Insider Finance - Business - Get ready for more blackouts

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March 23, 2023

Hello, Insiders! This is Joe Ciolli, a deputy executive editor in Insider’s business division. We finally know the Fed’s next move: a 25-basis-point rate hike. It was largely expected, and shows that the central bank is trying to thread the needle between a banking crisis and stubbornly high inflation. The Fed Chair, Jerome Powell, then spooked markets by saying that the Fed will still raise rates as needed.

Here’s what’s on tap today:

America’s electrical grid is headed for a total meltdown.
How mistakes by US spies led to an intelligence windfall for China.
See inside the life of a California golf-cart girl.

— Joe Ciolli

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THE LATEST

Crypto lawsuit, Fox News, & more

The SEC has charged Tron’s founder and eight celebrities, including Lindsay Lohan and Jake Paul, in a crypto lawsuit. More on that here.
Texts from the Dominion lawsuit reveal incredible details about Fox News. Among the messages is a thread where Tucker Carlson bashes Trump. Read the messages.
Russian fighter jets are circling a US airbase in Syria a week after a fiery confrontation between a Russian jet and a US drone, per NBC News. The full story.

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THE BIG STORY

More blackouts are coming

iStock; Rebecca Zisser/Insider

Cities across the US are increasingly going dark at the worst moments.

A record-breaking blizzard in Buffalo, New York, this winter caused power outages and 47 deaths. In 2021, a heat wave led to power outages and the deaths of hundreds in the Pacific Northwest. After years of failing to shore up its power grid, Texas shocked the world when a winter storm shut down power for more than 11 million people for several days in 2021, leading to an estimated 700 deaths.

Each of these events might have been considered a once-in-a-lifetime event in the past — but mass blackouts are starting to become a more regular feature of modern American life.

The electrical system has been plagued by decreasing reliability, lagging maintenance, and soaring costs. And extreme weather, driven by the worsening climate crisis, is adding strain to the already-shaky grid.

All this has left America's energy system woefully unprepared to handle our uncertain future.

READ THE FULL STORY HERE

TOP READS

Intelligence coup, Trump, & more

US Marine Corps/Staff Sgt. John Giles

Mistakes by the US's top spies allowed China to turn a deadly midair collision into an intelligence coup. China got access to sensitive hardware when a US plane was forced to land at one of its bases. A new book breaks down the incident and its ramifications. Read an excerpt.
Finland is offering free vacations for people to come and learn to be happy. The country has been named the happiest in the world for the sixth year running. Now, it's offering a chance to join a “Masterclass on Happiness” in June. Here's what to know.
Watch out for the Northern Lights Friday. A solar wind is expected to blow the aurora borealis much farther south, potentially making them visible in New York and Washington. It’s all because of a “giant hole” in the sun. Here’s how that works.
Life as a California golf-cart girl. Lauren Balcioni quit her office job to earn up to $300 a day in tips, serving golfers at Bay Area courses. But she had to learn how to deal with “jerks.” This is what her job is like.
Six of the easiest online businesses to start. People are searching for easy ways to make money, and many will be attracted by the lower startup costs of online businesses. From blogging to virtual assisting, check out these six easy business ideas.
“I'm an associate at SVB.” A Silicon Valley Bank employee has been on the front lines during the largest bank failure since 2008. They said that they love the culture at the company, but that the mistakes that led to the bank's downfall were "mind-boggling." Get the full story.
Donald Trump raised $1.5 million in three days after claiming he’d be arrested. Trump’s false claim boosted his fundraising campaign, with grassroots donations bringing in $500,000 a day — almost double the daily average he received when he launched his 2024 bid. More here.

TAKE A LOOK

On board

Starlux Airlines

A new Taiwanese luxury airline is launching flights to the US. Starlux Airlines is flying the 12-hour route from Taipei to Los Angeles and promises to deliver a full-service experience for passengers on board its Airbus A350 aircraft. See inside.

WATCH THIS

Drone explosion

A drone exploded on a Russian base in Crimea and destroyed cruise missiles, according to Ukraine’s Ministry of Defense. But Russia claims there were civilian casualties. Watch now.

CAN'T GET ENOUGH?

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This edition was curated by Joe Ciolli, and edited by Hallam Bullock, Lisa Ryan, Nathan Rennolds, Jack Sommers, and Jack Robert Stacey. Get in touch: insidertoday@insider.com.

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Key phrases

new Taiwanese luxury airline six easy business ideas golf cart girl deputy executive editor California golfcart girl deadly midair collision Bay Area courses largest bank failure BIG STORYMore blackouts worsening climate crisis lower startup costs Russian Fighter Jets THE LATESTCrypto lawsuit easiest online businesses TOP READSIntelligence coup modern American life The Fed chair

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