title,url,timestamp,content,source,clean_date,clean_content,arti_score,pos_sent,neg_sent,rnn_arti_score,rnn_pos_sent,rnn_neg_sent,date_extracted
"Macy's hasn't closed 150 stores yet. But Target, Kohl's CEOs already smell opportunity",https://www.cnbc.com/2024/04/01/macys-store-closures-target-kohls-tjx-could-benefit.html,2024-04-01T17:57:40+0000,"In this articleMacy's hasn't yet shut the approximately 150 stores it plans to close. But retail competitors already smell opportunity.In recent interviews with CNBC, Target CEO Brian Cornell and Kohl's CEO Tom Kingsbury said the department store's decision to shrink its footprint gives them a chance to increase their own sales.Off-price chain T.J. Maxx could pick up more business, too, since it carries similar merchandise and has stores near Macy's locations that might shut, according to Jefferies.And many other retail names, including off-price chain Ross and department store rivals like Nordstrom could benefit from the closures, too. Those companies already count many of Macy's shoppers as their customers, according to an analysis of credit card data by Earnest Analytics.Facing lackluster sales and pressure to improve its business, Macy's announced in late February that it would close more than a quarter of its an approximately 500 namesake stores. With the wave of closures, the department store will join a list of retailers that have shrunk in size and created a void for other brands to swoop in. Those include Bed Bath & Beyond, which closed all of its stores after filing for bankruptcy, or others like J.C. Penney, a department store that is a fraction of its former size.Macy's closures could put as much as $2 billion of market share up for grabs. The department store's net sales were $23.1 billion in the most recent fiscal year, and it said the 150 stores that it's closing account for less than 10% of sales.Yet Macy's, for its part, has said closing the underperforming stores will help it focus on driving higher sales at other locations. Macy's CEO Tony Spring said the company will open more locations of its higher-end department store Bloomingdale's and beauty chain Bluemercury, which have both outperformed the company's namesake chain. The closures will also free up capital to invest in its better-performing namesake stores.Macy's has not yet said which locations will close and when exactly they will shutter, but said 50 stores will close by early 2025. The move will have implications for shopping malls, too, since Macy's will close giant stores that are mall anchors.Department stores have been losing market share for years as shoppers have chosen to shop at strip malls or online instead, said Corey Tarlowe, a retail analyst at equity research firm Jefferies. Beneficiaries have ranged widely from big-box stores like Target to specialty players like Abercrombie & Fitch, which has opened stores in major cities like New York.In an interview with CNBC in March, Target CEO Cornell said the retailer has gotten a leg up from other closures before. For example, he said, some of its stores are in former Toys R Us locations.Off-price retailers, in particular, have posed a major competitive threat to department stores — and been the big winners from their struggles, Tarlowe said. They sell a lot of discretionary merchandise like clothes, handbags and shoes, too, but often in more convenient locations and for a better price.""It's kind of like the new department store in effect, but it's much smaller,"" he said. ""They sell similar brands and similar products, but for 40% to 70% of the cost.""With Macy's broad closures, TJX Cos.-owned T.J. Maxx, which includes its namesake stores, Marshalls and Home Goods, is especially well positioned. About 63% of Macy's stores have a T.J. Maxx or Marshalls within a one-mile radius, according to an analysis by Jefferies.Off-price stores also draw a similar customer, which tends to be more affluent. About 47% of Macy's shoppers have an annual household income of more than $100,000, compared with about 50% of shoppers who go to TJX-owned stores, Jefferies found. Only about 30% of Burlington shoppers and about 34% of Ross customers have an annual household income of more than $100,000, which may mean they have less overlap with Macy's shoppers.""I used to see Toyota Camrys in parking lots at a T.J. Maxx and now I see BMWs, I see Mercedes, I'll see Porsches,"" Tarlowe said.He added that TJX stores are easier for shoppers to get to, with roughly 2,500 locations in the U.S. That is a much larger footprint than Macy's, which will have approximately 350 namesake stores after the closures.Other rivals also have a high overlap with Macy's customer base, which could position them well.About a third of Macy's customers also shopped at Kohl's during the prior 12 months, according to a late March credit card data analysis by Earnest Analytics. That was only surpassed by T.J. Maxx, which had 37% of Macy's customers shop at its brands over the same period.In a recent interview with CNBC, Kohl's CEO Kingsbury described Macy's closures as a chance for the company to grow. He also said Kohl's is the largest department store in the country with 1,174 stores, but has quality locations.""The beauty of Kohl's is the fact that our stores are located in strip centers,"" he said in an interview at Shoptalk, a retail conference in Las Vegas, in March. ""It's really a big deal. So we can bring the department store concept to the strip centers where you know a lot of the successful companies are located overall.""Yet Kohl's faces similar struggles as Macy's, as it grapples with softer discretionary spending and challenges with attracting a younger customer. Like Macy's, it also projected that comparable sales, which takes out the impact of stores openings and closures, may not grow or will only rise modestly in the year ahead.Macy's has also been trying to take a page from its competitors' books. It's opening up to 30 smaller stores in strip centers. And at many of its department store locations, it has added Backstage, an off-price shop inside of the bigger store.But in the places where Macy's is leaving a void, Target may also be poised to open stores or gain customers. The Minneapolis-based company said last month that it plans to build more than 300 new stores over the next decade. It already has more than 1,950 stores across the U.S.Speaking to CNBC, Cornell did not say if the big-box retailer will open more stores near shuttered Macy's. But, he added, it's watching closely.""We're always looking at the local market, the opportunities and we think there's still going to be displacement within retail for years to come,"" he said. ""And with our capability and financial position, we can be one of the players that continues to lean in and take share and growth.""",CNBC,01/04/2024,"[""In this articleMacy's hasn't yet shut the approximately 150 stores it plans to close."", 'But retail competitors already smell opportunity.', ""In recent interviews with CNBC, Target CEO Brian Cornell and Kohl's CEO Tom Kingsbury said the department store's decision to shrink its footprint gives them a chance to increase their own sales."", ""Off-price chain T.J. Maxx could pick up more business, too, since it carries similar merchandise and has stores near Macy's locations that might shut, according to Jefferies."", 'And many other retail names, including off-price chain Ross and department store rivals like Nordstrom could benefit from the closures, too.', ""Those companies already count many of Macy's shoppers as their customers, according to an analysis of credit card data by Earnest Analytics."", ""Facing lackluster sales and pressure to improve its business, Macy's announced in late February that it would close more than a quarter of its an approximately 500 namesake stores."", 'With the wave of closures, the department store will join a list of retailers that have shrunk in size and created a void for other brands to swoop in.', 'Those include Bed Bath & Beyond, which closed all of its stores after filing for bankruptcy, or others like J.C. Penney, a department store that is a fraction of its former size.', ""Macy's closures could put as much as $2 billion of market share up for grabs."", ""The department store's net sales were $23.1 billion in the most recent fiscal year, and it said the 150 stores that it's closing account for less than 10% of sales."", ""Yet Macy's, for its part, has said closing the underperforming stores will help it focus on driving higher sales at other locations."", ""Macy's CEO Tony Spring said the company will open more locations of its higher-end department store Bloomingdale's and beauty chain Bluemercury, which have both outperformed the company's namesake chain."", 'The closures will also free up capital to invest in its better-performing namesake stores.', ""Macy's has not yet said which locations will close and when exactly they will shutter, but said 50 stores will close by early 2025."", ""The move will have implications for shopping malls, too, since Macy's will close giant stores that are mall anchors."", 'Department stores have been losing market share for years as shoppers have chosen to shop at strip malls or online instead, said Corey Tarlowe, a retail analyst at equity research firm Jefferies.', 'Beneficiaries have ranged widely from big-box stores like Target to specialty players like Abercrombie & Fitch, which has opened stores in major cities like New York.', 'In an interview with CNBC in March, Target CEO Cornell said the retailer has gotten a leg up from other closures before.', 'For example, he said, some of its stores are in former Toys R Us locations.', 'Off-price retailers, in particular, have posed a major competitive threat to department stores — and been the big winners from their struggles, Tarlowe said.', 'They sell a lot of discretionary merchandise like clothes, handbags and shoes, too, but often in more convenient locations and for a better price.', '""It\'s kind of like the new department store in effect, but it\'s much smaller,"" he said. ""', 'They sell similar brands and similar products, but for 40% to 70% of the cost.', '""With Macy\'s broad closures, TJX Cos.-owned T.J. Maxx, which includes its namesake stores, Marshalls and Home Goods, is especially well positioned.', ""About 63% of Macy's stores have a T.J. Maxx or Marshalls within a one-mile radius, according to an analysis by Jefferies."", 'Off-price stores also draw a similar customer, which tends to be more affluent.', ""About 47% of Macy's shoppers have an annual household income of more than $100,000, compared with about 50% of shoppers who go to TJX-owned stores, Jefferies found."", ""Only about 30% of Burlington shoppers and about 34% of Ross customers have an annual household income of more than $100,000, which may mean they have less overlap with Macy's shoppers."", '""I used to see Toyota Camrys in parking lots at a T.J. Maxx and now I see BMWs, I see Mercedes, I\'ll see Porsches,"" Tarlowe said.', ""He added that TJX stores are easier for shoppers to get to, with roughly 2,500 locations in the U.S. That is a much larger footprint than Macy's, which will have approximately 350 namesake stores after the closures."", ""Other rivals also have a high overlap with Macy's customer base, which could position them well."", ""About a third of Macy's customers also shopped at Kohl'sduring the prior 12 months,according toa late Marchcredit card dataanalysis byEarnest Analytics."", ""That was only surpassed by T.J. Maxx, which had 37% of Macy's customers shop at its brands over the same period."", ""In a recent interview with CNBC, Kohl's CEO Kingsbury described Macy's closures as a chance for the company to grow."", ""He also said Kohl's is the largest department store in the country with 1,174 stores, but has quality locations."", '""The beauty of Kohl\'s is the fact that our stores are located in strip centers,"" he said in an interview at Shoptalk, a retail conference in Las Vegas, in March. ""', ""It's really a big deal."", 'So we can bring the department store concept to the strip centers where you know a lot of the successful companies are located overall.', '""Yet Kohl\'s faces similar struggles as Macy\'s, as it grapples with softer discretionary spending and challenges with attracting a younger customer.', ""Like Macy's, it also projected that comparable sales, which takes out the impact of stores openings and closures, may not grow or will only rise modestly in the year ahead."", ""Macy's has also been trying to take a page from its competitors' books."", ""It's opening up to 30 smaller stores in strip centers."", 'And at many of its department store locations, it has added Backstage, an off-price shop inside of the bigger store.', ""But in the places where Macy's is leaving a void, Target may also be poised to open stores or gain customers."", 'The Minneapolis-based company said last month that it plans to build more than 300 new stores over the next decade.', ""It already has more than 1,950 stores across the U.S.Speaking to CNBC, Cornell did not say if the big-box retailer will open more stores near shuttered Macy's."", ""But, he added, it's watching closely."", '""We\'re always looking at the local market, the opportunities and we think there\'s still going to be displacement within retail for years to come,"" he said. ""', 'And with our capability and financial position, we can be one of the players that continues to lean in and take share and growth.""']",0.2388109269979753,"Beneficiaries have ranged widely from big-box stores like Target to specialty players like Abercrombie & Fitch, which has opened stores in major cities like New York.","Off-price retailers, in particular, have posed a major competitive threat to department stores — and been the big winners from their struggles, Tarlowe said.",0.6432930982631185,"Macy's CEO Tony Spring said the company will open more locations of its higher-end department store Bloomingdale's and beauty chain Bluemercury, which have both outperformed the company's namesake chain.","Facing lackluster sales and pressure to improve its business, Macy's announced in late February that it would close more than a quarter of its an approximately 500 namesake stores.",2024-04-02
