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  • A 14-year-old’s suicide was prompted by an AI chatbot, lawsuit alleges. Here’s how parents can keep kids safe.

    A 14-year-old’s suicide was prompted by an AI chatbot, lawsuit alleges. Here’s how parents can keep kids safe.

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    The mother of a 14-year-old Florida boy is suing an AI chatbot company after her son, Sewell Setzer III, died by suicide—something she claims was driven by his relationship with an AI bot. 

    “Megan Garcia seeks to prevent C.AI from doing to any other child what it did to hers,” reads the 93-page wrongful-death lawsuit that was filed this week in a U.S. District Court in Orlando against Character.AI, its founders, and Google.

    Tech Justice Law Project director Meetali Jain, who is representing Garcia, said in a press release about the case: “By now we’re all familiar with the dangers posed by unregulated platforms developed by unscrupulous tech companies—especially for kids. But the harms revealed in this case are new, novel, and, honestly, terrifying. In the case of Character.AI, the deception is by design, and the platform itself is the predator.”

    Character.AI released a statement via X, noting, “We are heartbroken by the tragic loss of one of our users and want to express our deepest condolences to the family. As a company, we take the safety of our users very seriously and we are continuing to add new safety features that you can read about here: https://blog.character.ai/community-safety-updates/….”

    In the suit, Garcia alleges that Sewell, who took his life in February, was drawn into an addictive, harmful technology with no protections in place, leading to an extreme personality shift in the boy, who appeared to prefer the bot over other real-life connections. His mom alleges that “abusive and sexual interactions” took place over a 10-month period. The boy committed suicide after the bot told him, “Please come home to me as soon as possible, my love.”

    On Friday, New York Times reporter Kevin Roose discussed the situation on his Hard Fork podcast, playing a clip of an interview he did with Garcia for his article that told her story. Garcia did not learn about the full extent of the bot relationship until after her son’s death, when she saw all the messages. In fact, she told Roose, when she noticed Sewell was often getting sucked into his phone, she asked what he was doing and who he was talking to. He explained it was “‘just an AI bot…not a person,’” she recalled, adding, “I felt relieved, like, OK, it’s not a person, it’s like one of his little games.” Garcia did not fully understand the potential emotional power of a bot—and she is far from alone. 

    “This is on nobody’s radar,” Robbie Torney, program manager, AI, at Common Sense Media and lead author of a new guide on AI companions aimed at parents—who are grappling, constantly, to keep up with confusing new technology and to create boundaries for their kids’ safety. 

    But AI companions, Torney stresses, differ from, say, a service desk chat bot that you use when you’re trying to get help from a bank. “They’re designed to do tasks or respond to requests,” he explains. “Something like character AI is what we call a companion, and is designed to try to form a relationship, or to simulate a relationship, with a user. And that’s a very different use case that I think we need parents to be aware of.” That’s apparent in Garcia’s lawsuit, which includes chillingly flirty, sexual, realistic text exchanges between her son and the bot. 

    Sounding the alarm over AI companions is especially important for parents of teens, Torney says, as teens—and particularly male teens—are especially susceptible to over reliance on technology. 

    Below, what parents need to know.  

    What are AI companions and why do kids use them?

    According to the new Parents’ Ultimate Guide to AI Companions and Relationships from Common Sense Media, created in conjunction with the mental health professionals of the Stanford Brainstorm Lab, AI companions are “a new category of technology that goes beyond simple chatbots.” They are specifically designed to, among other things, “simulate emotional bonds and close relationships with users, remember personal details from past conversations, role-play as mentors and friends, mimic human emotion and empathy, and “agree more readily with the user than typical AI chatbots,” according to the guide. 

    Popular platforms include not only Character.ai, which allows its more than 20 million users to create and then chat with text-based companions; Replika, which offers text-based or animated 3D companions for friendship or romance; and others including Kindroid and Nomi.

    Kids are drawn to them for an array of reasons, from non-judgmental listening and round-the-clock availability to emotional support and escape from real-world social pressures. 

    Who’s at risk and what are the concerns?

    Those most at risk, warns Common Sense Media, are teenagers—especially those with “depression, anxiety, social challenges, or isolation”—as well as males, young people going through big life changes, and anyone lacking support systems in the real world. 

    That last point has been particularly troubling to Raffaele Ciriello, a senior lecturer in Business Information Systems at the University of Sydney Business School, who has researched how “emotional” AI is posing a challenge to the human essence. “Our research uncovers a (de)humanization paradox: by humanizing AI agents, we may inadvertently dehumanize ourselves, leading to an ontological blurring in human-AI interactions.” In other words, Ciriello writes in a recent opinion piece for The Conversation with PhD student Angelina Ying Chen, “Users may become deeply emotionally invested if they believe their AI companion truly understands them.”

    Another study, this one out of the University of Cambridge and focusing on kids, found that AI chatbots have an “empathy gap” that puts young users, who tend to treat such companions as “lifelike, quasi-human confidantes,” at particular risk of harm.

    Because of that, Common Sense Media highlights a list of potential risks, including that the companions can be used to avoid real human relationships, may pose particular problems for people with mental or behavioral challenges, may intensify loneliness or isolation, bring the potential for inappropriate sexual content, could become addictive, and tend to agree with users—a frightening reality for those experiencing “suicidality, psychosis, or mania.” 

    How to spot red flags 

    Parents should look for the following warning signs, according to the guide:

    • Preferring AI companion interaction to real friendships
    • Spending hours alone talking to the companion
    • Emotional distress when unable to access the companion
    • Sharing deeply personal information or secrets
    • Developing romantic feelings for the AI companion
    • Declining grades or school participation
    • Withdrawal from social/family activities and friendships
    • Loss of interest in previous hobbies
    • Changes in sleep patterns
    • Discussing problems exclusively with the AI companion

    Consider getting professional help for your child, stresses Common Sense Media, if you notice them withdrawing from real people in favor of the AI, showing new or worsening signs of depression or anxiety, becoming overly defensive about AI companion use, showing major changes in behavior or mood, or expressing thoughts of self-harm. 

    How to keep your child safe

    • Set boundaries: Set specific times for AI companion use and don’t allow unsupervised or unlimited access. 
    • Spend time offline: Encourage real-world friendships and activities.
    • Check in regularly: Monitor the content from the chatbot, as well as your child’s level of emotional attachment.
    • Talk about it: Keep communication open and judgment-free about experiences with AI, while keeping an eye out for red flags.

    “If parents hear their kids saying, ‘Hey, I’m talking to a chat bot AI,’ that’s really an opportunity to lean in and take that information—and not think, ‘Oh, okay, you’re not talking to a person,” says Torney. Instead, he says, it’s a chance to find out more and assess the situation and keep alert. “Try to listen from a place of compassion and empathy and not to think that just because it’s not a person that it’s safer,” he says, “or that you don’t need to worry.”

    If you need immediate mental health support, contact the 988 Suicide & Crisis Lifeline.

    More on kids and social media:

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    Beth Greenfield

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  • The American Dream on European time: How late-night remote workers are cashing in on big U.S. salaries

    The American Dream on European time: How late-night remote workers are cashing in on big U.S. salaries

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    It’s 9 p.m. in London, and Gita Selli is still at her computer, finishing up one last Zoom call with her team in the U.S. Her son has taken his bath, her husband is already in bed, and while the idea of a late-night video call may sound horrendous to some, Gita is feeling incredibly satisfied.

    “Of course, American companies do pay better than European companies,” says Gita Selli, Senior Manager of Global Talent Acquisition at Chicago-based tech firm Loadsmart. “I’d lose between half and a third of what I make today if I were working for a European company.”

    European workers, on average, earn 20-40% less than their American counterparts for similar jobs. For example, software engineers in the U.S. typically earn around $115,000; in Europe, the average is $75,000, depending on the region. Marketing managers see a similar gap, with U.S. salaries averaging $107,000 compared to Europe’s $70,000.

    Before the pandemic, Europeans working for U.S. companies wasn’t unheard of, but holding U.S.-based roles with American-level salaries was a rarity. The shift to remote work has opened the floodgates, enabling Europeans to land positions traditionally reserved for American workers.

    How do Europeans make it work?

    Landing a U.S. job can feel like hitting the jackpot, but the rewards come with strings attached. European workers must adjust to U.S. hours, often working late into the night to align with American time zones. 

    Seasoned remote workers prefer companies on America’s East Coast, where a five- to six-hour time difference is easier to manage compared to those on the West Coast, where the eight- to nine-hour gap can make for grueling nights.

    For many, especially working parents, this trade-off is worth it. “It’s helped a lot with family life,” says Selli, who has two kids. “I take breaks to pick up the kids, which I couldn’t do with a traditional nine-to-five UK job. But in the evenings, I’m glued to my desk, which is balanced by help from my husband.”

    The flexibility is attractive to many, but not everyone can handle the time zone challenges. “It’s a killer for early-morning people,” Selli admits. “If you’re someone who wants to hit the pub after work, this isn’t the right place for you.”

    “If you’re someone who wants to hit the pub after work, this isn’t the right place for you.”

    Breaking up the day helps many remote workers. Some like to complete the first round of tasks in the European morning when coworkers aren’t around to interrupt with calls, emails, or instant messages, saving the afternoon for video conference calls. “I don’t need to be at my desk for eight hours straight,” says Romanian video and audio editor Otinel Mezin. “I can stay nearby and get back to my computer if any urgent editing requests come in.”

    American companies have also become increasingly flexible with remote workers’ schedules. “I noticed a significant shift when COVID hit,” says Irish marketing executive Laura Mundow. “I’ve been working remotely for over a decade, but during the pandemic, many companies finally seemed to acknowledge time zone differences and adjusted accordingly.”

    Selli offers practical advice: “Make sure everyone can see your calendar. If they know when you start and finish work, they won’t schedule meetings at unreasonable times. It won’t always be perfect, but it will help avoid having to work until 3 a.m.,” she advises.

    Cultural differences also play a noteworthy role. American companies often operate at a faster pace, with a more aggressive approach to sales and more open discussions around salaries than their European counterparts. Despite these contrasts, many Europeans say they have come to appreciate the innovative and optimistic spirit.

    “I really love working with Americans,” Mundow says. “There’s an openness there that you might not get in Europe. The stereotype of work being a massive focus for Americans is true. That might not suit everybody. It suits me, but I can see how it could be jarring if work weren’t a central part of your life.”

    Although it requires some initial adjustment, many find the cultural differences refreshing. “I find clients to be more polite in the way they request work and not haggling over prices,” Mezin says.

    Laura Mundow.

    ‘Geographic arbitrage’

    One piece of advice from European workers is to avoid undervaluing yourself in the American market by accepting a salary lower than what an American would earn, even if it’s higher than typical European pay.

    “My goal is always to be paid at an average U.S. rate, even though I live in Romania,” Mezin says.

