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Electric vehicles (EVs) are all the rage these days. With their promise of lower emissions and smooth, quiet rides, it’s no wonder that the global demand for EVs has been soaring. However, if you live near the coast — or anywhere prone to flooding — there’s a less-talked-about risk that could make you rethink that shiny new electric car parked in your driveway: saltwater-induced fires from flooded EV batteries. <h2>Saltwater and EV batteries</h2>When it comes to EVs, the heart of the vehicle’s power lies in its battery, usually a lithium-ion (Li-ion) pack. These batteries are highly efficient, but they’re also sensitive to water, especially the salty kind. In September and October 2024, the Southeast U.S. was hit by hurricanes Helene and Milton, which caused catastrophic flooding. Thousands of homes were damaged, and in a particularly frightening twist, 11 electric cars and 48 lithium-ion batteries caught fire after being exposed to salty floodwaters. Saltwater is a conductor of electricity, which means it can get into the EV battery packs, triggering a dangerous reaction. When water seeps into the battery, it can cause a short-circuit between the battery's terminals, which may lead to overheating, violent fires, and even explosions. In many cases, the fire doesn’t start right away — it can take hours or even days after the exposure before a thermal runaway event occurs, causing a dangerous blaze. Once the fire starts, it’s nearly impossible to put out with regular fire-fighting methods. Firefighters often have no choice but to let the battery burn itself out. <div type="Article" hostid="261" msid="113906136" title="Planning to purchase an EV? Here&amp;#39;s how to ensure it never catches on fire" mstype="2" mssubtype="0"></div>In 2022, during Hurricane Ian in Florida, 36 EVs that had been flooded reportedly caught fire, even some that were being towed on flatbed trucks. The problem lies in how lithium-ion batteries react to saltwater. The metal terminals in these batteries, when exposed to salty water, can corrode and build short-circuiting paths that lead to fires days later. The fire hazard remains even in fully discharged batteries, meaning even seemingly "safe" vehicles after flooding could still pose a serious threat. <h2>The risk to coastal cities</h2>This issue is especially concerning for coastal cities where rising sea levels and hurricanes are becoming more frequent. According to a 2023 report by the International Energy Agency (IEA), <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> adoption is growing rapidly in many parts of the world, including India, where EV sales increased by around 50% in the first quarter of 2024 alone. Cities like Mumbai, Chennai, and Kochi are embracing EVs due to their environmental benefits and growing infrastructure support. However, these coastal cities are also at higher risk for flooding, making the combination of increased EV adoption and rising sea levels a perfect storm for potential disaster. In fact, areas prone to heavy rains and floods, like India’s coastal cities, are facing unique challenges. The combination of frequent monsoon floods and rising sea levels presents a scenario where more and more EVs could end up submerged in salty floodwaters, increasing the risk of battery fires in the region. <h2>What does this mean for you?</h2>While electric cars are generally safe under normal conditions, the growing risk of battery fires due to flooding is an important factor to consider if you live in flood-prone areas, especially near the sea. The key takeaway here is that EV owners should take extra precautions when natural disasters loom, particularly hurricanes and floods. Here's what you can do to protect your EV: <ul><li>Move your EV to higher ground: If you're in a flood zone, take your EV to higher ground or evacuate it if possible. This will help prevent it from being submerged in salty water.</li><li>Evacuate early: Be proactive and evacuate before the floodwaters hit. Don't wait for the last minute to move your vehicle to safety.</li><li>After the flood, treat submerged EVs with caution: If your EV has been submerged in water, especially saltwater, it’s essential to avoid using it, charging it, or even moving it until it’s been inspected by professionals. Contact the manufacturer for a thorough inspection of the battery.</li><li>Do not attempt DIY fixes: If your vehicle has been exposed to saltwater, do not try to start it, charge it, or fix the battery yourself. The risks of fire are too high, and professionals are trained to handle such situations safely.</li></ul>

Buying an EV may be a somewhat dangerous move if you live near the sea

In Greek mythology, Prometheus, a wise Titan whose name means "foresight," defied Zeus by gifting fire to humans, an act that revolutionised our civilization. Fire became a symbol of progress, providing the tools for growth and the spark for <keyword id="94495" type="General" weightage="20" keywordseo="innovation" source="Orion">innovation</keyword>. This ancient tale mirrors the modern concept of <keyword id="3946833" type="General" weightage="100" keywordseo="intrapreneurship" source="Orion">intrapreneurship</keyword>—the process of fostering innovation within established companies. Intrapreneurship encourages an entrepreneurial mindset by providing staff with resources, mentorship, and collaboration opportunities, enhancing innovation in ideas, products, and processes. While startups are often seen as the hub of groundbreaking ideas, some of the most transformative innovations come from within the walls of larger organisations. These corporations, however, often face bureaucratic hurdles that slow progress. Intrapreneurship breaks down these barriers by giving employees the freedom and resources to experiment. Under strong leadership, companies can foster a culture of trust, empowering teams to solve problems creatively and drive growth. <h2>Nurturing the intrapreneurial spirit</h2>One of the key components of successful intrapreneurship is providing employees with a sense of ownership and autonomy. This approach taps into the vast potential within the workforce, unlocking creativity that might otherwise remain dormant in a traditional corporate structure. It encourages risk-taking and creative problem-solving, boosting innovation and enhancing employee engagement and satisfaction. Take 3M for example, Spencer Silver’s discovery of a unique adhesive led to the creation of the iconic Post-it note, despite initial skepticism.Yet, the company’s intrapreneurial environment allowed for exploration, leading to the development of a product that revolutionised communication. Similarly, Lockheed Martin’s ‘Skunk Works’ is a division that operates with the agility of a startup within the larger organisation. Skunk Works’ autonomy has resulted in numerous aerospace innovations, including stealth technology and fighter jets. These examples underscore the transformative potential of intrapreneurial freedom, where exploration leads to groundbreaking products and industry-shifting advancements. By giving employees space to explore ideas beyond their day-to-day tasks, organisations tap into a wealth of innovation, allowing intrapreneurs to flourish. <h2>The essence of intrapreneurship</h2>Innovation requires trial and error, and not every idea will succeed. The best environments for intrapreneurship are those that embrace failure as part of the learning process. Companies like Intel and Tesla have thrived by viewing setbacks as growth opportunities. In the 1980s, Intel faced a major crossroads when internal innovators identified a larger market opportunity and advocated for a shift from memory chips to microprocessors. They embraced potential failure with this pivot, which though risky, propelled Intel to become a leader in the tech industry. Tesla, known for its continuous drive for innovation, encourages its teams to experiment and push boundaries. Elon Musk’s willingness to accept failures along the path to innovation has led to significant breakthroughs, like the development of electric vehicles and space exploration technology. <h2>Collaboration: The key to creative synergy</h2>Intrapreneurs don’t work in isolation. True innovation happens when employees collaborate across departments, combining different skills and perspectives to tackle complex challenges IBM’s Watson, a cognitive computing system, is a prime example of what can happen when cross-functional teams come together. Engineers, data scientists, and non-technical staff worked collaboratively to create a groundbreaking technology that has since been used in fields ranging from healthcare to finance. Facebook’s famous "hackathons" foster cross-departmental innovation. These 24-hour events allow employees to work on passion projects outside of their usual responsibilities, resulting in successful product features like the "Like" button. The melding of expertise has led to breakthroughs that might not have been possible within traditional silos. <h2>Intrapreneurship: Driving growth from within</h2>Innovation is more than generating ideas—it’s about bringing those ideas to life. Intrapreneurship provides a framework for turning creative concepts into reality. Just as Prometheus defied convention to give humanity the gift of fire, intrapreneurs challenge the status quo to drive progress within their organisations. By fostering a culture of risk-taking, collaboration, and continuous learning, companies can ignite the innovation that fuels long-term growth. Continuous support in the form of funding, mentorship, and resources is crucial for intrapreneurship to thrive. In today's <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> landscape, nurturing the intrapreneurial spirit is essential for companies striving to remain competitive and relevant. Encouraging collaboration across departments and providing autonomy to explore new ideas can lead to breakthroughs that fuel an organisation's success. As Prometheus’s fire illuminated the path to human progress, so too can the spark of intrapreneurship light the way toward a brighter future for businesses. Disclaimer: This article is authored by Manoj Nair,AVP &amp; Global Head of Marketing, Corporate Strategy &amp; Risk, Infosys BPM. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. This article is published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>.

