That’s it. That’s the list. OK, fine, I did enjoy the communal squeegees.
This week marks six months since the grand opening of my home electric-vehicle charging station. Congrats to the whole team! (Me and my electrician.) Located between my garage door and recycling bin, it’s hard to beat for the convenience. And also the price.
If you’ve followed my ad-EV-ntures, you’re aware of my feelings about the hell that is public EV charging , at least before Tesla started sharing its Superchargers with its rivals. Truth is, I rarely go to those public spots. The vast majority of EV owners—83%—regularly charge at home, according to data-analytics company J.D. Power.
I already discovered many EV virtues , but I didn’t quite grasp the cost savings until I tallied up half a year of home-charging data. In that time, I spent roughly $125 on electricity to drive just under 2,500 miles. In my old car, that would have cost me more than twice as much—assuming gas held steady at around $3.25 a gallon . And I was charging through the winter, when electricity doesn’t stretch as far in an EV.
Rebates and programs from my state and utility company sweeten the deal. So I will be able to take advantage of discounted electricity, and offset the cost of my charger. The same may be available to you.
But first, there are technical things to figure out. A 240-volt plug? Kilowatt-hours? Peak and off-peak charging? While other people are in their garages founding world-altering tech companies or hit rock bands, I’m in there finding answers to your home-charging questions.
How to get set up
Sure, you can plug your car into a regular 120-volt wall outlet. (Some cars come with a cable.) And sure, you can also simultaneously watch all of Netflix while it charges. It would take more than two days to fill my Ford Mustang Mach-E’s 290-mile battery via standard plug, known as Level 1 charging.
That’s why you want Level 2, which can charge you up overnight. It requires two components:
• A 240-volt electric outlet. Good news: You might already have one of these higher-powered outlets in your house. Some laundry dryers and other appliances require them. Bad news: It might not be in your garage—assuming you even have a garage. I realise not everybody does.
Since my suburban New Jersey home has an attached garage, the install process wasn’t horrible—or at least that’s what my electrician said. He ran a wire from the breaker panel in the basement to the garage and installed a new box with a NEMA 14-50 outlet. People with older homes or detached garages might face trickier wiring issues—more of a “Finding NEMA” adventure. (I apologise to everyone for that joke.)
My installation cost about $1,000 but the pricing can vary widely.
• A smart charger. Choosing a wall charger for your car is not like choosing one for your phone. These mini computers help you control when to start and stop charging, calculate pricing and more.
“This is not something where you just go to Amazon and sort for lowest to highest price,” said Tom Moloughney, the biggest EV-charging nerd I know. On his website and “State of Charge” YouTube channel , Moloughney has reviewed over 100 home chargers. In addition to technical measurements, he does things like freezing the cords, to see if they can withstand wintry conditions.
“Imagine you are fighting with this frozen garden hose every time you want to charge,” he said.
One of his top picks, the ChargePoint Home Flex , was the same one my dad had bought. So I shelled out about $550 for it.
Just remember, if you want to make use of a charger’s advanced features—remote controls, charging updates, etc.—you’ll also need strong Wi-Fi in your garage.
How to save money
I hear all you money-minded WSJ readers: That’s at least $1,600 after getting the car. How the heck is this saving money? I assumed I’d recoup the charging-equipment investment over time, but then I found ways to get cash back even sooner.
My utility provider, PSE&G, says it will cover up to $1,500 on eligible home-charger installation costs . I just need to submit some paperwork for the rebate. In addition, New Jersey offers a $250 rebate on eligible charger purchases. (Phew! My ChargePoint is on the list.) If all is approved, I’d get back around $1,250. Fingers crossed!
I didn’t know about these programs until I started reporting on this. Nearly half of home-charging EV owners say they, too, are unaware of the programs offered by their electric utility, according to a 2024 study released by J.D. Power . So yes, it’s good to check with your provider. Kelley Blue Book also offers a handy state-by-state breakdown.
How to charge
Now I just plug in, right? Kinda. Even if you have a Level 2 charger, factors affect how many hours a fill-up will take, from the amperage in the wall to the current charge of your battery. Take Lionel Richie’s advice and plan on charging all night long .
It can also save you money to charge during off-peak hours.
Electricity costs are measured in kilowatt-hours. On my basic residential plan, PSE&G charges 18 cents per kWh—just 2 cents above the 2023 national average . My Mustang Mach-E’s 290-mile extended-range battery holds 91 kilowatt-hours.
Translation: A “full tank” costs $16. For most gas-powered cars, that wouldn’t cover half a tank.
And If I’m approved for PSE&G’s residential smart-charging plan, my off-peak charging (10 p.m. to 6 a.m. and weekends) will be discounted by up to 10.5 cents/kWh that I’ll get as a credit the following month. I can set specific charging times in the ChargePoint app.
Electricity prices fluctuate state to state but every expert I spoke to said no matter where in the country you live, home charging should cost less than half what gas would for the same mileage. (See chart above for a cost comparison of electric versus gas.) And as I’ve previously explained , fast charging at public stations will cost much more.
One big question: Am I actually doing anything for the environment if I’m just taxing the grid? Eventually, I’d like to offset the grid dependence—and cost—by powering my fancy little station with solar panels. Then, I’ll just be missing the squeegee.
The ESG brand probably has its best days behind it.
Following a three-year craze for investment products focused on environmental, social and corporate-governance concerns, the percentage of newly created funds in the U.S. and Europe with ESG in their name has fallen from a peak of 8.3% to just 3.3%, according to an analysis of quarterly data by Morningstar Direct.
Likewise, online searches for “ESG investing” have plummeted back to mid-2019 levels, according to Google Trends. Mentions of the term in company analyst calls have dropped 59% from their quarterly peak in 2022, FactSet data suggest.
One explanation is the collapse of the clean-energy stocks most readily associated with the ESG movement. Flagging growth in electric-vehicle sales has hit sector behemoth Tesla . The S&P Global Clean Energy index, which lists solar-panel maker First Solar and Danish wind-turbine giant Vestas among its top constituents, has lost 31% since the start of 2023 as renewable-energy projects have been shelved. That compares with returns of 27% for global stocks.
The rise of ESG investing between 2019 and 2022 coincided with a surge in clean-tech valuations, and now the reverse is happening. Investors have pulled $2.2 billion from funds dedicated to decarbonisation since the start of the year, according to EPFR, and the outflows are getting larger every week.
