Tag: News

• Kyle Rice supercommutes from Delaware to New York for his job at an EMS software company.
• The commute takes about two hours each way and costs $1,510 monthly for Amtrak and PATH trains.
• Rice says it's worth it because he earns a high salary but enjoys lower living costs in Delaware.

This as-told-to essay is based on a conversation with Kyle Rice, a 38-year-old EMS provider based in Willmington, Delaware. The following has been edited for length and clarity.

For 15 years, I worked as a critical care paramedic. I spent between 12 and 24 hours at a time in an ambulance providing, direct patient care. I loved this job.

But I'm very much of the mindset that when a good opportunity comes your way, you should take it. I came across a job on a job board as a protocol architect for a project manager at an EMS software company. This job interested me because it involved working in the tech side of healthcare.

The only catch was that the job was based in New York City and required in-office workdays five days a week. I live in Wilmington, Delaware, with my wife and two kids — 125 miles from the office. We own our house. Even though this job seemed like a dream, I wasn't in the position to uproot my life for it.

I met most of the qualifications listed in the job description, so I applied anyway

I knew it only took around two hours by train to get to NYC from going there on vacation, so the idea that I could commute to work for this job didn't seem far-fetched.

The job description stated they were looking for someone living in New York or New Jersey, but when I calculated my commute versus someone living in Long Island, it came out to be roughly the same amount of time. When asked about my commute during the second interview, I shared my plan to take the Amtrak train, transfer to a subway, and be in the office by 9 a.m. I was offered the job and started supercommuting in February.

It takes me around 2 hours door-to-door

I leave my house at 6:15 a.m. and drive eight minutes to the train station in Wilmington to catch the 6:33 a.m. Amtrak train to Newark Penn Station. The ride is around an hour and 37 minutes.

After that, I get on the PATH train to the World Trade Center, which takes 30 minutes. I step outside the Oculus at around 8:35 a.m. and walk a block to my office. If there are no delays, I'm often one of the first to arrive in the morning.

I do the reverse commute at night and am on the couch by 7:30 p.m., which gives me plenty of time to be with my kids, eat dinner, and do some chores before starting it all again the next day.

The transportation costs me $1,510 a month

I spend $1,400 on an unlimited Amtrak pass every month, which allows me to ride the train twice daily for $35 a ride. I also have an unlimited PATH train card, which costs $110 a month.

I do have commuter benefits through my job. We can use pre-tax income to purchase the commuter cards, and there's a discount built in.

It might seem like an expensive commute, but it's worth it.

I earn more and save more by working a NYC job

I'd never consider relocating to NYC because it wouldn't be smart financially. This job pays considerably more than a similar one in Delaware. This new job allowed me to double my salary — I now make six figures.

I don't have to worry about the high cost of living in NYC. The average one-bedroom in Manhattan is $4,443, three times my mortgage of $1,400. I live in a suburban area with all the benefits of urban pay.

Plus, I love spending time in NYC and experiencing the culture, food, and diversity. I find time to enjoy the city on lunch breaks or before I head into the office.

The hardest part is giving up family time for the commute

The hardest part of this commute is the time commitment that takes me away from my family. My wife is amazing and took on the burden of being home with our two kids under four. She handles many duties that I can't do, all while working full-time in law enforcement.

When I was working as a paramedic, I'd be off for a few days after my shifts. This allowed me to help more around the house and spend time with my kids. The opportunity and the higher pay make this worth it for now.

I like to make myself comfortable and enjoy my time on the train

I pack an inflatable neck pillow, blackout glasses, and earbuds. There's WiFi on the train so I check emails, read the news, listen to podcasts, or sleep. Sometimes, I'll sit in the dining car just to talk to other people, which is fun and helps pass the time.

Sometimes, there's the added component of stress if the train is delayed or going slow because of signal issues, which can add hours to the commute. Now, I have backup plans if there are delays. I've been late for work on a few rare occasions, but my boss understood.

I only have to go in 2 days a week now

Recently, my job has shifted its requirements, and I only have to go into the office twice a week, but I usually go in more for in-person meetings.