Ignite the fire of innovation: The intrapreneurship advantage

As festival season rolls around, many people are excited about purchasing an <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> (EV) not just for the eco-friendly benefits but also for the attractive discounts. With the growing popularity of EVs — a third of car-aspirants plan to buy an EV this year, reveals a Way2News survey — one lingering concern that might cross your mind is the risk of the car catching fire. While EV fires are rare, they can still happen under certain conditions, so it's essential to understand the risks and know how to prevent them. <h2>Why do they burn?</h2>First and foremost, EV fires are most commonly linked to the lithium-ion batteries that power these vehicles. When an EV is involved in a crash, or if its battery is physically damaged in any way, there is a risk of what is known as "<keyword id="19981370" type="General" weightage="20" keywordseo="thermal-runaway" source="keywords">thermal runaway</keyword>." This happens when heat inside the battery cannot dissipate quickly enough, causing the cells to overheat and, in rare cases, ignite. Thankfully, EV manufacturers extensively test vehicles to minimise this risk, and incidents are exceedingly rare. In fact, statistics show that electric car fires are significantly less frequent than fires in internal combustion engine (ICE) vehicles. A study from Sweden's Civil Contingencies Agency found that only 0.004% of EVs caught fire in 2022, compared to 0.08% for ICE cars. <div type="Article" hostid="261" msid="113816837" title="PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles" mstype="2" mssubtype="0"></div>As such, the ambient temperature can also play a significant role in the safety and performance of EV batteries. Extreme heat can be particularly dangerous, as it increases the likelihood of the battery cells overheating and entering thermal runaway, which may lead to a fire. High temperatures can accelerate the chemical reactions within lithium-ion batteries, making them more prone to malfunctions. Therefore, it is important to avoid exposing your EV to prolonged high heat, such as parking it under direct sunlight for extended periods, especially in regions where temperatures soar during the summer. Regular maintenance of the battery's cooling system is also critical, as it ensures the battery stays within a safe operating range, preventing overheating and extending the battery's lifespan <h2>Charging and flooding</h2>Another key risk comes from improper charging practices. Overcharging the battery, or using poorly regulated, non-certified charging stations, can cause the battery to overheat. It's crucial that EV owners use certified, high-quality charging stations and follow manufacturer recommendations to avoid overloading the system. Many modern EVs come with software that automatically stops charging once the battery is full, but it’s always a good idea to avoid prolonged charging beyond the battery's capacity. Water exposure can also be hazardous for EVs, particularly in flood-prone areas. While most EVs are designed to handle a fair amount of moisture, saltwater exposure, such as during coastal floods, can create serious problems. Saltwater can corrode the battery and create short circuits, which might lead to fires long after the vehicle has been submerged. <div type="Article" hostid="261" msid="113857238" title="Ron DeSantis said EVs could catch fire if caught up in Hurricane Helene. Experts say he&amp;#39;s right — and that you should take these steps to protect yourself." mstype="2" mssubtype="0"></div>In the aftermath of Hurricane Ian, for example, there were reports of submerged EVs catching fire even days after the floodwaters receded. If you live in an area prone to flooding, take extra precautions by parking your EV in a sheltered area, and if your car has been exposed to water, have it inspected immediately. <h2>Those annoying software updates are important!</h2>It’s also important to stay updated on any recalls or software updates. EVs, like any other technology, may occasionally be subject to recalls due to manufacturing defects or safety concerns. Being proactive in checking for recalls can prevent potential issues from becoming dangerous. For instance, some EV models have had recall campaigns specifically to address battery-related risks, ensuring that any faulty cells are replaced before they pose a threat. <div type="Article" hostid="261" msid="113315022" title="Waiting for the festive season to buy an EV? Cabinet approves PM E-Drive subsidising most EVs, sans electric cars" mstype="2" mssubtype="0"></div>Finally, while EV fires may capture attention when they happen, it’s essential to keep them in perspective. Despite the fear surrounding them, EV fires are much less common than fires in gasoline-powered cars. The data shows that EVs are about 80 times less likely to catch fire than their gasoline counterparts. When considering an EV purchase, focus on the safety features and proactive measures in place to keep you and your vehicle safe. With proper charging, regular inspections, and staying informed, you can confidently enjoy the benefits of your new EV this festive season!

