The challenges of making that happen, though, become clear when climbing the confined, 334-step stairwell that winds up to the belfry. Also evident: the quality of the renovation.

Bright morning light shone in through the four restored clock faces — perched high above the Houses of Parliament — each with 324 pieces of pot opal glass produced in Germany. Newly refurbished golden orbs that decorate the tower’s stonework glinted in the sun.

The sheer size of Big Ben, weighing a little over 15 tons, is impressive, as is the intricacy of a clock mechanism based on the most advanced technology available to its 19th-century creators. It still loses no more than a second in accuracy a week.

The Elizabeth Tower is not the first clock tower to watch over Parliament — that one is thought to date from around 1290. In 1834, a fire destroyed the Palace of Westminster, leading to the construction of the modern-day building that is one of the most famous examples of Gothic Revival architecture in the world.

And when the original clock tower was built, it was constructed with a rising scaffold, “so it rose as if by magic, it was noted at the time,” Mr. Watrobski said.

In May 1859, crowds lined the streets to greet Big Ben’s arrival. The enormous bell was pulled by 16 horses to Westminster, where it took 18 hours to haul it nearly 200 feet to the belfry before it could first ring out.

Back then, the clock tower was the most advanced and ambitious public building of its age, but by 2017, stonework was deteriorating, water was leaking into the belfry, and the steps, ironwork and guttering were all in need of repair. There was even still damage dating from 1941, when Parliament was bombed during World War II.

“Like all historic buildings, you don’t really know until you peel off the skin what you are going to find underneath,” Mr. Watrobski said. “There was a considerable amount of damage to cast iron and to stonework.”

The restoration work has gone a long way to modernizing the Elizabeth Tower, which will reopen this year to tourists. But the improvements will benefit visitors and maintenance staff alike.

An elevator has been installed, as has a restroom at the top — the lack of which previously meant Big Ben’s maintenance workers had to trek down the 334 steps whenever they were in need of one. There is even now a spot for the staff to make tea.

While Big Ben needs constant maintenance, the clock had never been fully serviced until this restoration. After it was dismantled, it was secreted away from London, more than 280 miles, to the workshop of the Cumbria Clock Company in northwestern England.

Given its symbolic importance, its whereabouts while being serviced was never disclosed.

To help keep the work under wraps, the Cumbria Clock Company removed signs from its building to make it harder for uninvited visitors to find. When a group of walkers once peered through a window and asked if they were looking at the famous clock, they were told that they were instead viewing one from Manchester Town Hall.

“It was very important that what we were doing was kept secret,” said the company’s director, Keith Scobie-Youngs, who was worried that it might attract thieves or vandals as well as curious tourists.

Mr. Scobie-Youngs said that the clock had been in remarkably good condition and that he had been awed by the skill of the 19th-century clockmakers.

“Nobody had ever attempted to build a clock that size to the accuracy demanded,” he said, adding, “I refer to it as being the smartphone of the 1850s.”

Mr. Scobie-Youngs also lauded Big Ben: “There is a unique sound to it,” he said. “It is that unique heartbeat.”

The bell’s bong, he said, was instantly recognizable to Britons. “When people were a long way from home, and it was on the radio, that unique sound brought people home again,” Mr. Scobie-Youngs said.

Freshly painted, finished with enough gold to cover four tennis courts, and complete with more than 7,000 replacement stones and carvings, the exterior of the Elizabeth Tower stands as a monument to what can be achieved by modern restoration, protecting it, hopefully, for the next 75 years.

Even for those who spent years on the project, the result was a pleasant surprise, said Charlotte Claughton, a senior project leader. She said that she was taken aback when the scaffolding came down and she saw the building shining, “as if it was new,” in the sunlight.

“It was hugely exciting to see it. There are a few moments that catch you off guard, and that was one of them,” Ms. Claughton said. “It was heartwarming.”

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3-D Printing Grows Beyond Its Novelty Roots

DEVENS, Mass. — The machines stand 20 feet high, weigh 60,000 pounds and represent the technological frontier of 3-D printing.

Each machine deploys 150 laser beams, projected from a gantry and moving quickly back and forth, making high-tech parts for corporate customers in fields including aerospace, semiconductors, defense and medical implants.

The parts of titanium and other materials are created layer by layer, each about as thin as a human hair, up to 20,000 layers, depending on a part’s design. The machines are hermetically sealed. Inside, the atmosphere is mainly argon, the least reactive of gases, reducing the chance of impurities that cause defects in a part.

“The Mainstreaming of Additive Manufacturing.”

a report by Hubs, a marketplace for manufacturing services.

The Biden administration is looking to 3-D printing to help lead a resurgence of American manufacturing. Additive technology will be one of “the foundations of modern manufacturing in the 21st century,” along with robotics and artificial intelligence, said Elisabeth Reynolds, special assistant to the president for manufacturing and economic development.

Additive Manufacturing Forward, an initiative coordinated by the White House in collaboration with major manufacturers. The five initial corporate members — GE Aviation, Honeywell, Siemens Energy, Raytheon and Lockheed Martin — are increasing their use of additive manufacturing and pledged to help their small and medium-size American suppliers adopt the technology.

VulcanForms was founded in 2015 by Dr. Hart and one of his graduate students, Martin Feldmann. They pursued a fresh approach for 3-D printing that uses an array of many more laser beams than existing systems. It would require innovations in laser optics, sensors and software to choreograph the intricate dance of laser beams.