I don't think I'll ever tire of watching the sunrise as the train pulls into Newark or seeing the Manhattan skyline off in the distance. Whenever the commute frustrates me, I remember how grateful I feel that I can pass through a handful of states on my way to work. I just stay present on the ride and just enjoy the view.

• The Google Doodle is a piece of art that temporarily replace the logo on Google's homepage.
• The first-ever Google Doodle was created as an out-of-office message for Google's founders.
• Google Doodles are now much more complex, and celebrate both major and obscure events and figures.

Throughout Google's 25-year history, the Google Doodle has grown into an iconic and beloved way for the search engine to celebrate holidays, historical moments, or notable figures.

A Google Doodle is a themed illustration or artwork that temporarily replaces the Google search logo on the search engine's homepage. Over time, the doodles have been elevated from simplistic drawings to elaborate artworks or even interactive games that both inform and entertain the billions of people who use Google across the world.

In the past, the Google Doodle has marked events like Pi Day, the 30th anniversary of the world wide web's creation, the 136th birthday of author Virginia Woolf, and even Google's own birthday (September 27, 1998).

The Google Doodle is also known for drawing attention to more obscure figures and events: It has celebrated days like the 96th birthday of David Warren, who invented the black boxes used in aircraft; the 80th anniversary of the opening of the Moscow Metro, and the 121st anniversary of the publication of the first Japanese railway timetable.

Google typically sticks to historical figures or events for its doodles. Although Google Doodles sometimes appear for celebrations rooted in a particular religion, like Holi, Tu B'Av, or Valentine's Day, the company eschews including religious symbols in those illustrations. This official policy means you won't see designs for major holidays like Easter or Kwanzaa.

If Google Doodles aren't your thing, you may be out of luck. Google Doodles can't be removed, hidden, or disabled. You'll just have to wait until the next day when it reverts to the standard Google logo.

Here's what to know about where the iconic Google Doodles come from, how to make one, and how they've changed over the years:

What was the first Google Doodle?

The very first Google Doodle was created by Google's founders in 1998. The illustration served as an out-of-office message for Larry Page and Sergey Brin to denote that they were attending the Burning Man festival.

But over the years, the Google Doodle has evolved to be more than just a simple logo and transformed to be interactive and fun.

How to make a Google Doodle

As part of Google's computer science education offerings, Google offers a short tutorial on how users can program their very own Google Doodles.

But if you're a student between kindergarten and grade 12, Google holds a Doodle for Google contest for students to create their own Google Doodle artwork and submit it for a chance to win awards, scholarships, and Google hardware and swag. The winner gets to have their artwork featured on Google's homepage for 24 hours.

To enter the student competition, create your artwork out of any materials you like (Google even accepts pieces made from "crayons, clay, to found objects") and write an artist's statement. You can submit your Google Doodle by mail or upload it as a jpg or png file.

The 2023 Doodle for Google winner was Rebecca Wu, a sixth grader from Washington DC. Rebecca's Doodle, "My Sweetest Memories," ended up on the Google homepage and reflected her gratitude for her sisters and the memories they've created together.

What is a Google Doodle game?

Google has occasionally included interactive games in its Google Doodles. Some like Snake, have been simplistic classics. But others are elaborate and complex.

For instance, Google Doodle chose to commemorate the fictional time traveler Dr. Who by celebrating the 50th anniversary of the TV series.

The Doctor Who Google Doodle launched in 2013 worldwide and featured an interactive game that was notoriously difficult to complete.

Google has come a long way, and now has over a dozen interactive Google games from past doodles that you can play. From Pac Man to Rubik's Cube, here are our top 10 Google Doodle Games:

• Pac Man
• Snake
• Dr. Who
• Garden Gnomes
• Scoville
• Quick, Draw!
• Halloween
• Fischinger
• Pony Express
• Cricket

To find and play these games, simply search them up in Google.

Quick tip: Google archives old Doodle games on its dedicated Google Doodle page. You can browse the Google Doodle archive anytime to find old games and doodles. There's even a tool to enter your birthday and see the doodles Google has published on that day in past years.

