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<ul class="summary-list"><li>Parents and children seem to be top of mind for both the Harris and Trump campaigns.</li><li>The Harris-Walz campaign has proposed multiple tax credits fo parents, and Vance has backed a $5,000 credit.</li></ul>The 2024 election has already taken myriad twists and turns, but candidates' platforms are finally taking shape — and it looks like parents are top of mind for both.Vice President Kamala Harris, the Democratic nominee, and running mate Tim Walz have proposed multiple measures to put more money into parents' pockets.One is catered toward parents of newborns; under the <a target="_blank" href="https://www.businessinsider.com/child-tax-credit-new-parents-cut-taxes-harris-economic-policy-2024-8">Harris-Walz plan</a>, middle and lower-income families would get a $6,000 tax credit in their children's first year of life. Harris and Walz are also proposing restoring the enhanced child tax credit, which rose to $3,600 under President Biden's American Rescue Plan. After that measure initially lapsed, <a target="_blank" href="https://www.businessinsider.com/child-poverty-rate-america-congress-cut-biden-expanded-tax-credit-2023-9">5 million children fell into poverty</a>."We know this works and has a direct impact on so many issues, including child poverty. We know it works," Harris said in <a target="_blank" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/08/16/remarks-by-vice-president-harris-at-a-campaign-event-in-raleigh-nc/">campaign remarks</a>. "So, as president, I'll not only restore that tax cut but expand it."As governor of Minnesota, Walz helped <a target="_blank" href="https://mn.gov/governor/newsroom/press-releases/?id=639617">boost the state's child tax credit</a> to $1,750 per child — the highest in the country, per the <a target="_blank" href="https://www.startribune.com/what-you-need-to-know-to-receive-minnesotas-1750-child-tax-credit-this-tax-filing-season/600357870">Minnesota Star Tribune</a>. An August accounting by the state found that 215,000 tax returns claimed the credit, with families receiving, on average, $1,244 per child.The Trump-Vance campaign is also seemingly eyeing its own version of a child tax credit expansion. Vance, Trump's running mate, has <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-expanded-child-tax-credit-proposal-pro-family-2024-8">floated</a> a potential $5,000 child tax credit — over <a target="_blank" href="https://www.irs.gov/newsroom/tax-time-guide-2024-what-to-know-before-completing-a-tax-return">double the current maximum amount</a>."I'd love to see a child tax credit that's $5,000 per child," Vance said on CBS's "Face the Nation." "But you, of course, have to work with Congress to see how possible and viable that is."Historically, Vance has <a target="_blank" href="https://www.businessinsider.com/jd-vance-family-policies-birth-rates-childcare-tax-credits-2024-7">expressed concern</a> about falling birth rates, and has thrown his support behind policies that would make giving birth free and that would ensure parents aren't penalized for quitting their jobs to stay at home with newborns.It's less clear where Trump himself stands on the issue, although a Trump campaign official <a target="_blank" href="https://www.semafor.com/article/08/16/2024/the-2025-tax-war-starts-early-as-harris-and-trump-vie-over-child-credit">told Semafor's Joseph Zeballos-Roig</a> that Trump will "consider a significant expansion of the child tax credit that applies to American families." The Trump campaign did not respond to BI's request for comment on expanding the child tax credit; <a target="_blank" class="" href="https://rncplatform.donaldjtrump.com/?_gl=1*tjbswk*_gcl_au*NzczNzk2NDcyLjE3MjQxNjA5MjI.&amp;_ga=2.25565885.1632800722.1724160922-392098144.1724160922">the GOP 2024 platform says</a> that Trump and Republicans would make permanent a <a target="_blank" href="https://www.taxpolicycenter.org/briefing-book/how-did-tcja-change-taxes-families-children">child tax credit expansion</a> from his sweeping 2017 tax package.However, both proposals would hinge upon Congressional action — and, so far, that hasn't led to much movement, even with bipartisan support. A <a target="_blank" href="https://www.businessinsider.com/enhanced-child-tax-credit-parents-passes-house-business-tax-relief-2024-1">tax package</a> from Senator Ron Wyden, a Democrat and the chair of the Senate Finance Committee, and Representative Jason Smith, the Republican House Ways and Means Committee chair, would have bolstered the child tax credit to $2,000 by 2025. That proposal garnered bipartisan support — and passed the House — but did not make it past a Senate vote.In fact, as Wyden noted, Vance did not show up to the vote for that package."If JD Vance sincerely gave a whit about working families in America, he would have shown up in the Senate a week and a half ago and voted for my proposal to expand the child tax credit and help 16 million low income kids get ahead," Wyden said in a statement after Vance backed an expanded child tax credit. "He didn't even care enough to use his platform to call on his Senate Republican colleagues to support it."Would an enhanced child tax credit impact your life or finances? Contact this reporter at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

