With a NATO war and Ukraine's knack for shooting down planes in mind, Russia is holding back its airpower and most advanced jets

A Russian Sukhoi Su-57 jet fighter performs at an airbase in Russia's Moscow region in August 2020.

REUTERS/Maxim Shemetov

• Russia is holding much of its airpower and more advanced jets in reserve, experts say.
• One concern for the Russians is Ukraine's air defenses, which have shot down a number of Russian aircraft.
• Another consideration is that these assets could be needed in a larger potential war with NATO.

Russia has kept much of its airpower and some of its most advanced aircraft out of the war in Ukraine. Experts say doing so signals Russian worries about Ukraine's air defense game but also considerations beyond this fight to one with NATO.

John Baum, an air power expert at the Mitchell Institute and retired US Air Force lieutenant colonel, told Business Insider that the Russians "could bring more advanced aircraft into the fight and they simply haven't done that yet."

Some Kremlin claims aside, there is no evidence Russia has used its Su-57s over Ukraine itself, despite the aircraft, at least on paper, being Russia's most advanced plane and supposedly built for a war in which the airspace is heavily contested.

The jet is Russia's first attempt at a fifth-generation fighter, touted by Russian media as a match for American fifth-generation stealth fighters like the F-22 and F-35. However, given limitations in the design, such as a lack of all-aspect stealth, analysts question whether the plane's actual capabilities fit that description. The aircraft also suffers from some lingering technical issues.

In January, the UK Ministry of Defense said the Su-57 had been limited to launching missiles from Russian territory, mirroring how the Russians have used many of its other aircraft in this war.

Unlike the ground troops it throws into the meat grinder, Russia tends to use its air assets in ways that minimize risk by keeping them back from Ukraine's defenses.

A Su-35 jet.

Sukhoi

"Russia is husbanding a lot of its air assets. So, a lot of the Russian Air Force, you are not even seeing over Ukraine," Andrew Curtis, an independent defense researcher who spent 35 years as a UK Royal Air Force officer, said. And he said Russia is using Su-57s in ways that there is "no risk."

Curtis said he thinks "the reason for that is simply that it is keen to make sure that it retains a credible modern air force for any future operations that it might want to undertake."

"And that in itself is quite significant," he said, "because it shows that at least somebody in the Kremlin is thinking beyond just Ukraine."

Russia is holding back its air forces with NATO in mind

Michael Clarke, a Russia and Ukraine expert and a UK national security advisor, said Russia is making some sacrifices in Ukraine for a possible future conflict. "If the Russians were throwing everything they had against Ukraine, they would probably be in a stronger, better position than they are now," he said.

He added that Russia's air force is holding back jets "because if it devoted all to Ukraine, it feels it will have nothing left if it comes to some sort of conflict with NATO."

The top US commander in Europe, Gen. Christopher Cavoli, told Congress in April that Russia has only lost about 10 percent of its fleet in Ukraine, indicating it has a lot left in its airpower arsenal.

NATO members are worried about the future threat from Russia, with many warning Russia may attack another member in Europe if it's not defeated in Ukraine.

Members are ramping up defense spending and making more defense agreements with each other, with the ones closest to Russia boosting their border defenses.

Clarke explained that "as this crisis goes on, the prospect of a general war against NATO becomes more real. That's not to say that that's very likely, but it's at least a bit more likely than it was two years ago."

NATO leaders at the 2024 Washington, DC summit.

REUTERS/Evelyn Hockstein

Russia's air force would likely lose in a direct engagement with NATO air forces, multiple experts have told BI, as NATO's combined airpower is much larger and more advanced. But Baum and other air warfare experts have warned Russia's air force should not be underestimated and cautioned that NATO should be ready.

Russia's air force is weaker than NATO's airpower, but Russia's war in Ukraine shows it can still cause a lot of damage. It adapts in devastating ways, as it has demonstrated with the guided glide bomb operations against Ukraine.

Peter Layton, a fellow at the Griffith Asia Institute and a former Royal Australian Air Force officer, said that Russia may very well have a future NATO conflict in mind as it makes decisions today.

For instance, Russia may believe that in a war with NATO, its air forces can "survive long enough to counter some NATO air raids and help defend Russian ground forces for a short time." Such a plan would require not squandering assets in Ukraine. And Layton wasn't the only expert to share in that assessment.

Russian considerations may, in turn, be shaping current combat conditions in the war in Ukraine. "NATO's power in the air is inhibiting the Russians from committing all of their air power, or more of it, to Ukraine," Clarke said.

He said Russia wants to keep its air force looking strong as a weaker Russian air force would "weaken Putin's political hand in anything he then tries to do in relation to NATO politics." And, in a future conflict, Russia would want its air force to be powerful.

Ukraine is still downing Russian jets

The Ukrainian armed forces have a significantly smaller and older air force than Russia does. Its few jets are all Soviet-era, but Russia has one of the world's biggest air forces with many more modern combat aircraft.

But neither side has been particularly successful at changing the war from the air considering the threat posed to aircraft by the proliferation of ground-based air-defense systems.

Ukrainian President Volodymyr Zelenskyy standing in front of a Patriot anti-aircraft missile system, multiple of which have been given to Ukraine by allies.

Jens Büttner/Pool via Getty Images

Air warfare experts previously told BI that Ukraine's achievements here are remarkable and ones that may have stopped the war from quickly ending in a Russian victory.

Russia's losses are much higher than Ukraine's, though it has more to lose. According to an update from open-source intelligence site Oryx in February, Ukraine has lost at least 135 fixed and rotary-wing aircraft while Russia has lost nearly double that figure.

Ukraine has claimed some big kill streaks shooting down Russian aircraft, including downing 10 jets in 10 days in February. Russia's air force often appears to back off after such victories.

Beyond fighter jets and fighter-bombers, Ukrainian forces have also downed some high-value Russian aircraft. This includes an A-50 command and control aircraft in January. The Russians only have a few of these planes available.

This prolific threat to anything flying would potentially put Russia's advanced Su-57s at risk were they to fly combat missions over Ukraine. But avoiding the fight has not completely shielded the small Su-57 fleet. Ukraine managed to damage one in a long-range strike on an air base hundreds of miles inside Russian territory.

Holding its airpower back has largely protected the force, though. Layton said Russia has kept many of aircraft out of Ukrainian airspace since "at least after the first few months." Russia's air force has suffered high attrition rates from Ukraine's ground-based air defenses when operating in the country.

A Russian Sukhoi Su-34 shot down by Ukrainian anti-aircraft guns.

Nicola Marfisi/AGF/Universal Images Group via Getty Images

Russian combat aircraft tend to use weapons that let them "generally stay safely inside Russian airspace while firing into Ukraine." Russia notably saw big aircraft losses in February when more of its jets came close to the front lines to support land forces by launching glide bombs, Layton noted.

He said that Russia "has a lot of trouble replacing lost advanced aircraft," only making a few a year. And sanctions from many countries against Russia for its invasion could make things more difficult, he said.

Clarke said that Russia could use its strategic bombers more effectively if they flew over Ukrainian territory, but "they've only got a certain number of strategic bombers, and if they lose eight or 10 of them, then that will put quite a hole in the force."