• SpaceX CEO Elon Musk was in Bali, Indonesia, this Sunday.
• The billionaire was there to launch his company's Starlink satellite internet service.
• Musk ditched his regular attire of black t-shirts and suits for a green batik shirt. 

Billionaire Elon Musk was in Bali this Sunday, and boy, was he serving up some serious tropical swag.

The SpaceX CEO headed to Indonesia on May 19 where he launched his company's Starlink satellite internet service. As part of his visit, Musk visited a community health center where he was seen wearing a Javanese batik shirt.

"I think its really important to emphasize the importance of internet connectivity and how much of a life changer that it can be, and a lifesaver it can be," Musk told reporters at an interview on Sunday.

"If you have some goods or services that you wish to sell to the world, even if you are in a remote village, you can now do so with an internet connection," Musk said. "So it can bring a lot of prosperity, I think, to rural communities."

Musk's choice of attire is notable — he's often seen donning the typical suit and tie or black t-shirt during business trips or at his companies' product launches.

This time round, Musk went with a more localized choice, picking a green batik shirt for Bali. The term "batik" refers to an Indonesia technique of using wax-resistant dyes to design intricate patterns on clothing.

Musk, of course, is no stranger to Indonesia.

Musk's SpaceX has been working closely with the Southeast Asian country to bolster its internet connectivity. According to the World Bank, roughly 66% of the country's 280 million population uses the internet, although connectivity is poor in Indonesia's rural and remote areas.

And the green batik shirt that Musk wore on Sunday appears to be the same one he was gifted when he participated in Indonesia's B20 Summit in November 2022. The event is an official G20 dialogue forum that is targeted at business leaders.

Musk, who was unable to make the trip to Bali then, gave a virtual interview to Indonesian businessman Anindya Bakrie. Musk was seen wearing the same green batik shirt during his video call.

During the interview, Bakrie told Musk that the "batik bomba" shirt that they sent him came from a small village in Central Sulawesi.

"Thank you for this awesome shirt. That's great. I love it," Musk said.

Musk isn't the only billionaire who has been eager to embrace local culture while he's out travelling.

When Meta founder and CEO Mark Zuckerberg attended the Ambani family's pre-wedding celebrations in March, the billionaire wore tigress and flower-themed outfits that were made by Indian fashion designer Rahul Mishra.

"Love an Indian wedding," Zuckerberg wrote in an Instagram post then.

Representatives for Musk didn't immediately respond to requests for comment from BI sent outside regular business hours.

• Global stock markets are hitting record highs, driven by economic optimism and potential rate cuts.
• China's stock markets are rallying on attractive valuations and government stimulus measures.
• Investors are shifting funds to China as they seek profits from rising valuations in other markets.

The world's major stock markets are on a tear as indexes near and breach record highs.

The market is so hot that some analysts are even asking investors to rethink the adage "sell in May and go away" this year.

After all, 14 of the world's 20 largest stock markets have hit all-time highs recently, according to Bloomberg's count on Saturday.

The US's three major indices were at record levels, with the Dow Jones Industrial Average closing above 40,000 for the first time on Friday. Stock markets elsewhere, including in Europe, India, and Japan, are also near or at their all-time highs.

Broadly, the MSCI ACWI Investable Market Index, which tracks large and mid-cap companies across developed and emerging markets, set a record high on Friday.

The markets are so hot that even China's stock markets — which entered 2024 in meltdown mode — are booming, too.

The CSI300, which tracks 300 large and midsize stocks in the Shanghai and Shenzhen markets, is up 7.4% this year to date. Meanwhile, Hong Kong's Hang Seng Index has surged 15% so far this year.

Cheap valuations in China are attracting hot money

In general, global stocks are driven by fundamental factors such as generally rosy economies, positive corporate earnings, and potential interest rate cuts, which send money back into stocks from bonds.

However, China's market rally appears to be fueled by attractive valuations after prices tanked so much over the last few years.

While there is risk in China's equity markets given their sustained slump, it appears that some investors think that it's worth the gamble — particularly since stocks elsewhere are getting expensive after an extended rally.