There is a risk that ESG was an investment fad rather than a financial revolution extending across all industries.
The term was the product of an uneasy three-way alliance. On one side were ethically driven investors, who are particularly widespread in Scandinavia and include pension funds, universities and religious organisations united in wanting to shun contentious firms. On another were institutions such as the United Nations that aimed to channel money to industries that benefit society. Finally, there were investors who wanted to profit from the green revolution.
Asset managers jumped at the chance to cater to all three simultaneously. ESG allowed them to differentiate their products, revitalise the case for active management and, at a time of declining fees, charge more for stock screens that often lead to only small changes in allocations . Among U.S. equity funds, ESG strategies have an asset-weighted average fee of 0.52%, compared with 0.33% overall, Morningstar Direct data shows.
But the confusion of motivations made for contradictions and a lot of doublespeak. Neither ethical objectives nor bets on decarbonisation square logically with fund managers’ claims that ESG is a broad path to higher, safer returns.
Yes, an ESG focus can help active managers account for risks such as a regulatory backlash or governance blow up, which in some cases might be highlighted by new company disclosures. This month the European Union cleared the way toward requiring firms to better report and address sustainability impacts.
However, the assumption that integrating ESG criteria into their screening will lead to better stock picking seems flawed . The very popularity of ESG makes it unlikely that the market is under appreciating the risks. The rush of money into firms like Vestas, whose stock hit a price-to-earnings ratio of 534 in 2022, illustrates the risk that shares with high sustainability scores can get too expensive, leading to lower returns.
Ethical investors might be fine with this, but that just shifts the focus to what counts as ethical. Tellingly, interest in ESG has dropped more in the U.S., where the politicisation of EVs and culture wars surrounding Bud Light beer show how easily corporations can become ideological battlegrounds.
ESG ratings aren’t much help in navigating these issues. Different providers give wildly different scores to the same companies, even within the specific “E,” “S” and “G” factors, according to a February paper by the Leibniz Institute SAFE. Researchers also found that environmental concerns tend to explain most of the overall score.
This is another hint that the ultimate driver of the pandemic-era ESG craze might have been a hunger for thematic investment. It has since found better sources of sustenance, as demonstrated by the breakneck growth of firms such as Global X, which is delivering increasingly granular offerings such as tracker funds for electric batteries, cloud computing and ageing populations.
Buyers of these products can be fickle and jump to the next theme—often too quickly for their own good, a Morningstar analysis showed last November. It is possible that the overly generic ESG brand will never recover its appeal, with the different parts of it eventually rebranded to suit their specific client bases. BlackRock , the world’s largest asset manager, has already dropped it and is now emphasising transition themes over ethical stewardship of companies.
Sustainable investing isn’t going anywhere. But a broad tent covering too many interests serves none of them well.
Stanley has spent the past few years turning a vacuum-insulated, 40-ounce water bottle into one of the most-desired womenswear accessories on the planet. Now it is widening its focus to include the customer it was first designed for more than 110 years ago—men.
The company, which is owned by Chicago-based HAVI, next year plans to release new products geared toward guys beyond its current male audience of outdoor enthusiasts.
The new Stanley man might not require a steel canteen to take into the wilderness, but he might want a sleek water bottle to take from the office to the gym to date night in a wine bar, according to Jenn Reeves, Stanley’s vice president of global brand marketing.
“He’s not a fashionista, but he cares about how he’s put together. He’s into grooming and how he looks, and into sports,” Reeves said. That hypothetical male customer wants water bottles that are a little sleeker and subtler than the brightly colored giant flasks coveted by Stanley’s female audience, she said.
The bid for diversification comes as Stanley looks to hold on to the brand equity it has accrued in a remarkably short time.
Stanley’s annual revenue jumped to around $750 million in 2023 from $73 million in 2019, and scores of articles and think pieces have in the past year been written to explain how a company originally targeting construction workers became one of the trendiest brands of the moment. Much of the success comes down to the recent rise of the brand’s 40-ounce Quencher, which it introduced in 2016. The $45 metal cup with a straw and a handle has become a status symbol among women and tweens, caused new-product frenzies in stores, and generated a “Saturday Night Live” skit lampooning women who drink out of comically “big dumb cups.”
Imitators and competitors for thirsty consumers are hot on Stanley’s heels. They include cooler-maker Yeti , which last year introduced a 42-ounce straw mug similar in design to the Quencher.
Stanley’s latest release is a collection of cooler bags and a carryall holder for its 40-ounce Quencher bottle, slated for release in April. The wearable coolers were developed in response to women’s complaints that the market’s existing offerings were too heavy, too clunky and too ugly, and the crossbody was designed to ease the burden of carrying a water bottle and a purse around all day.
Beyond hammertone green
The Stanley customer only became known internally as a “she” in 2020, when Terence Reilly, the former chief marketing officer of Crocs , joined as president. Reilly, who liked to say his team had turned Crocs’ divisive shoes “from a meme to a dream,” learned that the Quencher was becoming popular among a group of women in Utah, a few of whom ran a shopping blog called the Buy Guide , according to one of the blog’s co-founders.
The group, along with a female Stanley sales account manager, suggested that the company start selling its cups in colors outside of black, white and its signature hammertone green, and it did. Sales lifted, while the company began to lean more on real women to spread the word about its products.
The Stanley marketing team has grown slowly since Reilly’s arrival but is still tiny by industry standards: only seven full-time staff members across advertising, brand, marketing, media and social media, said Reeves, who joined in 2022. The company spends money on traditional direct marketing, such as email campaigns, but its biggest focus is social media and working with real women and influencers who promote Stanley to their followers.
Stanley got a big, unexpected break in November, when a TikTok user named Danielle Lettering posted a video claiming that the only item to survive her car fire was her Stanley Quencher. The clip went viral, and Stanley bought her a new car and covered related costs including taxes.
Influencing men
Many of Stanley’s male consumers are already Quencher fans, Stanley said, and guys sometimes feature in its ads. The company heading into 2025 has to translate its social-media momentum among women into a marketing strategy designed to attract more men with the planned sleeker range.
The typical male consumer is also swayed by the recommendations of influencers, but he often spends time on different platforms than his female counterpart, said Chris Anthony, the chief revenue officer of media company Gallery Media Group, which works with social-media content creators. He is likely to track interests, teams and channels, as opposed to following specific influencers across all platforms the way some women do, he said.