He said the environment in Ukraine is too "risky" for Russia's air force, especially if it wants to maintain its force for a future fight.

Russia's comfortable losing what it's losing now

Curtis said Russia is using its most advanced assets in ways that keep them "completely safe," like launching long-range attacks from inside Russia. There's "effectively no risk," he said.

And Layton said Russia may be motivated by its own weapons industry, which has ramped up but still faces challenges. "Any losses impact possible future export sales as Russian aircraft now appear less capable," he said. Some experts have suggested this as a possible reason for keeping the Su-57 out of the fight, especially given Russia's significant activity in foreign arms sales.

Sukhoi Su-57 fighter jets perform near Moscow, Russia, in August 2019.

Sputnik/Aleksey Nikolskyi/Kremlin via REUTERS

George Barros, a Russia analyst at the US-based Institute for the Study of War think tank that has been closely tracking the war, said Russia only has a small number of many of its most advanced aircraft, which means they wouldn't make a big difference if Russia was taking on NATO's air forces, though Russia has other capable platforms to supplement.

He said that Russia has a propaganda reason for keeping them intact before any future conflict, one that even outweighs the effect they could have in Ukraine.

On the Su-57, he said, "if the Russians were to lose it, it would be just such an international embarrassment."

Experts previously told Business Insider's Jake Epstein that the absence of the Su-57 suggests Russia may not be confident in the jet and likely wants to avoid any potential reputational damage that would come if any were shot down.

Gustav Gressel, a Russian defense policy expert at the European Council on Foreign Relations, said Russia has "very few" Su-57s, and "they are expensive to operate." Other jets can do the same jobs needed in Ukraine, he said, "and it would be less embarrassing if they would be shot down." Russia is understood to have only around 20 Su-57s in service.

Tim Robinson, a military aviation specialist at the UK's Royal Aeronautical Society, said that Russia's Su-57s "are the high-quality assets, high expensive assets, stealth fighters, and they don't want to lose them."

Experts have also pointed to Russian fears that if its most advanced jets were shot down over Ukraine-held territory, it would expose their most advanced technology and could be a windfall for Ukraine's Western partners.

Robinson said that if any Su-57s are shot down over Ukrainian-held territory, Western intelligence experts would get" to crawl all over it and find out its secret."

Ukrainian President Volodymyr Zelenskyy sits in an F-16 fighter jet.

Mads Claus Rasmussen/Ritzau Scanpix/AFP via Getty Images

Baum said Russia's decisions on what goes into Ukraine and what doesn't may be "calculated." They may have decided "that they don't need to roll out their more sophisticated weapons yet or ramp up their sortie rate yet," he explained.

Curtis said that Russia is "happy to lose what it's using in Ukraine. And in most instances, I'm afraid, that's people." Russia has been known for treating its soldiers as disposable, including by using what are described as "meat grinder" tactics, such as high-cost "human wave" assaults.

He said that for now, Russia can afford to keep its most advanced assets out of Ukraine as its strategy for victory isn't by total military triumph. Instead, he said, Russia aims to grind down Western appetite for helping Ukraine and exhaust Ukraine's support.

He said Russia is "not really going to be too fussed about how modern and how useful the capability" it gives its soldiers is.

Defense reporter Jake Epstein contributed to this reporting.

Read the original article on Business Insider

from Business Insider https://ift.tt/3hbNmci

I shopped at Urban Revivo, Asia's answer to Zara. I'm a convert, but experts say Zara has nothing to worry about — yet.

The author standing in front of Urban Revivo's store in Singapore's Jewel mall in Changi Airport.

Aditi Bharade

• Urban Revivo has been touted as a rival to Zara in Asia and is looking to expand to the West.
• I tried on clothes at both shops, but my shopping experience at Urban Revivo was better.
• However, experts say it is too soon to tell if the Chinese brand poses a real threat to Zara.

Urban Revivo is quickly emerging as a rival to Zara in the Asian fashion market, with competitive prices, similar store aesthetics, and a large selection of clothing items.

The fast-fashion brand, founded in 2006, has more than 300 outlets in mainland China and Southeast Asia.

But it now plans to expand its business to cities like New York and London.

Meanwhile, Urban Revivo's competition — the Spanish fast-fashion powerhouse Zara — is weighed down by boycotts over the Israel-Gaza war, impacting its reputation.

I checked out the two brands' outlets in Singapore's Jewel Changi Airport and put together basic outfits in each store. Here's my review.

Urban Revivo's fits felt way better than Zara's

The author trying out basics from Zara and Urban Revivo.

Aditi Bharade

I wear US size 6, but I found it difficult to find pieces that fit me properly in Zara.

I tried on four basic white tops, but some were too loose around the armholes, while others were too tight around the waist.

I tried on a couple of pairs of jeans, too, but was again faced with the same issue.

The outfit that the author picked out at Zara.

Aditi Bharade

I finally settled on a no-frills white tank ($18.50), a beige knit cardigan ($49), and the straight-leg jeans ($45.90). I added a basic white handbag ($56.60), bringing the total to $170.

In contrast, the first thing I noticed about Urban Revivo's offerings was the quality of the pieces. They felt sturdier than the clothes at Zara.

The first tank top I put on fit me like a glove, as did the first pair of jeans I tried.

The outfit that the author picked out at Urban Revivo.

Aditi Bharade

My picks included a black-outlined white tank top ($10), a cropped black cardigan ($41.60), a pair of dark wash jeans ($41.60), and a sparkly black handbag ($57.90), for a total of $151.10.

However, one drawback for Urban Revivo was the range of sizes available in the store. The largest jeans size I saw was a US size 8, whereas, in Zara, the range went up to size 14.

As the name suggests, Urban Revivo's pieces were more street-style than Zara's. Most pieces had a neutral color scheme compared to Zara's more colorful offerings.

The Urban Revivo store experience rivals Zara

The two stores have similar aesthetics, with clean white interiors.

Zara's store was largely open concept — a rectangular-shaped floor plan with most products hugging the walls.

Zara's storefront in Singapore's Jewel, and a picture of its interior.

Aditi Bharade

It was also very brightly lit. The store design worked fine, but it wasn't anything spectacular.

In contrast, Urban Revivo felt like it had intentionally curated its space with a flow in mind. The products were displayed in aisles, prompting shoppers to follow a proposed pathway.

The store also had arches, adding visual interest to the outlet's design.

Urban Revivo's interior.

Aditi Bharade

Unlike Zara's bright lights, Urban Revivo was lit more dimly, creating a more relaxed environment.

Mário Braz de Matos, the cofounder of Flying Fish Lab, a branding consultancy agency in Singapore, told BI that Urban Revivo invests "far more than any other fast fashion brand in the shopping experience," something other brands like Zara, H&M and Uniqlo are focusing less on.

But Zara doesn't have to worry just yet, experts say

While I thought that Urban Revivo was a strong alternative to Zara, experts told BI it doesn't pose a major threat yet.

For one, they say the two brands cater to different target demographics.