    “I wouldn’t consider undercutting myself,” Mundow states, who entered remote work upon graduating due to the dearth of media jobs in Ireland. “I just wouldn’t be happy with getting European wages working for an American company.”

    One of the significant financial benefits is what Mundow dubs geographic arbitrage. “If you’re earning American money, you can live very well somewhere that is not America.” 

    It doesn’t have to be limited to Western Europe; Mundow has set up shop in Eastern Europe, using her mornings to explore before America wakes up. She’s also done stints from cost-effective spots in Latin America. Asia, however, has been impossible to pull off due to the time zone.

    Are there days when the remote workers long for the 9-to-5 of a regular European job? 

    “Never! Never, ever,” Selli says. “I could never go back. The flexibility is so much better.”

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    Samuel Burke

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  • Gelato Godfather: Inside the Sicilian ice cream empire built on mafia money

    Gelato Godfather: Inside the Sicilian ice cream empire built on mafia money

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    Two scoops of pistachio, one of corruption. For years holidaymakers have guzzled Sicilian gelato at famous parlours in Palermo, unaware that the booming businesses were controlled by organised crime.

    The fraud was a textbook case for detectives trained to sniff out dirty money, but even with three mobster classics — a suspicious bankruptcy, a front man and a scheming “Godfather” — it took years for investigators to shut the operation down.

    The Brioscia brand, made up of two ice cream parlours, was thriving at the end of the 2010s, attracting locals and foreign visitors alike with its glittering gold stars on travel websites.

    The shops were run by Mario Mancuso. Behind the scenes was Michele Micalizzi who had served several stretches in jail for Mafia association.

    Mancuso took care of the ice cream, Micalizzi managed the rest.

    That included taking a cut of the profits for protecting Mancuso from extortion attempts by other gangsters, a judicial source told AFP.

    But the company was in the name of Mancuso’s wife and when divorce loomed, the men feared they would lose control.

    They declared Brioscia bankrupt in 2021, blaming the four million euro ($4.3 million) hole in the books on the Covid lockdown, the source said.

    “It was a flourishing business, very well known in Palermo. The bankruptcy was therefore unjustified,” he told AFP.

    Suspicious investigators used wiretaps to discover the two men — far from being bankrupt — had grand plans to open parlours abroad.

    The pair launched a new company called Sharbat, renaming the shops, the source said.

    “I’m not even sure the employees knew who they were working for”, a nearby shop worker said on condition of anonymity.

    Investigators say the men divided the windfall, with Micalizzi passing part of it to his jailed relatives to pay for legal fees or sundries.

    But on August 12, the police pounced, arresting both men and four accomplices, and seizing 1.5 million euros.

    Mancuso and Micalizzi are being prosecuted for criminal association of a mafia nature, extortion and fraudulent bankruptcy.

    The Mafia’s billions

    Between drug trafficking, racketeering, public procurement, legal companies or empty shells dedicated to money laundering, Italy’s Central Bank estimates the annual turnover of the country’s organised crime groups at 40 billion euros, or two percent of national wealth.

    The mob still makes good money from traditional crimes such as drug trafficking. The ‘Ndrangheta in the southern region of Calabria, for example, is responsible for much of Europe’s cocaine trade.

    “It also makes direct investments in the legal economy,” according to Rocco Sciarrone, who teaches criminal psychology at Turin University.

    Over two-thirds of mafia infiltrations are in the construction, trade, real estate and manufacturing sectors, according to a 2022 report by economist Antonio Parbonetti.

    The mob also has tentacles in agriculture, hotels and restaurants, logistics, transport, and waste management.

    How much the crime groups “invest” in each sector varies significantly from one region to another.

    “The socio-economic fabric (in Sicily) is made up of small family businesses that lend themselves very well to money laundering,” said Eliseo Davi from Palermo University.

    According to the Parbonetti report, one in two companies controlled by the mafia is a so-called “star” company, which generates comfortable income and employs people, and therefore has a broad social, economic and political support.

    In the Palermo gelato affair, the company did not have the necessary permits for one of the two shops, prompting calls for a probe into whether there was collusion with public officials.

    Near the parlours lies the former home of Giovanni Falcone, an anti-mafia judge whose 1992 assassination by the mob triggered a crackdown by the state that permanently weakened Cosa Nostra.

    Just like US law enforcement agent Eliot Ness, who brought down gangster Al Capone, Falcone had a simple rule: follow the money.

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    Victor Le Boisselier, Gael Branchereau, AFP

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  • Tai chi helps with strength, flexibility, and longevity—no matter what your age

    Tai chi helps with strength, flexibility, and longevity—no matter what your age

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    Tai chi has a long and storied history of helping people calm their minds, increase their balance and flexibility, and connect with their communities. While some may dismiss this practice as nothing more than a post-retirement pastime, that could not be further from the reality—which is that people of all ages can experience the benefits. Plus, getting started is beyond easy. 

    What is tai chi?

    Tai chi is an ancient Chinese martial art. While historians don’t know exactly when the practice began, it may have been as early as the 8th century. 

    “Tai chi started as a martial art in a time when danger came from violent attacks from marauders and enemies,” says Andrea Lepcio, certified Tai Chi For Health Institute instructor and founder and owner at fitness training company Mighty Fit. “Today, danger comes more often from within our bodies. Tai chi has become a mind-body practice that strengthens the body, improves balance, and brings harmony.” 

    If you were to watch a tai chi class in action, you’d see a series of gentle, slow exercises conducted in close succession. These wave-like movements pair with breathing patterns that calm the body. That said, there are many different styles of varying levels of popularity, including Yang style, the most popular style, which involves large fluid movements, and Chen style, which is considered the oldest form of tai chi. 

    The health benefits of practicing tai chi at any age

    Tai chi has benefits regardless of the practitioner’s age. “While it’s true that tai chi is often recommended for older individuals because of its gentle, low-impact nature, younger people can also benefit greatly. For younger practitioners, tai chi builds strength, flexibility, and coordination,” says Jenelle Kim, doctor of Chinese Medicine. “It’s an excellent way to manage stress, improve focus, and increase body awareness, which is useful in everything from sports performance to daily life.”

    While studies on the effects of tai chi are relatively small, the findings so far are promising. Lepcio references a 2007 study conducted on 702 participants that found that weekly tai chi community practices may reduce falls among “relatively healthy, community-dwelling older people.” This is significant, given that falls are the second leading cause of unintentional injury death worldwide, according to the World Health Organization (WHO). 

    And new research published in the journal Front Public Health in 2023 found that the martial art may improve both static and dynamic balance in older people. Static balance refers to one’s ability to hold a pose (like standing on one foot) without falling, while dynamic balance is about remaining in control while you’re performing different movements (like shifting your weight forward and backward). 

    Since you’re not lifting weights (or even body weight) when you practice tai chi, you shouldn’t expect massive muscle gain from the practice. Instead, you can enjoy a low-impact workout that may still improve your overall fitness, according to a 2021 meta-analysis, through controlled motions. “Tai chi’s slow, deliberate movements help enhance balance by strengthening the muscles and improving coordination,” says Kim. Many teachers believe that the practice may also improve circulation, though we don’t yet have the research to prove that. 

    Of course, if you’ve heard anyone talk about tai chi, you’ve probably heard raves about its mental health benefits. A 2023 meta-analysis found that the martial art reduced participants’ symptoms of depression and anxiety, improving their overall quality of life. “Tai chi incorporates deep breathing and mindful focus, which helps calm the nervous system and reduce stress,” says Kim. She adds that practicing this regularly may promote mental clarity and ease stress, especially for those who feel too antsy to try seated meditation. 

    How to get started with tai chi

    Lepcio suggests trying a class led by a trained instructor simply by searching online for the closest beginner tai chi class—or even checking one out on YouTube to see what you think. And remember: This martial art really is for everyone, so grab a friend and try it out. “Younger people are often under stress,” Lepcio adds. “Tai chi is an excellent practice for focusing on the breath in this moving meditation.”

    In case you want to give tai chi a try right now, though, we asked Kim for a few beginner movements to do at home. So put on some comfortable clothes, clear away some space, and get moving. 

    Starting Posture

    Stand with your feet shoulder-width apart and your knees slightly bent. Place your arms by your side. Stand upright and bring attention to your breathing. Inhale deeply through the nose and then exhale through the mouth. 

    Parting the Horse’s Mane

    “From the starting posture, step one foot forward and move both hands in a circular motion as if you are holding an invisible ball,” says Kim. “One hand moves up in front of your body, while the other moves down by your side.” 

    Cloud Hands

    “In a gentle, continuous motion, shift your weight from one leg to the other while moving your arms in a wave-like pattern across your body,” says Kim. 

    Again, the best way to experience tai chi is in the company of other people of all ages. So put on some comfy clothes and experience the mind/body benefits of this time-tested practice.

    More on fitness and workouts:

    Subscribe to Well Adjusted, our newsletter full of simple strategies to work smarter and live better, from the Fortune Well team. Sign up for free today.

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    Beth Greenfield

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  • Barcelona restaurant offers tonic to city’s overtourism problem

    Barcelona restaurant offers tonic to city’s overtourism problem

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    When you save up for a meal at an acclaimed restaurant in a city far from your own, philanthropy and sustainability are likely far from your mind. For one Barcelona-based chef who has just scooped a major culinary humanitarian prize, this is a problem that needs fixing.

    Andres Torres is a former war correspondent who has turned his experiences on the battlefield into an acclaimed restaurant. 

    Nestled in the Catalan wine region of Penedés, Torres’s Casa Nova, where he is the head chef, serves high-level cuisine to customers while encouraging them to consider where their pricey food is coming from.

    Torres scooped the prestigious Basque Culinary World Prize and its €100,000 reward this year. The prize is awarded to a restaurant that displays a wider socio-economic benefit from its endeavors outside the kitchen. 

    The former war reporter splits his time between Casa Nova and running the NGO Global Humanitaria, a non-profit organization that mainly works in impoverished and war-torn countries to provide food and clean water sources to locals. 

    It might seem incomprehensible that one person can run both a kitchen and an international humanitarian organization, but these ventures have a surprising level of crossover.

    Torres’s Michelin Green Star restaurant drives a portion of its profits into Golbal Humanitaria. The food is inspired by places where Torres has reported and carried out humanitarian activities, including Guatemala, Syria, and Ukraine. 

    Torres told Fortune through an interpreter that he learned how conflict impacted local food ecosystems while reporting on the ground. As a self-trained chef, he decided the best way to portray this to the public wasn’t through journalism, but by cooking in Casa Nova.

    Amid existential questions surrounding the ills of tourism, Torres’ restaurant is an example of a concept that could create more conscious travelers.

    Conscious tourism

    Barcelona residents have been among the most restless at a resurgence in tourism across Europe, fueled by the “revenge travel” craze in the wake of the COVID-19 pandemic. 

    Besides the weather and architectural wonders of the famed architect Gaudi, food tourism is a big draw for visitors to Catalonia. 

