This New Yorker says he loves his mini Kei truck but plans to give it up because finding spare parts is so hard

Craig Disbrow runs a removal business with his Kei truck.

Craig Disbrow

• A Kei truck owner plans to give up his mini pickup as it's too hard and costly to find spare parts.
• Craig Disbrow uses a modified 1990 Mazda Bongo for his removal business in New York City.
• A new windshield wiper and side mirror alone cost him $600 to replace.

Craig Disbrow bought a a modified 1990 Mazda Bongo to start a removal business in New York City.

He said he fell in love with the mini Japanese "Kei" truck, but the unexpectedly high costs of replacing broken parts means he's reluctantly planning to give it up.

Finding the Kei truck

Disbrow, 48, said he came across the truck while driving in North Carolina, where he'd moved with his wife during the pandemic. 

He said he had already been reluctant to go back to his job as a waiter in New York, so when he spotted the right-hand-drive mini truck, he had an idea.

"Within 30 seconds I had this whole rush of information come to me about what I'm doing right now, about the moving business," Disbrow told Insider, speaking hands-free while driving his truck on a New York highway.

Disbrow's modified Kei truck without covers on the back.

Craig Disbrow

After a bidding war, Disbrow said he bought the truck for about $4,500. He estimates he spent another $3,000 turning it into a mini removal van.

Disbrow said the truck had done only 23,000 kilometers (14,300 miles) when he bought it.

After purchasing the vehicle, he founded Truck and a Driver, a moving company operating across the five boroughs of New York.

He said his moving company was popular for people moving out of studio and one-bed apartments, and the nimble Kei truck can squeeze into small spots that bigger vans cannot.

Disbrow said that the Kei truck's unique style also turned heads, offering him some free advertising.

"People see it and can't help but smile. People beep at me all the time on the highway – it's fun."

Spare parts pain

Kei trucks have increased in popularity in the US in recent years, particularly in rural America where they're used around ranches, beaches, and even as beekeeper wagons.

But Disbrow's shown they can be effective in urban settings too.

There are a few problems with the trucks that potential customers need to consider, however.

The rarity of the vehicles, combined with their old age, means spare parts can be hard to come by.

Disbrow said he had first-hand experience of this, after vandals ripped off the windshield wiper and side mirror. 

The wiper cost about $250 to replace, while the side mirror set him back $350.

More recently, Disbrow said he had his driver-side window smashed and items stolen. He said he didn't even know where to source a new one for import, adding that glass items have different import restrictions. 

"It's literally like owning a unicorn," Disbrow said. "It's a wonderful truck, it does the job beautifully. The only problem is when something's wrong because I don't have the resources to get parts or anything."

It's been enough to make Disbrow begrudgingly plan to give up the Kei truck and find something more common, he said.

"Three problems ago my wife was like, 'can't we just get something you can fix easy?'," Disbrow said. "But because something always seems to happen; I can now see what she means."

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I visited Helsinki Finland's capital city. I can see why it's one of the happiest places in the world — even if the locals don't think so.

Insider

• There are many reasons why Helsinki is considered such a happy place.
• The city seemed organized, the locals were friendly, and I felt safe despite its size.
• Helsinki is also home to some impressive design and beautiful public spaces.

Home to more than 1.3 million people, Helsinki is the capital of Finland — the happiest country in the world for the last six years, according to the World Happiness Report.

But mention this to locals and they'll often disagree. Finns frequently object to their cheerful reputation, saying the report really measures life satisfaction and is based primarily on Gallup World Poll data, which typically comes from surveys of around 1,000 people per country.

But after spending three days in the city, I could see why Finland ranked so highly for happiness — even if the locals can't.

The city has a strong sense of community 

Helsinki may be a capital city, but at times it felt like a small town.

Insider

On Saturday, people were gathered at the open-air market in Kauppatori Square by the harbor. The market sold everything from fresh vegetables to wooden cutlery to plants. Many residents also stopped to eat at the market-food stalls, sitting outside despite the cold wind.