By 2017, they had made enough progress to think they could build a machine, but would need money to do it. The pair, joined by Anupam Ghildyal, a serial start-up veteran who had become part of the VulcanForms team, went to Silicon Valley. They secured a seed round of $2 million from Eclipse Ventures.

The VulcanForms technology, recalled Greg Reichow, a partner at Eclipse, was trying to address the three shortcomings of 3-D printing: too slow, too expensive and too ridden with defects.

Arwood Machine this year.

Arwood is a modern machine shop that mostly does work for the Pentagon, making parts for fighter jets, underwater drones and missiles. Under VulcanForms, the plan over the next few years is for Arwood to triple its investment and work force, currently 90 people.

VulcanForms, a private company, does not disclose its revenue. But it said sales were climbing rapidly, while orders were rising tenfold quarter by quarter.

Cerebras, which makes specialized semiconductor systems for artificial intelligence applications. Cerebras sought out VulcanForms last year for help making a complex part for water-cooling its powerful computer processors.

The semiconductor company sent VulcanForms a computer-design drawing of the concept, an intricate web of tiny titanium tubes. Within 48 hours VulcanForms had come back with a part, recalled Andrew Feldman, chief executive of Cerebras. Engineers for both companies worked on further refinements, and the cooling system is now in use.

Accelerating the pace of experimentation and innovation is one promise of additive manufacturing. But modern 3-D printing, Mr. Feldman said, also allows engineers to make new, complex designs that improve performance. “We couldn’t have made that water-cooling part any other way,” Mr. Feldman said.

“Additive manufacturing lets us rethink how we build things,” he said. “That’s where we are now, and that’s a big change.”

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Investigators of War Crimes in Ukraine Face Formidable Challenges

KOROPY, Ukraine — Four men tugged at long strips of fabric to lift a coffin out of the gaping hole in the backyard of a small house. They flung the lid open to reveal the moldy corpse of Oleksiy Ketler, who had been killed instantly by shrapnel when a mortar fell on the road in Koropy, a village outside Khavkiv in northeastern Ukraine, in March.

Mr. Ketler, a father of two young children, would have celebrated his 33rd birthday on June 25, if he had not been outside his house at the wrong time. Now, his body has become another exhibit in Ukraine’s wide-ranging effort to collect evidence to prosecute Russia and its military for war crimes in the brutal killings of Ukrainian civilians.

Experts say the process is proceeding with extraordinary speed and may become the biggest effort in history to hold war criminals to account. But it faces an array of formidable challenges.

rape, execution-style killings and the deportation of what Mr. Belousov said could be tens of thousands of Ukrainians to Russia — were being investigated.

At the same time, hundreds of international experts, investigators and prosecutors have descended on Ukraine from an alphabet soup of international agencies.

Early in the war, the top prosecutor of the International Criminal Court, Karim Khan, arrived in Ukraine with several dozen investigators. But the court, which is based in the Netherlands, tries a limited number of cases, and usually seeks to prosecute only the upper echelon of political and military leaders.

It is also slow: Investigators working on the 2008 Russian-Georgian war did not apply for arrest warrants until this year.

There are a number of other initiatives, too. Amal Clooney, an international human rights lawyer, is part of a team advising the Ukrainian government on bringing international legal action against Russia. The United Nations has started a commission to investigate human rights violations in Ukraine — with three human rights experts — but cannot establish a formal tribunal because Russia wields veto power on the U.N. Security Council.

Investigators in Poland are collecting testimonies from refugees who fled there to feed to Ukrainian prosecutors. France has sent mobile DNA analysis teams to embed with the Ukrainian authorities to collect evidence. Nongovernmental organizations based in Kyiv, Ukraine’s capital, are going to territories recently occupied by Russian soldiers to collect witness statements.

The involvement of multiple countries and organizations does not necessarily lead to a more productive investigation, said Wayne Jordash, a British criminal lawyer who lives in Ukraine. Mr. Jordash, who is part of an international task force supporting Ukrainian prosecutors, was critical of some of the efforts to assist Ukraine judicially, describing it as “smoke and mirrors,” without results and clear priorities.

The International Criminal Court’s investigators were only just getting going, he noted, and experts from other countries have also been cycling in for stints of several weeks.

“You can’t just parachute into an investigation for two weeks and expect it to be meaningful,” Mr. Jordash said.

Iva Vukusic, a scholar of post-conflict justice at the University of Utrecht, said, “Resources are being poured in, but maybe down the line we will see that they were not being spent the right way,” for instance, duplicating investigation efforts rather than providing psychosocial support to victims.

Ms. Vukusic pointed out the large size of the endeavor. Across the country, she said, “there are thousands of potential suspects, and thousands of potential trials.” All of the material needs to be properly marshaled and analyzed, she said.

“If you have 100,000 items — videos, statements, documents — if you don’t know what you’re sitting on, it limits the use of material,” Ms. Vukusic said.

She also cautioned that the International Criminal Court’s leadership could face criticism by collaborating too closely with the Ukrainian authorities because, she said, Ukraine was also “an actor in this war.”

She feared Ukrainian officials were setting expectations for justice very high, and possibly wasting scarce resources on absentia trials.

“No big case is going to be finished in two years or five years because of the scale of the violence and the fact it is going on for so long,” she said.

