❌

Normal view

There are new articles available, click to refresh the page.
Before yesterdayMain stream

US says it killed ISIS leader in Syria in 'targeted' airstrike

20 December 2024 at 14:00

The U.S. Central Command (CENTCOM) said its forces had conducted an airstrike that killed ISIS leader Abu Yusif in eastern Syria.

One other ISIS operative was also killed in the strike that occurred on Thursday, the agency said in a release on Friday morning.

"As stated before, the United States β€”Β working with allies and partners in the region β€” will not allow ISIS to take advantage of the current situation in Syria and reconstitute," CENTCOM Gen. Michael Erik Kurilla said. "ISIS has the intent to break out of detention the over 8,000 ISIS operatives currently being held in facilities in Syria."

"We will aggressively target these leaders and operatives, including those trying to conduct operations external to Syria," he said.

US GROUP LOOKS FOR KIDNAPPED AMERICANS IN SYRIA AFTER FALL OF ASSAD REGIME

The agency said they carried out the targeted airstrike in the eastern province of Deir ez Zor in Syria, noting that it's part of their ongoing commitment to "disrupt and degrade efforts" by terrorists.

ISRAEL'S UN AMBASSADOR INSISTS NATION IS 'NOT GETTING INVOLVED' IN SYRIAN REGIME CHANGE

They said the area was previously controlled by the Syrian regime and Russian forces before the recent fall of Syrian President Bashar al-Assad.Β 

Al-Assad fled to Russia earlier this month and ended a nearly 14-year struggle to maintain power in his country.

Attacks by the Turkish military on Syrian Democratic Forces (SDF) have increased since the Syrian president fled to Russia on Dec. 8.

Pentagon Press Secretary Brig. Gen. Ryder said that in light of the instability in the region, as well as al-Assad's departure, there are 2,000 U.S. troops deployed in Syria.

Fox News Digital's Greg Wehner contributed to this report.

We need more people to set fires. Yes, you read that right.

19 December 2024 at 02:02
Fireman trainee putting a fire out on a forest.
Author Kylie Mohr joined a training group this fall to learn how to set fires.

Courtesy of Kara Karboski

Puffs of smoke rose above a meadow in northeastern Washington as a small test fire danced in the grass a few feet away from me. Pleased by its slow, controlled behavior, my crew members and I, as part of a training program led by the nonprofit organization The Nature Conservancy and the Washington State Department of Natural Resources, began to light the rest of the field on fire. The scene had all the trappings of a wildfire β€” water hoses, fire engines, people in flame-resistant outfits. But we weren't there to fight it; we were there to light it.

It might sound counterintuitive, but prescribed fires, or intentionally lit fires, help lessen fire's destruction. Natural flames sparked by lightning and intentional blazes lit by Indigenous peoples have historically helped clean up excess vegetation that now serves as fuel for the wildfires that regularly threaten people's homes and lives across the West and, increasingly, across the country.

For millennia, lighting fires was common practice in America. But in the mid-to-late 1800s, the US outlawed Indigenous burning practices and started suppressing wildfires, resulting in a massive buildup of flammable brush and trees. That combined with the dry, hot conditions caused by the climate crisis has left much of the country at a dangerously high risk of devastating wildfires. The top 10 most destructive years by acreage burned have all occurred since 2004.

In the late 1960s and early 1970s, federal land managers reevaluated their approach to fire and did the first prescribed burns in national parks. We're still making up for lost time: Scientists and land managers say millions more acres of prescribed burns are necessary to keep the country from burning out of control.

But the scale of the task doesn't match that of the labor force, whose focus is often extinguishing fires, not starting them. Responding to the increase in natural disasters has left America with few resources to actually keep them from happening. As Mark Charlton, a prescribed-fire specialist with The Nature Conservancy, told me, "We need more people, and we need more time."


This fall, I outfitted myself in fire-resistant clothing and boots, donned a hard hat, and joined a training program called TREX to better understand how prescribed burns work. TREX hosts collaborative burns to provide training opportunities in the field for people from different employers and backgrounds. The hope is that more people will earn the qualifications they need to lead and participate in burns for the agencies they work for back home.

Firemen training in a hill side.
Our team would walk across the area we planned to burn to collect data on weather and fire behavior.

Courtesy of Kara Karboski

The program's emphasis on learning, coupled with the support of the University of Idaho's Artists-in-Fire Residency (which helped pay my way), is why I, a journalist with no fire jobs on my rΓ©sumΓ©, could join a prescribed-fire module of about two dozen more experienced participants. I had to pass a fitness test β€” speed walking three miles with a 45-pound backpack in under 45 minutes β€” take 40 hours' worth of online coursework, and complete field-operations training to participate as a crew member. While hundreds of people have participated in TREX burns across the country since the program's inception in 2008, the dramatic growth of wildfires is outpacing the number of people being trained to reduce their impact.

The Forest Service manages 193 million acres of forests and grasslands across the country, burning an average of about 1.4 million acres, roughly the size of Delaware, each year with prescribed burns. It burned a record 2 million acres in fiscal 2023. But it's still not enough preparation, considering wildfires have burned over 10 million acres in recent years and people continue building and living in wildfire-prone areas. "It's a huge workload we have, and we know it," said Adam Mendonca, a deputy director of fire and aviation management for the Forest Service who oversees the agency's prescribed-fire program. The agency plans to chip away at the problem with the roughly 11,300 wildland firefighters it employs each year who squeeze the work in during the offseason, when there are fewer fires to fight.

But relying on wildland firefighters can be problematic. "We only have those resources for a short time," said Charlton, who served as the incident commander on the Washington burns I joined this fall. "After a long fire season, people are exhausted. It's hard to get people to commit." Plus, wildfires are increasingly overlapping with the ideal windows to do prescribed burns β€” often the spring and the fall, when conditions are cooler and wetter, making fires easier to tame.

That was especially true this year: Multiple large fires burned across the West into October. These late-season wildfires, coupled with two hurricanes that firefighters helped respond to, strained federal resources. That month, the nation's fire-preparedness level increased to a 5 β€” the highest level β€” indicating the country's emergency crews were at their maximum capacity and would've struggled to respond to new incidents.

In response to the elevated preparedness level, the National Multi-Agency Coordinating Group urged "extreme caution" in executing new prescribed fires, saying backup firefighters or equipment might not be available. "We get to the point where we're competing for resources," said Kyle Lapham, the certified-burner-program manager for the Washington State Department of Natural Resources and the burn boss on the Washington burns.

There's also a qualification shortage. Prescribed burns require a well-rounded group with a variety of expertise and positions β€” including a burn boss, who runs the show and must have years of training. Charlton estimated that hundreds more qualified burn bosses are necessary to tackle nationwide prescribed-burn goals.

Firemen trainee making a plan behind a pickup truck.
A lot of planning β€” and trained expertise β€” is required before any burning can begin.

Courtesy of Adam Gebauer

Just as concerning is an interest shortage. The Forest Service has struggled to hire for and maintain its federal firefighting force in recent years, in large part because of poor pay (federal firefighter base pay was raised to $15 an hour in 2022) and other labor disputes over job classifications, pay raises, staffing, and more. The agency is also expecting budget cuts next year and has already said it won't be able to hire its usual seasonal workforce as a result.

Legislation inching its way through Congress could help, though its fate under a new administration is unclear. The National Prescribed Fire Act of 2024 would direct hundreds of millions of dollars to the Forest Service and the US Department of the Interior for prescribed burns, including investment in training a skilled workforce β€” but it hasn't progressed past a Senate subcommittee hearing in June.

Without a boost in funding, the agency will continue relying heavily on partnerships with nonprofits like The Nature Conservancy and the National Forest Foundation to staff prescribed burns. The Forest Service also recently expanded its Prescribed Fire Training Center to host educational opportunities out West. Critically, though, time is of the essence.


During my TREX training in October, about 20 foresters and firefighters from as far south as Texas and as far north as British Columbia worked beside me. Our group included employees of the Washington Department of Natural Resources and two citizens of the nearby Spokane Tribe of Indians, who have a robust prescribed-fire program of their own.

Over two weeks I got a front-row seat to how much planning (sometimes years) and time a single prescribed burn takes. We conducted several burns in the mountains north of Spokane on the property of a receptive landowner who'd hosted TREX in previous years. He provided the training ground and, in exchange, got work done on his property. This isn't a common scenario β€” burning on private land can be more complicated, and so more burns happen on state or federal property.

When I arrived, the burn's incident-management team had already put together a burn plan detailing our objectives β€” reducing wildfire risk to the landowner's house, thinning small tree saplings, knocking down invasive weeds, opening up more wildlife habitat β€” and the exact weather conditions, like wind speed, relative humidity, and temperature, we needed to safely burn. Prescribed burns on federal lands also go through an environmental review.

At the site, we scouted contained areas we would burn, called units, with trainees making additional plans for how to ignite and control fires. Keeping a fire in its intended location, called "holding," meant lots of prep work, like digging shallow trenches to box the fire in. During the burn, teams monitored smoke and occasionally sprayed the larger trees we wanted to preserve with water when flames threatened their canopies; others poured fuel on the ground, igniting bushes, grass, and smaller trees to slowly build the fire.

Fireman trainee digging trenches during training for wildfires.
Those nights, I went to bed dreaming of smoke. I left with a deeper appreciation for those who set fires for a living.