Planning to purchase an EV? Here's how to ensure it never catches on fire

<ul class="summary-list"><li>Russia launched a "massive" overnight attack on Ukraine, Ukrainian President Volodymyr Zelenskyy said.</li><li>The attack involved around 120 missiles and 90 drones, he added.</li></ul>Ukrainian President <a target="_blank" class="" href="https://www.businessinsider.com/zelenskyy-make-russia-small-again-t-shirt-annoyed-the-kremlin-2024-10">Volodymyr Zelenskyy</a> said Russia launched a "massive combined attack" on Ukraine overnight, targeting energy infrastructure across the country.Writing on <a target="_blank" class="" href="https://x.com/ZelenskyyUa/status/1858059178859778326">X</a>, Zelenskyy said that Russia fired around 120 missiles and 90 drones at Ukraine from Saturday night to Sunday morning."Unfortunately, some facilities sustained damage from direct hits and falling debris," he wrote, adding that some areas had lost power.The Ukrainian air force said that Russia carried out the attack using Tu-160, Tu-95MS, and Tu-22M3 strategic bombers, as well as fighter jets and other aircraft.It said the missiles fired in the attack included Kalibr cruise missiles, Kinzhal ballistic missiles, and a Zircon hypersonic missile, among others.More than 140 aerial targets were taken out by Ukraine's air defenses overnight, the air force said.While the final death toll is unclear, Zelenskyy said two people were killed and six were injured in a drone attack on Mykolaiv, southern Ukraine.The rate of Russian missile <a target="_blank" class="" href="https://www.businessinsider.com/russia-ukraine-daily-attacks-missiles-drones-2024-11">attacks on Ukraine</a> has seen some significant monthly fluctuations since Russia launched its full-scale invasion in February 2022.In August, Russia fired 1,110 missiles at Ukraine, but that figure dropped to 12 in September, according to a recent <a target="_blank" rel=" nofollow" href="https://www.csis.org/analysis/assessing-russian-firepower-strikes-ukraine">study</a> by the Center for Strategic and International Studies (CSIS), a Washington-based think tank.The report said that Russia fired a daily average of 23.2 missiles at Ukraine from September 28, 2022, to September 1, 2024, suggesting "a high level of sustained military capability in Moscow and logistical support from countries like Iran, North Korea, and China."Representatives for the Kremlin and the Armed Forces of Ukraine did not immediately respond to a request for comment from Business Insider, which was sent outside of regular business hours.

Russia launched 'massive' overnight attack on Ukraine, firing around 120 missiles and 90 drones, Kyiv says

10 celestial events to look forward to this October!

The <keyword id="20371124" type="General" weightage="100" keywordseo="total-solar-eclipse-2024" source="Orion">total solar eclipse 2024</keyword>, which will grace our skies on October 2, will see the Moon appearing smaller than the Sun. This will leave a bright ring of light peeking out around a darkened centre, resulting in a “Ring of Fire”. The eclipse will be visible between 9:13 PM IST and 3:17 PM IST the following day. While this fascinating astronomical event will draw attention from millions around the world owing to the stunning visual experience, many sceptics are likely concerned about some health concerns that often arise, particularly surrounding the effect of <keyword id="20819846" type="General" weightage="20" keywordseo="Solar-eclipse" source="keywords">solar eclipse</keyword>s on human health. But can a solar eclipse really impact your well-being? Let’s explore the science behind it. <h2><keyword id="21058492" type="General" weightage="20" keywordseo="eye-safety" source="keywords">Eye safety</keyword> during a solar eclipse </h2>One of the most well-known health risks associated with a solar eclipse is eye damage. The sun’s rays, even during an eclipse, can severely harm the eyes if viewed without proper protection. <keyword id="21247857" type="General" weightage="20" keywordseo="solar-retinopathy" source="keywords">Solar retinopathy</keyword> is a condition caused by direct exposure to the sun's intense light, potentially leading to permanent damage to the retina. The misconception arises because people think that during an eclipse, it's safe to look at the sun when the moon partially covers it. However, this is far from the truth. Viewing a solar eclipse without certified solar glasses or an appropriate viewing device can result in serious vision problems. <div type="Article" hostid="261" msid="109046705" title="How to take the perfect selfie during the total solar eclipse" mstype="2" mssubtype="0"></div> <h2>Psychological impact </h2>For centuries, solar eclipses have been associated with myths, superstitions, and even fears. Some people may experience anxiety or heightened emotions leading up to or during the eclipse. This psychological stress can manifest physically in ways like headaches or muscle tension, but these effects are largely due to emotional responses rather than the eclipse itself. <h2>Other health concerns: fact or fiction? </h2>Some people also believe that solar eclipses can cause physical pain, such as back aches or headaches. Myths suggesting that solar eclipses can cause digestive issues, skin problems, or even physical pain like backaches are entirely unfounded. This is often attributed to the notion that cosmic disturbances have a direct impact on the human body. However, there is no scientific basis for these claims. Physical ailments that occur during or around the time of an eclipse are more likely coincidental, or they may be psychosomatic — stemming from stress, anxiety, or heightened awareness during the event. These myths are largely perpetuated by cultural narratives and fear of the unknown. Today, we know that solar eclipses are natural phenomena that have no direct impact on human health beyond eye safety concerns. Science continues to dispel these misconceptions, reinforcing that the effects of a solar eclipse are primarily psychological and cultural, not physical. With the right precautions — especially regarding eye protection — there’s no reason to fear this natural phenomenon. <div type="Article" hostid="261" msid="113241382" title="How to pick the best cruises to see the northern lights, eclipses, and galaxies, according to an astrophysicist" mstype="2" mssubtype="0"></div>

Does a solar eclipse really impact your health?

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/meta-zuckerberg-wealth-nvidia-huang-tech-stock-ai-wealth-billionaires-2024-9">Meta</a> terminated employees who used $25 Grubhub credits meant for office meals on non-food items.</li><li>Meta employees reacted to the news on the company's Blind channel.</li></ul>"Grubgate" is reverberating around Meta.The tech giant recently fired roughly two dozen Meta <a target="_blank" class="" href="https://www.businessinsider.com/meta-fires-employees-abusing-grubhub-meal-credit-perk-2024-10">employees who misused $25 Grubhub meal credits,</a>Employees took to the tech giant's channel on the workplace forum Blind to share their reactions to the news, which ranged from the sympathetic to those who felt the firings were deserved.Blind, which is unaffiliated with Meta, requires a company email to access a specific company channel and comment.A poll posted to the forum and seen by Business Insider asked employees to respond with whether they were "Safe from Grubgate" or "Affected by Grubgate."<div type="image" title="Meta employee poll on Blind about being safe on Grubgate" height="714" width="620" msid="114331127" hostid="261" sizebytes="13942"></div>Other messages seen by Business Insider appeared to empathize with the fired individuals and shared their concerns about the company's enforcement of those who break its office policies.The <a target="_blank" rel="" class="" href="https://www.businessinsider.com/guides/tech/how-does-grubhub-work">Grubhub</a> meal perk is meant to support Meta employees at locations where free meals aren't provided by a cafeteria, or when employees work into the evening. Those who violated the policy used the $25 credit to order other items, including laundry detergent, wine glasses, and acne pads, a person familiar with the situation told Business Insider. Not everyone who misused the perk was fired, the person said — only those who had demonstrated a pattern of abusing it.Several on the forum said they weren't aware Meta would strictly enforce the policy and expressed concern about potentially violating other company policies without knowing."This action instills fear in employees," one employee wrote. "Anyone can violate a policy by mistake. It's like taking away your driving license because you were going 55 instead of 50. I challenge anyone to say that they know ALL the policies this company has."Another employee was less sympathetic."It's not weird," they wrote. "They violated a 'follow this rule or you will be terminated' policy, and they were terminated. There is nothing to worry about unless you are also violating company policies.""The rules you need to follow to keep your job are all written out for you. Read them," they added.One Meta employee wrote on the forum that they had used their Grubhub credit for a laid-off worker and received a "warning email." Then, they said they were terminated within a week."My Grubhub account got deactivated first and then my intern account," the employee said in the forum.Another Meta employee referenced <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-year-of-efficiency-working-meta-ai-2023-7">Mark Zuckerberg's "year of efficiency"</a> strategy in assessing the recent firings."Although Meta still thinks itself a large company of small entrepreneurship, with the 'year(s) of efficiency,' it's starting to take policy noncompliance of employees more seriously," they wrote."Should folks [have] done a better risk assessment for their $25 dinners? Likely," the employee added. "Should Meta have requested the employee refund the company, put a block on the benefit, and delivered a one-more-strike-of-any-kind-you-are-out warning? Probably."Others drew a connection between the firings and recent layoffs. <a target="_blank" rel="" class="" href="https://www.businessinsider.com/meta-reorganized-major-businesses-eliminated-roles-whatsapp-instagram-reality-labs-2024-10">The company announced on Wednesday</a> that it reorganized some of its biggest businesses, including Instagram, WhatsApp, and Reality Labs, which resulted in some role eliminations.One post on Blind suggested knowing the reason for being fired was a silver lining for those impacted by "Grubgate.""These fools are so lucky… at least they know WHY they got laid off," they wrote. "Imagine having to wonder for the rest of your life where you went wrong."