"The UR (Urban Revivo) styles are mostly cute and youthful, while Zara offers more sophisticated clothing, most likely for working," said Marcie Cooperman, a professor from the fashion marketing department of Parsons School of Design.

Gregory Angel, an assistant professor of fashion at Parsons, echoed Cooperman's sentiments.

"Urban Revivo has a variety of products, but there is a 'sophomoric' feel to it," Angel said.

And while one might think the Gaza boycott would have people searching for a Zara alternative, the experts are skeptical that political activism will have a lasting impact on the Spanish brand's business.

"Customers do not have the courage of their convictions for very long," Cooperman said.

"If they even have a conviction to boycott a brand, they will forget about it as soon as they see something cute on its website," she added.

They also say that it's too early to determine if Urban Revivo will be a true threat to Zara.

"Fighting the incumbents is always an uphill battle," Braz de Matos of Flying Fish Lab said.

"For now, Urban Revivo is too small outside China to be felt as a threat to Zara. They can compete with Zara in every market where they are present but may not be seen as a menace," he added.

Angel said: "Will it be a competitor or a little sister? The market has yet to find out."

Richard Tang, CEO of international business at Fashion Momentum Group, Urban Revivo's parent company, said that his firm did identify Zara as a primary competitor.

Tang added that while both companies have a broad consumer base, Urban Revivo is gunning for customers who are "quality-driven elites, white-collar professionals, and the new generation of fashion pioneers."

"Urban Revivo has evolved, particularly with its global expansion, into its own distinct market position, despite price and product range similarities to Zara," Tang told Business Insider.

"This strategy is not only about competing with Zara but also about creating a distinct brand image and influence in the foreign market," Tang said.

Representatives for Zara did not respond to a request for comment from BI.

Read the original article on Business Insider

from Business Insider https://ift.tt/q3SjQ70

One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers

Gen Z darling Miu Miu's revenue jumped 93% in the first half of 2024, compared with the same time last year.

Jeremy Moeller/Getty Images

• Miu Miu's revenue increased by 93% for the first half of 2024, compared to the same period in 2023.
• The brand is popular with Gen Z shoppers and young celebrities like Sydney Sweeney.
• Asia was a significant driver for Prada Group's sales in the first half of 2024.

While the rest of the luxury fashion industry seems to be slowing down, Miu Miu was one brand that has not gone out of style.

The Prada-owned brand recorded sales of 530 million euros, around $573 million, in the first half of 2024 — a 93% jump from the same period last year.

Miu Miu made up 23% of Prada Group's total revenue. Overall, the company's net revenue increased 18%, to 2.26 billion euros, during the first half of the year.

Founded in 1992, Miu Miu has captured a younger demographic, unlike many luxury brands that target older aspirational or high-net-worth customers.

The brand is known for its ability to "intercept young consumers online, through more effective use of influencers and social media," Luca Solca, an analyst at Bernstein, told Vogue Business in April.

In 2023, it was named the top fashion brand of the year by Lyst, an index that tracks social media searches for brands and products. The brand popularized fashion trends such as underwear-styled pants. Celebrities like pop-rock princess Olivia Rodrigo sported Miu Miu at the 2023 Grammy Awards.

Olivia Rodrigo attends the 2023 Grammy Awards.

Amy Sussman / Getty Images

Actress Sydney Sweeney wore a custom Miu Miu gown at this year's Met Gala in May, while Bridgerton star Florence Hunt donned the brand for the show's third season London premier in June.

Sydney Sweeney and Florence Hunt both donned Miu Miu to their respective events.

Kevin Mazur/Karwai Tang/Getty Images

While Miu Miu is a hit with young American and British celebrities, "the star of the show is the APAC region," Tariro Makoni, a fashion commentator, told Vogue Business. Young K-Pop stars such as Jang Won-young serve as brand ambassadors.

Jang Won-young is one of Miu Miu's brand ambassadors in Asia.

Dominique Charriau/Getty Images

The region has been a significant driver for the brand's growth this year. Although Prada Group does not break down regional sales for Miu Miu specifically, the company overall had a substantial boost in sales from Asia Pacific and Japan, rising by 12% and 55%, respectively, during the first half of the year, compared to the same period in 2023.

Aside from Hèrmes, many luxury fashion brands had suffered a major slump in Chinese markets. Giants in the industry, including bellwether LVMH, reported double-digit revenue declines for recent months.

Prada Group did not break out revenue for China specifically but said that "China has become a little bit more complicated," said chief executive officer Andrea Guerra on the company's Tuesday earnings webcast.

Read the original article on Business Insider

from Business Insider https://ift.tt/QUeqydz

AI risks destroying jobs. Tech leaders think they have the answer.

PM Images/Getty Images

• Some tech leaders are advocating for universal basic income to counteract AI-driven job automation.
• High-profile Silicon Valley figures such as Elon Musk and Sam Altman have long supported the idea.
• Experts say UBI and fair AI data usage are crucial to mitigating economic inequality.

The tech industry has grand plans for an AI utopia — and as models become ever more advanced, some tech leaders are calling for a form of universal basic income.

UBI has long been a passion project for high-profile Silicon Valley leaders, including Twitter cofounder Jack Dorsey, Meta CEO Mark Zuckerberg, and Tesla chief Elon Musk. But as AI companies race toward artificial general intelligence, the conversion is getting more urgent.

UBI typically refers to making recurring cash payments to all adults in a population, regardless of their wealth or employment status, and with no restrictions on how they spend the money.

Matthew Johnson, a professor of public policy at Northumbria University, told Business Insider there has always been a connection between tech and UBI.

"It's been popular because they realize that the consequences of the technological developments that they pursue are that lots of people are going to be put out of stable work," he said. "There's clearly a business incentive to remove those employees and replace them with technology that doesn't cost them salaries."

Making AI work for everyone

Many of the people developing AI think a basic income system could help mitigate the tech's negative impact on workers.

Figures such as Musk have backed the concept since at least 2016.

In an interview at the VivaTech conference in Paris in May, he said the "benign scenario" of AI development would leave everyone jobless — but with "universal high income."

These fears are echoed by some of the tech's earliest founders, who are sometimes called the "AI godfathers." One figure, Geoffrey Hinton, recently told BBC Newsnight that governments will need to offer basic incomes to deal with the impact of AI on inequality.

Sam Altman, who runs one of the leading companies in the race toward AGI, has also long supported UBI. Recently, the OpenAI CEO also floated the idea of what he calls "universal basic compute."

OpenAI CEO Sam Altman.

Jason Redmond/AFP/Getty Images

Johnson said tech leaders were essentially trying to fix the real-world consequences of technological development that they're invested in.

He added the UBI push is partly down to "concern about the wider social consequences of their activities" and fears that their companies won't survive if society faces widespread unemployment.

Avoiding a dystopian future

Scott Santens, a key advocate for universal basic income, told BI he first became interested in the concept through a tech angle.

While studying the future of work and the impact of technology on the labor market, Santens became interested in finding a way to make technology benefit everyone.

"My question was, what is the realistic way of making technology work for all of us, instead of leading to this dystopian future where there's a small percentage of rich people and many poor people? That thought got me interested in basic income," he said.