One thing both campaigns agree on: bring back money for parents

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition, a roundup of some of our top stories. Ford's CEO took a different route to landing his most recent ride: <a target="_blank" href="https://www.businessinsider.com/ford-ceo-driving-xiaomi-su7-electric-vehicles-ev-2024-10">flying it in from Shanghai</a>. Here's the lowdown on the <a target="_blank" href="https://www.businessinsider.com/xiaomi-su7-chinese-ev-features-specs-photos-ford-ceo-2024-10">Xiaomi Speed Ultra 7</a>, the car Jim Farley doesn't want to give up.Check out tomorrow's edition of Insider Today for the first in a series focused on what a Trump or Harris presidency would mean for your finances.On the agenda today:<ul><li>Our interactive map shows what cars are <a target="_blank" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">most popular where you live</a>.</li><li>Millennials are making <a target="_blank" href="https://www.businessinsider.com/millennials-big-money-mistake-holding-cash-not-buying-stocks-investing-2024-10">a massive financial mistake</a>.</li><li>Business Insider's list of the <a target="_blank" href="https://www.businessinsider.com/ai-power-list-2024">most powerful people in artificial intelligence</a>.</li><li>As Walgreens and 7-Eleven falter, <a target="_blank" href="https://www.businessinsider.com/pharmacy-cvs-walgreens-problems-desert-7-eleven-convenience-store-2024-10">America is turning into a shopping wasteland</a>.</li></ul>But first: A tech CEO puts an end to employees working <a target="_blank" href="https://www.businessinsider.com/bolt-ceo-memo-remote-work-office-policy-2024-10">remotely from Bali</a>.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><h2 id="11850be2-84e0-4d2d-bc14-a7b71271d9fa">The end of WFB (Work From Bali)</h2><div type="image" title="3d illustration of a laptop with pool items on top." height="1904" width="3809" msid="114655902" hostid="261" sizebytes="210714"></div>The CEO of European startup Bolt wants employees to get off the beach and back to the office.In a <a target="_blank" href="https://www.businessinsider.com/bolt-ceo-memo-remote-work-office-policy-2024-10">memo to staff</a> seen by Business Insider, Markus Villig said all staff would be required to work from the office 12 days a month starting January.Bolt is far from the first tech company to call workers back to the office. (<a target="_blank" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">We've got a running list here</a>.) Villig's memo cited improved collaboration and idea generation as reasons for more IRL work, as others have done.What made Villig's memo especially eye-catching is that he went further, saying the policy would put an end to the "insanity of working remotely from places like <a target="_blank" href="https://www.businessinsider.com/moved-to-bali-workcation-struggles-work-tourists-friends-2024-9">Bali</a>.""That is a vacation not what we hired them to do," he said.<h2 id="8de1f093-db58-438e-a296-ab09ff92ad5c">The United States of Automobiles</h2><div type="image" title="Illustration of Cars moving, making the American Flag." height="1500" width="3000" msid="114655717" hostid="261" sizebytes="225306"></div>You are what you drive — and we've got the data to prove it. Business Insider combed through 1.7 million listings and analyzed thousands of makes and models to understand what drives America.From our political affiliations to aesthetic preferences, our interactive data provides a comprehensive road map of America's automotive psyche. No other choice we make as consumers conveys more information about how we see ourselves and how we wish to be seen.<a target="_blank" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">Buckle up and take our data for a spin</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/america-most-popular-car-models-state-city-county-geography-2024-10">Check out the cars your neighbors love most</a></li><li><a target="_blank" href="https://www.businessinsider.com/why-car-colors-boring-black-white-gray-cost-cutting-2024-10">Cars used to be really colorful. What happened</a>?</li><li><a target="_blank" href="https://www.businessinsider.com/car-models-owned-by-republicans-democrats-american-politics-jeep-2024-10">What does our choice of vehicle reveal about our political preferences</a>?</li></ul><h2 id="69bad2e5-a5bf-4ba9-b958-e3eff00ffc5b">Millennial money mistake</h2>Thanks to the popularity of meme-stocks trading and zero-day options, young investors are often labeled as wild speculators. Data from the Federal Reserve paints a different story. As of June 30, millennials had 19% of their total financial assets in cash, the most of any generation.Despite being in their prime investing years, the Great Recession and the COVID-19 pandemic have made millennial investors risk-averse — and that could set them back in the long run.<a target="_blank" href="https://www.businessinsider.com/millennials-big-money-mistake-holding-cash-not-buying-stocks-investing-2024-10">Why millennials should stop playing it safe</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/inflation-hidden-cost-work-salary-negotiation-boss-conflict-2024-10">Prices are improving. So why is everyone still so worked up about inflation</a>?</li></ul><h2 id="8d221ec2-a40e-4d73-80e7-638d6c30f428">The AI Power List</h2><div type="image" title="Colorful shapes" height="800" width="1600" msid="114655723" hostid="261" sizebytes="98368"></div>For the second year running, Business Insider released its list of the most powerful people in artificial intelligence and machine learning. The 2024 AI Power List honors people hoping to effect change and solve problems across the industry.From Google to Groq, and OpenAI to xAI, the nominees are working on challenges and opportunities across AI: Making computing infrastructure more efficient, overcoming energy constraints, and guiding how this technology will change the world.<a target="_blank" href="https://www.businessinsider.com/ai-power-list-2024">These are the most powerful people in AI</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">Amazon's AI data center dream runs into the reality of 'zombie' facilities, higher costs, and labor shortages</a></li><li><a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">Inside Amazon's nuclear ambitions, its 'Piano Man' project, and CEO Andy Jassy's support</a></li></ul><h2 id="dc96d953-8312-4bf5-8432-dfb9ba5779e5">Convenient no more</h2><div type="image" title="A lone shopping basket sitting on an empty store shelf" height="1500" width="2000" msid="114655720" hostid="261" sizebytes="347136"></div>Last week, Walgreens announced it would shutter 1,200 stores over the next three years, the latest casualty of a nationwide "retail apocalypse."A perfect storm of external factors — like the rise of e-commerce and the convoluted way Americans pay for healthcare — helped usher in the corner drugstore's demise. It's turning the country into a shopping wasteland.<a target="_blank" href="https://www.businessinsider.com/pharmacy-cvs-walgreens-problems-desert-7-eleven-convenience-store-2024-10">RIP, OTC</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/pharmacies-drugstores-closing-leaves-empty-locations-real-estate-challenge-2024-10">The US is facing a drugstore graveyard as stores close. Filling the leftover spaces is the next challenge</a>.</li></ul>This week's quote:"Microsoft has really disappointed so many of our customers."— Salesforce CEO Marc Benioff as <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">competition between the two companies heats up</a>.More of this week's top reads:<ul><li>More than 1,000 older Americans <a target="_blank" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">shared their biggest life regrets</a>.</li><li>To work at Google, you must embody "Googleyness." <a target="_blank" href="https://www.businessinsider.com/best-google-interview-googlyness-soft-skills-advice-2024-10">Here's what that means</a>.</li><li>Building more weird homes could help <a target="_blank" href="https://www.businessinsider.com/home-prices-america-should-build-weird-houses-apartments-real-estate-2024-10">bring down housing prices</a>.</li><li>Americans are quitting their jobs at the lowest rate in years. <a target="_blank" href="https://www.businessinsider.com/raises-promotions-harder-get-low-quit-rates-interest-rates-2024-10">It's bad news for job seekers</a>.</li><li>Resume stalking on LinkedIn can help you <a target="_blank" href="https://www.businessinsider.com/how-to-find-career-job-harvard-expert-linkedin-resume-2024-10">reverse-engineer the career you want</a>.</li><li>More employers say they don't care if you went to college, but <a target="_blank" href="https://www.businessinsider.com/employers-dropping-degree-requirements-slow-to-hire-for-skills-2024-10">most still seem to</a>.</li><li>Medicare coverage will change in 2025. <a target="_blank" href="https://www.businessinsider.com/medicare-changes-increase-costs-deductibles-prescription-drugs-premiums-copays-2024-10">Some boomers are already struggling to keep up with bills</a>.</li><li>Disney's CEO plan sparks speculation around <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-ceo-succession-plan-questions-2024-10">Bob Iger's drawn-out succession</a>.</li><li>How The Wall Street Journal's editor is <a target="_blank" href="https://www.businessinsider.com/wall-street-journal-editor-emma-tucker-interview-peter-kafka-2024-10">remaking the paper</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" class="" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. Grace Lett, editor, in Chicago. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York.</li></ul>

