage the scaling-up of production.

    European Commission spokesperson Johanna Bernsel told Business Insider that it stands by its estimate "under realistic operational conditions, in response to orders received."

    She added that the estimates were based on EU member state and industry data, and that they take into account ongoing investment and efforts to reduce bottlenecks.

    She also said that not all production is openly disclosed to media for security reasons.

    155mm shells have been a crucial staple for both sides of the conflict in Ukraine. As of January, Ukrainian forces were firing in the range of 200,000 a month, according to internal estimates seen by Bloomberg.

    In addition to supplying Ukraine, European states need to conserve some supplies for their own defensive stockpiles, and for other conflicts worldwide.

    Ukraine has already experienced critical shortages of the munition, notably during the six months that US Congress held up sending further aid to Ukraine, forcing it to drastically ration its supplies at a time when Russia was firing an estimated 10,000 shells a day.

    As of May, Russia was able to produce artillery shells about three times faster than Ukraine's allies were able to, and for a quarter of the cost, Sky News reported.

    Read the original article on Business Insider
  • Read the letter: Biden tells House Democrats to stop calling on him to drop out

    Biden speaking with supporters in Pennsylvania on Sunday.
    Biden sent a new letter to congressional Democrats on Monday.

    • Biden sent a stern letter to congressional Democrats reiterating that he has no plans to drop out.
    • He said questions about him have "been well-aired for over a week" and "it's time for it to end."
    • The list of Democrats calling for Biden to drop out is likely to grow this week.

    As lawmakers head back to Washington today after their one-week recess, President Joe Biden is issuing a stern warning: I'm not going anywhere, time to pipe down.

    In a letter to Democrats in both chambers, Biden struck a defiant tone, even as he acknowledged "good faith fears and worries about what is at stake in this election."

    "The question of how to move forward has been well-aired for over a week now," Biden wrote. "And it's time for it to end."

    Five House Democrats have publicly called for Biden to drop out, and more are likely to do so this week.

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

    According to several media reporters, several high-ranking House Democrats — including Rep. Jerry Nadler of New York, Mark Takano of California, Adam Smith of Washington, and Joe Morelle of New York — said that Biden should step aside during a private call with colleagues on Sunday.

    This is a developing story. Please check back for updates.

    Read the original article on Business Insider
  • I was scammed out of nearly $300,000 and was forced to abandon my retirement dreams

    Photo illustration of a man with money collaged.

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

    Last year, I started looking for ways to make more money from my retirement savings. I'm 70, and my wife, who is also retired, is 68. We were worried about having enough money to live with rising inflation. We also wanted to have something to leave our four grandchildren, two of whom have special needs.

    I researched investment options online and eventually reached out to a friend. He connected me to a company he was investing in. I checked the company out online, and everything seemed above board. I spoke with a professional financial planner tied to the company.

    Still, I was cautious. I opened an account with just $250. Then, I transferred $10,000. When that investment began to grow, I wanted to go all in. I withdrew $100 from the account to make sure it was legit. After that withdrawal was processed, I transferred all my money: $256,470.

    Things quickly became strange

    After that, things started to get strange. The so-called investment company asked me to take out a line of credit. They encouraged me to invest in bitcoin and started charging me steep commissions.

    One day, I got an email, reportedly from a blockchain, the digital wallet where people keep bitcoin and other cryptocurrencies. When I looked closely, I noticed that one digit in the email was off—it was a scam meant to look like an official blockchain communication.

    That's when I knew something was very wrong.

    I trusted the big bank that the scammers used

    Still, the so-called investment company called me, asking for more money. I got my own lawyer, who looked up the company's legal representation. He couldn't find any licensed lawyer with the name I'd been given. Next, I hired a private investigator. He tracked one scammer to Bulgaria and another to the US.

    My lawyer realized that I had sent most of my funds to an account at Bank of America. As an immigrant, I trusted Bank of America intrinsically. I never would have transferred money to a small bank or international establishment, but if you can't trust them, who can you trust?