Meta employees react to 'Grubgate' firings over misuse of $25 meal credits

<ul class="summary-list"><li>Meta terminated some employees who abused a Grubhub perk, a source confirmed to BI.</li><li>The Grubhub credits are for employees working late at Meta's smaller offices.</li></ul><a target="_blank" rel="" class="" href="https://www.businessinsider.com/meta-zuckerberg-wealth-nvidia-huang-tech-stock-ai-wealth-billionaires-2024-9">Meta</a> recently fired some employees for misusing a Grubhub meal perk, according to a person familiar with the situation.Roughly two dozen employees were terminated for abusing the company's meal credit system, this person said. They asked not to be identified discussing legally sensitive internal matters.The <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/how-does-grubhub-work">Grubhub</a> perk is intended to support employees who work at locations where free meals aren't provided by a cafeteria, or when employees are working late and need to have food delivered to the office.Instead of purchasing meals, some Meta employees used the $25 credit to order other items, including laundry detergent, wine glasses, and acne pads, according to the person familiar with the situation.The roughly two-dozen staff were fired for a repeated pattern of misuse, the person added. The FT first <a target="_blank" class="" href="https://www.ft.com/content/7d1a2738-2518-4ddb-811b-8abf9a745590">reported</a> the news.This episode has been discussed at length in recent days by some Meta employees on Blind, an online workforce forum.Business Insider reviewed these Blind discussions, including screenshots of some discussions that took place in a section of the app only accessible to Meta employees.Some employees in those discussions said the firings happened in Los Angeles. While Meta offers free food to many of its employees based in key offices, it provides meal credits to employees based in smaller offices, such as its LA one.<a target="_blank" class="" href="https://www.businessinsider.com/meta-reorganized-major-businesses-eliminated-roles-whatsapp-instagram-reality-labs-2024-10">Meta said on Wednesday</a> that it reorganized some of its biggest businesses, including Instagram, WhatsApp and Reality Labs, eliminating some roles.Do you work at Meta and have a story to share? Contact the reporter from a non-work device and email at aaltchek@businessinsider.com

Meta fires employees who abused its $25 Grubhub meal perk

<ul class="summary-list"><li>Fires at DHL warehouses this year may have been part of Russian sabotage operations, officials have said.</li><li>The Kremlin is suspected of ramping up hybrid attacks on Europe in recent months.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/spy-chief-warns-suspected-sabotage-nearly-caused-plane-crash-2024-10">Suspected Russian sabotage activities</a> targeting the air freight industry have been on the rise this year, and the industry is preparing for further action.Brandon Fried, the executive director of the Airforwarders Association, which represents US air cargo companies, told Business Insider that the industry had been on high alert since 9/11."So regardless of who is perpetrating this, whether it's another country or whether it's a terrorist organization, our industry has been vigilant for quite some time," he said, referencing two fires at DHL warehouses earlier this year that have been linked to Russia."They want to cause fear and panic, but we, as a community, are not going to let them. One of our overriding messages is that we're vigilant," Fried said.Western officials have said the <a target="_blank" class="" href="https://www.businessinsider.com/spy-chief-warns-suspected-sabotage-nearly-caused-plane-crash-2024-10">fires, which took place at two DHL sites in the UK and Germany</a> in July, may have been part of Russian sabotage operations that ultimately aimed to target North America, <a target="_blank" class="" href="https://www.wsj.com/world/russia-plot-us-planes-incendiary-devices-de3b8c0a">The Wall Street Journal</a> reported earlier this week.One package caught fire before being loaded onto a plane at a DHL freight center in Leipzig, eastern Germany, while a similar incident took place at a DHL warehouse in Birmingham in the UK.Thomas Haldenwang, the president of Germany's domestic intelligence agency, said in October that it was a "lucky coincidence" that the package in Leipzig caught fire on the ground and not during the flight.Haldenwang did not explicitly blame Moscow, but the German news agency DPA reported that security services were working on the assumption that the attack was connected to Russia, per the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/b83353a7-bdf0-486b-8f12-d2834261d44f">Financial Times</a>.A police spokesperson told BI that counterterrorism officers were leading an investigation into the Birmingham incident and working to identify any links to similar incidents across the continent.The Wall Street Journal report said the fires were caused by electric massagers implanted with a magnesium-based flammable substance.The devices that ignited in the UK were traced to Lithuania, where officials say they appear to have been part of a wider Russian plot to get such devices on planes to North America, the Journal reported.Frank Umbach, a research director at the European Cluster for Climate, Energy, and Resource Security at the University of Bonn, said that Russian hybrid warfare had escalated from spying on critical infrastructure to active sabotage across the whole of Europe."Hybrid warfare has intensified here in Europe, particularly against Germany," Umbach said, adding that there was concern that German intelligence services had been "heavily penetrated" by Russian agents.Moscow has already been linked to a number of <a target="_blank" class="" href="https://www.businessinsider.com/russian-sabotage-germany-factory-weapons-car-parts-ukraine-diehl-2024-6">sabotage incidents</a> in Europe this year, including arson attempts and a reported plan to <a target="_blank" class="" href="https://www.businessinsider.com/russia-planned-to-assassinate-german-arms-firm-ceo-report-2024-7">kill the CEO of the German arms firm Rheinmetall, </a>which has made munitions and military equipment for Ukraine.Russia is suspected of using <a target="_blank" class="" href="https://www.occrp.org/en/investigation/make-a-molotov-cocktail-how-europeans-are-recruited-through-telegram-to-commit-sabotage-arson-and-murder">social media platforms such as Telegram</a> to recruit proxies to carry out such activities.Speaking a few months after the DHL fires, the chief of the UK's MI6 intelligence service, Richard Moore, said he believed Russian intelligence services had "gone a bit feral."And experts think it's unlikely such incidents will stop any time soon.Shashank Joshi, a former senior research fellow at the Royal United Services Institute who is now the defense editor at The Economist, told BI that he believed the suspected Russian sabotage operations were part of a "pretty broad-brush campaign" that could see the Kremlin target any EU or NATO member."I don't think that anyone is particularly immune as such," Joshi said.A spokesperson for Germany's Military Counterintelligence Service, known as BAMAD, said that the German military and NATO forces in Germany "continue to be a priority target for Russian espionage activities."Kremlin Spokesman Dmitry Peskov has denied Russia's involvement in sabotage operations in Europe.The Federal Office for the Protection of the Constitution, Germany's domestic intelligence services, and the BND declined to comment further.<div type="image" title="The RT logo at the company's headquarters in Moscow." height="683" width="1024" msid="115082510" hostid="261" sizebytes="75584"></div>Western officials say Moscow has also launched <a target="_blank" class="" href="https://www.ncsc.gov.uk/news/russia-behind-cyber-attack-with-europe-wide-impact-hour-before-ukraine-invasion">cyberattacks</a> and sought to <a target="_blank" class="" href="https://www.state.gov/disarming-disinformation/">spread disinformation</a> as part of its alleged sabotage operations.Russian state media sites like RT have already faced sanctions in the <a target="_blank" class="" href="https://www.state.gov/alerting-the-world-to-rts-global-covert-activities/">US</a> and the <a target="_blank" class="" href="https://www.consilium.europa.eu/en/press/press-releases/2022/03/02/eu-imposes-sanctions-on-state-owned-outlets-rtrussia-today-and-sputnik-s-broadcasting-in-the-eu/">EU</a> over allegations of disinformation.Keir Giles, a senior consulting fellow at Chatham House's Russia and Eurasia Program, said that Russian disinformation campaigns, espionage operations, and sabotage attempts were "intimately interlinked.""Objectives in the information domain can be served by kinetic actions and vice versa," Giles said. "The information component of warfare is seen as an integral part and interdependent with all of the other activities that Russia is undertaking.""That's something that's played out very clearly in Russia's war on Ukraine after the full-scale invasion," he added.