"We've already been impacted by automation, at least since the 1970s," Santens said. "When computerization took off, wages did not increase in the same way productivity did."

For prominent tech figures, there's also a PR dimension to supporting the basic income concept, he said.

"It's outright lying to say tech won't impact employment at all," Santens said, meaning leaders need to suggest solutions to balance potential diminishing demand for human labor.

Altman, for example, has been pouring funds into basic income research. He raised $60 million for one of the largest trials of the systems, including $14 million of his own money. 

The experiment gave low-income participants $1,000 a month for three years, no strings attached. The research found that recipients put the bulk of their extra spending toward basic needs such as rent, transportation, and food. They also worked less on average but remained engaged in the workforce and were more deliberate in their job searches compared with a control group.

A slice of the pie

There's another argument for sharing the spoils when it comes to AI.

AI models are only as good as the data they're trained on —something that has proved to be a thorny issue for companies such as OpenAI.

Altman's company and others are locked in a number of legal disputes over the right to use copyrighted content in training data for its large language models (LLMs) without payment. (OpenAI has a deal with Axel Springer that allows ChatGPT to summarize and answer user queries based on select content from BI and its other outlets including Politico.)

Legal or not, most AI models are likely trained on content scraped from the internet, some of which belong to creators or companies.

"We created the data for AI, so we all should benefit from it," Santens said.

Sharing LLMs

Altman has floated the idea of sharing the computing capacity of large language models as another form of basic income.

"Everybody gets like a slice of GPT-7's compute," he told the "All-In" podcast in May. "They can use it, they can resell it, they can donate it to somebody to use for cancer research."

The idea is that as AI becomes more advanced and embedded into more facets of our lives, owning a unit of future large language models could be more valuable than money.

Anna Yelizarova, a project lead at the Future of Life Institute, said tech companies have discussed sharing access to the AI models themselves.

"A lot of the conversation has been more around access to compute or access to the models themselves, which is a great start," she said.

"But if we really do get AI technology that can replace intellectual human labor at scale, we're going to have to think of new approaches to ensure that economic gains are really evenly distributed."

Read the original article on Business Insider

from Business Insider https://ift.tt/FKMmzpZ

Meet the 29-year-old son of a casino billionaire who just took his influencer and esports company public

Mario Ho, son of casino magnate, Stanley Ho, went public in the US with his company on Friday

VCG/Getty Images

• Mario Ho's NIP Group went public on Nasdaq, raising $20 million on Friday.
• The company, which does esports, live streams, and events, isn't yet profitable.
• Ho, whose casino magnate father died in 2022, told Bloomberg he wanted to do something different.

Mario Ho is making waves in the gaming industry — but not the one his billionaire father, the late casino titan Stanley Ho, was known for.

Last Friday, Ho took his company, NIP Group, public on the Nasdaq stock exchange. Ho holds 13.6% of the company's shares and controls 36.6% of the voting rights, according to the company's SEC filing earlier this month.

NIP Group makes money from live streams — both of esports and from third-party influencers — and event production and its esports arm. The company's relatively small-scale IPO raised $20 million, and Ho's stake was worth $69 million as of Friday's market close.

NIP Group plans to explore esports real estate, digital collectibles, and esports training camps, among other strategies, the company said in a filing.

The company did not respond to a request for comment from Business Insider.

Ho and 35-year-old Hicham Chahine are the co-CEOs of NIP Group, a holding company with subsidiaries in Sweden and China.

Chahine, a former hedge fund manager for Oslo-based wealth management firm Formue, runs the company's Western operations in Sweden. Ho, who lives in Hong Kong, runs the business in Asia, according to the company's SEC filing.

Before the duo cofounded NIP Group, Ho was the chief marketing officer of iDreamsky Games, one of the largest game publishers in China. He said on a company website that he was the youngest-ever graduate of the MIT Sloan School of Management's master of finance program. Ho is also the president of the Macau Esports Federation and the vice-chairman of MSI Finance Management Company, a Hong Kong-based family office platform.

Ho is the youngest son of Macau casino heavyweight Stanley Ho. The patriarch, who had 17 children with four wives, died in 2020. Bloomberg estimates his family's net worth at $13 billion.

"I chose to do something different," Mario Ho told Bloomberg. "In my lifetime, I want to write my own stories."

Loan and payments to Ho

According to the company's SEC filing, in 2023, NIP Group's annual revenue grew 27% to $83.7 million. The company lost $13.3 million last year, compared with a $6.3 million loss in 2022.

The company did not publish more recent financial data, but it said in the filing that it may not hit profitability — standard language for most unprofitable companies going public.

The filing also showed that in 2022, NIP Group issued a loan to Ho of nearly $300,000. The following year, NIP Group paid Ho over $814,000 for "reality show services." The company made less than $200,000 in revenue last year from its reality show service, which is part of its esports platform.

Though billed as an esports company, NIP Group made the bulk of its revenue last year primarily from managing 36,000 online entertainers — with money coming largely from fees on their live streams.

While the company is listed in the US, its leadership team is primarily based in mainland China, and some of its most prominent influencers are Chinese, NIP Group said in the July SEC filing.

Read the original article on Business Insider

from Business Insider https://ift.tt/k2zDL0d

A boomer with $50,000 in student loans voted for Trump in the last election. But with Biden's new repayment plan blocked, she's considering supporting a Democratic ticket.

Rebecca Hill, 61, isn't planning to vote for Trump after courts blocked the SAVE student-loan repayment plan.

PierreDesrosiers/Getty Images

• Rebecca Hill, 61, is an independent voter with student loans who voted for Trump in 2016.
• With the GOP pushing to block the SAVE student-loan repayment plan, she's considering voting for a Democrat.
• She said the lower payments through SAVE allowed her to afford medicine, groceries, and gas.

Rebecca Hill isn't a fan of either political party right now, but the chaos surrounding student debt might make her vote Democrat.

Hill, 61, is an independent voter, and in the past, she said she has leaned to the right — she voted for Trump in the 2016 election.

Now, however, Hill is reconsidering her vote. She has nearly $50,000 in student loans, according to documents reviewed by Business Insider, and she enrolled in President Joe Biden's SAVE student-loan repayment plan, intended to lower borrowers' payments based on their income and give them a shorter timeline to debt cancellation.

That's the same plan that's currently blocked in court as GOP state attorneys general are pushing to permanently stop it from being implemented.

"Every time something new comes out, I'm a nervous wreck," Hill told BI of news surrounding the fate of the SAVE plan.

"When can I start thinking about it being safe to retire? I'm getting old, and I'm tired, and I've already had one hip replaced," she added. "I want to be able to just breathe, but retiring and having to pay for student loans when I'm not even working anymore and paying most of my Social Security to student loans, it's ridiculous. It's extremely stressful. I feel like they're getting ready to pull the rug out from under us again."

After two separate groups of GOP state attorneys general filed lawsuits to block SAVE earlier this year, federal courts temporarily halted parts of the plan. The 10th Circuit later ruled some SAVE provisions could move forward, but most recently, the 8th Circuit blocked the plan in its entirety, pending a final decision.