Chinese stocks' valuations are now broadly in line with their average before the pandemic, wrote Andrea Cicione, the head of investment researcher GlobalData TS Lombard, in a Friday note.

In particular, investors are rebalancing their portfolios from India to China as they take profit from gains in the hot South Asian market. India's benchmark Sensex and Nifty 50 indexes have both surged about 20% in the past 12 months.

As a sign of shifting global fund flow, big names have been piling into the Chinese stock markets. They include "Big Short" investor Michael Burry and billionaire investor David Tepper's Appaloosa Management.

Billionaire investor Ray Dalio said in March that he was still investing in China thanks to cheap stocks.

China's market rally may have more room to run

It helps that the Chinese government has stepped up economic stimulus measures. On Friday, the government pulled out its strongest moves to address its property market crisis. The top-down measures are a "clear sign" that Beijing still places a high priority on stabilizing China's embattled housing market, wrote Bank of America analysts in a Monday note.

However, Cicione, of GlobalData TS Lombard, warned that the stimulus was put in place precisely because there is "economic pain," as China's April economic indicators showed.

"We expect a soft patch in activity ahead before new measures aimed at boosting the economy start having an effect," Cicione said. "China equities should continue to benefit from improving consumer confidence and an export recovery driven by incremental monetary, fiscal, and property stimulus."

He said that investors' return to China's stock market has gained momentum and "likely has further to run."

Earlier this month, LPL Financial strategist Adam Turnquist also said China's stock market bull run may continue.

• Iranian President Ebrahim Raisi is dead after a helicopter crash in northwestern Iran.
• Iran's foreign minister and a provincial governor were also in the helicopter.
• Iran's vice president, Mohammad Mokhber, will likely take over before a new president is elected.

Iranian President Ebrahim Raisi has died after a helicopter crash in northwestern Iran, multiple news agencies reported, citing Iranian state media.

Interior Minister Ahmed Vahidi told IRNA, Iran's state-run news agency, that a helicopter carrying Raisi and other senior Iranian officials was forced to make a "hard landing" on Sunday, without providing further details.

Heavy fog and bad weather — and eventually night-time conditions — prevented rescue personnel from immediately reaching the scene, which led to several hours of uncertainty about the president's status. It remains unclear what caused the crash.

Iran's foreign minister, the governor of Iran's East Azerbaijan province, and other officials were also on board the helicopter. The high-level Iranian delegation was returning from a ceremony marking a dam opening near Azerbaijan's border. IRNA reported that two other helicopters carrying ministers and other officials who attended the ceremony reached their destinations safely.

Iran's vice president, Mohammad Mokhber, is next in line for the presidency. According to Al Jazeera, Mokhber will take over until new elections can be held.

Who was Ebrahim Raisi?

Iran elected Raisi, 63, in 2021 after an election that saw the lowest voter turnout in the country's history, according to the Associated Press.

Raisi is considered a "hard-liner" and a "protégé" of Iranian Supreme Leader Ayatollah Ali Khamenei. Some analysts have suggested Raisi could even replace Kahmenei after his death or resignation, according to the Associated Press.

Raisi has led Iran through heightened tensions in the region, including the conflict between Israel and Hamas in Gaza.

"Our heart is with the Iranian nation as a friend and brother," Hamas said in a statement on Sunday, according to Iran's state-run news agency.

In April, Iran launched a barrage of missiles toward Israel in an unprecedented direct attack. Most of those attacks were intercepted and ultimately caused little damage. It was a response to Israel's attack on an Iranian consulate building in Damascus on April 1, which killed multiple high-level Iranian commanders.

The United States sanctioned Raisi in 2019 for human rights violations for his role in the "death commission" that ordered the execution of thousands of political prisoners in the late 1980s.

During this era, Iran subjected thousands of political dissidents to detention facilities across the country, executing many of them after an order from the Supreme Leader of Iran, The United States Institute of Peace reported.

Raisi was reportedly one of four members of the commission that subjected many of these prisoners to "torture and other cruel, inhuman or degrading treatment or punishment," the report says.