“Guys rely more on their feed versus the people,” Anthony said. “And letting the influencers tell their stories, and not being so prescriptive, will especially resonate with guys in the right way.”
Some of those influencers might be Stanley’s current best customers, Reeves said. “We have the women, and they love us,” she said.
While the rest of the world was hunkering down in 2020 as the reality of COVID set in, Gabriel Tan was moving house — halfway around the world.
The Singaporean designer and his heavily pregnant wife Cherie Er relocated with their five-year-old son to Porto, on the coast of Portugal. It was a bold move given Tan had an established studio in Singapore, but the couple decided it was worth the risk to be in the heart of the design centres in Europe and the US.
“It was difficult because we had a good business in Singapore and my wife had a really good job — she was running the Asia Pacific sales for Credit Suisse,” he says. “We threw everything in the basket and moved to Portugal.
“We decided that this design business has to work.”
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By the time Tan, who decided on a career in design while doing his national service in the navy, left for Portugal, he was already a name in Singapore and Japan, first with Outofstock, which he started with two friends, then his own studio before working with Japanese brand Ariake.
“I met them when they were still doing contract manufacturing and they were a local brand that wasn’t even known in Tokyo,” he says.“Originally the plan was just for me to design a few products for them. I told them that’s not going to move the needle for them if you are just going to add my products to your current collection so I suggested something more ambitious.
“I kind of appointed myself as the creative director.”
Origin story
The experience with Ariake spurred Tan onto build his own brand, Origin Made, designing products and taking on interior design projects, but he was keen to continue to extend himself.
Over time, living and working in a country of 5.5 million people was beginning to feel limiting.
With more of his time and attention being directed towards brands in Italy, Scandinavia and the United States, it made sense for Tan to make a permanent move to a location with easier access to Europe as well as North America. It was also an opportunity for a fresh start in design terms.
“I felt I was getting pigeon holed a little bit before COVID because people felt my work was very minimalist Japanese/Scandinavian, but it was because I was designing for Japanese clients,” he says. “When you work with a company, it is 50 percent them and 50 percent you. You bring part of yourself but at the same time, you can’t ignore the brand, their culture and their customers.”
Life in lockdown
Like much of the rest of the world, Portugal was in lockdown when Tan and Er arrived and their rental accommodation was not entirely comfortable for the family. As some work dried up in Singapore, Tan found himself with time to think.
“We were spending a lot of time in front of the TV and we were all wishing we had a more comfortable couch in our apartment,” he says.
“I was still waiting for my home to be finished construction so we were in a very uncomfortable spot.
“I really prioritised comfort when I was designing this sofa so I really went for it and tried to think ‘what is the craziest, most comfortable form we could get’.”
The Luva, meaning ‘glove’ in Portuguese, draws inspiration from a boxing glove and Japanese futon. It is now part of the Herman Miller range, alongside classics such as the Eames lounge and ottoman.
The sofa is the Luva (Portuguese for glove), a modular design taking its inspiration from Japanese futon beds and western boxing gloves. The backrest has the ability to extend for full lounging or to fold down to create a ‘fist’ for more support. It’s a deliberate attempt at cross cultural pollination.
“You have the eastern influence of the futon and the western sport of boxing and I tried to get an aesthetic that different cultures would be familiar with whether they are from Asia, Europe or the US,” he says. “You will find this shape is familiar to you and you will be naturally drawn to it.”
Build your own
While the lounge is in keeping with a contemporary aesthetic and comfort levels, it also embodies the practicality that is an integral part of Tan’s approach. Each piece is available individually, allowing the user to ‘build’ the lounge to suit their needs, whether they live in a large house or a small apartment.
“I have lived in apartments all my life,” he says. “You can see how narrow the stairwells can be, and you have to carry the sofa up.
“Whenever we are doing interior design for clients we know the consideration when you’re buying a sofa. If it’s modular, if you can get it through doorways and narrow hallways, it’s going to be much easier to convince the client to buy.”
It’s also a design that the user can add to over time, extending the usefulness and longevity of the sofa. Tan took it to product design director at Herman Miller, Noah Schwarz, who was quick to recognise its applications.
“He would often ask what I was working on so I showed him this sofa and immediately he was like ‘this could be something for us’,” says Tan.
“He thought it might be something for the MillerKnoll group but which brand he couldn’t tell yet.
“But he said ‘definitely don’t show it to other people’.”
The Luva has since been joined by the Cyclade tables, a trio of coffee and occasional tables designed to work equally well together or singularly. Other collaborations have followed, including work with major European brands such as B+B Italia, Menu, Abstracta and Design Within Reach while still maintaining his Singaporean office.
The Cyclade tables, named for the group of islands in Greece, have been designed for flexibility.
Cutting down travel times has meant more time on the ground.
“Here I travel quite a lot to meet with different companies I am working with and that helps because to me these distances are super short,” he says. “For designers living in Europe they might not want to go to Denmark because it’s a 3.5 hour flight but to me, even if I have to transit, five hours is no problem.”
Leap of faith
Although the move to Europe was risky, Tan has no regrets. While he admits his Portuguese is still a work in progress, his two sons (Er delivered a baby boy not long after arriving in Portugal) are quickly learning the language and the family has now moved into a traditional townhouse, which Tan has renovated, and where their office is based.
Tan and his wife Cherie Er work and live in the house they recently finished building in Porto.
Being in the heart of Europe has opened up a world of opportunity for Tan that has been both invigorating and challenging.
“I am designing for companies of different countries and I get to learn more about other ways of life and how people from other countries see design and see their homes and their spaces and how people do business in different parts of the world,” he says. “Coming from Singapore, it can be very stifling because it is so small. It’s really such a joy to experience these different cultures through design collaborations.”
Moving away from family and friends was a leap of faith but it gave him the push he needed. For a designer whose work is all about comfort, he is not one taking the safe path and staying home.
“It’s a good business model for revenue but you are not going to leave a mark on design history, you are not going to touch the lives of that many people if you are working with regional brands,” he says. “I really wanted to work with the international brands that have the reach with customers worldwide and I think if I hadn’t moved I would not have had that clarity of mind and that focus to really go for it.”
It’s impossible to go 202 miles per hour on Manhattan’s Park Avenue (and you shouldn’t try) but that’s where Aston Martin’s opulent showroom is, just down the road from Ferrari. The cars follow the money, and the new Vantage that had its North American debut in New York this month carries a price tag of US$191,000.