The air freight industry is on high alert after fires at DHL warehouses were linked to Russian sabotage operations

Can a tenured professor be fired for making porn? That's the question, perhaps unprecedented in the annals of higher education, that the University of Wisconsin set out to answer last month. On September 27, the system's board of regents sat down to rule on whether <a target="_blank" class="" href="https://www.businessinsider.com/professors-turned-porn-stars-free-speech-campus-battle-wisconsin-2024-6">Joe Gow</a>, who taught communications at UW-La Crosse, should be stripped of his tenure and dismissed for producing porn videos with his wife, a fellow academic named Carmen Wilson, and uploading them to <a target="_blank" class="" href="https://www.businessinsider.com/pornhub-is-awash-in-lawsuits-unverified-videos-2024-7">Pornhub</a>. The productions — with titles like "Juicy Anniversary" and "Vacation Sex" — featured Gow and Wilson having sex in a variety of racy scenarios, often with big-name porn stars.Gow had been fired from his position as chancellor of UW-La Crosse, a school of 11,000 students on the banks of the Mississippi River, after someone saw the videos and forwarded them to his boss. But dismissing a tenured professor is far more complicated than firing a top executive. Academic tenure is one of the strongest job protections you can get in America. It's effectively a lifetime appointment, designed to enable professors to teach views that might be unpopular or controversial. "It allows professors to speak truth to power, without fearing that they may lose their jobs for offending <a target="_blank" class="" href="https://www.businessinsider.com/how-college-sports-change-donor-fatigue-nil-recruiting-student-athletes-2024-6">donors</a> and the university and lawmakers," says Zach Greenberg of the Foundation for Individual Rights and Expression. "It's unprecedented whenever a tenured professor gets fired. It's only happened a couple times in the history of Wisconsin."The university, calling Gow's behavior "abhorrent," went all out to make the case that he should be fired. "We don't want to be known as Porn U," said Betsy Morgan, who replaced Gow as interim chancellor. The university hired a white-shoe <a target="_blank" class="" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">law firm</a> to scour 11 hours' worth of Gow and Wilson's videos and their self-published memoirs, "Married with Benefits" and "Monogamy with Benefits: How Porn Enriches Our Relationship." The firm produced a 318-page report brimming with detailed descriptions of the sexual techniques Gow enjoyed, along with pages of sex-toy ads that were sent to his work email. In March, Morgan started proceedings to dismiss Gow, charging him with unethical conduct, refusal to cooperate with the investigation, and violation of workplace policies. (Gow, the investigation revealed, had used a campus copier to print a vegan cookbook.)Gow was unapologetic. He declared that he had no plans to stop making porn and argued that the university was violating his <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-ban-bill-is-first-amendment-disaster-may-survive-courts-2024-4">First Amendment</a> rights. By the time the board of regents met to hear the case and issue its decision, the battle had devolved into a rancorous, often surreal showdown over the future of academic freedom in America. With private and state universities embroiled in debates over "woke indoctrination" and <a target="_blank" class="" href="https://www.businessinsider.com/university-overreaction-pro-palestinian-protests-police-arrests-dissent-expert-2024-5">campus protests</a>, many academics feared that Gow's case could set a sweeping precedent that tenured professors can be fired over anything in their private lives that universities find inappropriate."It's a violation of academic freedom," says Tom Ginsburg, a law professor and faculty director of the Forum for Free Inquiry and Expression at the University of Chicago. "He's being fired for embarrassing behavior outside the workplace, but there's no end of such behavior. So once we go down this route, universities can find a pretextual reason for firing almost anyone."The opening round in the battle over Gow's professorship took place at a hearing in June. The session, held in a windowless conference room of a sports arena in Onalaska, began with the bang of a gavel wielded by a UW-La Crosse biology professor. Gow was being tried not before a judge or jury but by a faculty committee made up of five of his colleagues.The university began by arguing that Gow, as a state employee, enjoyed no right to freedom of speech. Wade Harrison, the <a target="_blank" class="" href="https://www.businessinsider.com/guide-moving-abroad-for-college-according-to-university-advisors-diploma-2024-9">university's</a> general counsel, cited San Diego v. Roe, a case in which a police officer was fired for selling videos of himself masturbating while wearing his police uniform, in effect profiting from his position.Donald Downs, a First Amendment scholar and emeritus professor at the university, told me after the hearing he found that argument alarming. The San Diego case shouldn't apply to Gow, he said, for one big reason: Police officers don't have academic freedom. "If our job is going to be seen as no different from the police officer or any other regular job out there," Downs argued, "then we're not going to be able to do our job."