    Unfortunately, I feel Bank of America failed me terribly. Even after my lawyer alerted them to what was happening, they cleared a check I'd written to the scammers. They ignored requests from my bank to look at the fraud, and after three requests, my bank gave up.

    Within three months, I went from having a healthy retirement savings to having $20,000 in the bank. With lawyer fees and the private investigator, I was out nearly $300,000.

    Older people, like myself, need help to protect themselves

    This whole debacle is no one's fault but my own. The thing is, I'm a smart guy. I ran a major business for 30 years. I am good at vetting people—or at least I thought.

    What frustrates me is that the lack of government oversight allows scams like this to thrive. I contacted my local police department, and they said they'd investigate. I didn't hear from them, so I called back. They told me they have 600 cases like this and only three investigators. When I heard that, I knew the chances of my case being solved were slim to none.

    People always ask me what advice I'd give other seniors, but I think that's the wrong question. Scammers will always exist, and people, especially older people, will always be vulnerable. We need to be able to trust the government and major institutions like Bank of America to stop this fraud. I believe they don't because they make money in interest and fees from these fraudulent accounts.

    My retirement looks a lot different now

    I've started from scratch a lot in my life. I immigrated from the Czech Republic to New York in 1989 and later moved from New York to Texas. But it's hard to start over at 70. I've been sending out my résumé and looking for work as a consultant, but I haven't had any leads.

    I'm lucky to have a house and cars that are paid off and still have some money in the bank. I've abandoned my dream of helping my grandkids or traveling in retirement. I'm just hoping my wife and I have enough to live on.

    Editor's note: In a statement to Business Insider, Bank of America said: "We don't want any bank's clients to become victims of scams. We try to work with victims and their banks to return the funds when feasible, but unfortunately, this is not always possible. We encourage clients to do thorough due diligence to ensure that they are transferring funds to legitimate businesses."

    Read the original article on Business Insider
  • Putin’s favorite NATO member says the next 3 months of war will be ‘far more brutal’ after talks with Ukraine and Russia

    Hungarian prime minister speaking with Bild's deputy chief editor Paul Ronzheimer in Budapest
    Hungarian prime minister speaking with Bild's deputy chief editor Paul Ronzheimer in Budapest on July 7, 2024.

    • Hungary's prime minister said the war's next two or three months will be "far more brutal."
    • Viktor Orbán cited the volume of weapons, troops on the battlefield, and commitment on both sides.
    • He said he is on a "peace mission" tour to create a cease-fire to speed up peace talks.

    Hungarian Prime Minister Viktor Orbán said the next two or three months on Ukraine's front lines before the US presidential elections will be "far more brutal" than they have ever been.

    The Hungarian leader made the prediction in an interview Sunday with Axel Springer media outlets. Business Insider is owned by Axel Springer.

    "The energy of the confrontation, the number of deaths, the lost lives, and the casualties will be more brutal than it was in the last seven months, even though the previous period was also very brutal," Orbán said.

    Orbán mentioned the volume of weapons on the battlefield, Russian troops "consistently moving ahead" on the front lines, and the overall commitment on both sides.

    "So, what is ahead of us is far worse than we think now," he said.

    The Hungarian leader has paid visits to Ukraine and Russia, and is now in China as part of a peace mission, per an X post on Monday.

    In the one-on-one interview, Orbán said the purpose of his meetings with world leaders was to create a "limited-time" cease-fire to speed up peace talks.

    To achieve that goal, Orbán said he is trying to change what he described as the US "war policy" and the policy of Europe, which he said copies that of the US, so that world leaders can converge toward a "peace policy."

    "If China, the United States, and Europe would like to have peace, it's far easier for the Ukrainians and the Russians to find a solution on how to stop fighting, how to save lives, how to negotiate, and find a durable solution," he said.

    Orbán said that Putin and Ukrainian President Volodymyr Zelenskyy, both of whom he spoke to, have a "clear vision" of how their respective countries will win the war. But the prospect of defeating Russia on the battlefield right now is "totally out of any calculation," he said.

