Erik Soto Ayala, an ex-warehouse forklift operator, started a side hustle to escape the 9-to-5.
He was willing to start selling anything and researched Etsy products that had minimum competition.
After landing on personalized wallets, he made $67,000 in profit in his first 10 months in business.
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This as-told-to essay is based on a transcribed conversation with Erik Soto Ayala, a 23-year-old entrepreneur selling engraved wallets on Etsy. It has been edited for length and clarity.
While I was thankful for my warehouse job as a forklift operator and floor product stacker, I wanted to escape the 9-to-5 grind. I knew there was more to life than just clocking in and out.
I quit my job in October after almost four years — handing in my two weeks’ notice was one of my most freeing experiences ever.
I was quitting because I’d launched a side hustle six months earlier and was making more income than my salary. I made $2,600 a month at my warehouse job. In September, my side hustle made $26,000 in revenue, and I took home $14,300.
I tried launching side hustles before, but my Etsy store was different
My side-hustle journey wasn’t easy. I tried launching side hustles in the past — Fulfillment by Amazon, investing in cryptocurrency, drop shipping, and even social-media management — but they all failed. I spent between $2,000 and $3,000 on each venture, working overtime to finance them.
My Etsy endeavor was different because I wasn’t chasing an oversaturated market.
I researched products with low competition instead and improved on what was already out there. Rather than selling brand names on Amazon, I saw a big opportunity with personalized gifts on Etsy.
From wood crafts to embroidery, I was open to starting an Etsy store for anything, and I was constantly brainstorming, watching YouTube videos, and reading blogs by successful Etsy sellers.
By the middle of January, I stumbled across a video on laser engraving that caught my attention. I had never heard of or seen a laser engraver before. I felt in my gut that this was my product.
From January to February, I’d sometimes spend up to eight hours after work researching the Etsy engraving market.
I invested in the best laser-engraver package I could find, which cost me $1,200. I started working overtime in January to save up money to put into my Etsy store. I had saved up enough to buy the laser engraver by the end of February.
The next step was deciding what to engrave. At the beginning of March, I found myself needing a new wallet, and that’s when it hit me: “Why don’t I try engraving wallets?”
I landed on a niche product that didn’t have much competition
After searching for personalized wallets on Etsy, I saw massive potential. There were only two or three competitors on the site. I thought I could offer a better product and better customer service than what was out there. I’d noticed that the comments at my competitors’ stores were mixed at best.
I spent $200 to buy a small order of wallets from Alibaba. When it arrived, I tested the engraver on them, and it looked great. I invested another $400 to start building my inventory.
My fiancée took product photos using my iPhone, and I uploaded them to my Etsy shop. Five days later, my first sale came in.
I knew customer service was something I could control and use to differentiate my store, so I committed to providing the best customer service. This meant replying to customers’ comments as quickly as possible and ensuring next-day shipping.
Prioritizing customer service helped me gain an audience quickly
May was the first month my business was open. I had 16 orders, which totaled $521.20. I made it a point to keep in touch with my customers through Etsy messaging and sent a notification when their orders shipped.
My competitors were shipping three to five days after a purchase, and customers sometimes received their orders two weeks after purchase. I was processing orders the next day. I think this is a big part of why my store took off.
By June, I had made nearly $1,000 in sales. At that point, I was buying bigger bulk orders of wallets to keep up with demand. As sales increased, I knew I had to do something different. I was still juggling my store with my full-time job.
I purchased a second engraving machine in July so my fiancée could help with fulfilling orders. I organized my time into two blocks: engraving and packing at night and customer service early in the mornings and during my breaks at work. This helped me manage work and the Etsy shop.
My Etsy shop was successful enough that I quit my warehouse job
After six months, I’d generated over $80,000, and I quit my warehouse job in October to take my business full time.
I ran Etsy ads to test new products and spent $3,500 over the first six months. I now mainly rely on organic Etsy traffic. I selected a market and a product that people seemed to like, and as long as I deliver great customer service, I believe sales will continue to grow.