Courtesy of Kara Karboski

Managing the fire didn't end when we finished burning the 30 or so acres. In some cases, it can involve days of monitoring and cleanup. To make sure the fire was out, my crew and I combed through areas we'd burned the day before for smoke or heat. If we discovered something still smoking, we'd churn up the ground with a shovel or pickax, douse the hot spot with water, and repeat. Just when we thought we were done, we'd find another spot we'd missed.

I went to bed those nights dreaming of little puffs of smoke and woke up with small flakes of ash embedded behind my ears. The work was rewarding and exhausting β€” I left with a deeper appreciation for the workers who do it for a living.

While every prescribed burn is different, it's always a careful equation. Everything needs to line up: supportive communities, the right weather, and, of course, the workers necessary to plan, burn, and extinguish. Only then can you light the match.


Kylie Mohr is a Montana-based freelance journalist and correspondent for the magazine High Country News.

Read the original article on Business Insider

Why Trump's looming battle with California over EVs will affect the entire auto industry

An electric vehicle charges in California
A Trump spokesperson said the president-elect would create policies to support both gas-powered cars and electric vehicles.

PATRICK T. FALLON/AFP via Getty Images

  • The Biden administration on Wednesday approved California's ban on gas cars by 2035.
  • Trump has promised to revoke California's authority to set strict limits on tailpipe pollution.
  • It's a high-stakes fight over the future of electric vehicles and tackling the climate crisis.

The stage is set for another battle between President-elect Donald Trump and California over the state's aggressive push for electric vehicles that could affect the rest of the country.

The Environmental Protection Agency on Wednesday said California can go ahead with its ban on the sale of new gas-powered cars by 2035. The approval is an attempt to safeguard the state's strict limits on tailpipe pollution from Trump's promise to revoke them and roll back other federal incentives for electric vehicles.

The stakes are high for automakers because what happens in California can dictate companies' broader EV strategies and the pace of the country's shift away from fossil fuels. The state accounts for some 11% of the US auto market and is also the top EV market in the country. In the first half of 2024, EVs and hybrids accounted for nearly 40% of sales in California.

On top of that, 11 other states and Washington D.C. have adopted rules similar to California's as they seek to reduce the country's largest source of greenhouse gas emissions. The rules require automakers to sell a growing number of zero-emissions vehicles over time. In 2026, at least 35% of new cars, pickup trucks, and SUVs must be electric in California and five other states, while other states' targets kick in in 2027.

Automakers largely support easing emissions regulations

While Trump will face legal challenges in trying to roll back California's rules, he could find some automakers on his side.

The Alliance for Automotive Innovation, a lobbying group representing most new vehicle manufacturers in the US, has already asked Trump to ease emissions regulations but keep federal tax incentives that keep EVs affordable.

John Bozzella, president of the alliance, said Wednesday that the waiver was an expected development and the Trump administration will likely revoke it next year.

"We've said the country should have a single, national standard to reduce carbon in transportation," Bozzella said in a statement. "But the question about the general authority of California to establish a vehicle emissions program – and for other states to follow that program – is ultimately something for policymakers and the courts to sort out."

Trump, some Republican lawmakers, and groups linked to fossil fuel interests have repeatedly attacked EVs on the campaign trail, falsely claiming that Americans would be forced to abandon their gas-powered vehicles.

Those attacks come as the EV market deals with a marked slowdown in demand, forcing many companies to reasses their long-term plans for battery-powered cars and, in some cases, add more hybrids to the mix. A pullback in production has made it harder for many companies to meet long-term emissions requirements. Automakers including General Motors, Ford, and Stellantis have laid off thousands of workers.

Auto market analysts, environmental lawyers, and policy experts told Business Insider that they expect the shift to zero-emissions vehicles to continue regardless of who's in the White House β€” albeit at a slower pace if Trump and Congress overturn tax incentives to buy EVs and investments in charging infrastructure.

"Whatever the Trump administration does this time, automakers' concerns about stability will come up again because all of these manufacturers have said zero-emissions vehicles are the future," Sean Donahue, an attorney who's represented the Environmental Defense Fund in litigation over California's emissions waiver, said.

He added that there's pressure from regulators in other countries to address the climate crisis. US automakers also don't want to fall far behind competitors in countries like China, where affordable EVs have taken off.

California looks to 'Trump-proof' its regulations

Even if Trump does revoke California's emissions waiver, Gov. Gavin Newsom is already trying to "Trump-proof" the state, including its EV and climate policies.

Newsom said he would restore rebates for consumers who buy EVs if Trump ends the federal $7,500 tax credits enacted in the Inflation Reduction Act. This month, the state's energy commission approved a $1.4 billion investment in EV charging and hydrogen fuel stations over the next four years. The commission said the funding could help build nearly 17,000 new public chargers for passenger vehicles β€” on top of the 152,000 available now.

Newsom also convened a special legislative session to bolster California's defenses against Trump's attacks. Lawmakers could pass $25 million in new funding for the California Department of Justice so the state can file litigation against the Trump administration. That will likely happen if Trump revokes the state's tailpipe pollution waiver.

Karoline Leavitt, a spokeswoman for the Trump transition team, said that Trump plans to stop what he says are attacks on gas-powered cars.

"When he takes office, President Trump will support the auto industry, allowing space for both gas-powered cars AND electric vehicles," she said in an email.

Ann Carlson, a professor of environmental law at the University of California at Los Angeles, told Business Insider that she expects the Trump administration to face an uphill legal battle.

She said the EPA has approved California's authority to set strict rules for tailpipe pollution for decades because the state's air quality is so bad. Otherwise, areas including Los Angeles and the Central Valley wouldn't comply with federal air pollution laws and could be penalized.

"The sanction is the withholding of federal highway funds," Carlson β€” who recently served as chief counsel to the National Highway Traffic Safety Administration β€” said. "It's quite draconian. So California has a pretty good argument that it needs these waivers to meet federal law."

The Supreme Court last week agreed to consider a lawsuit that oil and gas producers filed against the EPA over its waivers allowing California to set stricter limits on tailpipe pollution than the federal government. However, SCOTUS will only decide whether fossil fuel makers have standing to sue over what they say is bureaucratic overreach and won't consider whether California's waiver is legal.

James Di Filippo, a principal policy analyst at the research firm Atlas Public Policy, said automakers will likely continue to walk back their EV investments while the legal battles play out. Companies could seek another compromise with California to restore more certainty as they plan new vehicle models for years to come.

"If they're uncertain about a regulatory outcome, they'll default to a less intense push," he said.

Read the original article on Business Insider

56 million Americans don't have access to a retirement plan at work — and Social Security may not be enough to keep them afloat as they age

18 December 2024 at 01:00
an older man at work
America's soon-to-be retirees might not have any savings.

Maskot/Getty Images

  • 56 million US workers lack employer-provided pension or retirement savings plans.
  • A new AARP report highlights the financial insecurity facing workers without retirement plans.
  • Those workers would likely have difficulty living solely off Social Security.

Many Americans don't feel ready for retirement β€” and their jobs aren't stepping in to fill in the economic gaps.

A new analysis from the AARP Public Policy Institute finds that, in 2022, 56 million Americans β€” nearly half of the private-sector workforce β€” worked for employers who didn't offer pension or retirement savings plans.

Workers with less education and lower earnings were less likely to have access to plans. Specifically, AARP said that about 75% of private-sector workers with less than a high school degree, 50% of workers with some college, and 31% of workers with a bachelor's degree do not have a retirement plan. On top of that, about 79% of workers earning $53,000 or less annually and 21% of workers earning over $53,000 do not have retirement plans.

David John, one of the AARP report's authors, told Business Insider that even while those workers would get Social Security benefits, they likely wouldn't be enough to supplement other expenses.

"The fact is that if you are a career lower-income individual, yes, Social Security is going to replace a higher proportion of your earnings, but you still have the emergencies that are going to come up," John said. "And that includes things like car repair, cost of medication, house repair β€” hot water heaters don't really care who you are at the time they decide to fail."

The AARP report said that, with the average Social Security benefit totaling around $1,767 a month in 2022, most retirees will need additional income sources to stay financially afloat.

"We have a substantial number of people who don't have sufficient retirement savings to supplement their Social Security. Social Security is it for a substantial number of people," John said. "And that means, essentially, that they may not have the kind of retirement that they dreamed of."

The report uses data from the Census Bureau's Current Population Survey on employer coverage, which provides data on Americans' work, earnings, and education, and adjusts it by factoring in additional data from the Survey of Consumer Finances and IRS to bring the findings in line with the overall population, allowing the researchers to break out specific demographic groups.

Financial security remains a top concern for many older adults. A recent report from the Alliance for Lifetime Income's Retirement Income Institute found that in 2024, over 30 million Americans born between 1959 and 1964 β€” the tail end of the baby boomer generation β€” will start turning 65, meaning many of them will increasingly start to rely on retirement savings. Without a retirement plan, some previously told BI they would likely have to continue working to supplement their Social Security.

Some states have taken steps to aid workers who do not have access to retirement plans through their employers. California created a program in 2019 called CalSavers, which requires employers in the state who do not sponsor a retirement plan to provide individual retirement accounts that employees are automatically enrolled into unless they opt out. John said that some variation on that type of plan could work at the federal level.

"The basic model or the basic way the state programs are structured can be a guide to help create a national solution to the retirement coverage problem," he said.

