• 2024 may not have been as big a year for television as 2023 – but there were plenty of gems.
• Series like FX's "Shōgun," Prime Video's "Fallout," and Netflix's "Baby Reindeer" cut through the noise.
• Here are the BI entertainment team's favorite television series of the year.

Amid shake-ups in the television industry, 2024 still delivered a slate of great TV series ranging from familiar continuations to ambitious debuts.

That includes series like FX's "Shōgun," an immersive adaptation that brought top Japanese talent to American screens; the Brian Jordan Alvarez comedy "English Teacher," which turns high school culture wars into comedy fodder; and hits like "Baby Reindeer," which captivated the world with a story pulled from creator Richard Gadd's life.

Here are our favorites from this year.

On Friday, the Consumer Financial Protection Bureau (CFPB) sued four financial companies involved with Zelle. The CFPB’s lawsuit (via CNBC) accuses Zelle’s operator (Early Warning Services) and three of the service’s partner banks — JPMorgan Chase, Bank Of America and Wells Fargo — of failing to protect consumers from widespread fraud on the peer-to-peer payment system.

The CFPB says customers of those three banks have lost over $870 million during Zelle’s seven years as a payment service. The suit claims hundreds of thousands of customers who filed fraud complaints were denied meaningful assistance, with some being told to “contact the fraudsters directly to recover their money.” (Pro tip: Don’t do that.)

“The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” CFPB Director Rohit Chopra wrote in a statement. “By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.”

The CFPB says one of the system’s loopholes is that its “tokens” (linked US phone numbers or email addresses) can be used and reassigned across different banks. The agency claims fraudsters can exploit this by connecting a victim’s number or email to the perpetrator’s deposit account, causing payments meant for the consumer to go to the scammer’s account instead.

The suit accuses Zelle and the banks of allowing repeat offenders to bounce between financial institutions with impunity. “Banks did not share information about known fraudulent transactions with other banks on the network,” the CFPB wrote. “As a result, bad actors could carry out repeated fraud schemes across multiple institutions before being detected, if they were detected at all.”

The CFPB also claims the defendant banks didn’t heed red flags to prevent further fraud, report incidents consistently or on time, properly investigate customer complaints or take appropriate action.

On Friday, Zelle framed the government’s lawsuit as a political hit that would help criminals and force them to charge fees. “The CFPB’s attacks on Zelle are legally and factually flawed, and the timing of this lawsuit appears to be driven by political factors unrelated to Zelle,” Jane Khodos, Zelle spokesperson, wrote in a statement. “Zelle leads the fight against scams and fraud and has industry-leading reimbursement policies that go above and beyond the law. The CFPB’s misguided attacks will embolden criminals, cost consumers more in fees, stifle small businesses and make it harder for thousands of community banks and credit unions to compete.”

In September, JPMorgan Chase wrote in a quarterly filing (via CNBC) that it would consider counter-litigation if the CFPB took action against the bank for its role with Zelle.

Last month, The Washington Post reported that President-elect Donald Trump and Congressional Republicans plan to limit the CFPB’s funding and powers, aligning with the agendas of large financial institutions. Elon Musk and Vivek Ramaswamy, his “government efficiency” advisors, have said they want to eliminate the agency, which was established in 2011 in response to the 2007-08 financial crisis and resulting recession.

Killing the agency would require a congressional vote that wouldn’t likely pass, given Republicans’ thin majorities. But they could do what Trump did in his first term: appoint a new director to slow or stop regulatory actions, effectively kneecapping the agency as long as they’re in charge.

This article originally appeared on Engadget at https://www.engadget.com/cybersecurity/the-us-consumer-financial-protection-bureau-sues-zelle-and-four-of-its-partner-banks-175714692.html?src=rss

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© CFPB

Once, not long ago, booking a table at a hot new restaurant didn’t entail a midnight dash to Resy. Truly, we didn’t know how good we had it then. Hours-long lines out the door are now the norm, not the exception, in major cities from New York to Los Angeles. One reason is that restaurants […]

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Wizards of the Coast is shutting down the online servers for Dungeons & Dragons: Dark Alliance early next year. According to the updated store listings, the game will no longer be available for purchase and its servers will go down for good on February 24, 2025. "The base game and all DLC are still available to play in offline single player by anyone who currently owns it," the notice from the company adds.

Dark Alliance launched in 2021 with a single-player mode and an option for up to four-player co-op. It marked the first time WotC had published a video game from the hugely popular D&D universe. The project was meant to follow in the lineage of the Baldur's Gate: Dark Alliance games that were released in the 2000s, but the title made by Tuque Games didn't receive the same high praise as those predecessors. For some context, Baldur's Gate: Dark Alliance has an 87 score on Metacritic and Baldur's Gate: Dark Alliance 2 has a 78. Dungeons & Dragons: Dark Alliance sits down at a decidedly middling 53.

At least Larian Studios' excellent Baldur's Gate 3 is still thriving and getting new patches for your D&D-inspired video game needs.

This article originally appeared on Engadget at https://www.engadget.com/gaming/dungeons--dragons-dark-alliance-servers-will-shut-down-in-february-233454799.html?src=rss

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© Tuque Games/Wizards of the Coast

Tim Stevens for Engadget

I've been on a bit of a quest to replace all the LCD panels in my life with OLED. I recently swapped an aging (and shattered) iPad Pro with a Samsung Galaxy Tab S9, which is much easier on the eyes when watching late-night, trans-Atlantic movies. I've been a Galaxy S user for many years now, and I also switched to a Lenovo X1 Carbon laptop with an OLED display this year. I guess you could say I'm quite drawn to the rich color reproduction and stellar contrast, especially in low-light situations.

Given that, I was intrigued by Audi's new Q6 E-Tron, which has the most expansive suite of OLED displays I've ever seen in a car. Not only did Audi's engineers splay a series of curved panels across the dashboard, reaching practically from the left door to the right, they even embedded them into the taillights out back. It's an OLED smorgasbord, but it'd be a big waste of electroluminescence if the car weren't any good.