By the end of November, I’d made over six figures in revenue in only seven months of selling wallets on Etsy; $67,000 of that was profit.
I control my hours and can be creative while running the store with my fiancée. I invest everything back into the business. I’m hoping to start paying myself a salary and have saved some money in the event the store slows down, but right now, I’m very excited about its future.
Twitter users on Monday voted in a public poll to oust Elon Musk as the social media company’s CEO.
Following that, Musk said henceforth only paying Twitter Blue subscribers will be able to vote on policy-related matters.
He was responding to a suggestion that only paid members should be allowed to vote in such polls.
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Hours after a public poll on Twitter voted to oust Elon Musk as the CEO of the company, he said only paying subscribers — that’s Twitter Blue members — will be able to vote on policy-related matters.
The Twitter CEO was responding to a Blue member‘s suggestion that only paying members should be allowed to vote in policy-related polls because “we actually have skin in the game.”
“Twitter will make that change,” Musk tweeted on Monday.
Twitter Blue is a paid subscription service that charges users for a blue checkmark next to their account names and offers early access to certain features. The program costs $8 a month for web users in the US and is one of Musk’s strategy to monetize the platform — which he said was losing $4 million a day.
Over 10 million, or 57.5% of 17.5 million Twitter users who participated in the poll voted for Musk to step down as the CEO.
“Should I step down as head of Twitter? I will abide by the results of this poll,” Musk had tweeted on Sunday while posting the poll.
The last week has been especially tumultuous for Twitter users after a series of snap changes at the platform.
Last Wednesday, Twitter suspended accounts that tracked private jets — including Musk’s own private plane — using publicly available information. Musk cited safety concerns behind the move.
On Friday, Twitter suspended the accounts of several journalists, after Musk accused them of doxxing him. Some of the accounts have since been reinstated.
Twitter also announced last week users would no longer be able to promote their accounts on other social media platforms — although it has since removed the page that detailed the policy.
On Monday, the Twitter Safety team polled users on whether it should have a policy that prevents “the creation of or use of existing accounts for the main purpose of advertising other social media platforms.”
Twitter did not immediately respond to Insider’s request for comment sent outside regular business hours.
One-fifth of workers polled by ZipRecruiter said they ghosted an employer in their latest job hunt.
Workers in the 18-to-34 age bracket were the biggest culprits.
One ghoster told us: “I’m the classic younger millennial, and I’m very deliberate with what I like.”
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Most job seekers have a disappointing story about suddenly losing touch with a promising company. But ghosting — the practice of cutting off all communication without warning or explanation — goes both ways in the professional sphere.
Once a rare phenomenon, candidates in a tight labor market are increasingly abandoning employers after attending interviews — and sometimes even after accepting a formal job offer.
In an October survey by ZipRecruiter, 21.6% of respondents said they’d “ghosted” a prospective employer during their latest job hunt. The employment marketplace polled 2,550 US residents who’d started a new job within the previous six months.
Younger workers are the biggest culprits. In ZipRecruiter’s survey, those in the 18-to-34 age bracket were three times as likely as workers over 55 to have left an employer in the lurch.
What’s led to the rise in ‘professional ghosting’?
Companies — especially smaller businesses — are feeling the pinch. One-third of small businesses polled in Canada recently said they’d hired people who never showed up or stopped coming in work shortly after starting. Some simply cut off all communication midway through the application process, according to research by the Canadian Federation of Independent Business.
CFIB’s president, Dan Kelly, said this rise in “professional ghosting” might be a lasting symptom of the COVID-19 pandemic. Many companies fired and rehired staff amid successive lockdowns, and “employees understandably felt an erosion of confidence that their employer was providing them with stable work,” he said.
Kelly added that he thought labor shortages in both the US and Canada were empowering workers to cut off communication. The US unemployment rate has been consistently low since the end of pandemic-induced restrictions — remaining below 4% throughout 2022.
“Employers are desperate for workers, and employees know that there are plenty of jobs out there. As a result, they’re perhaps less concerned about potential damage to their reputation.”