    The latter prompted locals to squirt unsuspecting dining tourists with water pistols in July while greeting them with chants of “go home” as they walked down Las Ramblas.

    Reducing tourism to levels acceptable to locals is unrealistic for many reasons, not least its employment of millions of people and relatively open borders that invite curious travelers from across the world.

    However, the ills of over-tourism persist, affecting locals’ quality of life and disposable income as a growing share of major cities’ accommodation goes towards short-term lets servicing travelers. 

    Barcelona plans to ban Airbnb short-term lets from 2029 to free up housing supply for locals, though it’s uncertain what effect that will have on traveler numbers.

    But with the dilemma between economic growth and placating frustrated locals, some cities are trying to find a compromise between starry-eyed tourists and frustrated locals.

    Where Barcelona residents used the stick approach to reign in over-tourism, the Danish capital of Copenhagen is opting for the carrot. 

    In July, Copenhagen introduced a CopenPay program, which rewards willing tourists with free museum trips, lunches, and even kayak tours if they perform community service. Fortune reported that a Surf School would provide free lessons to surfers if they helped clean beaches for 30 minutes. 

    Within the complicated autonomous region of Catalonia, Torres’ restaurant is at the heart of that growing demand for conscious capitalism.

    Torres has become popular with Gen Z visitors who have caught wind of his gastro-humanitarian activities, he told Fortune, even if they can’t always afford to eat there.

    The real target, though, is high-net-worth individuals who are able to put their money where their mouth is. Several traveling foodies will come to Torres’ restaurant thanks to the positive reviews, but will often get caught up in conversation with the chef about the origin of their meals.

    Torres says one unnamed wealthy diner made a donation to allow Torres to build a bunker for school children in Ukraine, taking cover from seemingly endless bombardment from Russia’s military operation. 

    He says several other philanthropic diners will use the dinner to decide whether to support Torres’s humanitarian ventures.

    He also recounted a recent experience where a table of Russian citizens and a separate table of Ukrainians could discuss the fallout of the conflict over dinner.

    Torres thinks more restaurants in Europe need to focus on sustainability, explaining where their food is coming from and giving tourists an insight not just into the local ecosystem, but the global one too.

    If this became the norm, hungry tourists might leave with more than a full stomach.

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    Ryan Hogg

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  • LVMH had a bloodbath of an earnings. But its CFO is convinced becoming more affordable isn’t the answer

    LVMH had a bloodbath of an earnings. But its CFO is convinced becoming more affordable isn’t the answer

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    There’s no way to sugarcoat it—LVMH is in trouble. The French giant’s third-quarter revenue fell by 3%, slipping below analyst forecasts and punctuating the state of the luxury industry. 

    LVMH, home to well-known brands such as Christian Dior and Celine, noted sluggish demand from shoppers at various points this year. 

    While the company’s fate isn’t nearly as dire as some rivals like Kering, which issued a profit warning earlier this year, trailing sales in LVMH’s fashion, leather, and wine and spirits segments aren’t a good sign. 

    But the company shrugged off the idea of drawing customers like other regular retail companies would: with more discounts. 

    LVMH’s CFO Jean-Jacques Guiony said that the company wouldn’t “change strategies” just to offset the lukewarm demand in luxury now during LVMH’s earnings call earlier this week. 

    Another strategy that simply won’t fit the company? Offering a range of affordable products. 

    “I think it would be a mistake,” Guiony said in a call. “We still keep on the idea that we should stay faithful to what has been the recipe of our success over the years.”

    The French conglomerate run by Bernard Arnault is home to a slew of high-end jewelry, fashion, and spirits brands. Many of its products, including those under the eponymous Louis Vuitton brand, retail for well above $1,000, making them a tough sell for aspirational buyers. 

    However, the company has long operated in the high-end retail market and argues that going the discount route would dilute its offerings. 

    There have been recent cases of brands’ implementing such a strategy going wrong. Take Kate Spade, for example. It decided to lean heavily on promotions until Coach finally acquired it for $2.4 billion in 2017. 

    Many luxury goods have been forced into the mark-down pile from brands like Versace and Burberry, which cater to entry-level luxury buyers. The reason? Shoppers have gone from spending generously to becoming reluctant about high-end purchases amid tough macroeconomic conditions. 

    Economic policies, which have also prompted consumers to pull their purse strings right, have had ripple effects on the luxury industry. For instance, when China indicated upcoming stimulus measures to help revive its economy, LVMH and other luxury players saw their shares rise in the hopes that it would end shoppers’ hesitation. But when those promises failed to deliver, the same companies saw their shares fall. 

    LVMH CEO Arnault’s wealth has also ebbed and flowed with every major news event—from China’s stimulus to the company’s quarterly earnings. 

    While it’s still uncertain how long a recovery might take, LVMH is sure it won’t change its approach too dramatically just to be relevant in the short term, even if that means a few more months or years of sluggish sales ahead.

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    Prarthana Prakash

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  • Grandfather begged for custody before San Jose boy, 6, stabbed to death, lawsuit says

    Grandfather begged for custody before San Jose boy, 6, stabbed to death, lawsuit says

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    Before 6-year-old Jordan Walker was stabbed to death, his grandfather had begged for custody, warning Santa Clara County social workers that the two-bedroom apartment where the San Jose boy lived with a cast of nefarious relatives with criminal backgrounds coming and going was dangerous.

    But those red flags were either ignored or mishandled, grandfather Morian Walker Sr. said. Now as one of the boy’s uncles sits in jail on murder charges in the killings of Jordan and Jordan’s great-grandmother a year ago, Walker Sr. is suing Santa Clara County’s child welfare agency, Washington Elementary School in San Jose and others, claiming they didn’t do enough to keep Jordan safe.

    “I talked to several people at Child Protective Services, to social workers,” Walker said in a phone interview. “I asked them to do criminal background histories on everyone that’s living there. I asked them to check the police reports, to see the police blotter at that location. It all fell on deaf ears.”

    Walker’s lawsuit filed Sept. 13 in Santa Clara County Superior Court is the latest complaint against the county’s Department of Family and Children’s Services, which has been making efforts to reform the agency after the Bay Area News Group investigated the death last year of baby Phoenix Castro, who was sent home with her drug-abusing father over objections from social workers. This news organization also exposed the county’s operation of a string of illegal group homes, called scattered sites, and highlighted two state reports that have been highly critical of the county’s child welfare agency.

    The lawsuit hasn’t been served yet, and the county had no comment except to say that “the murder of this child and his great-grandmother is a heartbreaking and shocking tragedy.” The school district also had no comment.

    The lawsuit also challenges a guiding principle of Damion Wright, the director of the county’s child welfare agency who is named in the lawsuit: that children always do best with their families. In this case, at least, despite intervention and support from his agency, Jordan was placed with the wrong relatives.

    As the lawsuit makes clear, Jordan’s brief life was chaotic and insecure. His mother, Danielle Walker Marshman, had a history of drug problems and allegations of neglect. In August 2022, a social worker came to her home amid reports that adults there were selling fentanyl and leaving drug paraphernalia around the house. When Jordan’s mother refused a drug test and social workers didn’t see any signs of drugs, the case was considered “unfounded” and closed, the lawsuit says.

    Two months later, social workers responded to reports that Jordan’s mother and stepfather were smoking fentanyl, and Jordan was left alone for hours and had to “scrounge” for food. The case was closed because “social workers said they were unable to make contact with the family,” the lawsuit said.

    Not until February 2023 was Jordan removed from his mother’s care — six months before he was killed — when he took a bag of methamphetamines to school and told his teacher that his mother had given it to him. The lawsuit accuses Washington Elementary of sending Jordan home that day with his mother and, in prior instances, failing to report her neglectful care of him.

    Even so, the incident with the bag of methamphetamine triggered prosecutors to charge Jordan’s mother with child endangerment. That’s when county social workers sent Jordan to live with Delphina Turner, his 71-year-old maternal great-grandmother.

    “The apartment was described as an endless revolving door of different drug users and homeless people — both short term and long term visitors,” the lawsuit said.

    Those coming and going through Turner’s apartment while Jordan was assigned to live there, the lawsuit says, were a convicted rapist, a felon who spent 20 years in prison, at least two drug addicts, and Jordan’s uncle, Nathan Addison, who had drug and mental health issues and a prison record and is charged with Jordan’s murder.

    At one point, it appears that a social worker flagged the family problems, writing in an “investigation narrative” that “the generational history of substance use, mental health, and criminal history indicate a risk for the family environment the child is exposed to.”

    Walker, who filed the lawsuit, “was upset and appalled that his grandson was being placed in Turner’s home after social workers were told that he wanted the boy, had a stable environment for Jordan to live in and Jordan loved his grandfather and wanted nothing more,” the lawsuit said. Turner was once Walker’s mother-in-law.

    Morian Walker, Sr., shares photos of himself with his late grandson, Jordan Walker, who was stabbed to death in Aug. 2023 allegedly by an uncle with a long criminal history. Walker is suing Santa Clara County’s child welfare agency for placing Jordan in an unsafe home instead of with him. (Photos Courtesy of Morian Walker) 

    Walker, 59, retired after a military career, says he purchased all of his grandson’s clothes and toys over the years in an effort to help his daughter who was struggling. In the lawsuit, Walker was characterized as “stable and had no drug or criminal history.”

    Even though Walker “adamantly expressed” to social workers “the unsafe living conditions and the number of convicted felons and drug addicts living with Mrs. Turner,” Jordan was allowed to remain at the apartment of his great-grandmother. Turner had a long-term job at NASA, but Walker says she enabled her younger, drug-abusing, dependent relatives.

    At one point, a social worker told a family member that “social workers knew there were dangerous people going in and out of Ms. Turner’s house, including Nathan Addison” and warned Turner that only she and Jordan were allowed in the home, the lawsuit says.

    “Social Services did nothing to ensure the warning was adhered to,” the lawsuit says, “and in fact, knew it was not.”

    The great-grandmother also promised that she would supervise all visits between Jordan and his mother, who had not been attending drug classes as agreed, the lawsuit said. When a social worker visited the mother’s home in June 2023 and found Jordan with her unsupervised — and the mother refusing a drug test — she called for the court to terminate parental rights. And that’s how — just weeks before the killing — Jordan was sent to live again with his great-grandmother in the two-bedroom apartment.

    By that time, Addison had been released from prison and was back living in the apartment, the lawsuit said.

    Walker says he was told by relatives that Turner had been giving money to Addison, and he may have become enraged when she cut him off, which led to the stabbing. Prosecutors wouldn’t immediately comment on a motive.

    Walker broke down with emotion as he remembered his grandson’s short life, how he liked to swim and ride his skateboard. He was funny.

    “I love him and I miss him,” Walker said. “And with every day that goes by, I won’t stop fighting for justice for Jordan and bringing to light the travesty that Santa Clara County Family and Children’s Services and everybody involved have let Jordan down.”