The latest Social Security and Medicare Board of Trustees report found that Social Security will only be able to pay out full benefits for the next 11 years if Congress does not intervene.

John said that the lack of coverage goes beyond just weighing down individuals β€” it could also have a drag on the wider economy.

"If we have a substantial number of people who don't have sufficient resources, they're going to put pressure on governments," he said. Those retirees will likely be more dependent on government programs like housing, healthcare, and senior citizen centers. "There is an expense to the economy and there is an expense to frankly the future by not dealing with this problem."

Do you not receive retirement benefits through work and are worried about your future? Contact these reporters at [email protected] and [email protected].

Read the original article on Business Insider

Rahm Emanuel says it was a mistake the 2008 financial crisis ended without bankers facing 'Old Testament justice'

17 December 2024 at 09:57
Rahm-Emanuel
US Ambassador to Japan Rahm Emanuel might return to politics by running to lead the Democratic Party.

Lorenzo Bevilaqua/ABC via Getty Images

  • Rahm Emanuel reignited one of the longest-running debates about Obama's legacy.
  • Emanuel said more Wall Street bankers should have faced justice.
  • Now Biden's US ambassador to Japan, Emanuel is considering a possible run to lead the Democratic Party.

Former Obama White House chief of staff Rahm Emanuel said on Tuesday that it was a mistake that more top Wall Street executives didn't pay a price for their role in the 2008 financial crisis.

"Not only was no one held accountable, but the same bankers who engineered the crisis were aggrieved at the suggestion of diminished bonuses and government intervention," Emanuel wrote in a Washington Post op-ed. "It was a mistake not to apply Old Testament justice to the bankers during the Obama administration, as some had called for at the time."

Emanuel, Biden's US ambassador to Japan, is eyeing the potential of returning to politics by running to become the next chair of the Democratic National Committee. In his column, Emanuel said the Democratic Party has been "blind to the rising sea of disillusionment."

"When Donald Trump declared, 'I am your warrior. I am your justice. And for those who have been wronged and betrayed, I am your retribution,' he was channeling a nation's fury," Emanuel wrote. "The online cheerleading for the killer of a health-care insurance CEO in New York City is just more evidence of this seething, populist anger."

In a subtle rebuke of Vice President Kamala Harris' campaign, Emanuel said the nation is not looking for rosy optimism in a time of great instability.

"Campaigns of joy in an era of rage don't win elections," he wrote.

Emanuel's comments reignite one of the longest-running debates of the Obama era: why more top-level executives were not prosecuted in the wake of the 2008 financial crisis. Kareem Serageldin, a former top official at Credit Suisse, was the only top banker to receive a sentence connected with The Great Recession. Progressives, including Sen. Bernie Sanders, a Vermont independent, have said the lack of prosecutions is a "clear indictment of our broken criminal justice system."

Former Attorney General Eric Holder has said that the DOJ didn't have the needed evidence.

"I think you have to understand, if we could have made those cases, we certainly would have," Holder told NBC late-night host Seth Meyers in 2016. "These are the kind of things that are career-defining. People come to the Justice Department to make these kind of cases. But given the statutes we had to work with and the burdens of proof we had to meet, we were simply unable to do that."

A former mayor of Chicago, Emanuel is a polarizing figure for some in the Democratic Party. He ditched a 2018 reelection campaign for a third term amid signs that his unblemished electoral streak might be squelched. Obama's choice of Emanuel as his first chief of staff surprised some observers who saw the Illinois native as an embodiment of political insiders for a president who ran to shake up the nation's capital. He is widely regarded as a key force behind the passage of the Affordable Care Act, or Obamacare, Obama's singular domestic achievement.

Emanuel's younger brother, Ari, is a Hollywood titan and CEO of Endeavor, which owns World Wrestling Entertainment and the Ultimate Fighting Championship.

The race to lead the Democratic Party during Trump's second administration is particularly crowded. Until Emanuel formally enters the field, the three major candidates are former Maryland Gov. Martin O'Malley, Wisconsin Democratic Party chair Ben Wikler, and Ken Martin, chair of the Minnesota Democratic Farmer-Labor Party, are also in the running.

The next Democratic leader will have a high-profile role, given that Republicans will have complete control over Congress.

Read the original article on Business Insider

Indian Startup YesMadam Looks to Bounce Back From the Layoff Email That Wasn’t

16 December 2024 at 11:06
The maxim that "all press is good press" was put to the test this week at Indian beauty startup YesMadam, which is dealing with the fallout from campaign that used a false layoff notice to shed light on workplace stress. According to several reports, employees at the company completed an internal wellness survey and then...

The Arctic tundra is changing so fast that it is speeding up the climate crisis, top scientists say

14 December 2024 at 03:23
man wearing gear helmet walks down train track in forest toward giant smoke plume
A member of a fire crew makes their way to the Riley Fire in Denali National Park and Preserve, Alaska

Paul Ollig/National Park Service via AP

  • The Arctic is rapidly changing from the climate crisis, with no "new normal," scientists warn.
  • Wildfires and permafrost thaw are making the tundra emit more carbon than it absorbs.
  • From beaver invasions to giant holes, drastic changes in the Arctic are affecting the entire planet.

From Alaska to Siberia, the Arctic is changing so rapidly that there is no "normal" there now, scientists warn. The consequences reach across the globe.

The Arctic tundra now releases more carbon than it naturally draws down from the sky, as wildfires burn down its trees and permafrost thaw releases potent gases from its soil.

Once-brown regions are turning green with vegetation, while green areas are turning brown and barren. Sea ice and herds of caribou are disappearing.

This summer was the wettest on record for the Arctic overall, as rain is becoming more common than snow in some areas. Region by region, though, rainfall and the snow season are knocking down both high and low records.

Decades of data on "vital signs" suggest that "the Arctic exists now within a new regime, in which conditions year after year are substantially different than just a couple of decades ago," Twila Moon, a scientist at the National Snow and Ice Data Center, said in a briefing on Tuesday.

"Climate change is not bringing about a new normal," she added. "Instead, climate change is bringing ongoing and rapid change."

That's because the Arctic is warming about four times faster than the rest of the planet, according to previous research.

The increase in average temperatures is changing weather and landscapes in the Arctic, speeding up the climate crisis worldwide.

Giant holes, beaver invasions, and polar wildfires

For example, beavers are moving into Alaska's tundra and transforming its waterways with their dams, as warmer conditions have brought more wooded, comfortable riverbanks for them.

In Siberia, a giant hole in the ground is rapidly growing because the permafrost β€”Β a layer of soil that used to be permanently frozen β€”Β is thawing.

satellite images of large green forest area with giant pit shaped like a stingray where the side by side images show the pit double in size
Satellite images from 1999 and 2017 show how much the Batagaika megaslump has grown (and how much satellite imaging has improved).

NASA Earth Observatory/Jesse Allen/Landsat data from the US Geological Survey

That's an extreme example, but melt and thaw is happening all over the planet's northernmost regions. Combined with drastic swings in weather year-to-year, these changes are wreaking havoc on Arctic landscapes, ecosystems, and people.

"These dramatic differences are making it difficult for communities to plan and they create safety issues for people who are used to more stable ice, snow, and temperature," Moon said.

gravel road abruptly ends crumbling into running water two feet below in rural setting with a few homes
Melting permafrost and the disappearance of sea ice, which once formed a protective barrier, threaten houses in the Yupik Eskimo village of Quinhagak in Alaska.

Mark Ralston/AFP/Getty Images

She was presenting the Arctic Report Card, an update that the National Oceanic and Atmospheric Administration publishes each year, at the fall meeting of the American Geophysical Union.

This year's report revealed a crucial shift in northern landscapes: The Arctic tundra is no longer a net carbon sink, with its boreal forests pulling carbon dioxide from the sky. Now it's a net source of carbon emissions.

"This transition from a carbon sink to a source is of global concern," Brendan Rogers, a scientist studying the tundra at the Woodwell Climate Research Center, said in the briefing.

He added that the tundra's carbon emissions are relatively small for now, "but it's that transition that we're concerned about."

This shift is partly due to giant polar wildfires burning down tundra vegetation and all the carbon it's stored. It's also because of permafrost thaw, which releases large amounts of methane β€”Β a heat-trapping gas more potent than carbon dioxide β€” as bacteria in the soil digest thawing plant matter.

Meanwhile, rising Arctic temperatures are driving ice melt, including on the Greenland Ice Sheet, which is a major contributor to sea-level rise worldwide. Rising oceans are already increasing flooding in coastal cities across the planet.

For example, US coastal cities from Boston to San Diego have seen more and more flood days per year every decade since 1950, according to the Environmental Protection Agency.

Arctic science is more important than ever

Reporters asked the NOAA scientists about the incoming Trump administration and whether they were concerned about losing funding for their Arctic research.

"The need, the requirement, the demand signal if you will, is higher than ever before," Richard Spinrad, the NOAA Administrator, said in the briefing.

Changes in extreme weather and sea level across the globe show that "there's a need for these investments to increase right now," he said, adding that studies have shown "the return on those investments is extraordinary, in many cases 10 to 1 in terms of protection of lives and property."

Read the original article on Business Insider

Zillow listings reveal what homebuyers are obsessed with right now

14 December 2024 at 02:07
A man and his two daughters look at their home.
Homebuyers' desires in 2025 are likely to be influenced by technology, sustainability, and comfort.

ucpage/Getty Images

  • Zillow analyzed millions of listings to find key words and phrases being mentioned more.
  • It identified five trends it predicts homebuyers will keep clamoring for in 2025.
  • Interest in vintage-inspired interiors and electric-vehicle chargers, for example, is booming.