Young workers want employers that align with their values
Nicole Gray, a 27-year-old marketer in London, described herself as a “serial ghoster.”
“I’m the classic younger millennial, and I’m very deliberate with what I like and what I don’t like,” she said.
Gray told Insider her recently diagnosed ADHD may have played into her recurrent pattern of ghosting but that she’s proud of how mindful she was about whether a company aligned with her values.
Before accepting a job, Gray always checks out company reviews on sites like Glassdoor and examines the social-media profiles of the senior-leadership team.
This has sometimes prompted her to withdraw, or even abandon, applications. Gray once ghosted a prospective employer after an initial interview. She said she had noticed that the company’s director had liked “a weird and disrespectful comment about women” on LinkedIn.
She’s also ghosted companies after negative interview experiences. On one occasion, Gray said, the interviewers “were critiquing somebody else’s CV in front of me and making fun of all the spelling mistakes.”
Gray didn’t respond to the hiring team after the interview. She said: “Deleted, blocked — that’s not for me.”
Another interviewer kept her waiting for about 40 minutes, she said, and didn’t offer any apology or explanation.
Gray said: “That’s just not the kind of company I want to work for.”
She told Insider she’s trying to become a “reformed ghoster” and make a conscious effort to offer specific feedback if she felt a prospective employer wasn’t the right fit. Nevertheless, she doesn’t feel too guilty about her past actions.
Gray said: “I felt like I’d be ghosted in return. Companies are really crappy at getting back to you.”
Artificial intelligence chatbot ChatGPT stunned users with its ability to write like a human.
Some fear college students will use it to cheat, but these professors say they’re not too worried.
One even thinks it might make education fairer — especially for non-native speakers of English.
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An updated version of artificial intelligence chatbot ChatGPT was launched by OpenAI on November 30. Its ability to write in an intelligent and human-like manner left users impressed — and also a little bit frightened.
People have used ChatGPT to write entire blocks of code, television scripts, and even complete academic essays — sparking fears that students might use the bot to cheat their way to an easy A.
“We’re witnessing the death of the college essay in realtime,” said one user on Twitter.
But some college professors aren’t that concerned.
“I’m not a huge fan of the gloom and doom,” said Professor Stuart Selber, who teaches English at Pennsylvania State University. “Every year or two, there’s something that’s ostensibly going to take down higher education as we know it. So far, that hasn’t happened.”
Selber told Insider he’s “no more worried” about ChatGPT than any other development in the history of literary technologies. “You can go back a couple decades and find similar alarm over Word, Wikipedia, and the Internet in general,” said Selber.
While ChatGPT’s writing might seem “quite good in an abstract way”, Selber thinks it struggles to address precise or local issues, generate an original argument, or interrogate other arguments rather than just citing them. These are all key aspects of effective essay-writing in his opinion.
That’s why Selber ultimately doesn’t think essays written entirely by ChatGPT have any hope of scoring high grades.
He’s not alone in this assessment. Dr Jacqueline Antonovich, an Assistant Professor at Muhlenberg College, wrote on Twitter that she put a question from her midterm essays into ChatGPT and the paper it produced “would earn an F. Probably an F- if that’s possible.”
ChatGPT won’t replace original writing, said Selber, but it might help college students refine their work. Indeed, he thinks it might offer a shortcut for some of the more arduous tasks of essay-writing, like preparing a literature review — a summary of the existing research in a student’s topic area.
Dr Leah Henrickson, a lecturer at the University of Leeds, thinks that artificial intelligence, if used carefully, might even make education fairer.
Henrickson told Insider: “I think there’s a lot of potential for helping people express themselves in ways that they hadn’t necessarily thought about. This could be particularly useful for students who speak English as a second language, or for students who aren’t used to the academic writing style.”
Artificial intelligence tools like Grammarly, which analyzes and improves written sentences, are already widely used by college students. In Henrickson’s view, ChatGPT is just the next step — and these tools aren’t going away.
“Our students know that these tools exist,” she said. “Our job is to help them use them critically.”