Insider

The roads in the city weren't busy and cars were few and far between, with most people seeming to opt for public transport.

Helsinki is also almost constantly lit in the summer months, as it benefits from an arctic phenomenon called "midnight sun." In May, the city is still in bright daylight at 9 p.m. and locals say that in the summer — when the country has almost 24 hours of light — you can read a book outside all night. 

Helsinki has some impressive design 

Helsinki is a design hub and features some impressive architecture. 

Visit Finland calls design an "essential cornerstone of the city," integral to the way the capital city functions. Public spaces, such as Oodi Helsinki's new central library, receive large amounts of state funding for construction. The results are aesthetic landmarks that also function as free social spaces for residents.

Insider

The city has also produced an impressive set of designers such as Alvar Aalto, one of the most notable modernist architects.

A street view from Nolla Helsink.

Insider

Helsinki's public spaces are often built to blend into natural settings.

Löyly, for example, is a seaside sauna and restaurant, and it is designed to look like a rock on the nearby shore. The restaurant's wooden terrace is built on top of the sea so visitors can hear the sound of the waves under their tables. 

Löyly, which refers to the steam created when water is thrown on hot stones, was only completed in 2016 but has already secured protection from Helsinki's city council.

The city felt safe 

Finland benefits from high levels of social trust — and despite being the capital, Helsinki is no different.

It felt very safe and the locals were friendly, often stopping to hold doors open for each other in public places.

Young children also rode the city's transport system by themselves and could be seen around the city unaccompanied on the country's public holiday, "Helatorstai."

The Finns also have a high level of trust in their police force. In 2020, Finnish police officers were considered trustworthy by about 91% of the population. 

Insider

The infrastructure in the city was also organized and easy to use, with trams and metros arriving frequently and on schedule. There weren't many ticket barriers to access transport and I didn't encounter a single ticket guard during my time in the city.

Could Helsinki become your happy place? There's only one way to find out...

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This couple got married for $1700 on a cruise ship – 30 years after they first met on another cruise

Michelle and Paul Veal got married on the Pacific Encounter last year.

Michelle and Paul Veal

• Michelle was working on a P&O Cruises ship in 1992 when she met Paul, who was a passenger. 
• 30 years later they got married on a cruise ship to commemorate how they first met. 
• The wedding package cost about $1,700 including a cake and champagne. 

Three decades after first meeting on a P&O cruise, Michelle and Paul Veal tied the knot on a ship aptly named the Pacific Encounter. 

The Australian couple said they first met on a two-week cruise on a P&O ship in 1992, where Michelle was working as a performer and Paul was a passenger.

The pair said they immediately "clicked" but "nothing happened" given Michelle was working, but they took a photo together before the trip ended.

About seven years later they happened to meet again when Paul was working as a butcher and Michelle came up to the counter.

Michelle and Paul Veal when they first met in 1992.

Michelle and Paul Veal

"She had blonde curly hair, big blue eyes and a beautiful smile," Paul recalled. He said he remembered her face but couldn't remember where he had seen her before. Michelle returned a few times and it eventually dawned on Paul that they'd met years earlier on the cruise. 

He dug out their photo from 1992 in an album. The next time Michelle came in, Paul reminded her that they'd met before. They laughed, but nothing came of it as they were both married at the time.

Five years later their paths crossed again when Michelle brought her kids to a karate lesson and found Paul was their coach. But nothing happened between them as Michelle ended up moving from Australia to the UK. 

Fast-forward a few years after both got divorced, they connected on Facebook and met up in 2018. They've been together ever since. 

Michelle and Paul Veal's wedding party on the cruise ship

Michelle and Paul Veal

The couple, who now live on the Gold Coast in Queensland, Australia, had their wedding plans delayed by the pandemic.

"We actually met on a cruise ship, so we thought that would be a great way to marry each other," Michelle told Insider. 

They booked a wedding package with P&O Cruises in April 2022 and got married in September. They were joined by 50 guests including their five children, close friends and family on the four-day cruise from Brisbane.