Thankfully, it is.

The Q6 E-Tron is Audi's new crossover SUV, a five-passenger model that pairs nicely with the current Q5. The new Q6, though, is slightly larger in most dimensions and — more significantly — battery-powered. This is in keeping with the brand's current mission to differentiate its EV line from its ICE offerings by assigning even-numbered designations to electric models and odd numerals to the gas-powered ones.

Tim Stevens for Engadget

At first, I thought this numerical nomenclature was just that — odd. But with the market increasingly skeptical about electrification, this gives Audi the ability to position its battery-powered and internal-combustion (ICE) cars in the market in parallel while also differentiating them, catering to buyers who are happy to plug in as well as anyone who still sees filling up at a gas station as preferable.

No judgments, you do you, but for those ready for an electric lifestyle, the Q6 E-Tron is Audi's most compelling offering yet.

It starts with a fresh look. This SUV carries enough familiar styling cues, like the brand’s four rings, to make it immediately identifiable as an Audi. Despite that, it looks thoroughly fresh and clean. From the big, aggressive front fascia and lighting on the nose to the evocatively curved fender flares on the side (a nod to the E-Tron GT), it looks great at any angle, up to and including the pert and clean lighting at the rear.

That continues on the inside. Overlapping shapes and contours create an interesting space, while a selection of mostly quality materials make for surfaces as nice to touch as they are to admire.

Tim Stevens for Engadget

As you step from the Q6 to the sportier SQ6, that just improves, with a slash of racy microsuede material across the dashboard paired with a bit of carbon fiber. The SQ6 delivers a healthy 509 horsepower to all four wheels in launch mode (483 without) thanks to a dual-motor configuration. The lesser Q6 Quattro still impresses with 456 hp from the same dual motors (422 not in launch mode). There's also a rear-drive, single-motor Q6 with 322 hp in launch mode (302 without), but I don't think many folks will choose that one, for reasons I'll delve into a bit later.

At Audi's US launch of the Q6, I sampled both the Q6 Quattro and sportier SQ6 and was really impressed by their disparate driving characters. The Q6 is comfortable and quiet, with generally good ride quality when outfitted with the optional air suspension and engaging handling. As you cycle through the various drive modes, there isn't a radical change, but switch to Dynamic mode, and it does get a fair bit more exciting.

Those who want a more vigorous experience, though, will want to step up to the SQ6. The extra power is nice, yes, but the combination of larger wheels with sportier tires and a more aggressive suspension tune makes for a car that feels substantially more engaging. It handles nicely for a small SUV and actually delivers good feedback through the steering, making for something that wants to be pushed through the corners.

Tim Stevens for Engadget

But that extra helping of aggression does come at a cost. The SQ6 has a noticeably harsher ride quality, even when its air suspension is at its most comfortable mode. There's also a good bit more road noise from the tires, too.

That noise is still quite scant compared to a typical, internal-combustion car, making the Q6 a great venue for the 20-speaker, 830-watt Bang & Olufsen sound system. It's optional, but it's a worthy upgrade if only thanks to the extra speakers mounted into the headrest.

Many cars have stuck speakers behind your head in the past, but Audi's doing some interesting things here, like directing voice navigation prompts and even call audio directly to the driver's ears. Initially, the effect is a little unnerving. It almost feels like bone conduction, as if the nav system were announcing the next turn directly inside your head, but that direct connection means it's far less distracting for anyone else in the car.

I always turn off voice prompts in my cars because they disrupt the flow of music, but with this, I could see myself actually leaving them on.

Tim Stevens for Engadget

As good as the sound is, the visuals are much better. The hallmark of the interior are those aforementioned OLED displays, three of them, measuring 11.9 inches on the left behind the steering wheel, 14.5 in the center for the primary, curved infotainment display and an optional third, 10.9-inch screen for the passenger on the far right.

These three aren't as tidily integrated as Mercedes-Benz's mighty Hyperscreen, but the quality of the displays seems higher, and the capability is impressive, too. The passenger can cue up YouTube videos and watch them if they like, while a dynamic privacy filter keeps the driver from snooping.

There are plenty of other apps, too. I installed The Weather Channel to get an update on the forecast while I was in the passenger seat to see whether there was any sunshine ahead for the next photo stop (there wasn't), but familiar media apps like Audible and Spotify were primed for download, too.

Audi

The revised MMI interface is busy, and I occasionally struggled to find settings in various submenus, but it is at least responsive. And, with both wireless Android Auto and Apple CarPlay on offer, you can bring your own experience. My biggest interface problem was actually with the steering wheel. The controls on the spokes are capacitive touch, and during a half-day behind the wheel, I accidentally hit the volume up button a half-dozen times. What's wrong with actual buttons, again?

If all those displays aren't enough, the Q6 also offers an optional, augmented reality HUD that sits right in your field of view. This means it can do things like project hovering blue arrows to tell you exactly when to turn but also identify on the road where the speed limits change and even paint warning arrows over cars that you're following too closely.

The sweeping and flashing graphics in the HUD are distracting at first but effective. If you're the sort who's never quite sure which turn to take when your nav tells you to take the third exit from the next roundabout, this HUD is for you.

So, the tech and the drive are quite compelling. How much are you going to pay for this privilege? It is, predictably, not cheap — but also not outrageous in the grand scheme of today's luxury SUV EV offerings.

Tim Stevens for Engadget

The base, rear-drive 2025 Audi Q6 E-Tron starts at $63,800 and will do 321 miles on a charge from a 100 kWh (94.4 net) battery pack. Stepping up to the dual-motor Quattro edition costs just $2,000 more and only loses 14 miles of range, an EPA rating of 307. This is why I think few people will opt for the RWD flavor.

The RWD car also charges more slowly: A 260 kW max charge rate compared to 270 kW for the Quattro cars.

The SQ6 Quattro does 275 miles on a charge and starts at $72,900, while the version I drove with all the displays and toys was $83,840. Yes, that's a lot, but if you don't need all that performance, the loaded Q6 Quattro I drove was $76,790. Still not cheap, but a bit less than the $77,295 starting price of the electric Porsche Macan, which shares virtually the entire drivetrain and platform.

