VW is facing the nightmare scenario that terrifies every car company
June 28, 2016

Volkswagen is going to pay a whopping $15.3 billion to the US government to settle claims related to its emissions-cheating scandal.

That figure dwarfs the $900 million that General Motors paid in connection with its massive ignition-switch recall. The total cost for the automaker was much higher — $4.1 billion to deal with compensation and repairs — but far lower that what VW will have to contend with.

Most of what VW is responsible for financially, about $10 million, will go to buy back vehicles that were sold in the US and that can't be fixed to pass emissions tests.

This is the worst possible outcome for VW, and that's why the cost of this scandal is so high.

Car companies don't actually fear recalls. They know they'll face them, and they accept they're part of doing business.

A General Motors or Toyota isn't happy when a truly huge and deadly one happens. But they also understand they need to be prepared to fix their cars after they sell them, if..

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Under Armour’s new innovation lab features robots that make sneakers — take a look inside
June 28, 2016

The process of making athletic shoes and clothing has changed very little in the last half-century. Apart from industrial-sized machines that speed up production, many factories' operations look pretty similar.

Under Armour wants to reinvent the process in its giant design and manufacturing test center, which opened June 28. Called the Lighthouse, the 140,000-square-foot space will act as an extension of UA's Baltimore headquarters.

The goal of the new lab is to re-think how sneakers and athletic apparel are made, Under Armour's Head of Innovation, Kevin Haley, tells Tech Insider.

Tech Insider got an exclusive look inside the lab, which features a massive 3D body scanner and robots that make shoes. Check it out.

The Lighthouse is located inside a former garage in Port Covington, an area south of Baltimore's city center. It's a 10-minute drive from the main campus.

The space is the first major addition to UA's planned expansion in Baltimore. Eventuall..

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8 podcasts that will make you smarter about business
June 28, 2016

If you're someone who wants to stay up to date with business news and learn about the finer points of finance and entrepreneurialism, then one of the best ways to pass your commute or workout is with a business podcast.

We've picked our favorites, and we're sure you'll find at least one you'll want to keep coming back to.
SEE ALSO: The 23 best business books to read this summer

'Planet Money' will simplify some of the most complex and important economic issues in the world today.

NPR's “Planet Money” is the most popular business podcast for a simple reason: It's as enjoyable and informative for someone in finance as it is for someone who never studied economics.

Twice a week, the team brings you an entertaining and well-researched report on timely topics relevant to your life, from what's happening with the Brexit to why it takes so long to scan that chip in your credit card.

Find it here »

'The Tim Ferriss Show' will he..

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The biggest names in digital will be at IGNITION 2016 — check out the current lineup
June 28, 2016

Business Insider’s flagship conference, IGNITION, is in its seventh year running, bringing you conversations with the best and brightest minds in digital.

This year we've lined up an amazing list of speakers that includes founders of buzzy startups like Airbnb, WeWork, Vevo, and Pottermore, as well as CEOs from major corporations like 21st Century Fox, Adobe Systems Inc., AT&T, Time Warner Inc., and MasterCard.

Plus we've got demos, unicorns, and group of New York City teenagers dishing about their real-world media consumption habits — a session you will talk about for a long time.

Interested in hearing how Ann Lewnes pioneered the shift to digital at Adobe? Want to know how Mathias Döpfner thinks the Axel Springer-Business Insider acquisition has gone so far? Curious to learn about the advertising that surrounds you from Dan Levi of Clear Channel Outdoor Americas? Hear it all straight from them at IGNITION in December.

Check out the incredible lineup of speakers below.


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Hillary Clinton is proposing debt forgiveness to young entrepreneurs in a sweeping technology agenda
June 28, 2016

Hillary Clinton will propose allowing entrepreneurs to defer making student loan payments, as part of a sweeping technology agenda she plans to introduce on Tuesday.

Clinton's campaign says she would permit start-up founders and early employees to forgo payments on their federal student loans for up to three years.

Those who launch businesses that provide social benefits would also be permitted to apply for forgiveness of up to $17,500 of their debt after five years.

Clinton will present her agenda during a campaign stop at a small business incubator in Denver. She is working to woo young voters attracted to primary rival Bernie Sanders.

Her agenda also includes proposals to connect every US household to high-speed internet by 2020, train 50,000 new computer science teachers, increase the research and development budgets of the National Science Foundation, and bolster cybersecurity, Reuters reported Tuesday.

Clinton is also a strong proponent of the Obama administration’s ne..