According to Henrickson, the University of Leeds is already looking at modifying its assessments in reaction to the rise in artificial intelligence. It hopes to focus more on critical analysis and judgement — a human skill — rather than straightforward information retention, which a chatbot like ChatGPT can easily replicate.
Henrickson told Insider: “I’m optimistic. I think these tools, when used mindfully, can really help our students see the world in new ways.”
Three wiener dogs dressed up as hot dogs stood outside the UK Parliament.
That could be the start of a bad joke, but to the man who took the dachshunds there, it was utterly serious.
Morten Toft Bech, the founder of a startup that makes plant-based meat alternatives, brought the animals in protest.
It was 2020, and the European Parliament was voting on a ban against the use of meat-related words — like sausage, bacon, burger, chicken, and steak — in the names of plant-based food.
If the ban had passed, “plant-based sausages” would have needed a different name, perhaps “plant-based tubes.” Vegetable burgers might have to be renamed “discs,” and plant-based bacon “veggie strips.”
It was a serious threat to companies like Toft Bech’s UK company Meatless Farm, which makes mince, burgers, and “chicken” out of pea, soya, and rice proteins.
Meatless Farm’s sausage dog campaign outside the UK parliament.
Matt Alexander/PA
Toft Bech put miniature placards next to the dogs saying “What will you call us?” and “I’m not a tube dog,” pointing out that dachshunds, known in the UK as sausage dogs, get to use the meat-evoking word “sausage” in their name — so why couldn’t plant-based meat substitutes do the same?
The ban was rejected, but two years later the debate is far from over.
“If you look up bacon in the dictionary, it says bacon is cured meat from the back or sides of a pig,” said Sarah Morrell, a policy officer at Ulster Farmers’ Union, which is seeking to ban plant-based-food companies in Northern Ireland from using “meaty” terms for their products.
Unions like hers are on one side of a heated international battle pitting meat-alternative startups — companies often only a few years old, whose backers include wealthy NBA stars and actors — and the millennia-old farming and agriculture industry.
Startups are increasingly finding themselves in court as meat lobbies — made up of farming unions, agriculture bodies, and other organizations representing meat producers — try to stop them from using meaty words to describe their products.
And they are ready for the fight. “We are not going to get anywhere by sitting and smiling,” said Toft Bech.
It’s not clear which side is winning: Texas lawmakers are considering a ban, while Louisiana struck down a law limiting the use of certain “meat” terms in March. South Africa outlawed the use of meaty names, and its government even planned to seize some artificial meat from store shelves, until a last-minute court order paused the law from being implemented.
Meat lobbies argue that plant-based products have stolen the concept of meat without matching its taste and nutrition standards, tarnishing the integrity and cultural importance of meat.
On the other hand, companies argue their plant-based products are intuitively called the veggie version of whatever meat they are imitating, and it’s only in using terms like sausage that they can signal to consumers which product they’re positioning themselves against, and how to cook and eat it.
The cost of these legal battles could be the “kiss of death” for startups with limited resources, according to Ivan Farneti, an investor at the venture-capital firm Five Seasons Venture, which has backed the plant-based food company This.
An ‘insanely large’ legal bill
Investment in alternative proteins — a catch-all term for nonanimal proteins — has blown up, as concern builds about the environmental and animal welfare impacts of the meat industry.
In 2021, European startups lured over $1.1 billion from venture capitalists backing plant-based, fermented, and cultivated protein, as well as edible insects, according to data from PitchBook, which tracks the venture-capital industry. The figure is up from $697 million the previous year.
But legal battles over naming are sucking time and money out of startups that could be focusing on scaling.
Meatless Farm’s Toft Bech told Insider his company had spent about 5% of its £89 million in venture-capital funding on lawyers looking after its trademarks, as part of a legal bill he describes as “insanely large for the size of company we are”. It’s defending challenges to its trademark over its use of the word “farm” in its name.
What could that money have done “if it dropped down to our bottom line?” he asked.
Heura cofounders Bernat Ananos (left) and Marc Coloma.