Insider Today: Millennial money mistake

<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>Once upon a time, Americans could use certain apps to get cheaper prices and services.</li><li>The so-called millennial lifestyle subsidy offered convenience, but its relative rewards have faded.</li></ul>Sarah Manley, 31, was facing sticker shock.Manley, an artist and musician in Baltimore, was a loyal Airbnb user before the pandemic. When she emerged from lockdown and looked on the platform for a short-term stay, she was shocked by how much prices had risen. Indeed, Airbnb's <a target="_blank" href="https://s26.q4cdn.com/656283129/files/doc_financials/2022/q4/Airbnb-Q4'22-Earnings-Call-Transcript.pdf">average daily rate</a> rose by 36% from 2019 to the end of 2022.Manley opted for a hotel. Short-term rentals aren't the only habit she's ditched. She isn't using ride-hailing services like Uber and Lyft anymore. She's found that parking at the airport for a few days is actually cheaper than the round-trip fare."If I was using rideshares and the delivery apps and everything the way I was, I would run out of money each month," she said.Manley is one of many American adults adjusting to life after the so-called <a target="_blank" href="https://www.businessinsider.com/silicon-valley-millennial-lifestyle-subsidy-2023-7">millennial lifestyle subsidy</a>: a cadre of apps and services that launched in the 2000s and 2010s and earned the loyalty of a generation by offering convenience and low prices to things that may have been out of reach before. Think Uber, <a target="_blank" href="https://techcrunch.com/2023/09/29/wonder-group-blue-apron-acquisition/">Blue Apron</a>, <a target="_blank" href="https://www.businessinsider.com/wework-startup-failure-benchmark-insight-partners-venture-capitalists-learned-nothing-2023-4">WeWork</a>, <a target="_blank" href="https://www.businessinsider.com/san-francisco-food-delivery-startup-sprig-is-shutting-down-2017-5">Sprig</a>, and <a target="_blank" href="https://www.businessinsider.com/flywheel-sports-filing-for-bankruptcy-and-closing-all-studios-2020-9">Flywheel</a>. Subsidized by their venture-capital backers, the brands sought to attract as many customers as possible, hoping profits would follow.But as inflation and higher interest rates have pushed prices up and <a target="_blank" href="https://www.businessinsider.com/how-vc-has-changed-in-2023-amid-a-slowdown-2023-11">scared away some investors</a>, consumers who got used to subscriptions and luxury experiences for less are having to find alternatives. For some, like Manley, it means going back to the old-fashioned way of doing certain things: shopping around for hotel deals, taking public transit more, and working out at home with fitness classes on video."At first it was obviously an adjustment being like, wait, I'm trying to go to this event and normally I'd take a Lyft," Manley said. "You kind of had to recalibrate some stuff, but I have gone away from it, and I don't see myself going back to it anytime soon."<h2 id="e2576016-c467-4070-a3e3-81d70b57c654">The millennial lifestyle subsidy hooked a generation on convenience and lower prices</h2>For a while, cash-strapped younger Americans seemed as if they'd lucked into a good deal: They might have had dismal career prospects or no chance of homeownership, but at least they could take a fitness class for $5 or even for free.The subsidized services felt like they were "for the people," Manley said. "That sounds very dramatic, but it was like, oh cool, we've come together to make these cheaper, better alternatives than the only option we've ever had."Suddenly the luxuries that were out of reach for recession-battered Americans — especially those who lived in food deserts or struggled with inconsistent public transit — were a little more accessible. For reasonable prices, you could get food delivered to your front door, access to boutique fitness classes, or a private-car-like experience. Millennials who were just reaching early adulthood got hooked.But the low entry prices for many of those services are rising. In 2022, Peloton raised its membership fee to $44 from $39 and rolled out additional <a target="_blank" href="https://www.theverge.com/2023/5/23/23734329/peloton-app-subscription-tiers-fitness">subscriptions</a>. Citing YipitData, Bloomberg reported that between 2019 and 2022, the average <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-05-04/uber-lyft-plunge-as-driver-supply-casts-doubt-on-profits">Uber price</a> rose by 45% and <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-03-16/instacart-ceo-is-worried-about-inflation-of-food-prices">Instacart service fees</a> rose by 61%.It's caused some people to question whether their apps and subscriptions were worth it — or if they should go back to doing things as their parents did.Grant Plotkin, 26, is a Gen Zer who experienced the pre-2020 millennial subsidy as a young adult. He hopped to different ride-hailing services when they offered promotions to get off the ground. He opted for Airbnbs instead of hotels. He ordered meal kits.But as prices have gone up, he's shaken up his routine: Rather than finding him in a car, you're much more likely to catch him on the ferry. Instead of going to a WeWork-style coworking space, he'll use his building's amenities. He's eating out less, and when he does need to take a car somewhere, he's comparing prices across platforms.Plotkin estimated that if he were to use the same services he used before the pandemic, his costs would double."I remember Ubers used to just be a no-brainer, and it would be like $20 here, $15 there, super easy. And now I mean it's $40 or it's $50, and you got to question that," Plotkin said. "I mean, that can be more than your meal."<h2 id="cfcca580-f2e4-4486-ba30-bd1aa8fd3b38">The end of the millennial subsidy could mean higher prices across the board</h2>Rising wages have kept many Americans' finances in relatively good shape despite inflation, so the convenience of the apps is still strong. Airbnb this spring <a target="_blank" class="" href="https://news.airbnb.com/airbnb-q1-2024-financial-results/#:~:text=Airbnb%20Co%2DFounder%20and%20CEO,another%20record%20summer%20travel%20season.%E2%80%9D">reported record first-quarter bookings</a>, but with <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-host-falling-revenue-more-competition-dropping-prices-2022-12">more hosts entering</a> the short-term rental market, many say they're getting <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/airbnbust-airbnb-short-term-vacation-rentals-investors-real-estate-reckoning-2023-3">fewer stays</a>. In a prime example of ending a subsidy, Netflix recently increased prices for some of its plans and cracked down on <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/netflix-password-sharing-clampdown-angry-subscribers-2023-2">password sharing</a> following a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/netflix-earnings-losing-subscribers-second-straight-quarter-2022-7">loss of subscribers</a>. It <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/netflix-password-sharing-crackdown-worked-how-to-increase-subscription-streaming-2024-1">worked</a> to lure more individual sign-ups.Brett House, a professor of professional practice in the economics division at Columbia Business School, said low prices were never meant to be a long-term gift to consumers — they were meant to function as disruptors.But that the model isn't sustainable in a higher-interest-rate environment. When money was cheap to borrow and pour into a new company, investors could subsidize the costs of entry prices in hopes that infinite growth would lead to a captive audience. Now, though, with <a target="_blank" href="https://www.npr.org/2024/05/01/1248454950/federal-reserve-inflation-interest-rates">interest rates at a two-decade high</a>, capital is more expensive.Plus, as inflation squeezes people's budgets, they're looking for ways to change their habits. For some, that's cutting out meal kits and subscriptions. Even wealthy shoppers are turning to discount brands like <a target="_blank" href="https://www.businessinsider.com/wealthy-shoppers-aldi-dollar-general-tree-inflation-retail-prices-groceries-2023-6">Dollar General and Aldi</a>.The end of subsidies might also be exacerbating some of the inequities that they papered over: House said the hardest-hit Americans may be those in areas without reliable public transit or with few stores — meaning they can't go just walk elsewhere to find a better deal."That sort of economy always had a dark underbelly, and that's really, I think, what the legacy of this period is going to be," Bilal Baydoun, the director of policy and research at the Groundwork Collaborative, a left-leaning think tank, told BI. Those lower-than-normal prices were feeding a "monster," he said, "and that monster is the sort of monopolistic, Big Tech-enabled pricing schemes that we're seeing today."One of the legacies of this era's apps could be dynamic pricing. In the same way that ride-hailing apps increase prices during busy times, algorithms have made it easier for companies of all kinds to offer varying prices based on market conditions or user information.It also introduced more customers to the idea. You might scoff if a taxi driver said you needed to pay more for a ride in the rain but not blink an eye when an app says costs could rise because of the weather. The next iteration of the millennial subsidy might be gamifying <a target="_blank" href="https://www.businessinsider.com/inflation-surge-pricing-dynamic-prices-save-money-walmart-wendys-risks-2024-7">surge pricing</a> for <a target="_blank" href="https://www.businessinsider.com/inflation-surge-pricing-dynamic-prices-save-money-walmart-wendys-risks-2024-7">groceries</a> or a <a target="_blank" href="https://www.businessinsider.com/inflation-dynamic-pricing-surge-cost-fatigue-2024-7">side of fries</a>."It's making people miserable to not know what things cost. I mean, we live in an age where budgeting is really essential to get by amid a really long-term affordability crisis in this country," Baydoun said. That creates a "sense of chaos," Baydoun added, and a sense of "just being at the whims of corporate pricing consultants who are paid large sums to really just come up with more and better tricks."All of that might lead to companies pursuing ever riskier tactics to bring in revenue, like surge pricing or drip pricing, where fees are slowly revealed throughout a transaction — something that could break customer loyalty and <a target="_blank" href="https://www.businessinsider.com/how-much-uber-eats-lyft-doordash-instacart-grubhub-drivers-make-2024-2">mean lower pay for workers</a>.In the meantime, Americans are trying to find new subsidies where they can. For Plotkin, that's taken the form of another increasingly popular offering: credit-card rewards. Companies <a target="_blank" href="https://www.businessinsider.com/american-express-platinum-card-gold-gen-z-millennial-rewards-2024-6">like American Express</a> have stepped in with offerings like subscription services and early access to events to attract new and younger customers. And younger workers are responding in kind, with <a target="_blank" href="https://www.businessinsider.com/credit-card-rewards-points-friends-fights-brunch-money-payment-venmo-2024-7">tussles breaking out</a> over who exactly gets to put their card down for brunch when everyone gets 5% cash back on dining."To maximize ROI — if you even would call it that — for going out and about in town, it's like, OK, I use my specific card that gets more points for rideshare versus dining versus apparel or retail," Plotkin said. "And I've tried to become more savvy. I feel like I have to stretch that dollar even further now in this economy."Has the loss of the millennial subsidy affected your finances or lifestyle? Contact this reporter at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