The American home is having an identity crisis.

Many newly constructed homes are smaller, with fewer hallways and shrinking backyards β€” yet they are significantly more expensive than just a decade ago.

As homebuilding trends evolve, buyers and homeowners are also reimagining what they want from their living spaces.

By analyzing hundreds of home features and design styles from millions of for-sale listings in 2024, Zillow has identified the top emerging home trends for the year ahead.

Zillow found that in response to higher living costs and growing concerns about the climate crisis, buyers will want homes that are eco-friendly, resilient to climate disasters, and equipped with smart home technology.

"Technology has empowered homeowners to live more sustainably and affordably, which is increasingly important to prospective buyers," said Amanda Pendleton, Zillow's home trends expert. She added that homeowners and buyers are simultaneously "looking to the past" to give their homes character, even in "the most high-tech environments."

According to Zillow, here are five home trends to watch in 2025, from solar-powered energy systems to vintage-inspired interiors.

1. Buyers want homes that protect them during natural disasters
A home survives the fires in Maui
A home survives the fires in Maui.

PATRICK T. FALLON/AFP via Getty Images

The climate crisis is driving a rise in extreme weather events including hurricanes, wildfires, and tornadoes across the US.

The increasing frequency and intensity of these storms have encouraged people to seek homes that offer enhanced safety during natural disasters β€” that are hurricane-resistant, for example. Homes like that may reduce the risk of costly repairs.

Zillow found that mentions of flood barriers in for-sale listings have increased by 22% since 2023, while references to water catchment systems have risen by 19%. The use of the term seismic retrofitting β€” the modification of structures to enhance their earthquake resistance β€” is up 20%. Drought-resistant turf yards also appear in listings 14% more frequently than last year.

2. People want to live in eco-friendly homes
An eco-friendly home , equipped with solar panels and EV charger.
An eco-friendly home, equipped with solar panels to power the house and a charger for electric vehicles.

AzmanL/Getty Images

Homebuyers don't just want a house β€” they want one equipped with smart, eco-friendly technology that helps reduce their carbon footprint.

Zillow found that the fastest-growing sought-after feature this year is whole-home batteries. These systems, often paired with solar panels, store excess energy for use during cloudy days or power outages. Mentions of this feature in for-sale listings have increased by 62% compared to last year.

Buyers are also showing greater interest in electric vehicle (EV) chargers, which have appeared in 34% more Zillow listings compared to 2023, and induction cooktops, up 5% from last year.

3. People are on the hunt for "cozy" homes that offer comfort and solace in stressful times.
Smaller, cozier homes are becoming attractive to buyers seeking more affordable housing options.
Smaller, cozier homes are becoming attractive to buyers seeking more affordable housing options.

Mireya Acierto/Getty Images

Zillow found that as the pandemic-era dip in home prices fades, so too does some buyers' preference for larger living spaces.

In search of greater affordability, many are now gravitating toward cozier homes that may also be more budget-friendly.

As a result, mentions of "cozy" β€” sometimes a euphemism for "small" β€” in for-sale listings have increased by 35% compared to last year.

6. Buyers are looking for spa vibes at home.
An at-home wet room
Wet rooms are a growing trend within the broader movement of wellness-focused home design.

jsnover/Getty Images

According to Zillow, as homeowners prioritize mental and physical well-being, "wellness design" is emerging as a major trend in homes.

Data from the company shows that the share of for-sale listings featuring wellness-focused amenities has increased by 16% compared to last year.

One such feature gaining traction with buyers is the wet room, a waterproof space that combines a shower and bathtub into one seamless area, often without a shower curtain or glass divider.

Popular in Europe and Asia for years, Zillow predicts wet rooms may make their way into more American homes.

5. Homebuyers are embracing a vintage aesthetic.
Young homeowners are drawing design inspiration from the past for their homes.
Young homeowners are drawing design inspiration from the past for their homes.

Igor Alecsander/Getty Images

Young homebuyers will reject the minimalist styles favored by older generations and embrace vintage interior designs featuring antique furniture, floral patterns, and tapestries.

Zillow's data highlights a growing interest in nostalgia-driven design, with mentions appearing in 14% more for-sale listings compared to 2023. Similarly, references to "vintage" have increased by 9%. The company also found that bibliophilic decor and home libraries are gaining popularity, with mentions rising by 22% in listings.

It's not just the "I Love Lucy"Β set that homebuyers want to channel β€” many will also aim for "The Gilded Age."

Zillow found that mentions of Victorian-era sculleries β€” hidden back kitchens used for meal prep and entertaining β€”have increased by 8% in for-sale listings this year compared to last.

Read the original article on Business Insider

A European nation cut ties with Gazprom, saying it won't be 'blackmailed' by Russia

13 December 2024 at 06:28
An aerial view of Vyngayakhinsky gas field, 200km from Noyabrsk, Siberia, showing multicolored industrial buildings in the snow.
An aerial view of Vyngayakhinsky gas field, 200km from Noyabrsk, Siberia, showing multicolored industrial buildings in the snow.

AFP via Getty Images

  • An Austrian gas company ended its historic relationship with Russia's Gazprom.
  • Austria framed the move as defiance against Russian energy blackmail attempts.
  • It's a key step in Europe's thorny path to gaining energy independence from Russia.

A European gas supplier ended a decades-long contract with Gazprom, the Russian state-owned energy juggernaut.

Analysts are hailing the decision as a sign of Europe moving to be more resilient in its energy supplies.

The Austrian gas conglomerate OMV announced on Wednesday that it was cutting ties with Gazprom over a protracted contract dispute, ending its dealings with Russia.

OMV was one of the last large, long-term buyers of Russian gas.

"Huge, positive development. Russia is in trouble," political scientist Michael McFaul, a former US ambassador to Russia, wrote on X about the collapse of the deal.

The termination of the 34-year contract comes after months of wrangling between the two companies, in which Gazprom switched off the gas supply to OMV last month.

Austria's government β€”Β which owns 31.5% of OMV β€” framed the move as defiance against Russian attempts to blackmail the country, a common refrain from European leaders.

Austria's chancellor, Karl Nehammer, wrote on X on Wednesday: "Russia wanted to use energy as a weapon against us β€” that didn't work," adding: "Austria cannot be blackmailed by Russia!"

Russia wanted to use energy as a weapon against us - that didn't work. Gazprom didn't stick to the contracts, so @omv is immediately terminating the contract, which was supposed to run until 2040. Our energy supply is secure because we are well prepared. Austria cannot be…

β€” Karl Nehammer (@karlnehammer) December 11, 2024

Austria has a secure energy supply, he added.

The news is a blow to Gazprom and, despite rising prices, is one sign of success on Europe's rocky path to wean itself off energy dependence on Russia, industry experts told Business Insider.

Dmitrij Ljubinskij, Russia's ambassador to Austria, denied in an interview with Ivzestia that Russia uses energy as a tool of pressure and said that OMV's move would not go unanswered.

Gazprom did not immediately respond to a request for comment.

A calculated move?

Gazprom's supply to OMV and Austria β€” which comes via Ukraine β€” was not likely to be there for long anyway.

Ukraine has long signaled that it will not renew an agreement, which expires in January, to allow Russian gas to transit its pipelines.

Jack Sharples, a researcher at the Oxford Institute for Energy Studies, told Business Insider that OMV had likely been eyeing the Ukrainian decision, in parallel to the Gazprom dispute, for some time, and preparing alternative suppliers.

"There were significant risks to transit as a result of the Ukrainian transit deal ending in January, so canceling the deal seems a good idea," Tom Edwards, a modeler at the energy-market analysis company Cornwall Insight, told BI.

OMV now says its gas storage is at around 85%, and that it's well positioned to supply gas from alternative sources.

A feud entangled deep in the Ukraine war

OMV's announcement ends a historic partnership. It was among the first Western European, non-socialist companies to import gas and invest in Soviet Russia in the 1960s.

It signed its 34-year contract with Gazprom to supply Austria with gas in 2006, signaling a relationship of trust that showed signs of breaking down with Russia's invasion of Ukraine in 2022.

By March that year, the company announced it would no longer invest in Russia, but kept up its long-term supply relationship.

A Brookings Institute report from June highlighted that remaining tie as one of the many issues Europe still faced in decoupling, saying any break would be fraught with risk.

But a long-running, separate contract dispute sowed the seeds. A subsidiary of OMV had a smaller contract with Gazprom to supply gas to Germany via the Nord Stream undersea pipelines.

In summer 2022, Gazprom said that newly-imposed sanctions were preventing it from accessing key parts needed to drive the pipe's turbine.

That supply petered out and then stopped. Infamously, it never restarted after the attack on Nord Stream a few months later.

OMV went to commercial arbitration over the lack of supply to Germany, and in November was awarded 230 million euros, or about $240 million, plus interest and costs.

It said it would offset this award "against payments to be made by OMV to Gazprom Export under its Austrian gas supply contract."

Gas prices jumped 5% at the news, reaching a new high for the year. Three days later, Gazprom shut off the supply to Austria.

Europe is β€” slowly β€” weaning itself off Russian gas

The start of the full-scale Russian invasion of Ukraine stiffened political will across Europe to end dependency on Russian energy β€” something few could have foreseen, Sharples said.