Heura
Every minute spent on legal cases is less time spent on changing the food system, according to Bernat Añaños, who cofounded Heura, a Spanish startup that makes plant-based meat substitutes and is backed by the NBA star Ricky Rubio. It has raised 36 million euros from Rubio and other backers including the venture firm Unovis Asset Management.
Heura took to Instagram to share satirical redesigns of its products if it could no longer use meaty words: Meatballs became pingpong balls, and burgers were renamed “rabbit food you can throw on the barbeque.”
‘It’s an intimidation strategy’
“Bacon and lardons without mr piggy” is how the French startup La Vie describes its foods. They may look like meat but are made of rehydrated soya protein.
La Vie is backed by the actor Natalie Portman and is known for its playful advertising.
In July it was among a group of companies — including Nestlé — that succeeded in pausing a French ban on plant-based foods using meat-related names. The ban was the first of its kind to pass in Europe, and was introduced by the former French politician Jean-Baptiste Moreau, a cattle farmer.
“We were nervous, obviously,” said Nicolas Schweitzer, the CEO and cofounder of La Vie. Losing the case would mean rethinking the company’s branding, advertising, and packaging — letting products already packaged go to waste — and losing the meat-based names that customers have gotten to know over the years. La Vie was planning to move its manufacturing to Belgium if the ban went ahead.
He expects to be back in court at some point next year to challenge the ban again and hopes to have it thrown out.
Schweitzer told Insider the meat lobby was “just trying to slow us down.”
“It’s an intimidation strategy,” he continued, “and it’s not going to work.”
La Vie has decided to wear its legal battles as a badge of honor. It has hired an in-house lawyer and publishes details of its court cases on its website as part of its marketing.
In June, it won a case against France’s pork lobby, the French Interprofessional Pork Council, which complained that its advertising was misleading.
In a provocative ad in response, La Vie teasingly said, “Thanks for the compliment,” adding: “We think your pork lardons are indistinguishable from our veggie lardons. Would you mind changing your recipe?”
La Vie’s newspaper advert after winning a legal case
La Vie
It was a typical move from 35-year-old Schweitzer, who sees himself as a crusader against meat consumption, with humor as a key weapon.
“I don’t see myself as a militant but as an activist, which is slightly different,” he said, explaining that he tried to call for change to the food system “in a quirky and positive way.”
Adding the “plant-based” qualifier to a name should be enough to make it clear that a product isn’t meat, Schweitzer argued. When consumers look at his product, they intuitively call it plant-based bacon, he added.
“The fact that it’s only economic interest,” he said, that might prevent his company from referring to its products in the most explicit way, “is just not right.”
Common sense
The meat industry sees things differently.
It tends to argue that plant-based meat alternatives shouldn’t be allowed to use meaty terms at all because, put simply, they aren’t meat. They don’t match it in terms of taste, texture, or nutrition, people in the meat and agriculture industries told Insider.
It’s confusing and misleading to customers, they said, especially as meat alternatives are increasingly stocked next to animal meat in grocery stores.
Bruno Menne, a senior policy advisor at Europe’s meat body COPA COGECA, said plant-based foods were “hijacking” the positive marketing that meat had built up over decades.
Meat bodies want startups to come up with new terms for plant-based food that imitates meat. “It is a matter of common sense and consistency,” José Manuel Alvarez, a representative of Carne y Salud, a group representing Spanish meat organizations.
Through that lens, Menne accused his plant-based competitors of hiding behind meaty names that obscure how they’re made. “By using that, you manage to avoid actually telling the consumer what is really in your product,” he said.
A meat-free burger might be high in protein, but “you don’t have the same amino acids, the same vitamins, zinc, and phosphorus and so on,” he added.
Both meat organizations and plant-based companies told Insider they encouraged a healthy, balanced diet.
Trading down
The battle over meaty names comes at a precarious time for meat-alternative companies.
Despite the boom in investment, meat alternatives are seeing disappointing sales growth and are feeling the pressure of market volatility and inflation, which the PitchBook analyst Alex Frederick said was leading consumers “to trade down” to cheaper proteins like animal meat.