Moderna moves three vaccines into final stage trials as it works to rebound from Covid slump,https://www.cnbc.com/2024/03/27/moderna-moves-three-vaccines-into-final-stage-trials.html,2024-03-28T00:22:11+0000,"In this articleModerna has more to offer beyond its Covid vaccine.The biotech company Wednesday announced positive clinical trial data on three experimental vaccines against other viruses. The company is moving those shots to final stage studies, it said.The update brings Moderna a step closer to having multiple products on the market, which it badly needs amid plunging demand for Covid shots worldwide. The company's Covid jab is its only commercially available product.Moderna's stock has long been tied to that vaccine, with shares falling nearly 45% last year. But shares of the company closed 3% higher on Wednesday after the announcements.Moderna will chart its post-Covid future Wednesday during its fifth annual ""Vaccines Day,"" an investor event in Boston focused on the company's vaccine portfolio.That business has an estimated total addressable market of $52 billion for infectious disease shots, which includes $27 billion for respiratory vaccines and more than $25 billion for latent shots and other jabs.A category of viruses called latent viruses linger inside patients for prolonged periods without causing any symptoms but can ""reactivate"" and cause serious health complications later in their lives. They represent a huge unmet need that Moderna can address, Moderna CEO Stéphane Bancel told CNBC in an interview on Wednesday.""Once those viruses are in your body, it's in your body forever,"" he said, adding that there are no approved shots for several of the latent viruses, including some that Moderna is targeting.The company will present new clinical trial data on the three vaccines, including some against latent viruses, at the event Wednesday.Those vaccines include a shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea; a vaccine against Epstein-Barr virus, a common herpes virus that can cause contagious infections and is associated with some cancers; and a shot designed to target a virus that causes shingles and chickenpox.Moderna will also discuss other updates across its vaccine business. The company has five other shots in late-stage clinical trials and said it expects to release data on two of those jabs this year. That includes its combination vaccine against Covid and the flu and a shot against another common herpes virus called cytomegalovirus, or CMV. Among the other vaccines in late-stage development is a jab against respiratory syncytial virus, or RSV, which is expected to win regulatory approval in the U.S. in May. It also includes a new and improved version of Moderna's Covid shot. The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.Another shot in phase three trials is the company's flu vaccine.Also on Wednesday, Moderna said it recently entered into a development and commercialization funding agreement with Blackstone Life Sciences, a private equity segment of The Blackstone Group. Blackstone will fund up to $750 million to advance Moderna's flu shot program, with ""a return based on commercial milestones"" and low single-digit royalties. Bancel told CNBC the company's messenger RNA platform, used in its Covid vaccine, ""is working so well"" against other diseases. That mRNA technology works by teaching the body to produce a harmless piece of a virus, which triggers an immune response against certain diseases.""Think about the [total addressable market] Moderna is going after – we're going to be one of the most important vaccine companies in the world,"" he said.Still, it will take time before Moderna's pipeline will pay off.The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025. It expects to break even in 2026, executives said during a November earnings call.Moderna's latest shots to move into late-stage trials represent significant opportunities for the company.There is currently no approved shot to prevent norovirus, the most common cause of the stomach flu. The virus results in approximately 200,000 deaths per year and substantial health-care costs, according to Moderna. The company examined two different norovirus shot candidates in a phase one trial on more than 600 patients ages 18 to 49 and 60 to 80 in the U.S.An interim analysis showed that a single dose of a trivalent vaccine called mRNA-1403 targeting three norovirus strains triggered a strong immune response across all dose sizes. The shot also had a ""clinically acceptable"" safety profile. Moderna said it is moving that shot to a phase three trial. The market for norovirus vaccines represents a $3 billion to $6 billion annual market, according to the company. There are also no shots currently approved to prevent Epstein-Barr virus. It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.Both the virus and mono are associated with a higher risk of certain cancers. The virus also increases a patient's risk of developing multiple sclerosis by 32-fold, according to Moderna. That disease is characterized by the the immune system eating away at the protective covering of nerves.""It's a big issue for teenagers. There are sometimes kids who have to redo a year of high school or college, which is a big waste of your life,"" Bancel said. ""But it has also been associated with multiple sclerosis, which is a terrible disease affecting mostly women ... so we think we could prevent that.""Moderna has been developing two shots designed to tackle multiple conditions associated with Epstein-Barr virus. That includes a shot designed to prevent mono called mRNA-1189, which will move to a phase three study after positive early stage trial data.A phase one trial examined that vaccine in patients 12 to 30 years old in the U.S. The study found that the shot produced an immune response against mono and was overall well tolerated across all dose sizes.Moderna is developing another shot called mRNA-1195, which is designed to target multiple sclerosis and a subcategory of lymphoma in solid organ transplant patients. A phase one trial on that vaccine is fully enrolled, according to the company.Bancel said the company believes the Epstein-Barr virus will be ""a several billion dollar market.""Varicella-Zoster virus causes both chickenpox and shingles. Older adults have declining immunity against that virus, making them more vulnerable to developing painful, itchy and blister-like rashes. About 1 in 3 adults in the U.S. will develop shingles at some point in their lives, according to the Centers for Disease Control and Prevention. Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company. Additional data from that ongoing trial will be available later this year.Moderna estimates that the market for Varicella-Zoster virus could be $5 billion to $6 billion annually.",CNBC,28/03/2024,"['In this articleModerna has more to offer beyond its Covid vaccine.', 'The biotech company Wednesday announced positive clinical trial data on three experimental vaccines against other viruses.', 'The company is moving those shots to final stage studies, it said.', 'The update brings Moderna a step closer to having multiple products on the market, which it badly needs amid plunging demand for Covid shots worldwide.', ""The company's Covid jab is its only commercially available product."", ""Moderna's stock has long been tied to that vaccine, with shares falling nearly 45% last year."", 'But shares of the company closed 3% higher on Wednesday after the announcements.', 'Moderna will chart its post-Covid future Wednesday during its fifth annual ""Vaccines Day,"" an investor event in Boston focused on the company\'s vaccine portfolio.', 'That business has an estimated total addressable market of $52 billion for infectious disease shots, which includes $27 billion for respiratory vaccines and more than $25 billion for latent shots and other jabs.', 'A category of viruses called latent viruses linger inside patients for prolonged periods without causing any symptoms but can ""reactivate"" and cause serious health complications later in their lives.', 'They represent a huge unmet need that Moderna can address, Moderna CEO Stéphane Bancel told CNBC in an interview on Wednesday.', '""Once those viruses are in your body, it\'s in your body forever,"" he said, adding that there are no approved shots for several of the latent viruses, including some that Moderna is targeting.', 'The company will present new clinical trial data on the three vaccines, including some against latent viruses, at the event Wednesday.', 'Those vaccines include a shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea; a vaccine against Epstein-Barr virus, a common herpes virus that can cause contagious infections and is associated with some cancers; and a shot designed to target a virus that causes shingles and chickenpox.', 'Moderna will also discuss other updates across its vaccine business.', 'The company has five other shots in late-stage clinical trials and said it expects to release data on two of those jabs this year.', 'That includes its combination vaccine against Covid and the flu and a shot against another common herpes virus called cytomegalovirus, or CMV.Among the other vaccines in late-stage development is a jab against respiratory syncytial virus, or RSV, which is expected to win regulatory approval in the U.S. in May.', ""It also includes a new and improved version of Moderna's Covid shot."", 'The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.', ""Another shot in phase three trials is the company's flu vaccine."", 'Also on Wednesday, Moderna said it recently entered into a development and commercialization funding agreement with Blackstone Life Sciences, a private equity segment of The Blackstone Group.', 'Blackstone will fund up to $750 million to advance Moderna\'s flu shot program, with ""a return based on commercial milestones"" and low single-digit royalties.', 'Bancel told CNBC the company\'s messenger RNA platform, used in its Covid vaccine, ""is working so well"" against other diseases.', 'That mRNA technology works by teaching the body to produce a harmless piece of a virus, which triggers an immune response against certain diseases.', '""Think about the [total addressable market] Moderna is going after – we\'re going to be one of the most important vaccine companies in the world,"" he said.', ""Still, it will take time before Moderna's pipeline will pay off."", 'The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025.', 'It expects to break even in 2026, executives said during a November earnings call.', ""Moderna's latest shots to move into late-stage trials represent significant opportunities for the company."", 'There is currently no approved shot to prevent norovirus, the most common cause of the stomach flu.', 'The virus results in approximately 200,000 deaths per year and substantial health-care costs, according to Moderna.', 'The company examined two different norovirus shot candidates in a phase one trial on more than 600 patients ages 18 to 49 and 60 to 80 in the U.S.An interim analysis showed that a single dose of a trivalent vaccine called mRNA-1403 targeting three norovirus strains triggered a strong immune response across all dose sizes.', 'The shot also had a ""clinically acceptable"" safety profile.', 'Moderna said it is moving that shot to a phase three trial.', 'The market for norovirus vaccines represents a $3 billion to $6 billion annual market, according to the company.', 'There are also no shots currently approved to prevent Epstein-Barr virus.', 'It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.', 'Both the virus and mono are associated with a higher risk of certain cancers.', ""The virus also increases a patient's risk of developing multiple sclerosis by 32-fold, according to Moderna."", 'That disease is characterized by the the immune system eating away at the protective covering of nerves.', '""It\'s a big issue for teenagers.', 'There are sometimes kids who have to redo a year of high school or college, which is a big waste of your life,"" Bancel said. ""', 'But it has also been associated with multiple sclerosis, which is a terrible disease affecting mostly women ... so we think we could prevent that.', '""Moderna has been developing two shots designed to tackle multiple conditions associated with Epstein-Barr virus.', 'That includes a shot designed to prevent mono called mRNA-1189, which will move to a phase three study after positive early stage trial data.', 'A phase one trial examined that vaccine in patients 12 to 30 years old in the U.S. The study found that the shot produced an immune response against mono and was overall well tolerated across all dose sizes.', 'Moderna is developing another shot called mRNA-1195, which is designed to target multiple sclerosis and a subcategory of lymphoma in solid organ transplant patients.', 'A phase one trial on that vaccine is fully enrolled, according to the company.', 'Bancel said the company believes the Epstein-Barr virus will be ""a several billion dollar market.', '""Varicella-Zoster virus causes both chickenpox and shingles.', 'Older adults have declining immunity against that virus, making them more vulnerable to developing painful, itchy and blister-like rashes.', 'About 1 in 3 adults in the U.S. will develop shingles at some point in their lives, according to the Centers for Disease Control and Prevention.', 'Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company.', 'Additional data from that ongoing trial will be available later this year.', 'Moderna estimates that the market for Varicella-Zoster virus could be $5 billion to $6 billion annually.']",0.091342032516668,"Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company.","It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.",0.3071435153484344,"The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.",The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025.,2024-04-02