Before 2022, Europe got around 40% of its imported natural gas from Russia.

"I think if you had asked European gas market analysts back in 2021, could the European market cope with losing 80% of what it gets from Gazprom via pipelines? We'd have said no, it would be horrendous," he said.

The landscape has changed significantly, Sharples said.

Over the last years, Europe has invested more not only in alternative suppliers but also the integration of its distribution system, meaning it can more flexibly respond to shortages, he said.

There are still many difficulties. A Chatham House analysis from this year pointed out that some replacement imports are Russian gas being "laundered" via third states.

And as of 2024, gas prices are still higher than they were before the full-scale invasion of Ukraine, Sharples said.

But the market has reacted with both a reduction in demand and the seeking out of alternative supplies, he said.

"What has actually happened is that European gas demand has come down by a fifth, and we've ramped up our imports of LNG from the global market," he said.

"There's no doubt that Gazprom has lost a huge chunk of its revenues by losing these export volumes to Europe," he said.

The impact on Russia

"Gazprom has lost a substantial share of its gas sector revenues since February 2022, and the loss of the Austrian market is another chip away at those revenues," Sharples said.

"It's not make-or-break for Gazprom, but it certainly doesn't help."

There's also a domestic impact β€” the Russian government derives much of its tax revenue from energy sales and also uses the funding from Europe to subsidize domestic gas prices, Sharples said.

Read the original article on Business Insider

Tren de Aragua are ideological terrorists disguised as a street gang warns former military officer

13 December 2024 at 01:00

A former high-ranking Venezuelan military officer is sounding the alarm about the migrant gang Tren de Aragua (TdA) being used as a tool of the Venezuelan government to sow violence and discord throughout the United States.

Tren de Aragua, which means "Train from Aragua," is a massive criminal and terrorist organization that originated a decade ago in a Venezuelan prison and is already present in more than 30 major U.S. cities.

JosΓ© Gustavo Arocha, a former lieutenant colonel in the Venezuelan army, told Fox News Digital that socialist Venezuelan leader NicolΓ‘s Maduro is behind much of TdA’s growth and rapid expansion, first in Latin America and now in the U.S.

VIOLENT VENEZUELAN GANG TREN DE ARAGUA SPREADS TO ONE OF AMERICA’S MOST REMOTE STATES

Arocha fled Venezuela to the United States in 2015 after being imprisoned by the Maduro regime for eight months. Since then, he said the situation has only worsened with Maduro asserting ever more control over the region. This year, Maduro retained control of the country by prevailing in a hotly contested election that was widely believed to be fraudulent.Β 

"We have to understand also something of the Tren de Aragua, the TdA. It's a state-sponsored Maduro regime organization," he said. "The real boss of the Tren de Aragua is in Caracas, Venezuela. It is the Maduro regime, because they created TdA, and they use the TdA as a blackmail [tool] for any situation."

Arocha said the Maduro dictatorship’s counterintelligence agency – the Directorate of Military Counterintelligence, also known as "DGCIM" – has been using TdA as an asymmetrical warfare tool, giving itself "plausible deniability."

EX-ICE OFFICIAL WARNS TREN DE ARAGUA HAS GROWN FASTER INSIDE US THAN MURDEROUS RIVAL GANG: β€˜PUT THEM OUT NOW’

Tren de Aragua first burst onto the scene in the U.S. when several members of the gang violently took control of an apartment building in the Denver suburb of Aurora, Colorado. Since then, the gang has been responsible for a steady stream of violent attacks and gang-related crimes, including the high-profile murder of nursing student Laken Riley in Georgia.

While some media reports have portrayed TdA as a simple gang, Arocha said the group has been trained and enabled by the Venezuelan government and DGCIM to advance a specific agenda and criminal ideology. Even the name "train from Aragua," he said, evidences the group’s intent to transport its ideology throughout the Western Hemisphere.

Arocha said the Venezuelan government has already used TdA to inflict crippling crime waves in surrounding countries, helping to usher in a slate of socialist-friendly governments in Colombia, Peru and Chile.Β Β 

"They want to create all sorts of chaos in countries in order to shape the contours of the borders and also to create a sensation of instability [and] criminality," he said. "This kind of culture they are exporting outside from Venezuela, first of all [to] Latin America, and right now the U.S."

VENEZUELAN NATIONAL AND TREN DE ARAGUA GANG MEMBER ARRESTED IN TRUMP’S BACKYARD

According to Arocha, the Venezuelan government has seized on the historic migrant crisis under the Biden administration as a "big opportunity" to "create roots" in the U.S. The administration further worsened the situation by temporarily lifting key oil sanctions previously in place against Maduro.

"Just imagine, there are more or less 8 million Venezuelan migrants. It’s a huge number," he said. "If you look at that,Β it's like a wall where it's spreading all over the states. And when you take into consideration the bussing of the migrants from Texas to other states, they are spreading like a disease, like a virus, all over the country."

With President-elect Donald Trump soon to replace Biden, Arocha said Trump must put the destruction of Tren de Aragua at the "top" of the list of day-one priorities. While acknowledging that it's crucial to close the southern border, Arocha said Tren de Aragua will simply return if the U.S. does not "contain" Maduro.

"Just imagine that, OK, you take all of Tren de Aragua and send [them] to Venezuela or whatever country. It's going to come back. That’s not going to finish the disease," he said. "You have to combat the cause of TdA. The cause of the TdA is the behavior of the Maduro regime that is trying to hurt the American people by using this asymmetrical tool."

"The rule isΒ to not give Maduro the ability to continue in Venezuela," Arocha said. "What I mean is that if you let Maduro to have oil revenues, have the access to resources, you have to have TdA here in the United States."

Post-Assad Syria will be a new challenge for America's Middle East strategy

9 December 2024 at 06:06
Syrian rebels on a tank with a flag.
Syrian rebels wave an Islamist flag in Damascus after President Bashar Assad fled the country in December 2024.

OMAR HAJ KADOUR / AFP

  • Rebels toppled the Assad regime in Syria after a brutal 13-year civil war.
  • Once again, the region's power dynamics have been dramatically reshaped.
  • And there are risks and opportunities for the US.

In a lightning two-week campaign that shocked the world, Syrian rebels led by the Islamist Hayat Tahrir Al-Sham group deposed Bashar Assad, the longtime ruler of Syria.

President Joe Biden cautiously welcomed Assad's removal on Sunday, calling it a "moment of historic opportunity."

With Assad gone, there is a lot at stake for the US, and analysts warn that it must work carefully to further its goals in the region, and avoid the country collapsing into chaos.

Burcu Ozcelik a senior research fellow for Middle East Security at the UK's Royal United Services Institute think tank, said Assad's defeat presents the US with an opportunity to further its longtime goal of denting Iranian regional power.

"With the overthrow of Assad, Iran has been dealt a strategic blow, meeting overarching US objectives to diminish and dismantle Iran's so-called axis of resistance," she said.

But Chris Doyle, director of the Council for Arab British Understanding, said that since the Arab Spring of 2011, the US has had no diplomatic relations with Syria, and its role in the country in recent years has largely been limited to defeating ISIS.

This means it is still figuring out how to handle the situation.

"All of a sudden, I think they're dusting down documents," he said of the US.

A divided country

When the Syrian civil war broke out in 2011, it quickly became a brutal struggle for power between rebel militias, government forces, and their powerful foreign backers, including the US, Turkey, Iran, and Russia.

The US provided training and support for some rebel groups, notably Kurdish militias and moderate groups, but stopped short of direct involvement in the conflict.

When Islamic State militia seized swaths of northeastern Syria in 2014, and used it as a base for terror attacks in the West, the US led an international campaign to destroy the group.

But it's played a largely limited role in the country since, and has around 900 troops in the northeast, whose task is to quash IS operations and defend the US' Kurdish allies.

This could limit its ability to play a larger role now.

Anti-regime armed groups opposing the Bashar Assad regime took control of the city center of Hama, Syria, on December 5, 2024.
Anti-regime groups opposing Bashar Assad took control of the city of Hama on December 5, 2024.

Ammar Hatib/Anadolu via Getty Images

Developing ties

Andreas Krieg, a Gulf specialist at the Institute of Middle Eastern Studies at King's College London, told BI that the US will likely limit its role to a "low-level campaign" fighting ISIS until a new authority is in place in Syria.

One key goal for the US will be to help restore order, defend its allies, and prevent another brutal power struggle among rival militias and religious groups that could spill over into neighboring countries.

According to Mohammed Albasha, founder of Basha Report, a Virginia-based consultancy specializing in Middle East affairs, the end of Assad's rule has led to a "significant security vacuum" that extremist groups could exploit to regroup and expand.

Against that backdrop, the "caretaker government may struggle to deliver basic services," worsening the already dire humanitarian situation, he said.

On top of that, he said the US will likely have to contend with Iran and Russia as they seek to rebuild influence. Both countries will likely act "swiftly" to strike favorable deals with emerging power brokers in Syria, he said.

"Without effective coordination, this could spiral into another civil war."

Iran's power damaged

For years, Iran helped prop up the Assad regime, providing vital economic and military support during the civil war.

With Assad gone, Iran's "Axis of resistance" of states and militias whose mission is to eradicate US regional influence and destroy Israel looks much weaker, according to the Royal United Services Institute's Ozcelik.

