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<ul class="summary-list"><li>Elon Musk moved The Boring Company to Texas in 2021, The Times of London said.</li><li>A resident told the outlet it has turned Texas' "incredible vistas" into "gravel mines."</li></ul>Elon Musk's construction company, The Boring Company, has turned Texas' "incredible vistas" into "gravel mines," a longtime resident <a target="_blank" href="https://www.thetimes.com/world/us-world/article/elon-musk-bastrop-texas-boring-neighbour-8lwqxmk2v">told The Times of London</a>."I could start crying just talking about it," Erin Flynn, a 62-year-old sixth-generation Texan who lives in Bastrop, told the outlet."It is beyond heartbreaking," she added.The Times said Musk moved his tunnel-building venture to Bastrop, a rural town of about 12,000 people located 30 miles east of Austin, in 2021.The Wall Street Journal <a target="_blank" href="https://www.wsj.com/articles/elon-musk-texas-town-52386513">reported</a> in March 2023 that Musk planned to build his own town on thousands of acres of land in Central Texas, envisioning a "Texas utopia" along the Colorado River in Bastrop County. It cited deeds, land records, and people familiar with the project.The project is bringing billions of dollars in investment and thousands of well-paying jobs to the region, The Times reported.But it's also threatening the area's generations-old rural way of life, with trucks operating nonstop, earth mounds scattered across the horizon, rock-sorting machines towering over the trees, and cranes moving to and from construction sites, the outlet said.Flynn and her husband said their corner of Texas is being wrecked not only by Musk's firms — The Boring Company and SpaceX both have operations in Bastrop — but also by gravel and sand mines that were gradually erected to support the industry's operations there.Flynn said she fears what will become of the area if steps are not taken to hold industries in check."There's a lot of freedom — people come to Texas for the freedom — but you have to respect your neighbor," she said, adding: "There is a fundamental lack of respect and a lack of communication. You're just being bullied."The Boring Company didn't immediately respond to a request for comment from Business Insider.Last year, the Texas Commission on Environmental Quality <a target="_blank" href="https://www.businessinsider.com/texans-criticize-elon-musk-plans-for-dumping-boring-company-wastewater-2023-3">said</a> it had opened investigations into The Boring Company after receiving three complaints regarding the Bastrop site's handling of wastewater and concrete production.Tesla, which has a 2,500-acre property on the outskirts of Austin, <a target="_blank" href="https://www.businessinsider.com/tesla-gigafactory-texas-environmental-regulations-2024-4">applied</a> in February for an exemption from the city's "extraterritorial jurisdiction," which allows it to regulate developments outside city limits.The city's planning department <a target="_blank" href="https://www.businessinsider.com/tesla-gigafactory-texas-environmental-regulations-2024-4">approved</a> it in March, meaning Tesla's massive gigafactory would no longer have to follow local environmental regulations.

Elon Musk's Boring Company reduced the natural beauty of Texas to 'gravel mines,' resident says

The death of 26-year-old <keyword id="20468023" type="General" weightage="20" keywordseo="EY" source="keywords" meta.keywordsubtype="org" meta.entityname="EY" meta.hostid="153" meta.entityid="EY">EY</keyword> employee, Anna Sebastian Perayil, shook the nation last week and people have been talking about the incident on social media. Her mother, in a letter to EY, had blamed “work stress” and said that she hopes no other family has to go through what they faced. Ever since the letter has gone viral, people are reacting to it. While many are saying how having a sense of <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> is important, others are lashing out at big companies for overworking their employees. Some experts have also weighed in on the debate, saying that the incident is unfortunate and people need to have compassion. <h2>Experts talk about work-life balance </h2> In a conversation with ANI, Corporate Outbound Expert, Tanmay Pendse, urged the government to introduce clear regulations aimed at managing workplace stress more effectively. “We are training people for the last 15-16 years and through the management activities, we make sure that such sessions are included which helps in reducing the stress. After employees reach home they should spend good time with their family and stay away from mobile phones. I appeal to the government to come up with a specific policy so that these kind of situations can be tackled,” Pendse said. He also recommended the introduction of wellness activities like yoga in companies to help employees unwind and manage pressure. Nikhil Badgujar, an Associate Consultant at Tata Consultancy Services (TCS), reflected on how stress is an unavoidable part of corporate life and has to be managed. He also said that what happened with the EY employee was very unfortunate. “Whatever happened is very unfortunate. People need to understand how to react to stress. Stress is relative, as the stress I am feeling is not the same for the other person. People (need) to understand how to react. I can easily understand this as these things are very common nowadays. We need to think about how we can reduce the impact. This is the only thing we can manage. Stress cannot be avoided but it can be managed. In the corporate world stress is a part of our life. We need to understand how to react to that. We are the solution makers itself." Badgujar said. Anand Kulkarni, a Process Specialist at Infosys, agreed that while stress is prevalent in many workplaces, it can be handled with the right mindset. "Being in the corporate for more than ten years, I have been experiencing and observing a lot of work stress. I handle stress by enjoying the work. Stress does exist in the corporate world but it is all about how you handle it.” Pushkar Aurangabadkar, an educator and author, took a more philosophical approach to the issue, noting that societal pressures often drive people into high-stress environments. "The incident is very painful and it has a lot to do with the kind of aspirations that we have these days. The majority of which comes from the compulsive obsession for owning a lot of things. It is not just the trap of corporate but we also need to consider what makes people get into these traps in the first place.” Aurangabadkar added that fostering compassion and promoting spiritual wisdom could help reduce feelings of isolation and pressure in the corporate world. "But there are means and ways in which this can be handled in a better way and as a society, we should be taking care of it. It depends on corporate culture and as everyone might be aware every company has a different culture. It depends from company to company what kind of culture they have that defines how much pressure is getting instituted in that organisation. But beyond that what I believe is compassion and the longing for spiritual wisdom need to be promoted in society because it can reduce the possibility of such incident. The reason is that beyond the pressure people are facing in corporate, it drills down the compulsion and loneliness that we are facing and the answers to which may lie in the compassion." <h2>EY employee's death shocks nation</h2> Anna Sebastian Perayil, a 26-year-old Chartered Accountant, passed away in July 2024, just four months after joining EY in her first job. Her mother, in a heartfelt letter to the company, attributed Anna's death to extreme work pressure. The letter went viral on LinkedIn last week. Anna’s mother said in the letter that her daughter worked tirelessly, even on her convocation day despite experiencing chest pains. Though doctors found no immediate cause for concern, Anna continued to feel unwell. Her mother added how Anna’s manager would reschedule meetings during cricket matches and assign tasks at the end of the day, dismissing Anna’s concerns about the late-night workload. The letter added that despite her struggles, Anna chose to stay, eager to learn and gain experience, but the pressure proved too much. In her letter, Anna’s mother expressed her deep sorrow, not only at losing her daughter but also at EY's failure to provide support. She also said that none of Anna's colleagues or managers attended her funeral. (With ANI inputs)