The wedding package cost them 2,500 Australian dollars (about $1,700) including a wedding cake, champagne and photography. They upgraded to a suite, which took the total cost to about $3,500. "It was a very reasonable package for the price," Michelle said.

Their guests could book a cabin for about $260 for four days, or one with a balcony for about $475, including all meals.  

The couple got married whilst docked at the port in Brisbane

Michelle and Paul Veal

Michelle said it was a great deal as a typical wedding would have cost close to $7,000. 

P&O Cruises reserved different parts of the ship on their wedding day, with the ceremony at the rear before moving to the restaurant and then the disco.

"We had an absolute ball – it was the best way for us to get married," Michelle said. "It was a great way for everyone to bond and spend quality time together." 

Michelle and Paul got hitched just before the ship left Brisbane for Airlie Beach in north Queensland, where they spent a day before it returned. 

"P&O were fantastic and they really spoiled us and made us feel very special," Michelle said.

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Drug discovery and 'techbio': What Europe's health startup investors are betting on in 2023

Bits & Pretzels Healthtech, held at the ICM, Munich.

Riddhi Kanetkar / Insider.

• We attended the Bits&Pretzels Healthtech conference for startups and VCs.
• They named drug discovery and the emerging 'techbio' sector as areas of interest.
• Here are the 5 key takeaways from the conference.

COVID-19 fueled huge interest in health-tech startups, with VCs pouring a record $25.1 billion into health and biotech startups in 2021.

The sector experienced a subsequent slowdown, in line with broader pall in startup funding. But in 2023, health-tech startups are faring well compared to their counterparts in fintech and climate. 

We went to the Bits&Pretzels Healthtech in Munich, Germany, and spoke with investors, founders, and operators from across Europe.

Here are some of their takeaways for the future of health startups and innovation. 

1. 'Techbio' is a priority 

Techbio (not to be confused with its sister discipline, biotech) is the meeting point between technology and biology. The idea is to innovate the ways in which hardware and software can speed up processes such as the discovery of new drugs, or streamlining the collection of data in drug trials. While biotech is research-based, techbio focuses on the application of technology and engineering to bring this research to market.

Startups in the space are bringing new applications of tech to fields such as drug discovery, bioengineering, and patient care. 

It's a pretty nascent field, but 95% of the VCs Insider spoke to had techbio on their agenda for the coming year. It points to sustained appetite for digitizing many of the processes in the pharma industry, which many investors see as an untapped opportunity. 

2. VCs are still betting on drug discovery 

Even though funding into drug discovery startups has significantly stalled this year, at just $126 million, startup valuations have picked up since 2022.

Drug discovery is a process which aims to develop new medications and therapeutics.

Startups have been deploying AI to streamline the development of drugs for about a decade, and the space is building up traction with investors. VCs are bullish that a well-calculated bet on certain drug discovery upstarts could generate lucrative exits and returns, especially via Big Pharma companies.

3. AI can be a game changer — but not everyone needs to deploy it 

Despite the huge uptick in interest since the release of OpenAI's ChatGPT chatbot, artificial intelligence wasn't necessarily top of every investor's agenda.

Many VCs agreed that AI has potential to transform healthcare, especially in streamlining admin tasks for health workers, to speeding up the diagnostics process. 

But many are also aware that any use of AI would be accompanied by stringent regulation, given the potential to misuse confidential patient data. Many of Europe's top investors were also cautious about startups applying AI for the sake of it, a time and cost-intensive process. 

4. Health data is a gold mine 

Clinical data has always been important, but a wave of startups have started to monetize their collection of this data — and VCs are looking to cash in. Clinical data is the umbrella term for data gathered during clinical trials, as well as during the delivery of care for patients.

One gap identified by founders is that pharma companies are struggling to acquire data on clinical trials and drug candidates.

As AI can't wholly replace the clinical trials process, startups are tapping into a potentially lucrative market, and VCs were very enthused by these emerging players.

5. Health-tech VCs won't splurge cash

While COVID-19 did give healthtech startups a chance at the spotlight, they were still overshadowed by their counterparts in fintech and software-as-a-service. Part of the reason was that health-tech VCs, by their own accord, did not splurge as lavishly as other specialist investors. 