Raisi has also provided arms to Russia during its invasion of Ukraine. Several reports of attacks inside Kyiv have indicated the presence of Iranian-made "Shahed" drones used by Russian forces.

• Billionaire Elon Musk once fought a sumo wrestler, and says he's still paying the price for it.
• "Had a few minutes of glory and 8 years of neck pain," Musk wrote on Sunday.
• Musk has challenged Russian leader Vladimir Putin and Meta CEO Mark Zuckerberg to fights as well. 

Elon Musk is still talking about that sumo fight he once had, and it sure sounds like battling a trained wrestler did land Musk in a world of hurt.

The Tesla and SpaceX CEO was reminiscing about the bout on X, formerly Twitter, on Sunday after a user shared a photo of Musk's match.

"Had a few minutes of glory and 8 years of neck pain," Musk wrote.

This isn't the first time Musk has brought up his experience dueling a sumo wrestler. In March 2022, the mercurial billionaire challenged Russian leader Vladimir Putin to "single combat" for Ukraine.

When then-Binance CEO Changpeng Zhao expressed doubt at Musk's fighting prowess, Musk proceeded to share a picture of his sumo match. He did not specify when or where the fight took place.

Representatives for Musk didn't immediately respond to requests for comment from BI sent outside regular business hours.

"Managed to throw him, but it cost me smashing my c5-c6 disc & 8 years of mega back pain! Finally fixed with c5-c6 disc fusion," Musk wrote after he posted the photo.

That said, the experience hasn't caused Musk to swear off future fights.

Back in June, Musk challenged Meta founder and CEO Mark Zuckerberg to a cage match amid speculation that Zuckerberg was planning to launch a Twitter rival. Meta would launch their text-based social media platform, Threads a month later.

"Send Me Location," Zuckerberg said in an Instagram story when he accepted Musk's challenge.

The face-off, however, did not happen despite months of back and forth between Musk and Zuckerberg. Musk, Zuckerberg said, did not agree to an actual date for the fight with him.

But Musk hasn't forgotten about the cage match just yet.

"If only Zuckerberg were as tough (sigh). I've offered to fight him any place, any time, any rules, but all I hear is crickets," Musk wrote on X last week in response to a satirical news story about a fight between President Joe Biden and former President Donald Trump.

To be sure, Musk isn't the only tech titan who has demonstrated a newfound interest in flaunting his physical fitness and masculinity.

For one, Musk's nemesis, Zuckerberg picked up mixed martial arts during the COVID-19 pandemic. Besides getting shredded, Zuckerberg has also won medals in jiu-jitsu matches.

Likewise for Amazon founder Jeff Bezos, who's gone from scrawny to swole.

"The obvious conclusion is that I need a *lot* more training," Musk wrote in July after a training session with Canadian UFC legend Georges St-Pierre.  

• Zyn shortages have been spotted in New York, New Jersey, and Florida.
• Philip Morris International's CFO acknowledged supply chain issues on a recent company call.
• Zyn's popularity has surged among white-collar workers, including on Wall Street.

Zyn, a popular brand of nicotine pouches, may be harder to find in several states, including New York, New Jersey, and Florida.

Some smoke shops in New York said they are out of the pouches, which retail for about $5, and wholesalers in New Jersey and Florida said they've been hard to get, Bloomberg reported. One worker in the industry told the outlet that the shortage has been ongoing for several weeks.

The pouches are produced by Philip Morris International, the tobacco products maker that distributes Marlboro cigarettes outside the US. In an earnings call last month, chief financial officer Emmanuel Babeau said that Zyn's growth "is indeed creating some tensions on the supply chain, without any doubt."

PMI, which bought the company that makes Zyn in 2022, did not immediately respond to Business Insider's request for comment.

Zyn has been available in the US since 2014, but has boomed in popularity recently. The colorful, flavored gum-like pouches have become a common "pick-me-up" among office employees looking to get work done faster. They have also become routine with high-powered Wall Street traders and Republican lawmakers. Loyal users of these pouches have said that Zyn has helped them lose weight, comparing them to the viral weight-loss drug Ozempic.