'We need someone to fix Boeing.' Here's who could replace Calhoun as the troubled plane maker's CEO,https://www.cnbc.com/2024/03/26/boeing-ceo-who-could-replace-calhoun.html,2024-03-26T14:28:20+0000,"In this articleHelp wanted at Boeing.CEO Dave Calhoun on Monday announced he is stepping down from the aerospace giant's top post at year's end as the company struggles with a safety and production quality crisis tied to its bestselling airplane, the 737 Max. Boeing said it will begin a search for Calhoun's replacement.Boeing also announced Monday it's replacing board Chair Larry Kellner and the chief executive of its all-important commercial airplanes unit, Stan Deal.Calhoun told CNBC on Monday that the decision to retire was ""100%"" his own and that he would be involved in finding his successor. His departure isn't much of a surprise given the struggles of the last few months.Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft.""We need someone to fix Boeing,"" one major airline executive, who wasn't authorized to speak to the media, told CNBC after Boeing announced the management shake-up Monday. ""They unequivocally needed a change.""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.Executives at Boeing's customers told CNBC they want the company's new leader to have manufacturing acumen, expertise in the highly regulated and technical world of aviation, and, perhaps most difficult of all, the ability to rally Boeing's employees and ensure a culture of safety, consistency and innovation.""This is going to be a challenging role to fill. You're going to need someone with a huge amount of energy and commitment,"" said John Plueger, CEO of Air Lease, a major buyer of Boeing planes that leases them to airlines. ""You don't want somebody for two years. You want someone at the head of the ship for as long as possible.""The next boss at Boeing will have to contend not just with the company's internal struggles but lost market share to rival Airbus. Meanwhile, China has been pushing ahead with building its own commercial aircraft.""I want somebody who knows how to handle a big, long-cycled business like ours,"" Calhoun told CNBC in an interview Monday while announcing his departure. ""It's not just the production of the airplane. It's the development of the next airplane. Our next lead is going to develop ... the next airplane for the Boeing company.""Financial analysts applauded the amount of time Boeing is giving itself to find Calhoun's replacement. Four-year Boeing board member Steve Mollenkopf, an ex-Qualcomm CEO who will take over as independent chairman of the board, will lead the search.""It provides leadership continuity, which a knee-jerk change would not, and CEO Dave Calhoun clearly is on board with the need to bolster safety,"" said TD Cowen analyst Cai von Rumohr, in a note Monday.While Boeing didn't comment on its top candidates, here's who some aviation experts say could potentially lead Boeing:General Electric CEO Larry Culp is ""probably at the top of the list for a Boeing CEO,"" said Richard Aboulafia, managing director at AeroDynamic Advisory, an aviation consulting firm.Culp is set to head the aviation unit of GE that is about to spin off, a company that makes and overhauls engines that power both Boeing and rival Airbus planes. Culp has led a turnaround for the conglomerate and oversaw the split of the company.""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked. We're trying to support them in every possible way.""But Culp is focusing on GE's aerospace unit as a stand-alone company, a GE spokesperson said in response to questions about a potential future for him at Boeing.Pat Shanahan, the interim CEO of Spirit AeroSystems, is another possibility, Aboulafia said.A three-decade Boeing veteran, Shanahan was appointed last October to head the Boeing supplier, which makes fuselages for the company's 737 Max and other parts, as Spirit dealt with its own quality problems that have spilled over to Boeing.Boeing is in talks to buy Spirit, bringing the fuselage manufacturer back in-house after spinning it off almost two decades ago. A reunion could naturally slot Shanahan in as chief executive of the merged company.""Mr. Shanahan remains solely focused on driving a zero-defects culture across all aspects of Spirit AeroSystems,"" Spirit spokesman Joe Buccino told CNBC on Monday.Aboulafia also mentioned Carrier Chairman and CEO David Gitlin, who serves on Boeing's board.Gitlin has experience in aviation, previously working as president and chief operating officer at Collins Aerospace. Aviation experts have said said someone with a strong background in manufacturing and operations would be needed.Carrier did not respond to a request for comment.Stephanie Pope, who was recently promoted to chief operating officer after serving as head of Boeing's global services unit, is the most obvious internal option to succeed Calhoun. (Former Boeing CFO Greg Smith retired from the company in 2021. He was also seen as a possible successor.)But Pope will take over from Deal, who is retiring from his post as head of Boeing's commercial airplane division. And one aviation executive questioned why Boeing wouldn't have announced her appointment on Monday if she were the choice.The ""management changes are geared to institutionalize a priority on safety throughout the company by bringing in new blood,"" TD Cowen's von Rumohr wrote.— CNBC's Phil LeBeau contributed to this report.",CNBC,26/03/2024,"['In this articleHelp wanted at Boeing.', ""CEO Dave Calhoun on Monday announced he is stepping down from the aerospace giant's top post at year's end as the company struggles with a safety and production quality crisis tied to its bestselling airplane, the 737 Max."", ""Boeing said it will begin a search for Calhoun's replacement."", ""Boeing also announced Monday it's replacing board Chair Larry Kellner and the chief executive of its all-important commercial airplanes unit, Stan Deal."", 'Calhoun told CNBC on Monday that the decision to retire was ""100%"" his own and that he would be involved in finding his successor.', ""His departure isn't much of a surprise given the struggles of the last few months."", ""Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft."", '""We need someone to fix Boeing,"" one major airline executive, whowasn\'tauthorized to speak to the media, told CNBC after Boeing announced the management shake-up Monday. ""', 'They unequivocally needed a change.', '""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.', ""Executives at Boeing's customers told CNBC they want the company's new leader to have manufacturing acumen, expertise in the highly regulated and technical world of aviation, and, perhaps most difficult of all, the ability to rally Boeing's employees and ensure a culture of safety, consistency and innovation."", '""This is going to be a challenging role to fill.', 'You\'re going to need someone with a huge amount of energy and commitment,"" said John Plueger, CEO of Air Lease, a major buyer of Boeing planes that leases them to airlines. ""', ""You don't want somebody for two years."", 'You want someone at the head of the ship for as long as possible.', '""The next boss at Boeing will have to contend not just with the company\'s internal struggles but lost market share to rival Airbus.', 'Meanwhile, China has been pushing ahead with building its own commercial aircraft.', '""I want somebody who knows how to handle a big, long-cycled business like ours,"" Calhoun told CNBC in an interview Monday while announcing his departure. ""', ""It's not just the production of the airplane."", ""It's the development of the next airplane."", 'Our next lead is going to develop ... the next airplane for the Boeing company.', '""Financial analysts applauded the amount of time Boeing is giving itself to find Calhoun\'s replacement.', 'Four-year Boeing board member Steve Mollenkopf, an ex-QualcommCEO who will take over as independent chairman of the board, will lead the search.', '""It provides leadership continuity, which a knee-jerk change would not, and CEO Dave Calhoun clearly is on board with the need to bolster safety,"" said TD Cowen analyst Cai von Rumohr, in a note Monday.', 'While Boeing didn\'t comment on its top candidates,here\'s who some aviation experts say could potentially lead Boeing:General Electric CEO Larry Culp is ""probably at the top of the list for a Boeing CEO,"" said Richard Aboulafia, managing director at AeroDynamic Advisory, an aviation consulting firm.', 'Culp is set to head the aviation unit of GE that is about to spin off, a company that makes and overhauls engines that power both Boeing and rival Airbus planes.', 'Culp has led a turnaround for the conglomerate and oversaw the split of the company.', '""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""', ""Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked."", ""We're trying to support them in every possible way."", '""But Culp is focusing on GE\'s aerospace unit as a stand-alone company, a GE spokesperson said in response to questions about a potential future for him at Boeing.', 'Pat Shanahan, the interim CEO of Spirit AeroSystems, is another possibility, Aboulafia said.', ""A three-decade Boeing veteran, Shanahan was appointed last October to head the Boeing supplier, which makes fuselages for the company's 737 Max and other parts, as Spirit dealt with its own quality problems that have spilled over to Boeing."", 'Boeing is in talks to buy Spirit, bringing the fuselage manufacturer back in-house after spinning it off almost two decades ago.', 'A reunion could naturally slot Shanahan in as chief executive of the merged company.', '""Mr.', 'Shanahan remains solely focused on driving a zero-defects culture across all aspects of Spirit AeroSystems,"" Spirit spokesman Joe Buccino told CNBC on Monday.', ""Aboulafia also mentioned Carrier Chairman and CEO David Gitlin, who serves on Boeing's board."", 'Gitlin has experience in aviation, previously working as president and chief operating officer at Collins Aerospace.', 'Aviation experts have said said someone with a strong background in manufacturing and operations would be needed.', 'Carrier did not respond to a request for comment.', ""Stephanie Pope, who was recently promoted to chief operating officer after serving as head of Boeing's global services unit, is the most obvious internal option to succeed Calhoun. ("", 'Former Boeing CFO Greg Smith retired from the company in 2021.', ""He was also seen as a possible successor.)But Pope will take over from Deal, who is retiring from his post as head of Boeing's commercial airplane division."", ""And one aviation executive questioned why Boeing wouldn't have announced her appointment on Monday if she were the choice."", 'The ""management changes are geared to institutionalize a priority on safety throughout the company by bringing in new blood,"" TD Cowen\'s von Rumohr wrote.—', ""CNBC's Phil LeBeau contributed to this report.""]",0.1067049956915602,"Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked.","""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.",0.0447759303179654,"""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""","Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft.",2024-04-02