<div type="image" title="Joe Gow and wife" height="1822" width="2763" msid="114188637" hostid="261" sizebytes="723682"></div>The university tried to prove that Gow had damaged its reputation, claiming that several top donors had threatened to stop giving if the star of "Bedroom Shenanigans" was allowed to teach undergrads. Harrison also placed Gow's memoirs on trial. He recited a passage in which Gow — under the nom de plume Jay Hart — hires "Tom," a male stripper, "to perform sex acts" with his wife."In 'Monogamy with Benefits' you wrote that all events described are true," Harrison said. "Do you stand by that statement?""No," Gow retorted. "We should have said 'based on a true story.'"Harrison displayed several ads Gow had received from sex-toy companies. "Do you ever get email messages you never asked for? I believe we call it spam," Gow responded. "So you would fire someone for junk email?"The university then trotted out Jerry Bui, a forensic investigator who had raked through Gow's and Wilson's work computers. The strongest evidence of misconduct he could find was that the couple had "automatic logins" to a couple of porn sites. Though he couldn't find any browsing history of the sites, Bui speculated that Gow may have used "incognito mode" while watching porn at work or erased his browser history to cover his tracks.Gow, in his closing argument, dismissed the trial as a sham. "Tenure is based on the quality of one's teaching, research, and service," he told the committee. "This fruitless exercise has nothing to do with that."The committee, unswayed, voted unanimously that Gow should be fired. They argued that Gow had used his academic position to promote his porn, because in some videos, during foreplay, he mentioned his "Midwestern location" and "academic career." They also accused him of exploiting his public ouster as chancellor to boost his profile as a porn star.But the committee's decision was only a recommendation. More than two months later, Gow faced a second tribunal, before the board of regents for the state's university system: 17 executives, attorneys, and public servants and one dairy farmer who gathered in Madison to hear the case. The regents had made their position clear in a brief filed before the hearing. "The survival of a public university is dependent on legislative funding, grant funding, tuition revenue, and donations," they wrote. "Gow's behavior, left to continue, could negatively affect all four."At his first hearing, Gow had defended himself. Before the regents, he was represented by Mark Leitner, a partner at a top Milwaukee law firm. Leitner argued that the university was committing a textbook violation of free-speech rights. "We don't need the First Amendment to protect 'The Star-Spangled Banner,'" he said. "We need the First Amendment precisely when the danger of stifling controversial, unpopular speech is at its highest."But what's the danger of stifling porn? Leitner presented Gow's videos as part of his broader advocacy of nonmonogamy. "There is no doubt that sexual conduct is a matter of importance to people," Leitner told the regents. "Simply because Dr. Gow's views on what promotes a healthy and stable marriage do not comport with the views of the majority of society — that doesn't matter." Harrison, the university's counsel, dismissed the point: "Dr. Gow would love to, you know, try to rely on a hypertechnical First Amendment argument to get around his bad conduct.""It's not a hypertechnical argument," Leitner said. "It goes to the heart of what we're all about in this state and in this country."After Leitner concluded, the regents were given a chance to ask questions. They had none.Aweek later, the regents met again to decide Gow's fate. After deliberating in private for half an hour, they cast their votes one by one. Seventeen supported firing Gow. One abstained.Gow's 40-year career in academia was over. He also forfeited some $300,000 worth of accrued sick leave and other benefits.<div type="image" title="Joe Gow and wife" height="1536" width="2308" msid="114188633" hostid="261" sizebytes="93022"></div>As Gow left the hearing, walking hand in hand with Wilson, a phalanx of photographers snapped pictures as if they were the Bennifer of Wisconsin. Gow pulled out a prepared statement. Calling the regents a "board of hypocrites," he accused them of breaching the university's commitment to academic freedom and of caving to pressure from Republican state senators who had called for his dismissal. The regents, Gow said, "are willing to fire me for the short-term goodwill they get with the far right."On his two-hour ride home, Gow elaborated on the wider issues he believes are at stake. "There are many faculty who would say: Well, this guy, he's not one of us," he told me. "And that's unfortunate. Because if they can do this to me, they could do it to any tenured professor. Academia is not a law firm or a bank or an insurance company. We're in the truth business. We are dedicated to the fearless sifting and winnowing of the truth, and that's what this is supposed to be about."Gow's colleagues apparently didn't consider his porn videos the kind of expression that tenure is designed to protect: During his fight to remain on the faculty, none of them came to his defense in public. But Keith Whittington, a Yale law professor and founding chair of the Academic Freedom Alliance, sees Gow's case as setting a dangerous precedent. "University trustees are now going to be faced with the problem of explaining why it is that we're going to tolerate other members of the faculty posting controversial content," he says. He puts Gow's online porn in the same category as "posting inflammatory personal, political opinions on social media." In the wake of Gow's dismissal, he says, making such distinctions "is going to be a hard line to maintain."But the fight may not be over. Gow plans to file a federal lawsuit against the university, alleging a violation of his First Amendment rights. And in the meantime, he and Wilson plan to keep exercising those rights. Since being outed, they've released adult videos like "Top 10 Squirting Orgasms and Cumshots" and "Our Honeymoon with the Porn Stars," as well as tamer cooking-show fare like "Making Plant-Based Egg Salad." The videos pull in as much as $3,000 a month on OnlyFans, and the couple is getting requests to create customized content, including foot-fetish videos and gay scenes with Gow. But thrilling as their middle-aged sexual awakening has been, they say, it doesn't compensate for the loss of Gow's professorship."This is 2024," Gow says. "We thought we had come a ways in Wisconsin from the McCarthy era. Apparently not."<a target="_blank" rel="" href="https://www.businessinsider.com/author/hallie-lieberman">Hallie Lieberman</a> is a sex historian and journalist. She's the author of Buzz: A Stimulating History of the Sex Toy.

The professor made porn. His firing may shape the future of free speech.

