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Buying a new home has always been stressful, but somewhere before the messy stuff — the loan applications, inspections, contracts, and wire transfers — there was joy in the house hunt.Maybe you'd start by poking around Zillow before a Realtor friend hears you're in the market for a change of scenery. She might offer to spend her Sunday driving you around to a few homes. No pressure, she'd say — her services are free. You float through living rooms and bedrooms, orchestrating home makeovers in your head. Maybe you find a house you like; maybe you don't. That evening, you and your agent chat about next steps over a glass of wine. The headaches come later; at this point, it's all about possibilities.As of Saturday, those carefree days are gone. Now, before a real-estate agent so much as opens a door for you, they'll probably ask you to sign what's known as a buyer-representation agreement. The contract will lay out the terms of their services and how much they expect to be paid. This kind of agreement used to be optional, at least so early in the game, and most agents decided it wasn't worth the hassle. They reasoned that because of the way agents' commissions were structured, buyers didn't really have to worry about those details, and they feared — maybe correctly — that the formality would scare off potential clients. Now they no longer have a choice.The new rule, which is part of a sweeping legal settlement, promises to <a target="_blank" class="" href="https://www.businessinsider.com/homebuyers-real-estate-revolution-nar-lawsuits-new-rules-realtors-agents-2024-4">fundamentally rewire the housing market</a>. It'll force buyers to think seriously about how their agents get paid, something they rarely had to consider in the past. Some buyers could find themselves <a target="_blank" class="" href="https://www.businessinsider.com/bad-real-estate-agents-realtors-homebuyers-sellers-housing-market-2023-7">legally bound to a clumsy agent</a> or on the hook for thousands of dollars. Real-estate agents, on the other hand, may struggle to get would-be clients to sign on the dotted line. Those who can't "communicate value" — a catchphrase among brokers that basically means "convince buyers that your services are worth a few months' pay" — <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-agents-realtors-reckoning-housing-market-home-sales-slow-2023-4">risk flunking out of the business</a>. This may sound like a huge headache for both parties, but there are real upsides. Buyers may be more likely to vet their options before settling down with an agent, and many could actually spend less on commissions. Those who panic at the prospect of paying their agent out of pocket will almost certainly be able to find workarounds.One thing is clear: Casual home shopping is a thing of the past."It's a huge behavior change for Realtors," Laura Ellis, an executive at Baird &amp; Warner, a Chicago-area real-estate brokerage, told me recently. "It's the biggest change in over 100 years."Home sellers have always had to think, at least in passing, about agent commissions. The typical seller hires an agent who agrees to market the home in exchange for a cut of the sale price (usually between 5% and 6%). The seller's agent then lists the home on a multiple listing service, a local database where other agents can find details on homes for sale, and promises to split their commission with the buyer's agent. Let's say the seller brings in $500,000 from the deal. They'll hand 5%, or $25,000, to their agent, who then gives half, or $12,500, to the buyer's agent. A buyer might stress over a down payment and grumble over shelling out a few thousand dollars for title insurance, but they never had to sweat the money changing hands between agents.The power of the multiple listing service ensured the payments flowed this way. A seller's agent was required to offer some compensation to the buyer's agent when posting a home on the database, and while it could technically be as little as $1, most stuck with the status quo of 2.5% to 3% of the sale price. I've written a lot about <a target="_blank" href="https://www.businessinsider.com/real-estate-agents-lawsuits-buy-sell-homes-forever-housing-market-2023-6">why the system worked this way</a>, but the important thing to know is that it exposed the industry to all kinds of accusations. Critics complained that it made no sense for a seller, who hopes to collect the highest possible price, to funnel a percentage to the buyer's agent. They also feared that buyers' agents might <a target="_blank" href="https://www.businessinsider.com/real-estate-agent-commissions-steering-hiding-homes-housing-market-lawsuits-2024-3">"steer" clients away from homes</a> that dared to offer less than the going rate. They argued that MLS rules discouraged negotiations and forced buyers and sellers to pay too much in commissions.At the center of this system was the National Association of Realtors, the powerful industry group that effectively controls about 97% of local multiple listing services, oversees roughly 1.5 million agents who pay to be members, and pretty much sets the ground rules for buying and selling homes in America. A few years ago, a group of disgruntled sellers sued the NAR, claiming that they'd been strong-armed into paying the customary 5% to 6% of the sale price in commissions. Last October, the plaintiffs <a target="_blank" href="https://www.businessinsider.com/lawsuits-verdict-realtors-brokerages-real-estate-agents-home-buying-selling-2023-11">scored a surprise victory</a> in the first case to reach trial. As <a target="_blank" href="https://www.businessinsider.com/real-estate-antitrust-lawsuits-verdict-agent-commissions-nar-future-homebuying-2023-12">more suits piled up</a>, it became clear that the NAR would need to cut a deal. In March, the organization agreed to <a target="_blank" class="" href="https://www.businessinsider.com/national-association-realtors-lawsuit-settlement-housing-market-homebuying-agents-commissions-2024-3">pay $418 million to settle</a>. It also agreed to update the rules governing local multiple listing services and agents who use them.That brings us to Saturday, Aug. 17. As of that date, agents can no longer advertise commissions on the MLS, which means the databases can no longer be used as a cudgel to make sure agents get paid the typical commission. The catch is that listing agents can still technically offer commissions to buyers' agents pretty much anywhere else — on their websites, over the phone, on billboards if they want to. This could allow for business as usual: A listing agent might still offer to split a commission with the buyer's agent through any of these alternate avenues. But in order to keep using the MLS, buyers' agents will have to abide by another rule that will further upend the old way of doing things. Before they can even tour a home with a client, any agent who uses a Realtor-controlled MLS — which, again, is most of them — will have to get the client to sign an agreement that spells out a few things. First, the agent will have to say how much they expect to be paid. This could be a percentage of the purchase price, like 2.5%, but it could also be a flat fee or even an hourly rate. It just has to be a clear amount, not contingent on what the seller is offering. And unless both sides agree to amend the contract, the buyer's agent can't receive more than that amount down the line; if a seller offers 3% but the buyer's agent agrees to only 2.5%, the buyer's rep has to either turn down that extra money or pass it along to their client. The NAR has maintained that buyers were free to negotiate commissions even before the lawsuits. But now that's much more likely to happen.Again, a seller may still offer to pay the commission of the buyer's agent as long as that offer is not made through the MLS. But they may choose not to offer anything at all, an option that could work out well for both parties. That's because buyers, in their offers to sellers, can ask to get some money back so they can pay their agent directly. This is what's known as a seller credit, and the nonprofit Consumer Advocates in American Real Estate recommends that buyers ask for it if they don't want to pay their agent out of pocket. Sellers may agree to it in the interest of getting a deal done, especially since it could result in savings for both sides. In the old days, a seller might have unthinkingly offered a commission of 2% or even 3% to the buyer's agent. But if you, as a buyer, negotiate a fee for your agent of only 1%, you're basically saving the seller — and yourself — money.But these workarounds are by no means guaranteed, especially in <a target="_blank" class="" href="https://www.businessinsider.com/hottest-states-to-buy-property-in-right-now-housing-biggerpockets-2024-8">hot real-estate markets</a>, and some in the industry fear that the quick fix of advertising commissions outside the MLS could open them up to more legal trouble down the line. In the meantime, more buyers may <a target="_blank" class="" href="https://www.businessinsider.com/new-rule-of-home-buying-fire-your-real-estate-agent-2024-4">choose to forgo an agent</a>, work out an alternative payment structure, or accept that they may have to fork over money to cover the gap between what they agreed to pay their agent and whatever the seller is willing to contribute.Other terms of the agreement will also be up to the buyer and their agent. They can decide which services the agent will provide and for how long; whether they want to maintain an exclusive relationship or allow the buyer to work with other agents; what to do if the arrangement sours and one party wants to walk away.The basic terms of a buyer-representation agreement should, in theory, be fairly simple to spell out: How much is the buyer going to pay, and for which services? But as with all modern contracts, there are complications. The Consumer Federation of America has raised concerns about the standard forms promoted by some state Realtor associations, saying even lawyers might struggle to parse the tiny typeface and thick legalese. It has argued that buyers risk agreeing to unnecessary fees or finding themselves legally bound to an agent who turns out to be a dud. After the California Association of Realtors, which has more than 180,000 members, unveiled a draft of its standard form, the CFA released a report written by Tanya Monestier, a professor of contract law at the University at Buffalo, that lambasted the draft as "virtually unreadable."Take, for instance, this section, which is meant to explain what happens if the same agent represents both the buyer and the seller:"ACCOUNTING FOR PAYMENTS TO BROKER IF BROKER ALSO REPRESENTS SELLER: Notwithstanding paragraph 2D(2), if Broker has a listing agreement with the seller of the property to be purchased, no credit toward Buyer's compensation obligation shall be given for the amount due Broker by seller for the compensation Broker is owed as the seller's agent. Buyer will pay the amount in paragraph 2D(1), less any amount offered by Broker to buyer's agents."Imagine 4,000 words of that. A tiny section that basically says "The buyer and the seller will each have to pay the agent separately" turns into word vomit."No buyer will understand this provision's meaning," Monestier wrote.The California association did end up making substantive revisions, and said in a statement that "the complexity of the agreement reflects the complexity of California real estate transactions." But the form is "still very lengthy," Monestier told me recently. "It's still very hard to slog through."Consumers may, understandably, be wary of signing a complex contract so early in the process, but the new setup has benefits. Sellers often interview several agents before picking the one who seems like they'll reel in the most lucrative offers. Buyers should similarly vet agents with an eye toward the bottom line. After all, internet-savvy buyers don't need agents' help to find houses anymore, Ellis, the brokerage executive in Chicago, told me. But they probably still want someone to hold their hand through the rest of the process. And if you're a buyer who just wants someone to open doors for you to get a sense of what's out there, Monestier said, you can hold off on signing with an agent and deal directly with sellers' agents.Ultimately, this is about ensuring that both a buyer and their agent enter the relationship with a clear understanding of what they'll get out of it. A buyer, Ellis said, might want to ask a prospective agent: "If I work with you, how are you going to get me the house that I want, the terms I want? How are you going to get me through this transaction as smoothly as possible?"The idea that sellers pay both agents' commissions has always been a clever sleight of hand. Buyer-representation agreements may be thorny, but at least they'll make it impossible for buyers to ignore the costs of using an agent. Real-estate agents, like people in any other job, provide a service. And nobody works for free.<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