How Dana Walden could defy critics and become Disney's first female CEO,https://www.cnbc.com/2024/04/01/disney-ceo-race-dana-walden-could-defy-critics-and-make-history.html,2024-04-01T19:56:39+0000,"In this articleIn 1994, a captain of the media and entertainment industry saw something in Dana Walden that made him think she was capable of a bigger role.Thirty years later, that may happen again.That first time, the executive was Peter Chernin, then president of 20th Century Fox Filmed Entertainment and later president and chief operating officer of Rupert Murdoch's News Corp. Chernin plucked Walden from Fox's corporate communications division and gave her a job in TV.In 2024, the executive is Bob Iger, Disney's CEO, and the position he's considering Walden for is that of his successor, according to people familiar with the process. The appointment would make Walden the first female CEO of the Walt Disney Co. in its 100-year history.Just a year into her early career at 20th Century Fox, working in publicity, Walden delivered a presentation at a company retreat in Santa Barbara, California. She was determined to leave a lasting impression on Chernin, now chairman and CEO of investment firm The Chernin Group, after several encounters in which he'd never remembered her.To get his attention, Walden decided to be bold. She told Fox executives, including Chernin, that they weren't being aggressive enough to secure top talent. Fox needed to take bigger swings to generate relationships and land shows that could make it to syndication, Walden argued. A spokesperson for Walden confirmed the details of the presentation.When the retreat ended, Chernin called Peter Roth, then president of 20th Century Fox Television, who later ran Warner Bros.' TV division.""The next day she was in my office, and we gave her a job in programming,"" Roth said in an interview.That set Walden on a career course correction that's led her to the doorstep of becoming Iger's successor.Walden, co-chair of Disney Entertainment, is competing internally with Disney Experiences Chairman Josh D'Amaro, ESPN Chairman Jimmy Pitaro, and Alan Bergman, who is Entertainment co-chair with Walden, to be named the next CEO of Disney, said the people familiar, who asked not to be named because the discussions are private.Iger plans to name a successor and then stick around at Disney to teach that person the job before departing at the end of 2026, CNBC reported in September. He's fighting to maintain control of Disney's future against a threat from Trian Partners' Nelson Peltz.Peltz has argued he should help spearhead a successor search, considering Iger has pushed back his retirement five times and returned to the job after Bob Chapek, named CEO in 2020, was fired in 2022. Peltz has claimed the Disney board can't be trusted to handle succession. Disney shareholders will vote on Peltz's candidacy to the board at its annual meeting Wednesday.Several executives at Disney privately told CNBC they believe Walden, 59, is the favorite to land the top job, though they have no inside knowledge of the process, and their proximity to Walden may skew their perception. Her relationship with Iger (she lives just blocks from his house in Brentwood, California), her track record of success as a TV executive, her trust among Disney board members, and the symbolism about what it would mean to have a female executive all work in her favor.""She's the single best talent exec to come out of TV in the last 20 years,"" Chernin said in an interview.""She would be an outstanding CEO,"" Roth added. ""Absolutely outstanding.""Walden declined to comment for this story. More than 20 colleagues and friends spoke with CNBC about her strengths, faults and the perceived likelihood she will take over for Iger.Allies of Walden's told CNBC she won't even discuss succession with them (though many said they tease her about it), choosing to focus on the job of running Disney Entertainment with Bergman that she's tasked with today.She faces stiff competition in the other Disney division heads. Walden has spent the last three decades focused on producing TV hits. She hasn't had the same range of responsibilities as Pitaro, who has run the company's sports media empire since 2018. And she has no experience running parks and resorts, which Iger and the board may decide is more essential to Disney's future than a TV business with hazy financial prospects in the streaming era.Six former colleagues — all of whom worked closely with Walden — privately questioned her business acumen in interviews with CNBC.""There are people that are in creative positions that rise to a level of management who figure out what a P&L [profit and loss] statement is, what a balance sheet is, what quarterly earnings are,"" said one of the people, who asked to remain anonymous to speak candidly. ""Dana doesn't really bother with any of that.""A second former coworker said Walden's profile simply doesn't translate to becoming the Disney CEO — a job that involves close investor interaction, geopolitical deals for parks and resorts, and strategic thinking around acquisition and investment.""She'll be eaten up by real investors,"" said the person, who likewise requested anonymity. ""Does she have the necessary depth of business knowledge? She can learn, but you can't have someone teach you decades of finance, business and tactics in a year or two.""Walden supporters dismissed those concerns as either simply incorrect or an example of persistent stereotypes against female executives. Walden has met with many institutional investors through her years at Disney, according to people familiar with the matter.""There's something about looking at female execs where questions are asked that would never be asked of men,"" said Jennifer Salke, the head of Amazon Studios and a former colleague of Walden's. ""Can they scale? Can a creative person be a business leader? I find that to be a huge bugaboo. She's in charge of billions of dollars of assets, but she's not capable of being a business leader?""Walden defenders brush off criticism from ex-Disney colleagues as the remnants of a grudge against Fox employees who came over as part of Disney's $71 billion acquisition of Fox's entertainment assets in 2019, or perhaps as part of an ulterior motive to diminish her CEO prospects in favor of their own preferred candidates.""At some point, everyone running anything was something before that,"" Chernin said. ""Anybody they choose will have never been the Disney CEO prior to that.""Chernin and Walden both began their careers in public relations, making them two of a small club of TV executives who started that way — former HBO head Richard Plepler is another exception. Chernin saw Walden's background as a strength, rather than a weakness.""She knows nothing is more important to a studio than talent relationships,"" said Craig Hunegs, who worked closely with Walden when he was president of Disney TV Studios from 2019 to 2021.Walden's entire life has ties to Hollywood. She grew up modestly in Studio City, a neighborhood of Los Angeles, and attended the private Westlake School for Girls (a predecessor of the coed Harvard-Westlake School), where she became friendly with Carol Burnett's daughter Carrie Hamilton.Walden's parents made connections in the entertainment industry from their time living in Las Vegas, where her mother was a background dancer who performed with George Burns, among other artists. Her father became a member of The Friars Club, famous for its Dean Martin celebrity roasts, and established friendships with entertainers including Martin and Buddy Hackett. Walden spent her childhood years with celebrities as family friends, attending dinner parties and occasionally celebrating holidays at their homes. She went on to marry a member of the entertainment industry, producer Matt Walden, in 1995; they have two daughters, now in their 20s.After graduating from the University of Southern California, Walden took a job working for public relations firm Bender, Goldman & Helper, starting out as a receptionist and an assistant. Within four years, she'd become a vice president.At Bender, she represented ""The Arsenio Hall Show"" on behalf of her client Paramount. The show poached Walden to come work as head of marketing for Hall's production company. Less than a year later, Lucie Sulhany, president of Paramount Domestic Television, took a job as a high-ranking Fox TV executive. She asked Walden to come along and work in publicity, and Walden joined her with an eye toward eventually making TV shows.At Fox, Walden and fellow TV executive Gary Newman jointly began running the studio business — the engine of the company that makes series both for itself and other networks. Starting in 1999, they kept that position for the next 15 years until they were promoted to run all of Fox Broadcasting in 2014.A former attorney, Newman began his partnership with Walden handling many of the business issues, while Walden developed a reputation for winning over creative talent and having impeccable taste for both dramas and comedies.""People used to joke we were work spouses,"" Newman said in an interview. ""She was very good at the job very quickly. It's just a combination of being smart, being really fast, being curious, being fearless.""Over time, Walden mastered the business side of TV, according to Newman and others who have worked with her.""The difference between Dana in the beginning of our partnership, when she leaned on her creative background, and where she was a few years later was night and day,"" Newman said. ""She picked up what she needed to pick up about business. I had a surgery at one point — the responsibility fell on Dana to be in there for me. That included being in charge of the business side of things.""Newman recounted one difficult negotiation over a Fox-produced show with CBS. It was the day before CBS would announce its fall schedule, and it wasn't clear if the broadcast network would pick up the series. CBS gave Newman and Walden a midnight deadline to revise a deal on its terms or it would cancel the show. Walden told Newman that CBS was bluffing, realizing the show was the linchpin for other programming that day. She persuaded Fox to simply ignore the deadline. The next day, CBS included the series, proving Walden right.""I don't know if she plays poker, but she'd be a great poker player,"" Newman said.Fox's studio began churning out hits, including ""24,"" ""Homeland,"" ""How I Met Your Mother,"" ""Sons of Anarchy,"" ""Modern Family,"" ""This is Us,"" ""New Girl,"" ""Bob's Burgers,"" and mini-empires created by Seth MacFarlane (""Family Guy,"" ""American Dad,"" ""The Cleveland Show"") and Ryan Murphy (""Nip/Tuck,"" ""Glee,"" ""American Horror Story,"" ""9-1-1"").Walden began making lasting relationships with TV showrunners and producers who have repeatedly worked with her, including MacFarlane, Murphy, ""Modern Family"" co-creator Steve Levitan and ""This is Us"" creator Dan Fogelman. She earned a reputation for her creative notes on scripts, particularly on shaping ""24,"" an unusually constructed drama that ran from 2001 to 2014 and earned critical praise for its storytelling techniques, according to Rick Rosen, a partner and head of TV of the talent agency WME .""People felt her notes and constructive criticisms helped move that show forward,"" recounted Rosen, who represented Howard Gordon, at one time the ""24"" showrunner. ""She helped get it unstuck.""Walden's taste, her discipline around getting talent to deliver on budget, and her honesty about what's working and what isn't have set her apart from other executives, according to Levitan.""Hollywood is a business of relationships,"" Levitan said. ""What you can't teach somebody is how to inspire people. She is whip smart. If there is a subject that she needs to take a deep dive on, she's going to be an expert in that subject before you know it.""Disney's acquisition of Fox moved Walden to a new company with a new culture. Iger called Walden on the day of the deal's announcement in December 2017 to let her know he wanted her to come to Disney, according to people familiar with the matter. Newman planned to stay at Fox; he ultimately exited the company in 2018.Walden hoped she'd run Disney's TV unit as a direct report to Iger, according to people familiar with her thinking at the time. But Iger wanted Peter Rice, Walden's boss at Fox, for the top job. Passed over, Walden considered walking away from both Disney and the studio she helped build for other opportunities, the people said.Still, she had a strong relationship with Rice, who ultimately persuaded her to stay despite her disappointment. Walden eventually took Rice's job when Disney fired him in 2022 after Chapek and some members of the Disney board concluded he wasn't a team player, specifically noting that he'd privately criticized the company's messaging around Florida's controversial ""Don't Say Gay"" legislation, according to people familiar with the matter. Chapek told Rice he wasn't a culture fit despite years of Rice receiving positive feedback, the people said. A Disney spokesman and Rice declined to comment.""The conversations around selling a series — licensing fees, profit participation, residuals — or discussions about budgets, and how many guest stars we can sign, or which platform a series should air on ... all of that I've done directly with Dana,"" said Rich Appel, the executive producer and co-showrunner of ""Family Guy."" ""No disrespect to Gary [Newman], but for the past few years, it's only been Dana.""At Disney, Walden has hit several home runs, including FX's ""The Bear,"" Hulu's ""The Dropout"" and ""Only Murders in the Building,"" and ABC's ""Abbott Elementary."" She has heavily invested in marketing children's show ""Bluey,"" which in 2024 has spent time as the most-watched show on all streaming services. She has also focused on building up Disney+'s family programming with originals including ""Percy Jackson and the Olympians,"" ""Spidey and His Amazing Friends"" and ""Goosebumps.""Still, critics say it's easy to cherry-pick the successes and ignore the failures. One Disney insider said that grading Walden's performance honestly would require a robust analysis of all the shows she's greenlit.The last time Iger chose a successor, it didn't go well. As outlined by CNBC in 2023, the relationship between Chapek and Iger, who remained Disney's executive chairman until the end of 2021, fell apart, and the Disney board ultimately fired Chapek and brought Iger back less than three years later.Iger returned as CEO in part to right the wrong he believed he made by selecting Chapek as his successor, according to people familiar with his thinking. If he's looking for the anti-Chapek