    Originally Published:

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    Julia Prodis Sulek

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  • Malaysia’s only casino is in the political crosshairs as an Islamic party calls for its closure

    Malaysia’s only casino is in the political crosshairs as an Islamic party calls for its closure

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    The Resorts World Genting, home to Malaysia’s only casino, could soon be under threat from an Islamic political party. 

    The government of Malaysia, a Muslim-majority country, granted a casino license to Genting Berhad, a Malaysia multinational best known for its leisure and hospitality business, in 1969. The license has to be renewed every three months.

    But the rising influence of Islamic parties in Malaysia could threaten Genting’s more than 50 year history as a purveyor of casino gambling at its resort in the Genting Highlands in the state of Pahang.

    “Gambling is harmful, so we have to close it,” Andansura Rabu, deputy commissioner for Parti Islam SeMalaysia (PAS), said Sunday at the political party’s annual gathering.

    Genting did not immediately respond to a request for comment.

    PAS, as part of an opposition coalition, controls four of Malaysia’s 13 states, and hopes to capture Pahang, the Genting casino’s home, in the next general election which must be held by early 2028.

    By coming out against gambling, PAS could be trying to appeal to Malaysia’s Muslim majority. (Gambling is forbidden in the Quran). In the 2022 general election, PAS won 43 out of 222 seats in the lower house of Malaysia’s parliament, making it the single largest party overall.

    Yet on Sunday, Andansura admitted even a PAS victory in Pahang may not be enough to ensure the casino’s closure. “The power may not be absolutely on the state’s side, and we may need the federal government as well.”

    Malaysia’s federal government has the authority to grant casino and gaming permits. An attempt by Kedah’s state government to close down licensed gaming outlets is caught up in the legal system over a potential conflict between state and federal laws.

    Genting’s casino is a moneymaker for the Malaysian government, through taxes on gambling income, duties on casino machinery, and the annual fee.

    Genting Group’s revenue for leisure and hospitality in Malaysia reached $6.42 billion ringgit ($1.4 billion) in 2023, with a large part of it coming from gaming revenue. The group also has casinos and resorts in the U.K., the U.S., and Singapore. 

    Yet the issue is still a touchy topic in Malaysian politics. Earlier this year, Bloomberg reported that Genting and fellow Malaysian conglomerate Berjaya were planning to build a casino in Forest City, a real estate project from the troubled Chinese developer Country Garden. 

    Anwar called the report a “lie,” after it sparked outrage in Malaysia. Later, Anwar added that Malaysia did not need a second casino and said energy transition and AI were industries that would “push the country forward.” Berjaya denied its involvement in any plans to build a casino. 

    Even if Malaysia closes its casino, other countries in the region are interested in building their own gambling sectors. Casinos can currently be found in Singapore, Vietnam and the Philippines.

    The Philippines is currently considering new casino projects in a bid to overtake Singapore as Asia’s second-largest gambling destination, after the Chinese city of Macau. Thailand is also moving ahead with plans to introduce casinos as well. 

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    Lionel Lim

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  • Once vibrant, now desolate: Drought ravages Greece’s lakes, leaving a lifeless landscape

    Once vibrant, now desolate: Drought ravages Greece’s lakes, leaving a lifeless landscape

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    Lake Koronia, one of largest in Greece, is shrinking after a prolonged drought and a summer of record-breaking temperatures, leaving behind cracked earth, dead fish and a persistent stench.

    Where once fishermen pulled trout and tench into their boats, youths on motorbikes now joyride in the dust.

    Locals say they can see the 42-square-kilometre (16-square-mile) expanse of water near Thessaloniki retreating day by day — a fate shared by three other important natural lakes in Greece’s Central Macedonian breadbasket.

    “The stench from the lake is getting very bad. If we don’t get enough snow and rain, the problem will get worse next year,” said local community leader Kostas Hadzivoulgaridis.

    “We need (officials) to take immediate action to protect the lake,” the 50-year-old told AFP.

    Water levels at three other natural lakes in the region — Doirani, Volvi and Pikrolimni — are also at their lowest in a decade, according to data last month from the Greek Biotope Wetland Centre.

    Over the last two years, rainfall in the region has been “very low” and the temperatures recorded this year were the highest in the last decade, according to Irini Varsami, a local hydrologist.

    As well as losing water directly through evaporation, the lake is being drained by the “increasing irrigation needs of (farmers in) the surrounding area”, one of the important food-producing plains in the country.

    ‘We hope for rain’

    While the shores look like a lunar landscape bereft of life, flocks of migratory pink flamingos graze in the low water further in.

    Anthi Vafiadou, a regional supervisor for the Greek state environmental protection agency, said it was “too early” to draw conclusions on the impact of the drought on the lake’s biodiversity.

    “We must see how the winter season evolves. We hope there will be more rain,” she told AFP.

    But what is certain, according to the Biotope Wetland Centre, is that climate change is putting huge pressure on the lakes.

    According to the national observatory, Greece had the warmest winter and summer on record since reliable data collection began in 1960.

    Greece’s environment ministry this week unveiled a multi-billion-euro plan to boost the water supply and limit rampant water loss through poor management.

    ‘Completely disappeared’

    Less than an hour’s drive to the north is a bleak vision of what the future might hold.

    Pikrolimni, or “Bitter Lake”, is the only salt lake in mainland Greece.

    But Pikrolimni is a lake in name only now. All that remains are the patterns formed by the water that evaporated during the prolonged drought.

    Hotels and a mud spa around its edge lie abandoned.

    “This is the first summer that the lake has been in such a state. There has been no rain, the water has completely disappeared and the lake has literally dried up,” said Argyris Vergis, an 80-year-old local.

    “This area used to be busy with tourists, but now you can see motorcyclists racing on the lake on the internet. It’s tragic,” the retired bank worker said.

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    Vassilis Kyriakoulis, AFP

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  • Paris Paralympics: 500,000 tickets still unsold—but organizers are confident that seats will be filled

    Paris Paralympics: 500,000 tickets still unsold—but organizers are confident that seats will be filled

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    Organisers of the Paris Paralympics announced Tuesday that over two million tickets have been sold as the Games prepare to open.

    “We have already sold around two million tickets, so that’s good. There will be full stadia,” said Paris 2024 president Tony Estanguet at a press conference, alongside International Paralympic Committee (IPC) president Andrew Parsons.

    There remain 500,000 unsold tickets for the Paralympics, which get underway on Wednesday with an opening ceremony in central Paris.

    The best-selling events are blind football, taekwondo, track cycling, shooting, triathlon and equestrianism.

    Organisers put more tickets on sale on Monday for the most in-demand events, which will take place in venues such as the Grand Palais — which proved a hit when hosting the fencing and taekwondo during the Olympics — and the grounds of the Palace of Versailles.

    Many of these sites have been adapted since the Olympics to make them more accessible for people with reduced mobility.

    “Sometimes with Paralympic sports, the first reaction (of the spectators) is surprise… then this connection starts between what they see on the field of play (and them),” said Parsons.

    Organisers are confident that more seats will be filled.

    “I know that we are going to continue selling tickets, even during the events and right up until the end, just like at the Olympics,” said Estanguet.

    Explore our new special issue. A Wall Street legend gets a radical makeover, crypto iniquity, misbehaving poultry royalty, and more. Read the stories.

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    AFP

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  • 71-year-old billionaire Sir Jim Ratcliffe is in a race to secure his legacy

    71-year-old billionaire Sir Jim Ratcliffe is in a race to secure his legacy

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    Sir Jim Ratcliffe likes to keep busy. As a reward for working a seven-day week at his €40 billion ($52 billion) petrochemical empire Ineos, the British billionaire treats himself to a flurry of side projects, from owning a London pub and a football club to embarking on a real estate splurge in the remotest parts of Iceland.

    The 71-year-old is among the richest people in the U.K., with a net worth estimated at £23.5 billion, according to the latest Sunday Times Rich List. 

    What do you do with all that wealth? For Ratcliffe, the answer appears to be living out each of his childhood fantasies.

    Ratcliffe’s hobbies

    The petrochemicals billionaire has a quirky, eclectic mix of ventures, straddling his passions for sports, automobiles, fishing, and drinking.

    Ratcliffe was a regular in the Grenadier pub, nestled down a sidestreet in the affluent London neighborhood of Knightsbridge.

    It was over a pint in that pub that Ratcliffe decided to reignite the Land Rover Discovery, naming the soon-to-be-released model the Grenadier after his beloved watering hole.

    He bought the pub in 2022.

    Ratcliffe’s Grenadier pub.

    Kiran Ridley—Getty Images

    His most high-profile side hobby, though, was his purchase of a minority share in Manchester United last year, which would see him and his team take over football operations at the club.

    From his previous sports projects, such as his ownership of the hugely successful cycling team Ineos Grenadier and football club Nice and his professed lifetime support of the club, Ratcliffe pitched himself as the ideal man to help turn around Manchester United’s fortunes.

    Ratcliffe has already overhauled Manchester United’s footballing side, installing a new CEO, Omar Barrada, and poaching new sporting director Dan Ashworth from rivals Newcastle United.

    He has also quietly bought up 400,000 acres of land in Iceland, where he likes to go fishing.

    When asked by The Times if anyone owned more territory than him in the country, Ratcliffe replied: “Possibly the church?”

    “All the intensity of everyday life where everything is covered in concrete or tarmac and you’re umbilically attached to your iPhone disappears very quickly in this environment,” Ratcliffe told the publication. “It will be good for my longevity, I hope.”

    Legacy building

    Looking at Ratcliffe’s investments and judging by his comments, it’s easy to conclude his purchases are simply the expensive trappings of a billionaire designed to help him escape the intensities of running a major global company.

    That’s obviously a part of it, says Liz Colfer, associate director and chartered financial planner at wealth management business Five Wealth.

    “When you’ve been running the company for as long as he has, you’ve kind of ticked that box to a certain extent. And then it’s thinking about what what other things can you get yourself involved in, and what else you can do,” Colfer told Fortune.

    “If you’ve got that mindset, to a certain extent it’s never satisfied. There’s always something else. You’re always thinking of another idea.”

    Ratcliffe has often used personal anecdotes to build momentum for his purchases, rarely citing the potential for financial gain.

    Before buying a hefty stake in Man United, Ratcliffe spoke about supporting the club while he grew up in the Manchester town of Failsworth, located around seven miles from the Old Trafford stadium.

    However, lurking underneath this fulfillment of childhood dreams is likely a more tactical motivation.

    While still sprightly at 71, having completed the London Marathon in May in just over four hours and 30 minutes, Ratcliffe will be considerate of his legacy with his jaw-dropping purchases.

    Despite his massive net worth, Ratcliffe was a peripheral figure outside the business world during much of his time at the helm of Ineos.

    However, his purchase of a minority share in Man United has thrust him to household name status, and, save for a few rival fans, for good reasons.