She added: "As the dust settles, Iran will seek to carve out a reformed role for itself in a post-Assad Syria in the months and years to come, but for now, Tehran is weakened in its foreign policy adventurism and reputation in the Middle East."

Russia has also suffered a defeat with the overthrow of Assad.

Russian forces played a key role in rolling back advances by rebels when Russia entered the conflict in 2015. According to reports, Assad and his family have taken refuge in Moscow.

With Assad gone, Russia may have lost access to strategically vital military bases in Syria.

Who will take over?

Speculation is swirling on who will take power in the vacuum left by Assad's deposal.

Among the key contenders is Abu Mohammad al-Jolani, leader of the Hayat Tahrir al-Sham militia that played a central role in defeating Assad, and who fought alongside an Al Qaeda affiliate during the US occupation of Iraq.

HTS leader Abu Mohammed al-JolaniΒ at the capital's landmark Umayyad Mosque on December 8, 2024.
HTS leader Abu Mohammed al-JolaniΒ at the capital's landmark Umayyad Mosque on December 8, 2024.

ABDULAZIZ KETAZ/AFP via Getty Images

The HTS β€” a militant group designated as a terrorist organization by the US and the United Nations β€” has controlled Syria's northwestern Idlib Province, where analysts say it worked to consolidate power and transform its image while pursuing its ultimate goal of toppling Assad.

But the group's roots as an affiliate of the terrorist group al Qaeda will likely be of concern in Washington, which has a $10 million bounty on the head of al-Jolani that US officials are now reportedly discussing removing.

"The terrorist designation of HTS and al-Jolani's own violent legacy in Iraq against American troops makes him far from an ideal partner for peace from the perspective of Western policymakers," said Ozcelik.

In a post on Sunday, President-elect Donald Trump said the US should stay out of the conflict.

Edmund Fitton-Brown, a senior advisor to the Counter Extremism Project, an international organization formed to combat the threat from extremist ideologies, said the main US concerns revolve around whether the HTS would seek stable governance, or continued insurgency.

"Some aspects of their rule in Idlib have been exclusionary and tyrannical," he said, "yet they claim to have cut ties with Al-Qaeda and to embrace diversity (Christians, Kurds, etc.) as part of Syria's identity."

Yaniv Voller, a senior lecturer in Middle East Politics at the University of Kent, meanwhile, said he struggles to see how Washington could work with al-Jolani directly unless he completely abandons his jihadist rhetoric and animosity toward Israel.

"Jolani is associated with al Qaeda and throughout much of his 'career' has expressed staunch anti-American and anti-Western views," he said.

However, he said another risk is that Syria breaks into territories controlled by competing militias and warlords, which he said would turn Syria into a potential base for terrorist activities.

From a US perspective, that would arguably be far worse.

Read the original article on Business Insider

Gen Xers are stumbling in saving for retirement as they face caring for both kids and parents

8 December 2024 at 01:00
Multi-generation family playing board game while sitting at table in backyard
A man plays board games with his son and his father.

Maskot/Getty Images/Maskot

  • Many Gen Xers are caring for both their children and parents, and it's hurting retirement savings.
  • 56% of Gen X investors were financially supporting either their parents or their kids, Nationwide found.
  • The financial burden of supporting two groups has some Gen Xers doubting if they'll retire at all.

Steve Mullen, 54, is being pulled three ways.

On the one hand, he and his wife are caregivers for each of their mothers, which has required them to pitch in up to 40 hours of caregiving a week and tens of thousands of dollars over the course of decades. On the other hand, they are still supporting their college-age son, who needs help with housing and $25,000 for tuition every year. All the while, he runs his own PR business, in which making more money is a "constant" concern.

At times, he said, the burden is extraordinary.

"It's incredibly stressful," he told Business Insider, adding that money was always a back-of-mind worry, despite being relatively financially stable. "I just pray we don't go into another one of these periods where my mother's in the hospital."

His situation is becoming increasingly common among Gen Xers β€” a generation sandwiched between their retiring parents and still-dependent children β€” and, more frequently, needing to support both groups at once. It is a dilemma that has put Gen X further behind in saving for retirement compared to other groups, financial planning experts told BI.

There are signs that the dual burden of needing to support kids and parents is becoming more common. A 2020 study from the AARP and the National Alliance for Caregiving found that amongΒ Gen XersΒ who are taking care of a parent, around 50% also have a child under the age of 18. A study conducted by Nationwide showed that 56% are financially supporting either their parents or their kids.

Gen Xers in caretaking roles are more likely to show signs of financial strain. Of those who were taking care of a child or a parent, 21% said they had taken out significant amounts of debt, and 20% said they were unable to save for retirement, per the Nationwide study.

According to a separate survey of 35- to 60-year-olds conducted by Carewell, 75% of those taking care of both a parent and a child said they struggled toΒ save for retirement, while 63% said they lived paycheck to paycheck.

Gen Xers speaking with BI said they doubted if they would ever retire, mostly because they were set back by financial obligations related to caregiving.

40% of Gen Xers also expect to work part-time after they retire, a Prudential Financial survey found.

Julie, a woman in her fifties based in Ohio, said she had spent over $100,000 taking care of her mother over the course of 15 years. She has less than $70,000 saved for retirement, well below what's recommended by financial advisors, who say you should have around six times your annual salary saved by the time you hit 50.

"I'm exhausted financially, and, frankly, I didn't consider growing up I'd be the financial rock of my family," she said.

The sandwiched generation

By some measures, Gen Xers are even more ill-prepared for retirement than baby boomers. According to surveys conducted by Prudential Financial, the median retirement savings for 55-year-olds is just under $48,000, with 18% having saved nothing at all as of last year.

Meanwhile, two-thirds of 55-year-olds said they were afraid of outliving their savings. That's the highest level among any age group of Prudential's 2024 survey, with 59% of 65-year-olds saying they worried they would outlive their savings.

Joe Wadford, a Bank of America economist, thinks Gen Xers are uniquely burdened by taking care of their parents and children at the same time, largely because more children are living at home than in previous generations.

Around 57% of men and 55% of women between the ages of 18 and 24 lived at home with their parents in 2022, according to US Census data published this year. That compares to 52% of men and 35% of women in that age range who were living with their parents in 1960.

Satayan Mahajan, the CEO of the financial advisory firm Datalign Advisory, said that caring for parents and children simultaneously was one reason his Gen X clients commonly cited for falling behind in preparing for retirement.

Market crashes during formative times in their career, such as during the early 2000s and the Great Financial Crisis, are another reason why many have less saved up.

"This sandwiched portion of Gen Xers are really in a lot of trouble. I mean, I have to say β€” and I don't want to sound so negative β€” but I think they're in a tough spot and they have a bunch of things that hit them pretty hard," Mahajan said.

And the outlook remains uncertain for Gen X. While boomers are estimated to pass on around $80 trillion in wealth, most of that money looks primed to head to millennials, not Gen X, Mahajan said.

"They're kind of in an awkward spot," he added. "And so there's a large swath of Gen Xers who may be in a bit of a lurch."

Uncertainty is also swirling around the availability of government retirement funds. Social Security could be depleted as soon as 2033, according to estimates from the Congressional Budget Office, when most Gen Xers are already retired or in their final decade of work.

Brandon Goldstein, a financial planner at Prudential, said many Gen Xers still have time to catch up on their retirement savings, though he believes many will have to work longer than may want to.

More older Americans are already deciding to postpone their retirement. 19% of adults 65 and over were still employed in 2023, according to a Pew Research analysis.

"For someone to be completely in a spot where they don't need to work again or they feel very comfortable, they're probably going to still have to work a little bit," Goldstein said.

Read the original article on Business Insider

A new wrinkle in Boeing's 737 Max crash drama

5 December 2024 at 11:30
A blue and white Boeing 737 Max airplane on display.
Two of Boeing's 737 Max jets crashed in 2018 and 2019, killing 346 people.

Justin Tallis/AFP via Getty Images

  • A judge rejected Boeing's plea deal with US prosecutors over 737 Max crashes.
  • The deal involved Boeing pleading guilty to fraud and paying a $243.6 million fine.
  • Boeing previously agreed to a $2.5 billion settlement with the Department of Justice in 2021.

A federal judge on Thursday rejected a July plea deal between Boeing and US prosecutors, citing concerns with the role diversity, equity, and inclusion would play in selecting an independent monitor.

In his decision, Judge Reed O'Connor expressed doubts about Boeing's and the government's ability to select the monitor solely based on capability without consideration of race. The judge noted both groups' strong focus on DEI in their operating policies.

"In a case of this magnitude, it is in the utmost interest of justice that the public is confident this monitor selection is done based solely on competency," the judge said in his decision. "The parties' DEI efforts only serve to undermine this confidence in the Government and Boeing's ethics and anti-fraud efforts."

The Texas judge O'Connor also criticized regulators' work overseeing Boeing's progress under the deferred prosecution agreement it signed in 2021, writing in the decision: "It is fair to say the Government's attempt to ensure compliance has failed."

The case stems from two Boeing 737 Max crashes that killed 346 people, the first with Indonesia's Lion Air in October 2018 and the second with Ethiopian Airlines in March 2019. Faulty software was found to be the culprit in both crashes.

Victims' families opposed the plea agreement, voicing displeasure with the process for selecting an independent anti-fraud monitor and the fact that Boeing's compliance with the monitor's recommendations is not a required condition of its probation, court documents noted.