candidate, Walden fits the description.Chapek climbed the corporate ladder at Disney for 30 years by showcasing his business and finance chops. He studied microbiology at Indiana University and got his MBA from Michigan State University. He developed expertise in the minute details of Disney's parks and resorts, such as how specific hotel discounts could affect park attendance and the price elasticity of seasonal ticket rate adjustments.But he had almost no Hollywood relationships. Without a foundation of trust, ""The Town,"" as Hollywood is known, turned on Chapek. Agents, producers and showrunners blamed him for Disney's forceful public rebuke of A-list star Scarlett Johansson in a Covid pandemic-related contract dispute and for bungling the company's response to ""Don't Say Gay,"" as CNBC reported in 2023.Walden's resume sets her up as Chapek's inverse: a Disney outsider whose Hollywood ties are among the best in the industry. In the latter months of Chapek's tenure as CEO, as CNBC reported, Disney communications head Kristina Schake began setting up meetings for Chapek with Hollywood's power players — at Walden's house.A potential handover from Iger to Walden would also look very different from the Iger-Chapek transition, predicted United Talent Agency Vice Chairman Jay Sures, a close friend of Walden's. Chapek saw Iger as a threat to his power, according to people familiar with his thinking at the time. Walden would stay close to Iger for as long as possible, Sures said.""When Bob Chapek got the job, he couldn't wait for Bob Iger to leave. If Dana ever got the job, she's gonna dread the day Bob Iger leaves,"" Sures said. ""She values the skill and leadership he brings. She knows a good thing when she sees it.""If Walden were appointed CEO, she would be the first woman to run the century-old company. Some close to Iger say he would look fondly on being the person to help break the glass ceiling.Amazon's Salke said she's had several discussions over the years with Walden about how to survive in the male-dominated entertainment world. It requires a deftness of character and ability to avoid enemies, said Salke.""I watched 'Barbie,'"" said Salke, referencing the Greta Gerwig-created hit 2023 movie that skewers elements of modern patriarchy. ""That speech from America Ferrera's character [Gloria], it's true. You have to be likable but not too likable. If you're too likable, that's seen as threatening to men.""While Walden has crossed a bridge to become close friends with a number of her professional colleagues (she's the godmother of Murphy's children), she is attuned to her image in ways male executives don't have to worry about, according to people familiar with her personality.Even when the attention is nonthreatening, Walden is aware that her appearance may be judged as readily as her business performance, the people said.""When I first met her, the writers would see Dana walk by from time to time, and we used to call her 'Why Miss Jones,'"" Levitan said. ""Because she'd wear these glasses. So it was like in old Hollywood movies, when an actress would take off her glasses and one of the characters would say, 'Why, Miss Jones! You're beautiful!'""Levitan later became close friends with Walden and praised her professionalism. Of note, he cited last year's cancellation of ""Reboot,"" a show he created for Hulu.""I don't agree with the decision that was made there, and I don't agree that it got a fair shake,"" Levitan said. ""But Dana and I talked about it. She took me through her reasons. And it's a genuine conversation. There's a reason people are pretty effusive about the way Dana handles herself. It's because she genuinely goes out of her way to treat people with decency.""Walden and her team have a reputation for sending birthday gifts to Hollywood's movers and shakers and bottles of champagne to them when their shows premiere. Supporters view it as relationship-building. Critics said her actions sometimes border on corporate largesse.Walden herself has joked that she was ""raised by wolves"" at Fox, and that she's had to consciously adjust to the more toned-down Disney culture over the last five years, according to people familiar with her thinking.She's also had to toe a line between stereotype and successful executive. Of the 20 people interviewed for this story, nearly every one of them called Walden ""direct"" and ""demanding.""""Sharp elbows, right?"" Salke said, anticipating the hackneyed criticism of female leaders. ""So many times Dana and I have been the only women in the room. Can she be demanding and hold people to a high bar? Yes. But men come on in, and the first thing they do is fire people, and no one bats an eye.""Walden's champions noted that every successful executive is demanding of excellence, and said her directness is a major strength that separates her from many other TV executives.""She can be 'business' tough,"" said WME's Rosen. ""Nobody likes to deliver bad news. A show is canceled, or it's over budget, or this project didn't work. But she's not harsh. You feel like she's coming from a place of optimism — let's figure out where we go from here.""While the Disney board will have the ultimate say on the company's next CEO, Iger will likely be the real decision-maker, given his history at the company, status among board members, and knowledge of the job.""The importance of the succession process cannot be overstated, and as the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition,"" Iger said in a statement in 2023 when he renewed his contract as CEO to the end of 2026.Even if Iger agrees with some of Walden's critics about whether her strengths will specifically fit the top job at Disney, it's possible his recollection of his own experience being selected as CEO in 2005 could influence his decision. ""Go back and look at the articles that were written about Bob Iger,"" Sures said. ""I was friends with Bob then. It was a lot of 'empty suit' — a good-looking, tall guy who never had any experience in the movie business and never did anything in M&A [mergers and acquisitions] before in his life. Nineteen years later, he's one of the greatest, if not the greatest CEO the entertainment business has ever seen.""""The same things are being said about Dana now,"" Sures said.Iger and the board's selection for a successor may ultimately come down to the direction they envision for Disney.D'Amaro could be the choice if they decide the parks are the most important part of the company's future. Pitaro seems logical if ESPN and its upcoming digital transformation are seen as an essential part of Disney's future, as opposed to its past. Either Walden or Bergman could be the choice if creative taste and relationships trump all, though Bergman's recent troubles with Disney's film division may be a knock against them.Still, Chernin said it's a mistake to view Disney so simply. The magic of the company is how all the parts interact with each other, rather than emphasizing one unit over all others, he said.""The business is changing so rapidly. That company is going to change so much,"" Chernin said. ""Someone is going to have to imagine what a media company of the future looks like. Bob [Iger] is going through that right now. He's actively spending every day thinking that through. The most important part of that company is ongoing relationships with customers.""WATCH: Carolyn Everson, Disney board member, discusses the question of succession.",CNBC,01/04/2024,"['In this articleIn 1994, a captain of the media and entertainment industry saw something in Dana Walden that made him think she was capable of a bigger role.', 'Thirty years later, that may happen again.', ""That first time, the executive was Peter Chernin, then president of 20th Century Fox Filmed Entertainment and later president and chief operating officer of Rupert Murdoch'sNews Corp. Chernin plucked Walden from Fox's corporate communications division and gave her a job in TV.In 2024, the executive is Bob Iger, Disney's CEO, and the position he's considering Walden for is that of his successor, according to people familiar with the process."", 'The appointment would make Walden the first female CEO of the Walt Disney Co. in its 100-year history.', 'Just a year into her early career at 20th Century Fox, working in publicity, Walden delivered a presentation at a company retreat in Santa Barbara, California.', ""She was determined to leave a lasting impression on Chernin, now chairman and CEO of investment firmThe Chernin Group, after several encounters in which he'd never remembered her."", 'To get his attention, Walden decided to be bold.', ""She told Fox executives, including Chernin, that they weren't being aggressive enough to secure top talent."", 'Fox needed to take bigger swings to generate relationships and land shows that could make it to syndication, Walden argued.', 'A spokesperson for Walden confirmed the details of the presentation.', ""When the retreat ended, Chernin called Peter Roth, then president of 20th Century Fox Television, who later ran Warner Bros.' TV division."", '""The next day she was in my office, and we gave her a job in programming,"" Roth said in an interview.', ""That set Walden on a career course correction that's led her to the doorstep of becoming Iger's successor."", ""Walden, co-chair of Disney Entertainment, is competing internally with Disney Experiences Chairman Josh D'Amaro, ESPN Chairman Jimmy Pitaro, and Alan Bergman, who is Entertainment co-chair with Walden, to be named the next CEO of Disney, said the people familiar, who asked not to be named because the discussions are private."", 'Iger plans to name a successor and then stick around at Disney to teach that person the job before departing at the end of 2026, CNBC reported in September.', ""He's fighting to maintain control of Disney's future against a threat from Trian Partners' Nelson Peltz."", 'Peltz has argued he should help spearhead a successor search, considering Iger has pushed back his retirement five times and returned to the job after Bob Chapek, named CEO in 2020, was fired in 2022.', ""Peltz has claimed the Disney board can't be trusted to handle succession."", ""Disney shareholders will vote on Peltz's candidacy to the board at its annual meeting Wednesday."", 'Several executives at Disney privately told CNBC they believe Walden, 59, is the favorite to land the top job, though they have no inside knowledge of the process, and their proximity to Walden may skew their perception.', 'Her relationship with Iger (she lives just blocks from his house in Brentwood, California), her track record of success as a TV executive, her trust among Disney board members, and the symbolism about what it would mean to have a female executive all work in her favor.', '""She\'s the single best talent exec to come out of TV in the last 20 years,"" Chernin said in an interview.', '""She would be an outstanding CEO,"" Roth added. ""', 'Absolutely outstanding.', '""Walden declined to comment for this story.', 'More than 20 colleagues and friends spoke with CNBC about her strengths, faults and the perceived likelihood she will take over for Iger.', ""Allies of Walden's told CNBC she won't even discuss succession with them (though many said they tease her about it), choosing to focus on the job of running Disney Entertainment with Bergman that she's tasked with today."", 'She faces stiff competition in the other Disney division heads.', 'Walden has spent the last three decades focused on producing TV hits.', ""She hasn't had the same range of responsibilities as Pitaro, who has run the company's sports media empire since 2018."", ""And she has no experience running parks and resorts, which Iger and the board may decide is more essential to Disney's future than a TV business with hazy financial prospects in the streaming era."", 'Six former colleagues — all of whom worked closely with Walden — privately questioned her business acumen in interviews with CNBC.""There are people that are in creative positions that rise to a level of management who figure out what a P&L [profit and loss] statement is, what a balance sheet is, what quarterly earnings are,"" said one of the people, who asked to remain anonymous to speak candidly. ""', ""Dana doesn't really bother with any of that."", '""A second former coworker said Walden\'s profile simply doesn\'t translate to becoming the Disney CEO — a job that involves close investor interaction, geopolitical deals for parks and resorts, and strategic thinking around acquisition and investment.', '""She\'ll be eaten up by real investors,"" said the person, who likewise requested anonymity. ""', 'Does she have the necessary depth of business knowledge?', ""She can learn, but you can't have someone teach you decades of finance, business and tactics in a year or two."", '""Walden supporters dismissed those concerns as either simply incorrect or an example of persistent stereotypes against female executives.', 'Walden has met with many institutional investors through her years at Disney, according to people familiar with the matter.', '""There\'s something about looking at female execs where questions are asked that would never be asked of men,"" said Jennifer Salke, the head of Amazon Studios and a former colleague of Walden\'s. ""', 'Can they scale?', 'Can a creative person be a business leader?', 'I find that to be a huge bugaboo.', 'She\'s in charge of billions of dollars of assets, but she\'s not capable of being a business leader?""Walden defenders brush off criticism from ex-Disney colleagues as