The problem? That's a huge premium over the starting price of Audi's most comparable gas-powered machine, the Q5, which can be had for as little as $45,400. Is the Q6 worth the extra cost? I wouldn't necessarily spring for the sportier SQ6, but even the base Q6 offers far more power and tech than the Q5, plus lower running costs and a lack of maintenance. Despite the similar name, it's in a different class. Sure, it's a bit of a splurge, but I'd rather have the even-numbered one in my garage.

This article originally appeared on Engadget at https://www.engadget.com/transportation/evs/the-audi-q6-e-tron-is-an-oled-dream-machine-140018286.html?src=rss

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In perhaps the least surprising news of the past six weeks, President-elect Donald Trump reportedly plans to roll back President Biden’s electric vehicle and emissions policies. Reuters reports that the incoming president’s transition team has recommended cutting off support for EVs and charging stations while boosting measures to block cars, components and battery materials from China.

The transition team’s other reported plans include new tariffs on all battery materials globally, boosting US production of battery materials and negotiations with allies for exemptions. They’re also said to plan on taking money allocated for building charging stations and making EVs more affordable and redirecting them to sourcing batteries and their required minerals from places other than China. In addition, they reportedly want to axe the Biden administration’s $7,500 tax credit for consumer EV purchases.

The plans would let automakers produce more gas-powered vehicles by reversing emissions and fuel economy standards, pushing them back to 2019 levels. Reuters says that would lead to around 25 percent more emissions per vehicle mile than the current limits. It would also lower the average car fuel economy by about 15 percent.

Climate scientists have stressed the importance of transitioning from gas-powered cars to EVs in reducing carbon emissions and fending off the most ravaging scenarios for the planet. Greenhouse gases, including those from vehicle emissions, build up in the atmosphere and warm the climate. That leads to a cascade of effects in the atmosphere, on land and in oceans — some of which we’re already seeing.

As for tariffs, economists have said Trump’s plans would likely spur multiple trade wars as countries retaliate with tariffs on American goods, disrupt supply chains and pierce the heart of America’s post-World War II alliances. “If we go down the tariff war path, we’re going down a very dark path for the economy,” Mark Zandi, the chief economist of Moody’s Analytics, told The New York Times in October.

The Biden administration has championed climate legislation like the Inflation Reduction Act, which allocated $369 billion for green initiatives, and EPA rules that require automakers to ramp up EV sales.

Meanwhile, Trump has called climate change a “hoax.” In May, he reportedly told a group of oil executives that he would immediately reverse dozens of Biden’s environmental rules while blocking new ones from being enacted. His asking price for such deregulation was that they raise $1 billion for his campaign. (Thanks, Citizens United!) So, while the reports about his transition team’s plans are still a gut punch to those who care about leaving the planet in a habitable state for future generations (and slowing the effects we’re already seeing), they aren’t exactly shocking to anyone paying attention.

This article originally appeared on Engadget at https://www.engadget.com/transportation/evs/trump-reportedly-plans-to-reverse-bidens-ev-policies-182206662.html?src=rss

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© Devindra Hardawar for Engadget

• You can vacation on a private Caribbean island for as cheap as $80 a day, so long as you go by cruise.
• Cruise lines like Royal Caribbean, Norwegian, and Carnival have islands exclusive to guests.
• These companies have been racing to expand their private island and resort portfolio.

Winter blues got you daydreaming about a private Caribbean island vacation? As expensive as they might sound, you don't have to break the bank to go to one.

Some are as cheap as $80 a day. Although, of course, there's a catch.

You'll have to go with thousands of other travelers — on a cruise ship, no less.

Many of the largest cruise companies own and operate private Caribbean islands just a day's sail from Florida's main terminals. These islands are only accessible by cruiseliners and are exclusive to their guests.

Once there, travelers can sunbathe on soft-sand beaches, snorkel with turtles in clear blue waters, and, of course, swim with pigs. Maybe for these reasons, travelers seem to love them — especially Royal Caribbean Group's Perfect Day at CocoCay, the company's highest-rated port, Jason Liberty, its CEO, told investors in October.

Families visiting CocoCay can spend their afternoon at the 14-slide waterpark. About a mile away, at Norwegian Cruise Line Holdings' larger 270-acre Great Stirrup Cay, adrenaline junkies can fly through the island's six-part zipline course.

At Carnival Corp's whopping 2,400-acre RelaxAway, Half Moon Cay, guests can explore the beach by horseback.

Cruise ships generally stay docked at these private ports for less than a day. Yet, the value is comparatively hard to beat.

Carnival's Half Moon Cay itineraries are as affordable as $80 a day — not bad compared to neighboring private islands that could cost upward of $150,000 per night to rent.

But that doesn't mean every amenity at these cruise-owned destinations is cheap. If these savings give you the urge to splurge, a two-bedroom villa at Great Stirrup Cay's Silver Cove resort starts at about $1,430. Similarly, cabanas at CocoCay's luxurious beach club could cost upward of $1,600. (Don't worry — most of their beachside lounge chairs are free.)

The three cruise giants have hundreds of voyages planned to their islands in 2025. Carnival has about 200 scheduled — Royal Caribbean has more than double that.

These numbers are expected to grow in the coming years. Carnival and Norwegian plan to build multi-ship piers at their respective properties, with the latter opening in late 2025. This $150 million investment is expected to double Great Stirrup Cay's visitors the following year.

The Federal Trade Commission (FTC) has seen an alarming rise in gamified job scams over the past year. The FTC says that reports of job scams have quadrupled each year since 2022 topping out at 20,000 reports at a cost of $41 million in total during the first six months of the year.

Job or task scams often involve the scammer asking someone to do a relatively simple task online such as liking videos or rating product images in assigned sets using terms like “product boosting” or “app optimization,” according to the FTC. People are promised higher payments for completing a certain amount of sets that may pay out small amounts at first but they end up costing more than they pay out in the long run.