The new homebuying rule that could save you thousands 

<ul class="summary-list"><li>The European Commission has accused Apple of stifling competition with its App Store policies.</li><li>Regulators say Apple is in breach of new tech rules by restricting alternative app promotions.</li></ul>The European Commission has <a target="_blank" href=" https://ec.europa.eu/commission/presscorner/detail/en/IP_24_3433">accused Apple</a> of stifling competition with its App Store.The European regulators say <a target="_blank" href="https://www.businessinsider.com/satya-nadella-sam-altman-openai-apple-microsoft-worried-about-deal-2024-5?mrfhud=true">Apple</a> is in breach of new tech rules laid out in the Digital Markets Act because it prevents app developers from steering customers to App Store alternatives.Under the European rules, developers should be able to freely inform customers of cheaper purchasing options and steer them toward the offers.The Commission says Apple's business terms don't allow developers to do this, citing limits on communication and information sharing within the app.Margrethe Vestager, an executive vice president of the European Commission, said: "Our preliminary position is that Apple does not fully allow steering. Steering is key to ensure that app developers are less dependent on gatekeepers' app stores and for consumers to be aware of better offers.""The developers' community and consumers are eager to offer alternatives to the App Store. We will investigate to ensure Apple does not undermine these efforts," she said.The regulators said they'd also opened a new probe into Apple's contractual requirements for third-party app developers and app stores.Apple said in a statement the company had made "a number of changes to comply with the DMA in response to feedback from developers and the European Commission.""We are confident our plan complies with the law, and estimate more than 99% of developers would pay the same or less in fees to Apple under the new business terms we created," a company spokesperson said.In March, the European Commission <a target="_blank" href="https://www.businessinsider.com/apple-slapped-with-whopping-fine-of-nearly-2-billion-2024-3">fined Apple 1.8 billion euros</a>, accusing it of abusing its market dominance. The regulators said Apple had restricted app developers from informing users about other, cheaper music services.Apple said in a <a target="_blank" href="https://affiliate.insider.com?h=bb2e11e03ad3ae9fa1bce858fe7d8d3f82e9499774dc576ab325904a70bda121&amp;postID=667929495c62a271edb82ed6&amp;postSlug=european-regulators-accuse-apple-of-breaching-new-rules-2024-6&amp;site=bi&amp;u=https%3A%2F%2Fwww.apple.com%2Fuk%2Fnewsroom%2F2024%2F03%2Fthe-app-store-spotify-and-europes-thriving-digital-music-market%2F">press release</a> at the time that it would appeal the decision.The company said the Commission reached the decision despite a "failure to uncover any credible evidence of consumer harm" and argued that the ruling ignored "the realities of a market that is thriving, competitive, and growing fast."