Volume sales of meat alternatives in the US are down 12.1% from last year, according to IRI data as of November 6. Europe-wide data isn’t readily available.
Bans on meat-based names could slow sales further, weakening the case for more investment — investment that is essential to keep developing plant-based products that might rival meat in terms of taste, texture and nutritional value.
Farneti of Five Seasons Ventures told Insider that naming restrictions would be a blow to the already difficult job of running these startups. “Founders of startups are swimming in deep water, right?” he said. “Changing these rules makes them swim in mud.”
‘We don’t want to destroy our everyday culture’
Heura’s products include soy-based chicken and chorizo substitutes as well as meatballs made with pea protein. It has been sued for using the word “carne” — Spanish for meat — in advertisements.
Añaños, the Heura cofounder, accepts that the legal battles come with the territory. “If we were liked by everyone, we would not be transformative,” he said, adding: “These cases will happen because we are shaking up a whole industry, a big part of the economy.”
Heura Foods
But he thinks the idea that startups like his are threatening all the things people enjoy about meat is a misunderstanding. “We don’t want to destroy our everyday culture,” he said. “I love barbecues with my friends. I love my grandma’s Christmas dinners. I love everything that is connected to meat, but I hate the consequences of it.”
He says the state has a role to play in helping meat producers transition toward a “plant-based age,” such as by helping farmers swap meat rearing for growing legumes and beans.
Despite the animosity, he feels meat producers and plant-based companies will ultimately have to work together: “The climate crisis and the animal crisis is also a challenge of humanity, and either we go together or we will fail — there is no other answer.”
“It is a shame,” Toft Bech said. “I would prefer that we could just get some support, maybe a bit of a regulatory environment that’s more supportive of the new rather than just the old status quo.”
The founder and CEO of vegetarian food company Meatless Farm, Morten Toft Bech.
Meatless Farm
He can imagine a future in which animal-based meat dominates the luxury market and plant-based alternatives replace cheaper, everyday meats. He wants Meatless Farm’s products to replace middle-market cuts that are mass-produced in industrial farms — not quality, hand-reared meat.
Despite the cost and time, startups told Insider the court battles were worth it. “We are fully committed to our vision, so we don’t mind the backlash,” Schweitzer said.
Most companies like his have been launched recently and, unlike the animal-meat industry, don’t have millions of lifelong customers or a long cultural history to protect.
All they have to defend is their products — and their names. “We have nothing to lose,” Schweitzer said.
“You’re a public figure. An extremely controversial and powerful one. I get feeling unsafe, but descending into abuse of power + erratically banning journalists only increases the intensity around you,” Ocasio-Cortez wrote.
“Take a beat and lay off the proto-fascism. Maybe try putting down your phone,” she added.
The congresswoman added that she understands where Musk is coming from, saying that she, too, has been “subject to real + dangerous plots.”
“I didn’t have security and have experienced many scary incidents,” she tweeted. “In fact, many of the right-wing outlets you now elevate published photos of my home, car, etc. At a certain point you gotta disconnect.”
Some 20 minutes later, Musk tweeted his response: “You first lol.”
Musk also alleged on Thursday that the suspended journalists had posted his real-time location online, calling them “basically assassination coordinates.” Insider was unable to independently verify if the journalists had posted the coordinates on their accounts.
Musk and Ocasio-Cortez have had several tense exchanges on Twitter. In April, Ocasio-Cortez called Musk a “billionaire with an ego problem” who only bought Twitter “because Tucker Carlson or Peter Thiel took him to dinner and made him feel special.” In response, Musk tweeted: “Stop hitting on me, I’m really shy.”
In November, Ocasio-Cortez hit out at Musk for “trying to sell people on the idea that ‘free speech’ is actually a $8/mo subscription plan,” referring to the billionaire’s plan to charge Twitter subscribers a premium for verification.
Musk replied to the congresswoman’s tweet, saying: “Your feedback is appreciated, now pay $8.”
Also in November, Ocasio-Cortez reacted to Musk’s public poll on whether former President Donald Trump’s Twitter account should be reinstated.