Scammers will reach out to people via text messages or communication apps like Whatsapp offering them a task job. The most common type of this scam usually involves some kind of cryptocurrency. Then the scammer may ask their target to deposit some money or “charge up” their account through an app in order to start working on new and bigger sets of tasks. They may even try to convince their victims by hearing testimonials from fake recipients about how much money they made for completing relatively simple tasks.

The victim will “charge up” their accounts with their own money in order to avoid losing what the app shows they’ve earned in the hopes they’ll get their deposited money and the fee they are owed. Instead, the money they’ve been paid isn’t real and any money they’ve deposited to “charge up” their account is lost for good.

The FTC recommends ignoring offers from unknown text or WhatsApp messages and never paying someone for the promise of being paid at a later time or date. The commission also recommends steering clear of any job offers that involve rating or liking things online, a practice the FTC says is “illegal and no honest company will do it.”

This article originally appeared on Engadget at https://www.engadget.com/cybersecurity/the-ftc-warns-gamified-job-scams-are-on-the-rise-233029615.html?src=rss

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The 1988 buddy-comedy action flick "Midnight Run" had an unexpected impact on the restaurant industry. While the romp about a bounty hunter transporting an accountant across the country didn't make a box-office splash, one line stuck around.

"A restaurant is a very tricky investment," the accountant, played by Charles Grodin, tells the bounty hunter, played by Robert DeNiro. DeNiro's character dreams of opening a coffee shop with his big score, but the accountant shuts him down: "More than half of them go under within the six months."

The idea that restaurants are a bad investment predates the film, but the quote lodged in people's minds. Over the past 20 years as a cook, restaurant critic, and food writer, I've heard Grodin's risk assessment quoted repeatedly, almost verbatim. But if restaurants really are a lousy investment, then why would private-equity firms be dumping billions into the sector? Data from PitchBook found that private-equity investments into fast-casual restaurants grew from $7.7 million in 2013 to $231 million in 2023 — a nearly 3,000% increase.

In 2024 alone, Blackstone purchased 1,400 Tropical Smoothie Cafes and a majority stake in Jersey Mike's — deals that gave the chains multi-billion-dollar valuations. Sycamore Partners also bought 250 Playa Bowls locations. Before its IPO in 2023, the Mediterranean eatery Cava raised nearly $750 million from private investors. Meanwhile, SoftBank Vision Fund has pumped hundreds of millions of dollars into restaurant tech over the past decade.

All that cash has led to a boom in places like Chipotle, Shake Shake, and Sweetgreen. Between 2009 and 2018, the number of fast-casual restaurants in America doubled, while sales have nearly tripled. Meanwhile, the amount of money Americans spend eating out has jumped by nearly 60% since 2009. That doesn't exactly sound like a lousy investment.

The trouble is that private equity has a knack for destroying businesses. Red Lobster declared bankruptcy earlier this year after 10 years under private-equity management, Toys "R" Us famously shut down following a private-equity takeover, and even hospitals have struggled after private equity got involved. The cash infusion to wannabe chains and franchises has also made it harder for independently funded restaurants to compete for customers, real estate, and staff. When the gravy train stops, fast-casual restaurants are going to be in trouble.

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To understand why private equity is pouring money into restaurants, we have to start with the appeal of the fast-casual model. In some ways, it's the golden mean of restaurants. You can charge twice as much for a meal at a fast-casual spot as you can at a fast-food joint. In Manhattan, a Burger King cheeseburger costs $3.40, whereas a Shake Shack burger will run you $7.79. But when you look at the overhead costs, there isn't much difference. Both restaurants staff a similar number of people and rely on similar ingredients. Chipotle may offer a burrito, a bowl, a quesadilla, and a salad, but it's all more or less the same ingredients: beans, corn, salsa, cheese, and basic proteins. The limited menu enables both fast-food and fast-casual restaurants to be efficient, keep costs down, and avoid losses from food waste and labor. And since fast-casual spots appear to be the nicer restaurants — with gourmet ingredients like brioche buns, healthy-sounding options, and claims of sustainable sourcing — they can charge more. If price and speed aren't priorities, many people would prefer to grab lunch at a Chipotle than at a Taco Bell.

The model also has an edge over sit-down restaurants, which have struggled in recent years. "Casual dining proper is not doing so well," Alex M. Susskind, a professor of food and beverage management at Cornell University, says. "Fast casual has provided consumers with a better meal experience that's equal to, or in some instances better than, a casual-dining restaurant, with less of a time and financial commitment."

The food is just as good, but the service is much faster. He says that's helped make the model a better investment than a place like Applebee's. Thanks in part to those higher profit margins, one restaurant analyst said it takes 18 months for a Chipotle to pay back buildout costs, compared to five years for a Cheesecake Factory.

That's what's making the investments in these businesses attractive. Because a lot of the weaker players have been weeded out.

"PE is investing money in the fast-casual market because the economics of a fast-casual concept is much better than any other type of restaurant concept," says Chris Macksey, the CEO of Prix Fixe Accounting, which specializes in hospitality. "Profit margins are anywhere from 10% to 15% as opposed to a full-service restaurant, which is 5% to 8%. Fast casual is just a far more scalable concept."

Scalability is really the brass ring. Investors in fast-casuals aren't buying restaurants; they're buying the potential growth of restaurant brands. Susskind says the boom reminds him of the late 1990s when casual-dining brands like Applebee's, TGI Fridays, and Olive Garden were taking off. He sees the recent shutdown of some of those chains — such as TGI Fridays, Red Lobster, and Smokey Bones — as a market correction for their overexpansion.

"That's what's making the investments in these businesses attractive. Because a lot of the weaker players have been weeded out," Susskind says about fast-casual restaurants. The frenzy has also been encouraged by the successful IPOs of companies like Sweetgreen in 2021 and Cava in 2023. Seeing Cava's stock grow by nearly 250% since its IPO has left investors searching for similar success.

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While Sweetgreens and Dave's Hot Chickens are popping up across the country, independent restaurateurs are often left scrambling — not even for a piece of the pie, but for the crumbs.