Mr. Belousov, the Ukrainian war crimes prosecutor, acknowledged as much. “We are playing a long game,” he said. Even if the perpetrator is tried and convicted in absentia, Mr. Belousov said, “We understand in a year, or two or three or five, these guys won’t be able to avoid punishment.”

Mr. Belousov said that he appreciated the international assistance but that coordinating it was the “biggest challenge” law enforcement authorities experienced.

For example, the Kharkiv prosecutors used a shiny new forensic investigation kit donated by the European Union for their exhumation in Koropy, the village in northeast Ukraine. But a police officer from a unit in Dmytrivka, a 45-minute drive west of Kyiv, said they had not seen or met with any international investigators or received any equipment from them.

Mr. Belousov said Ukraine wanted to take the lead in prosecuting the cases — a divergence from previous post-conflict situations in which the national authorities initially left the process to international tribunals.

But most Ukrainian investigators have little experience in these kinds of inquiries.

For example, Andriy Andriychuk, who joined the police force in the region west of Kyiv two years ago, said his work previously involved investigating local disputes or livestock theft. Now it involves “a lot more corpses,” he said.

On a recent sunny afternoon, he was called to a wooded area near the town of Dmytrivka. Several days before, police officers had received a call from foresters who had come upon a man’s grave. The dead man, Mykola Medvid, 56, had been buried with his passport; his hat was hung on top of a cross made out of sticks.

His daughter and his cousin identified his body. The local morgue officially established the cause of death: a fatal shot in the chest.

Since then, his daughter Mariia Tremalo has not heard from the investigators. No witnesses have come forward, and it was unclear who might have killed her father, or why. Still, she is hungry for justice.

“My father will never be returned,” she said. “But I would like the perpetrators to be punished.”

Right now that seems all but impossible.

In Koropy, the village near Kharkiv, Mr. Ketler’s mother, Nadezhda Ketler, was inconsolable as the gravediggers and inspectors worked. She wandered down the road to another part of her property. Six officials stood over her son’s body, photographing and documenting as his best friend, Mykhailo Mykhailenko, who looked petrified and smelled of stale alcohol, identified him.

The next day, Mr. Ketler’s body was taken to the city’s morgue, where the final cause of death was established.

Eventually, Ms. Ketler gathered the strength to show investigators the crater made by the bomb that killed him, leading the police to the exact spot where he died. Ms. Ketler stood looking at the trees as they rustled in the wind. She did not speak to anyone. She said she did not know if a guilty verdict in a war crimes trial, if it ever came, would ease the pain of losing her child.

“I had to bury my son twice,” Ms. Ketler said later. “You understand, this is hard enough to do once, and to have to do it a second time. The pain of a mother will not go anywhere.”

Evelina Riabenko, Diana Poladova and Oleksandr Chubko contributed reporting.

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Gas Prices Around the World Threaten Livelihoods and Stability

“NO ES SUFICIENTE” — It’s not enough. That was the message protest leaders in Ecuador delivered to the country’s president this past week after he said he would lower the price of both regular gas and diesel by 10 cents in response to riotous demonstrations over soaring fuel and food prices.

The fury and fear over energy prices that have exploded in Ecuador are playing out the world over. In the United States, average gasoline prices, which have jumped to $5 per gallon, are burdening consumers and forcing an excruciating political calculus on President Biden ahead of the midterm congressional elections this fall.

But in many places, the leap in fuel costs has been much more dramatic, and the ensuing misery much more acute.

Britain, it costs $125 to fill the tank of an average family-size car. Hungary is prohibiting motorists from buying more than 50 liters of gas a day at most service stations. Last Tuesday, police in Ghana fired tear gas and rubber bullets at demonstrators protesting against the economic hardship caused by gas price increases, inflation and a new tax on electronic payments.

largest exporter of oil and gas to global markets, and the retaliatory sanctions that followed have caused gas and oil prices to gallop with an astounding ferocity. The unfolding calamity comes on top of two years of upheaval caused by the Covid-19 pandemic, off-and-on shutdowns and supply chain snarls.

World Bank revised its economic forecast last month, estimating that global growth will slow even more than expected, to 2.9 percent this year, roughly half of what it was in 2021. The bank’s president, David Malpass, warned that “for many countries, recession will be hard to avoid.”

ratcheting down gas deliveries to several European countries.

Across the continent, countries are preparing blueprints for emergency rationing that involve caps on sales, reduced speed limits and lowered thermostats.

As is usually the case with crises, the poorest and most vulnerable will feel the harshest effects. The International Energy Agency warned last month that higher energy prices have meant an additional 90 million people in Asia and Africa do not have access to electricity.

Expensive energy radiates pain, contributing to high food prices, lowering standards of living and exposing millions to hunger. Steeper transportation costs increase the price of every item that is trucked, shipped or flown — whether it’s a shoe, cellphone, soccer ball or prescription drug.

“The simultaneous rise in energy and food prices is a double punch in the gut for the poor in practically every country,” said Eswar Prasad, an economist at Cornell University, “and could have devastating consequences in some corners of the world if it persists for an extended period.”

Group of 7 this past week discussed a price cap on exported Russian oil, a move that is intended to ease the burden of painful inflation on consumers and reduce the export revenue that President Vladimir V. Putin is using to wage war.