That's changing a little as early-stage healthtech startups are leading the race, nabbing $550 million — double the amount of funding as fintech startups — in 2023 so far. Still, healthtech VC say they are mostly standing by their prudent approach amid a tumultuous tech market. 

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Top Tesla bull says the EV stock could see a setback after its breathless 115% rally

Tesla shares could slip as the EV maker presses ahead with its price war, according to well-known bull Adam Jonas.

Reuters/Stephen Lam

• Well-known Tesla bull Adam Jonas slashed his rating for the stock Thursday.
• Earnings will likely fall as the EV maker presses ahead with its price war, he wrote in a research note.
• Shares have jumped 115% year-to-date – and the Morgan Stanley analyst isn’t alone in advising investors to take some profits from that rally.

Top Tesla bull Adam Jonas has warned investors that the EV stock is likely to give up some of its gains after starting 2023 with a breathtaking rally.

The Morgan Stanley analyst slashed his rating for Elon Musk's company from "overweight" to "equal weight" Thursday, and shared a $250 price target that would see the stock fall around 4% from its current price level.

Jonas' caution comes after Tesla started 2023 with a breakneck surge, jumping 115% year-to-date – while the benchmark S&P 500 is up 14% over the same period.

"I have to be up-front with you all," he wrote in a research note seen by Insider. "While the team has defended the Tesla [overweight] rating all year, I did not see this rally coming."

The analyst added that he's expecting Tesla's price war, which it has been pressing ahead with since late 2022 in a bid to revive faltering demand, to weigh on earnings and then drag on the company's share price.

Early signs seem to suggest that'll be the case – with profit margins falling 24% in the first quarter of 2023, according to an earnings report released on April 19.

"Despite the recent rally, we expect material negative revisions for Tesla consensus earnings forecasts and continue to expect a long-term trend of pricedowns at Tesla, driven by intensifying competition with Chinese EV players and a slowing auto consumer," Jonas said.

Tesla shares fell around 8% the day after the first-quarter earnings report was published, but have since staged a huge comeback thanks to investors' belief that CEO Musk has a renewed focus for the company after he appointed a new Twitter CEO.

Since he announced the hiring of Linda Yaccarino on May 12, Musk has embarked on a high-profile tour of China and signed deals that'll let Ford and GM use his company's sprawling supercharger network.

But Morgan Stanley isn't the only bank to have slashed its Tesla rating this week.

Barclays analyst Dan Levy downgraded the stock from overweight to equal weight Wednesday, advising investors to take the opportunity to reap some profits from Tesla's massive rally.

Read more: Tesla stock's dazzling rally is thanks to CEO Elon Musk's renewed focus on the EV maker, activist investor says

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Stocks will plunge back into a bear market when recession hits - even if it's a mild one top economist David Rosenberg says

David Rosenberg

Bloomberg TV

• A recession will surely hit the US economy and stocks will plunge back into a bear market then, David Rosenberg said. 
• "The compounding effect of even a mild recession on earnings and what it does to the multiple will still lead you into a fundamental bear market," he told BNN Bloomberg.
• Rosenberg warned that cracks were beginning to appear in the US labor market. 

Top economist David Rosenberg has once again sounded the alarm on the US economy. 

Speaking in an interview with BNN Bloomberg on Thursday, the Rosenberg Research chief said a recession is certain to hit the world's largest economy and US stocks will dip back into a bear market when that happens. 

"You're going to hear a lot of this hand-holding, 'don't worry, it's going to be a mild recession, it's going to be a shallow recession.' That doesn't matter. Ultimately you're paying for earnings, not GDP anyways, and the compounding effect of even a mild recession on earnings and what it does to the multiple will still lead you into a fundamental bear market," Rosenberg told the outlet. 

He also ripped into the Federal Reserve for its "Bambi-to-Godzilla" approach toward inflation - where the central bank initially didn't react to a pickup in price pressures, only to end up raising interest rates by 500 basis points in 15 months subsequently.