    Sir Jim Ratcliffe, minority owner of Manchester United interacts with Andre Onana of Manchester United after the Emirates FA Cup Final match between Manchester City and Manchester United at Wembley Stadium on May 25, 2024 in London, England.
    Ratcliffe watched Manchester United lift the FA Cup in May.

    Michael Regan—The FA/Getty Images

    Taking over a club that was in disarray before his purchase, with a fan base growing increasingly angry at the club’s majority owner, the Glazer family, gives Ratcliffe the chance to be viewed as a savior.

    Ratcliffe’s Ineos shadow

    After building his net worth on a petrochemicals giant whose plants have faced legal action from environmental groups, Ratcliffe’s legacy is far from assured as the planet turns away from polluting fossil fuels as the effects of climate change become even more apparent.

    His new 4×4 Grenadier will run on hydrogen, acting as the poster child for Ineos’s renewables arm. However, the vast majority of its revenue still comes from its petrochemicals business.

    In July, Ineos pulled plans for an electric SUV named the Fusilier, citing weak demand and the U.K. government for “industry uncertainty over tariffs, timings and taxation.”

    Billionaire Jim Ratcliffe, chairman and founder of Ineos Group Holdings Plc, alongside a model of the Ineos Fusilier electric sport utility vehicle (SUV), outside The Grenadier pub in London, UK, on Friday, Feb. 23, 2024. Ratcliffe's Ineos Automotive offered a first look Friday at the Fusilier, a sport utility vehicle smaller than the Grenadier 4x4 that the closely held company started selling early last year.
    Ratcliffe alongside the Ineos Fusilier, which was pulled in July.

    Hollie Adams/Bloomberg via Getty Images

    His buying of land in Iceland could also pave the way for greener initiatives, says Jessica Crane, a wealth and business coach.

    “Investing in such a beautiful location not only offers potential for value increase but also opens doors for ecotourism and renewable energy projects.”

    It’s as yet unclear, though, how history will judge Ratcliffe’s attempts at a later-life rebrand.

    “The origins of one’s wealth – and society’s responses to it – often influence a wealth holder’s approach to it, and owning this narrative is key in ensuring they are on the front-foot and in control of their reputation and legacy,” Matthew Braithwaite, a partner at London law firm Wedlake Bell, told Fortune. “Ratcliffe’s purchase of the land in Iceland appears a nod to this obligation, helping to counter the environmental impact of INEOS and the origins of his wealth.” 

    Whether his efforts will be enough, Five Wealth’s Colfer says, is “interesting.”

    Ratcliffe is reportedly eyeing a new 100,000-seater stadium to replace Manchester United’s iconic Old Trafford, a structure that will last long after he is gone.

    If he can help oversee Manchester United’s first Premier League title since 2013 or its first Champions League since 2008, his name will also likely don the new stadium’s halls for generations to come.

    A representative for Ineos didn’t respond to a request for comment. 

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    Ryan Hogg

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  • Hungary birth rate falls to record monthly low despite €30,000 offer to 3 child families

    Hungary birth rate falls to record monthly low despite €30,000 offer to 3 child families

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    Viktor Orbán, Hungary’s right-wing prime minister, has several populist policies, one of which has been to grow Hungary’s native population.

    But early successes appear to be running out of steam in Hungary, as its birth rate is still falling despite huge incentives being offered to new parents.

    Populations across Western Europe are struggling with falling birth rates, which threaten long-term economic growth and could create a healthcare crisis as fewer young people are forced to care for and subsidize an increasingly older population. 

    However, financial barriers, such as rising accommodation prices, are a major obstacle to childbearing, which has been compounded by the cost of living crisis. Changing workplace dynamics, with more women enjoying meaningful careers, also push back the average age for couples to have their first child. 

    Immigration is regarded as the most realistic way of maintaining an optimal average population age, but that has become highly politically contentious since the global financial crash. 

    Hungary’s fight to increase childbirth

    Hungary is particularly sensitive to immigration, which Orbán has repeatedly argued would harm the country’s cultural fabric. From 2025, immigrants from non-EU countries will have to pass a Hungarian history and culture test to become residents of the country. 

    Instead, it is championing the classic populist policy of increased childbirth among natives.

    “We do not need numbers, but Hungarian children,” Orbán said in his State of the Nation address in 2019 as he rolled out childbirth incentives.

    To do so, Hungary is offering weighty financial incentives to up appearances in its hospital’s midwifery units. 

    In 2019, Hungary offered parents a €30,000 interest-free loan to spend on anything they wanted. The loan would be forgiven if they had three children. 

    Mothers of four children or more are exempt from paying income taxes under Orbán’s policy, which could be extended to those with fewer children.

    Hungary’s birth rate rose through the 2010s, rising from a record low of 1.25 in 2011 to 1.61 in 2021. But in recent years, growth has halted. In June, Hungary registered a record-low number of 6,000 births. 

    Wolfgang Lutz, founding director of the Wittgenstein Centre for Demography and Global Human Capital in Vienna, told the Financial Times that the policies had merely pushed forward births among women who had intended to have children at some stage in their lives anyway. 

    Those on lower incomes complained to the publication that the subsidies weren’t adequate to incentivize having more children, which became increasingly expensive to manage more children. The removal of income tax does little for self-employed workers, for example.

    Permeating the debate has been an encouragement for the growth of “traditional,” heterosexual family units. 

    Hungary’s policies are focused on incentives for new mothers, while in 2021 the country introduced laws that banned LGBT content from being shown in schools, something the U.S. and EU labeled as “discriminatory.” 

    Populist swing

    Increasing childbirth has long been a critical policy anchor of right-leaning populist governments, allowing them to solidify their stance as self-proclaimed protectors of traditional family values while offering them an anti-immigration platform. 

    While Orbán’s birthing policy looks to be on the ropes, the playbook does have one high profile proponent: U.S. Republican vice presidential candidate J.D. Vance.

    Vance suggested in 2021 that Americans with children should get more votes than their childless peers. While on the campaign trail at the same time, Vance also hailed Orbán’s push for more births.

    “Viktor Orbán, who is, of course, the bugaboo of nearly every liberal in the mainstream American media, has implemented a couple of policies that I think are really interesting.

    “They offer loans to new married couples that are forgiven at some point later if those couples eventually stay together and have children. Why can’t we do that here? Why can’t we actually promote family formation here in our country?”

    Vance recently walked back his comments on giving more votes to parents, describing them as a “thought experiment” amid heavy backlash.

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    Ryan Hogg

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  • Sweden has its first case of infectious mpox

    Sweden has its first case of infectious mpox

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    Swedish health officials said Thursday they have identified the first case of a person with the more infectious form of mpox first seen in eastern Congo, a day after the World Health Organization declared the outbreaks there and elsewhere in Africa to be a global emergency.

    The Swedish public health agency said in a statement the patient recently sought health care in Stockholm.

    “In this case a person has been infected during a stay in the part of Africa where there is a major outbreak of (the more infectious mpox),” the agency said.

    Magnus Gisslen, a state epidemiologist with the Swedish health agency, said the person had been treated and given “rules of conduct.”

    “The fact that a patient with mpox is treated in the country does not affect the risk to the general population,” Swedish officials said, adding that experts estimate that risk to be “very low.” They said, however, that occasional imported cases may continue to occur.

    Earlier this year, scientists reported the emergence of a new form of the deadlier form of mpox, which can kill up to 10% of people, in a Congolese mining town that they feared might spread more easily. Mpox mostly spreads via close contact with infected people, including through sex.

    WHO said there have been more than 14,000 cases and 524 deaths in more than a dozen countries across Africa this year, which already exceed last year’s figures.

    So far, more than 96% of all cases and deaths are in a single country — Congo.

    Given the resources in Sweden and other rich countries to stop mpox, scientists suspect that if new outbreaks linked to Congo are to be identified, transmission could be stopped relatively quickly.

    View the new Fortune 50 Best Places to Live for Families list. Discover the 2024 top destinations across the U.S. for multigenerational families to live, thrive, and find community. Explore the list.

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    The Associated Press

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  • Simone Biles’ triumphant Olympics comeback is a testament to something quite ordinary: consistent therapy

    Simone Biles’ triumphant Olympics comeback is a testament to something quite ordinary: consistent therapy

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    Simone Biles wouldn’t be on the mat if she didn’t spend time on the couch, she explained at this year’s Olympics in Paris. 

    As the most decorated gymnast in history, Biles knows keenly what it’s like to have an immense amount of pressure on her. She’s had the world’s gimlet-eyed gaze on her multiple times, after all. Biles came to this summer’s Olympics already setting records, currently holding the title as the oldest women’s gymnast to compete since the 1950s. While this isn’t Biles’ first rodeo, she’s making sure to play the high-stakes game a little differently this time around— on her terms.

    “Being in a good mental spot, seeing my therapist every Thursday is kind of religious for me. So that’s why I’m kind of here today,” Biles said late last month after making the Olympic team. 

    The iconic gymnast made strides after the last Olympics, making a concerted effort not just to work on her mental health, but also to share insight about her journey publically to assuage stigma. She has also come forward as a survivor of sexual abuse of disgraced former national gymnastics team doctor Larry Nassar, explaining “it could help a lot of people. Four years ago, Biles made headlines after dropping out of the 2020 Summer Olympics in Tokyo due to what is called the “the twisties.”

    The ailment is known as a disconnect between the brain and body which makes gymnasts disoriented. Biles’ candor regarding the toll that this condition took and her decision to leave catapulted her into a new type of spotlight: that of a mental-health advocate. 

    “We also have to focus on ourselves, because at the end of the day we’re human, too,” she said after leaving the competition. “So, we have to protect our mind and our body, rather than just go out there and do what the world wants us to do.” 

    Not only is Biles stepping into the arena with a newfound dedication to her well-being, she’s also making sure to look after her teammates. Biles provided advice to fellow gymnast Suni Lee after she struggled during her routine. Having gone through the exact same situation, Biles said she knew Lee needed support. She explained that’s exactly what she gave her, adding “ I know how traumatizing it is, especially on a big stage like this. I didn’t want her to get in her head.”

    Her newly released Netflix documentary, Simone Biles Rising, further pushes back the curtain behind the trying experience that is competing on a national stage. Giving context to her re-emergence in the Olympics, Biles opened up about her process in going to therapy and dealing with past trauma. 

    Showing the screen her tattoo of Maya Angelou’s words, Biles says she’s not backing down from what she’s gone through. Rather, she’s letting it fuel her. “‘And still I rise’ is perfect,” she adds. “I feel like that’s kind of the epitome of my career and life story. I always rise to the occasion; even after all of the traumas and the downfalls, I’ve always risen.”

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    Chloe Berger

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  • Is overtourism inevitable? One expert explains why the phenomenon is a wake-up call and how European cities are getting it wrong

    Is overtourism inevitable? One expert explains why the phenomenon is a wake-up call and how European cities are getting it wrong

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    Europe has long been home to destinations that offer people all types of touristic experiences—from adventure to beach-side leisure and historic tours.