Price increases are everywhere. In Laos, gas is now more than $7 per gallon, according to GlobalPetrolPrices.com; in New Zealand, it’s more than $8; in Denmark, it’s more than $9; and in Hong Kong, it’s more than $10 for every gallon.

Leaders of three French energy companies have called for an “immediate, collective and massive” effort to reduce the country’s energy consumption, saying that the combination of shortages and spiking prices could threaten “social cohesion” next winter.

increased coal production to avoid power outages during a blistering heat wave in the northern and central parts of the country and a subsequent rise in demand for air conditioning.

Germany, coal plants that were slated for retirement are being refired to divert gas into storage supplies for the winter.

There is little relief in sight. “We will still see high and volatile energy prices in the years to come,” said Fatih Birol, the executive director of the International Energy Agency.

At this point, the only scenario in which fuel prices go down, Mr. Birol said, is a worldwide recession.

Reporting was contributed by José María León Cabrera from Ecuador, Lynsey Chutel from South Africa, Ben Ezeamalu from Nigeria, Jason Gutierrez from the Philippines, Oscar Lopez from Mexico and Ruth Maclean from Senegal.

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Sun Valley Conference 2022: When Private Jets Land in Small-Town Idaho

HAILEY, Idaho — Robert Kraft, the owner of the New England Patriots, flies in a Gulfstream G650. So do Jeff Bezos and Dan Schulman, PayPal’s chief executive. The jets, roughly 470 of which are in operation, retail for about $75 million each.

Most days, those planes are spread out, ferrying captains of industry to meetings around the globe. But for one week in July, some of them converge on a single 100-foot-wide asphalt runway beside the jagged hills of Idaho’s Wood River Valley.

The occasion is the annual Sun Valley conference, a shoulder-rubbing bonanza organized by the secretive investment bank Allen & Company. Known as “summer camp for billionaires,” the conference kicks off this year on Tuesday, and it draws industry titans and their families — some of whom are watched over by local babysitters bound by nondisclosure agreements. In between organized hikes and fly-fishing at past gatherings, there have been sessions on creativity, climate change and immigration reform.

the ninth hole of the golf course, the head of General Electric expressed interest in selling NBC to Comcast. It is where Mr. Bezos met with the owner of The Washington Post before agreeing to buy the paper, and where Disney pursued a plan to purchase ABC — with Warren Buffett at the center of the discussions.

a year-round population of 1,800.

During a 24-hour period last year as the conference began, more than 300 flights passed through Friedman Memorial Airport in Hailey, a small town near Sun Valley, according to data from Flightradar24, an industry data firm. They ranged from tiny propeller planes to long-wing commercial jets. By comparison, two weeks ago, when Mr. Pomeroy gave me a brief tour of the airport, just 44 flights took off or landed there over 24 hours, according to the data firm.

“This is empty right now,” Mr. Pomeroy said, smoothly steering his white 2014 Ford Explorer (what he calls his “mobile command center”) past a swath of freshly paved asphalt. “But in the summer, and during the event in particular, there’s airplanes parked everywhere up here.”

Much like the activities of the conference, elements of the travel there are shrouded in secrecy. Many jets flying in are registered to obscure owners and limited liability companies, some with only winking references to their passengers. The jet that carried Mr. Kraft last year, for example, is registered under “Airkraft One Trust,” according to records from the Federal Aviation Administration. The plane that Mr. Bezos flew in on is registered to Poplar Glen, a Seattle firm.

Representatives for Mr. Kraft and Mr. Bezos declined to comment. Mr. Bezos is not expected to turn up at Sun Valley this year, according to an advance list of guests that was obtained by The New York Times.

Mr. Pomeroy plans well in advance to deal with the intense air traffic generated by the conference, which he refers to obliquely as “the annual fly-in event.” Without proper organization, flocks of private jets could stack up in the airspace around Friedman, creating delays and diversions while pilots burn precious fuel.

That was the case for the 2016 conference, which coincided with Mr. Pomeroy’s first week on the job. That year, some aircraft circled overhead or sat on the tarmac for more than an hour and a half, waiting for the airspace and runway to clear.

“I saw airplanes literally lined up to take off from the north end of the field almost all the way down to the south end of the field,” Mr. Pomeroy said, referring to the 7,550-foot runway. “Tail to nose, all the way up the taxiway.”

After that episode, Mr. Pomeroy enlisted Greg Dyer, a former district manager at the F.A.A., to help unclutter the tarmac. The two coordinated with an F.A.A. hub in Salt Lake City to line up flights, sometimes 300 to 500 miles outside Sun Valley. For some flights, the staging begins before the planes take off.

“Before, it looked like an attack — it was just airplanes coming from all points of the compass, all trying to get here at the same time,” said Mr. Dyer, an airport consultant for Jviation-Woolpert.

Last year, delays were kept to a maximum of 20 minutes, and no commercial travelers missed connecting flights because of air traffic caused by the conference, Mr. Pomeroy said.

When moguls are forced to circle in the air, they often loiter in great style. Buyers willing to shell out tens of millions for a high-end private plane are unlikely to balk at an additional $650,000 to outfit the aircraft with Wi-Fi, said Lee Mindel, one of the founders of SheltonMindel, an architectural firm that has designed the interiors of Gulfstream and Bombardier private jets. Some owners, he said, have opted for bespoke flatware from Muriel Grateau in Paris, V’Soske rugs or other luxe features.