"This is an excellent decision by Judge O'Connor and an important victory for the victims' families," Erin Applebaum, a lawyer representing 34 families of victims lost on the Ethiopian Airlines flight, told Business Insider.

"We anticipate a significant renegotiation of the plea deal that incorporates terms truly commensurate with the gravity of Boeing's crimes," she added. "It's time for the DOJ to end its lenient treatment of Boeing and demand real accountability."

Boeing did not immediately respond to a request for comment from Business Insider.

In July, Boeing agreed to plead guilty to fraud, pay a $243.6 million fine, and allow an independent monitor to oversee safety and quality control at its factories.

However, regulators said Boeing violated that settlement after the January Alaska Airlines door plug blowout. The deal was set to expire two days after the Alaska incident.

In May, the Justice Department said Boeing had failed to "design, implement, and enforce a compliance and ethics program."

In 2021, Boeing reached a $2.5 billion settlement with the Department of Justice and families of the victims in January 2021 to settle charges of fraud conspiracy related to the fatal crashes.

Boeing's former CEO, Dennis Muilenburg, was fired in December 2019 and was replaced by Dave Calhoun. Calhoun later stepped down in March 2024 after the Alaska blowout.

New Boeing CEO Kelly Ortberg, who started in August, has been tasked with overhauling the company culture and getting Boeing back on track with safety and its production targets.

Read the original article on Business Insider

Bill Gates says 2024 was a big step for climate tech like green steel, and now is the time for VCs to snag 'garage' innovators

5 December 2024 at 03:20
Bill Gates attended Global Solutions Summit 2024.
Bill Gates founded the climate-tech investment firm Breakthrough Energy Ventures.

Sean Gallup/Getty Images

  • Bill Gates said 2024 brought a corporate "pivot" toward climate tech, in a foreword to a new report.
  • The report, by Gates's firm Breakthrough Energy, urged VCs to "prime the pump" on climate startups.
  • While new climate tech emerges, proven solutions like solar energy still need help proliferating.

This has been a big year for the technologies that could save our planet.

America's first large offshore wind farm began powering homes. The Bill Gates-backed startup Graphyte opened its first carbon-removal plant in Arkansas. Another startup, Sublime Systems, secured a site and funding for its first low-carbon cement manufacturing facility.

There's also been a "corporate climate pivot," according to a report by Breakthrough Energy, a climate investment firm and startup catalyzer founded by Gates.

"We noticed a subtle, but important, perspective shift from both the investors and corporations we engage with," Gates wrote in an intro to the report, which the firm published in October with the tagline "climate tech has arrived."

More than just reducing their carbon footprint, corporate leaders "want to get in at the ground floor of new industries that, one day, will be crucial to the survival of their businesses," Gates wrote.

Other industry experts also told Business Insider that climate tech is picking up steam, and now emerging companies need more funding to scale up.

Corporate investment in climate tech

Breakthrough Energy focuses on its own partners in the report, such as American Airlines investing in a startup making hydrogen-based plane fuel. It's not the only VC firm seeing large corporations lean into climate tech more, though.

American Airlines
American Airlines is one of Breakthrough Energy's major corporate partners.

CHARLY TRIBALLEAU/AFP via Getty Images

A number of long-standing corporate partners, like the chemicals giant BASF or the building-materials manufacturer Saint-Gobain, work with the nonprofit climate-tech incubator Greentown Labs to support early-stage companies.

Aisling Carlson, the senior vice president of partnerships at Greentown, told BI that the firm's oldest corporate partners have been hiring, "beefing up" their teams that invest in emerging climate tech.

"Their approach to climate innovation and their internal expertise has matured," Carlson said.

Meanwhile, other corporations are beginning to engage with climate tech for the first time. Carlson said Greentown has seen new interest from corporations that haven't invested much in climate tech, though no partnerships have been publicly announced yet.

"They are all thinking about their carbon footprint and how they can decarbonize," she added.

Don't forget about old reliables like solar

Though new technologies, like direct air capture plants that suck carbon out of the sky, can be part of the solution, Foley wants investors and politicians to remember that fighting climate change is a race against time.

group of people watch wildfire burning home in the hills with palm trees
A home burns on Coronado Pointe during a wildfire in Laguna Niguel, California.

Jeff Gritchen/MediaNews Group/Orange County Register via Getty Images

"Let's deploy things that actually are cheap enough and scalable enough and ready enough," like solar power, battery storage, EV charging stations, and other tech that's already proliferating, he said.

We also have to shut down coal-fired power plants and plug abandoned gas wells that leak methane, Foley said. Efforts to stop deforestation can prevent huge amounts of carbon emissions and they're "desperately starved for money," he added.

These are the low-hanging fruits of fighting climate change.

workers install solar panels using a drill
Solar panels are installed at a floating photovoltaic plant on a lake in Haltern, Germany.

Martin Meissner/AP Photo

Foley said that Gates has a history of investing in "science fiction experiments" that don't move fast enough, such as small modular nuclear reactors. After nearly 20 years of development and Gates's investment, there still isn't a single one in operation.

Sustainable aviation fuel is a similar "boondoggle," Foley said.

"That's a science experiment still, and it doesn't need or deserve billions of tax dollars," he said, adding that public funding should go to reliable solutions.

Breakthrough Energy did not respond to a request for comment.

VC can 'prime the pump' on garage innovators

Lots of futuristic climate tech just needs the funding to deploy and scale up, Gates wrote. The Breakthrough Energy report argues that venture capitalists, investors, or corporations should get in on it now, at the ground floor.

"By waiting, venture firms are only hurting their own bottom lines," the report says. By getting in early, though, investors can "prime the pump" and help early-stage companies design a product that's scalable and capable of attracting even bigger investment.

However, funding for climate tech slowed down this year, Carlson said, possibly due to investors taking a "wait and see" stance in the lead-up to the US election.

Indeed, Biden administration initiatives have boosted climate tech in recent years including the Inflation Reduction Act, the Bipartisan Infrastructure Law, and the CHIPS and Science Act.

New policies have driven more government investment in green concrete and steel, according to the Breakthrough Energy report, and the IRA created more than two dozen tax credits for investing in clean-energy projects. Breakthrough concluded those credits could unlock "more than $1 trillion in private sector investment."

However, incentives like that could change with the new Trump administration.

"What I am hopeful for is that corporate commitments to net zero targets will continue to drive innovation," Carlson said. "And if there are unfavorable federal policies, that the private sector can continue to play a driving role in ensuring at least that the early-stage climate technologies are getting to market."

Read the original article on Business Insider

Spain approves law allowing 4 days of 'paid climate leave' after recent deadly floods

29 November 2024 at 04:11
A woman collects supplies from an excavator shovel from her flood-affected home in Massanassa, Valencia, Spain, Friday, Nov. 8, 2024
Floods devastated Valencia and other parts of Spain in October 2024.

AP Photo/Emilio Morenatti

  • Spain has approved a law granting employees up to four days of paid climate leave.
  • It aims to ensure workers aren't penalized for staying home during climate disasters.
  • The law follows criticism of companies during the devastating floods in Valencia last month.

Spain is enacting a new law granting employees up to four days of paid climate leave following last month's devasting floods, which killed more than 200 people.

The legislation comes after several companies in Spain received criticism for making employees work amid the torrential rain and subsequent floods in Valencia and surrounding areas, which caused widespread devastation.

The protection seeks to ensure that workers are not penalized for staying at home during extreme weather conditions, and will continue to be paid.

In a video shared with local media, Yolanda DΓ­az, Spain's Minister of Labour and Social Economy, described the move as historic.

"For the first time, Spain will have paid climate leave for working people," she said.

Spain's Council of Ministers approved the legislation on Thursday, and it is expected to come into effect on Friday.

In an interview with Spanish broadcaster RTVE, DΓ­az said the paid leave will be relevant whenever an authority issues a climate-related alert that advises people to stay at home for safety reasons.

She told RTVE that it aims to ensure that "no worker must run the risks" of facing off with a climate emergency just to get to their workplace.

There were reports of restaurant workers in a Valencia shopping center working through the first hours of the floods last month and hundreds of workers getting trapped in business parks, according to Spanish newspaper PΓΊblico.

Speaking on Thursday, Esther Lynch, the General Secretary of the European Trade Union Confederation, said: "This was a climate disaster that turned into a labor disaster because of the negligence of employers and the Valencian government."

Lynch added: "Bosses who put workers' lives at risk by ignoring health and safety rules should face the full force of the law."

Spain's economy minister, Carlos Cuerpo, said on Thursday that the paid leave applies when employees cannot safely reach their workplace or work remotely, Euronews reported.

He added that workers can opt for a reduced working schedule if more days off are required.

The legislation also mandates that companies implement specific risk-prevention measures for climate emergencies and inform their employees of these.

Last month's floods damaged infrastructure, homes, and businesses. The Bank of Spain has estimated a 0.2% decline in Spain's GDP in Q4 after the floods.

Read the original article on Business Insider

Economists say Trump's immigration plans could deepen US demographic challenges

24 November 2024 at 05:30
Donald Trump speaks at the southern border
Trump has promised mass deportations, which economists warn could stoke inflation.

Rebecca Noble/Getty Images

  • Trump's plans to deport millions of immigrants could exacerbate America's demographic challenges.
  • The US birth rate has been falling, which economists say could hobble the labor market and economic growth.
  • Trump's plan could result in an older population and fewer workers, economists told BI.