    That has made it a museum of the world, attracting visitors from across the globe and at a rate that’s been growing somewhat constantly, barring the COVID-19 blip. 

    Now, we’re living at a time where overtourism has taken hold of Europe’s most popular cities. Anti-tourism protests have gripped Spain over the past few weeks with activists taking to the streets and squirting visitors with water pistols.

    Does this come as a surprise? Maybe to a few because it’s still relatively uncommon to see locals take to the streets to protest tourism. However, academics predicted that tourism would reach this point long before it made headlines. 

    One of the earliest models explaining this was by George Doxey, who developed the so-called “Irritation Index” (or “Irridex”) model in 1975. He suggested that when a place starts welcoming tourists with euphoria, but as their numbers increase, the sentiment evolves into apathy and irritation. The final stage—which we see signs of now—is antagonism towards tourists.

    The sentiment turns negative in response to a deteriorating quality of life among locals, such as when affordable housing becomes out of reach. City authorities are responding to this by curbing tourists subtly through additional charges and caps on short-term rental facilities, as the number of visitors since the COVID-19 pandemic restrictions eased has jumped. 

    This approach has been more reactive than preemptive. It’s also true of cities that once desired tourists, but when that happened, they didn’t know how to restrict them. Barcelona, for instance, wasn’t on the map until the 1990s when it hosted the Summer Olympics. It is now among Europe’s most visited cities and is where much of the recent tourism backlash is centered.

    “The main reason is the places that are experiencing overtourism are places that didn’t take measures to prevent it happening years and years ago,” said Richard Butler, emeritus professor in hospitality and tourism management at the University of Strathclyde, who has studied tourism trends in Europe.

    To be sure, mass tourism isn’t just the fault of authorities, visitors or support services alone. Enabled by affordable travel, it’s been a force for good by creating jobs, promoting cultural exchange and generating revenue for city councils.   

    “One thing that tends to get forgotten in the overtourism clamor is that locals are a part of it. They have been, at some point, willing participants in this,” he told Fortune. “It doesn’t mean they have to experience all the litter, garbage [and] noise disturbance that they’re experiencing now. But they’re not entirely blameless.”

    Butler thinks that locals’ sentiments can’t be boxed into one type or the other, as their emotions could be different depending on their exposure to tourists. For instance, a souvenir shop owner may think differently about tourism than the residents of a popular neighborhood. 

    “There are people who hate tourism and want to see it all go, there are people who want to see more tourism, and there’s the mass in the middle who are a bit pissed off with some aspects of tourism but see it has value or money,” he said.

    A model he devised, Butler’s Life Cycle, examines tourism’s impact on a destination in various stages. As tourists find a place, it starts developing and growing to support many visitors. Ultimately, it hits a stagnation point as the tourist count has peaked. From that point on, it’s up to the city to chart the path forward, either resulting in a decline in tourism or a rejuvenation with more investments and attractions.   

    “What we’re seeing now is not so much tourists not going because it’s crowded as locals resenting it because it’s too crowded. You’re going over whatever is the ‘limit,’” he said. 

    Does that mean tourism needs to stop growing altogether? Not really. In fact, if it halts, it’ll probably be seen as a “warning” of sorts, Butler said. Instead, there needs to be more dialogue to find a balance between what kind of tourists residents are comfortable with while continuing to bring in money for local businesses and the tourism industry.

    “Tourism is a mixed blessing. It does bring all the money, it does bring disturbance,” Butler said.

    Recommended Newsletter: The Fortune Next to Lead newsletter is a must-read for the next generation of C-suite leaders. Every Monday, the newsletter provides the strategies, resources, and expert insight needed to claim the most coveted positions in business. Subscribe now. Sign up for free.

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    Prarthana Prakash

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  • How a philosophy degree and years of private equity work catapulted Marco Alvera into the CEO chair at e-NG producer, Tree Energy Solutions

    How a philosophy degree and years of private equity work catapulted Marco Alvera into the CEO chair at e-NG producer, Tree Energy Solutions

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    CEO Agenda provides unique insights into how leaders think and lead and what keeps them busy in a world of constant change. We look into the lives, minds and agendas of CEOs at the world’s most iconic companies.

    Marco Alvera may be the most considerate CEO I’ve ever met. In one way, that’s not surprising: Alvera, who was born in the U.S. to Italian parents, studied philosophy at university. Even today, he still reflects on the morals of business, as exemplified by a TED talk about fairness he gave in Milan a few years back, which has garnered over 3 million views.

    1,000,000 tonnes

    The amount of e-NG Tree Energy Solutions aims to produce by 2030.

    But if you consider Alvera’s current and prior occupations, his philosophical bent is more of a surprise. Alvera worked in the M&A and private equity department of Goldman Sachs early in his career, and then shifted to working for large Italian energy companies, including Enel, Eni, and Snam, where he served as CEO.

    3,000,000

    The number of views Marco’s TED talk recieved.

    Today, Alvera is still at the forefront of the energy sector, as the co-founder and CEO of both Tree Energy Solutions, a Brussels-based company that produces and transports so-called “electric natural gas” (read on for its definition and use), and Zhero, an Amsterdam-based company that owns and operates large scale renewable energy projects.

    Marco’s TED talk about fairness:

    But the philosopher and idealist in Alvera is never far away. The Milan-based businessman often reverts to talking about equity and fairness, as he did when we connected for this interview. He’s a well-balanced individual, too, checking out from work regularly to read, enjoy good food, and spend time with his family.

    This interview has been edited for brevity.

    Down to business

    Fortune: What is the single most important project you are working on with your company? 

    Marco Alvera: A company I co-founded in 2022, TES, is building large-scale projects to produce e-NG, a complete green fuel that is created by combining green hydrogen and recycled CO2. We then ship this fuel and deliver it to customers all over the world by using existing infrastructure. As I often say #PPWS, Put the Panels Where it’s Sunny, e-NG is the most simple way to ship cheap renewable solar and wind energy produced in the Sun Belt to a factory in Germany or a house in Japan. 

    We are developing several e-NG projects in North America, Europe, the Middle East and Australia. We are also racing ahead with one of the largest green energy project import terminals which will be built in Wilhelmshaven, Germany to facilitate the import of both conventional liquefied natural gas and green fuels. 

    Alvera is optimistic about the trend towards cheaper renewable energy.

    CFOTO/Future Publishing via Getty Images

    Which long-term trend are you most bullish about for society and the economy at large?

    I am most optimistic about the trend towards cheaper and cheaper renewable energy. In regions where it’s sunny and windy, the cost of renewable energy is already a quarter of that of fossil fuels, and this gap continues to grow. This shift will significantly reduce energy system costs, stimulate economic growth, and, if projects are executed swiftly, help address the climate crisis. 

    Every war is won or lost on manufacturing capacity, the climate war is no exception.

    If you were an economic policymaker, what would be your top priority? 

    Every war is won or lost on manufacturing capacity, the climate war is no exception. Although I advocate for free markets, I believe policymakers should now prioritize reducing the costs associated with the energy transition. This can be achieved by supporting the establishment of new factories to scale up the manufacturing of energy transition equipment, similar to the approach taken for vaccine production during the COVID-19 pandemic. 

    Being productive

    What time do you get up, and what part of your morning routine sets you up for the day? 

    When traveling (which is too often), I get up at 5:30; otherwise, it’s 7:00. I get my best insights right when I start shaving or with a walk in Parco Sempione, which is close to where I live in Milan. 

    MILAN, ITALY - MAY 03: A general view of the Arco della Pace, surrounded by Parco Sempione, as seen from Torre Branca on May 03, 2023 in Milan, Italy. (Photo by Emanuele Cremaschi/Getty Images)
    Marco gets his best insights right when he starts shaving or with a walk in Parco Sempione, in Milan.

    Emanuele Cremaschi/Getty Images

    What time do you work until? Do you continue sending emails during the night and/or weekends? 

    I don’t work at night, but I do send emails on weekends, especially during special projects or deals. I believe that a healthy work-life balance is crucial for creativity, productivity, and overall well-being. Our best ideas and most inspired work come when we are connected with our inner selves. 

    What apps or methods do you use to be more productive? 

    I use voice dictation for memos and emails, rely on newspaper apps for quick news summaries, and use Yoga Nidra (which means sleep in Sanskrit) to relax, recharge and recover from jet lag. It helps me to keep focused and stay balanced. 

    Alvera takes inspiration from James Nestor's book, Breath.
    Alvera takes inspiration from James Nestor’s book, Breath.

    Amazon.co.uk

    Who is on your “personal board”? 

    My wife, daughters, brother and parents, a few very old close friends and perhaps too many current or former partners and colleagues. 

    Marco with his family.
    Marco with his family.

    Tree Energy Solutions

    Marco with his family.

    Tree Energy Solutions

    Getting personal

    What book have you read, either recently or in the past, that has inspired you?

    There are way too many books that have inspired me! But recently I’ve been really impacted by “Breath” by James Nestor. This book delves into the science and history of breathing, something so fundamental yet often overlooked. Nestor explains how proper breathing can improve health, boost performance, and even lengthen lifespan. As entrepreneurs and managers, we often focus on external achievements and driving change, but sometimes we neglect the basics, like how to breathe correctly. Learning and practicing effective breathing techniques has been a game-changer for me. It’s a powerful management tool that helps in maintaining focus, reducing stress and increasing overall well-being. This book has taught me the importance of embodying what we learn, not just accumulating knowledge. 

    statue of Leonardo da Vinci in Piazza della Scala, Milan - with a grunge texture background for an ancient look
    Marco would ask his idol, Leonardo da Vinci, how he managed to excel in numerous fields while remaining authentic and true to his multifaceted self.

    THEPALMER via Getty

    If you could ask your idol one question, who would it be, and what would you ask? 

    I would ask Leonardo da Vinci how he managed to be a painter, sculptor, engineer, architect, biologist and much more, all at once, and excel in so many fields, simultaneously remaining authentic and faithful to his true multiple selves. 

    As a consumer, what is your favorite company and why? 

    I love handmade artisanal products. There are few brands that resonate, and Patagonia stands out for its values, commitment to sustainability and ethical sourcing. 

    The CEO admires Patagonia for its values, commitment to sustainability and ethical sourcing.

    Jakub Porzycki/NurPhoto via Getty Images

    And to end on a lighter note: What was the last costume you wore? 

    I wore my Azerbaijani Caspian Sea fisherman hat – it looks like a massive white mass of hair. 

    CEO Agenda provides unique insights into how leaders think and lead, and what keeps them busy in a world of constant change. We look into the lives, minds and agendas of CEOs at the world’s most iconic companies. Dive into our other CEO Agenda profiles.

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    Peter Vanham

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  • Newsom signs first-in-nation bill banning schools’ transgender notification policies

    Newsom signs first-in-nation bill banning schools’ transgender notification policies

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    Gov. Gavin Newsom signed legislation Monday that will make California the first U.S. state to stop school districts from notifying parents if their child starts using different pronouns or identifies as a different gender than what’s on their school record.