Unfortunate incident, compassion needs to be promoted: Experts react to EY employee’s death

<ul class="summary-list"><li><keyword id="20079037" type="General" weightage="20" keywordseo="qantas" source="keywords">Qantas</keyword> blamed a coding error for drastically reduced first class fares.</li><li>Around 300 travelers bought tickets with discounts of up to 85% off. </li></ul>Australian airline <a target="_blank" class="" href="https://www.businessinsider.com/sc/qantas-airlines-offers-luxury-features-for-travelers">Qantas</a> has blamed a "coding error" for vastly reduced pricing on hundreds of first-class flights sold last week. Around 300 travelers nabbed the tickets, priced at discounts of up to 85% on the usual fare rate for flights between Australia and the US. Currently, a first-class journey between <keyword id="20014431" type="General" weightage="20" keywordseo="sydney" source="keywords">Sydney</keyword> to New York comes in at around $15,000 <keyword id="23113184" type="General" weightage="20" keywordseo="aud" source="keywords">AUD</keyword> ($10,000 USD). "Unfortunately, this is a case where the fare was actually too good to be true," a spokesperson told Business Insider in a statement. Qantas' terms and conditions allow it to rescind the offer if there is "an error or mistake that is reasonably obvious." "As a gesture of goodwill, we're rebooking <keyword id="19947994" type="General" weightage="20" keywordseo="customers" source="keywords">customers</keyword> in Business Class at no additional cost," the statement continued. "Customers also have the option of a full refund." <div type="image" title="img63fcd942b8468e001896a6de" height="1414" width="2000" msid="112810417" hostid="261" sizebytes="266614" caption="&amp;lt;p&amp;gt;One of the first-class suites set to take to the skies with Qantas in 2026.&amp;lt;/p&amp;gt;"></div><a target="_blank" class="" href="https://www.businessinsider.com/qantas-first-business-class-worlds-longest-flights-project-sunrise-pictures-2023-2">Qantas unveiled new first</a><a target="_blank" href="https://www.businessinsider.com/qantas-first-business-class-worlds-longest-flights-project-sunrise-pictures-2023-2"> and business-class suites</a> for its longest routes last year. These suites feature fully enclosed sleeping spaces, lie-flat beds, and customizable lighting. The nonstop flights were initially set to be launched in early 2025, but are now pushed to 2026. They are expected to be the world's longest, connecting Sydney to New York and London. Such journeys usually involve a stopover in places like San Francisco, <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword>, or Dubai, but in this instance, passengers will spend up to 21 hours in the air. In May, <a target="_blank" class="" href="https://www.businessinsider.com/qantas-airways-settlement-customers-purchased-canceled-flights-accc-2024-5">the airline agreed to pay nearly 8,000 would-be passengers</a> up to about $300 after the <keyword id="23113185" type="General" weightage="20" keywordseo="australian-competition-consumer-commission" source="keywords">Australian Competition &amp; Consumer Commission</keyword> accused it of selling tickets for flights that it knew were canceled. The company did not respond to Business Insider's request for comment at the time. <a target="_blank" class="" href="https://www.qantasnewsroom.com.au/media-releases/qantas-update-on-accc-claims/">In a statement</a>, it said "mistakes were made," but that it "did not delay communicating with our passengers for commercial gain." August 26, 2024 — This story has been corrected to reflect that Qantas' initial launch date for its longest-ever flights was pushed from 2025 to 2026.