    Hungary will take on the EU Council's rotating presidency for the next six months, and Orbán said the European Union cannot afford the "luxury" of staying on the sidelines.

    "My motivation is that if we would like to do something and change from war policy toward a peace policy, now is the right time to do so," he said.

    Orbán's visit to Moscow last week was met with fierce criticism from other EU and European leaders, who said Orbán had no mandate to engage with Russia on the EU's behalf.

    His administration has also repeatedly sought to restrain Western and NATO support for Ukraine since the start of Russia's full-scale invasion in February 2022, notably blocking billions in funds for months.

    In May, Orbán told Hungarian state radio that his lawyers and officials were "hard" at work to alter its membership in the Western military alliance, so that it could avoid further aiding Ukraine in its fightback against Russia's invasion.

    NATO members are set to meet in Washington, DC, on Tuesday to mark the 75th anniversary of the military alliance, while also tackling some of its current challenges.

    Read the original article on Business Insider
  • Biden’s debate disaster has thrown this week’s NATO summit into chaos

    Biden/Nato
    US President Joe Biden at a meeting with NATO Secretary General Jens Stoltenberg in June 2022.

    • The NATO summit is being held in Washington, DC, this week. 
    • It comes amid rising global conflict and turmoil. 
    • But questions about President Joe Biden's political future will overshadow the meeting. 

    NATO leaders are gathering in Washington, D.C., this week amid global conflict and rising tensions from Ukraine to the Taiwan Strait.

    But it's the political future of the alliance's most powerful member, the US, that will be among the core focus of discussions.

    Following his disastrous debate performance against former US President Donald Trump on June 28, President Joe Biden's political future is in question just months before the November election.

    NATO faces growing threats

    European governments have been discussing how to "Trump-proof" NATO. One official told The Associated Press the mood ahead of the summit was "gloomy."

    Nato base Poland
    US military trucks are seen at the military camp at Arlamow airport in Poland in 2024.

    The 23-member alliance was formed during the Cold War as a bulwark against Soviet aggression. Under President Vladimir Putin, it faces the most potent threat from Russia in decades.

    The alliance is handing money and weapons to Ukraine to defend against the Russian invasion, with leaders believing that if Ukraine is defeated, Putin could move on to Europe in a matter of years.

    While Biden has been a staunch defender of NATO and has handed Ukraine billions of dollars to help it defend itself against the Russian invasion, Trump, who is now surging in polls, has questioned both US commitment to NATO and to helping Ukraine defend its territory.

    During Trump's four years in office, he has accused NATO members of freeloading off the US, threatened to withdraw from the organization, promoted baseless conspiracy theories about Ukraine, and repeatedly praised Putin.

    After decades of unbroken US backing for European security, Trump's presidency threw NATO into turmoil.

    And on the campaign trail, he's offered, at best, ambivalent commitments to NATO and to Ukraine.

    Moves to 'Trump-proof' NATO

    It has prompted some European leaders, including France's President Emmanuel Macron, to call for greater strategic autonomy for Europe to reduce its dependence on US wealth and military power.

    The US Congress also moved to safeguard the US's NATO commitment, passing legislation requiring presidents to have Congress' backing to withdraw from the alliance.

    Trump, if reelected, could bypass this by cutting off NATO funding and military aid.

    According to The Wall Street Journal, NATO members are expected to announce a range of new measures to "Trump-proof" NATO this week, including taking the lead in coordinating the training and equipping of Ukrainian forces.

    And while NATO members have boosted their spending in the wake of the Russian invasion — with nearly all members meeting their 2% of GDP defense spending goal — a lack of US support would leave a huge hole.

    In the first few months of the year, there was a stark warning of what losing US support could mean for Ukraine.

    As Trump-supporting Republicans blocked a US aid bill, Ukraine's military came perilously close to collapse as they ran out of ammunition on parts of the front line. Ukraine's European allies were unable to make up the shortfall.

    The prospect of a second Trump term means that NATO members are once again asking hard questions about the alliance's future.

    Read the original article on Business Insider