European regulators say Apple is in breach of new rules with its App Store

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Dan's still on PTO, so you're stuck with me for the day. If that's worsened your case of the Monday blues, daydreaming about moving to Italy to run an olive farm, <a target="_blank" href="https://www.businessinsider.com/couple-moved-italy-farm-cheap-remote-teacher-job-2024-8">like this couple did</a>, might help.In today's big story, we're talking about how <a target="_blank" href="https://www.businessinsider.com/new-homebuying-rule-sign-buyer-representation-agreement-realtors-lawsuit-settlement-2024-8">house hunting is changing</a>. A lot.What's on deck:<ul><li>Markets: Investors' frustration over hedge-fund fees <a target="_blank" href="https://www.businessinsider.com/hedge-fund-investors-push-back-on-talent-fees-2024-8">is reaching a fever pitch</a>.</li><li>Tech: Venture capitalists share <a target="_blank" href="https://www.businessinsider.com/vcs-share-summer-reading-list-2024-8">their summer reading lists</a>.</li><li>Business: WNBA fans are <a target="_blank" href="https://businessinsider.com/wnba-ticket-prices-caitlin-clark-indiana-fever-fans-higher-pay-2024-8">facing a dilemma</a>.</li></ul>But first, change is a good thing. Right?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Real estate gets real</h2><div type="image" title="Real estate agent and future home buyers gazing up at stack of documents with a house perched at the top" height="1500" width="2000" msid="112632629" hostid="261" sizebytes="126926"></div>As of Saturday, the days of casual house hunting are no more.Before this weekend, if you were on the market for a new house, a Realtor friend might have been willing to show you a few homes; no stress, no strings attached.Things are <a target="_blank" href="https://www.businessinsider.com/new-homebuying-rule-sign-buyer-representation-agreement-realtors-lawsuit-settlement-2024-8">going to look a lot different now</a>, writes Business Insider's James Rodriguez.Before you begin working with a Realtor, they'll probably ask you to sign a buyer-representation agreement that will outline the terms of their service and how much they expect to be paid.These sorts of contracts used to be optional, but due to rule changes by the National Association of Realtors, the agreements are now mandatory in almost all cases.The new rule is part of a sweeping legal settlement, James writes, and promises to fundamentally change the housing market.Buyers could find themselves legally bound to a clumsy agent. Agents could struggle to get potential clients to work with them. One thing's certain: The age of casual house hunting is over.<div type="image" title="Real estate agents run to get a deal on a house for sale." height="1000" width="2000" msid="112632631" hostid="261" sizebytes="249390"></div>The new rule makes home buying more complicated. But there's good news: It could also save you a lot of money.Searching for and buying a home has never been an altogether pleasant experience. The path to homeownership has long been paved with confusing rules, <a target="_blank" href="https://www.businessinsider.com/bad-real-estate-agents-realtors-homebuyers-sellers-housing-market-2023-7">challenging agents</a>, and <a target="_blank" href="https://www.businessinsider.com/buying-a-house-keeps-getting-more-expensive-nar-report-2024-5">high expenses</a>.The new rule might feel like it would add to the complication, but it does have some upsides, James writes. Buyers may be more likely to vet their agents before choosing one, and many could negotiate with their agent to get a better deal.Plus, buyers who don't like the thought of paying their agent out of pocket will likely be able to find workarounds.So while casual house hunting may be a thing of the past, if a homebuyer puts in a little bit of diligence, it may end up being a big win in the long run.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Wall Street is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/fed-interest-rate-cute-powell-jackson-hole-signal-us-economy-2024-8">fixated on Powell's speech </a>in Jackson Hole this week after his 'Volcker Moment' there 2 years ago</li><li>Democratic convention could <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/democratic-national-convention-preview-harris-gaza-war-protests-election-2024-8">extend Harris' honeymoon or kill the vibe</a></li><li>Saudi Arabia is on a high-stakes mission <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">to buy the world</a>.</li><li>Trump is trying to get <a target="_blank" href="https://www.businessinsider.com/trump-trying-get-2016-magic-corey-lewandowski-wants-kellyanne-conway-2024-8">his 2016 magic back</a>.</li><li>China is rapidly building an unusual assault ship with an apparent catapult system for launching aircraft, but its <a target="_blank" rel="noopener" href="https://www.businessinsider.com/chinas-unusual-assault-ship-was-rapidly-built-purpose-a-mystery-2024-8">purpose is still a mystery</a>.</li><li>The stock market's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-recession-outlook-economy-inflation-job-market-bull-rally-2024-8">dream scenario has been revived</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A hand holding several $100 bills, while two other hands grab at the money." height="1500" width="2000" msid="112632623" hostid="261" sizebytes="183534"></div><ol><li>The conversation around hedge-fund fees is reaching a fever pitch. Blame the talent. Hedge-fund investors are once again hyperfocused on the industry's most contentious topic: fees. This year was the first time the average fee rose in a decade. It's all thanks to the <a target="_blank" href="https://www.businessinsider.com/hedge-fund-investors-push-back-on-talent-fees-2024-8">ongoing talent war for portfolio managers</a>, and is pushing the industry to its limit.</li><li>Barbells aren't just for the gym. They're also a helpful investing strategy, particularly in the current market as stocks continue to fluctuate. <a target="_blank" href="https://www.businessinsider.com/barbell-investing-strategy-stocks-market-risk-big-tech-portfolio-volatility-2024-8">Three experts share how they're using the strategy</a> to balance risk in their stock portfolios.</li><li>The rise of legal sports betting comes with a cost. A new working study found that <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-investing-impact-legal-sport-betting-gambling-study-2024-8">people are diverting stock investments into legal gambling</a>. The researchers say household investments are reduced by roughly $2 for every dollar wagered — and it's had a disproportionately negative effect on lower-income households.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Spotify CEO Daniel Ek." height="475" width="594" msid="112632630" hostid="261" sizebytes="21920"></div><ol><li>Spotify makes its case to advertisers. Thanks to ad sales and subscriber growth, the music-streaming service recently reported its most profitable quarter ever. But its ad sales growth has slowed. <a target="_blank" href="https://www.businessinsider.com/leaked-deck-how-spotify-competing-for-video-ad-dollars-2024-8">A leaked Spotify deck</a> shows how it's pitching itself to advertisers.</li><li>Top VCs share their summer reading lists. BI asked European venture capitalists to dish on the books keeping them busy this summer. From a Chinese sci-fi novel to Booker T. Washington's autobiography, <a target="_blank" href="https://www.businessinsider.com/vcs-share-summer-reading-list-2024-8">here are the 16 books they picked</a>.</li><li>Apple's tabletop robot device could be a risky bet. The company is developing a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/apple-robot-home-device-ai-intelligence-new-product-analysts-2024-8">Siri-controlled robot</a> that would include a large display and robotic arm, Bloomberg reported. However, some analysts are skeptical about how successful the project will be, comparing it to Meta's discontinued Portal.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Logan Paul and images of Prime Hydration" height="1500" width="2000" msid="112632626" hostid="261" sizebytes="96082"></div><ol><li>Logan Paul's Prime Hydration is involved in a slew of lawsuits. The controversial YouTuber's energy-drink company was one of the hottest beverages on the market in 2022. Now, <a target="_blank" href="https://www.businessinsider.com/logan-paul-and-ksi-prime-hydration-lawsuits-list-of-cases-2024-8">Prime is the defendant in eight lawsuits</a>, ranging from allegations of breach of contract to class-action suits accusing the company of mislabeling the amount of caffeine in the drink.</li><li>WNBA fans are in a pickle. Supercharged by the success of players like Caitlin Clark and Angel Reese, the league is getting hotter. Fans are happy it's getting the attention it deserves, but soaring ticket prices and a changing culture have <a target="_blank" href="https://businessinsider.com/wnba-ticket-prices-caitlin-clark-indiana-fever-fans-higher-pay-2024-8">some worried they'll get left behind</a>.</li><li>Who can claim the middle class? VP candidates Tim Walz and J.D. Vance are each trying to win over middle-class voters. The problem? <a target="_blank" href="https://www.businessinsider.com/who-is-middle-class-jd-vance-tim-walz-are-targeting-2024-8">The American middle class doesn't really exist</a>. While tons of people earn somewhere in the middle of the income band, there isn't an official economic idea of what it means to be middle class.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Ukraine's invasion of Russia is showing how good it is at <a target="_blank" href="https://www.businessinsider.com/ukraine-invasion-russia-kursk-hitting-putins-weak-spots-2024-8">hitting Putin's weak spots</a>.</li><li>Why prediction markets are <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-harris-prediction-markets-polls-presidential-election-polymarket-024-8">more accurate than polls at predicting election results</a>.</li><li>Job seekers are getting increasingly bold by 'cheating' in interviews — <a target="_blank" href="https://www.businessinsider.com/job-application-ai-chatgpt-how-to-explained-careers-cheating-hiring-2024-8">and AI is making it worse</a>.</li><li>Disney is <a target="_blank" href="https://www.businessinsider.com/disney-cruise-line-expanding-new-ships-private-destination-2024-8">betting big on cruises</a>.</li><li>As interest rates fall, long-term CD rates won't stay above 4% APY for long. <a target="_blank" href="https://www.businessinsider.com/long-term-cd-rates-drop-soon-2024-8">What should you do with your cash</a>?</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>The 2024 Democratic National Convention starts today.</li></ul>The Insider Today team: Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York.