In February, the company reported that nearly 385 million cans of the flavored nicotine pouches shipped in the US in 2023, up 62% year-over-year. The firm expects to do even better business in 2024, forecasting US shipments of around 520 million cans this year, its February earnings report said.

The company has been pushing to create more smoke-free products, as cigarette smoking declines worldwide.

Medical experts and research studies warn nicotine can be addictive and can have harmful effects on the body, including its cardiovascular and respiratory systems, BI previously reported.

The Food and Drug Administration has been cracking down on underage Zyn sales. Last month, the agency said it sent 119 warning letters to retailers and filed 41 civil complaints for sales of Zyn to underage buyers last year and this year.

• A software engineering role in the US drew 3,367 applicants.
• Recruiter Lusely Martinez used an application tracking system and manual checks to cut candidates.
• Those who made the cut were honest and understood the position's needs, Martinez said.

It took Lusely Martinez and her team 50 days to fill a software engineering role for a global tech company.

The role attracted 3,360 applicants and seven referrals, she wrote in a LinkedIn post. It meant that Martinez had a big job on her hands to filter the best candidate.

"This role was for a level three software engineer, with full-stack expertise and knowledge of specific programming languages," Martinez told Business Insider. "While we encourage those of different backgrounds that do not fit all the criteria to apply, there are specific non-negotiable factors."

Martinez spoke to BI about the behind-the-scenes of tech recruiting and how she narrowed down her list at every stage of the application process.

Non-negotiables

The first few cuts were relatively easy. Martinez used an applicant tracking software to screen out candidates who didn't meet the job's basic requirements.

To start, 1,662 applicants weren't located in any of the listed hiring locations. A further 739 applicants required visa support.

Next, she cut 763 candidates because they did not meet the basic skills and experience needed for the role.

What she looks for in profiles

The next step took longer. Martinez manually reviewed one-third of the applications — she spent one to two hours every week looking through résumés as they came in.

"First, I look to ensure they have been truthful regarding their eligibility for the role through research: consistency, the dates they've worked, and type of work done," she said. "I check social media."

Martinez said it's not just about the title. She looks at the impact of contributions and the hard skills necessary for the role.

She also looks at how long people have been at their past roles.

"Ideally we see some longer term gigs, but with the pandemic, the last four years are likely to have gaps. That's okay," she said. But she hopes to see those gaps be filled with upskilling efforts, projects or volunteer work.

Candidates that made the cut had these things in common: They met the basic criteria, quantified their contributions, and had some bonus points like experience building software applications or a specific programming language.

She shortlisted 124 résumés for the hiring manager.

Recruiter screening call

The hiring manager selected 43 candidates for a recruiter screen —1.28% of the total applicants.

The next step, a recruiter screening phone call, dug into many of the same things she looked for in the profile review.

"I verify the facts, ensure they are able to communicate effectively," Martinez said.

Those who made this cut shared some traits: They were honest, they had carefully read the listing to ensure they were a good fit, they understood the position's needs, and their responses aligned with their written application.

The more successful candidates were "folks that can provide examples rather than speak in generalities about their experience."

Martinez said they were also concise about their career goals and projects they are excited to work on.

The recruiter picked 21 people who interviewed with the hiring manager.

Last few steps

The hiring team, which includes hiring managers and recruiters, meets before starting interviews to agree on what they're looking for. Each person selects a few skills and designs questions to evaluate these, Martinez explained.

After the hiring manager interview, 10 people were cut — leaving 11 to do a take-home evaluation to gauge proficiency with technologies required for the job. Nine of them passed and were asked to do a technical interview.

Six people successfully completed the technical round and were invited for a culture interview.

"We consider all available information when making a final decision, marking our pros and cons within scorecards," Martinez said.

The offer was extended to one applicant 50 days after the job was first posted.

Be sure you meet most of the qualifications

With the large volume of applicants for each role posted online, Martinez shared her top tips for those looking to land a new job.

"Do your due diligence: read the job posting thoroughly before applying to ensure you are a good match," she said. "You should meet all eligibility requirements, 90% of the qualifications, plus some nice-to-haves."