Qantas mistakenly sells first-class flights at a massive discount

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

<ul class="summary-list"><li>Some of the top names in artificial intelligence, including Sam Altman, have called for AI regulation.</li><li>Some Fortune 500 companies worry that the uncertainty around future laws could be bad for business.</li></ul>As tech leaders squabble over artificial intelligence regulations, their companies' legal departments are highlighting the business risks that the patchwork of early-stage rules could pose.DeepMind CEO <a target="_blank" class="" href="https://www.businessinsider.com/ai-extinction-risk-openai-deepmind-anthropic-ceos-sam-altman-2023-5">Demis Hassabis</a>, OpenAI cofounder <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-artificial-intelligence-regulation-international-agency-2024-5">Sam Altman</a>, and even <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-backing-california-controversial-ai-bill-2024-8">Elon Musk</a> have called for varying degrees of guardrails that they believe could keep the technology from running amok.Tech-law experts previously told Business Insider that an <a target="_blank" class="" href="https://www.businessinsider.com/ai-new-dark-age-risks-regulations-2024-5">unchecked generative AI</a> could usher in a "dark age" as copyrighted work is replicated by models, disincentivizing original work, and misinformation is easily created and distributed by bad actors.As tech leaders and policymakers figure out what those <a target="_blank" class="" href="https://www.businessinsider.com/ai-regulation-2023-us-eu-china-100-10">safety measures</a> would actually look like, more Fortune 500 companies are underscoring regulations' possible business risks.An analysis from Arize AI, a startup that helps companies troubleshoot generative AI systems, found that 137 of the Fortune 500 companies — or about 27% of Fortune 500 companies — identified AI regulation as a risk to their business in annual reports filed with the Securities and Exchange Commission, as of May 1.And the number of Fortune 500 companies that listed AI as a risk factor soared nearly 500% between 2022 and 2024, per Arize's data.In these annual reports, companies cited costs that could arise from complying with the new laws, the penalties that could come from breaking them, or rules that could slow down AI development.To be clear, they're not necessarily saying that they oppose AI laws. Instead, the concern is that it's unclear what those laws will look like, how they will be enforced, and whether those rules will be consistent around the world. California's legislature, for example,<a target="_blank" class="" href="https://www.businessinsider.com/california-assembly-passes-ai-safety-bill-artificial-intelligence-big-tech-2024-8"> just passed</a> the first state-level AI bill — but it's unclear if Gov. Gavin Newsom will sign it into law or if other states will follow."The uncertainty created by an evolving regulatory landscape clearly presents real risks and compliance costs for businesses that rely on AI systems for everything from reducing credit card fraud to improving patient care or customer service calls," Jason Lopatecki, CEO of Arize AI told Business Insider in an email. "I don't envy the legislator or aide trying to wrap their head around what's happening right now."<h2 id="a461bb6f-56f2-45fc-8956-8c3b52de2a22">Regulation could slow business</h2>Companies' annual reports warn investors of a long list of possible business hits, from the specific — another wave of COVID-19 — to general risks, like the possibilities of cybersecurity attacks or bad weather. Now, AI regulations feature in that list of unknowns, including the cost of keeping up with new rules.Meta, for example, mentioned AI 11 times in its 2022 annual report and 39 times in 2023. The company devoted a full page in its <a target="_blank" class="" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001326801/c7318154-f6ae-4866-89fa-f0c589f2ee3d.pdf">2023 annual report </a>to the risks of its own AI initiatives, including regulation. The tech giant said it was "not possible to predict all of the risks related to the use of AI," including how regulation will affect the company.Motorola Solutions said in its <a target="_blank" class="" href="https://www.motorolasolutions.com/content/dam/msi/investors/sec/archive/2024/000119312524079728/d422819dars.pdf">annual report</a> that complying with AI regulations "may be onerous and expensive, and may be inconsistent from jurisdiction to jurisdiction, further increasing the cost of compliance and the risk of liability.""It is also not clear how existing and future laws and regulations governing issues such as AI, AI-enabled products, biometrics and other video analytics apply or will be enforced with respect to the products and services we sell," the company wrote.NetApp, a data infrastructure company, said in its <a target="_blank" class="" href="https://investors.netapp.com/static-files/dc93c640-c045-422b-92d6-f71d0a18c2f5">annual report</a> that it aims to "use AI responsibly" but that it may be "unsuccessful in identifying or resolving issues before they arise." The company added that regulation that slows down the adoption of AI could be bad for its business."To the extent regulation materially delays or impedes the adoption of AI, demand for our products may not meet our forecasts," the company wrote.George Kurian, the CEO of NetApp, told <a target="_blank" class="" href="https://www.wsj.com/articles/ai-regulation-is-coming-fortune-500-companies-are-bracing-for-impact-94bba201?mod=hp_minor_pos4">The Wall Street Journal</a> that he encourages AI regulation."We need a combination of industry and consumer self-regulation, as well as formal regulation," Kurian told the publication. "If regulation is focused on enabling the confident use of AI, it can be a boon."