Tracy Goh is the chef and owner of Damaran Sara, a two-year-old Malaysian restaurant in San Francisco, home of some of the most expensive commercial real estate in America. She's experienced landlords' preferences for fast-casual chains over small businesses like hers. "Especially for me, because it's my first restaurant. I don't have data to convince them that I can stay on a lease as long as they are likely to," Goh says. "They have a preference for the franchises or the big names."

A landlord's job is to generate money from their property. Their business isn't about enriching their community; it's about finding the most reliable tenants who can pay the most rent. In the restaurant real-estate space, that often means fast-food and fast-casual brands backed by major investment firms.

When small-time restaurants get left out of the real-estate market, diners are left with a food scene that increasingly looks and tastes the same.

"If you're Chipotle or Shake Shack, you may decide to take a lease above market. You can afford it because you're privately funded," says Talia Berman, a partner at the hospitality advisory firm Friend of Chef and an expert in New York's restaurant real-estate market. "You beat out the competition because you don't care how much money you make in that space because it wasn't meant to be profitable based on the unit economics. It's part of a larger strategy."

That strategy is all about growth, she says. The primary goal of investment-backed restaurants is to expand quickly. "They're typically barreling toward an exit. So they're looking to get purchased by Nabisco or Darden or Levy or one of these huge restaurant conglomerates. And they need to show distribution — that they're operating in many states and that they have high top line," Berman says, referring to high sales volume.

A location that can gross $2 or $3 million in a year can demonstrate to a potential buyer that the eatery is successful — even if a high rent lowers the average unit profit margin. "They're thinking short term. It's a private equity mentality," says Berman.

Investment-backed restaurants also have a timing advantage over smaller shops. When a developer begins work on a new building that might lease space to a restaurant — a strip mall, food hall, or multipurpose apartment complex for instance — it's usually working on a multiyear timeline. Moshe Batalion, the vice president of national leasing for RioCan, one of Canada's largest real-estate-investment trusts, told me the firm starts thinking about who to lease to before it even breaks ground on a new property. Leases might be signed years before the space is even ready for move-in. Independent restaurateurs typically can't plan for a restaurant that won't open for two to three years.

"For independent operators, the real disadvantage is access of capital," Susskind says. "If they have access to a decent level of capital, they can grow, open more units." For chains, that's easy to do. But, he adds, "if I'm an independent, I don't know where I'm going to get $500,000 to ink a deal and build a restaurant."

When small-time restaurants get left out of the real-estate market, diners are left with a food scene that increasingly looks and tastes the same.

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Thomas Crosby, the CEO of Pal's Sudden Service, a Tennessee-based chain of 31 burger shops, is all too familiar with the downsides of private equity. It's why he has eschewed outside investment. Millions of private-equity dollars might help triple the number of Pal's locations in five years — but could the chain continue to train and retest staff to remember that the perfect french fry is 3.7 inches long?

"As soon as you start taking investments or go public, you confuse your mission," Crosby says. "It becomes, what metrics can I do to wow stockholders instead of wow customers? And I think that's how so many companies get sideways. It's kind of like cars: You drive down the interstate, and you cannot hardly tell one brand from another. It becomes so homogenous." He adds: "That's what happens in the restaurant industry."

Chasing the success of another restaurant chain means everyone just tries to copy everyone else. "To please the stockholders or investors, they've got to be all things to all people," he says. By maintaining control over his operations, Crosby says, "We don't owe people money. We don't lease land. We have zero debt."

Since the early 2000s, private-equity firms started taking on a bigger role in the companies they'd invested in; these firms didn't just expect returns down the line, they began telling companies how to achieve those goals. This was good for innovation and safety, but bad for job creation and wages, with "sizable reductions in earnings per worker in the first two years post buyout," professors from Harvard and the University of Chicago's Booth School of Business wrote in a 2014 research paper.

As soon as you start taking investments or go public, you confuse your mission.

In the long run, private equity often leaves companies worse off. In 2019, researchers found that public companies that are bought out by private-equity firms are 10 times as likely to go bankrupt as those that aren't — a finding that complicates the argument that companies like Toys "R" Us closed simply because of market forces. Similar to the casual-dining boom before it, Susskind, the Cornell professor, believes that the investment boom in the fast-casual sector will eventually lead to a bust.

Already, the graveyard of private-equity-backed restaurants is growing. BurgerFi, which has 93 locations and 51 pizza subsidiaries, primarily in Florida, received $80 million in investments just a few years ago. But despite last year's plan to update the chain's stores, menus, and technology, the investment has largely transformed into debt. The company defaulted on $51 million in credit obligations this year, and in September, it filed for bankruptcy.

Between 2015 and 2019, Mod Pizza received a total of $334 million in private-equity investments, which enabled the brand to grow to 512 locations across Western states, with over 12,000 employees. In 2019, the firm boasted of being "the fastest-growing restaurant chain in the United States for the past four years," with a plan to hit 1,000 locations in five years. The rapid expansion outpaced realistic sales growth, and earlier this year, the company closed over 40 locations.

Similarly, Rubio's Fresh Mexican Grill, founded in 1983 in California, was acquired by Mill Road Capital in 2010 for $91 million. The new ownership updated the name (to Rubio's Coastal Grill), the interior design, and the menu. Renovations at each location cost about $200,000. The chain ended up declaring bankruptcy twice: once in 2020 and again earlier this year. Though the company attributed the first filing to pandemic lockdowns, it was already struggling to maintain its growth and stay in the green prior to 2020. When it closed more restaurants earlier this year, some employees found they were unable to cash their final paychecks.

Even some of the most visible success stories of investment-based growth haven't borne fruit. Sweetgreen, "the Starbucks of salad" that was heavily backed by venture capital before its IPO, grew from one location in 2007 to 227 this year, with plans to open another 30 a year — though the company still hasn't seen a profitable year. The chain lost over $26 million last year.

At some point, the market taps out and there isn't room for more growth. Americans are already spending 42% more money on dining out than they are on groceries.