“Idk man, last time he was here this platform was used to incite an insurrection, multiple people died, the Vice President of the United States was nearly assassinated, and hundreds were injured but I guess that’s not enough for you to answer the question. Twitter poll it is,” Ocasio-Cortez said in a tweeted response to Musk.
Ocasio-Cortez and Musk did not immediately respond to Insider’s requests for comment.
Russia’s revenue from oil exports fell by $700 million in November, according to the IEA.
Deep discounts and falling crude prices drove down revenue despite a jump in exports, it said.
A G7 price cap on Russian crude will slash output and pressure global prices upward next year, the agency added.
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Russia’s revenue from oil sales took a dive last month even as its crude exports jumped, according to the International Energy Agency (IEA).
Deep discounts and lower global crude prices drove Moscow’s export revenue down by $700 million in November to $15.8 billion, the IEA said in its monthly report. That’s despite an increase in daily shipments of 270,000 barrels to 8.1 million barrels, the highest level since April.
Since its invasion of Ukraine, Russia has been selling its crude at steep discounts to Asia, in particular to China and India, as it hunts for alternative buyers to replace its key European market. Now, China and India account for about two-thirds of all Russian seaborne crude exports.
As major customers, the two Asian countries are demanding even bigger discounts, and that’s delivering a hit on the Kremlin’s war chest. According to Bloomberg estimates, Russia is losing about $4 billion a month in energy revenues.
This comes alongside the impact of recent declines in global oil prices amid fears of a recession. China’s imposition of strict zero-Covid rules have also weighed on energy markets, reducing the demand for crude from the world’s second-biggest economy.
Brent crude futures, the international benchmark, have fallen more than 8% since October even after the OPEC+ decided to slash output in a bid to support prices. The drop comes after months of high prices, with the level surging past $100 a barrel in March. At last check Thursday, Brent crude traded at $82.04.
“While lower oil prices come as a welcome relief to consumers faced by surging inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen,” the IEA said.
G7 countries set a price cap of $60-per-barrel on Russian crude earlier in December in an effort to crimp the country’s revenues, while still allowing for the flow of its oil cargoes around the world.
The cap however means Russian output will fall by 1.4 million barrels per day, according to Reuters, which cites the IEA. That could squeeze global supply and put upward pressure on prices again.
“As we move through the winter months and towards a tighter oil balance in 2Q23, another price rally cannot be ruled out,” the IEA said.
Travel website AirHelp ranks the world’s best airlines on three metrics: on-time performance, customer opinion, and claims processing.
A flight attendant aboard United Airlines.
Contributor/Getty Images
Launched in 2015 by German claims-management company AirHelp, AirHelp Score is an annual ranking of the world’s top airlines.
These airlines are evaluated based on three criteria — on-time performance, customer opinion, and claim processing — and are scored on a 10-point scale. Each criterion makes up a third of the final score.
‘On-time performance’ measures the percentage of an airline’s flights that arrive within 15 minutes of their published arrival time.
‘Customer opinion’ assesses what passengers think of the airline’s quality of service based on five factors: cabin crew, aircraft comfort, aircraft cleanliness, food offering, and onboard entertainment. Passengers provided a score of between one and five for each factor.
‘Claim processing’ refers to how efficiently an airline handles claims and settles payouts. AirHelp cited its own data for this criterion.
“AirHelp has found that combining these three categories provides a well-rounded view of airlines’ performances throughout the year,” Tomasz Pawliszyn, the company’s CEO, told Insider in an email.
AirHelp explained in its methodology brief that it took into account a total of 805 airlines around the world, but only included 64 of the largest airports in terms of passenger numbers and “popularity.” AirHelp also said that it excluded airlines for which it was unable to procure data. For 2022’s ranking, the company collected data between January 1 and October 31.
Take a look at the 10 airlines that were ranked the best in the world this year by AirHelp. Entrants are arranged in ascending order according to their final scores.
Bahamian authorities arrested FTX founder Sam Bankman-Fried on Monday.