A new rule makes buying a home more complicated — but it could also save you a lot of money

<ul class="summary-list"><li>Starbucks' new CEO, Brian Niccol, will commute between his home in California and company HQ in Seattle.</li><li>Niccol has been granted the use of Starbucks' corporate jet to make this possible.</li></ul>Starbucks' new boss, Brian Niccol, appears set to join the ranks of so-called super commuters by traveling nearly 1,000 miles between his home in California and company HQ in Seattle.In Niccol's offer letter, Starbucks confirmed that he could stay at his home in Newport Beach, California, and commute the 995 miles to head office using the coffee giant's jet. The letter was made publicly available in <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/829224/000119312524200724/d848513dex101.htm">a Securities and Exchange Commission filing</a> from August 11.It was previously unclear how often Niccol would be required to be in Starbucks' main office, but <a target="_blank" class="" href="https://www.cnbc.com/2024/08/20/starbucks-new-ceo-brian-niccol-will-supercommute-to-seattle-instead-of-relocating.html">according to a CNBC report</a>, he will "exceed" the company's hybrid work guidelines, which require staff to be in the office three days a week."Brian's primary office and a majority of his time will be spent in our Seattle Support Center or out visiting partners and customers in our stores, roasteries, roasting facilities and offices around the world," a Starbucks spokesperson told CNBC."His schedule will exceed the hybrid work guidelines and workplace expectations we have for all partners."He has additionally been granted $250,000 a year in personal travel allowances, the SEC letter shows.Niccol will be reimbursed for the cost of temporary accommodation and will be provided with a driver until permanent secondary housing is secured in Seattle up to three months after he begins in September.The company will also set up a remote office in the CEO's hometown with an assistant of his choice.In his new position, <a target="_blank" href="https://www.businessinsider.com/brian-niccol-pay-millions-starbucks-ceo-office-california-stock-options-2024-8">the base salary is $1.6 million a year</a>, with an annual bonus ranging from more than twice to over four times his salary, depending on the company's performance, per <a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0000829224/1b8dd1fc-dd9d-4cbc-b9b1-6ee1e0cd2c5a.pdf">another SEC filing</a> detailing Niccol's employment terms.Niccol will receive a $75 million equity grant over the next three years to compensate for his departure from his previous role as CEO of Chipotle.He also got a $10 million signing bonus and annual stock awards worth up to $23 million, set to be distributed from next year.His total compensation package may reach $113 million, one of the highest such executive deals for a publicly traded company in history.Starbucks did not immediately respond to a request for comment from Business Insider.

Starbucks' new CEO will have the use of a private jet from California to Seattle every week to meet its RTO rules

<ul class="summary-list"><li>The Biden Administration is reportedly to introduce new powers to block exports to Chinese chipmakers.</li><li>The rule aims to curb China's AI development but excludes shipments from key allies, per Reuters.</li></ul>The US Government is reportedly to announce new rules expanding its power to <a target="_blank" href="https://www.reuters.com/technology/new-us-rule-foreign-chip-equipment-exports-china-exempt-some-allies-sources-say-2024-07-31/">block the export</a><a target="_blank" class="" href="https://www.reuters.com/technology/new-us-rule-foreign-chip-equipment-exports-china-exempt-some-allies-sources-say-2024-07-31/"> of semiconductor manufacturing</a> equipment to Chinese chipmakers, in its latest bid to undercut China's efforts to develop AI.The new rules would affect countries including Israel, Taiwan, Singapore and Malaysia, Reuters reported Wednesday, <a target="_blank" class="" href="https://www.reuters.com/technology/new-us-rule-foreign-chip-equipment-exports-china-exempt-some-allies-sources-say-2024-07-31/">citing two sources familiar with the rule</a>.But Reuters reported that sources said the rule will exclude shipments from allies, including Japan, South Korea, and the Netherlands.Shares of the Dutch firm ASML soared after the Reuters report, jumping <a target="_blank" class="" href="https://www.cnbc.com/2024/07/31/us-reportedly-will-exempt-allies-from-china-chip-controls-asml-shares-rise.html">as much as 10% on Wednesday</a>. ASML is one of the world's leading suppliers for the semiconductor industry.Japanese semiconductor equipment maker Tokyo Electron also saw a share boost after the report.The US Commerce Department did not immediately respond to a request for comment from Business Insider, made outside normal working hours.The US has been trying to undercut China's AI efforts for some time, restricting access to <a target="_blank" rel="" class="editor-rtfLink" href="https://www.businessinsider.com/ai-taiwan-china-chip-war-2024-6">powerful AI chips</a>.AI is among the technologies China's leader, Xi Jinping, has been pushing to boost the country's economy. However, Beijing has introduced strict censorship laws and <a target="_blank" href="https://www.businessinsider.com/chatgpt-made-fake-chinese-press-release-shocking-residents-china-ban-2023-2">blocked large language models such as ChatGPT</a>.Similar to the country's <a target="_blank" class="" href="https://www.businessinsider.com/china-great-firewall-censorship-under-xi-jinping-2018-3">"Great Firewall"</a> that restricts access to information, Chinese chatbots already dodge questions about the 1989 Tiananmen Square massacre and comparisons between <a target="_blank" rel="" class="editor-rtfLink" href="https://www.businessinsider.com/chinas-chatgpt-reportedly-bans-users-from-mentioning-winnie-the-pooh-2023-5">Xi Jinping and Winnie the Pooh.</a>As BI reported in June, internal Chinese Communist Party documents show the country's vision for highly censored large language models that can <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-ai-wreak-havoc-america-world-economy-2024-6">shape reality and enforce its power</a>, something that could <a target="_blank" class="" href="https://www.businessinsider.com/china-government-ai-tech-chatbots-censorship-socialist-values-ccp-2024-7">prove lucrative for Beijing.</a>

The US is about to introduce a new rule to clamp down on AI chip equipment exports to China, Reuters reports