Berman says that the high volatility creates opportunities. For one, when a cash-rich restaurant bails on a retail location, it becomes available as a turnkey space, complete with HVAC, grease traps, and floor drains. Berman's company recently made a deal for a popular food brand to build out a research kitchen. It's designed to be an experiment, but they signed a 10-year lease. "Believe me, this place is not going to be around in three years, I promise you," she says. That leaves the door open for other entrepreneurs to take over.

In other words, don't get too attached to the Sweetgreen down the street. It may take longer than six months for private-equity-backed restaurants to go under, but there's a good chance your new fave won't be around in a few years.

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Corey Mintz is a food reporter focusing on the intersection between food, economics, and labor. He is also the author of "The Next Supper: The End Of Restaurants As We Knew Them, And What Comes After."

Toyota just introduced a new compact electric SUV and dug into the past for inspiration. The new Urban Cruiser EV borrows its name for a car that first came along in the early 2000s and is based on the company's Urban SUV Concept unveiled last year. It looks like it's designed to compete with Volvo's EX30 and much like that vehicle, will come with a number of battery and drive options.

To give you an idea of size, the Urban Cruiser will be slightly larger than Toyota's hybrid compact SUV, the Yaris Cross. It'll be built on a new battery electric vehicle (BEV) platform that frees up extra space for the battery and occupants. 

It'll come with two battery pack options, 49kWh and 61kWh, a bit smaller than the EX30's offerings (51kWh and 69kWh). The smaller pack supports up to 144 HP and 140 pound feet, while the larger pack option ups that to 174 HP and the same torque. If you upgrade to the dual-motor system, you'll see 184 HP and 221 pound feet of torque. Those power levels are far less than the EX30, which offers 268 HP as standard and a wild 422 HP on the twin-motor performance version. 

Toyota

The Urban Cruiser will offer active safety features like adaptive cruise, active collision avoidance and lane-departure warning, along with a 360 degree camera. Inside, you'll get a 10.1-inch infotainment display along with a 10.25-inch driver's display, all in one unit. Apple CarPlay and Android Auto will be standard.

Toyota

Price and range have yet to be revealed, but Toyota will be in tough against the much more powerful Volvo EX30 if the sticker isn't substantially lower. The Urban Cruiser is also arguably less attractive as well. It's set to arrive in the UK and elsewhere in Europe in the third quarter next year. 

This article originally appeared on Engadget at https://www.engadget.com/transportation/evs/toyota-takes-on-volvos-ex30-with-the-urban-cruiser-compact-electric-suv-143041000.html?src=rss

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© Toyota

United Airlines announced that it is integrating the Share Item Location feature from Apple into its mobile app. This development could make it easier to track down baggage equipped with AirTags or a Find My network accessory when it somehow winds up in Paris rather than arriving with you in Perth.

The United integration will allow passengers to send information about their bag's location directly to the company's support staff in the mobile app. If a traveler isn't using the United app and their bag takes a detour, they will receive a text notification from the airline prompting them to submit a Share Item Location report.

Share Item Location is part of Apple's iOS 18.2, which just began rolling out this week. When the resource was initially introduced in the public beta, air transport tech company SITA said that it would use the feature in its WorldTracer system for tracking airline baggage, so this isn't the first time travel brands are realizing the potential of Share Item Location. However, it will only be available to customers who are using an iPhone running at least iOS 18.2.

This article originally appeared on Engadget at https://www.engadget.com/apps/united-airlines-will-integrate-apples-share-item-location-feature-into-its-mobile-app-130049823.html?src=rss

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© United Airlines

The company is focused on various transportation markets, including maritime shipping, long-haul trucking, and agriculture.

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Google reportedly wants the US Federal Trade Commission (FTC) to end Microsoft's exclusive cloud deal with OpenAI that requires anyone wanting access to OpenAI's models to go through Microsoft's servers.

Someone "directly involved" in Google's effort told The Information that Google's request came after the FTC began broadly probing how Microsoft's cloud computing business practices may be harming competition.

As part of the FTC's investigation, the agency apparently asked Microsoft's biggest rivals if the exclusive OpenAI deal was "preventing them from competing in the burgeoning artificial intelligence market," multiple sources told The Information. Google reportedly was among those arguing that the deal harms competition by saddling rivals with extra costs and blocking them from hosting OpenAI's latest models themselves.

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The startup has been working to imbue the humble brick with the ability to transform electricity into heat and store it for hours on end.

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• Royal Caribbean's latest ship, Utopia of the Seas, is operating short voyages to attract first-timers.
• In mid-November, I spent three nights on Utopia, the world's second-largest cruise ship.
• Here's what to expect if it's your first cruise.

Royal Caribbean's latest ship, Utopia of the Seas, has more than 40 restaurants and bars across eight neighborhoods and three waterslides. Yet most travelers will only be on the ship for a few days.

The world's second-largest cruise ship, which launched in July, sails exclusively on three- and four-night Caribbean itineraries from Port Canaveral, Florida, in a bid to appeal to first-time cruisers and newcomers to the brand.

So far, the strategy is paying off.

Jason Liberty, CEO of Royal Caribbean's parent company, told analysts in late October that demand for the ship has been "incredible," as fares and onboard revenue have surpassed the company's expectations.

If you're one of the newbies booked on a 2025 Utopia of the Seas cruise, here's my unofficial guide to the mega-ship.

• Stephen Wu transitioned from tech to finance, starting a hedge fund with $10 million.
• Wu's experience at Amazon and Microsoft taught him efficiency and managing technical debt.
• He said trading is more fun and more money than tech.

This as-told-to essay is based on a conversation with Stephen Wu, a 29-year-old hedge fund manager from New York. It's been edited for length and clarity.

If you ask Alexa to play Taylor Swift, my team built the system that recommends similar songs to listen to afterward.

I studied computer science and philosophy at Carnegie Mellon during college and always thought I would work in engineering. I applied to work at Amazon during my senior fall semester in college and started at Amazon Alexa right after graduating. I was hired as a software engineer in Seattle, creating and building the music recommendation system and overseeing a team of three engineers.