Aston is aiming to produce “the definitive front-engine, rear-wheel drive sports car,” powered by a four-litre AMG-sourced twin-turbo V8 engine producing 655 horsepower and 590 pound-feet of torque. Shifting through an eight-speed ZF automatic gearbox (there’s no manual option), it can reach 60 mph in 3.4 seconds. The Vantage can be ordered now, with deliveries this summer.
In other words, the Vantage is a traditional supercar in an age of rapid electrification. There isn’t an auto company in the world that isn’t aware of what’s ahead. And according to Alex Long, who was in New York and heads product and market strategy for Aston, the company is collaborating with California-based Lucid on an electric Aston that will appear in 2026. They’re having the naming discussions now, but few details are available. Lucid, which fields the ultra-fast Air Sapphire , is a pioneer in developing lighter and smaller components for EVs.
The two-seat Vantage has a lot of overlap with the DB12 (a 2+2, meaning it has two decent sized seats in the front and two smaller ones in the back] and it’s a venerable name in the Aston Martin universe, going back 70 years. The new model has been greatly reworked, with modifications to the chassis, engine, body design (the grille is 30% larger), and an all-new interior and bespoke in-house infotainment system with the company’s first touchscreen. Horsepower is up 30% and the torque is up 15%.
The DB12, seen in convertible form, is a Vantage relative that offers 2+2 seating. Jim Motavalli
Technical types can thrill to such revelations as “a stiffer-yet-lighter front engine cross brace for increased torsional rigidity and lateral stiffness between the front suspension towers,” as described by Aston Martin.
The new Vantage is indeed techy for an Aston Martin, and offers active vehicle dynamics, adaptive shock absorbers from Bilstein, and an electronic rear differential. There’s a launch control system that manages torque to keep the car planted when it takes off for the horizon.
“[Owner] Lawrence Stroll has made a huge investment in Aston Martin,” Long says. “He believes that in supercar positioning, we have to go all the way.” The Vantage on display was certainly gorgeous in eye-popping Podium Green, which has some blue in it. Apparently the tried-and-true but dark British Racing Green comes off as black in photographs. The vivid green contrasts with a neon-like Lime Essence stripe around the rocker panels and tail.
There was no driving component, but racing driver Darren Turner, a three-time Le Mans winner and an Aston Martin development driver, was on hand.
“I’ve been with the Vantage development program from the beginning,” Turner says. “Our aim with the driving modes [which include Sport, Sport Plus, and Track] was precision behind the wheel.” There’s no “comfort” mode—if you want to commute or buy groceries, you use Sport which, Turner says, “is not too hard on the suspension.”
Long says the Vantage is “practical” because it has a big trunk, but it’s young couples and empty-nesters who won’t mind the absence of a back seat. As for what’s under the hood, Aston’s customers are still thrilling to the sound of a V8 engine and are not pushing for an EV. But with a European ban on internal combustion by 2035, and similar directives in American states, EVs are inevitable under the Aston banner.
Inside the Vantage, with a new infotainment system. Jim Motavalli
Meanwhile, Aston has other models coming. The ultra-exclusive Cosworth V12-powered Valkyrie (priced at up to US$3.5 million for the track AMR Pro version) will be replaced by the even-more-potent Valhalla at the end of this year. Only 999 Valhallas will be built. The 937-horsepower Valhalla, with an AMG V-8 and two electric motors, will be Aston’s first plug-in hybrid and priced around US$800,000. The Valkyrie was a huge hit in terms of garnering publicity for the brand, and the Valhalla will similarly serve. Just 150 Valkyrie coupes and 85 Spyders are being built, and production should be done by the end of 2024.
The DBX was an instant big seller for Aston Jim Motavalli
Aston has put considerable effort recently into Formula One and GT racing, and there’s also the Vantage GT4 competition car, which (because of strict rules) shares about 80% of the road car’s structure and mechanicals. But the bonded aluminium chassis gains a custom roll cage.
Aston Martin sold 6,620 cars in 2023. When the company introduced its first SUV, the DBX, it quickly became the company’s runaway bestseller despite a high price tag, now at US$200,086. The DBX 707 (the number is the horsepower rating) ups the ante. SUV leadership is a common result among supercar enterprises that grit their teeth and build SUVs to fulfil consumer demand.
It may be a while before Aston Martin is an all-electric brand. Right now, it’s keeping the order books filled with AMG-powered supercars. But transition is ahead.
One of the largest names in the ski world is taking steps to make the industry more sustainable.
“The outdoors is our business,” says Kate Wilson, vice president of environmental and social responsibility at Vail Resorts.
Vail Resorts, a mountain resort company with a network of 41 ski resorts across four countries, set out to make a major commitment to their sustainability efforts in 2017. The intent was to achieve a net-zero operating footprint by 2030. This “Commitment to Zero” includes the ambitious goal of zero net emissions, zero waste to landfill, and zero net operating impact on forests and habitat.
“On day one, we didn’t have the road maps and plans on how we were going to get there, but we’ve since built those,” Wilson says. “And we’ve brought others in the industry with us.”
Just six years later, Vail Resorts is ahead of schedule to reach its emissions goals and on track to achieve the zero net operating footprint by 2030. The company reached 100% renewable electricity for the second year and hit its 2030 energy-efficiency target early.
Offsets are another way Vail Resorts is supporting sustainability. They have reforested over 200 acres of land since 2017 and support wind farms across the country. Plum Creek is a large-scale wind farm enabled by Vail Resorts. In its 2023 fiscal year, it produced 350,177 megawatt hours of renewable electricity, equivalent to the electricity needed to power 48,286 homes for one year.
“Sustainability and the way it is integrated into our business and operationalised with every decision that we make is something I’m really proud of,” Wilson says. “We’re not just thinking about how we, as a resort, can make an impact on climate change but how we can use our voice across our resorts, our industry, and beyond.”
Commitment to Zero gives the Vail Resorts properties one central sustainability focus. With one common goal, the company can lean into and take advantage of their enterprise network.
“At every resort we’re sharing lessons learned: ‘We did this thing in Whistler, we should do it in Park City,’” Wilson says. “That’s the power of the network and coming together to say, ‘what can we do that’s bigger than each of our resorts?’”
To further that goal of sharing lessons and ideas, Vail Resorts spearheaded The Mountain Collaborative for Climate Action in 2019. Now with over 76 resorts in the collaborative, the group works together on innovative solutions to help spread sustainability across the ski industry. Vail Resorts also partners with the National Ski Areas Association on quarterly meetings to discuss items related to green initiatives and share its experiences with an even larger group.