the remnants of a grudge against Fox employees who came over as part of Disney\'s $71 billion acquisition of Fox\'s entertainment assets in 2019, or perhaps as part of an ulterior motive to diminish her CEO prospects in favor of their own preferred candidates.', '""At some point, everyone running anything was something before that,"" Chernin said. ""', 'Anybody they choose will have never been the Disney CEO prior to that.', '""Chernin and Walden both began their careers in public relations, making them two of a small club of TV executives who started that way — former HBO head Richard Plepler is another exception.', ""Chernin saw Walden's background as a strength, rather than a weakness."", '""She knows nothing is more important to a studio than talent relationships,"" said Craig Hunegs, who worked closely with Walden when he was president of Disney TV Studios from 2019 to 2021.Walden\'s entire life has ties to Hollywood.', ""She grew up modestly in Studio City, a neighborhood of Los Angeles, and attended the private Westlake School for Girls (a predecessor of the coed Harvard-Westlake School), where she became friendly with Carol Burnett's daughter Carrie Hamilton."", ""Walden's parents made connections in the entertainment industry from their time living in Las Vegas, where her mother was a background dancer who performed with George Burns, among other artists."", 'Her father became a member of The Friars Club, famous for its Dean Martin celebrity roasts, and established friendships with entertainers including Martin and Buddy Hackett.', 'Walden spent her childhood years with celebrities as family friends, attending dinner parties and occasionally celebrating holidays at their homes.', 'She went on to marry a member of the entertainment industry, producer Matt Walden, in 1995; they have two daughters, now in their 20s.', 'After graduating from the University of Southern California, Walden took a job working for public relations firm Bender,Goldman& Helper, starting out as a receptionist and an assistant.', ""Within four years, she'd become a vice president."", 'At Bender, she represented ""The Arsenio Hall Show"" on behalf of her client Paramount.', ""The show poached Walden to come work as head of marketing for Hall's production company."", 'Less than a year later, Lucie Sulhany, president of Paramount Domestic Television, took a job as a high-ranking Fox TV executive.', 'She asked Walden to come along and work in publicity, and Walden joined her with an eye toward eventually making TV shows.', 'At Fox, Walden and fellow TV executive Gary Newman jointly began running the studio business — the engine of the company that makes series both for itself and other networks.', 'Starting in 1999, they kept that position for the next 15 years until they were promoted to run all of Fox Broadcasting in 2014.A former attorney, Newman began his partnership with Walden handling many of the business issues, while Walden developed a reputation for winning over creative talent and having impeccable taste for both dramas and comedies.', '""People used to joke we were work spouses,"" Newman said in an interview. ""', 'She was very good at the job very quickly.', ""It's just a combination of being smart, being really fast, being curious, being fearless."", '""Over time, Walden mastered the business side of TV, according to Newman and others who have worked with her.', '""The difference between Dana in the beginning of our partnership, when she leaned on her creative background, and where she was a few years later was night and day,"" Newman said. ""', 'She picked up what she needed to pick up about business.', 'I had a surgery at one point — the responsibility fell on Dana to be in there for me.', 'That included being in charge of the business side of things.', '""Newman recounted one difficult negotiation over a Fox-produced show with CBS.', ""It was the day before CBS would announce its fall schedule, and it wasn't clear if the broadcast network would pick up the series."", 'CBS gave Newman and Walden a midnight deadline to revise a deal on its terms or it would cancel the show.', 'Walden told Newman that CBS was bluffing, realizing the show was the linchpin for other programming that day.', 'She persuaded Fox to simply ignore the deadline.', 'The next day, CBS included the series, proving Walden right.', '""I don\'t know if she plays poker, but she\'d be a great poker player,"" Newman said.', 'Fox\'s studio began churning out hits, including ""24,"" ""Homeland,"" ""How I Met Your Mother,"" ""Sons of Anarchy,"" ""Modern Family,"" ""This is Us,"" ""New Girl,"" ""Bob\'s Burgers,"" and mini-empires created by Seth MacFarlane (""Family Guy,"" ""American Dad,"" ""The Cleveland Show"") and Ryan Murphy (""Nip/Tuck,"" ""Glee,"" ""American Horror Story,"" ""9-1-1"").Walden began making lasting relationships with TV showrunners and producers who have repeatedly worked with her, including MacFarlane, Murphy, ""Modern Family"" co-creator Steve Levitan and ""This is Us"" creator Dan Fogelman.', 'She earned a reputation for her creative notes on scripts, particularly on shaping ""24,"" an unusually constructed drama that ran from 2001 to 2014 and earned critical praise for its storytelling techniques, according to Rick Rosen, a partner and head of TV of the talent agency WME .""People felt her notes and constructive criticisms helped move that show forward,"" recounted Rosen, who represented Howard Gordon, at one time the ""24"" showrunner. ""', 'She helped get it unstuck.', '""Walden\'s taste, her discipline around getting talent to deliver on budget, and her honesty about what\'s working and what isn\'t have set her apart from other executives, according to Levitan.', '""Hollywood is a business of relationships,"" Levitan said. ""', ""What you can't teach somebody is how to inspire people."", 'She is whip smart.', ""If there is a subject that she needs to take a deep dive on, she's going to be an expert in that subject before you know it."", '""Disney\'s acquisition of Fox moved Walden to a new company with a new culture.', ""Iger called Walden on the day of the deal's announcement in December 2017 to let her know he wanted her to come to Disney, according to people familiar with the matter."", ""Newman planned to stay at Fox; he ultimately exited the company in 2018.Walden hoped she'd run Disney's TV unit as a direct report to Iger, according to people familiar with her thinking at the time."", ""But Iger wanted Peter Rice, Walden's boss at Fox, for the top job."", 'Passed over, Walden considered walking away from both Disney and the studio she helped build for other opportunities, the people said.', 'Still, she had a strong relationship with Rice, who ultimately persuaded her to stay despite her disappointment.', 'Walden eventually took Rice\'s job when Disney fired him in 2022 after Chapek and some members of the Disney board concluded he wasn\'t a team player, specifically noting that he\'d privately criticized the company\'s messaging around Florida\'s controversial ""Don\'t Say Gay"" legislation, according to people familiar with the matter.', ""Chapek told Rice he wasn't a culture fit despite years of Rice receiving positive feedback, the people said."", 'A Disney spokesman and Rice declined to comment.', '""The conversations around selling a series — licensing fees, profit participation, residuals — or discussions about budgets, and how many guest stars we can sign, or which platform a series should air on ... all of that I\'ve done directly with Dana,"" said Rich Appel, the executive producer and co-showrunner of ""Family Guy."" ""', ""No disrespect to Gary [Newman], but for the past few years, it's only been Dana."", '""At Disney, Walden has hit several home runs, including FX\'s ""The Bear,"" Hulu\'s ""The Dropout"" and ""Only Murders in the Building,"" and ABC\'s ""Abbott Elementary.""', 'She has heavily invested in marketing children\'s show ""Bluey,"" which in 2024 has spent time as the most-watched show on all streaming services.', 'She has also focused on building up Disney+\'s family programming with originals including ""Percy Jackson and the Olympians,"" ""Spidey and His Amazing Friends"" and ""Goosebumps.', '""Still, critics say it\'s easy to cherry-pick the successes and ignore the failures.', ""One Disney insider said that grading Walden's performance honestly would require a robust analysis of all the shows she's greenlit."", ""The last time Iger chose a successor, it didn't go well."", ""As outlined by CNBC in 2023, the relationship between Chapek and Iger, who remained Disney's executive chairman until the end of 2021, fell apart, and the Disney board ultimately fired Chapek and brought Iger back less than three years later."", 'Iger returned as CEO in part to right the wrong he believed he made by selecting Chapek as his successor, according to people familiar with his thinking.', ""If he's looking for the anti-Chapek candidate, Walden fits the description."", 'Chapek climbed the corporate ladder at Disney for 30 years by showcasing his business and finance chops.', 'He studied microbiology at Indiana University and got his MBA from Michigan State University.', ""He developed expertise in the minute details of Disney's parks and resorts, such as how specific hotel discounts could affect park attendance and the price elasticity of seasonal ticket rate adjustments."", 'But he had almost no Hollywood relationships.', 'Without a foundation of trust, ""The Town,"" as Hollywood is known, turned on Chapek.', 'Agents, producers and showrunners blamed him for Disney\'s forceful public rebuke of A-list star Scarlett Johansson in a Covid pandemic-related contract dispute and for bungling the company\'s response to ""Don\'t Say Gay,"" as CNBC reported in 2023.Walden\'s resume sets her up as Chapek\'s inverse: a Disney outsider whose Hollywood ties are among the best in the industry.', ""In the latter months of Chapek's tenure as CEO, as CNBC reported, Disney communications head Kristina Schake began setting up meetings for Chapek with Hollywood's power players — at Walden's house."", ""A potential handover from Iger to Walden would also look very different from the Iger-Chapek transition, predicted United Talent Agency Vice Chairman Jay Sures, a close friend of Walden's."", 'Chapek saw Iger as a threat to his power, according to people familiar with his thinking at the time.', 'Walden would stay close to Iger for as long as possible, Sures said.', '""When Bob Chapek got the job, he couldn\'t wait for Bob Iger to leave.', 'If Dana ever got the job, she\'s gonna dread the day Bob Iger leaves,"" Sures said. ""', 'She values the skill and leadership he brings.', 'She knows a good thing when she sees it.', '""If Walden were appointed CEO, she would be the first woman to run the century-old company.', 'Some close to Iger say he would look fondly on being the person to help break the glass ceiling.', ""Amazon's Salke said she's had several discussions over the years with Walden about how to survive in the male-dominated entertainment world."", 'It requires a deftness of character and ability to avoid enemies, said Salke.', '""I watched \'Barbie,\'"" said Salke, referencing the Greta Gerwig-created hit 2023 movie that skewers elements of modern patriarchy. ""', ""That speech from America Ferrera's character [Gloria], it's true."", 'You have to be likable but not too likable.', ""If you're too likable, that's seen as threatening to men."", '""While Walden has crossed a bridge to become close friends with a number of her professional colleagues (she\'s the godmother of Murphy\'s children), she is attuned to her image in ways male executives don\'t have to worry about, according to people familiar with her personality.', 'Even when the attention is nonthreatening, Walden is aware that her appearance may be judged as readily as her business performance, the people said.', '""When I first met her, the writers would see Dana walk by from time to time, and we used to call her \'Why Miss Jones,\'"" Levitan said. ""', ""Because she'd wear these glasses."", ""So it was like in old Hollywood movies, when an actress would take off her glasses and one of the characters would say, 'Why, Miss Jones!"", 'You\'re beautiful!