She also said that the job search process can be long and exhausting.

"The job search is a marathon, not a race," she said. "Take the time to learn how to succeed and improve at each stage."

• The West has tried for more than two years to cripple Moscow's finances by way of sanctions.
• But the West hasn't blocked all Russian banks' access to SWIFT due to potential global impact.
• Russia's economy is in "deep, deep trouble" due to sanctions and finite reserves, an economist said.

When Russia first invaded Ukraine, the West slapped Moscow with swathes of sanctions in an attempt to cripple its finances and force it to end the war quickly.

However, more than two years later, the war is ongoing and the Kremlin is touting its robust economy.

But it's not because the sanctions are not effective. It's really because the West hasn't gone all the way. There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT.

The West hasn't gone all in to block Russian access to SWIFT

From February to May 2022, the US and European Union repeatedly moved to block some Russian banks' access to SWIFT — but spared those that process international oil and gas payments.

That's because Russia is a major energy exporter, so abruptly cutting off all its banks' access would have a massive knock-on impact globally.

"There'd be a lot of collateral damage that would affect non-Russian banks and other banks in the international banking system," Alex Capri, a senior lecturer at the National University of Singapore, told Business Insider.

The international banking system is interconnected. Trade financing involving multiple parties moves down complex supply chains as commodities move from the supplier to the end buyer.

"If you paralyze the entire Russian banking system, there'll be other banks around the world that will take the brunt of it as well, because they finance trade and other commodities," said Capri, who described cutting off the access of all Russian banks as "the nuclear option."

However, if things get "really bad," such as in a rapid expansion of the war in Ukraine, the West could "absolutely" double down and shut the Russian banks from SWIFT, added Capri, who was the regional leader of KPMG's international trade and customs practice in Asia Pacific and a former international trade specialist at the US Customs Service.

But it may not come to such a step after all.

'Russia's economy is in deep, deep trouble'

Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working.

This is in part due to secondary sanctions. The West has tightened its restrictions against companies in third-party countries that still do business with Russia.

So while Russia has been able to hang on to its economy so far, the economy is in "deep, deep trouble" in the medium term, Richard Portes, an economics professor at London Business School, told BI.

Portes cited the scaling back of Russia's "natural trade partners" — those near the country geographically — as a major stumbling stone.

"Russia is not trading with Europe, so the opportunities, the possibilities for profitable, sensible trade, are very limited," Portes told BI.

While Russia has managed to pivot most of its oil exports from Europe — previously its single largest market — to India and China, such a move comes with costs that include lower selling prices and logistical challenges.

"These alternatives cannot properly, effectively, efficiently, productively replace trading with Europe," Portes said.

Human capital and investment are also flowing out due to Russia's brain drain and the West's restrictions on investment and trade.

"In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement.

Russia cannot create foreign reserves

One key reason why Russia's economy is unlikely to hold up is due to the finite nature of its reserves.

"Russia can compensate for a fall in revenues from natural resource exports using its gold and currency reserves, as well as the effect of shrinking imports," Alexander Kolyandr, a financial analyst, wrote in a post for the Carnegie Endowment for International Peace on April 9. "But reserves are not infinite, and there is a limit to how far imports can contract."

Portes agreed with this stance.

"Unless there was a big increase in the oil price or some other windfall, they would have major problems financing imports over the next couple of years in the near-term future," Portes said.

In a reflection of how financially isolated Russia has become, the country has limited options other than the Chinese yuan for its reserves, the Central Bank of Russia said in a report in March.

In April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever.

"A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

• Johnny Ward, an Irish travel blogger, built a luxury villa in Chiang Mai, Thailand in 2021.
• He says he spent about 22.5 million Thai baht, or about $600,000, on the entire build.
• His two-story villa features a pool, a home cinema, and a man-cave.

The first time Johnny Ward went to Chiang Mai, Thailand, he was 22.

He paid for his one-way flight with money he earned from participating in a five-week-long medical research study. It was the first time he had traveled anywhere in Asia.

Over the next year and a half, Ward taught English at a local school and fell in love with Chiang Mai's laidback lifestyle.