Forget Uber and Airbnb: Some people are going back to doing things the old-fashioned way to save money  

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! Prime Day is officially here, and we've got a <a target="_blank" href="https://www.businessinsider.com/guides/deals/best-prime-day-deals-big-deal-days-2024-10">rundown on all the deals worth checking out</a>.In today's big story, another hurricane <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">is set to hit Florida this week</a>, threatening a real-estate market already on edge.What's on deck:<ul><li>Markets: China's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10">stock rally fizzles</a> as lack of fresh fiscal stimulus disappoints investors.</li><li>Tech: <a target="_blank" href="https://www.businessinsider.com/elon-musk-robotaxi-day-tesla-robotics-ai-2024-10">Elon Musk's robotaxi pitch</a> this week could decide Tesla's future.</li><li>Business: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/meet-jeff-smith-starboard-value-hedge-fund-investor-pfizer-2024-10">Meet Jeff Smith</a>, the hedge-fund investor taking on Pfizer.</li></ul>But first, when it rains, it pours.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">Hurricane (part 2)</h2><div type="image" title="Hurricane Helene" height="1334" width="2000" msid="114050793" hostid="261" sizebytes="123164"></div>Another hurricane is expected to hit Florida as the state continues recovering from Hurricane Helene.Hurricane Milton, a Category 4 storm (it weakened from a Category 5, but remains "extremely dangerous"), is on track <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">to make landfall near Tampa Bay by Wednesday</a>. It's the latest hurdle for the state's volatile real-estate market.Milton's peak wind speeds hit 160 mph on Monday. Heavy rain is expected before the storm arrives, and flooding is anticipated throughout the region. Florida Gov. Ron DeSantis has issued a state of emergency for 51 counties, and mandatory evacuations have begun in some areas. The mayor of Tampa, Jane Castor, has also issued a stark warning that <a target="_blank" rel="noopener" href="https://www.businessinsider.com/hurricane-milton-tampa-mayor-castor-evacuation-orders-die-warning-helene-2024-10">anyone who remains in the city as Milton approaches will "die."</a>It's never a good time for a hurricane to hit, but preparing for a powerful storm while you recover from another makes the situation even more challenging.Helene caused over 220 deaths and as much as $34 billion in damage, according to an estimate from Moody's Analytics. Meanwhile, federal agencies meant to provide emergency assistance, like FEMA and the Small Business Administration, face their own cash crises.<div type="image" title="Hurricane Helene" height="1334" width="2000" msid="114050795" hostid="261" sizebytes="707320"></div>Back-to-back hurricanes represent the latest problem for a real-estate market facing buyer's remorse.The threat and cost that hurricanes pose mean Florida homeowners have some reevaluating to do <a target="_blank" href="https://www.businessinsider.com/florida-real-estate-worth-it-home-prices-insurance-hurricane-helene-2024-10">if they want to remain in the state</a>, write Business Insider's Jordan Pandy, Dan Latu, and Madeline Berg.One homeowner told BI she pays $7,000 a year in flood and hazard insurance for her 1,400-square-foot bungalow just south of Tampa. (The policies paid off, her home was deemed uninhabitable after Helene, and she still wants to live there after it's repaired.)But those high costs, coupled with the annual fear of potentially losing your home every fall, have other residents throwing in the towel. Even a few insurers have <a target="_blank" href="https://www.businessinsider.com/florida-condo-owners-prices-drop-insurance-hoa-taxes-increase-2023-3">called it quits on the state</a>, while others could increase their prices by over 300% in the coming years.It's representative of the extremes the Sunshine State's real-estate market has faced in recent years. One of the pandemic's hottest markets, some people are now souring on Florida over its <a target="_blank" href="https://www.businessinsider.com/florida-housing-market-sales-weather-climate-change-retirement-pandemic-costs-2024-9">climate, costs, and overcrowding</a>. (It's not alone in its post-pandemic comedown, as <a target="_blank" href="https://www.businessinsider.com/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10">Texas is facing a similar fate</a>.)But as much as people want to get out of the state, there will always be those looking to get in. More than 8,000 miles of coastline will do that.One Florida resident whose home sustained almost three feet of water damage from Helene cut their listing price by 40%. Within hours, their real-estate agent received 25 calls from investors interested in the property.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Harris hits '60 Minutes' without Trump. Political scientists weigh in on<a target="_blank" href="https://www.businessinsider.com/kamala-harris-sixty-minutes-interview-donald-trump-why-explained-2024-10"> whether the interview matters</a>.</li><li>Google <a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-app-store-android-third-party-epic-games-judge-2024-10">must allow third-party app stores on Android</a>, Epic Games judge rules.</li><li>The job market is in the 'Twilight Zone,' <a target="_blank" href="https://www.businessinsider.com/job-market-outlook-claudia-sahm-layoffs-hiring-economy-twilight-zone-2024-10">top economist Claudia Sahm says</a>.</li><li>The Russian arms dealer who was exchanged for Brittney Griner is <a target="_blank" href="https://www.businessinsider.com/russian-arms-dealer-viktor-bout-sell-weapons-to-houthis-wsj-2024-10">trying to sell weapons to the Houthis: report</a>.</li><li>This $9 billion hedge fund just joined the raid on big-bank commodity-index traders <a target="_blank" href="https://www.businessinsider.com/alphadyne-hires-jpmorgan-commodity-index-head-byuen-2024-10">with a senior JPMorgan hire</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Xi Jinping" height="1500" width="2000" msid="114050791" hostid="261" sizebytes="856940"></div><ol><li>Jittery investors are keeping a lid on China's stock market rally. Stocks surged on Tuesday thanks to pent-up demand from a weeklong trading break — but lost steam after Beijing <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10">failed to announce more stimulus measures</a>.</li><li>What recession? Goldman Sachs cut the <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-goldman-unemployment-jobs-report-nonfarm-payrolls-rates-2024-10">probability of a recession in the next year to 15%</a>, largely thanks to a strong jobs report. But the jobs report might have lowered the chances of something else: <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-fed-outlook-recession-economy-stocks-ed-yardeni-2024-10">more rate cuts this year</a>.</li><li>Greenlight's dispute with its alleged former head of macro keeps getting messier. James Fishback is asking to be <a target="_blank" href="https://www.businessinsider.com/greenlight-former-macro-analyst-sues-david-einhorn-2024-10">awarded at least $5 million from Greenlight's David Einhorn</a>, claiming age discrimination. According to the filing, Einhorn dismissed Fishback's compensation concerns, saying he was being paid "a lot of money for a kid."</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk." height="2400" width="3600" msid="114050797" hostid="261" sizebytes="493076"></div><ol><li>Elon Musk's next big pitch. The billionaire will have to convince investors that Tesla is more than just a car company at Thursday's Robotaxi Day, when he'll share updates on his plan for a driverless fleet. The event is part of Musk's master plan to position Tesla as <a target="_blank" href="https://www.businessinsider.com/elon-musk-robotaxi-day-tesla-robotics-ai-2024-10">tech company first, car company second</a> — and comes as Tesla's revenues have dipped.</li><li>Nvidia CEO Jensen Huang keeps talking about "sovereign AI." Here's what that means. A sovereign cloud guarantees data is stored locally, only used for intended purposes, and not transferred outside national borders. BI spoke with Vultr, a cloud-service provider, about why <a target="_blank" href="https://www.businessinsider.com/sovereign-clouds-explained-data-center-ai-national-security-vultr-2024-10">the phrase is all the rage</a>.</li><li>Reading the tea leaves of the adtech exodus. Adtech execs keep leaving, a sign of a <a target="_blank" href="https://www.businessinsider.com/adtech-leadership-changes-signal-new-phase-amid-investor-pressure-2024-10">new era marked by Big Tech dominance</a>. With Google, Meta, and Amazon looming large, independent adtech companies are forced to compete over scraps. Case in point: Adtech company <a target="_blank" href="https://www.businessinsider.com/adtech-company-pubmatic-layoffs-staff-reductions-2024-10">Pubmatic laid off 1% of its staff</a> last week as it reorients business toward growth areas.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A woman drinks a tropical cocktail on a beach with an MRI scan in the background." height="900" width="1200" msid="114050788" hostid="261" sizebytes="137494"></div><ol><li>Mojitos and an MRI. Millions of American "medical tourists" save between 40% and 90% on medical services by getting health screenings abroad. <a target="_blank" href="https://www.businessinsider.com/medical-tourists-health-screenings-tests-exams-on-vacation-mexico-turkey-2024-10">That's a bad sign for the US healthcare system</a>.</li><li>The hedge-fund investor taking on Pfizer has a formidable reputation. Pfizer got a wake-up call on Sunday when one of the most feared activist investors on Wall Street revealed a stake in the company. Since 2011, Starboard Value's Jeff Smith has extracted board seats and profits from corporate America — <a target="_blank" rel="noopener" href="https://www.businessinsider.com/meet-jeff-smith-starboard-value-hedge-fund-investor-pfizer-2024-10">by force if necessary</a>.</li><li>How to reach potential voters: Porn and podcasts. They may not agree on much, but both Harris and Trump know that <a target="_blank" href="https://www.businessinsider.com/podcaster-new-politics-power-broker-harris-and-trump-know-it-2024-10">podcasts are the new way to reach voters</a>, with each appearing on ultra-popular shows. Elsewhere on the internet, <a target="_blank" href="https://www.businessinsider.com/porn-website-advertisement-project2025-male-harris-trump-2024-10">porn sites have become a battleground for male voters</a>. A $100,000 campaign is aiming to tie Trump to Project 2025's efforts to ban porn and imprison its producers.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Pepsico reports Q3 earnings, Samsung issues Q3 pre-earnings guidance, and Boeing announces Q3 deliveries.</li><li>Donald Trump participates in Univision News town hall with undecided Hispanic voters.</li><li>Kamala Harris has a full day of interviews: She'll appear on "The View" on ABC, "The Howard Stern Show" on SiriusXM, and "Late Night with Stephen Colbert" on CBS.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Florida's real-estate market is on edge amid back-to-back hurricanes