“There are smaller resorts that don’t have sustainability resources. We can share lessons learned, come up with solutions where we tell them, for example, how we recycle our nitrile gloves and turn them into pellets that become playgrounds,” explains Wilson. “We don’t need to own these things we want to share with others so they can take action, too.”
Developing innovative solutions for recycling and reducing landfill waste is a key part of this sustainability strategy. Initiatives to collect and upcycle waste can be easily replicated at multiple resorts. A project to collect and recycle soft plastics into decking is being piloted at various properties across the Vail Resorts mountains.
Other innovative solutions Vail Resorts has implemented include the ski industry’s only gondola-based waste removal system, a custom-designed recycling center at Vail Mountain, and a resource-efficient snowmaking system.
Vail Resorts also leans on strategic partners to assist with their green efforts. The company worked with PepsiCo, their on-mountain beverage partner, to develop a program to upcycle candy and snack wrappers into furniture and terrain park features. There’s now a Mountain Dew wallride in the terrain park at Breckenridge crafted from recycled bottles and snack packaging materials.
The company also joined together with Helly Hansen to turn old ski resort work uniforms into tote bags and ski patrol backpacks. The products were sold on behalf of their EpicPromise Employee Foundation, which provides hardship and education grants to teammates.
The employee foundation is one way Vail Resorts is expanding its efforts beyond environmental initiatives. The company has a large youth access program and hosted more than 11,000 youths across 32 properties in the 2022-23 season, according to the resort.
“We really believe the future of the sport is inclusion. We care deeply about removing some of those barriers to have people try the sport for the first time,” Wilson says.
TOKYO—The Bank of Japan on Tuesday ended negative interest rates after eight years and unwound most of its unorthodox monetary easing policies, saying a new era of stable inflation is in sight in Japan.
The decision marks the end of a global era of negative interest rates that began in the 2010s. Other central banks that had introduced negative rates in the 2010s, including the European Central Bank and the Swiss National Bank , have already moved back into positive territory amid inflation triggered by the Covid-19 pandemic and the war in Ukraine.
For a generation, the Japanese central bank served as a laboratory for monetary-policy experimentation as it addressed the country’s chronic stagnation, which was marked by flat or falling prices.
On Tuesday, BOJ Gov. Kazuo Ueda said those policies have fulfilled their roles and the principal ones will be ended. The Bank of Japan is moving its key target for short-term rates to a range of 0% to 0.1%, its first rate increase since 2007.
Ueda said the move was justified by steadily rising wages and prices in Japan. The central bank “judged that sustainable and stable achievement of our 2% inflation goal has come into sight,” he said.
The BOJ said it removed a target for the yield on 10-year Japanese government bonds. And it is halting its purchases of assets such as stocks, real-estate investment trusts and corporate bonds that don’t typically go onto the books of central banks. The Bank of Japan has amassed the equivalent of hundreds of billions of dollars in such assets since the global financial crisis of 2008-09.
Market reaction was restrained because Bank of Japan officials had telegraphed their intentions. The Nikkei Stock Average closed up 0.7%, while the yen was down.
“Accommodative financial conditions will likely continue, and these accommodative financial conditions will firmly support the economy and prices,” Ueda said at a news conference. He said he didn’t expect to raise interest rates rapidly.
Prime Minister Fumio Kishida welcomed the continuation of easy money, saying it was too soon to declare an end to deflation.
The BOJ had already begun to ease away from its unconventional policies. In September 2016, it set a target of around zero for the yield on 10-year government bonds. After initially enforcing that target strictly, the bank last year loosened its control , allowing the yield to move higher amid a surge in global bond yields. As of late Tuesday, the 10-year yield was 0.725%.
The Bank of Japan’s move to restore traditional monetary policy tools is one example of how Japan’s economy has recently reverted to conditions not seen in more than three decades.
However, the Bank of Japan’s economic assessment pointed to some warning signs. With China’s economy struggling recently , the BOJ said Japan’s economy “is expected to be under downward pressure stemming from a slowdown in the pace of recovery in overseas economies.”
Two of the BOJ’s nine-member policy board dissented from the decision to end negative rates, saying the economy’s recovery was too fragile to allow for a rate increase.
Katsutoshi Inadome, senior strategist at SuMi Trust, said the BOJ probably saw a window to act after the recent good news on wages, but he said there was a chance Tuesday’s rate increase was premature.
“In a textbook approach, this is timing the bank would have done better to avoid,” Inadome said. He pointed to sluggish consumption in Japan, which Ueda acknowledged as a risk.
Ueda said if the economy received shocks in the future, the central bank would consider using policy tools it has used previously.
“The Bank of Japan is unlikely to make additional rate increases because there will gradually appear more headwinds such as the lack of strength in prices,” said Mizuho Securities chief market economist Yasunari Ueno.
On Central Park South, retired entrepreneur Ron Pobuda has relisted his two-bedroom apartment for $8.95 million, a dramatic 40% reduction from its first asking price in Sept. 2020. Twenty blocks north, on the Upper East Side, real-estate agent James Morgan found a buyer for an $18 million penthouse before he could even get the property listed online.
In the wake of the Covid pandemic and interest-rate hikes—and amid an AI-driven stock market climb—buyers and sellers are having a hard time deciphering the New York City luxury real-estate market.
Ask a broker in Miami and they’ll say New York is dead. Ask a residential tower developer in New York, they’ll say that is nonsense. Ask a local real-estate agent, and he’ll say the market has rarely felt so hit-or-miss.
“It’s a mixed bag. Some things sell in two days. Other things sit there for two years,” said Leonard Steinberg, a luxury real-estate agent with Compass .
The Manhattan numbers point to a post-Covid luxury market that likely bottomed out in 2023, said appraiser Jonathan Miller . A report he prepared for brokerage Douglas Elliman shows that, in the fourth quarter of 2023, sales of luxury Manhattan homes (defined by the report as the top 10% of all sales ) were down by 5.9% compared with the same period a year prior.
It seems to be improving. So far in 2024, luxury contract activity has ticked up incrementally, according to local agents, who cite a decrease in inventory and a rising stock market. Liquidity pace, a measure of the rolling previous 30 days of signed-contract volume, was up by 9% so far in 2024 through Feb. 26 for apartments priced at $5 million and up, compared with the same period last year, according to real-estate data firm UrbanDigs.