Just hours before, SBF said in an interview he didn’t believe he would be detained on US shores.
He made the comments while explaining why he was planning to call-in to testify before the Congress on Tuesday.
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A multitasking Sam Bankman-Fried — who was playing a video game and responding to questions during an interview — said he didn’t think he would be detained if he returned to the US, mere hours before he was arrested in the Bahamas.
“I don’t believe I would be, but I haven’t done a deep dive into that. That’s something I have to think harder about,” Bankman-Fried said in a Monday interview on Twitter Spaces with options flow platform Unusual Whales, per a transcript.
Unusual Whales has called Bankman-Fried’s interview “the last thing he did as a free man.”
Bankman-Fried was responding to a question about potential detainment if he entered the US — as he was scheduled to testify before Congress on Tuesday. The former FTX CEO had said he wasn’t going to be there in person because he was “quite overbooked,” per the transcript.
He also said it was difficult for him “to move right now and travel because the paparazzi effect is quite large.”
During the interview — and amid a constant clicking sound in the background — Bankman-Fried was asked if he was playing video games, to which he responded: “Yes I am.”
Rep. Maxine Waters, who chairs the US House Financial Services Committee, said in a statement she was “surprised” at Bankman-Fried’s arrest as that means he wouldn’t be testifying as scheduled.
“Although Mr. Bankman-Fried must be held accountable, the American public deserves to hear directly from Mr. Bankman-Fried about the actions that’ve harmed over one million people, and wiped out the hard-earned life savings of so many,” Waters said.
Bankman-Fried resigned as the CEO of FTX on November 11, the same day the exchange filed for Chapter 11 bankruptcy, as it failed to secure a rescue following an intense week-long liquidity squeeze.
The curly-haired 30-year has been on a media apology tour since FTX’s collapse but told the New York Times in late November that he didn’t think he’s legally accountable.
The SEC did not immediately respond to Insider’s request for comment sent outside regular business hours.
Insider was not immediately able to reach Bankman-Fried’s representatives for comment, but a representative declined comment to the New York Times upon his arrest.
Sir James Dyson has slammed the UK’s plans to extend employees’ rights to work from home.
Writing in The Times, the billionaire said the policy shift is “economically illiterate and staggeringly self-defeating.”
Without control over where employees work, companies like Dyson will hesitate to invest in the UK, he said.
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Sir James Dyson thinks the UK’s plans to allow employees to continue working from home are “staggeringly self-defeating.”
“The government talks loftily of the UK being a ‘science and technology superpower’ while doing everything it can to achieve the exact opposite,” the founder and chief engineer of multinational technology company Dyson wrote in a December 8 commentary piece for The Times.
Under new legislation, workers in the UK will have the right to request flexible working arrangements even on their first day of work, per a December 5 press release from the UK government. This policy shift falls under the government’s plans to make flexible working the default.
However, such a move — which comes during a global recession — is a “misguided approach” that will “generate friction between employers and employees,” Dyson wrote.
Without control over where their employees can work, “high-growth, ambitious companies” like Dyson — which has 3,500 employees in Britain — will hesitate to invest in the UK, the businessman added.
“We have seen from our own experience at Dyson during periods of government-enforced working from home how deeply inefficient it is,” Dyson wrote. “It prevents the collaboration and in-person training that we need to develop new technology and maintain competitiveness against global rivals.”
The billionaire also took a swipe at the legislators who were in favor of the reform, writing that the policy was “aided by the many civil servants who enjoyed working from home, despite the shockingly bad public service they often provide and their terrible track record of delivery.”
Dyson, who’s currently worth an estimated $15.4 billion, is not the first business leader to rally against flexible work arrangements for employees.
In August, JPMorgan CEO Jamie Dimon pushed back against remote work, saying that it “slows down honesty and decision making.”
In November, just two weeks after taking over the company, Elon Musk sent a 2:30 a.m. email to Twitter staff, requesting them to return to the office for “a minimum of 40 hours per week.”
Dyson did not immediately respond to Insider’s request for comment.