More and more big companies say AI regulation is a business risk

<ul class="summary-list"><li>US regulators say in a lawsuit against Adobe that an exec likened early termination fees to heroin.</li><li>The DOJ and FTC sued the software company last month, alleging it violated consumer protection laws.</li></ul>An <a target="_blank" class="" href="https://www.businessinsider.com/adobe-employees-slam-company-over-ai-controversy-2024-6">Adobe</a> executive allegedly likened early termination fees to heroin for the software company, according to newly unredacted documents in the US government's lawsuit against the Photoshop and Creative Cloud maker.The Justice Department and the Federal Trade Commission noted in the government's unredacted lawsuit against the Adobe that a company executive admitted that the "hidden" early termination fee is "a bit like heroin for Adobe" and "there is absolutely no way to kill off ETF or talk about it more obviously [without] taking a big business hit."Last month, <a target="_blank" class="" href="https://www.businessinsider.com/adobe-sued-doj-unfair-subscription-practices-ftc-investigation-signup-cancel-2024-6">US regulators sued Adobe,</a> accusing the company of violating federal laws designed to protect consumers by hiding pricey early termination fees and making it tough for users to cancel their subscriptions."For years, Adobe has harmed consumers by enrolling them in its default, most lucrative subscription plan without clearly disclosing important plan terms," says the lawsuit, which also names two Adobe executives — Maninder Sawhney and David Wadhwani — as defendants.The lawsuit says Adobe "fails to adequately disclose to consumers" that by signing up for its "Annual, Paid Monthly" subscription plan "they are agreeing to a year-long commitment and a hefty early termination fee" that can "amount to hundreds of dollars.""Defendants know that these inadequate APM plan disclosures harm and mislead consumers but continue to engage in these unlawful practices because better disclosures would hurt Adobe's bottom line by reducing subscription revenues," the unredacted lawsuit says.In a statement posted to its <a target="_blank" class="" href="https://news.adobe.com/news/news-details/2024/Adobes-Recent-Statement-Regarding-Updated-Federal-Trade-Commission-Complaint-/default.aspx">website</a> on Thursday, Abode's general counsel and chief trust officer Dana Rao said that US regulators were "taking four-year-old conversations and details from employee emails out of context to supplement their claims."Rao said Abode is "disappointed that the government pored over tens of thousands of documents that we supplied and ended up with this complaint that both mischaracterizes our business and business decisions, and cherry picks old employee comments from four years ago from a non-executive team member, which they then take out of context.""We strongly disagree with this lawsuit's characterization of our business and we will refute the FTC's claims in court," Rao told Business Insider in a statement."The complaint is taking an old offhand comment out of context from years ago, out of the tens of thousands of documents Adobe provided to the FTC," Rao added. "The early termination fees equate to minimal impact to our revenue, accounting for less than half a percent of our total revenue globally but is an important part of our ability to offer customers a choice in plans that balance cost and commitment."

Adobe executive compared early termination fees to heroin for the company: court docs