One of the key arguments in the lawsuits is the cost of the plan to taxpayers. The case led by Missouri's attorney general cited an estimate from the University of Pennsylvania's Wharton School that found the SAVE plan could cost $475 billion over 10 years.

The lawsuits have thrown 8 million borrowers on SAVE, including Hill, into financial limbo. Hill said the uncertainty with her student loans is forcing her to push back her timeline to retire. She's a teacher and has loans because she went back to school in 2009 to get her teaching degree, which she funded through grants, scholarships, and student loans.

While she landed a job in her desired field, it wasn't easy for her to make around $300 monthly payments on the income-driven repayment plan due to her other expenses. The SAVE plan, however, brought her payments down to just over $120, and she's worried that if the lawsuits succeed, her payments will surge.

"I am scared they aren't hearing us," Hill said. "The Democratic Party, and I'm not a left leaner, but at least they're doing something about it. Republicans are scaring the crap out of me."

'It's just very frustrating'

When Hill was placed on the SAVE plan last summer, she felt immediate relief and felt that, for once, she could afford her student-loan payments.

The lower payments have allowed her to save up for a new car, and she doesn't have to worry about affording her medication or daily expenses.

"I don't have to worry about, 'Oh, do I buy medication? Or how can I skip my groceries this week?' There are repairs to the house that I'm able to do. I was able to get the roof replaced and things like that," Hill said. "Am I going to have enough gas to go to work? It's ridiculous the stress it just takes off in having that extra buffer."

That's why the lawsuits are making Hill rethink the party she supports: "It's just very frustrating.'"

"I don't understand what the Republicans are thinking," she said. "Why are we not investing in our people? I mean, that's our biggest commodity, our people. Invest in their education."

Trump has previously criticized Biden's student-loan forgiveness efforts. During a Wisconsin campaign rally in June, Trump said that Biden is "throwing money out the window" with his debt relief policies.

"This student-loan program, which is not even legal, I mean it's not even legal, and the students aren't buying it, by the way," Trump said, adding that debt relief is "vile" and an attempt to get "publicity for the election."

Republican lawmakers have also supported lawsuits to block the SAVE plan. Sens. Mitch McConnell and Bill Cassidy filed a brief to the Supreme Court accusing Biden of "sending the money out the door, never to be seen again, through a legally dubious program in the final stretch of his desperate reelection campaign."

The brief was filed before Biden dropped out of the presidential race, but with his endorsement of Vice President Kamala Harris, his debt relief efforts would likely continue should she win.

The Education Department has vowed to continue fighting for the SAVE plan in court. In the meantime, all enrolled SAVE borrowers have been placed on forbearance, during which they don't have to make payments, and interest will not accrue. However, the months on pause won't count toward forgiveness progress on Public Service Loan Forgiveness and income-driven repayment plans, even if borrowers continue to make payments.

As a teacher, Hill is also enrolled in PSLF and has a projected two years left until she qualifies for relief. In the meantime, she's hoping SAVE will survive so she can afford payments while saving for retirement.

"If the right continues to really push against the student-loan stuff, I will not vote right," Hill said. "I just won't."

Are you enrolled in the SAVE plan? Are your student-loan payments influencing how you will vote in the election? Share your story with this reporter at asheffey@businessinsider.com.

Read the original article on Business Insider

from Business Insider https://ift.tt/KWOA6kY

The big question everyone seems to have about 3D printed homes

The biggest question people have for 3D printed homes is about how to clean them.

Alquist 3D

• One of the big questions people have about 3D printed home walls is about dust collection.
• 3D construction companies told Insider that cleaning their walls is similar to traditional walls.
• Some companies offer smooth interior finishes as well, reducing dust concerns.

When Daniella Glaeze showed off her newly bought 3D printed home on TikTok, the biggest question commenters posted had less to do with printing and more with cleaning.

"All I can think about is the dust and dirt catching on the layers," one person wrote. Another comment on a different video saying, "I'm just thinking about dust on the wall ridges," received over 19,000 likes.

It's an interesting question, the kind that can come up whenever there's a new industry innovation. In the case of 3D printed homes, the "ridges" refer to the horizontal layers of material that are left behind after the massive printing machine finishes.

So we set out to answer the question.

An Icon 3D printed model home.

Icon

Business Insider asked four 3D construction printing companies about how to clean their walls. And the answer will have dust worriers rest assured.

A spokesperson from Icon told Insider that "dust has not been a concern" for their residents who have lived in these printed homes for several years.

"For cleaning, you'd treat it similarly to any painted wall, stone or brick wall, and as necessary, use a dust cloth or damp microfiber cloth to remove any dust and debris by wiping clean," they said.

Daniella Glaeze, who currently lives in one of Icon's 3D printed homes, previously told Insider that she hasn't had any trouble with grime collecting in her home.

"The ridges on the wall are not like little shelves, they're very thin," she said. "Even if dust were to collect, I don't think it'd be very noticeable, and the walls are very easy to clean, honestly."

Detroit-based nonprofit Citizen Robotics similarly told BI that its printed walls "can be dusted like any other surface."

Citizen Robotics offers two 3D printed feature walls.

Citizen Robotics

However, Danish startup 3DCP Group said that cleaning measures for their homes depend on the type of post-treatment of their walls. CEO Mikkel Brick told BI that if "the walls are raw, you would need to vacuum them once in a while to combat the dust."

Walls that have received a dust binder treatment or have been polished do not require additional action to maintain them, Brick said.

For those still concerned with potential dust-riddled ridges — or even people who just aren't fans of the aesthetic — some homes do not have the layers showcased at all.

Mighty Buildings, a 3D printing company based in Oakland, California, 3D prints its panels in factories rather than on-site, a spokesperson told BI.

According to the company's website, the interior of the printed walls is covered with PU foam insulation and a steel frame and then finished with primer and paint. This means that only the exterior has the classic printed texture on display.

"Our particular method for fabrication means that the interiors are finished in a more typical fashion," they said. "As a result, there's no difference in how you'd clean a regular wall and one of our walls."

A Citizen Robotics spokesperson said that the company actually drywalls most of its walls and only has two 3D printed feature walls with exposed layers, leaving their homes mostly indistinguishable from a typically constructed house.

So if you're thinking about moving into a 3D printed home, you can brush away any worries of dusty walls and complicated cleaning processes.

Read the original article on Business Insider

from Business Insider https://ift.tt/76lRNtz

Xi wants the world to know China's military is totally loyal despite the purges

A Chinese state-run tabloid publicized a recent speech by Chinese Leader Xi Jinping urging the country's military to remain loyal to the Communist Party he leads.

THOMAS PETER/Reuters

• China's Xi stressed the primacy of the Communist Party over the military in a recent speech.
• An account of his speech may aim to show that Xi is in firm control despite recent purges.
• Xi has purged some military leaders and expressed concern about the military's readiness.

China's military is loyal and will faithfully execute the policies set down by the Communist Party. Or, at least that's what China is trying to convince the world.