It was a good mix of my passion for music and engineering, but eventually, I left Amazon for Microsoft and then left tech to start a hedge fund with about 80 investors.

I raised almost $10 million from friends, family, high-net-worth individuals, influencers, and others in the hedge fund space that first year. I still love engineering, but hedge funds make money, so they're much more fun.

Amazon taught me how to prioritize and be efficient

Working at Amazon, I learned that its ethos differs from other tech companies.

Google and Meta are more engineering-focused. Microsoft aims to build the best tool for the customer, even if it takes extra time. Amazon, on the other hand, seeks to make things fast.

Instead of building it right the first time, Amazon allowed me to create the minimum viable product usable to meet the deadline. While working there, I learned a lot about prioritization and efficiency.

Still, after about three years, I wanted to explore new roles. A Microsoft recruiter reached out to me via LinkedIn. I took the call and was intrigued by their offer of an engineering-heavy business role. I would work directly with engineers to build and plan the machine translation system used by Microsoft Azure.

I liked the opportunity to combine my strengths in engineering and business for this role, so I accepted it in 2020.

I learned a lot in tech and used it to launch my hedge fund career

I loved working at Microsoft and worked there for about three years. In my free time, I dabbled in hedge funds, which are any fund using a non-traditional investment style.

One crucial learning takeaway that helped me in my future endeavors was technical debt — if you build something too quickly and take shortcuts, you may spend twice the time just fixing the bugs.

I can tell if a product wasn't built right or if it might incur additional unforeseen costs that other hedge fund managers may not know about. Also, because I built statistical models and AI algorithms recommending songs to users at Amazon Alexa Music, I understand the statistical behavior of price movements. This allows me to take a more data-driven, probabilistic approach to trading, while most fund managers focus on financials.

After 6 years, I left Big Tech for the finance industry

I specifically invest in options trading after volatile events. I always loved it, but I never thought I could do it full-time.

Along the way, I discovered a very lucrative strategy for trading in a specific niche in the options market. I did this for fun with my portfolio through 2020 and 2022. It was during the pandemic in 2022 that I realized that NASDAQ was down 33%. That year, I proved my strategy in a bear market and felt confident enough to pursue this as a serious career.

For years, my friends and family asked to invest with me, and I was finally comfortable trading with their money. I left Microsoft in April 2023 to work on the hedge fund full-time. I worked extremely hard during my first year of fundraising and trading simultaneously and was very stressed.

Fundraising was difficult initially, but I allowed investors to try with a small amount first and see the returns for themselves. The minimum amount to invest is $100,000.

I love trading and plan to do it forever

Since our trades are weekly, I allowed them to withdraw any week if the performance was poor. This was highly unusual and risky for hedge funds because they could withdraw any week, and my fund would die. However, I was confident I could perform. After several months of good performance, many of my investors doubled or tripled their investments.

And now, more folks continue to invest through word-of-mouth.

I aim to grow this to a $100 to $200 million fund in the next few years. It's just me, so it's a lot of work, although I have part-time analysts helping. Once reaching $100 million, I can hire more analysts and expand the strategy.

I love trading. It's fascinating because it's like solving a puzzle every single day. As an engineer, I was making a solid six figures a year. It depends on how much profit I generate this year, but if my fund is $15 million and I achieve the 30% yearly profit target, I'll make $1.2 million.

I enjoyed solving complex engineering challenges, but trading offers a more dynamic, fast-paced environment and I plan to do this for the rest of my life.

If you left Big Tech for another industry and would like to tell your story, please email Manseen Logan at [email protected].

• South Korean and Japanese arms dealers are growing almost on pace with Russia's top defense firms.
• New data found that South Korea's and Japan's arms revenues jumped by 39% and 35% respectively.
• The data underscores an aggressive push by Asian firms to fill recent gaps in arms manufacturing.

The top defense manufacturing firms in both South Korea and Japan saw growth rates of nearly 40% in 2023, nearly on pace with that of the top arms dealers in Russia, per a new report.

Data published on Monday by the Stockholm International Peace Research Institute found that the top four South Korea-based firms recorded a combined 39% increase in revenue over the year, while the top five Japanese defense firms saw a combined 35% increase.

In comparison, the two top Russian defense enterprises saw a combined 40% revenue increase from 2022 to 2023 and higher revenues. SIPRI attributed the production spike to the huge expenditures required by Russia's invasion of Ukraine.

The institute analyzed public data on the world's top 100 defense firms by revenue and found that arms revenues across all regions increased by 4.2% in 2023.

Its findings show how rapidly defense industries in Japan and South Korea — two key US allies — have stepped in to fill demand for arms and equipment since the outbreak of recent conflicts like the Ukraine war. The five largest US arms makers top SIPRI's list, but saw slower rates of growth.

Still, Xiao Liang, a researcher at SIPRI, told Business Insider the data doesn't directly translate into military might.

"The true scale of Russia's arms industry is likely a lot larger, so the data presented provides only a general overview and not a detailed representation of the current state of the Russian arms industry," he wrote in an email.

Arms sales take off in South Korea and Japan

South Korean firms, in particular, have caught attention in the last two years for selling billions of dollars worth of artillery in Europe, where it's been in short supply due to Ukraine's dire need for ammo to counter Russia's firepower advantage.

Among the four South Korean companies on the list are industrial heavyweights such as the Hanwha Group and Hyundai Rotem.

"South Korean firms specialize in tanks, artillery, and armored vehicles, with both domestic and international export deals boosting revenue," Liang wrote.

These companies are typically known for producing weapons systems like the K239 Chunmoo rocket artillery system and the K9 howitzer. Poland, for example, purchased 72 K239 Chunmoo systems in April for $1.6 billion; these truck-mounted launchers can fire guided or unguided rockets.

Hanwha Group rose from 42nd place in the world in 2022 to 24th in 2023. It brought in $5.71 billion in arms revenue in 2023, up 52.7% from $3.74 billion in 2022, per SIPRI.