<ul class="summary-list"><li>World leaders are in Ottawa negotiating a treaty to end plastic pollution.</li><li>The US, a major plastic exporter, says its a dealmaker but is under pressure to be more ambitious.</li></ul>World leaders are gathering in Ottawa, Ontario, this week to hash out a global treaty to end plastic pollution.It's a pivotal point in the talks, with countries aiming to strike a deal by the end of the year. The US has positioned itself as a broker between other big oil, gas, and petrochemical exporters — including Russia, Iran, and Saudi Arabia — and countries that want steep cuts to plastic production.But critics say the US isn't being ambitious enough."We'd like to see clear recognition from the US that the treaty has to confront the production of plastic polymers and resins if it's to be successful," Carroll Muffett, the president and CEO of the Center for International Environmental Law, told Business Insider. "We cannot recycle our way out of the plastics crisis."Muffett is among a handful of scientists and business and community advocacy groups who told BI they wanted to see a stronger position from the US. The country has a lot of sway as the world's largest exporter of oil and gas, the main ingredients in plastics. The US has also been at the forefront of a massive build-out of new plastics and petrochemical plants over the past decade. The Environmental Integrity Project, a Washington, DC-based nonprofit, <a target="_blank" href="https://environmentalintegrity.org/wp-content/uploads/2024/03/Feeding-the-Plastics-Industrial-Complex-3.14.24.pdf">identified 50 plastic plants built after 2012</a> and found that at least 20 more would be built or expanded over the next five years.The trend is global. Plastic production is expected to nearly triple by 2060 unless countries reach a deal to rein it in, <a target="_blank" href="https://www.oecd.org/environment/global-plastic-waste-set-to-almost-triple-by-2060.htm">according to the Organization for Economic Co-operation and Development</a>. A treaty could be the most impactful climate action since the Paris agreement because the plastic industry accounts for 5% of global carbon emissions. That could grow to 20% by 2050 if current trends continue, <a target="_blank" href="https://energyanalysis.lbl.gov/publications/climate-impact-primary-plastic">the US Lawrence Berkeley National Laboratory</a> said.A State Department spokesperson in an email said the US is concerned that "overly prescriptive approaches" to ending plastic pollution put the treaty at risk because the largest producers and consumers of plastics might not support it. The US position is focused on policies that drive down the demand for new plastic, such as through government incentives and reuse models. However, the spokesperson said that countries "would not be precluded" from adopting their own policies.The Biden administration wants to finish a deal this year, given that the presidential election is in November, several observers of the negotiations told BI. But it will be difficult to persuade the Senate to ratify a treaty, they said.In Ottawa, major disagreements remain over how to tackle the more than 350 million metric tons of plastic waste produced globally each year, much of which ends up in landfills and the environment. Only 9% of plastics are recycled.Hundreds of businesses and countries support cutting plastic production. This could involve phasing out "problematic" plastics that can't be recycled or are harmful to public health and mandating that products be made with more recycled material. Taxing plastic polymers is also being discussed, which could help finance improvements to waste infrastructure in developing countries."Shared financial responsibility is something we really want to see," Allison Lin, the global vice president of packaging sustainability at Mars Inc., said. Lin represents the Business Coalition for a Global Plastics Treaty, which includes more than 200 companies. Among them are Walmart, PepsiCo, and L'Oréal.Lin said the coalition supported a policy called <a target="_blank" href="https://www.businessinsider.com/recycling-rate-us-extended-producer-responsibility-cans-bottles-plastic-paper-2023-2">extended producer responsibility</a>, which slaps a fee on companies' packaging to help fund recycling and collection and has been successful in countries such as Belgium. Plastic makers similarly should bear some of the financial burden, she said.Stewart Harris, a spokesperson for the International Council of Chemical Association, agreed that plastic makers needed to make greater investments, and the group supports EPR and recycled-content mandates. But the industry is opposed to taxes because they would be difficult to implement and it would be hard to ensure money flows into programs tackling plastic pollution, he said.Plastic makers also oppose setting caps on production, as do countries including Russia, Iran, and Saudi Arabia. Harris cited <a target="_blank" href="https://www.oxfordeconomics.com/resource/mapping-the-plastics-value-chain/">an industry-commissioned report</a> by Oxford Economics that found a cap could increase costs for consumers as well as greenhouse-gas emissions. Plastics require less energy to manufacture and transport compared with some other materials, the report found.Cutting plastic production would also hit the bottom line of oil majors such as Exxon. The <a target="_blank" href="https://www.iea.org/news/petrochemicals-set-to-be-the-largest-driver-of-world-oil-demand-latest-iea-analysis-finds">International Energy Agency forecast</a> that by 2050, petrochemical products like plastic would outpace trucks, aviation, and shipping in oil demand.Neil Nathan, a project scientist at UC Santa Barbara, and his team built an artificial-intelligence model of how 11 policies could curb plastic pollution. While many can make a big dent in the problem in the near term, pollution will eventually go up again without production caps, he said.The model has been shared with US negotiators, Nathan added. He's disappointed the US hasn't included some of the most impactful policies into its position, he said."If the US takes a position or is supportive of something, we typically see a snowball effect," he said.Editor's note: April 25, 2024 — This story has been updated to include a statement from the State Department and clarified to reflect that Neil Nathan said UC Santa Barbara's recommended policies can initially curb pollution, but without production caps, pollution will go up in the long term.

The US is under pressure to lead the way in reducing plastic pollution &mdash; but it keeps making more of it 