    The governor’s office announced his signing of AB 1955 without comment among dozens of other bills signed and two he vetoed.

    California Legislative LGBTQ Caucus Chair Susan Eggman said Monday, “Today is a great day for California.”

    “The Governor’s signature on AB 1955, a first-in-the-nation policy, reaffirms California’s position as a leader and safe haven for LGBTQ+ youth everywhere,” Eggman said.

    The bill makes California the first state to explicitly prohibit what critics called “forced outing” policies that some school districts adopted, requiring that they notify parents when students request to use a different name or pronoun than what’s on their birth certificate or school records — regardless of the student’s consent.

    Critics decried the law as an infringement of parents’ rights.

    “To our governor & the CA LGBTQ Caucus: you don’t have the authority to strip parents of their rights,” Gays Against Groomers California, which opposed the law, posted Monday on X.

    According to the Movement Advancement Project, a nonprofit think tank and equality advocate, there are currently eight states — Idaho, North Dakota, Iowa, Indiana, Tennessee, North Carolina, South Carolina and Alabama — that have passed laws requiring school staff to forcibly “out” transgender students. Five other states — Montana, Utah, Arizona, Kentucky and Florida — have passed legislation promoting forced outing policies in schools.

    In January, California Attorney General Rob Bonta issued a legal alert to all California school districts warning them against such policies, which he said violate the California Constitution and state laws safeguarding students’ civil rights.

    Assembly member Chris Ward introduced AB 1955 — the “SAFETY Act” — at the beginning of this year. It prohibits school districts from implementing policies requiring teachers to disclose any information on a student’s gender identity, sexual orientation or gender expression to their parent or guardian without that student’s permission.

    “While some school districts have adopted policies to forcibly out students, the SAFETY Act ensures that discussions about gender identity remain a private matter within the family,” Ward said in a statement Monday.

    The bill will also provide additional resources for parents and students to discuss gender and identity and will protect teachers and school staff from retaliation for refusing to share a student’s gender and identity.

    Legislators sent bill AB 1955 to Newsom earlier this month after an intense, emotional hearing in the Assembly that saw several members lose their cool over the proposed bill.

    The bill has a range of supporters and opponents. Notable supporters include State Superintendent of Instruction Tony Thurmond, the LGBTQ+ advocacy nonprofit The Trevor Project, the California School Employees Association and the California Teachers Association.

    “This historic legislation will strengthen existing protections against forced outing and allow educators to continue to create a safe learning environment where all students feel accepted, nurtured, and encouraged to pursue their dreams,” CTA President David Goldberg said.

    Opponents include Moms for Liberty Santa Clara County, Chino Valley Unified School District — which Bonta sued last year over its notification policies — and 16 Republican assembly members, including Bill Essayli, R-Corona, who proposed a bill last year that would have done the opposite of the SAFETY Act and required schools to notify parents if their child identifies as transgender.

    Following Ward’s announcement of the bill earlier this year, the Liberty Justice Center — which represented Chino Valley Unified School District in the Attorney General’s lawsuit — issued a statement condemning the bill.

    “Parents have a right to know what their own minor children are doing at school — and school officials have no right to keep secrets from parents,” the center’s president, Jacob Huebert, said in the statement. “That’s true now, and it will still be true if the state passes this bill. We will continue to stand with parents and the school districts that want to respect their rights — and we’ll continue to represent them free of charge, at no cost to taxpayers.”

    In the Bay Area, the bill won’t have much of an impact. San Francisco Unified School District already has a policy in place that prohibits teachers and school staff from disclosing a student’s gender or sexual identity without the student’s written consent.

    But across California, several school boards have discussed or voted on policies that would require schools to disclose students’ gender identity to their parents or guardians, regardless of the student’s consent.

    Along with Chino Valley Unified School District in San Bernardino County, Rocklin Unified School District in Placer County also faced backlash from the state over its parental notification policy, which passed in 2023.

    Temecula Valley Unified, Murrieta Valley Unified, Anderson Union High School District and Orange Unified School District all passed similar policies as well.

    Originally Published:

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    Molly Gibbs

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  • Political podcasting is the hottest career right now

    Political podcasting is the hottest career right now

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    The 2024 General Election marked a milestone for political podcasts in the U.K.

    Once a niche on the fringes of mainstream media, political podcasts have now come of age. They’ve spurred best-selling book launches, sold-out shows and for the first time, broken into mainstream TV, putting these stars of new media front-and-center during one of the biggest media moments of the year.

    The country’s swathe of newly minted political podcasters became some of the most important of the campaign, relaunching their careers and cementing their position as entrepreneurs in their own right.

    Former political heavyweights like Alastair Campbell, Rory Stewart, Ed Balls, George Osbourne and some of the BBC’s former top talent all took a leading role in the election coverage on the country’s major television networks, blazing the trail for a new world of podcasting that’s taking on the mainstream media.

    The Rest is Politics 

    At first glance, the pairing of Former Conservative Cabinet Minister Rory Stewart and Tony Blair’s Labour Communications Chief Alastair Campbell might appear like an odd couple, but in the space of just two short years, their show has blossomed into the U.K.’s most popular politics podcast. 

    ‘The Rest is Politics’ hosted by Alastair Campbell and Rory Stewart.

    HENRY NICHOLLS/AFP via Getty Images

    The Rest is Politics lifts the lid on the secrets of Westminster, and in their own words offers  “…an insider’s view on politics at home and abroad, while bringing back the lost art of disagreeing agreeably”. In January 2023, the duo added Leading, a weekly interview series with some of the world’s biggest names in politics.

    And in April 2024, the podcast expanded across the Atlantic, launching The Rest is Politics USA, creating another unlikely couple with political heavyweights Anthony Scaramucci (former White House press secretary for Donald Trump) and Katty Kay (formerly BBC World News Anchor).

    Rory Stewart
    Former Conservative Cabinet Minister, Rory Stewart. Stewart co-hosts ‘The Rest is Politics’ with Campbell.

    Lorne Thomson/Getty Images

    Stewart and Campbell are published by Goalhanger podcasts, which is now one of the U.K.’s largest independent podcast networks with a reported 17.5 million downloads each month. 

    Goalhanger was founded by football pundit and former England footballer Gary Linekar, and the company has grown a roster of successful podcasts including The Rest is Football, Empire, and Match of the Day Top 10.

    Alastair Campbell, host of Britain's podcast,The Rest Is Politics.
    Tony Blair’s Labour Communications Chief, Alastair Campbell.

    Euan Cherry/Getty Images

    Financial information on Goalhanger is limited, but company accounts show its “current assets” more than tripled to £842,936 ($1.08 million) last year. 

    20,000

    The number of sold-out live shows.

    The company’s revenue-sharing model means when their podcasters win, Goalhanger wins too. That makes Stewart and Campbell one of its most-prized assets.

    The Rest is Politics has grown into a sizable media franchise in its own right, boasting premium memberships and live shows across the U.K., selling out arenas as large as the O2 Arena in London with 20,000 seats. 

    Stewart and Campbell have both rebooted their careers, spanning bestseller book deals and presenting gigs, including coveted slots on Channel 4 TV’s overnight coverage of the 2024 General Election, marking a significant transition from new media to mass media television.

    Unsurprisingly, revenues from advertising, subscriptions, and live shows like their O2 performance have beefed up the pair’s bank accounts as well. Speaking to the Times of London last year, Stewart said: “It’s extraordinary. It’s good money. I’d say it’s Championship footballer money.” Championship footballers, playing in the second tier of the English football league, routinely earn thousands of pounds a month.

    The News Agents 

    Stewart and Campbell were joined on Channel 4 for the U.K.’s election night coverage by Emily Maitlis, formerly one of the BBC’s biggest stars, known for her 2019 interview with Prince Andrew, the disgraced Duke of York with links to Jeffrey Epstein.

    Maitlis is now best-known as one-third of The News Agents, the arch-rival to The Rest is Politics, which it has continued to battle at the top of the charts since the podcast launched in August 2022. 

    The News Agents features two other superstar heavyweight presenters alongside Maitlis, including her former BBC Newsnight colleague Lewis Goodall and BBC News’ North America correspondent Jon Sopel. Published by radio and advertising giant Global, poaching some of the BBC’s biggest talent at the time of launch was seen as a significant milestone in the meteoric rise of podcasting in the U.K.

    The News Agents's Emily Maitlis (holding the trophy) with Jon Sopel (M) and Lewis Goodall (R).
    The News Agents’s Emily Maitlis (holding the trophy) with Jon Sopel (M) and Lewis Goodall (R).

    Jordan Pettitt/PA Images via Getty Images

    Freed from the strict reporting constraints of the BBC, The News Agents gained rapid popularity by, for the first time, allowing listeners to hear what seasoned journalists Maitlis, Goodall and Sopel really think. Publishing episodes every weekday, the show has seen commercial success since its launch, attracting launch sponsorship from BT and a recently extended deal with HSBC UK.

    Mirroring their arch-rival The Rest is Politics, in June 2023 former BBC North America editor Jon Sopel and Emily Maitlis launched a weekly spinoff called The News Agents USA. The spin-off attracted international attention after a recorded spat with Republican Marjorie Taylor Greene went viral, after telling Maitlis she was a “conspiracy theorist” and “why don’t you f**k off, how about that?” In a brilliantly British retort, Maitlis responded “Thanks, thank you very much”.

    Full Disclosure

    Award-winning presenter and best-selling author James O’Brien also has broadcasting roots from the BBC’s Newsnight TV show and has gone on to become one of British radio’s biggest political presenters.

    Mid-morning presenter James O'Brien
    O’Brien has grown a reputation as one of Britain’s toughest interviewers and harshest critics of Brexit.

    Victoria Jones/PA Images via Getty Images

    LBC radio (part of the Global Media group, which also publishes The News Agents) has become his full-time home since 2004, where he’s grown a reputation as one of Britain’s toughest interviewers and harshest critics of Brexit. Known as a divisive figure on the political scene, O’Brien has been described both as “liberal firebrand” and a “thundering, sanctimonious bore”.

    4,000,000

    The number of viewers tuning into O’Brien’s rants.

    His team has skillfully used social video on platforms including Twitter (X), Facebook and YouTube, to amplify his epic rants, which have sometimes lasted over 10 minutes long and reached up to 4 million views. LBC has spurned three podcasts from his on-air radio shows, including James O’Brien, The Whole Show, James O’Brien’s Mystery Hour, and The Best of James O’Brien.

    In March 2019, O’Brien launched Full Disclosure into the podcasting world, featuring hour-long interviews with leaders from the worlds of politics, entertainment, and news. The long-form, in-depth format has become a standout success and a contrast to a media world dominated by short soundbites and clips for social media.