“It looks like 2024 will be better, but it won’t be a boom,” Miller said.
Thanks to higher interest rates, all-cash deals are dominating the market, with roughly 68% of all Manhattan transactions unfinanced in the fourth quarter, according to Miller. That is up from the usual average of around 50%, Miller said.
Here’s a closer look at New York’s contrary, confusing high-end property market.
Where the sales are
The sale of a roughly 12,000-square-foot Greenwich Village mansion owned by Dexter Goei , the former chief executive of telecommunications company Altice USA , set a new price record for Downtown Manhattan. (NYC brokers define Downtown as south of 34th Street. It is more commonly defined as south of 14th Street.) It traded off market for $72.5 million in January. The price was more than double the $30.9 million that Goei paid for it in 2016, records show.
A West Village townhouse recently set a Downtown record when it sold for $72.5 million. PHOTO: MARCY AYRES/THE WALL STREET JOURNAL
The deal added to a string of major Downtown transactions that propped up the Manhattan market in 2023. In July, a penthouse at 150 Charles Street, a successful West Village condominium project, sold for $52 million . The seller was a company tied to former Credit Suisse executive Robert Shafir . In June, a Soho penthouse tied to Stefan Kaluzny, managing director of the private-equity firm Sycamore Partners, sold for $50 million , one of the largest deals ever recorded in Soho.
Clayton Orrigo, who worked on the $72.5 million Greenwich Village deal, said his team at Compass has closed or signed contracts on more than $500 million in real estate since the beginning of the year, with about 80% located south of 30th Street, and he expects the Goei property to be the first of a handful of major house sales in the neighbourhood. Other major Downtown properties that have been shopped for sale at similarly ambitious price points in recent years include financier Steve Cohen’s fortresslike, single-family mansion on Perry Street, which is said to have asked around $150 million in off-market conversations.
“I do believe that it’s a pioneer,” Orrigo said of the $72.5 million deal, declining to confirm the identity of his clients. “I don’t think it’s the last and I don’t think it will be the most expensive.”
Orrigo attributed the rise of Downtown prices to a lack of available inventory. Sought-after Downtown neighbourhoods like Greenwich Village, the West Village and Tribeca don’t see the same levels of new development as other Manhattan neighbourhoods, thanks in large part to height restrictions tied to their designations as historic districts. He said many of his moneyed clients who visit the city eventually look to buy pieds-a-terre in the area because they are unsatisfied with the hotel offerings. Airbnb listings in New York City have also all but disappeared as the city cracks down on short-term rentals .
In addition to the city’s stepped-up enforcement of short-term rental rules, many condo and co-op boards don’t allow owners to rent their properties at all, even if the rental wouldn’t be subject to the city’s short-term rental regulations. “When they realise how hard it is, they end up buying,” Orrigo said.
Orrigo said the buyer pool is made up of tech titans and “the nepo community,” meaning the children of wealthy individuals. “We’re seeing a tremendous amount of inherited wealth,” he said.
Luxury agent Sarah Williams of Societe Real Estate said she recently had a client sign a $41,000 a month, long-term rental deal when they couldn’t find a home that met their criteria in the West Village or Tribeca.
“There’s this widespread misunderstanding about New York, that it’s struggling,” she said. “New York is so sought after, it’s just that people cannot get what they want.”
One of the most successful new condos of 2023 was also located Downtown at 450 Washington Street. A rental-to-condo conversion by the Related Companies, it posted roughly $240 million in sales across 85 transactions in 2023, the developer said. Units were priced between $1 million to $15 million for studio to four-bedroom homes. Bruce A. Beal Jr., Related’s president, said the project had the “right pricing” and that buyers, the majority of whom were local, “understood the product.”
Where it’s still tough to sell
While Downtown is thriving, Midtown has been hobbled by excess inventory, remote work and a decline in foreign buyers, who have historically gravitated toward Midtown apartments, agents said.
When Pobuda, the entrepreneur with the Central Park South apartment, listed his longtime unit, a sprawling two-bedroom with a large terrace overlooking the park, in late 2020, he first asked $15 million. While ambitious, the price reflected the property’s trophy views and location, next door to 220 Central Park South , the most expensive building in the city. He got no offers.
“It was really obvious very quickly that nothing was going to happen, so I said, ‘Let’s just pull it off the market.’ ” Pobuda said.
The new asking price is a reflection of how the market has moved in response to interest rates and is strategically pegged just under $10 million to put it in a different bracket for New York’s mansion tax, said Peter McLean of the Corcoran Group, who is listing Pobuda’s unit. “We’re throwing as many incentives to the buyers as possible,” McLean said. (The tax, paid by the buyer, starts at 1% beginning with properties of $1 million or more and gradually increases to a maximum of 3.9% for properties purchased for $25 million or more.)
Pobuda’s story is typical of Midtown sellers, many of whom have had to slash prices on luxury properties to make a deal. Compass agent James Morgan said he recently lost a listing for a three-bedroom apartment at Museum Tower on West 53rd Street after the seller refused to consider reducing the $4.25 million price. Meanwhile, his high-end listings on the more inventory-constrained Upper East Side, such as the $18 million sale of a penthouse at 135 East 79th Street, are moving quickly.
“We’re still dealing with the Covid effect in Midtown,” he said. “People are working from home and they want to be in areas that are considered more neighbourhoody.”
Midtown also has the largest concentration of high-end, unsold new development units in Manhattan. Much of the unsold inventory is on the Billionaires’ Row strip south of Central Park. It sits in buildings such as Extell Development’s Central Park Tower, the 1,550-foot-tall glassy behemoth at 217 West 57th Street, which launched sales in 2018 and has roughly 77 unsold units priced at $5 million and up as of late February, according to real-estate data and analytics company MarketProof. While 53w53, the Jean Nouvel-designed tower next to the Museum of Modern Art, which has struggled to find buyers since launching in 2015, has about 65 units remaining priced at $5 million and up as of late February, as per MarketProof.
Units at both towers are routinely selling for significant discounts. A roughly 3,700-square-foot two-bedroom unit at 53w53 recently sold for $7.85 million, 32% less than its original $11.5 million asking price in 2016, records show.
Sales hobbled by rules
While the condo and townhouse markets are generally showing signs of life, agents say the city’s co-op market remains muted. Many of them blame antiquated co-op board rules that restrict a resident’s ability to sublet their units or renovate them. Some posh buildings insist on approving contractors, for instance, or fine residents if their renovations take too long, said luxury agent Donna Olshan.