If you are living in a metropolitan area in India, chances are you regularly order food from <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>. The company launched in India in 2008 and was earlier just a food delivery service. Overtime, it evolved into a food discovery platform as people can rate restaurants, reserve tables, leave reviews and more. Now, we all know that when we order food via Zomato we end up paying slightly more. There are various charges that the company levies on users including handling charges and delivery fee. In August last year, Zomato started charging a <keyword id="20299300" type="General" weightage="20" keywordseo="platform-fee" source="keywords">platform fee</keyword> from users. And this has proved to be a successful business move for the platform as during its annual report, the company revealed that it has collected Rs 83 crore till March from levying platform fee. So what exactly is this platform fee that has raked in moolah from the company? Moreover, how does it benefit Zomato and what effect does it have on the end consumer? Read on to find out. <h2>What is Zomato’s platform fee?</h2>Zomato's platform fee is a small additional charge that the company adds to your order. Think of it as a convenience fee for using the app's services, including delivery, customer support, and the seamless experience of browsing through hundreds of restaurant options. Initially, the company used to levy Rs 2 per order as platform fee. But that amount has grown in the last one year and today Zomato charges Rs 6 as platform fee in key areas. It can be located when you load the bill details of your order. <div type="image" title="Zomato levies platform fee" msid="112313825" hostid="261" sizebytes="48995" caption="&amp;lt;p&amp;gt;Zomato levies platform fee&amp;lt;/p&amp;gt;"></div> <h2>How it impacts Zomato</h2>The Platform fee might seem like a minor addition to your bill, but when multiplied by millions of orders, it becomes a significant source of revenue for Zomato. Since every order placed incurs this charge, it increases the company’s "take rates" — the profit made per order. This fee serves as a crucial, controllable revenue stream in the supply chain, providing a steady income source that companies can directly manage. Alongside advertising fees and restaurant commissions, the platform fee has become a significant revenue generator for Zomato. In other words, levying a platform fee is basically a clever way for Zomato to boost its revenue without significantly increasing the prices of individual menu items. During its annual report, Zomato identified the platform fee as one of the three main factors driving Zomato's Adjusted Revenue, which saw a 27 percent year-on-year growth, reaching Rs 7,792 crore in FY24. "Adjusted Revenue as a percentage of GOV (gross order value) continued to rise, primarily due to higher restaurant commission take-rates, improved ad monetization, and the introduction of the platform fee from Q2FY24 onwards," the report highlighted. The report also added that all of the above mentioned factors compensated for the reduction in customer delivery charges per order due to the free delivery benefit available on Gold orders. <h2>How are you affected by Zomato’s platform fee?</h2>Zomato’s report also revealed that most late-night orders in the last fiscal year came from Delhi NCR, while Bengaluru led in the number of breakfast orders. Now the question that arises is, how exactly is the end consumer being affected by the platform fee? One of the obvious answers is that it makes your order a bit more expensive. Especially if you order from the food delivery giant on a daily basis. You might not even notice the addition of Rs 6 in your final bill but if you order food from Zomato everyday and start calculating, it will come up to be a noticeable amount. Say you have ordered food from Zomato everyday since the last three months. In this case, you would have ended up paying around Rs 540 as platform fee. Moreover, platform fee tends to be higher during peak hours or weather conditions. Thus, the order ends up being even costlier. Just last month, CEO of Bengaluru-based company <keyword id="22689022" type="General" weightage="20" keywordseo="capitalmind-deepak-shenoy" source="keywords">Capitalmind Deepak Shenoy</keyword>, was making headlines for saying that he has reduced ordering food from <keyword id="19896956" type="General" weightage="20" keywordseo="swiggy" source="keywords">Swiggy</keyword> and Zomato because of higher platform fees. “Massively reduced ordering from Swiggy/Zomato, down to just once maybe on a weekend, like today and noticed their 'platform' charge is now ₹6. Happy that I weaned myself off the daily ordering. They also take 30 percent from restaurants, btw,” he wrote in a post on X (earlier called Twitter).

Zomato earned Rs 83 crore from platform fee: What it is, how it benefits the company and how it affects you

<ul class="summary-list"><li>The National Association of Realtors said it'd reduce commissions as part of a $418 million settlement.</li><li>Commission rates of 5% to 6% of a home's purchase price were previously standard.</li></ul>The entire real-estate industry could shift in homeowners' favor, thanks to a settlement by one of the most powerful groups of real-estate agents in the country.In a <a target="_blank" href="https://www.businessinsider.com/real-estate-antitrust-lawsuits-verdict-agent-commissions-nar-future-homebuying-2023-12">wave of class-action lawsuits</a>, homeowners have accused the National Association of Realtors of conspiring to rip off both buyers and sellers by charging unfairly high commissions.On Friday, the NAR said it would pay $418 million in damages to settle those suits. In a major win for consumers, it also agreed to amend its rules on commissions, <a target="_blank" href="https://www.nytimes.com/2024/03/15/realestate/national-association-realtors-commission-settlement.html">The New York Times</a>, which obtained a copy of the signed agreement, reported.The plaintiffs also argued that the standard 5% to 6% that most real-estate agents charge violated antitrust laws and kept home prices expensive. Experts have said that if homebuyers and sellers no longer need to pay their brokers so much, home prices could go down across the country as a result."This is by far the biggest change to hit the real estate industry in more than 30 years," Toby Schifsky, vice president of real estate education company Kaplan, said in a statement. "While this may result in lower prices for homebuyers — especially important at a time of elevated mortgage rates — it's going to be imperative for buyer representatives and agents to demonstrate their value to would-be buyers. This affects them more than anybody in the process."In other countries, the Times said, agents' commission fees are much lower, typically ranging from 1% to 3%.The settlement is poised to affect home sellers, who will no longer be pushed to pay such high commissions to their real-estate agents — who usually split the commission with their buyers' agents.The changes are expected to take effect in the next four to six months. For decades, the structure of how real estate agents get their commission has followed a serpentine path.Here's how it worked: the buyer paid the seller the cost of the home, then the seller would take about 5% to 6% of the final sale price to pay their real-estate agent, who would then split that money with the buyer's agent. This meandering system essentially forced sellers to offer the highest commission rate in order to <a target="_blank" href="https://www.businessinsider.com/real-estate-agent-commissions-steering-hiding-homes-housing-market-lawsuits-2024-3">attract the buyers' agents</a>."Individual sellers often feel powerless to negotiate a better deal for themselves given the risk that offering lower commissions will cause brokers to steer buyers to other properties," said Robert A. Braun, a partner in Cohen Milstein's Antitrust practice, in a statement.Oftentimes, <a target="_blank" href="https://www.businessinsider.com/lawsuits-verdict-realtors-brokerages-real-estate-agents-home-buying-selling-2023-11">sellers didn't even realize they could negotiate that fee</a>.But now, that whole system is out the window, which could force agents to lower their rates to keep up with the competition.That's not <a target="_blank" href="https://www.businessinsider.com/real-estate-agents-realtors-reckoning-housing-market-home-sales-slow-2023-4">great news for brokers</a>, who some experts said might be forced to leave the industry."There are going to be real-estate agents who are not able to articulate, let alone demonstrate, their value," Brian Boero, the CEO of 1000watt, an agency that advises real-estate brokerages and mortgage companies, previously told Business Insider. "Those folks will probably be out of the business very quickly."The NAR declined to comment but referred BI to its <a target="_blank" href="https://www.nar.realtor/newsroom/nar-reaches-agreement-to-resolve-nationwide-claims-brought-by-home-sellers">press release</a>."NAR exists to serve our members and American consumers, and while the settlement comes at a significant cost, we believe the benefits it will provide to our industry are worth that cost," NAR President Kevin Sears said in the statement.The NAR will pay out the settlement, which is still subject to court approval, to the plaintiffs over the next four years, the group said in its press release. Lawyers expect the deal to be filed in the next few weeks, the Times reported.March 15, 2024: A previous version of this story stated that the NAR's rules set a standard commission rate of 5 to 6%. It's been updated to reflect that the rates were standard.