According to SIPRI, much of the Seoul-based conglomerate's arms revenue was driven by its 2023 acquisition of one of South Korea's three biggest shipbuilders, DSME.

Five Japanese firms were listed among the world's top 100 defense firms. They include Mitsubishi Heavy Industries, which saw a 23.9% increase in arms revenue to $3.89 billion in 2023, and Fujitsu, which saw a 16.4% increase to $1.85 billion that year.

Liang said Japan's defense industry has benefited from a major increase in Tokyo's military spending policy. "Domestic orders for advanced systems have soared, further driving revenue growth," he said.

Mitsubishi Heavy Industries, for example, builds submarines and aircraft for Japan's forces, and saw new orders triple in 2023, Liang added.

Russia still leads in absolute figures

Still, the combined arms revenues of all nine Asian firms — about $21 billion — are eclipsed by the $25 billion in 2023 earnings reported by the Russian arms makers that SIPRI analyzed.

The institute didn't account for seven of the Russian enterprises that it listed in the Top 100 for 2022, saying that at this time, their "individual revenue data could not be obtained."

Liang wrote that the Russian defense industry has become increasingly opaque and that two major state-controlled firms — antiaircraft system maker Almaz-Antey and the Tactical Missiles Corporation — were no longer sharing their revenue data.

"Both companies probably have seen a significant rise in their revenue as they produce equipment categories in high demand due to the war such as air defense systems, artillery and missiles," Liang wrote.

SIPRI did cover two Russian state-owned firms: United Shipbuilding Corp and Rostec, a giant defense conglomerate that ranked seventh worldwide and oversees many arms producers.

SIPRI analysts said they normally wouldn't include data from Rostec, but listed it this time because it controls many of the arms manufacturers they could no longer gather data on.

The state-owned entity controls manufacturing for aircraft, electronic warfare systems, helicopters, and battle tanks.

Rostec's arms revenue grew 49.3% in 2023 to $21.7 billion, up from $14.5 billion in 2022, per SIPRI.

Meanwhile, United Shipbuilding Corp, which owns about two dozen shipyards and plants across Russia, paced behind the global revenue growth rate. It earned $3.7 billion in arms revenue in 2023, just 1.9% up from 2022.

Over the last year or so, electric vehicle makers have been a little friendlier to each other, at least when it comes to their charging networks. Many automakers are now supporting Tesla’s North American Charging System (NACS), which is fast becoming the industry standard. Now Rivian's opening its doors to drivers of other brands' EVs.

For the first time, drivers of non-Rivian EVs will be able to top up their batteries at the company's charging locations. This pertains to next-gen Rivian Adventure Network charging locations. The first of these opens today at Joshua Tree Charging Outpost in California. Before the year is out, Rivian plans to open more charging locations in Texas, Colorado, Illinois, Montana, Pennsylvania, Michigan and New York.

The stations offer rapid charging up to 900 volts and have CCS connectors that work with NACS vehicles that have an adapter. Rivian says support for native NACS connectors will become available later.

This isn't entirely an altruistic step, of course. Rivian sees it as a way to generate revenue from EV drivers who perhaps happen to be closer to one of its charging stations than any other. The chargers have a tap to pay option and the Rivian app isn't required.

Rivian plans to have more than 3,500 DC fast chargers in its Adventure Network. According to Ars Technica, the automaker has 91 Adventure Network sites in the US, with plans for 12 more. However, Rivian drivers can use Tesla Superchargers as well.

This article originally appeared on Engadget at https://www.engadget.com/transportation/evs/rivian-is-now-letting-other-evs-charge-at-its-stations-182702444.html?src=rss

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© Rivian

• I spent three nights on Royal Caribbean's new giant cruise ship, Utopia of the Seas.
• The cruise line's second-largest vessel is operating short voyages to attract new cruisers.
• The new ship has more than 40 restaurants and bars.

Where can you go on ziplines, waterslides, and rock climbing walls in the same hour?

Royal Caribbean's new Utopia of the Seas, the world's second-largest cruise ship.

It would be wise to cram all these activities into the same 60 minutes. The 1,188-foot-long vessel is exclusively operating shorter, three- and four-night voyages — hardly enough time to experience all of its amenities, restaurants, and entertainment.

See what a vacation on the 5,666-guest, 236,473 gross-ton floating resort is like. Hang tight — there's a lot to cover.

• Virgin Voyages is launching a yearlong, all-you-can-sail pass in 2025 for $120,000.
• The pass covers two guests, laundry, premium WiFi, and a balcony cabin.
• Passholders could spend the year on the same vessel, turning it into a residential cruise ship.

Have you ever been on a Virgin Voyages cruise and thought, "I never want to leave this ship."?

Well, now you won't have to — so long as you pay $120,000 for the year.

Richard Branson's premium child-free cruise line on Tuesday announced its first Annual Pass. As the name suggests, pass holders and their plus-ones would have 12 months to sail on any Virgin ship from any port whenever they please, starting in the first four months of 2025.

Spend your year cruising around the Mediterranean and Caribbean — from Croatia to the Bahamas — all in the comfort of a balcony-replete Sea Terrace cabin.

No need to worry about spotty internet or running out of clean clothes. The pass also includes perks like a wash-and-fold laundry service, premium WiFi, priority boarding, and $100 in bar credit per sailing.

If you've ever dreamt of life at sea, you could spend 12 months on the same vessel, turning one of Virgin's four ships — five come September 2025 — into a residential cruise akin to The World or Villa Vie Odyssey.

Margaritaville at Sea launched a similar eight-month all-you-can-sail pass for $900 in 2023, although it didn't apply to consecutive voyages.

In the summer of 2024, Virgin trialed the concept with a monthlong remote work-friendly "Scarlet Summer Season Pass." A spokesperson for the cruise line told BI that it sold 143 of these passes, which cost about $10,00 for a dual occupancy cabin aboard the three-year-old Scarlet Lady.

If the summer program's four-week timeline wasn't long enough for you, maybe this new 52-week pass will fit your needs.