In June, Chinese Leader Xi Jinping reminded the Central Military Commission — the country's top political-military body — that the military reports to the Communist Party. "Xi emphasized the need to uphold the Party's absolute leadership over the military and to build a high-quality cadre team that is loyal, clean, responsible, and capable of fulfilling the mission of strengthening the military," reported the state-controlled Global Times newspaper.

"Xi stressed that political work is always the lifeline of the country's military. The armed forces must always be led by those who are reliable and loyal to the Party, and there must be no place for corruption within the military," per Global Times, which often serves as a mouthpiece for China's hawks.

Xi's reminder comes after purges that have resulted in several senior People's Liberation Army officers being removed or jailed for corruption. But with China trying to project an image of military might, anything that hints of a split between the politicians and the generals is worrying.

"If I were Xi, I would be concerned about the perception that massive shakeups of the PLA may have led to the outside, particularly Western world, thinking that I am vulnerable and there is dissension between the PLA and the Party," Shanshan Mei, a political scientist at the RAND Corp., a US think tank, told Business Insider.

For years, Xi has been expressing concerns about China's military, his showpiece for the nationalism he's stirred in his unprecedented third term and his most kinetic instrument for seizing Taiwan, confronting the US and projecting Chinese power abroad. But for more than a decade, the PLA has been shaken by corruption scandals as he'd tried to rein in the corrupt businesses run by many officers, from bribes paid to top officers for promotions, to rocket fuel that turned out to be ordinary water. Most recently, the commander and the political commissar of the elite PLA Rocket Force — which controls nuclear missiles — were replaced by officers from other military branches.

Do Xi's latest warnings reflect a lack of faith in his military, or the prelude to more purges? "We don't know," Mei said. "Xi has doubts and he's been explicit about if his commanders at all levels are capable enough to command and lead for a very long time."

However, Mei pointed out that the article on Xi's speech in Global Times, which is an English-language publication, is different than what appears in official Chinese-language media. "Xi stresses PLA's political loyalty at crucial meeting held in old revolutionary base," read the Global Times headline.

But "all official Chinese websites use the standard story with less sensationalizing titles," said Mei. "If anything, this propaganda piece is more about projecting an image of unity of the CMC to the outside world than revealing weakness," she said, referring to the Central Military Commission that Xi chairs.

For democracies, the notion that a head of state would have to publicly remind a nation's armed forces to be loyal and obedient seems bizarre. But in many authoritarian nations, the military is both the guarantor of the regime's survival, and the lone force that can overthrow the government.

Thus in China — as in the former Soviet Union, from which China learned much — the Communist Party keeps a close eye on the military. Political commissars are assigned to military units, ships and submarines, where they share authority with the regular unit commander, with particular oversight over unit morale and political indoctrination.

But reconciling political control with military efficiency is a challenge. When Germany invaded the Soviet Union in 1941, Red Army commissars functioned as co-commanders in military units. After repeated disasters caused in part by confusion and paralysis over who was in charge, Stalin eventually agreed to subordinate the commissars to the regular commanders.

Xi, the son of a political commissar, believes that China's armed forces need more political motivation. During the June speech, he "analyzed the deep-seated problems that need to be addressed in military political work, emphasizing that a root cause of these problems lies in the lack of ideals and beliefs," Global Times said.

Beyond military corruption, Xi also is concerned about what he sees as decadence in Chinese society — especially among young people — which is undermining Chinese military power. In his mind, "younger PLA folks don't want to die for their motherland," said Mei. "They prefer video games, Korean boybands and quiet quitting."

Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on Twitter and LinkedIn.

Read the original article on Business Insider

from Business Insider https://ift.tt/dG1Ib0e

Most luxury companies are struggling in China — except one

Hèrmes defied China's luxury market slump with minimal revenue losses in the first half of 2024.

Kevork Djansezian/Getty Images

• Most luxury companies are faring poorly in China, where consumers have pulled back on spending.
• But Hèrmes didn't see a big China slump, the company said Thursday.
• Chinese tourists are flocking to Europe, instead of Japan, for Hermès products.

As Chinese buyers eschewed local stores and poured into Japan this year in search of luxury bargains, one high-end powerhouse was an outlier.

On Thursday, Hèrmes reported over a 7% uptick in sales revenue for Asia, excluding Japan, to 4.2 billion euros, or $4.5 billion, in the first half of this year. Hérmes did not break out revenue specifically for China.

While the Paris-based company saw a decline in foot traffic in China and more frugal consumers, sales there held relatively steady compared with last year.

"The drop of the share of China is very, very small," said Axel Dumas, executive chairman of Hermès International, on the company's Thursday earnings webcast. His remarks were translated by the company. "We had nearly no more stock and we had to replenish them."

The company's success in China comes as many of Hermès' industry peers saw China and Asia revenue sales tank from softening consumer demand. LVMH reported a 13% decline in half-yearly revenue for Asia, while Richemont and Burberry saw double-digit declines for the same time period. Gucci's parent company, Kering, reported a "deceleration" in the Asia-Pacific region on Wednesday.

Hermès saw a 15.6% jump in first-half-yearly sales in Europe and France compared to the same period last year, with a surge in footfall stemming mainly from Chinese tourists, Dumas said on Thursday.

Many of Hermès' industry peers, meanwhile, saw Chinese tourists flocking to Japan's stores. For LVMH, sales in Japan jumped 57% in the first half of the year, thanks to a historically weaker yen against the US dollar and the euro spurring bargain-hunting visitors.

But most of Hermès' sales this year in China and Japan were largely from local customers, said Dumas. Hermès' Japan's sales increased by 9% in the first half of the year, compared to the same period last year.

"We have very locally-based customers and in Japan we have a very local customer base," Dumas said on Thursday's call. "Not very many foreigners buy Hermès in Japan, and the Chinese tend to buy in China."

In recent years, Hermes' products have been touted as status symbols, with items being marketed to wealthier customer bases that are fairly recession-resistant, Bloomberg reported in April.

The luxury company reported overall sales revenue for the first half of the year of 7.5 billion euros, an increase of 12% compared to the same period in 2023.

Read the original article on Business Insider

from Business Insider https://ift.tt/M9PH5YF

Where to watch FREE Olympics rugby live streams: See all men's and women's sevens matches

When you buy through our links, Business Insider may earn an affiliate commission. Learn more

Antoine Dupont of France leads France's rugby sevens at the 2024 Olympics.

Stephen McCarthy/Sportsfile via Getty Images)

The super-exciting seven-a-side series is underway, but there are still plenty of matches to enjoy, so sit back and let us show you where to watch the Olympics rugby live streams for free, wherever you are in the world. This guide covers both the men's and women's series. The men's ends on Saturday, and the women's starts on Sunday.

Yesterday, every men's team played two 14-minute matches on a full-size pitch that sees points flow freely as there's a huge amount of space for each team to run into with only seven players on each side instead of the usual 15. Hosts France are still amongst the favorites, especially with their star player skipping the Six Nations to put all his energy into leading France to Olympic glory. A stuttering draw with the US wasn't an ideal start, though. Their match against Fiji today is the main one to keep an eye out for.