Home prices could go down now that the biggest group of real-estate agents agreed to lower commissions

<ul class="summary-list"><li>The FCC fined four US network providers nearly $200 million for illegally sharing customer data.</li><li>The FCC said the companies sold data to "aggregators," who resold it to third parties.</li></ul>The Federal Communications Commission fined four US <a target="_blank" href="https://www.businessinsider.com/guides/deals/best-deals-on-visible-phone-plans">wireless carriers</a> close to $200 million for illegally sharing access to customers' location data.AT&amp;T was fined over $57 million, and <a target="_blank" href="https://www.businessinsider.com/verizon-consumer-group-ai-sales-call-centers-sowmyanarayan-sampath-2023-12">Verizon</a> was fined almost $47 million. T-Mobile and Sprint, which merged since the investigation began, have been fined $92 million collectively, the <a target="_blank" href="https://docs.fcc.gov/public/attachments/DOC-402213A1.pdf">FCC said on Monday.</a>"Our communications providers have access to some of the most sensitive information about us," FCC chairwoman Jessica Rosenworcel said in the statement. "We are talking about some of the most sensitive data in their possession: customers' real-time location information, revealing where they go and who they are."The fines were initially proposed in February 2020. The FCC said on Monday that these phone companies sold customers' location data to "aggregators," who resold access to the data to companies that provide location-based services.Companies that use location-based services include prison phone services, ride-hailing apps, and phone games. Such data can also be used by companies to send targeted ads based on location.The FCC said dozens of location-based services accessed phone companies' customer data without ensuring consumer consent, even after the phone companies were aware of the links.The practice of sharing data in this way was the focus of a <a target="_blank" href="https://www.wyden.senate.gov/imo/media/doc/wyden-securus-location-tracking-letter-to-fcc.pdf">2018 congressional probe</a>.In response to the FCC fines, all three phone providers said they expect to appeal the decision."We take our responsibility to keep customer data secure very seriously and have always supported the FCC's commitment to protecting consumers," T-Mobile said in a statement to Business Insider. "But this decision is wrong, and the fine is excessive. We intend to challenge it.""The FCC order lacks both legal and factual merit," AT&amp;T said in a statement to BI. "It unfairly holds us responsible for another company's violation of our contractual requirements to obtain consent, ignores the immediate steps we took to address that company's failures." Verizon did not immediately respond to BI's request for comment sent outside regular business hours. The company <a target="_blank" href="https://edition.cnn.com/2024/04/29/tech/fcc-fines-att-verizon-200-million/index.html#:~:text=The%20FCC%20said%20AT%26T%20must,expect%20to%20appeal%20the%20decision.">told CNN</a> that one bad actor who gained access to customer data was shut down, and that Verizon would appeal the FCC's decision.Senator Ron Wyden, who led the 2018 congressional probe, called the fines proposed in 2020 "comically inadequate." Now — with the fines reduced for T-Mobile and Verizon since 2020 — he said in a <a target="_blank" href="https://www.wyden.senate.gov/news/press-releases/wyden-praises-fcc-fines-on-wireless-carriers-in-response-to-his-investigation-into-abuse-of-location-data">Thursday statement</a> that he applauded the FCC for "holding these companies accountable."