<ul class="summary-list"><li>The US Navy has been involved in combat operations in the Middle East for over a year.</li><li>In that time, Navy warships and aircraft in the region have fired $1.85 billion worth of munitions.</li></ul>The US Navy has fired off nearly $2 billion worth of munitions since it began intense combat operations in the Middle East a little over a year ago.Navy warships and aircraft on station in and around the Middle East expended $1.85 billion in munitions on fights in the region between October 7, 2023, to October 1, 2024, a Navy spokesperson confirmed to Business Insider on Thursday.The substantial figure covers the Navy's <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-strike-group-scored-over-100-kills-battling-houthis-2024-10">campaign against the Houthis</a> in the Red Sea, which is ongoing, and its efforts to defend Israel from attacks by Iran and its proxies, the official said. That defense includes two instances over the past year in during American warships operating in the eastern Mediterranean Sea shot down <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-warship-fires-interceptor-at-iran-ballistic-missiles-video-2024-10">Iranian ballistic missiles</a>.The Houthis began <a target="_blank" class="" href="https://www.businessinsider.com/houthis-getting-smarter-red-sea-attacks-ships-paying-the-price-2024-6">attacking merchant shipping lanes</a> in the Red Sea and the Gulf of Aden shortly after Hamas carried out its October 7 massacre in Israel, and they have also launched missiles and drones at Israel in protest of its devastating Gaza war.The Pentagon sent Navy warships to the Red Sea last fall. Since then, US forces operating in the region have routinely shot down <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-battles-best-iranian-tech-red-sea-admiral-2024-10">Houthi missiles and drones</a>, as well as carried out airstrikes against the Iran-backed rebels in Yemen.<div type="image" title="A fighter jet launching from the flight deck of an aircraft carrier at sea." height="3712" width="5568" msid="114826122" hostid="261" sizebytes="328528"></div>The US has also defended Israel from <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-missile-new-combat-got-another-workout-against-iran-2024-10">two massive Iranian attacks</a> over the past year. In both instances — the first on April 13 and then the second on October 1, less than six months later — US Navy warships operating in the Eastern Mediterranean Sea <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-warships-downed-iranian-missiles-massive-attack-on-israel-2024-10">fired interceptors to engage</a> Iranian ballistic missiles.The $1.85 billion accounts for <a target="_blank" class="" href="https://www.businessinsider.com/us-carrier-strike-group-fired-nearly-800-munitions-houthi-fight-2024-7">hundreds of munitions</a> launched from US warships and aircraft attached to them, including surface-to-air interceptor missiles, land-attack missiles, air-to-air missiles, and air-to-surface bombs. Some of these weapons cost several million dollars a piece.The Navy has previously <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-warships-fired-munitions-substantial-cost-fighting-houthis-2024-8">disclosed its munitions expenditure</a> cost for a single carrier strike group. The Wall Street Journal first <a target="_blank" class="" href="https://www.wsj.com/politics/national-security/pentagon-runs-low-on-air-defense-missiles-as-demand-surges-7fc9370c?st=a13xHW&amp;reflink=article_copyURL_share">reported </a>this latest, notably higher figure for American naval operations under US Central Command this week.The $1.85 billion does not cover Navy engagements after October 1. However, US forces continued to battle the Houthis in the weeks since, including <a target="_blank" class="" href="https://www.businessinsider.com/b-2-stealth-bombers-join-red-sea-fight-bomb-houthis-2024-10">carrying out airstrikes</a> against rebel sites in Yemen, meaning the cost of munitions expenditure has only increased.<div type="image" title="The guided-missile destroyer USS Gravely launches a Tomahawk missile" height="667" width="1000" msid="114826124" hostid="261" sizebytes="12232"></div>The figure underscores the growing financial toll of the Navy's Middle East operations, including the high-tempo counter-Houthi campaign which <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-stuck-red-sea-battle-cant-fight-houthis-forever-2024-6#:~:text=US%20Navy%20warships%20are%20stuck,they%20can't%20fight%20forever&amp;text=The%20US%20Navy%20has%20spent,sight%2C%20raising%20questions%20about%20sustainability.">shows no signs of ending</a> and other defensive operations. The high cost has raised questions about sustainability and concerns over <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-burns-through-key-missiles-needed-for-china-fight-2024-10">stockpiles of interceptor missiles</a>, like the Standard Missile-3.When a reporter asked about potential SM-3 shortages this week, a Pentagon spokesperson declined to discuss readiness levels and stockpiles."I think we do a pretty good job of managing our capabilities around the world to ensure that we have what we need, where we need it, to support not only our operations plans but also crises and contingencies," Maj. Gen. Pat Ryder said at a Tuesday press briefing."We've demonstrated that on multiple occasions throughout the Middle East, whether it's supporting the defense of Israel, protecting the freedom of navigation in the Red Sea, or addressing threats throughout the Middle East and other places," he added.

The US Navy fired nearly $2 billion in weapons over a year of fighting in the Middle East

<ul class="summary-list"><li>EY has fired dozens of staff in the US over code of conduct breaches, the FT first reported.</li><li>The staff watched multiple online training courses simultaneously, the report said.</li></ul>The accounting and consultancy giant EY has fired dozens of US staff, accusing them of breaching internal ethics codes, <a target="_blank" class="" href="https://www.ft.com/content/dff2246e-e949-4cfb-833d-a8e38ba1e7da">the Financial Times reported.</a>The dismissals took place last week after an investigation found that the staff had watched multiple online training courses simultaneously during "EY Ignite Learning Week" in May, the FT reported.EY said in a statement shared with Business Insider that a number of employees had violated the company's global code of conduct."At EY, our core values of integrity and ethics are at the forefront of everything we do. Any violation of our Code of Conduct and/or US Learning Policy will not be tolerated," it said."Appropriate disciplinary action was recently taken in a small number of cases where individuals were found to be in violation of our global Code of Conduct and US Learning Policy."By watching the courses, the EY employees scored continuing professional education credits, of which they are required to achieve 40 in a year.The sessions included "How strong is your digital brand in the marketplace?" and "Conversing with AI, one prompt at a time," according to the FT.Several of the fired EY employees told the FT that they did not believe they were violating any internal policies by watching multiple courses at once. They said that there had been no warning that watching courses simultaneously was not allowed and that multitasking was part of EY's culture.According to the FT report, the firm has since changed internal guidance for EY Ignite events. An email about a two-day training event in August informed staff that they were "expected to complete this learning activity with integrity, including being present for all content and class interactions."The consulting giant has tightened internal procedures since the US Securities and Exchange Commission <a target="_blank" class="" href="https://www.businessinsider.com/ey-ethics-exam-cheating-record-100m-fine-big-four-2022-6">fined it $100 million for a series of breaches related to staff cheating on exams.</a>The SEC said hundreds of EY accounting staff shared answers to exam questions "over multiple years." EY was also accused of withholding evidence from the SEC while the matter was under investigation. The penalty was the largest ever imposed against an audit firm, <a target="_blank" class="" href="https://www.sec.gov/newsroom/press-releases/2022-114">the SEC</a> said.Similar reprimands have also been issued to other Big Four firms. Earlier in 2024, US regulator the Public Company Accounting Oversight Board fined <a target="_blank" class="" href="https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-imposes-record--25-million-fine-on-kpmg-netherlands-and-bars-a-firm-leader-after-exam-cheating--misinforming-investigators">KPMG's Dutch business $25 million</a> over staff cheating on exams, while <a target="_blank" class="" href="https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-imposes--2-million-in-fines-on-deloitte-indonesia-and-deloitte-philippines--bars-firm-leader-after-exam-cheating">Deloitte's affiliates in Indonesia and the Philippines</a> were also fined for similar breaches.Are you an EY employee? Contact this reporter in confidence at <a target="_blank" href="mailto:pthompson@businessinsider.com">pthompson@businessinsider.com</a>