<ul class="summary-list"><li>Georgia has received more private investment in EVs and battery manufacturing than any other state.</li><li>Gov. Brian Kemp said Georgia will be the "electric mobility capital of the world."</li></ul>Electric vehicle investments are surging in Georgia.According to a recent Wells Fargo <a target="_blank" href="https://wellsfargo.bluematrix.com/links2/html/2379e487-7800-433a-95b9-735589c4e1a1">report</a>, Georgia has received more private investments in electric vehicle and battery manufacturing than any other state, with just over $23 billion to date.Jackie Benson, an economist at Wells Fargo, told Business Insider that the state is poised to be a hub for EVs because of its business-friendly environment, robust population growth, and federal and state incentives attracting companies to the state.Since 2022, the Peach State has added over 30,000 clean energy jobs, more than any other state, according to a June <a target="_blank" class="" href="https://www.ossoff.senate.gov/press-releases/new-study-inflation-reduction-act-has-created-over-30000-georgia-jobs/">study</a> by Climate Power, a strategic communications firm. This comes as federal investment in green energy is ramping up, and people are <a target="_blank" class="" href="https://www.businessinsider.com/wealthy-leaving-california-new-york-moving-florida-texas-reasons-effects-2024-8">flocking south</a> for a lower cost of living and better economic opportunities.<h2 id="b74fbdcb-0db7-4a0a-afa0-222558bdddc9">Investments in the Battery Belt to boost EV manufacturing and infrastructure</h2>In 2023, Gov. Brian Kemp said that Georgia would become the "electric mobility capital of the world," per the <a target="_blank" class="" href="https://www.ajc.com/news/georgia-is-creating-its-first-ever-climate-plan-heres-what-to-expect/RKDANAY5DBCJLHYCUXVYCUDB5Q/">Atlanta-Journal Constitution</a>. So far, it's looking promising.Georgia, Alabama, North Carolina, South Carolina, and Tennessee are a part of the Battery Belt and have received nearly $77 billion in private investment in EV battery manufacturing to date, according to an August <a target="_blank" class="" href="https://www.atlasevhub.com/wp-content/uploads/2024/08/2024.08_Atlas-EV-Investment-Brief.pdf">report</a> by Atlas Public Policy.It's not just southern states: Michigan leads the nation in capacity for electric vehicle battery manufacturing, but Georgia is second, according to a January <a target="_blank" class="" href="https://www.edf.org/media/analysis-finds-us-electric-vehicle-battery-manufacturing-track-meet-demand">report</a> by the Environmental Defense Fund, a nonprofit advocacy group.The state has also greatly benefited from federal investments in green energy and electric vehicle manufacturing and infrastructure. The Biden Administration <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/04/17/fact-sheet-biden-harris-administration-announces-new-private-and-public-sector-investments-for-affordable-electric-vehicles/">aims</a> for 50% of new vehicles in 2030 to be EVs, and investment in green energy in Georgia is partly a result of the 2021 Bipartisan Infrastructure Law and 2022 Inflation Reduction Act.The Bipartisan Infrastructure Law <a target="_blank" class="" href="https://www.whitehouse.gov/wp-content/uploads/2023/10/Georgia-Fact-Sheet.pdf">allocated</a> over $175 million toward the EV battery supply chain in Georgia and $135 million over five years toward infrastructure for EV charging stations in Georgia. In February, Hyundai <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/hyundai-announces-new-production-start-date-at-metaplant-america-during-hyundai-day-in-georgia-302071754.html#:~:text=Hyundai%20Motor%20Group%20is%20investing,that%20will%20employ%203%2C500%20workers.">announced</a> over $7 billion in investment in production facilities in Georgia. The company estimates their investments in Georgia will create nearly 40,000 jobs in the state."The Hyundai investment specifically has boosted Georgia's profile in terms of EV production on the national stage," Benson said.The Inflation Reduction Act also created a $7,500 tax credit for new EVs for both consumers and businesses and incentivized efforts to boost domestic EV supply chains.In May, Kia <a target="_blank" class="" href="https://www.ossoff.senate.gov/press-releases/u-s-federal-manufacturing-incentives-working-for-georgia-kia-begins-ev9-production-in-west-point/">announced</a> the production of its first American-made EV at its production facility in West Point, Georgia, enabling the company to take advantage of the tax credit.Manufacturing accounts for 10% of Georgia's gross state product, which is its economic output, and construction accounts for 4%, according to Wells Fargo.Investments in EV and battery manufacturing will boost job growth and output in both of these sectors, Benson said.While government, health care, and leisure are the leading industry drivers in Georgia, investments in manufacturing are poised to boost the state's overall economic growth.<h2 id="fb9799f7-223c-4b7b-9f9e-5b994c7dac21">Georgia transplants are helping fuel economic growth in the state</h2>Georgia's real GDP outpaced the nation in the first quarter of the year, at 2.3% and 1.4%, respectively. In seven of the last 10 years, the state's GDP has outpaced the national average, according to Wells Fargo.Strong population growth remains a tailwind for Georgia's economic growth and EV industry, Benson said.Between 2021 and 2022, there were 327,795 people who moved into Georgia, according to data from the Census Bureau. The Peach State had the fifth most new residents during that time, following Florida, Texas, California, and North Carolina.New state residents means more consumers at stores, more homebuyers and renters, and more demand for goods in Georgia, fueling economic activity.Among those people who moved from another US state into Georgia, nearly 26,000 came from California, and more than 23,000 from both Texas and North Carolina, according to data from the Census Bureau.The biggest influx of new residents in Georgia came from outside the US. Between 2021 and 2022, just over 60,000 people from abroad moved to Georgia, per Census Bureau data.Benson said single-family construction has recently scaled up in the state, in line with its robust population growth.Benson said the scale-up in single-family construction has helped shore up construction employment. The three-month moving average for job growth in construction in the state was up 0.1% year-over-year in July, the report noted.Unemployment in Georgia remains below the national average and is only 40 basis points higher than its historic low in 2022, Benson said."Nationwide, we're seeing builders pull back on single-family construction for multiple reasons," Benson said. "But in Georgia, that high population growth has spurred an upshift in single-family building this year. That's something unique to the state."Do you live in the Battery Belt? Share your story at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>