\'""Levitan later became close friends with Walden and praised her professionalism.', 'Of note, he cited last year\'s cancellation of ""Reboot,"" a show he created for Hulu.', '""I don\'t agree with the decision that was made there, and I don\'t agree that it got a fair shake,"" Levitan said. ""', 'But Dana and I talked about it.', 'She took me through her reasons.', ""And it's a genuine conversation."", ""There's a reason people are pretty effusive about the way Dana handles herself."", ""It's because she genuinely goes out of her way to treat people with decency."", '""Walden and her team have a reputation for sending birthday gifts to Hollywood\'s movers and shakers and bottles of champagne to them when their shows premiere.', 'Supporters view it as relationship-building.', 'Critics said her actions sometimes border on corporate largesse.', 'Walden herself has joked that she was ""raised by wolves"" at Fox, and that she\'s had to consciously adjust to the more toned-down Disney culture over the last five years, according to people familiar with her thinking.', ""She's also had to toe a line between stereotype and successful executive."", 'Of the 20 people interviewed for this story, nearly every one of them called Walden ""direct"" and ""demanding.', '""""Sharp elbows, right?""', 'Salke said, anticipating the hackneyed criticism of female leaders. ""', 'So many times Dana and I have been the only women in the room.', 'Can she be demanding and hold people to a high bar?', 'Yes.', 'But men come on in, and the first thing they do is fire people, and no one bats an eye.', '""Walden\'s champions noted that every successful executive is demanding of excellence, and said her directness is a major strength that separates her from many other TV executives.', '""She can be \'business\' tough,"" said WME\'s Rosen. ""', 'Nobody likes to deliver bad news.', ""A show is canceled, or it's over budget, or this project didn't work."", ""But she's not harsh."", ""You feel like she's coming from a place of optimism — let's figure out where we go from here."", '""While the Disney board will have the ultimate say on the company\'s next CEO, Iger will likely be the real decision-maker, given his history at the company, status among board members, and knowledge of the job.', '""The importance of the succession process cannot be overstated, and as the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition,"" Iger said in a statement in 2023 when he renewed his contract as CEO to the end of 2026.Even if Iger agrees with some of Walden\'s critics about whether her strengths will specifically fit the top job at Disney, it\'s possible his recollection of his own experience being selected as CEO in 2005 could influence his decision.', '""Go back and look at the articles that were written about Bob Iger,"" Sures said. ""', 'I was friends with Bob then.', ""It was a lot of 'empty suit' — a good-looking, tall guy who never had any experience in the movie business and never did anything in M&A [mergers and acquisitions] before in his life."", ""Nineteen years later, he's one of the greatest, if not the greatest CEO the entertainment business has ever seen."", '""""The same things are being said about Dana now,"" Sures said.', ""Iger and the board's selection for a successor may ultimately come down to the direction they envision for Disney."", ""D'Amaro could be the choice if they decide the parks are the most important part of the company's future."", ""Pitaro seems logical if ESPN and its upcoming digital transformation are seen as an essential part of Disney's future, as opposed to its past."", ""Either Walden or Bergman could be the choice if creative taste and relationships trump all, though Bergman's recent troubles with Disney's film division may be a knock against them."", ""Still, Chernin said it's a mistake to view Disney so simply."", 'The magic of the company is how all the parts interact with each other, rather than emphasizing one unit over all others, he said.', '""The business is changing so rapidly.', 'That company is going to change so much,"" Chernin said. ""', 'Someone is going to have to imagine what a media company of the future looks like.', 'Bob [Iger] is going through that right now.', ""He's actively spending every day thinking that through."", 'The most important part of that company is ongoing relationships with customers.', '""WATCH: Carolyn Everson, Disney board member, discusses the question of succession.']",0.1767351564273119,"""The importance of the succession process cannot be overstated, and as the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition,"" Iger said in a statement in 2023 when he renewed his contract as CEO to the end of 2026.Even if Iger agrees with some of Walden's critics about whether her strengths will specifically fit the top job at Disney, it's possible his recollection of his own experience being selected as CEO in 2005 could influence his decision.","Walden eventually took Rice's job when Disney fired him in 2022 after Chapek and some members of the Disney board concluded he wasn't a team player, specifically noting that he'd privately criticized the company's messaging around Florida's controversial ""Don't Say Gay"" legislation, according to people familiar with the matter.",0.073489362001419,"Still, she had a strong relationship with Rice, who ultimately persuaded her to stay despite her disappointment.","The last time Iger chose a successor, it didn't go well.",2024-04-02
Health insurer stocks slide as final Medicare Advantage rates disappoint,https://www.cnbc.com/2024/04/02/health-insurer-stocks-slide-as-medicare-advantage-rates-disappoint.html,2024-04-02T15:19:11+0000,"In this articleShares of U.S. health insurers fell Tuesday after the Biden administration didn't boost payments for private Medicare plans as much as the insurance industry and investors had hoped. Shares of CVS Health fell more than 8% on Tuesday, while UnitedHealth Group's stock slid nearly 7%. Shares of Elevance Health dropped more than 3% and Centene's stock fell 6%. Meanwhile, Humana's stock fell more than 10%. The health-care giant is far more dependent on those private Medicare plans, known as Medicare Advantage, than its rivals. The announcement puts more pressure on insurers already grappling with high medical costs and uncertainty around claims processing after the cyberattack on UnitedHealth Group's tech unit. It also deals a blow to Medicare Advantage businesses, which have long driven growth and profits for the insurance industry.The Centers for Medicare and Medicaid Services said late Monday that government payments to Medicare Advantage plans are expected to rise 3.7% year over year. That is effectively a 0.16% decline after stripping out certain assumptions baked into that rate, according to insurers and analysts. That final rate is unchanged from an earlier proposal in January. Typically, the federal agency raises that rate from its initial proposal. The closely watched rate determines how much insurers can charge for monthly premiums and plan benefits they offer, and ultimately, their profits.Medicare Advantage is a privately run health insurance plan contracted by Medicare. More than half of Medicare beneficiaries are enrolled in such plans, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research firm KFF.",CNBC,02/04/2024,"[""In this articleShares of U.S. health insurers fell Tuesday after the Biden administration didn't boost payments for private Medicare plans as much as the insurance industry and investors had hoped."", ""Shares of CVS Health fell more than 8% on Tuesday, while UnitedHealth Group's stock slid nearly 7%."", ""Shares of Elevance Health dropped more than 3% and Centene's stock fell 6%.Meanwhile, Humana's stock fell more than 10%."", 'The health-care giant is far more dependent on those private Medicare plans, known as Medicare Advantage, than its rivals.', ""The announcement puts more pressure on insurers already grappling with high medical costs and uncertainty around claims processing after the cyberattack on UnitedHealth Group's tech unit."", 'It also deals a blow to Medicare Advantage businesses, which have long driven growth and profits for the insurance industry.', 'The Centers for Medicare and Medicaid Services said late Monday that government payments to Medicare Advantage plans are expected to rise 3.7% year over year.', 'That is effectively a 0.16% decline after stripping out certain assumptions baked into that rate, according to insurers and analysts.', 'That final rate is unchanged from an earlier proposal in January.', 'Typically, the federal agency raises that rate from its initial proposal.', 'The closely watched rate determines how much insurers can charge for monthly premiums and plan benefits they offer, and ultimately, their profits.', 'Medicare Advantage is a privately run health insurance plan contracted by Medicare.', 'More than half of Medicare beneficiaries are enrolled in such plans, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research firm KFF.']",0.3318215496829308,"It also deals a blow to Medicare Advantage businesses, which have long driven growth and profits for the insurance industry.",The announcement puts more pressure on insurers already grappling with high medical costs and uncertainty around claims processing after the cyberattack on UnitedHealth Group's tech unit.,-0.2921591624617576,The Centers for Medicare and Medicaid Services said late Monday that government payments to Medicare Advantage plans are expected to rise 3.7% year over year.,"Shares of CVS Health fell more than 8% on Tuesday, while UnitedHealth Group's stock slid nearly 7%.",2024-04-02
"Here's how much people are willing to spend on weight loss drugs, according to a new survey",https://www.cnbc.com/2024/03/23/weight-loss-drug-cost-how-much-people-are-willing-to-spend.html,2024-03-23T14:11:27+0000,"In this articleDemand for weight loss drugs is booming in the U.S. despite their limited insurance coverage and roughly $1,000 monthly price tags before discounts. But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.That's according to a recent survey from Evercore ISI focused on GLP-1s, a new class of medications used to treat Type 2 diabetes and obesity. Between Jan. 24 and Feb. 20, the firm surveyed more than 600 participants who are currently taking a GLP-1, considering the therapy or have taken it in the past but no longer do. The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.GLP-1s include Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes counterpart Ozempic, along with Eli Lilly's popular weight loss treatment Zepbound and diabetes injection Mounjaro. A monthly package of a GLP-1 costs between $900 and $1,350 before insurance and other rebates. Both Novo Nordisk and Eli Lilly have savings programs that aim to reduce out-of-pocket costs for weight loss drugs, regardless of whether a patient has commercial insurance coverage. The majority — nearly 60% — of people surveyed with annual incomes of more than $250,000 said the maximum price they are willing to pay out of pocket for a GLP-1 is more than $300 per month. Only about 4% of people with annual incomes of less than $75,000 said the same thing. Of that group, 64% said the maximum price they are willing to pay out of pocket for a GLP-1 is $50 per month or less. The maximum people currently on a GLP-1 said they are willing to pay out of pocket per month was roughly in line with what they actually paid for treatment, according to the survey. The highest price respondents would accept paying skewed lower among those who used to take a GLP-1 or are thinking of taking the drug. More than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket. Nearly 75% of those who used to take one of the drugs said they spent the same amount. A small share of both groups paid more than $750 out of pocket per month for a GLP-1.The survey also asked respondents how long they stayed on the drugs.Notably, more than 80% of those who used to take a treatment were only on a therapy for 12 months or less. Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.That premature stoppage by some patients is one concern of certain insurers hesitant to cover them.Still, nearly half of people who are currently taking GLP-1s said they intend to stay on the drugs permanently. Only 10% of those thinking of taking a treatment said the same thing. Of that group, more than 70% said they intend to stay on a GLP-1 until they reach their weight loss goal.The survey also asked participants whether they would restart taking a GLP-1 if they regain weight after stopping the drug. The majority of patients across all groups — those currently on a GLP-1, thinking of it, or who used to take one — said ""yes."" Among those who used to take a GLP-1, 42% said they gained ""some"" weight back after stopping treatment. Around 13% said they gained most of it back, while 23% said they gained all of it back. Another 23% said they remained at a lower weight after stopping the drug.That weight regain is consistent with what has been observed in some clinical trials on drugs such as Wegovy and Zepbound.Another part of the survey asked participants about whether taking a GLP-1 affected their eating and drinking habits. More than 70% of respondents reporting eating less when taking a GLP-1, regardless of whether they have pre-existing conditions. That refers to other health problems, such as diabetes, asthma or high blood pressure.The survey finding is no surprise: GLP-1s work by mimicking a hormone produced in the gut to suppress a person's appetite and regulate blood sugar. Some treatments, such as Zepbound, mimic more than one gut hormone.More than half of those without preexisting conditions said they drank less alcohol when taking a GLP-1. Around 27% said the treatment had no effect on their alcohol consumption, while 22% said they abstain from drinking. A greater share — 51% — of those with preexisting conditions said they abstain from alcohol. The remainder said they consumed less alcohol when taking a GLP-1. Several studies have demonstrated that certain GLP-1s curb alcohol intake in rodents and monkeys. But more research is needed in humans.