EY fired staff for an ethical breach after they watched multiple online training courses at the same time

Sure, Wall Street. Go ahead. Ride the dragon.There was a moment of grace on Tuesday for investors, market analysts, and finance's top brass when Beijing <a target="_blank" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">announced measures</a> to try to reinvigorate China's croaking economy. Pan Gongsheng, a governor of the People's Bank of China, the country's central bank, announced that 800 billion yuan, or about $114 billion, would be injected into the stock market. Policymakers also said they were discussing raising a fund designed to stabilize stocks and announced rules allowing Chinese banks to keep less money in reserve, freeing up 1 trillion yuan to go out asloans. They also lowered the People's Bank of China's medium-term lending rate and key interest rates for banks and customers. Homebuyers can also now put less money down on their purchases — an attempt to breathe life into China's moribund property market.The immediate reaction from Wall Street was all-out jubilee. Since the pandemic, China's leader, Xi Jinping, has done little to stop the bleeding in the country's property market or to get China's ailing consumers to start spending money again. The <a target="_blank" href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> lost nearly a quarter of its value. <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-recession-economy-american-companies-profits-trade-war-2024-9">American companies in China are getting crushed</a>. Foreign investors are pulling record amounts of money out of the country. This week's announcements sent Wall Street into a state of rapture, hoping that the Chinese Communist Party is now, as in years past, prepared to catch a falling knife. The Golden Dragon index — a collection of Nasdaq-traded companies that do most of their business in China — rallied 9% following the announcements. Financial-news talking heads heralded this as a clear sign from Beijing that policymakers were getting real about stopping China's descent into a deflationary funk. There would be more mergers and acquisitions! Lower rates could mean more private-equity activity! The famous Beijing "bazooka" could finally be on the way!But honey, they are delusional.Xi's Beijing lacks the will and the power to turn China's economy around. At the heart of its problems is a lack of consumer demand and a property market going through a deep, slow-moving correction. Xi is ideologically opposed to jump-starting consumer spending with direct stimulus checks. No will. As for the power, Goldman Sachs estimated that <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-15/china-real-estate-crisis-private-builders-face-553-billion-gap-to-finish-homes?sref=E0nAM78N">returning China's apartment inventory to 2018 levels</a> would require 7.7 trillion yuan. China's property market is so overbuilt and indebted that the trillions in stimulus needed to fix the problem — and make the local governments that financed it whole again — would make even a rapacious fundraiser like <a target="_blank" href="https://www.businessinsider.com/how-much-sam-altman-wants-seven-trillion-openai-compare-costs-2024-2">OpenAI CEO Sam Altman blush</a>. The "stimulus" China's policymakers are offering is a drop in a well, and they know that. Wall Street should too. But I guess they haven't learned.The measures the CCP announced are intended to make it easier for Chinese people to access capital and buy property, but access to debt is not the problem here. People in the country do not want to spend money because they are already sitting on large amounts of real-estate debt tied to declining properties. Seventy percent of Chinese household wealth is invested in property, which is a problem since analysts at Société Genéralé found that housing prices have fallen by as much as 30% in Tier 1 cities since their 2021 peak. Land purchases helped fund local governments so they could spend on schools, hospitals, and other social services — now that financing mechanism is out of whack. Sinking prices in these sectors, or what economists call deflation, has spread to the wider economy. The latest consumer price inflation report showed that prices rose by just 0.3% in August compared to the year before, the lowest price growth in three years, prompting concerns that deflation will take hold, spreading to wages and killing jobs. Given that context, many Chinese people are not eager to spend. Consumers are trading down to <a target="_blank" href="https://www.businessinsider.com/china-economy-so-bad-people-wont-buy-cheap-alibaba-items-2024-7">cheaper products</a>, and second-quarter retail sales grew by only 2.7% from the previous year. In a recent note to clients, the business surveyor China Beige Book said that business borrowing had barely budged since all-time lows in 2021, during the depths of the pandemic. Bottom line: It doesn't matter how cheap and easy it is to access loans if no one wants to take one out."These mostly supply-side measures would certainly be helpful if the problem in China was that production was struggling to keep up with growth in demand," Michael Pettis, a professor of finance at Peking University and a Carnegie Endowment fellow, said in a recent post on X. "But with weak demand as the main constraint, these measures are more likely to boost the trade surplus than GDP growth."The most direct way to spur demand in a deflating economy is to send checks to households. But again, <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-recession-economy-american-companies-profits-trade-war-2024-9">Xi doesn't want to do that</a>. The Chinese president <a target="_blank" href="https://archive.nytimes.com/sinosphere.blogs.nytimes.com/2013/10/30/a-lonely-passion-chinas-followers-of-friedrich-a-hayek/">is a follower of the Austrian economist Friedrich Hayek</a>, who believed that direct stimulus distorts markets and leads to uncontrollable inflation. This flies in the face of what economists would recommend for China's situation, but those who criticize the way Xi does things <a target="_blank" href="https://www.businessinsider.com/zhu-hengpeng-china-economist-disappears-after-criticizing-xi-jinping-wechat-2024-9">tend to disappear</a>.It's clear that Beijing's recent moves won't solve China's core economic problems. And Wall Street's excitement misses another key problem: The measures aren't even all that big. Call it a bazooka or a blitz or whatever, but this stimulus is tiny compared with what we've seen from the CCP in the past. In 2009, the government <a target="_blank" href="https://www.businessinsider.com/get-ready-for-a-epic-stimulus-spending-out-of-china-in-the-final-couple-weeks-of-december-2009-12">dropped 7.6 trillion yuan</a> to save the economy during the global financial crisis. In 2012, it <a target="_blank" href="https://www.reuters.com/article/business/china-approves-157-billion-infrastructure-spending-idUSBRE88613D/">dropped $157 billion</a> on infrastructure projects. In 2015, it injected over $100 billion into ailing regional banks and devalued its currency to <a target="_blank" href="https://www.businessinsider.com/china-currency-devaluation-a-sign-of-weakness-2015-8">boost flagging exports</a>. The CCP has shown that it's willing to take dramatic action to stabilize the economy. The price of that action, though, is massive debt built up all over the financial system, held especially by property companies, state-owned enterprises, and local governments. In the past, monetary easing calmed gyrations in the financial system, but growth has never been this slow, and debt has never been this high. The problem does not match the price tag here.The Chinese Communist Party has a bubble on its hands, and it doesn't want to blow much more or see it burst in spectacular fashion. Plus, there's Xi, who seems fairly uninterested in restructuring the property market. He wants government investment to focus on developing frontier technology and boosting exports to grow the economy out of its structural debt problems. But those new streams of income have yet to materialize for China, and establishing them will take time and working through trade conflict, principally with the US and the European Union. Consider the easing measures we're seeing as something like a moment for markets to catch their breath — a respite from what has been a constant stream of bad economic news. But a respite is all it is.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

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