FCC fines big phone companies nearly $200 million for sharing customer location data

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/mkbhd-fisker-ocean-review-marques-brownlee-video-tiktok-2024-3">Fisker</a> announced another round of layoffs during an all-hands meeting Wednesday morning.</li><li>CEO Henrik Fisker said he wasn't directly involved in the decision, sources told BI.</li></ul>Henrik Fisker had grim news for his staff when they logged on to a short all-hands meeting Wednesday morning. The electric carmaker was implementing yet another <a target="_blank" href="https://www.businessinsider.com/fisker-summer-layoffs-employees-job-cuts-2024-5#:~:text=The%20embattled%20electric%2Dvehicle%20startup,cut%2015%25%20of%20its%20staff.">round of layoffs</a>, he said.Four employees who attended the meeting told Business Insider that the CEO and founder attempted to shift responsibility for the latest staff cuts, frustrating some staff who felt he was failing to take accountability for how the company had gotten to the brink of bankruptcy.Henrik Fisker told employees he had not been directly involved in the decision to cut staff and instead said the choice to further reduce the company's workforce was made by chief restructuring officer John DiDonato, two employees who attended told BI.DiDonato, the restructuring officer, is the managing director of Huron Consulting Group and was brought in to help Fisker in April. Fisker was required to install a chief restructuring officer last month after the company missed an interest payment to an unnamed institutional investor and noteholder. The agreement gave the CRO, who reports directly to the company's recently established transaction committee, "sole authority" over decision-making related to a potential sale of the company and "oversight of cash management," according to an April 16 filing with the Securities and Exchange Commission."The general gist of the meeting was Henrik was saying 'These are not my layoffs,'" said one worker, who witnessed the meeting and later found out that their role had been eliminated.Shortly after the meeting, dozens of workers found out they'd been impacted by the cut when they lost access to the company's internal systems, two workers who lost their jobs as part of the cuts told BI. The employees later received an email from human resources notifying them they'd been impacted by the cuts, they said.At least one Fisker employee took to the company's internal Microsoft Teams channel to criticize Henrik Fisker's comments, according to a screenshot viewed by Business Insider."You have not one time taken responsibility for what's going on at Fisker," the employee wrote in the Teams chat, according to the screenshot. "I am here for 8 months and not once did you acknowledge mistakes by our leadership. It's always others."In another comment viewed by BI, a different employee wrote: "We love you Henrick!!!!! Keep fighting!"The recent layoffs represent the latest in a series of cuts at Fisker, including a <a target="_blank" href="https://www.businessinsider.com/fisker-summer-layoffs-employees-job-cuts-2024-5#:~:text=The%20embattled%20electric%2Dvehicle%20startup,cut%2015%25%20of%20its%20staff.">round last week.</a>The significant staff reductions are designed to eventually bring the workforce down to a group of about 100 employees, one former Fisker employee with knowledge of the issue said.It's not clear how many employees remain. A spokesperson for Fisker declined to comment. DiDonato, the CRO, did not immediately respond to requests for comment ahead of publication.Fisker has repeatedly warned over the past few months that the company may go out of business within the year. On April 29, the company sent notices to staffers, in compliance with the Worker Adjustment and Retraining Notification Act, <a target="_blank" rel="" href="https://www.businessinsider.com/fisker-sends-employees-possible-layoff-notice-2-months-2024-4">that they may be laid off</a> in two months if the company can't find a buyer or additional funding.Do you work for Fisker or have a tip? Reach out to the reporter via a non-work email at <a target="_blank" href="mailto:gkay@insider.com">gkay@insider.com</a>

Inside Henrik Fisker's staff meeting, where the CEO announced more layoffs hitting his electric car company

Initial counting of votes cast in the <keyword id="4117561" type="General" weightage="20" keywordseo="Uttar-Pradesh-Assembly-elections" source="Orion">Uttar Pradesh Assembly elections</keyword> revealed that Chief Minister <keyword id="43254" type="General" weightage="20" keywordseo="Yogi-Adityanath" source="Orion">Yogi Adityanath</keyword> is leading from the Gorakhpur Urban constituency, as per <keyword id="40807" type="General" weightage="20" keywordseo="election-commission" source="Orion">Election Commission</keyword> sources. The initial trends available at 9.30 a.m. were mostly from postal ballots. This is Yogi Adityanath's first full fledged contest for an Assembly seat from his home turf, from where he had contested and won the Lok Sabha seat for multiple terms. According to the ABP C-Voter <keyword id="609507" type="General" weightage="20" keywordseo="exit-poll" source="Orion">exit poll</keyword>, the ruling BJP is set to retain power in Uttar Pradesh with a tally of 236 seats. The BJP will, however, return to power with a reduced margin in the 403-member state Assembly, with a loss of 89 seats after winning 325 seats in 2017, it had predicted. <keyword id="12959721" type="General" weightage="20" keywordseo="Gorakhpur-Urban-seat" source="Orion">Gorakhpur Urban seat</keyword> had witnessed 53.30 per cent voting held on March 3. The Chief Minister's opponents include Chandra Shekhar Aazad of Bhim Army contesting on the Aazad Samaj Party (Kanshi Ram), Chetana Pandey of Congress, Shubhawati Shukla of Samajwadi Party and Shamsuddin Khwaja of Bahujan Samaj Party. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/elections/news/punjab-chief-minister-charanjit-singh-channi-currently-leading-in-chamkaur-sahib-trailing-in-bhadaur/articleshow/90117150.cms">Punjab Chief Minister Charanjit Singh Channi currently leading in Chamkaur Sahib, trailing in Bhadaur</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indices-extend-sharp-gains-sensex-up-over-1300-points/articleshow/90117102.cms">Indices extend sharp gains; Sensex up over 1,300 points</a>

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