Last summer, when I told my then-girlfriend that I had just hired a real-estate agent to help me buy an apartment, her response annoyed me: "Sounds like a scam."I didn't understand her suspicions. She had never purchased a home, and as a lawyer, I just assumed I knew how the system worked: The buyer has an agent, but the seller pays a commission (typically 6% of the sale price) that's split between their agent and the buyer's agent. So it's like I get free help to guide me through the morass of homebuying.I quickly learned how foolish I was, and how right she was. Three months later, when I bought my Brooklyn apartment, I ended up being my own agent. In the coming years, with real-estate agents facing pressure from sites like Zillow and from the National Association of Realtors' agreeing to an industry-shifting <a target="_blank" href="https://www.businessinsider.com/national-association-realtors-lawsuit-settlement-housing-market-homebuying-agents-commissions-2024-3">$418 million price-fixing settlement</a> in March, it's likely that a lot more people will do what I did and represent themselves. That's because commission splitting may soon be a thing of the past.If you're thinking about buying a home, ask yourself the following three questions: Do you have an internet connection? Do you have at least a seventh-grade reading level? Do you like saving money? If you answer yes to all three, you're in fantastic shape to be your own agent.I wish someone had told me this before my house-hunting journey began.The thought of buying a home has always terrified me, but as New York City <a target="_blank" href="https://www.businessinsider.com/apartment-rent-increases-landlords-antitrust-lawsuits-real-estate-software-realpage-2024-4">rents</a> were ticking up by the millisecond in a historic housing crisis, I felt like it was now or never.For months I searched on my own, first zeroing in on my ideal neighborhood and then fumbling through the harrowing math exercise of deciding just what my price limit was. I even made custom maps on StreetEasy, plotting down to the block where I envisioned my future life.But having grown up hearing the NYC apartment market likened to the Hunger Games, I had no idea how to actually go from <a target="_blank" href="https://www.businessinsider.com/housing-market-mistake-buyers-sellers-mortgage-rates-time-to-buy-2024-3">looking to buying</a>, and — I thought at the time — I desperately needed help. So when a close friend vouched for an agent who had represented her in several deals, I was ecstatic.Then I met my agent, and things began to feel off.The best part of having an agent was realizing just how much I had already figured out on my own. He said he'd want to know what my "requirements" and "nice to haves" were, so I made a chart, listing dozens of items. At least 900 square feet: requirement. In-building gym: nice to have. In-unit laundry: really nice to have. Looking at the list and the map, the agent told me what I'd known months before meeting him: "You might need to be more flexible." Strike one for Captain Obvious. But also: Wasn't an agent there for my pickiness? I knew that what I wanted was at the very outer limit of my budget, especially at a time with <a target="_blank" href="https://www.businessinsider.com/real-estate-agent-commissions-steering-hiding-homes-housing-market-lawsuits-2024-3">record-low inventory</a>. But my list of "must haves" truly were the things I needed for buying an apartment to make sense. The list was already a small fraction of what I would have written when I started looking (farewell, pipe dreams of river views and sprawling private decks). And where I looked had already expanded far beyond the spots I ideally wanted. I wasn't asking for the impossible, just something very particular and very hard to find. Wasn't that the whole point of having an agent, someone paid to pluck for you your <a target="_blank" href="https://www.businessinsider.com/baby-boomers-millennials-large-homes-inventory-affordability-election-2024-4">personal paradise</a> from the endless haystack of units you don't want or can't afford?Rather than find this magical listing, however, my agent went into sales mode, trying to explain to me why I should settle for places I had already ruled out. He was always very responsive and polite (until he wasn't, more on that later), sending me leads as soon as he saw something promising come on the market. But with a few exceptions, the "leads" my agent "found" were always things I'd already seen on StreetEasy, sometimes weeks earlier. Strike two.In fairness, all agents have a disadvantage here, because the internet has come to democratize homebuying. For many years, even though sites like Realtor.com existed, buyers were at the mercy of agents to know what was for sale. This was because, a 2005 antitrust lawsuit from the US Department of Justice lays out, Realtors used their control of the listing services to strangle the nascent online housing market and punish agents who listed homes publicly. All that ended in 2008, when a massive settlement opened up the floodgates of public listings. These days, most agents largely have the same listings the rest of us do.So my agent wasn't going to find me my <a target="_blank" href="https://www.businessinsider.com/why-cant-millennials-buy-homes-first-time-buyers-mortgage-rates-2023-12">dream house</a>, and the work of hunting was basically on me. But I still needed his expertise to vet the apartment and negotiate a deal that would surely come with reams of byzantine paperwork. Didn't I?According to Stephen Brobeck, a senior fellow at the Consumer Federation of America, many of us don't. Homebuying, he says, is "not rocket science." But the real-estate industry has made it hard for many buyers to understand just how little having an agent can help. "I call it the 'Alice in Wonderland' world, because things are not as they seem. And when you understand them, they don't make much sense."For me, I finally climbed out of the rabbit hole and woke up when my agent led me into a bidding war.The apartment was bright, airy, just a few blocks from McCarren Park, and more than 1,200 square feet — practically a mansion by Williamsburg standards. But there were worrying signs. The unit's bottom floor was below street level, and the block itself was in a flood zone. After touring the unit with the agent, I had a bunch of questions. The inquiries I parroted, most of which I'd learned from Googling, were pretty straightforward: Any pending or anticipated building repairs, assessments, or compliance measures? For example, in New York City, larger buildings need to periodically erect costly scaffolding to inspect their facade — you want to know if that's around the corner. But to almost every due-diligence question I asked, my agent said, "That's something for the lawyers in diligence."It turned out that almost all the things that really concerned me — from the condo association's financial health to the building's historical flood data — were to be investigated after the sale had been negotiated, after my agent had done his part. Despite my concerns, <a target="_blank" href="https://www.businessinsider.com/housing-market-bubble-home-prices-stay-high-crash-real-estate-2024-2">my agent</a> prodded me to go for a bid. He kept telling me that the apartment might sell very quickly, that we had to move soon. So we put in a bid. And when I saw it, I was shocked — not at the amount, but at the document. The whole thing was maybe a third of a page, summarizing the apartment's location, the amount of the offer, and a few other easy-to-understand details (like cash offer or mortgage). I was expecting something massive, confusing, and formal, but, again, it turned out that was for later, something for a lawyer to review, not the agent. I've read tweets from reply guys longer than the bidding document.The bid almost worked. It was down to me and one other buyer, someone very similarly situated and with a similar bid, according to my agent.This is when he finally struck out. When I made my bid, I went to the absolute maximum of what I felt comfortable spending, leaving zero wiggle room. But now my agent said that wasn't enough. He knew my finances and kept telling me how he knew I could afford to go higher. "What's 50k really going to mean to you over the lifetime of the apartment?" But I knew that was $50,000 more than I was willing to spend, $50,000 more than I thought it was worth. Buying a house can make even the largest sums seem negligible if you're not careful. But $50,000 is still $50,000. When I held firm, my agent couldn't hide his exasperation. He said something about me needing to "get serious." I realized he wanted the deal to go through more than I did. After all, that was the only way he got paid.I lost the bidding war, and a couple months later I was cosmically relieved I had. During record-breaking rains in <a target="_blank" href="https://www.businessinsider.com/city-state-budget-shortfall-deficit-california-denver-boston-new-york-2024-4">New York City</a> last fall, the corner with that apartment flooded several feet above street level. I imagined just how awful it would have felt to have overextended myself to buy that apartment only to end up financially and literally underwater.Brobeck described the real-estate industry as "rife with conflicts of interest," including many scenarios far worse than what I faced. Where my agent was merely pushy, others have gone on to "double-dip" on payments from both buyers and sellers, to drive up the price their client pays to increase the commission, and even share confidential information from one client with another. The National Association of Realtors' own 2015 report says, "The real estate industry is saddled with a large number of part-time, untrained, unethical, and/or incompetent agents."I didn't want to pay someone who I felt was working against me, especially when I didn't see what they were bringing me in return. So I fired the agent and had a go on my own. I typed up my own bid form (all of 174 words) and kept an eye on StreetEasy, and a few weeks later I toured an open house.The price was out of my budget, but the unit had been sitting on the market for a few months. So I came in with a low bid, the sort of tactic my agent had discouraged. Rather than toss it out, the seller and I negotiated. By the time they said "best and final," the seller had carved six figures off the asking price. Not bad for my first negotiation. Just before closing, while on a walkthrough with the seller's agent, I asked how my representing myself had affected things. He was candid: "Not splitting the commission meant they could do $50,000 lower." Like so many sellers, the prior owners had baked my agent's 3% commission into the selling price, and without it, I could save the difference. $50,000 is $50,000.The <a target="_blank" href="https://www.businessinsider.com/lawsuits-verdict-realtors-brokerages-real-estate-agents-home-buying-selling-2023-11">class-action settlement with the NAR</a> is going to make it a lot harder for sellers to be forced to pay for buyers' agents. Going forward, for people like me without an agent, a savvy seller may pay just 3% of the sales price to their own agent instead of 6% to be split with a buyer's agent. Some homebuyers may still want an agent, especially those who don't feel comfortable representing themselves or don't have the time, but faced with the prospect of paying directly for agents who offer less and less of an edge, I expect many more people will go their own way, and save tens of thousands of dollars in the process. Experts estimate that nationwide, after the NAR settlement, buyers may save up to $30 billion a year.A few weeks after I moved into my new apartment, I ran into my ex-girlfriend. I told her I had bought a place, and she was thrilled for me. Then I sheepishly added: "So, that whole agent thing, turns out you're right. It was a scam after all." She just beamed more broadly.<a target="_blank" rel="" href="https://www.businessinsider.com/author/albert-fox-cahn">Albert Fox Cahn</a> is the founder and executive director of the Surveillance Technology Oversight Project, or STOP, a New York-based civil-rights and privacy group.