Georgia is rich in EV money and jobs

<ul class="summary-list"><li>Neither Harris nor Trump outline specific disaster-relief policies on their website.</li><li>Their records, however, offer clues into how they'd deal with natural disasters as president.</li></ul>As another <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-evacuation-empty-gas-station-full-hotels-gridlock-traffic-2024-10">hurricane</a> threatens to devastate swaths of the Southeast, Vice President Kamala Harris and former President Donald Trump are under new scrutiny about their disaster response strategies. And though neither have specifically addressed how they'd approach disaster relief on their campaign websites, their environmental records offer clues into how they might deal with similar crises in the future.When Hurricane Helene bore down on six states, and with particular force in North Carolina and Georgia, both Harris and Trump said that the focus should be on providing aid, not politics. But the storm, which has killed more than 230 people and destroyed entire towns, has already crept into the presidential race. <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-milton-tampa-florida-desantis-clean-disaster-dangerous-2024-10">Hurricane Milton is expected to hit Florida</a> on Wednesday night, only exacerbating the focus on environmental devastation."Disasters are always political," Thomas Birkland, a political scientist at North Carolina State University who studies the politics of national disasters, told Business Insider. He said that disaster relief is not, however, usually <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">discussed during campaigns</a>.Timothy Kneeland, a professor at Nazareth University who studies politics and natural disasters, thinks that as hurricanes become more common, candidates should address them more explicitly."Having a short but clear statement on disasters should be part of any campaigner's policy," he wrote in a statement to BI.Both candidates have visited impacted areas, with Trump visiting Georgia on September 30 and <a target="_blank" href="https://www.businessinsider.com/kamala-harris-donald-trump-crises-middle-east-strike-hurricane-election-2024-10">Harris on October 2</a>. Republicans criticized Harris for attending a fundraising event in California when Helene struck, while she maintained that politicians should stay out of the most devastated areas as first responders begin their early work.In the days since Hurricane Helene, Trump has spread misinformation about the storm and response efforts, prompting the Federal Emergency Management Agency to publish a fact-checking page. <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-relief-disinformation-misinformation-north-carolina-democrats-republicans-2024-10">Democrats and Republicans alike</a> say that the baseless claims are complicating <a target="_blank" href="https://www.businessinsider.com/donald-trump-elon-musk-starlink-hurricane-helene-fema-2024-9">clean-up efforts</a>, and Harris has put out a digital ad slamming his former disaster relief. When he was president, Trump responded to several hurricanes. As with Hurricane Helene, he <a target="_blank" class="" href="https://www.vox.com/politics/376982/trump-hurricane-helene-fema-lies-debunked">publicized</a> misinformation. When Hurricane Dorian threatened Georgia, South Carolina, and North Carolina, he incorrectly said that its path included Alabama as well. During a briefing in the Oval Office, he showed a map of the hurricane's path that included a Sharpie mark extending the storm's reach to Alabama. Trump also falsely claimed that the death toll from Hurricane Maria in 2017 was overblown, the <a target="_blank" href="https://www.washingtonpost.com/politics/2024/10/08/trump-hurricane-helene-natural-disasters/">Washington Post reported</a>.The former president occasionally threatened to hold back disaster funding over political spats. In 2020, for example, he floated withholding money from flood-ravaged Michigan because he was frustrated with absentee voting procedures in the state."A charitable interpretation would be mixed on crisis management," Birkland told BI about Trump's past responses to natural disasters. Kneeland said that storm victims and disaster experts largely criticized his handling of Hurricane Maria.During his time in office, Trump's administration rolled back more than 125 environmental rules, the <a target="_blank" href="https://www.nytimes.com/interactive/2020/climate/trump-environment-rollbacks-list.html">Washington Post</a> found, with a big focus on deregulating the fossil fuel industry. Trump's campaign has, according to Birkland, "been pretty clear that it disdains alternative fuels."Harris doesn't have a presidential record to back up her approach to disaster relief, but Birkland anticipates she'd take a relatively similar approach to President Joe Biden.As attorney general, Harris prosecuted oil companies that broke environmental rules. During her tenure as vice president, she voted for the Inflation Reduction Act, which devoted $370 billion to reducing greenhouse gas emissions.But both Birkland and Kneeland told BI that Harris has become less aggressive about addressing climate change this election, likely in an attempt to court more moderate voters."Harris' position is a little murkier," Birkland said. "Harris has been clear that we should be doing things like alternative energy, but also supports, as of recent months, continued fossil fuel production. So it's kind of a both-and strategy."Presidents are somewhat limited in their disaster responses — both Kneeland and Birkland told BI that states and local governments lead disaster responses, with the federal government's assistance."Even when FEMA is on the ground they must work within the structure of existing state and local government," Kneeland said in his written statement. The responsibility is, he said, layered throughout the government.Regardless, all eyes are on how Harris and Trump respond to the twin storms — and the outcome of the election could theoretically hang in the balance. Kneeland said that disaster response can either greatly boost or doom an incumbent, pointing to instances as varied as Hurricane Betsey in 1965, Hurricane Andrew in 1992, and Hurricane Katrina in 2005.Though Birkland doesn't anticipate that the hurricanes will sway many voters, he said that even a small impact in swing states could matter."I think most people's minds are made up. I think that you're really dealing with the margins," he said. "On the other hand, this election is going to be won or lost on the margins, so that matters."