When that stint was over, he moved to Australia to take up a sales job. Although the pay was good, he was dissatisfied with corporate life. He decided to quit his job to travel and ended up starting a blog to document his adventures.

"I was living a fun, cool life, and I just wanted to show other people from working-class backgrounds that you don't need to come from a rich family to live a cool life," Ward, now a travel blogger who also runs a online media company, told Business Insider.

But after traveling the world, Ward realized that Chiang Mai still had his heart.

"If you ever Google things like '10 best places to live,' 'Best place to be a digital nomad,' 'Best place to retire,' Chiang Mai often features in top 20 of all these things," Ward said. "It's so nice."

That's why in 2019, he decided to return and build a permanent home.

"I always wanted a James Bond villa — Miami-style, Ibiza-style. So I kind of think that's exactly what I did," Ward said.

Two floors of luxury

In late 2020, Ward bought a 13,000-square-foot plot of land with his wife, Jaa, who is from Thailand, for 6 million Thai baht, or about $160,000.

The land is located in a gated community about 15 minutes outside the city center, he said. Chiang Mai is the largest city in northern Thailand and is surrounded by mountains.

Ward then found a local luxury developer to help design his home. They broke ground in early 2021.

"The entire process was very smooth," Ward said. "He's like a one-stop shop. He did everything from the architectural drawing to the actual design — he's got a team of interior designers."

In Thailand, there are strict criteria for taking out property loans as foreigners. Being self-employed made it difficult for Ward to get financing, so he paid for the entire project in cash.

Ward said he spent 13 million Thai baht building the home and another 3.5 million Thai baht furnishing it, or about $460,000 in total.

The two-story villa has a pool and seven bedrooms, of which three have been converted into an office, a home cinema, and a man-cave.

Growing up on welfare in Ireland, it had always been Ward's dream to own a large house.

"When I was like 12, I used to watch all those real estate shows in Ireland," Ward said. "I thought, 'I'm going to build myself my big dream house one day.'"

It would have been difficult for him to have all the things he wanted if he had bought an existing home in Chiang Mai, Ward said.

"And finally, most important of all, I couldn't afford to buy what I want," Ward said. "It's much cheaper to build. The final product that I have here, I couldn't have afforded to buy that off the shelf."

For instance, a fully furnished seven-bedroom home on a similarly sized plot in Chiang Mai is being listed for 85 million Thai baht, or about $2.35 million, on the property platform Elite Homes Thailand. Six luxury homes with five or more bedrooms are also listed on James Edition, and their asking prices range from $600,000 to $11 million.

A dream come true

Building his own luxury home wouldn't have been possible if he hadn't started his blog all those years ago, Ward said.

"The key to happiness and a fulfilled life in 2024 and beyond is to make money online, whether that's remotely for a company or, even better, if you can make your own from your own business online," Ward said. "I know it's a very fortunate position to be in, but anyone can have it."

Since he paid for his home out of pocket, he's free of housing debt, Ward said.

Although there are some exceptions, he says the cost of living in Thailand is generally lower than in Ireland.

"I'm from Ireland, so a pint of Guinness is double the price here. And while something like a 90-inch TV can also be slightly more expensive in Thailand, the day–to-day costs are just a fraction of back home," Ward said.

According to data on the user-contributed database Numbeo, the cost of living in Thailand is also, on average, 50.9% lower than in the US.

However, Ward said he will still have to consider other bigger costs in the future, especially if he has kids and they attend international schools in Thailand.

Ward is also in the midst of building a house about half a mile away for his mother.

"She's got Parkinson's disease," Ward said. "In the future, if she needs to have a nurse or something, there's the affordability of having a lovely, kind nurse who could live in the house with her and also for me to be able to take care of her."

Ward, now 40, says he's proud of achieving his homeownership dreams in his 30s.

"People want to say like, 'Oh, it's not what you have. It's all about your mentality.' I'm a positive guy; I love my life regardless. And my life, on top of that, got better in my lovely house," he added.

Have you recently built or renovated your dream home in Asia? If you've got a story to share, get in touch with me at agoh@businessinsider.com.