    Global’s bet on podcasting with heavyweights like James O’Brien and The News Agents has helped it become a billion-dollar revenue company. Turnover last year surpassed £806 million ($1.03 billion), company accounts show, helping it net £138 million ($176 million) in profits.

    Political Currency

    Continuing the earlier theme of unlikely pairings, Political Currency brings together former Labour Cabinet Minister Ed Balls and former Conservative Chancellor George Osborne for a fascinating look into the murky worlds of politics and economics.

    Production house Persophonica produces the show, and also is the company behind rival show The News Agents and Dua Lipa: At Your Service, one of the world’s most listened-to entertainment podcasts. 

    2023

    The year ‘Political Currency’ was launched.

    Described as former ‘frenemies’, Osborne and Balls launched the podcast in September 2023, and quickly rose to the top of the podcast charts across the U.K. At the time of launch, one writer quipped that Political Currency has an ironic name “a resource of which these men are utterly spent”. 

    The hosts:

    Former British politician, George Osborne and politician to presenter to podcaster, Ed Balls.
    Former British politician, George Osborne (L) and politician to presenter to podcaster, Ed Balls.

    Dan Kitwood/Getty Images

    Osborne and Balls have perhaps had the last laugh, as like their rivals Rory Stewart and Alastair Campbell from The Rest is Politics and Emily Maitlis from The News Agents, the pair broke through to the mainstream media this election, both featuring as guest co-hosts for ITV News’ coverage of the 2024 election.

    The Political Party

    Launched in 2013 by impressionist and writer Matt Forde, The Political Party is one of Britain’s most established political podcasts.

    Matt Forde
    Forde is known as one of Britain’s best impressionists and is known for making his guests on the show burst into laughter with his hilarious, realistic impressions of well-known figures including former Prime Minister Boris Jonhson and former President Donald Trump.

    Venla Shalin/Redferns

    Like its rival The Rest is Politics, Forde’s venture into podcasting has grown into a serious media business in its own right, with live recordings in theaters selling out often months in advance. To date, the series has featured 70 sold-out shows over the past seven years.

    Uniquely, the show’s format blends political parody and comedic impressions alongside in-depth interviews with some of the biggest names in politics, including former Prime Minister Tony Blair and former Deputy Prime Minister Nick Clegg, who now acts as President of Global Affairs at Meta.

    70

    The number of sold-out shows the series has featured.

    Forde is known as one of Britain’s best impressionists and is known for making his guests on the show burst into laughter with his hilarious, realistic impressions of well-known figures including former Prime Minister Boris Jonhson and former President Donald Trump.

    For the 2024 General Election, Forde started an ambitious project to interview a candidate from as many of the U.K.’s 650 constituencies as possible. At the time of writing, across 24 episodes during the campaign, impressively he interviewed 133 candidates in total, offering an insight into behind-the-scenes campaigning across the country.

    “I will find a way to hit 650,” he said in his last episode before the election on July 4. “….I think I’m going to interview every MP before the next election and give myself a bit more time”.

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    Alex Wood Morton, Ryan Hogg

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  • Rishi Sunak awaits a multimillion-dollar payday after losing his $177,000 PM gig

    Rishi Sunak awaits a multimillion-dollar payday after losing his $177,000 PM gig

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    It’s official. Rishi Sunak is no longer the U.K. Prime Minister. His long and winding road to the Number 10 exit door has felt inevitable since he took over from the economically disastrous, short-lived Liz Truss government in the autumn of 2022.  

    But 44-year-old Sunak—reportedly found riding off into the Californian sunset on his Peloton before results landed—is more likely to be licking his lips at the future that awaits him than stewing over what could have been with another five years in office.

    That’s because Sunak, a man who is technically richer than the King of England and has a past as a high-flying London banker, can prepare for a few more lucrative perks as he steps away from a life of service. 

    Sunak’s millions

    As prime minister, Sunak was entitled to a salary of £80,000, in addition to his £91,346 salary as a member of parliament for his Richmond and Northallerton constituency. Tax records show that last year, he took home £139,000 ($177,000) from those roles.

    His pay packet for leading the U.K. is a meager sum compared to what he got used to before entering politics and even his other forms of income while he held the job. Sunak made nearly £1.8 million in capital gains last year and paid a total of £500,000 in tax.

    Sunak worked as a successful banker for years, starting at Goldman Sachs before achieving an MBA and returning to the lucrative hedge fund space. 

    According to an analysis by efinancialcareers, Sunak probably only earned less than £100,000 in his first three years out of university.

    While working at the hedge fund TCI between 2006 and 2009 in his mid-20s, Sunak became a multimillionaire after he and his colleagues shared a £100 million pot after a lucrative bet in the buildup to the global financial crisis. 

    The hedge fund took an activist position in the Dutch bank ABN Amro in 2007, forcing its sale to the Royal Bank of Scotland (RBS), which resulted in a £555.9 million profit. However, that acquisition saddled the Scottish bank with debt, leading to a £45.5 billion government bailout.

    While Sunak’s biggest riches will probably come after he eventually resigns as an MP, there are several new income avenues he can eventually look forward to.

    Evidence suggests that if Sunak returns to the finance world after he leaves politics, he will be in high demand. 

    Sunak’s fellow former chancellor George Osbourne has minted fresh millions through city advisory roles with groups including Blackrock and Robey Warshaw, in addition to his time editing London’s Evening Standard newspaper.  

    Or, he could take a cautious lesson from David Cameron. The man who served as PM between 2010 and 2016 landed himself in hot water over his role in the collapsed finance group Greensill Capital.

    Cameron reportedly got $10 million from Greensill to lobby the government on behalf of the company, but his spokesperson disputed that figure. 

    Speaking engagements

    The easiest mileage for Sunak’s bank account after leaving office will likely see him harness his years of training as a public speaker.

    Tony Blair, the ninth-longest running PM of all time, set a marker after he retired, reportedly commanding £1 million in 2012 from his engagements. His Tory successors have been keen to follow that trend.

    In the year between stepping down as prime minister and resigning as an MP, the mercurial Boris Johnson bagged millions of dollars from extracurricular activities as he settled into post-leadership life.

    Documents from May 2023 show Johnson was paid around £3.5 million for speaking engagements after stepping down as PM. He also received a £510,000 advance on a book deal. Theresa May, Johnson’s predecessor, has also enjoyed the speaking circuit since quitting as PM in 2019.

    Family wealth

    What is unique for Sunak among his contemporaries, however, is that the PM never needs to work again.

    Sunak and his wife, Akshata Murty, are worth a combined £651 million ($830 million), according to the latest Sunday Times Rich List, making him richer than King Charles. 

    The vast majority of that wealth comes from Murty’s holdings in the Indian IT company Infosys, which her billionaire father co-founded.

    Murty’s wealth was a hot point of contention during Sunak’s premiership owing to her “non-dom” status, which meant she didn’t pay tax on income from shares in the foreign-owned Infosys. Murty vowed to pay U.K. tax on this after a media storm.

    Sunak will remain an MP until he decides otherwise, like Boris Johnson or David Cameron before him. 

    But when he does go, the man who led the Tories to their worst defeat in nearly two centuries will quickly be absorbed into a multimillion-dollar corporate cushion shared by most of his former allies.

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    Ryan Hogg

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  • Lilly wins FDA approval for new drug to slow Alzheimer’s

    Lilly wins FDA approval for new drug to slow Alzheimer’s

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    Eli Lilly & Co.’s Alzheimer’s treatment was cleared in the US as the second drug to slow progression of the mind-robbing disease that afflicts 6 million Americans.

    It’s a big win for Lilly and its investors, who have been eagerly anticipating the drug since it showed promise in clinical trials more than three years ago. Called Kisunla, the medicine endured a number of regulatory delays on the road to approval. It will compete with Eisai Co.’s Leqembi, which has been available for sale in the US since early 2023.

    Shares of Indianapolis-based Lilly closed down 0.8% Tuesday in New York. The stock had surged more than 50% so far this year before today amid rapid growth of weight-loss and diabetes sales. Shares of Eisai partner Biogen Inc. fell 1.3%

    The Alzheimer’s drug will cost $32,000 in the first year of treatment, Lilly said. That’s slightly more than the $26,500 annual price for Leqembi for a person of average size. But doctors can stop the treatment if brain plaques — the toxic material that the drug removes — fall to minimal levels, which they did in many people in trials after about a year.

    Lower costs

    That means that the total out-of-pocket treatment cost of the drug could sometimes be less than other amyloid drugs, Lilly said. In Leqembi’s main approval trial, patients were treated for a full 18 months.
    The Eisai and Lilly products are both infusions that remove toxic amyloid from the brains of Alzheimer’s patients. They only modestly slow the disease and are approved only for people with early-stage Alzheimer’s, a minority of the total patient population with the disease. Side effects of both include brain swelling and brain bleeding.

    Brain swelling or bleeding occurred in 36% of patients on Lilly’s drug in the company’s main study, and produced symptoms in 6% of them, according to the drug’s label. Regular scans are required to monitor for these effects. Lilly’s drug has a potential convenience advantage since it’s infused every four weeks, compared with every two for Leqembi.

    Less frequent dosing and the potential to stop treatment are “a really big deal,” Howard Fillit, co-founder of the Alzheimer’s Drug Discovery Foundation, said in an interview before the approval.

    Series of delays

    Lilly faced a series of delays bringing Kisunla to the market. In early 2023, the FDA refused to give the drug accelerated approval based on early trial results, telling the company it wanted to wait for a late-stage trial. When Lilly submitted that data, the FDA needed more time to review it. Then earlier this year, the agency decided late in the review process to convene a day-long hearing to review the drug’s safety and efficacy.

    A panel of outside advisers to the FDA voted unanimously in favor of the drug on June 10.
    “There’s a lot of emotion in the hallways today,” Anne White, president of Lilly Neuroscience, said in an interview before the approval. “We have portraits up on our walls of family members to remind us why we’re doing what we’re doing.”

    Once considered integral to Lilly’s future, Alzheimer’s has been overshadowed by the company’s GLP-1 medicines that aid in weight loss, a market expected to reach $130 billion a year by the end of the decade, according to analysts at Goldman Sachs.

    Sales of Alzheimer’s drugs are also expected to grow significantly. Bloomberg Intelligence analysts see sales surging to $13 billion by 2030 from about $250 million this year.

    “Having multiple treatment options is the kind of advancement we’ve all been waiting for — all of us who have been touched, even blindsided, by this difficult and devastating disease,” said Joanne Pike, CEO of the Alzheimer’s Association, in a statement. The nonprofit has pushed hard for approval and broad insurance coverage for amyloid-lowering drugs.

    Leqembi’s rollout by Eisai and partner Biogen Inc. has been slowed by logistical issues, reimbursement uncertainties and complicated safety testing requirements. Medicare, the US health program for the elderly, didn’t routinely cover the treatments until recently, and hospital neurology programs weren’t set up to perform the monitoring required to use the drugs.

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    Madison Muller, Robert Langreth, Bloomberg

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