Donald Trump's plan for a sweeping immigration crackdown involving mass deportations has been described as potentially inflationary, but economists say it could exacerbate another problem America faces: an aging population.

Immigration was thought to be one solution to Americans having fewer kids, and reversing the trend could result in a larger population of older people and lead to a smaller workforce, economists have said.

Demographic shifts are likely to be greater if immigration is significantly curtailed, Alan Berube, a senior fellow at the Brookings Institution, said.

During his campaign, the President-elect promised to deport unauthorized migrants, of which there are around 11 million in the US, according to the Center for Migration Studies. Trump also promised to ban refugees from some countries and reinstate travel bans he implemented in his first term, which could restrict immigration flows.

If immigration were to fall to "low" levelsβ€”which the Brookings Institution defines as 350,000-600,000 net migrants per yearβ€”the US population could drop by 4% by the end of the century, Berube said, citing a 2023 Brookings projection. If the US were to completely close its borders, the population could drop 32% by 2100.

Graph showing projected population size in US based on immigration
If immigration were to fall to "low" levels, the US population could see a slight decline by the end of the century.

Brookings Metro

Berube told BI that the effects of the immigration policy Trump ultimately pursues in his term would likely fall between those two estimates. He added that this could create issues for the rest of the population, which will need to support a larger cohort of older people.

In the group's low immigration scenario, America's 65-and-older population would make up 57% of the working-age population by the end of the century, up from 28% in 2022.

Graph showing senior Americans as percentage of working age Americans

Brookings Metro

"The US workforce right now is aging more rapidly than at any point in our country's history," Berube said. "Even as our population ages, if we cut off the supply of immigrant labor, the challenges that go along with an aging population and an aging workforce are going to get much more serious."

Trump and the Republican partyΒ have said that the goal of deportations would be, in part, to drive down the cost of healthcare, housing, and education for Americans.

"The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. He will deliver," Karoline Leavitt, a spokesperson for Trump's camp, told BI in an email when asked about the potential impacts of Trump's immigration policy.

Economic challenges

Fewer people coming into the US would likely be a headwind to growth, given that the birth rate has been trending down for decades. The general fertility rate hit a record low in 2023, with just under 55 births for every 1,000 women between the ages of 15 and 44, according to the Centers for Disease Control and Prevention.

Berube said immigration is thought of as a band-aid to demographic problems since immigrants tend to be younger, which offsets the aging population. Immigrants also tend to work at higher rates, supplementing the job market.

The US had around 8.3 million unauthorized immigrant workers in 2022, according to data from the Pew Research Center.

Certain sectors are particularly at risk of labor shortages in the event of fewer migrant workers, according to JosΓ© Torres, a senior economist at Interactive Brokers.

Sectors with a high proportion of undocumented immigrant workers, like construction and agriculture, could see the number of workers fall. Those industries are already facing steep labor shortages, with construction in particular facing a shortage of 200,000-400,000 workers each year.

While Trump's pro-market policies will offset some of theΒ economic impact, Torres thinks GDP could fall by half a percentage point once Trump implements his immigration crackdown.

"When you have immigrant flows, that's growth positive. That lifts your GDP in the short run because you have all these folks that are coming in. They're coming for economic opportunity, they're working really hard," Torres told BI. "So that's going to be a headwind to the labor market overall," he said of deportations.

Todd Buccholz, a former White House economist during the George H.W. Bush Administration, thinks Trump's immigration policies will have a mild economic impact, partly because he doubts immigration will fall over the long term.

"I think it's important that the country recognize the aging of the population, the lower fertility rate," Buccholz said. "If you say, no one else is coming in, the gate is locked and no one else can play … we're going to be shrinking and have more senior citizens and fewer people to support them. I think that raises real issues," he added.

Read the original article on Business Insider

Home prices may fall 20% as the housing market thaws — and help get baby boomers moving, research legend says

20 November 2024 at 01:32
home for sale
Boomers are staying put and not moving, says Meredith Whitney.

Joe Raedle/Getty Images

  • Meredith Whitney expects home prices to fall by 10% to 20% as the frozen housing market starts thawing.
  • The veteran researcher said baby boomers aren't selling, restricting the number of homes available.
  • Prices rose in September but existing-home sales fell and the share of first-time buyers remained low.

Home prices are poised to fall by up to a fifth as the frozen housing market thaws β€” and that could help baby boomers sell at last and younger people to become homeowners, Meredith Whitney says.

"It's got to be a two-step process," the CEO of Meredith Whitney Advisory Group told the Financial Sense Newshour podcast in an episode released Saturday.

"You have to have rates come down, but you also have to have home prices come down," she said about revitalizing the housing market. "One doesn't work on its own."

Homebuyer headaches

Housing transactions have stagnated in recent years as soaring prices and steeper mortgage interest rates have fueled an affordability crisis.

Homeowners who locked in cheap mortgages are reluctant to sell and give them up. Prospective buyers are similarly unwilling to pay top dollar for a worse house than they imagined and take on a larger monthly mortgage payment.

Some relief has come from the Federal Reserve cutting its benchmark rate by 75 basis points since September to as low as 4.5%. The central bank raised the rate from virtually zero to as high as 5.5% between March 2022 and July 2023.

Even so, the median existing-home price jumped 3% to $404,500 in the 12 months to September, per the latest National Association of Realtors data.

Existing-home sales fell 3.5% over the same period, and first-time buyers were responsible for 26% of sales in September, in line with lows hit in August this year and November 2021.

Price declines and baby boomers

Whitney was dubbed the "Oracle of Wall Street" after correctly predicting the 2008 financial crisis, which was precipitated by the collapse of a massive housing bubble.

She predicted house prices would fall by 10% to 20% from here, and urged the government to "sit back and let that happen" because that would only lower them to 2020 or 2021 levels. Homeowners would likely despair a sharp drop in the value of their homes, but many have built huge amounts of home equity over time, she said.

As for why younger millennials and Gen Z are struggling to get on the housing ladder, Whitney pointed to homeowners in their sixties and seventies staying put.

"The problem is the baby boomers own 60% of the housing stock," she said, referring to single-family, owner-occupied homes. "They're not moving."

"The older people aren't selling; they have no place to go," she continued, adding that they "can't afford to move." She highlighted increases in property taxes, homeowners' insurance, and homeowners' association fees as one source of financial strain, especially for those on fixed incomes.

Whitney described the situation as a "generational schism" in a CNBC interview last week and warned there will be a "real standoff between sellers and buyers" until more inventory becomes available.

Several economists have predicted a "silver tsunami" as baby boomers sell their homes to downsize or move into care homes, increasing the available supply of single-family homes and reducing prices.

However, a recent survey found that 54% of older Americans intend to remain in their current homes for life, while only 15% said they planned to sell in the next five years.

Read the original article on Business Insider

Washington state Democrat pushes to give homeless special civil rights

19 November 2024 at 08:10

A Democratic state representative in Washington state is pushing legislation that aims to make homelessness a civil right, according to a report.

State Rep. Mia Gregerson is promoting a bill that would make homeless people a protected class and shield them from "discrimination based on housing status," according to a draft of the bill obtained by "The Jason Rantz Show"Β on KTTH. The obtained draft is dated Oct. 10, 2024.

"[M]any communities within Washington are enacting and enforcing laws that disproportionately impact homelessness or make living in public a crime," the document reads. "These laws are potentially unconstitutional, make it harder for people to exit homelessness, do not solve the underlying problem of homelessness, and waste precious public funds."

The bill comes in response to the U.S. Supreme Court ruling inΒ Grants Pass v. Johnson, according to the report, in which the nation’s high court held that the Eighth Amendment's protection against cruel and unusual punishment does not prevent a city from enforcing public-camping ordinances against the homeless.

SAN FRANCISCO RESIDENTS LOOK TOWARDS FUTURE AFTER FIRING DEM MAYOR IN EFFORT TO CLEAN UP HOMELESSNESS, DRUGS

Gregerson told Fox News Digital in a statement on Wednesday that the reported draft was a "starting point" based on legislation that failed to pass in 2019.

"To clarify, the language in the Jason Rantz article is not a bill but a starting point from earlier this year," the lawmaker said in the statement. "What I will propose will be significantly different from the 2019 bill because we are working on a different set of issues. There has always been a plan to share this broadly including all of the cities. Drafts such as this one are a continuation of meaningful work we have done in the past."

The drafted legislation reported on says it would grant the homeless "the right to survive in a nonobstructive manner" on public property, including plazas, courtyards, parking lots, sidewalks, public transportation facilities and services and room or areas within public buildings that are open to the public and during normal operating hours.

It further states the homeless would be allowed to live on public property when "that person has no reasonable alternative but to survive in public space and existing shelter facilities within the local government’s jurisdiction are inadequate in number or are functionally inaccessible."

HOMELESS IN VERMONT CITY SEND CHILLING WARNING ABOUT WHAT HOUSING/DRUG CRISIS WILL DO TO CITY: β€˜LIKE SAN FRAN’

Kevin Schilling, the mayor of Burien, a suburban city in Gregerson’s district, told "The Jason Rantz Show" that he was "disappointed" that the representative did not consult the City Council or city before drafting the legislation.

"My hope is the legislature this year works to offer support to cities by expanding substance use disorder programs, emergency shelter capacity, and law enforcement assistance so that each element of this issue can be tackled accordingly," he said.

❌
❌