“If you have to ask what it costs, you really can’t afford to do it,” Mr. Mindel said.

During the pandemic, when commercial travel slowed because of restrictions, corporate jaunts increased among a subset of executives who didn’t want to be held back, said David Yermack, a professor at New York University’s Stern School of Business. He added that it might be cheaper in the long run to compensate chief executives with jet travel than pay them with cash.

“I think it was Napoleon who said, ‘When I realized people would lay down their lives for little pieces of colored ribbon, I knew I could conquer the world,’” Mr. Yermack said.

The glut of flights certainly raises practical concerns. The residents of Hailey, as well as nearby Ketchum and Sun Valley, have complained in the past about the noise created by the jets zooming into Friedman Memorial Airport.

To deal with the complaints, Mr. Pomeroy and the Friedman Memorial Airport Authority curtailed flights between 11 p.m. and 7 a.m. and limited the number of takeoffs and landings from the north, over the little city of Hailey.

Before the conference, Mr. Pomeroy sends a letter to incoming pilots about what to expect, admonishing them to keep the noise to a minimum.

“While the overwhelming majority of users during this event are respectful of our program and community, only a few operators who blatantly disregard our program, or who are negligent in educating themselves about our program, leave a negative impression on all of us,” Mr. Pomeroy wrote this year.

Allen & Company’s stinginess about some conference details extends to the airport. But Mr. Pomeroy and his team get enough information to conclude when the moguls will arrive and are about to leave town.

When the schmoozing is over next week, Mr. Pomeroy will begin the arduous task of ushering the corporate titans out of Idaho. Often that means closing the airport briefly to arrivals while they hustle out departures for an hour.

As the last jets get ready to leave, Mr. Pomeroy said, he and his team breathe a sigh of relief.

“Afterward, I am ready to hit the river for some serious fly-fishing for a day or two,” he said.

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Netflix Says It’s Business as Usual. Is That Good Enough?

While being honored at the Banff Film Festival in Canada in early June, Bela Bajaria, Netflix’s head of global television, surprised some with what she didn’t say. Despite the recent turmoil at the streaming giant — including a loss of subscribers, hundreds of job cuts and a precipitous stock drop — she said Netflix was charging ahead, with no significant plans to change its programming efforts.

“For me, looking at it, the business works,” Ms. Bajaria said from the stage. “We are not doing some radical shift in our business. We’re not merging. We’re not having a big transitional phase.”

Two weeks later, after Netflix had laid off another 300 people, Reed Hastings, the company’s co-chief executive, doubled down on Ms. Bajaria’s message, reassuring the remaining employees that the future would, in fact, be bright and that in the next 18 months the company would hire 1,500 people.

“Spiderhead” and the series “God’s Favorite Idiot” have been critically derided.) A producer who works with Netflix said the word “quality” was being bandied about much more often in development meetings.

Emily Feingold, a Netflix spokeswoman, disputed the idea that focusing on a show’s quality was somehow a change in strategy, referring to such disparate content as “Squid Game,” the reality television show “Too Hot to Handle,” and movies like “Red Notice” and “The Adam Project.”

“Consumers have very different, diverse tastes,” Ms. Feingold said. “It’s why we invest in such a broad range of stories, always aspiring to make the best version of that title irrespective of the genre. Variety and quality are key to our ongoing success.”

The producer Todd Black said that the process for getting a project into development at Netflix had slowed down but that otherwise it was business as usual.

“They are looking at everything, which I get,” said Mr. Black, who last worked with Netflix when he produced “Ma Rainey’s Black Bottom” in 2020. “They are trying to course correct. We have to be patient and let them do that. But they are open for business. They are buying things.”

Indeed, the company still intends to spend some $17 billion on content this year. It paid $50 million last month for a thriller starring Emily Blunt and directed by David Yates (“Harry Potter and the Deathly Hallows”). And it plans to make “The Electric State,” a $200 million film directed by Joe and Anthony Russo (“Avengers: Endgame” and “The Gray Man”) and starring Millie Bobby Brown and Chris Pratt, after Universal Pictures balked at the price tag. The company also just announced a development deal for a television adaptation of “East of Eden” starring Florence Pugh.

On Tuesday, Whip Media, a research firm, said Netflix had fallen from second to fourth place in the firm’s annual streaming customer satisfaction survey, behind HBO Max, Disney+ and Hulu.

The most significant change coming for Netflix is its advertising tier, which, as it has told employees, it wants to roll out by the end of the year. Netflix’s foray into advertising stoked excitement among media buyers at the industry’s annual conference in Cannes last week.

“It was pretty intense,” said Dave Morgan, who is the chief executive of Simulmedia, a company that works with advertisers, and who attended the conference. “It was one of the top two or three issues everyone was talking about.”

Mr. Hastings said Netflix would work with an outside company to help get its nascent advertising business underway. The Wall Street Journal reported that Google and Comcast were the front-runners to be that partner. Still, advertising executives believe that building out the business at Netflix could take time, and that the company might be able to introduce the new tier only in a handful of international markets by the end of the year.

It could take even longer for advertising to become a significant revenue stream for the company.

“You have a lot of media companies duking it out, and it’ll take quite a while to compete with those companies,” Mr. Morgan said. “I could imagine it will take three or four years to even be a top 10 video ad company.”