Hurricanes are taking the election by storm. Here's where Harris and Trump stand on natural disaster policies.

<ul class="summary-list"><li>The US has long restricted Ukraine from using American weapons to strike targets inside Russia.</li><li>Analysts and officials say this policy is interfering with Ukraine's ability to defend itself.</li></ul>The Biden administration's policy restricting Ukraine from using US-provided weapons to strike military targets inside Russia is hamstringing Kyiv's ability to defend itself, analysts and officials say.The US has sent Ukraine billions of dollars in security assistance over the course of the war, but it has barred the country from using American weaponry, especially certain <a target="_blank" href="https://www.businessinsider.com/ukraine-longe-range-missiles-atacms-storm-shadow-russian-cant-hide-2024-5">powerful long-range missiles</a>, to carry out strikes across the border.Washington has been unwavering in its stance on this matter, instead giving Kyiv approval to only hit targets within Russian-occupied territory in Ukraine.But the Biden administration is facing increasing pressure to soften this long-held policy in the wake of a new Russian assault in Ukraine's <a target="_blank" href="https://www.businessinsider.com/fierce-russian-attacks-test-ukraine-defense-near-kharkiv-war-expansion-2024-5">northeastern Kharkiv region</a>, which began earlier this month. Analysts and officials have argued in the days since that the US position has prevented Kyiv from stopping the onslaught, effectively hamstringing its defensive capabilities.<h2 id="e19c81f9-ec37-42b3-a676-2c083147333d">'Handcuffing' the Ukrainian defense</h2>After massing tens of thousands of troops near the border, Russia on May 10 launched an assault into the Kharkiv region as part of a bid to stretch thin Ukrainian forces across the front line and pin down Kyiv's defenses in the region, and also carve out a buffer zone along the border.<div type="image" title="Ukrainian soldiers defending the front line in the Kharkiv region on May 20, 2024." height="1446" width="2166" msid="110341184" hostid="261" sizebytes="692744"></div>The limited incursion appears to be setting the stage for what could be a multi-pronged summer offensive that would stress a Ukrainian military still facing shortages in both material and much-needed manpower.Immediately after the initial assault, analysts and officials pointed to the Biden administration's policy preventing Ukraine from using US weapons to strike military targets inside Russia as the catalyst for the unfolding situation, in which Moscow has already managed to capture a small amount of territory along the border.George Barros, the geospatial-intelligence team lead and a Russia analyst at the Institute for the Study of War think tank, said last week that the restriction is "severely compromising Ukraine's ability to defend itself" against the assault."US policy has effectively created a vast sanctuary in which Russia has been able to amass its ground invasion force and from which it is launching glide bombs and other long-range strike systems in support of its renewed invasion," Barros wrote in a May 13 <a target="_blank" href="https://www.understandingwar.org/backgrounder/putins-safe-space-defeating-russias-kharkiv-operation-requires-eliminating-russias">analysis</a>.Glide bombs, in particular, have been a <a target="_blank" href="https://www.businessinsider.com/russia-finally-serious-about-its-war-spelling-trouble-for-ukraine-2024-5">significant threat to Ukrainian forces</a>. Really the only way to defend front-line forces and civilians from these <a target="_blank" href="https://www.businessinsider.com/ukraines-in-a-race-to-stop-russia-glide-bomb-attacks-2024-3">highly destructive weapons</a> is to intercept the Russian aircraft before they can launch the munitions, or attempt to take them out on the ground. But these aircraft are operating within the safety of their own airspace, out of reach of air-defense systems.<div type="image" title="In this aerial view, heavily damaged buildings stand in the Ukrainian boarder city of Vovchansk, in the Kharkiv region, on May 20, 2024." height="2671" width="4006" msid="110341185" hostid="261" sizebytes="830786"></div>"Whatever the merits of this US policy before the Russian assault on Kharkiv Oblast began, it should be modified immediately to reflect the urgent realities of the current situation," Barros said.Ukrainian officials <a target="_blank" href="https://www.politico.com/news/2024/05/14/ukraine-weapons-russia-00157970">told POLITICO</a> last week that the country watched as Russian forces gathered across the border, but they could not do anything to blunt the assault because of the US policy. The officials had traveled to Washington as part of a new push from Kyiv to try and get the Biden administration to lift its ban.After <a target="_blank" href="https://intelligence.house.gov/news/documentsingle.aspx?DocumentID=1415">meeting with the delegation</a> of Ukrainian officials, a group of Congressional lawmakers on Monday wrote to US Defense Secretary Lloyd Austin, urging the Biden administration to lift its restrictions and provide Kyiv with additional defensive capabilities that it badly needs.In the <a target="_blank" href="https://intelligence.house.gov/uploadedfiles/5.20.24_joint_letter_to_dod_for_urgent_ukraine_aid.pdf">bipartisan letter</a>, more than a dozen lawmakers cited the POLITICO report, saying that the administration's current policy "is handcuffing Ukraine's ability to push back on Russian forces near Kharkiv" with US-provided weaponry. "Ukrainian officials have watched for weeks as Russian troops have attacked Ukrainian communities from Russian territory with impunity," they wrote."Ukrainians have been unable to defend themselves due to the Administration's current policy," the lawmakers continued. "It is essential the Biden Administration allows Ukraine's military leaders an ability to conduct a full spectrum of operations necessary to respond to Russia's unprovoked attack on their sovereign land."Indeed, Ukrainian soldiers have highlighted this challenge in <a target="_blank" href="https://www.businessinsider.com/russia-troops-in-sight-couldnt-attack-us-ban-ukraine-commander-2024-5">recent discussions</a> with Western media."There were a lot of Russians gathering, and we could have destroyed them on the way in, but we don't have many ATACMS, and we have a ban on using them over there," a Ukrainian special forces commander who watched as Russia built up its forces on the Russian side of the border told <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.thetimes.co.uk/article/spetsnaz-came-via-the-marshes-and-trees-i-had-to-call-in-artillery-vdjn8sqwp">The Times of London</a>, referring to the US-provided MGM-140 Army Tactical Missile Systems. He told the outlet that having to wait for the enemy to cross into Ukrainian territory proved costly.<div type="image" title="US President Joe Biden (R) and the Ukrainian President Volodymyr Zelenskyy (L) meet during Zelenskyy's visit to Washington on Dec 12, 2023." height="1366" width="2048" msid="110341186" hostid="261" sizebytes="197992"></div>The US has long feared that a change in its policy could be seen by Russian President Vladimir Putin as an escalation. Washington has also held this attitude when considering whether to send high-profile weaponry to Ukraine.Former Under Secretary of State for Political Affairs Victoria Nuland pushed back on this rationale during a Sunday <a target="_blank" href="https://abcnews.go.com/Politics/week-transcript-5-19-24-sen-chris-van/story?id=110365911">interview</a> on ABC News' "This Week." She said Russia has already taken steps to escalate the conflict, including by conducting its recent assault on Kharkiv, and argued that it's now time for the US to change its policy.Bases in Russian territory that are facilitating Moscow's attacks should be "fair game" for Ukraine to go after, she said. "Russia has learned how to pull its forces back out of the range where we have allowed Ukraine to use our weapons and get our support."Despite mounting support for the US to lift its ban, and the surprising loosening of similar restrictions <a target="_blank" href="https://www.bbc.com/news/articles/c163kp93l6po">by the UK government</a> earlier this month, Washington seems unlikely to alter its position anytime soon."Our policy hasn't changed," Pentagon Press Secretary Air Force Maj. Gen. Pat Ryder told reporters at a Tuesday press briefing. "We are focused on providing Ukraine with capabilities that it needs to defend itself within Ukrainian sovereign territory."Ukraine, meanwhile, has been forced to find innovative and alternative solutions to carry out long-range cross-border strikes. In lieu of Western missiles, for instance, Kyiv has relied heavily on <a target="_blank" href="https://www.businessinsider.com/russia-struggling-with-ukraine-cessna-style-drone-flying-brick-bomb-2024-5">homemade drones packed with explosives</a> to attack strategic military and energy facilities hundreds of miles deep inside Russian territory.