Anne Hendricks Bass in 2010 PHOTO: MIMI RITZEN CRAWFORD FOR THE WALL STREET JOURNAL
The subletting rules seem particularly egregious post-Covid, said Williams, the luxury agent, since many high-net-worth individuals moved to Florida and want more flexibility to use their units as pieds-a-terre.
“They want to live in Miami, they want to live in London. They don’t want to be tied down,” she said.
Some of the city’s priciest co-ops have seen their prices reduced in recent months. A Manhattan apartment long owned by the late pharmaceutical executive Martin Howard Solomon is now asking $45 million, down from the original $55 million when it listed in 2022. The longtime Fifth Avenue home of the late oil heiress and philanthropist Anne Hendricks Bass also got a $10 million price chop to $60 million in November. Both remain on the market as of March 18.
“Even the best of these addresses are going for ridiculously low prices,” Olshan said “It’s amazing that the shareholders don’t file activist lawsuits to try to motivate their boards to change.”
A new development drought
For the past few years, the Manhattan market has suffered from a serious oversupply problem, appraiser Miller said. For now, overall inventory remains high outside of a few select neighbourhoods, but that likely won’t last. That is because filings for new luxury condos have plummeted.
Plans approved by the New York Attorney General’s office for units priced $5 million and up peaked in the mid-2010s and have dropped since 2020, according to MarketProof. In 2015, offering plans were approved for 952 units at that price point. In contrast, there were just 57 approved in 2023.
“In the years since Covid, so many things stood in the way of new inventory,” said Kael Goodman, co-founder of MarketProof. “There was supply chain, Covid shutdowns, a perception of oversupply and a high cost of capital. There was also an attention shift from New York to Miami.”
As of the close of February in Manhattan, there were close to 1,400 developer-owned units for sale at prices over $5 million, with an average asking price per square foot of $3,820, according to analytics firm MarketProof.
Outside of Midtown, neighbourhoods with significant new development inventory at that price range include West Chelsea, Lincoln Square and the Financial District. Again, that is thanks to a handful of mega projects, including Chelsea’s One High Line and Macklowe Properties’ One Wall Street.
After a slow start marred by controversy, One High Line was among the top-selling buildings of 2023. It posted 35 closings with an average price per square foot of around $3,000, according to a spokeswoman for the developer. That brought the total number of sales to around 80, she said. Formerly known as the XI, the 235-unit condo project first launched sales in 2018, but the original developer, HFZ Capital Group, faced financial distress and the project stalled. Witkoff and Access Industries took over the project in 2022 and rebranded it.
Meanwhile, industry sources say sales have been slow at One Wall Street, the former headquarters of the Irving Trust Company bank. Sales launched at the 566-unit building in September 2021 and there were still 467 units remaining as of late February, according to MarketProof. A spokeswoman for the project didn’t respond to a request for comment.
Gary Barnett of Extell Development, the firm behind Central Park Tower, said that while “inventory is gradually getting eaten up” across the city, his company is now being “very careful to pick the right projects.”
“You don’t want to be in a situation where your cost basis is so high that you have to make $6,000 or $7,000 a foot to make money,” he said.
While he has plenty of inventory remaining on Billionaires’ Row, another of the company’s projects, 50 West 66th Street, a roughly 125-unit project off Central Park on the Upper West Side, is close to 50% sold without having even formally launched sales, he said.
Barnett pointed to the project as evidence that “if you have the right product in the right location, you can still get very real and serious prices.”
Monaco’s prime real estate market remained strong despite global macroeconomic challenges and became the most expensive prime property market in 2023, according to a report Monday from Savills.
The price per square metre in the principality may have grown just 0.9% during 2023, but that increase, however slight, left the average price per square metre at €51,418 (US$55,852).
In comparison, the price per square metre was €39,100 in Hong Kong, €25,300 in New York, €18,900 in London and €8,400 in Dubai.
There were 416 transactions across the principality in 2023, which represented a decline of nearly one-fifth compared to the previous year. However, the total transaction value declined by a smaller amount than the number of transactions, which indicated that fewer but higher value transactions were recorded in 2023.
In examining the total sales by price point, the proportion of apartments selling for more than €5 million increased 2% in 2023, while the share of apartments sold priced below that same threshold fell by an equal amount, according to the report.
Interest in Monaco has risen since the pandemic, contributing to space constraint issues in the principality. Residence card applications also now require a property’s size to match the intended occupying family’s size, which has resulted in greater scrutiny, Savills said.
In response to this rule, many new-build projects are offering larger apartments. The sales of more spacious apartments with three or more bedrooms accounted for over 60% of new-build sales and 22% of the resales across the principality in 2023.
“The number of resales in Monaco has returned to pre-pandemic levels, and this rebound has largely been driven by the increase in sales of larger apartments,” Kelcie Sellers, associate director of world research at Savills, said in the report.
Potential buyers don’t just want to live in Monaco. They are very specific when it comes to choosing a particular district or even development. Together, Monte Carlo and La Rousse comprise over 40% of the total housing area in the principality, yet they accounted for more than 60% of resale transactions in 2023.
In fact, the mean price for resales increased to an all-time high in five out of seven Monaco districts in 2023. Jardin Exotique and La Condamine saw the highest price-per-square-metre growth of 19% and 22%, respectively. Larvotto maintained the top spot for most expensive district by square meter, according to the report.
In an effort to meet the high demand for real estate in this principality, which is smaller than New York’s Central Park, construction projects are in progress. Two large communities are expected to launch this year: Mareterra and Bay House Monaco. These projects will add a combined 166 new apartments and 15 villas to the Monaco market.
Prospective buyers around the world are approaching the current market with caution as they wait to see how macroeconomics, inflation and interest rates play out. However, as Monaco offers somewhat of a safe haven, it may attract buyers who would have purchased property elsewhere, which would continue to drive demand in the coming months, Savills said.
The incidents have been unsettling: a homeowner’s thermostat raised to 90 degrees by hackers with no way to turn it down, baby monitors used by online stalkers to spy on families, webcams and other home devices hijacked to help take down corporate computer networks.
Thanks to the boom in “smart home” devices, we now live with vastly more connected gadgets: internet-linked TVs; camera-equipped doorbells; online thermostats, door locks and lightbulbs; web security cameras; and even refrigerators, dishwashers and ovens with Wi-Fi. Each online link provides a tempting target for a hacker.