In an analyst report this month, Wells Fargo threw cold water on the notion that subscriber growth for an ad-supported tier would be quick. Wells Fargo analysts cautioned that the ad model would offer “modest” financial gains in the next two years because of a natural cannibalization from the higher-paying subscriber base. They predicted that by the end of 2025 nearly a third of the subscriber base would pay for the cheaper ad-supported model, roughly 100 million users.

Bank of America went further last week. “Ad-tiering could serve as a way for consumers across all income brackets to extend their streaming budget by trading down to subscribe to an additional service, benefiting Netflix’s competitors much more than Netflix itself,” it said in an analyst letter.

Netflix has also reached out to the studios that it buys TV shows and movies from in recent weeks, seeking permission to show advertising on licensed content. In negotiations with Paramount Global, Netflix has mentioned paying money on top of its existing licensing fee rather than cutting the company in on revenue from future ad sales, said a person familiar with the matter who spoke on the condition of anonymity to discuss active talks.

This mirrors the approach Netflix took with studios when it introduced its “download for you” feature, which allowed users to save movies and TV shows to their devices to watch offline. When Netflix added that feature, executives at the streaming service agreed to pay studios a fee in addition to their licensing agreement.

In the end, though, Netflix’s success will most likely come down to how well it spends its $17 billion content budget.

“Netflix, dollar for dollar, needs to do better, and that falls on Ted Sarandos and his whole team,” Mr. Greenfield said, referring to the company’s co-chief executive. “They haven’t done a good enough job. Yet, they are still, by far, the leader.”

Benjamin Mullin contributed reporting.

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Stake – Cash Back and Banking Services for Renters –  Raises $12 Million in Series A Funding

NEW YORK–(BUSINESS WIRE)–Stake, which provides Cash Back and banking services to renters, announced today the completion of its $12 million Series A financing round. With Stake, renters earn Cash Back when they take positive actions, like signing a lease and paying rent. Owners save money with every renter action.

The round was led by RET Ventures, which selected Stake as one of the first investments for the new RET Ventures ESG Fund (the “Housing Impact Fund”). Participation also included: Enterprise Community Partners, which, since 1982, has helped create or preserve 873,000 homes; Hometeam Ventures; Operator Stack; and Second Century Ventures, the investment arm of the National Association of Realtors. Existing investors Shadow Ventures and Olive Tree Ventures also participated in the round.

Today more than 44 million American households pay rent every month, and from 1985 to 2020, median rent prices increased by nearly 150% despite income growing just 35%. Leveraging behavioral science, Stake was founded in 2018 to empower renters by providing them with Cash Back on their rent as well as no-fee banking services to build savings. Stake also mitigates pain points for building owners, increasing lease-ups, reducing economic vacancy, improving maintenance, and increasing ancillary revenue.

Using Stake, property managers receive a 130% return on every dollar spent. Renters earn an average of 4% Cash Back on their rent each month. Across the $385 million in annual leases connected to the platform, 65% of renters have more money in their Stake account than any other banking account. In the past year, the number of residences that offer Cash Back with Stake has grown by 10x.

“Renters don’t need more debt or loans,” noted Rowland Hobbs, Co-Founder and CEO of Stake. “What renters need is money to help with everyday essentials and to establish long-term savings. With Stake, we have reimagined the classic ‘rainy day fund’ for renters to build the sort of wealth traditionally associated with home ownership. Now, their largest expense is also their largest source of savings.”

The new funding round will enable Stake to continue building out its financial infrastructure and suite of solutions that address difficult issues for renters and property owners alike.

“Stake’s approach to housing affordability is perfectly aligned with the mission of our ESG-centric fund,” said John Helm, partner at RET Ventures, who will join Stake’s board. “While a slew of platforms offer renters innovative payment options, they are all credit or debt-based. They ultimately encourage dangerous behaviors as part of their proposed solution. Stake flips the script on this model by offering a risk-free, renter-centric, efficient, and easy-to-use pathway toward building wealth.”

“Unlike homeowners, renters rarely reap financial benefits from paying for their homes – and families who rent tell us they could use a little extra cash each month. This is why Stake’s goal of empowering more economically resilient renters through cash back and no-fee banking services resonated with us,” said Enterprise Community Partners President and CEO Priscilla Almodovar. “It’s not just a good deal for renters. It makes sense for landlords, too, who are more likely to retain residents, which in turn strengthens communities.”

About Stake

Stake is building the financial infrastructure for the next generation of rentals. Stake aligns incentives between renters, operators, owners, and investors, so everyone earns the Return on Rent™ they deserve. Stake’s revenue management tools outperform, returning 130% on every dollar spent. These savings return millions of dollars to renters each year in the Stake app. Thousands of renters use Stake to earn Cash Back, grow their savings, and access free and equitable banking services. Headquartered in New York City and Seattle, Stake is on a mission to empower wealthier, happier, and more resilient renters. For more information, please visit https://www.stake.rent/

About RET Ventures

A leading real estate technology investment firm, RET Ventures is the first industry-backed, early-stage venture fund strategically focused on building cutting-edge “rent tech” — technology for multifamily and single-family rental real estate. RET invests out of core venture funds and a Housing Impact Fund, backing companies that address a range of pain points for real estate operators. Through its deep expertise and connections, RET provides solutions to issues ranging from housing affordability and sustainability to risk management and operational efficiency. The firm’s Strategic Investors include some of the largest REITs and private real estate owner-operators and managers, who control approximately 2.4 million rental units worth $600 billion. For more information, please visit www.ret.vc

About Enterprise Community Partners

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $54 billion and created 873,000 homes across all 50 states, the District of Columbia and Puerto Rico – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.