The new first rule of home buying: fire your realtor

<keyword id="20190045" type="General" weightage="20" keywordseo="Industry-body" source="keywords">Industry body</keyword> <keyword id="21568150" type="General" weightage="20" keywordseo="SME-Chamber-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="SME Chamber of India" meta.hostid="261" meta.entityid="SME Chamber of India">SME Chamber of India</keyword> has urged <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to continue the 45-day <keyword id="21233021" type="General" weightage="100" keywordseo="MSME-payment-rule" source="keywords">MSME payment rule</keyword> for <keyword id="20008810" type="General" weightage="20" keywordseo="corporates" source="keywords">corporates</keyword> and other buyers. According to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword>, introduced through the <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman. The industry body argued that this provision serves as a powerful incentive for companies to adhere to payment timelines, thereby supporting the financial health of MSMEs. "Many MSMEs are NPA victims of corporates, who are buying from them and not dealing through the TReDs platform. Most of the corporates and multinational companies are forcefully insisting to deregister from the Udyam Portal and insisting not to deal through the TReDs platform," SME Chamber stated. The industry body also urged the finance minister to consider providing Rs 5 crore loans under the "Differential Rate of Interest" scheme for micro and <keyword id="20569966" type="General" weightage="20" keywordseo="small-enterprises" source="keywords">small enterprises</keyword>. It suggested changing the NPA definition from 90 days to 180 days for the MSME sector. The chamber also sought the setting up of a task force to review various issues, hurdles, grievances and difficulties faced by MSMEs for availing credit facilities and the lack of approach by the financial institutions towards enhancement of credit flow to the MSME sector.

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

<ul class="summary-list"><li>The Biden administration proposed the first-ever national heat protection standards for workers.</li><li>The rule targets about 35 million workers in industries like construction and agriculture.</li></ul>The Biden administration on Tuesday proposed the first-ever national standards for protecting workers <a target="_blank" href="https://www.businessinsider.com/extreme-heat-already-ruining-summer-travel-going-to-get-worse-2024-6">during excessive heat</a>.The rule, if finalized, would affect about 35 million workers across the country in industries like construction, agriculture, delivery, landscaping, and utility line repair. Workers in restaurants and factories where there isn't <a target="_blank" href="https://www.businessinsider.com/more-expensive-cool-home-this-summer-extreme-heat-energy-bills-2024-6">access to air conditioning</a> could also be covered by new requirements for employers.The Occupational Safety and Health Administration has to accept public comments before drafting a final regulation in the coming months. If finalized, Republican-led states and business groups are likely to sue the administration to block the rule, and a <a target="_blank" href="https://www.businessinsider.com/supreme-court-decisions-chevron-sec-federal-government-regulations-2024-6">string of recent Supreme Court rulings</a> curtailing federal agencies' power could also make it harder for regulations to survive legal challenges. Former president <a target="_blank" class="contextual_link" href="https://www.washingtonpost.com/donald-trump/?itid=lk_inline_manual_4">Donald Trump</a> would likely block the rule from becoming final if he wins a second term in November.The proposal comes as millions of indoor and outdoor workers have been exposed to record-setting heat waves this summer. On Tuesday, more than 75 million Americans were under heat alerts, <a target="_blank" href="https://www.washingtonpost.com/weather/2024/07/01/july-heat-wave-records-california-plains/">according to the National Weather Service</a>. The climate crisis is causing more frequent, intense, and longer-lasting heat waves in major cities across the US, <a target="_blank" href="https://www.epa.gov/climate-indicators/climate-change-indicators-heat-waves">federal climate scientists have found.</a>"Heat is a problem and a growing one," Acting Labor Secretary Julie Su told Business Insider. "For workers, it's not just inconvenient or uncomfortable, it's it's actually potentially deadly. So we are doing this because no worker should have to do a job that's life threatening."More than <a target="_blank" href="https://www.bls.gov/opub/ted/2023/36-work-related-deaths-due-to-environmental-heat-exposure-in-2021.htm">436 workers died on the job due to heat exposure</a> between 2011 and 2021, according to the Bureau of Labor Statistics. Nearly 34,000 workers suffered heat-related injuries that required time away from work.OSHA <a target="_blank" href="https://www.osha.gov/sites/default/files/Heat-SBREFA-Panel-Report-Full.pdf">last year said these figures</a> are "vast underestimates" because the definition of a heat-related illness varies by jurisdiction and there's a lack of recognition that heat is a "causal or contributing factor to illness." That leads to inconsistent reporting by medical professionals and employers also underreport these cases, OSHA said. The agency has been criticized by worker safety advocates for failing to conduct more heat inspections, as well.<h2 id="14dfce0d-efe0-4cb1-8a79-194e931cb77d">What will employers have to do and when?</h2>OSHA is <a target="_blank" href="https://www.osha.gov/sites/default/files/Heat-NPRM-Final-Background-to-Sum-Ex.pdf">proposing two heat index thresholds</a> that kick in requirements for employers. The heat index is what the temperature feels like to the human body when humidity is combined with the air temperature.Employers with workers exposed to 80 degrees Fahrenheit either indoors or outdoors would have to regularly monitor the temperature and create an injury and illness prevention plan that details how to respond when workers express symptoms of heat illness.Access to drinking water, a shaded or cool break area, and rest breaks would be required. So would an "acclimatization" plan that ensures new employees can gradually adjust to the heat, such as slowly increasing their workload or giving them 15-minute rest breaks every two hours."Notably, acclimatization is the leading killer among the different factors related to heat illness," a senior administration official said. "So 3 out of 4 workers who die on the job due to heat-related heat illness die on that first week and on the job."At 90 degrees additional requirements kick in, including checking in with workers on the job alone, mandatory paid rest breaks every two hours, and a hazard alert system that reminds employees how to stay safe.The rule doesn't cover government employees or emergency responders.<h2 id="6167b0e1-2511-4f69-aafb-3c56d772f05b">Didn't Texas and Florida block heat safety mandates?</h2>Yes, Texas and Florida have blocked local ordinances aimed at protecting workers during extreme heat.A Florida law that took effect on July 1 bars cities and counties in the state from imposing their own rules on business, like requiring water breaks — something Miami-Dade County considered last year.Texas Gov. Greg Abbott <a target="_blank" href="https://www.businessinsider.com/texas-extreme-heat-construction-crews-lose-breaks-water-2023-6#:~:text=A%20new%20Texas%20law%20will,crews%20as%20extreme%20heat%20rises&amp;text=The%20heatwave%20across%20the%20Southwest,breaks%20under%20a%20new%20law.">last year also signed a law</a> that preempts local labor, agriculture, environmental, and other policies that don't align with state codes. Critics said the law overrode the few protections that construction workers in Austin and Houston were guaranteed, including 10-minute breaks every four hours to drink water and rest in the shade. Abbott said the goal was to prevent a patchwork of different rules that would be confusing for businesses.A senior administration official said OSHA's proposal, if finalized, would apply to all states including Texas and Florida.Su said she's talked to workers in Texas and Florida, who've asked what a nationwide standard would mean for them. She's reassured them that federal rules would apply in those states, too."This rule is meant to make sure that in every state, employers know what the standard is," Su said. "I hear this all the time from employers that having consistency and predictability is very, very important."<h2 id="26ac1ada-9094-40f8-aee8-b760857d72ff">Do any states already have heat protection laws?</h2>Yes. Five states have laws that aim to protect employees exposed to heat: Minnesota, California, Washington, Oregon, and Colorado.A senior administration official said OSHA's proposal is similar to standards that have been successful in those states.California has had its law on the books since 2006. Washington and Oregon created worker protections after several farm workers died during a heat wave in June 2021.A senior administration official said OSHA will review state plans to ensure they are at least as effective as the federal rules.<h2 id="a94ffa62-a517-438e-9e33-6b3a930128f0">Are businesses opposed to OSHA's rule?</h2>The Guardian <a target="_blank" href="https://www.theguardian.com/environment/2023/jul/31/heat-protections-workers-big-business-lobbies#:~:text=Big%2Dbusiness%20lobbyists%2C%20including,implement%20workplace%20heat%20protection%20standards.">reported </a>that some groups representing agriculture and construction companies have lobbied against state and federal efforts to enact heat protection standards. These groups, including the American Farm Bureau Federation and the Construction Industry Safety Coalition, argued that the requirements could be too complex and costly.But groups that represent farmworkers who pick fruits and vegetables in extreme heat in states like California, Arizona, and Florida have pressured OSHA for years to enact a federal standard.A senior administration official said OSHA also convened a national advisory committee of construction representatives comprised of management and labor interests."That group voted unanimously that we proceed expeditiously with rulemaking," the official said. "So while we may not agree on the contents of the proposal, there are fair number of of employer groups out there that that recognize the importance of a level playing field when it comes to a heat rule."Are you a business owner or worker who would be affected by heat protection rules? Contact this reporter at <a target="_blank" href="mailto:cboudreau@businessinsider.com">cboudreau@businessinsider.com</a>.