While the Fed is at or near the end of its monetary-tightening cycle, the effects of its rate hikes on the US economy are yet to be felt, Rosenberg added.

The economist further noted there are "signs of cracks emerging in this red-hot US labor market story" after jobless claims stay at its highest level since October 2021. 

"What if employment starts to decline or weaken substantially, and we start seeing more downside pressures that we've seen on inflation. Maybe they'll skip," Rosenberg said, referring to chances of another Fed rate pause should economic data weaken in the coming months. 

Rosenberg has been pessimistic about the US economy for months now, previously warning that parts of the S&P 500 is already signaling signs of a recession, and the rally in tech stocks this year reminds him of the dot-com bubble in the early 2000s.

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Elon Musk wants to bring Starlink to the Indian market — but he'll have to get around India's richest tycoon first

Elon Musk and Indian billionaire Mukesh Ambani.

Chesnot/Getty Images, Sujit Jaiswal/AFP/Getty Images

• Elon Musk said he hopes to bring SpaceX's Starlink satellite internet service to India.
• He's coming up against Asia's richest person Mukesh Ambani, who runs telecom giant Reliance Jio.
• SpaceX is lobbying the government to assign licenses for satellite services, but Reliance is calling for a public auction.

Elon Musk is eyeing the massive Indian market, saying he hopes to bring SpaceX's Starlink satellite internet service into the country after meeting with Prime Minister Narendra Modi earlier this week.

Musk told reporters on Tuesday he was keen to launch Starlink in India as the service "can be incredibly helpful" in remote villages, per India's ANI agency.

But Musk, who is the CEO of SpaceX, is coming up against strong competition in the form of billionaire Mukesh Ambani.

Ambani is the chairman and managing director of conglomerate Reliance Industries. He's Asia's richest person, with a net worth of nearly $88 billion, according to the Bloomberg Billionaires Index. Ambani's Reliance owns telecommunications giant Reliance Jio, the leading telecom provider in India with 439 million users, per Reuters.

Reliance Jio vs. Starlink

The two companies have different stances on how the Indian government's satellite broadband spectrum should be distributed, Reuters reported.

Musk's Starlink is lobbying the Indian government to assign licenses for satellite service in line with the global practice, arguing it's a natural resource to be distributed among companies, according to Reuters. Ambani's Reliance Jio is taking the opposite stance and calling for a public auction to ensure a level playing field for both foreign and domestic players in the traditional telecom space.

Reliance will continue lobbying the Indian government for an auction, Reuters reported, citing an industry source with direct knowledge of the matter.

SpaceX and Reliance did not immediately respond to requests for comment from Insider.

Musk's companies have already had several false starts in India. 

SpaceX started taking bookings for Starlink's service in India in 2021, but was told by authorities to apply for a license first. His electric vehicle company Tesla has also been eyeing the market for years but held back on selling its cars in India due to high import taxes. But Tesla is not giving up.

"I am confident that Tesla will be in India and will do so as soon as humanly possible," Musk told reporters on Tuesday.

India's market-access barriers are another complication

Earlier this year, India overtook China as the world's most populous country. India has also been trying to unseat China as the factory of the world.

But India has a history of trade protectionism that makes it difficult to do business in the country, although Modi — who first came into power in 2014 — pledged economic reforms, including easing foreign direct investment policies.

Still, India is the world's largest democracy, so decision-making can be complicated.

Also complicating the situation is the Indian government's campaign to promote self-reliance, which was kickstarted in May 2020 amid the COVID-19 pandemic.

"US exporters are being pressured to start manufacturing their products locally to retain market access, particularly if similar goods are not already produced in India," the US International Trade Administration, or ITA, said in a market overview of India. "As part of its self-reliance movement, India has introduced market access barriers in the form of tariffs, localization requirements, indigenous standards requirements, and labeling practices, price controls, and import restrictions."

Even so, India is a massive market with lots of opportunities — although it requires planning for a much longer timeline and adopting strategies for different states, the ITA added, citing US companies already operating in the country.

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