*Stake is a financial technology company and is not a bank. Banking services provided by Blue Ridge Bank N.A; Member FDIC. The Stake Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

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Egypt’s Iconic Nile Houseboats Face Demolition

CAIRO — Rowing up to the cheerful turquoise houseboat on the Nile, a fisherman saluted the white-haired woman swaying on its deck.

“How are you holding up?” he called to the woman, Ekhlas Helmy, 88, as his wife dragged back the oars. “May God bring down the bully!”

This week may be their last sharing that particular stretch of the Nile, a narrow tract in central Cairo that, since the 1800s, has been lined with wooden houseboats — homes that double as living lore. This month, the government suddenly ordered Ms. Helmy’s houseboat and 31 others demolished, saying they were unsafe and unlicensed.

famous films were set on others. On the riverbank, life was peaceful, airy and private, nothing like the dusty, frenzied metropolis whose imagination the floating homes had captured for so long.

modernize — and monetize — much of Cairo by handing it over to private developers or the military, bulldozing several historic neighborhoods to build new high-rises, roads and bridges.

singers Jalila, Zubayda and Zanuba.

Mounira al-Mahdia, a celebrated 1920s diva. The houseboat of another singer, Badia Masabni, was said to be so popular among Cairo’s elite that a rumor spread at the time that governments were formed aboard.

Back then, there were at least 200 houseboats up and down the Nile. But under President Gamal Abdel Nasser, many of the structures were moved to clear the river for water sports, said Wael Wakil, 58, who was born and raised in the houseboat he still lives on.

That left about 40 boats moored where they sit now, next to Kit Kat, a neighborhood named after a local World War II-era nightclub popular among Allied soldiers.

installed a pair of German spies on one houseboat in the area — with the help, in some tellings, of a belly dancer.

largely open to the public, became crowded with private clubs and cafes.

The authorities have made clear that they want more of those: The houseboat owners say they have been told that they can pay more than $6,500 to temporarily dock elsewhere while they apply for commercial licenses to open cafes or restaurants in their former homes. But that, they argue, is hardly a fair or attractive option.

“They’re destroying the past, they’re destroying the present, and they’re destroying the future, too,” said Neama Mohsen, 50, a theater instructor who has lived on one of the houseboats for three decades. “I see this as a crime, and no one can stop it. They’re taking away our lives as if we’re criminals or terrorists.”

Today, some of the houseboats are owned by politicians and businessmen, others by bohemians, still others by middle-class Egyptians who know no other life.

Mr. Wakil said his family moved to their houseboat in 1961. He remembers growing up fishing off its deck. Whenever he dropped a toy in the Nile, he said, a passing boatman would rescue it.

Now Mr. Wakil, a retired finance manager, has packed up, and is getting ready to move to an apartment his wife owns in the desert.

“But nothing will come close to compensating for this,” he said.

From Ms. Soueif’s favorite place in the house, the dressing room where she gives her grandchildren baths, she can see a mango tree in her riverbank garden that has not fruited for four years. Suddenly, this year, it produced what promises to be a bumper crop.

But this type of mango cannot be picked before mid-July. By then, if nothing changes, she and her houseboat will be gone.

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Ukraine Updates: Turkey Agrees to Allow Sweden and Finland to Join NATO

Credit…Bernat Armangue/Associated Press

MADRID — NATO leaders will formally invite Finland and Sweden to join the alliance on Wednesday after Turkey lifted its veto on their membership, NATO’s secretary-general said Tuesday evening, clearing the way for what would be one of the most significant expansions of the alliance in decades.

The historic deal, following Turkey’s agreement to a memorandum with the two Nordic countries, underscored how the war in Ukraine has backfired for President Vladimir V. Putin, subverting Russian efforts to weaken NATO and pushing Sweden and Finland, which were neutral and nonaligned for decades, into the alliance’s arms.

After weeks of talks, capped by an hourslong meeting in Madrid, President Recep Tayyip Erdogan of Turkey agreed to lift his block on Sweden and Finland’s membership in return for a set of actions and promises that they will act against terrorism and terrorist organizations.

“As NATO allies, Finland and Sweden commit to fully support Turkey against threats to its national security,” NATO’s Secretary General Jens Stoltenberg said, providing some details of the agreement. “This includes further amending their domestic legislation, cracking down on P.K.K. activities and entering into an agreement with Turkey on extradition,” he added, referring to the Kurdistan Workers’ Party which seeks an independent Kurdish state on territory partly within Turkey’s borders.

Mr. Erdogan had been blocking the Nordic countries’ NATO bids amid concerns over Sweden’s longtime support for the P.K.K. which has attacked nonmilitary targets and killed civilians in Turkey, is outlawed in that country and is designated by both the United States and the European Union as a terrorist organization.

But the memorandum does not specify the extradition of any of the 45 people or so Mr. Erdogan wanted sent to Turkey to face trial on terrorism charges. Sweden has already passed tougher legislation against terrorism that goes into effect July 1.

Both Finland and Sweden had been militarily nonaligned for many years, but decided to apply to join the alliance after Russia invaded Ukraine in February. With Russia attacking a neighbor, both countries felt vulnerable, though Sweden, with a long tradition of neutrality, was more hesitant.