Extreme heat is affecting workers this summer. New federal rules would require bosses to provide rest, water, and shade.

<ul class="summary-list"><li>Mark Zuckerberg criticized Apple for iOS restrictions that impact what Meta's apps can do.</li><li>Zuckerberg advocated for open-source AI models, opposing Apple's closed-system approach.</li></ul>Mark Zuckerberg sounds tired of having to navigate Apple's restrictions.The Facebook cofounder called out Apple in a <a target="_blank" class="" href="https://about.fb.com/news/2024/07/open-source-ai-is-the-path-forward/#:~:text=One%20of%20my,generation%20of%20computing.">blog post</a> published on Meta's website on Tuesday announcing the newest Lllama AI models."One of my formative experiences has been building our services constrained by what Apple will let us build on their platforms," Zuckerberg wrote."Between the way they tax developers, the arbitrary rules they apply, and all the product innovations they block from shipping, it's clear that Meta and many other companies would be freed up to build much better services for people if we could build the best versions of our products and competitors were not able to constrain what we could build," he added.The Meta CEO has been pouring billions into trying to make sure the same thing doesn't happen again.Zuckerberg is betting big on both the metaverse and AI as the future technology where people will spend their time, and Meta is developing its own AI and software to power the AR and VR headsets, such as the Quest lineup, used to access the metaverse."On a philosophical level, this is a major reason why I believe so strongly in building open ecosystems in AI and AR/VR for the next generation of computing," Zuckerberg said in the blog post.Apple's approach is different. The company prefers the "walled garden" approach, which gives it tight control of its ecosystem. Apple has said this helps give the best user experience and is better for safety and privacy.For its upcoming generative AI features, Apple Intelligence, the company opted to partner with OpenAI to begin with, but also developed many of its own AI features. While Apple has said it's open to integrating other third-party AI models in the future, such as Google's Gemini, the company reportedly <a target="_blank" class="" href="https://www.businessinsider.com/apple-meta-ai-deal-not-happening-bloomberg-wall-street-journal-2024-6">snubbed Meta's AI in early talks</a> over data privacy concerns.Zuckerberg expanded on his critique of Apple in <a target="_blank" class="" href="https://youtu.be/Vy3OkbtUa5k?si=9IB4lsiBrz8xgqHL&amp;t=1205">an interview</a> with AI news YouTuber Rowan Cheung, also published Tuesday. He said that while he doesn't think Apple will necessarily be "in the wrong place" for AI, he believes that open-source models should — and will — be the standard."They absolutely, from my perspective, apply different rules to kind of limit what we can do," he said, referring to Apple.Zuckerberg said he doesn't consider himself an "open-source zealot," but he has previously <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-singular-ai-god-agi-comments-2024-6">slammed closed-source AI companies</a> and those trying to build a singular AGI "God."He also clearly hasn't forgotten the roughly <a target="_blank" class="" href="https://www.businessinsider.com/facebook-blames-apple-10-billion-loss-ad-privacy-warning-2022-2">$10 billion</a> revenue hit Meta's apps took when Apple introduced new privacy prompts in 2021 that asked iPhone users to choose which <a target="_blank" class="" href="https://www.businessinsider.com/apple-ios-145-privacy-changes-spark-low-opt-in-rates-and-falling-ad-prices-2021-5">apps had permission to track</a> their behavior for advertising purposes. Meta's CFO at the time, David Wehner, said that the iOS update hurt Facebook's ad revenue."I think it's a little bit soul-crushing when you go build features that are what you believe is good for your community, and then you're told that you can't ship them because some company wants to put you in a box," Zuckerberg said.While Zuck acknowledged that Apple's dominance in the mobile industry has made a convincing case for a closed model, he pointed to PCs as a more open model that easily rivaled Apple systems."Compared to the Apple approach of coupling your operating system with the device, the Windows approach was a more open ecosystem," he said. "And it won."And Zuckerberg hopes Meta will also be on the winning side. He said he wants to "restore the industry" to a state where open ecosystems become the leading model — and for Meta to be at the forefront."That's something that I just personally and philosophically care about," Zuckerberg said. "Given the kind of limits on creativity that I've felt have sort of been applied to our industry by the closed model of mobile development."

Mark Zuckerberg is tired of playing by Apple's rules

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The Centre has amended the <keyword id="8725745" type="General" weightage="20" keywordseo="Surrogacy-rules" source="Orion">surrogacy rules</keyword> 2022 allowing married couples to use an egg or sperm of a donor in case one of the partners is suffering from a medical condition. The <keyword id="20697462" type="General" weightage="20" keywordseo="district-medical-board" source="keywords">District Medical Board</keyword> has to certify that either the husband or wife is suffering from a medical condition necessitating the use of donor gamete. "In case when the District Medical Board certifies that either husband or wife constituting the intending couple suffers from a medical condition necessitating use of donor gamete, then surrogacy using donor gamete is allowed," the notification issued on Wednesday said. The surrogacy using donor gamete is allowed subject to the condition that the child to be born through surrogacy must have at least one gamete from the intending couple, it stated. This means if both the partners have medical problems or are unable to have their own gametes they cannot opt for surrogacy. "<keyword id="19908986" type="General" weightage="20" keywordseo="single" source="keywords">Single</keyword> women (widow or divorcee) undergoing surrogacy must use self-eggs and donor sperm to avail surrogacy procedures," the notification read. The amendment came after the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> last year received petitions from women across the country after it allowed a woman with a rare congenital disorder to avail surrogacy with a donor egg. The Centre had in March 2023 issued a notification banning donor gametes for couples intending to undergo surrogacy.