The Olympics is being streamed for free in various countries around the world. If you want a piece of the action gratis, too, we can help you bypass geo-blocks that would usually stop overseas viewers from accessing the free Olympics rugby live streams. A VPN (virtual private network) changes the digital location of your viewing device (phone, laptop, Fire TV Stick, etc) to a country of your choosing, unlocking the international options from the box below, along with a range of other international streaming options. 

• See also: Free F1 live streams | How to watch any Olympic event for free | How to watch Love Island UK for free

Where to watch Olympics rugby: quick links

• Access streaming from anywhere via ExpressVPN (30-day money-back guarantee)
• UK: BBC iPlayer (FREE)
• AU: 9Now (FREE)
• France: France.TV (FREE)
• US: Peacock ($7.99), Sling TV (select matches), Fubo (select matches)
• Upcoming matches:
  • Samoa vs. Kenya (men's), Thursday, 8 a.m. ET / 1 p.m. BST / 8 p.m. AWST
  • Argentina vs. Australia (men's), Thursday, 8:30 a.m. ET / 1:30 p.m. BST / 8:30 p.m. AWST
  • USA vs. Uruguay (men's), Thursday, 9 a.m. ET / 2 p.m. BST / 9 p.m. AWST
  • Fiji vs. France (men's), Thursday, 9:30 a.m. ET / 2:30 p.m. BST / 9:30 p.m. AWST
  • South Africa vs. Japan (men's) Thursday, 10 a.m. ET / 3 p.m. BST / 10 p.m. AWST
  • New Zealand vs. Ireland (men's), Thursday, 10:30 a.m. ET, 3:30 p.m. BST / 10:30 p.m. AWST

Where to watch Olympics rugby in the US

There's no free local option in the US, but Peacock is covering every Olympic event and is very affordable at just $7.99 a month for the ad-supported tier. Or you can bump up to $13.99 to skip ads. If you plan to keep the service longer, there's a decent discount when you opt for the annual plans. If you only want it for the Olympics, you're free to cancel the monthly plan any time you like, with no commitment required. 

Some Olympic coverage will also be broadcast on TV via NBC and the USA Network, but only for select events. If you don't mind missing some of the action and want a more comprehensive cable alternative, you can try a live TV package like Sling or Fubo.

Sling is $40 a month (but the first month is reduced to $15 at the moment) and offers NBC (in select regions) and USA Network (in all regions) through its Sling Blue subscription. Fubo is $79.99 a month and offers comprehensive NBC and USA Network coverage. It's pricey, but you can also enjoy a one-week free trial.

Where to watch Olympics rugby in the UK

The UK's BBC will cover every rugby sevens game at the Paris Olympics for free via the BBC iPlayer. The BBC will cover all the major Olympic events, which makes it one of the best free options around the world. Better yet, it has zero ads. Just create a free account, and you're all set.

If you're not in the UK right now and looking for a VPN-compatible option, the UK is a great pick. You can also use it for free coverage of the Six Nations early next year, as the BBC and ITVX share coverage for the whole tournament.

Where to watch Olympics rugby in Australia

In Australia, all of the Olympics will be shown on the popular free streaming service 9Now. You will need to create a free account and sign in before you can watch. Like the BBC in the UK, this option is also compatible with a VPN if you're not in Australia right now.

How to watch Olympics rugby from anywhere

If you're not currently in one of the countries mentioned above and are struggling to find a decent option locally, you can use a VPN to temporarily change your viewing device's location to act as if you were located elsewhere. VPNs are an essential tool for any sports fan nowadays, as shown in our vast collection of streaming guides. They're not just great for streaming, as they protect your digital privacy online on all your devices at home and, more importantly, on vulnerable public WiFi.

If you fancy taking one for a spin, I recommend ExpressVPN. It's an efficient, user-friendly option that I've been using for years, and it has a 30-day money-back guarantee policy. You can find full details in our ExpressVPN review.

How to watch Olympics rugby with a VPN

• Sign up for a VPN if you don't have one.
• Install it on the device you're using to watch Olympic rugby.
• Turn it on and set it to the relevant country.
• Go to: BBC (UK) / 9Now (Australia) / France.TV (France).
• Create a free log-in profile for the streaming site.
• Watch the Olympics rugby live streams.

Note: The use of VPNs is illegal in certain countries, and using VPNs to access region-locked streaming content might constitute a breach of the terms of use for certain services. Insider does not endorse or condone the illegal use of VPNs.

Read the original article on Business Insider

from Business Insider https://ift.tt/wcIlxbP

A PIP means you've probably already been quiet fired, says management academic

Catherine Rymsha, a management lecturer at the University of Massachusetts, Lowell, said a PIP is usually an invitation to leave a company.

RealPeopleGroup / Getty

• A management academic who was put on a performance-improvement plan called them a form of quiet firing.
• Catherine Rymsha explained that PIPs are often used by HR to push employees out legally and safely.
• She advises that PIPs are generally an indication to leave the company as soon as possible.

A management academic who was placed on a performance-improvement plan while working in the corporate world told Business Insider that it is just a roundabout way of your company quiet-firing you.

Catherine Rymsha, a lecturer in management at the University of Massachusetts, Lowell, previously worked in the human resources department of a global software company. Prior to that, she worked in different marketing and communication roles.

Having received a performance-improvement plan herself, Rymsha understands just how brutal the process of getting one can be.

She said she was unexpectedly put on a PIP by her manager several years ago when working in marketing. Rymsha told BI that the pair did not get along professionally.

"There was no way no matter what I did that I was going to have the upper hand," she said. Her position in marketing did not survive the PIP.

She was then offered a job in human resources.

"In that case, having been in HR and having it happen to me, you can see how they are used to pigeonhole or to put somebody in a corner," Rymsha added.

'We know we don't want this person at the company'

PIPs help HR to cover itself if there were ever to be a legal issue, she said.

Rymsha explained that many of her former HR business partners hated putting people on them.

"It just spelled like we're doing this, and we know we don't want this person at the company, so it almost feels like a fool's errand," she said.

"They had to go through the actions to protect themselves and protect the business, but ultimately, they were going to find a way to push the person out of the organization," she said.

Quiet firing

For Rymsha, a PIP is an invitation to leave a company.

"If you get that PIP, you've been quiet fired, probably three to six months ahead of time," she said.

Rymsha said often, before a PIP is even issued, employees will gradually see things being taken away from them. This is a sign that the company is hoping you will take the hint and leave on your own so they don't have to go through the process of giving you a PIP, she said.

"If you're not getting great feedback, you're being taken off projects, you're not getting put on new or exciting work or initiatives — those are all the subtleties that [a PIP] could be coming, or they just don't see as much value in you, and they don't want to invest in you as much, basically," Rymsha said.

Once you're on that path, it's time to leave your company, she advised.

Can a PIP ever work?

Despite seeing PIPs as a means of quiet-firing, Rymsha also said she has seen a PIP achieve its true purpose before, especially when someone has had issues at home or even just become a little bit complacent with their job.

She said some managers take a 50/50 approach, where half of the employees who receive a PIP the organization wants to keep and develop, and the other half it wants to fire but in the most legal and respectful way possible.