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Scientists will eavesdrop on New York whales to help save them
June 28, 2016

The Wildlife Conservation Society’s (WCS) New York Aquarium and the Woods Hole Oceanographic Institution (WHOI) will be working together to listen to whales near New York.

To do this, they are deploying an acoustic monitoring buoy to the New York Bight, the coastal waters between the eastern tip of Long Island and the Cape May inlet of New Jersey.

This 4-foot wide buoy was engineered by Dr. Mark Baumgartner. It will sit on the sea floor and its mast will project 6 feet above the surface of the water. Inside the buoy, there is a hydrophone, which is how scientists will listen to whales swimming close by.

The New York Bight region is the home to 7 species of whales, including the blue whale (the world’s largest animal) and the humpback whale (renown famed for its beautiful songs). Also spotted in the area are fin, sei, minke, baleen, sperm whales, and endangered North Atlantic right whales. There are only about 450 North Atlantic right whales left in the wild because they were once h..

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This company is making a $4 smartphone
June 28, 2016

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Smartphones typically cost in the triple digits, but one company is looking to drastically reduce that price tag.

Indian company Ringing Bells will start shipping the Freedom 251, an Android-based smartphone that will sell for an almost unthinkable $4. The company expects to ship 200,000 smartphones starting on June 30, reports Engadget.

The phone has generated controversy since it was revealed in February because of confusion about the incredibly low price and the fact that it's almost identical to the Chinese phone Adcom Ikon 4 that retails for $54.

Ringing Bells CEO Mohet Goel said in a recent interview that the company actually loses approximately $2 per handset sold. But the company wants to make up for this loss by increasing how many handsets it sells through bulk orders, by forging partnerships with app developers to put products on its p..

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THE DRONES REPORT: Market forecasts, regulatory barriers, top vendors, and leading commercial applications
June 28, 2016

The fast-growing global drone industry has not sat back waiting for government policy to be hammered out before pouring investment and effort into opening up this all-new hardware and computing market.

A growing ecosystem of drone software and hardware vendors is already catering to a long list of clients in agriculture, land management, energy, and construction. Many of the vendors are smallish private companies and startups — although large defense-focused companies and industrial conglomerates are beginning to invest in drone technology, too.

In a report from BI Intelligence, we take a deep dive into the various levels of the growing global industry for commercial drones, or unmanned aerial vehicles (UAVs). This 32-page report provides forecasts for the business opportunity in commercial drone technology, looks at advances and persistent barriers, highlights the top business-to-business markets in terms of applications and end users, and provides an exclusive list of dozens of n..

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Apollo 12 astronauts brought porn with them while walking on the moon
June 28, 2016

In November 1969, astronauts Charles “Pete” Conrad and Alan Bean rode a lunar lander down to the moon's Ocean of Storms while module pilot Dick Gordon orbited overhead.

Conrad and Bean were on their way toward becoming the third and fourth men to walk on the moon, respectively. But their mission, just four months after Neil and Buzz's Apollo 11, lacked either the moment of a first landing or the high drama of Apollo 13's near-disaster. Maybe that's why the details of Apollo 12 have passed from popular memory.

That's too bad, because Apollo 12 was downright zany. This was the mission that was nearly scrapped before it left the atmosphere, where a bad swing of the arm destroyed precious equipment.

And then, of course, there was the porn.

Apollo 12 got struck by lightning in flight and the mission was almost aborted
Probably the most famous event of the Apollo 12 mission came within its first minutes. Reading the mission transcript, the whole launch plays out..

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The founder of one of London’s best-known VC funds is moving to Africa and closing his coworking space
June 28, 2016

Federico Pirzio-Biroli, the founder of London VC fund Playfair Capital, is planning to move to Africa to become an angel investor there, and the fund is closing its coworking space at Warner Yard in Clerkenwell.

Playfair Capital specialises in artificial intelligence and machine learning, and has invested in well-known startups such as restaurant app Dojo, DueDil, Vinaya, Stripe, Streethub, Hassle, and Stratajet.

Pirzio-Biroli told Business Insider that he worked at NGOs in Africa before becoming a technology investor, so this is a logical move for him. He says that angel investing in Africa can make a big difference to economies there, whereas London is now flooded with early stage funding for technology startups.

The Playfair Capital fund isn't going to close its doors completely — instead Pirzio-Biroli is handing over control to his remaining staff and preparing to become a limited, rather than general, partner.

Pirzio-Biroli provided this statement about his move to Africa..

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