Surrogacy rules changed, couples with medical condition can use donor gametes

<ul class="summary-list"><li>Last year, the SEC mandated that public companies disclose material cybersecurity incidents.</li><li>Cybersecurity experts explained the rule, which can be confusing for company executives.</li></ul>Investors <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-a-cyber-attack">consider cyberattacks one of the biggest threats to business</a>. The incidents can cost companies millions of dollars, damage their reputations, <a target="_blank" class="" href="https://www.pwc.com/kz/en/pwc-news/what-new/investors-put-cybersecurity.html">diminish trust with investors</a>, and affect their share prices.Though cyberattacks are <a target="_blank" href="https://www.gao.gov/cybersecurity">occurring more frequently</a>, investors don't always understand their scope or how to factor them into their investing strategies, said Hugh Thompson, the executive chairman of the <a target="_blank" href="https://www.businessinsider.com/rsa-conference-best-practices-securing-5g-iot-devices-2024-5">RSA Conference</a>, a global cybersecurity gathering.To ensure investors have access to timely, relevant information about cybersecurity events, the US Securities and Exchange Commission last year adopted <a target="_blank" class="" href="https://www.sec.gov/newsroom/speeches-statements/gerding-cybersecurity-disclosure-20231214">rules requiring public companies to disclose details about "material cybersecurity incidents,"</a> or those likely to <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-global-it-outage-one-defective-it-update-sparked-chaos-2024-7">affect a company's operations</a>, finances, legal obligations, or reputation."These types of cybersecurity incidents have a real impact, potentially, on shareholder value," Kate Dedenbach, a privacy and cyber attorney at Fisher Phillips in Detroit, told Business Insider. "The SEC's goal is to provide investors with more robust and timely information about cybersecurity incidents so they can make more knowledgeable investment decisions."Thompson said that while the regulations were well meaning, they'd been confusing to chief information-security officers and others tasked with assessing cyber incidents. He said this was a common concern among <a target="_blank" href="https://www.businessinsider.com/rsa-conference-us-national-security-5g-infrastructure-ai-anne-neuberger-2024-5">attendees at the RSA Conference</a> in May.In January, <a target="_blank" href="https://affiliate.insider.com?h=7ea93943421ee09ecc063ab20182a0e5cd655eb602ca051d3fc9e2e5baae85a2&amp;postID=66d72882f12d26d0131892d1&amp;postSlug=what-to-know-about-sec-cybersecurity-rules-and-guidance&amp;site=bi&amp;u=https%3A%2F%2Fwww.microsoft.com%2Fen-us%2Fsecurity%2Fblog%2F2024%2F01%2F25%2Fmidnight-blizzard-guidance-for-responders-on-nation-state-attack%2F">Microsoft disclosed a cyberattack</a> on its senior executives' email accounts and said hackers were able to access the company's network. That month, the mortgage lender <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1831631/000183163124000011/pressrelease.htm">LoanDepot also disclosed an attack</a> in which hackers took control of company data. But a <a target="_blank" href="https://www.forbes.com/sites/bobzukis/2024/03/04/companies-are-already-not-complying-with-the-new-sec-cybersecurity-incident-disclosure-rules/">Forbes report</a> suggested the companies didn't include all the SEC-required information, such as a description of the attack's material impact.Here's what leaders of public companies should know about the regulations.<h2 id="992d7a04-260d-41a1-b5b0-3aa9ef6f517a">The final rule builds on previous guidance</h2>In 2011 and 2018, the SEC issued guidance for public companies to disclose cybersecurity risks and incidents. But the agency said disclosures were inconsistent."This made it difficult for investors to quickly locate information about risks," said Lei Zhou, a research scholar at the University of Maryland's business school who coauthored <a target="_blank" href="https://www.rhsmith.umd.edu/research/sec-cites-smith-research-new-cybersecurity-disclosure-rules-public-companies">research</a> that the SEC cited in the final rule.She said the 2023 final rule standardized the process for disclosing information and made disclosures a "binding requirement.""When a company can choose not to report or choose to report, the investor can't fully understand what's going on with a company," Zhou said.Still, organizations' reports will differ. She said investors could use differences in companies' disclosures to help make investment decisions.<h2 id="6965b16b-3a7c-4ca7-b7ae-859a7eb676c6">The first step is determining materiality</h2>Public companies are required to disclose any "material cybersecurity incident," or something likely to affect their financial condition or operations. This can include <a target="_blank" class="" href="https://www.businessinsider.com/cybersecurity-ai-mobile-app-data-protection-2024-3">the release of customers' personal information</a> or internal communications or the shutting down of a company's systems."The thought process is 'Would a reasonable investor consider this important when making their investment decision?'" Dedenbach said. "That's what determines whether it's material."She said the concept of materiality is well known in SEC reporting regulations but acknowledged that it might be new to CISOs."We have a lot of experience and standards around understanding business risk," said Steve Winterfeld, the advisory CISO of Akamai Technologies, a cloud computing, security, and content-delivery company. "What we don't know is if you lose a customer database, what is the risk to the investor?"He said CISOs are now tasked with working with legal and financial teams to <a target="_blank" class="" href="https://www.businessinsider.com/insurance-fraud-artificial-intelligence-detection-2023-10">define materiality for their organization</a> and then determine whether a cyberattack meets those criteria.Zhou said that determining materiality could be challenging, as some elements, like reputational damage, may take time to quantify. Ultimately it's up to companies to decide what affects their operations and business profile.<h2 id="58ce7e50-468d-4c3f-9f6b-6426aefc9173">There's a timeframe for disclosures</h2>The SEC says that <a target="_blank" class="" href="https://www.businessinsider.com/ai-secure-5g-networks-combat-cyber-threats-2024-5">determining a cybersecurity incident's materiality</a> should be done "without reasonable delay" but doesn't specify a timeframe. Once materiality is determined, organizations must report the incident within four business days, including its nature, timing, and scope as well as its material impact on the business."The best course of action is to start a timeline when an event happens," Dedenbach said, "so you can make a defensible position about when you determine materiality."Winterfeld said <a target="_blank" class="" href="https://www.businessinsider.com/how-companies-can-respond-to-cybersecurity-risks-after-layoffs-2024-9">cyberattacks often develop over several days or weeks</a> and can take several weeks to investigate. But Zhou said the SEC was relying on companies using their best judgment to comply in good faith and find "a balance between having an accurate disclosure and a timely disclosure."The SEC says companies can delay disclosure if a cybersecurity incident poses a substantial risk to national security or public safety.The final rule also requires companies to submit an annual disclosure about cybersecurity risk management, strategy, and governance, such as whether members of their boards have cybersecurity expertise.<h2 id="b13cfa15-9780-43e7-9218-84802bf7a075">Create a plan to streamline compliance</h2>Thompson suggested developing a plan for assessing cyber incidents and determining their materiality. Winterfield said such a plan should outline who should do what, define materiality for the company, and involve core stakeholders, including security, information, and legal teams.Zhou said extensive documentation is vital in case the SEC later asks for more explanation or details. The SEC hasn't specified the penalties for noncompliance.Zhou added that as companies disclose their material cyber incidents, the SEC is likely to issue more guidance and clarification, and the regulations are likely to evolve.But she said the final rule was a step in the right direction to help enhance cybersecurity and minimize attacks. Dedenbach predicted it would increase investments in technology and demand for people with cybersecurity and technology expertise."The investors are watching," Zhou said, "and the SEC is watching closely."

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