For other HR people, it's more like 80/20, Rymsha said, meaning 80% will be terminated, and only the remaining 20% will stay. It varies between companies, but she is still wary of their use.

"I see most not working in anyone's benefit," Rymsha said.

Read the original article on Business Insider

from Business Insider https://ift.tt/7gEfX06

I've been laid off 6 times, but being let go at 54 was different. I've been unemployed for a year.

Getty Images; Jenny Chang-Rodriguez/BI

• Angie Longacre became a content writer after she was laid off from her graphic designer job.
• Longacre was laid off four times over the following decade but found it easy to bounce back.
• But she said that she had been struggling to find a job since being laid off a year ago.

This as-told-to essay is based on a transcribed conversation with Angie Longacre, a freelancer in Pennsylvania, about her experience getting laid off at 54. It has been edited for length and clarity.

I started my career as a graphic designer. I loved to write on the side, for fun. The idea of writing professionally was scary.

I got laid off from a job in 2013. While I was looking for another one, I saw an ad looking for writers for books on different topics for beginners. I submitted a proposal to write a book about being gluten-free for beginners, as I'd had to avoid eating gluten for 15 years. They accepted my proposal, and I spent three months writing it.

In the end, nothing came of the book. I wasn't paid, and it wasn't published, but I sent the manuscript as a writing sample for a content writing job with a dental marketing company.

I moved and was laid off 6 months later

I got the job in 2014. After three months, I asked if I could work remotely and they agreed. I moved out of Seattle to a much cheaper area north of the city because I thought I no longer had to worry about my commute. But, I was laid off six months later, at the end of my contract.

It was really scary because it was an hour's commute from Seattle. Remote work was not normal at that time, and I was worried about finding another job.

By then I'd built a writing portfolio. I treated job hunting like a full-time job.

I got another job as a content writer, but the company went bankrupt within a year and a half.

I got laid off four more times and bounced back after each one. It helped that I knew it was the nature of the industry. Getting positive feedback from the companies I worked with gave me confidence.

I've been unemployed for 13 months after my 6th layoff

I landed my most recent job in August 2022. I worked as a content writer and editor for another company. I was laid off for a sixth time in June 2023.

At first, I wasn't concerned — I'd always found a job within a month or two. I hoped I wouldn't find a job too quickly because I wanted to enjoy the summer. I'm fortunate enough to have a partner who could support me financially in times like this.

When I kept getting rejection responses, I didn't understand what was going on. I applied to 300 jobs and had four interviews. For one, the hiring manager told me she loved my portfolio. Another, which I applied for through a recruiter, said the interview went well and they liked me. But I still didn't get the job in either case. The recruiter seemed baffled.

I updated my résumé three times. I'm following trends and research about cover letters, and I tailor cover letters to the jobs. I'm not sending out stock applications. It's frustrating.

I thought I'd be financially stable in my 50s

At 55, I'm at a point in my life where I thought I would be comfortable and settled. I don't have enough savings to retire. I thought I'd be working another 10 or 15 years. Older people have experience and a lot to give.

I know the job market is competitive right now, but it feels like ageism is playing a part. I don't have education dates on my résumé so employers can't tell my age as easily.

While I look for a job, I've started writing a book and I'm setting up an Etsy store selling wood carvings as a side hustle. I'm determined to make it work, but I also fear failure. I won't know how much money I'll make each month through the store, and I appreciated the steady paycheck I had in my previous job.

But, losing my steady graphic design job made room for a new, successful career. Perhaps the same will happen again.

If you have been laid off in your 50s or 60s and would like to share your story, email ehopkins@businessinsider.com.

Read the original article on Business Insider

from Business Insider https://ift.tt/doVRxfS

MAGA world is really mad that Trump is no longer running against Biden

Former President Donald Trump speaking at the Republican National Convention in Milwaukee.

Spencer Platt/Getty Images

• Trump and his supporters are slamming Joe Biden for quitting the race and endorsing Kamala Harris. 
• Some members of MAGA world are bemoaning the millions of dollars spent running against Joe Biden.
• Biden's withdrawal also means Trump is now the oldest candidate in the presidential race.

In the wake of President Joe Biden's withdrawal from the Democratic Party's 2024 race, it sure looks like MAGA world will be very sad to see him go.

Biden decided on Sunday to reject his party's presidential nomination, and endorsed his Vice President Kamala Harris for the top ticket instead.

His announcement sparked angry outbursts from former President Donald Trump and his supporters, some of whom called the sudden switch in candidates a "coup."

"So, we are forced to spend time and money on fighting Crooked Joe Biden, he polls badly after having a terrible debate, and quits the race," Trump wrote on his Truth Social. "Now we have to start all over again."

Trump added that he thought the GOP should be "reimbursed for fraud."

Conservative blogger and Elon Musk friend Ian Miles Cheong reposted a screenshot of Trump's post, saying: "his campaign was forced to waste money against Biden for as long as it did only for the Democrats to pull the rug out from under him by pulling Joe out of the race."

Trump raises an excellent point: his campaign was forced to waste money against Biden for as long as it did only for the Democrats to pull the rug out from under him by pulling Joe out of the race. This, if anything, is a form of cheating. pic.twitter.com/vW1nzxSagW

— Ian Miles Cheong (@stillgray) July 21, 2024

Madison Cawthorn, who used to be a North Carolina congressman, echoed Trump's demand of a refund from the Biden-Harris campaign.

"Someone sue the Bidden Harris campaign for a refund and request a preliminary injunction," Cawthorn wrote on X.

"That campaign should not be allowed to spend a dollar on Kamala's behalf until this is fully litigated," he added.

Trump's former senior advisor Steven Miller also went on Fox News, and raged about how the Republican party had "spent tens of millions of dollars running against Joe Biden."

"Now they just woke up one morning and said 'never mind, we're cancelling the entire primary, we're getting rid of our candidate,'" he added.

Stephen Miller is melting down on Fox tonight. pic.twitter.com/o22R1IihJ3

— Ron Filipkowski (@RonFilipkowski) July 22, 2024

With Biden stepping down, Trump is now the oldest person from the two major parties to ever run for president. And to be sure, Trump's camp may well be incensed because they've spent months — and a considerable amount of airtime at the RNC — hammering Biden for his advanced age — an argument they can no longer use with Harris, who's 59.

However, Biden stepping down likely wasn't a complete surprise for the GOP. The Trump camp had anti-Harris attack ads at the ready, which they released within an hour of Biden backing out.

Signs that the GOP has been prepping for Harris versus Trump showdown have also been there for weeks.

Following Biden's disastrous CNN debate performance in June, Trump posted a video on his Truth Social account on July 3, discussing the possibility of running against Harris rather than Biden.

"I got him out the race, and that means we have Kamala," Trump said in the clip.

Trump was also already trialing nasty nicknames for Harris long before Biden quit, including "Laffin' Kamala Harris" and "Cackling Copilot Kamala Harris."

And on Wednesday, the Trump-Vance campaign said that it would not agree to a vice presidential debate until Harris picked "her running mate."

Representatives for Harris and Trump did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

Read the original article on Business Insider

from Business Insider https://ift.tt/ZyMP89l