The problem isn’t simply that somebody can hack a refrigerator or dishwasher, of course. It’s that once a bad actor breaches one of these devices, he or she potentially could control every other device on your home network. What’s more, these gadgets pose privacy concerns since their cameras, microphones and motion sensors could be used to monitor you.
As sales of smart-home devices continue to grow, consumers need to be cautious. Here are some questions and answers about how to thwart digital vandals.
How big a cybersecurity risk are smart-home devices?
Every new digital device introduced into your home comes with security risks. Most are connected to your Wi-Fi network and many come with an app that links them to your phone via Wi-Fi or your cellphone network. All of these are potential pathways for a hack—and the device with the weakest security could provide a way for hackers to reach the others.
In other words, you are only as safe as your weakest device.
“A lot of these devices don’t even have basic security features or protections,” says Wendy Frank , U.S. cyber internet-of-things leader for consulting firm Deloitte. Most lack virus protection and other security software that is common in personal computers and phones. Many don’t offer automatic updates of software or firmware (the coding that controls devices’ basic functions) from the manufacturer to fix security flaws, also standard with phones and PCs.
What kind of damage could hackers inflict?
Smart-home devices can be exploited to hack into the owners’ private information or attack a website.
In 2016, hackers controlling hundreds of thousands of internet-connected devices, believed to include webcams, smart TVs, printers and even baby monitors, unleashed several massive attacks that knocked out dozens of popular websites, including those of Twitter, Netflix , Amazon and Visa. Such “distributed denial-of-service” attacks instruct the devices to send millions of requests in unison to overwhelm a computer system, causing it to shut down.
Considering the enormous number of U.S. homes with smart devices—more than 60 million—and their low levels of security precautions, they are likely to continue to be tempting targets for all kinds of attacks, says Yuvraj Agarwal , an associate professor of computer science at Carnegie Mellon University. It’s “a disaster waiting to happen,” he says.
Among the potential risks experts cite: People could be locked out of their house by hackers who tapped the security system seeking a ransom. Burglars could listen in over smart speakers to figure out when you aren’t home. Smart lightbulbs could be used as a way to break into personal information on a phone.
What steps can we take to protect devices from hackers?
First, make sure your Wi-Fi router is secure—the router is the key to your digital home. Use the website or app that controls your router to check that it isn’t using the default password—that same password could have been given to many other customers. Give the router a unique password you use only for that device.
Next, ensure that the router’s security feature called a firewall is turned on, and that it is using encryption called WPA2 or the newer WPA3. And turn on the control to allow automatic software updates, if provided.
What about settings on the smart devices themselves?
As with routers, don’t use the default password they came with. Instead, use a different password for each device, so that if someone were able to figure out, say, the password for your smart doorbell, he or she wouldn’t have access to everything else.
And if a device allows two-factor authentication, be sure to use it. This means that to log in to the device you will need to type in a code sent by text or email, or generated by a device called an authenticator, in addition to the password. That extra step, while annoying, could keep out a hacker.
Is it risky to put smart devices on the same home Wi-Fi network you use for your computer and phone?
Yes. Someone could hack into one of your smart devices as a way to break into your Wi-Fi router, and from there could attack your computer, phone and everything else on the same network.
Instead, set up a guest network on your router that has its own unique password and use that network to connect your smart devices. Many routers include such a second network, but you may need to take a few steps to turn it on. Guest networks generally are sealed off from the main Wi-Fi network, so a hacker couldn’t leap from it to the main network.
When shopping for these devices, how do you know which are safer than others?
Check the makers’ security policies online before buying. Look for manufacturers’ statements that they periodically send security updates to the devices and encrypt the communications between the devices and their cloud service. Seek out products that offer two-factor authentication.
Are there certain types of smart devices to avoid?
Hundreds of types of internet-connected gadgets are sold online by innumerable companies, often at very low prices. “If it costs $5 for a smart plug, most of it is not going toward thinking about security and privacy first,” says Carnegie Mellon’s Agarwal, who does research on smart-device security.
Stick to devices from mainstream makers, since they are more likely to take security considerations seriously and spend the time and money to periodically update these features, he says. These companies don’t want to risk tarnishing their brands with products of questionable security.
What else can consumers do?
Limit how many smart devices you own—the more you have means more pathways for hackers to try to break in. Get fewer, more-secure devices rather than having insecure, cheaper devices in the whole home, says Deloitte’s Frank.
While you might find an Alexa or Google digital assistant useful on the kitchen counter, avoid putting one in a home office where you might talk about confidential financial or work-related topics that could be a juicy reward for a hacker, she adds.
Moreover, disable functions you don’t use or need on the devices, such as the camera on a digital assistant or the ability of the device to save recordings of your voice commands. “Having those turned on creates a larger attack surface” for a hacker, Frank says.
Do proprietary home networking systems provide more security than plain Wi-Fi?
While networks such as Google Home, Apple HomeKit and Amazon Alexa likely have enhanced security, in most cases they also use your home Wi-Fi to connect to their cloud services that run the networks. That raises the same security concerns as relying solely on Wi-Fi, Agarwal says.
Why don’t device makers build more security into their products?
A big factor is cost, says Deloitte’s Frank. Adding the level of security found in a laptop computer to a $15 internet-controlled lightbulb could make its price uncompetitive.
Moreover, she says, device makers want their products to appeal to ordinary consumers, so “they need to prioritize convenience, prioritize ease of use. Security often takes somewhat of a back seat.”
What is the smart-device industry doing to prevent hacks?
One effort is an industry standard called Matter from a consortium that includes Apple, Amazon, Google, Samsung and others, which works to make networked home products interoperate with each other. The Matter standard has security and privacy safeguards built in, says the group behind the standard. Products that meet the standard are being rolled out gradually and can carry its logo .
What is the government doing?
A project by the Biden administration aims to have makers of digital home devices label their products to indicate their security and privacy protections. Called the Cyber Trust Mark , it’s akin in some ways to the government’s Energy Star certification for the efficiency of home appliances.
The voluntary program, overseen by the Federal Communications Commission, is still under formation; the White House said last year it expected it to be in place in 2024. Under the proposal, device makers seeking to use the label would need to certify that their products meet certain standards by having them tested by an accredited lab. Agarwal says he has provided input to the government effort based on a Carnegie Mellon program to devise a similar label for smart products.