President Vladimir V. Putin of Russia warned both countries against joining NATO, but his threats proved counterproductive.

The two countries bring geostrategic benefits to the alliance. Finland shares an 830-mile border with Russia and has a well-equipped modern army; Sweden can control the entrance to the Baltic Sea, which will help a great deal in NATO planning to defend the more vulnerable countries in Eastern Europe.

The final push to resolve the dispute started early Tuesday morning, when President Biden called Mr. Erdogan to urge him to “seize the moment” on the eve of the summit, to allow discussions on other topics to proceed, according to a senior administration official with knowledge of the discussion.

The official, who requested anonymity to discuss private deliberations, said the president conveyed the substance of his conversation with Mr. Erdogan to the leaders of Finland and Sweden. And after several hours of negotiations later that night, the two Nordic leaders consulted with Mr. Biden again before announcing the agreement with Turkey.

The American official said that the deal between Turkey and the two Nordic countries involved a series of compromises on both sides, including the statement by Turkey welcoming Finland and Sweden to apply and issues involving an arms embargo imposed on Turkey and Turkey’s belief that Finland and Sweden had offered safe havens to groups they considered terrorists.

American officials had for days played down Mr. Biden’s role in the negotiations, saying he would not be a broker between the other countries and insisted that it was up to Turkey, Finland and Sweden to resolve their differences.

After the agreement was announced Tuesday night, the senior administration official conceded that it was considered more diplomatic to publicly minimize Mr. Biden’s involvement. Doing so prevented Turkey from seeking concessions from the United States for agreeing to lift its veto, which might have complicated the discussions, the official said.

The next steps for Finland and Sweden are clear: NATO will vote on Wednesday to accept their applications. There will also be a quick study of their defense capacities and needs. But the talks are expected to be routine, since both countries are NATO partners and have exercised together with NATO allies.

The more difficult last step requires the legislatures of all 30 current members to vote to amend the NATO founding treaty to accept the new members. That has in the past taken up to a year, but is expected to be much quicker for the Nordic countries.

The U.S. Senate is already pressing ahead with hearings on the application and Mr. Biden has been a firm proponent of the new members.

Johanna Lemola contributed reporting from Helsinki, Finland.

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Retail Workers Increasingly Fear for Their Safety

Assaults at stores have been increasing at a faster pace than the national average. Some workers are tired of fearing for their safety.


There was the customer who stomped on the face of a private security guard. Then the one who lit herself on fire inside a store. The person who drank gasoline and the one who brandished an ax. An intoxicated shopper who pelted a worker with soup cans. A shoplifter who punched a night manager twice in the head and then shot him in the chest.

And there was the shooting that killed 10 people, including three workers, at the King Soopers supermarket in Boulder, Colo., in March 2021. Another shooting left 10 more people dead at a Buffalo grocery store last month.

In her 37 years in the grocery industry, said Kim Cordova, a union president in Colorado, she had never experienced the level of violence that her members face today.

F.B.I. said, more than half the so-called active shooter attacks — in which an individual with a gun is killing or trying to kill people in a busy area — occurred in places of commerce, including stores.

“Violence in and around retail settings is definitely increasing, and it is a concern,” said Jason Straczewski, a vice president of government relations and political affairs at the National Retail Federation.

Tracking retail theft is more difficult because many prosecutors and retailers rarely press charges. Still, some politicians have seized on viral videos of brazen shoplifting to portray left-leaning city leaders as soft on crime. Others have accused the industry of grossly exaggerating losses and warned that the thefts were being used as a pretext to roll back criminal justice reforms.

“These crimes deserve to be taken seriously, but they are also being weaponized ahead of the midterm elections,” said Jonathan Simon, a professor of criminal justice at the University of California, Berkeley, Law School.

While the political debate swirls about the extent of the crime and its causes, many of the people staffing the stores say retailers have been too permissive of crime, particularly theft. Some employees want more armed security guards who can take an active role in stopping theft, and they want more stores to permanently bar rowdy or violent customers, just as airlines have been taking a hard line with unruly passengers.

Kroger, which owns Fred Meyer, did not respond to requests for comment.

Some unions are demanding that retailers make official accommodations for employees who experience anxiety working with the public by finding them store roles where they don’t regularly interact with customers.

it was revealed that the retailers were hounding falsely accused customers.

The industry says it is putting much of its focus on stopping organized rings of thieves who resell stolen items online or on the street. They point to big cases like the recent indictment of dozens of people who are accused of stealing millions of dollars in merchandise from stores like Sephora, Bloomingdale’s and CVS.

But it’s not clear how much of the crime is organized. Matthew Fernandez, 49, who works at a King Soopers in Broomfield, Colo., said he was stunned when he watched a thief walk out with a cart full of makeup, laundry detergent and meat and drive off in a Mercedes-Benz S.U.V.

“The ones you think are going to steal are not the ones doing it,” he said. “From high class to low class, they are all doing it.”

Ms. Barry often gives money to the homeless people who come into her store, so they can buy food. She also knows the financial pressures on people with lower incomes as the cost of living soars.

When people steal, she said, the company can write off the loss. But those losses mean less money for workers.

“That is part of my raise and benefits that is walking out the door,” she said. “That is money we deserve.”

Ella Koeze contributed reporting.

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