A US rule on weapons has Ukraine fighting with one hand tied behind its back

New Delhi: <keyword id="21114628" type="General" weightage="20" keywordseo="Swiss-authorities" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiss authorities" meta.hostid="153" meta.entityid="Swiss authorities">Swiss authorities</keyword> have frozen more than USD 310 million in funds across multiple Swiss bank accounts as part of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> allegations into <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword>, US-based short seller Hindenburg Research claimed citing media report - a charge that the conglomerate vehemently denied. In a post on X, Hindenburg cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned Adani stocks," it said citing the report. Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. It went on to state that "even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws." The allegations, it said, "are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value." "The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements," it said, adding it "strongly condemns" the allegations. The Swiss media outlet Gotham City in its report stated that "A ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing by the Indian conglomerate Adani well before activist investors from Hindenburg Research made the first accusations." "More than USD 310 million belonging to an alleged front man for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> is sequestered in five Swiss banks," it said adding the Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the media. Hindenburg, which had in January last year alleged stock market manipulation and fraud, claimed that criminal court records show in detail how an Adani frontman invested in opaque BVI/Mauritius and Bermuda funds that almost exclusively owned Adani stock. Adani Group had denied all allegations Hindenburg made in its January 2023 report.

Swiss authorities freeze $310 mn allegedly linked to front man of Adani group, Adani Group rejects allegations

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.

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<ul class="summary-list"><li>A California judge on Monday ruled Google must open up Android to rival third-party app stores.</li><li>The outcome notably differs from a similar suit filed against Apple that was decided in 2021.</li></ul>A California judge on Monday ruled that Google must <a target="_blank" class="" href="https://www.businessinsider.com/google-app-store-android-third-party-epic-games-judge-2024-10">open up Android to rival third-party app stores</a> as part of a landmark antitrust case against the tech giant.Management and law experts told Business Insider the ruling highlights how antitrust law is being used against Big Tech companies — and could cost <a target="_blank" class="" href="https://www.businessinsider.com/google">Google</a> billions of dollars in lost revenue.The ruling came after years of legal back-and-forth between Google and <a target="_blank" class="" href="https://www.businessinsider.com/google-loses-app-store-antitrust-suit-against-fortnite-creators-2023-12">Fortnite developer Epic Games,</a> which initially filed the suit in August 2020. Epic Games argued, and a jury ultimately agreed, that Google had violated antitrust policies in its Play Store for Android devices.In December, that same jury found that the tech giant held a monopoly in its Play Store and artificially limited the reach of competitors' apps, driving up prices for processing in-app purchases. Northern District of California Judge James Donato's ruling on Monday established remedies to that monopoly: For three years, Google will not be permitted to pay companies to launch apps exclusively on the Play Store or pay them to preinstall the company's app store on devices.According to Peter Cohan, an associate professor of management practice at Babson College, the ruling could "cost Google tens of billions of revenue over the next three years" due to lost in-app payments and revenue that will go to competing third-party app platforms."In recent years, the government has been trying to countervail the high pricing power of dominant tech companies," Cohan told Business Insider. "This fits into that shift."The Monday ruling in the case resulted in a disparate outcome compared to a lawsuit Epic Games filed against <a target="_blank" class="" href="https://www.businessinsider.com/apple">Apple</a> in August 2020, which accused Apple of holding a similar monopoly with its App Store. The Apple case was decided in 2021 — and largely favored Apple, finding that the company had engaged in anticompetitive behavior in only one of 10 counts.In the Apple case, Northern District of California Judge Yvonne Gonzalez Rogers' only remedy was that Apple could not stop app developers from informing users that alternative payment systems other than the <a target="_blank" class="" href="https://www.businessinsider.com/apple-app-store">App Store</a> existed to pay for in-app purchases.Eric Chaffee, a professor of business law and technology at Case Western Reserve University School of Law, told Business Insider that the Epic Games ruling — and a DOJ case against the company in a <a target="_blank" class="" href="https://www.businessinsider.com/google-doj-antitrust-trial-advertising-tech-market-2024-9">separate antitrust trial</a> in which prosecutors are considering asking the judge to <a target="_blank" class="" href="https://www.businessinsider.com/google-search-antitrust-case-doj-remedy-alphabet-2024-10">break up Google</a> — underscores how the application of antitrust law has shifted in recent years against Big Tech companies."It seems like thinking about antitrust is evolving in the United States," Chaffee said. Historically, he said, liberal judges tended to favor <a target="_blank" class="" href="https://www.businessinsider.com/google-lawsuit">antitrust law</a> more than conservative ones. But, these days, even "more conservative justices have come around to the notion that certain sorts of breakups of monopolies are positive things, especially in regard to technology — so in regard to that, this case is one to watch."Chaffee added: "It's one of those things where we're going to see potentially odd or unexpected lineups in regard to how the court ends up approaching these types of issues."When reached by Business Insider, a representative for Google pointed to a public statement about the ruling indicating that the company plans to appeal but declined to answer further questions."The Epic verdict missed the obvious: Apple and Android clearly compete," Google's <a target="_blank" class="" href="https://blog.google/outreach-initiatives/public-policy/epic-games-verdict-appeal/">statement</a> reads, in part. "We will appeal and ask the courts to pause implementing the remedies to maintain a consistent and safe experience for users and developers as the legal process moves forward."Alden Abbott, former General Counsel for the FTC and senior research fellow with the Mercatus Center told Business Insider he is skeptical that the injunction issued against Google will benefit consumers, as antitrust law is supposed to."Preventing Google from bidding for exclusive initial rights to host top games will artificially undermine Google's competition with Apple," Abbott said. "It may also reduce third-party incentives to invest in creating the best games in the hope of winning exclusivity. On both those counts — reduced competition with Apple and reduced incentives to enhance quality — consumers are likely to suffer."When Epic Games' case against Apple was similarly appealed, the Supreme Court denied requests to hear it, leaving Apple with its partial victory.Representatives for Epic Games directed Business Insider to a public thread about the Google ruling, posted on X by the company's CEO, <a target="_blank" class="" href="https://x.com/TimSweeneyEpic/status/1843394692551192972">Tim Sweeney</a>."The Google Play Store injunction lasts for 3 years," Sweeney wrote. "This means all app developers, store makers, carriers, and manufacturers have 3 years to build a vibrant and competitive Android ecosystem with such critical mass that Google can't stop it."

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