-- CNBC's Gabriel Cortés contributed to this report",CNBC,23/03/2024,"['In this articleDemand for weight loss drugs is booming in the U.S. despite their limited insurance coverage and roughly $1,000 monthly price tags before discounts.', 'But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.', ""That's according to a recent survey from Evercore ISI focused on GLP-1s, a new class of medications used to treat Type 2 diabetes and obesity."", 'Between Jan. 24 and Feb. 20, the firm surveyed more than 600 participants who are currently taking a GLP-1, considering the therapy or have taken it in the past but no longer do.', 'The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.', ""GLP-1s include Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes counterpart Ozempic, along with Eli Lilly's popular weight loss treatment Zepbound and diabetes injection Mounjaro."", 'A monthly package of a GLP-1 costs between $900 and $1,350 before insurance and other rebates.', 'Both Novo Nordisk and Eli Lilly have savings programs that aim to reduce out-of-pocket costs for weight loss drugs, regardless of whether a patient has commercial insurance coverage.', 'The majority — nearly 60% — of people surveyed with annual incomes of more than $250,000 said the maximum price they are willing to pay out of pocket for a GLP-1 is more than $300 per month.', 'Only about 4% of people with annual incomes of less than $75,000 said the same thing.', 'Of that group, 64% said the maximum price they are willing to pay out of pocket for a GLP-1 is $50 per month or less.', 'The maximum people currently on a GLP-1 said they are willing to pay out of pocket per month was roughly in line with what they actually paid for treatment, according to the survey.', 'The highest price respondents would accept paying skewed lower among those who used to take a GLP-1 or are thinking of taking the drug.', 'More than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket.', 'Nearly 75% of those who used to take one of the drugs said they spent the same amount.', 'A small share of both groups paid more than $750 out of pocket per month for a GLP-1.The survey also asked respondents how long they stayed on the drugs.', 'Notably, more than 80% of those who used to take a treatment were only on a therapy for 12 months or less.', 'Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.', 'That premature stoppage by some patients is one concern of certain insurers hesitant to cover them.', 'Still, nearly half of people who are currently taking GLP-1s said they intend to stay on the drugs permanently.', 'Only 10% of those thinking of taking a treatment said the same thing.', 'Of that group, more than 70% said they intend to stay on a GLP-1 until they reach their weight loss goal.', 'The survey also asked participants whether they would restart taking a GLP-1 if they regain weight after stopping the drug.', 'The majority of patients across all groups — those currently on a GLP-1, thinking of it, or who used to take one — said ""yes.', '""Among those who used to take a GLP-1, 42% said they gained ""some"" weight back after stopping treatment.', 'Around 13% said they gained most of it back, while 23% said they gained all of it back.', 'Another 23% said they remained at a lower weight after stopping the drug.', 'That weight regain is consistent with what has been observed in some clinical trials on drugs such as Wegovy and Zepbound.', 'Another part of the survey asked participants about whether taking a GLP-1 affected their eating and drinking habits.', 'More than 70% of respondents reporting eating less when taking a GLP-1, regardless of whether they have pre-existing conditions.', 'That refers to other health problems, such as diabetes, asthma or high blood pressure.', ""The survey finding is no surprise: GLP-1s work by mimicking a hormone produced in the gut to suppress a person's appetite and regulate blood sugar."", 'Some treatments, such as Zepbound, mimic more than one gut hormone.', 'More than half of those without preexisting conditions said they drank less alcohol when taking a GLP-1.', 'Around 27% said the treatment had no effect on their alcohol consumption, while 22% said they abstain from drinking.', 'A greater share — 51% — of those with preexisting conditions said they abstain from alcohol.', 'The remainder said they consumed less alcohol when taking a GLP-1.Several studies have demonstrated that certain GLP-1s curb alcohol intake in rodents and monkeys.', ""But more research is needed in humans.-- CNBC's Gabriel Cortés contributed to this report""]",0.0154064542037785,But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.,"Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.",0.2664940953254699,"Around 13% said they gained most of it back, while 23% said they gained all of it back.",The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.,2024-04-02
"United asks pilots to take unpaid time off, citing Boeing's delayed aircraft",https://www.cnbc.com/2024/04/01/united-asks-pilots-to-take-unpaid-time-off-citing-boeing-delays.html,2024-04-01T17:38:46+0000,"In this articleUnited Airlines is asking pilots to take unpaid time off next month, citing late-arriving aircraft from Boeing, according to a note sent to pilots.It's another example of how Boeing's customers say the manufacturer's production problems and safety crisis are impacting their growth plans. The offer comes after United and other airlines in recent years have clamored for more pilots when the Covid-19 pandemic travel slump ended and demand surged.""Due to recent changes to our Boeing deliveries, the remaining 2024 forecast block hours for United have been significantly reduced,"" the United chapter of the Air Line Pilots Association, the pilots' union, said in a note to members Friday. ""While the delivery issues surround our 787 and 737 fleets, the impact will affect other fleets as well.""United confirmed the request for voluntary, unpaid time off. The airline previously said it would pause pilot hiring this spring because of aircraft arriving late from Boeing, CNBC reported last month.The union said it expects United to offer more time off ""for the summer bid periods and potentially into the fall.""United was contracted to receive 43 Boeing 737 Max 8 planes and 34 Max 9 models this year, but now expects to receive 37 and 19, respectively, according to a company filing in February. It had expected Boeing would also hand over 80 Max 10s this year and 71 next year. That model hasn't yet been certified by the Federal Aviation Administration, and the airline removed them from the delivery schedule because it is ""unable to accurately forecast the expected delivery period,"" it said in the filing.United CEO Scott Kirby has been among the most vocal about the production problems and delivery delays at Boeing, including most recently the crisis stemming from a door plug that blew out of a nearly new Boeing 737 Max 9 operated by an Alaska Airlines flight that was at about 16,000 feet.Other airlines bosses have also grown frustrated with the delivery delays resulting from Boeing's manufacturing issues.Southwest Airlines last month said it was reevaluating its 2024 financial guidance, citing fewer Boeing deliveries, and has paused pilot and flight attendant hiring, while Alaska Airlines said its 2024 capacity estimates are ""in flux due to uncertainty around the timing of aircraft deliveries as a result of increased Federal Aviation Administration and Department of Justice scrutiny on Boeing and its operations.""Boeing declined to comment.Boeing CEO Dave Calhoun last week announced he would leave at the end of the year as part of a broad leadership shake-up, which included the departures of the board chairman and the head of Boeing's commercial airplanes unit.",CNBC,01/04/2024,"['In this articleUnited Airlines is asking pilots to take unpaid time off next month, citing late-arriving aircraft from Boeing, according to a note sent to pilots.', ""It's another example of how Boeing's customers say the manufacturer's production problems and safety crisis are impacting their growth plans."", 'The offer comes after United and other airlines in recent years have clamored for more pilots when the Covid-19 pandemic travel slump ended and demand surged.', '""Due to recent changes to our Boeing deliveries, the remaining 2024 forecast block hours for United have been significantly reduced,"" the United chapter of the Air Line Pilots Association, the pilots\' union, said in a note to members Friday. ""', 'While the delivery issues surround our 787 and 737 fleets, the impact will affect other fleets as well.', '""United confirmed the request for voluntary, unpaid time off.', 'The airline previously said it would pause pilot hiring this spring because of aircraft arriving late from Boeing, CNBC reported last month.', 'The union said it expects United to offer more time off ""for the summer bid periods and potentially into the fall.', '""United was contracted to receive 43 Boeing 737 Max 8 planes and 34 Max 9 models this year, but now expects to receive 37 and 19, respectively, according to a company filing in February.', 'It had expected Boeing would also hand over 80 Max 10s this year and 71 next year.', 'That model hasn\'t yet been certified by the Federal Aviation Administration, and the airline removed them from the delivery schedule because it is ""unable to accurately forecast the expected delivery period,"" it said in the filing.', 'United CEO Scott Kirby has been among the most vocal about the production problems and delivery delays at Boeing, including most recently the crisis stemming from a door plug that blew out of a nearly new Boeing 737 Max 9 operated by an Alaska Airlines flight that was at about 16,000 feet.', ""Other airlines bosses have also grown frustrated with the delivery delays resulting from Boeing's manufacturing issues."", 'Southwest Airlines last month said it was reevaluating its 2024 financial guidance,citing fewer Boeing deliveries,and has paused pilot and flight attendant hiring, while Alaska Airlines said its 2024 capacity estimates are ""in flux due to uncertainty around the timing of aircraft deliveries as a result of increased Federal Aviation Administration and Department of Justice scrutiny on Boeing and its operations.', '""Boeing declined to comment.', ""Boeing CEO Dave Calhoun last week announced he would leave at the end of the year as part of a broad leadership shake-up, which included the departures of the board chairman and the head of Boeing's commercial airplanes unit.""]",0.1051115936683381,"""United was contracted to receive 43 Boeing 737 Max 8 planes and 34 Max 9 models this year, but now expects to receive 37 and 19, respectively, according to a company filing in February.","United CEO Scott Kirby has been among the most vocal about the production problems and delivery delays at Boeing, including most recently the crisis stemming from a door plug that blew out of a nearly new Boeing 737 Max 9 operated by an Alaska Airlines flight that was at about 16,000 feet.",-0.7247092988755968,The offer comes after United and other airlines in recent years have clamored for more pilots when the Covid-19 pandemic travel slump ended and demand surged.,It's another example of how Boeing's customers say the manufacturer's production problems and safety crisis are impacting their growth plans.,2024-04-02
Why there's a revolution on the way in glass making,https://www.bbc.co.uk/news/business-68429393,2024-04-01T23:03:38.000Z,"I'm handed an elegant pear-shaped bottle with an intricate leaf pattern reaching up around the neck.  Despite being empty, it's heavy.  I ask how much the bottle costs. ""About £270,"" I'm told. I hand the bottle back - very carefully.  The bottle, designed for a rare whisky, is one of the creations of Stoelzle Flaconnage, based in Knottingley, West Yorkshire. Glassware has been made on this site since 1871. In 1994 the factory was taken over by Austria's Stoelzle Glass Group, which has focused the plant on making bottles for the spirits industry.  It can handle the design, bottle making and decoration all on one site.  Demand is strong, helped by the boom in gin making and demand for whisky in Asia. When I visit, the plant is busy, lumps of molten glass are dropping into dozens of moulds, the glass still glowing orange from the heat of the furnace. To stand out in a crowded market, customers want distinctive bottles, with patterned and sometimes coloured glass, elaborate labels and artwork. ""What our clients are looking for is to have their product presented in an outstanding - sometimes iconic - way,"" says Thomas Riss, chief executive of Stoelzle Flaconnage. While business is brisk, Stoelzle Flaconnage - and other glassmakers - are having to make some big decisions about the way they make glass containers. The European Union is cracking down on packaging waste. It wants packaging to be lighter so less material is needed and less fuel is needed for transportation.  It has been working on the Packaging & Packaging Waste Regulation (PPWR), which is in the final stages of approval. Under the rules, member states would have to cut back on packaging weight and would have to introduce measures to meet targets. There is concern in the glass container industry that it will be unfairly targeted as glass is relatively heavy, compared with plastic or aluminium.  ""Light doesn't mean sustainable,"" points out Vanessa Chesnot, from FEVE, the industry body which represents European glass container makers. ""Glass is 100% and infinitely recyclable... so, you can recycle a whisky bottle into another bottle, forever basically."" While it's true that glass recycling is an established process, making glass, even using recycled materials, is energy intensive.  Most glass making involves burning natural gas to heat the raw materials in a furnace to 1,500C. Burning gas and heating the raw materials both produce CO2. The furnace I saw in action at Stoelzle Flaconnage uses about 191,000 kWh of energy per day - that's enough to supply the average UK household with energy for 12 years.  It is considered a relatively small furnace; bigger plants would have furnaces twice the size. What's more, glass furnaces are never turned off, as it takes 12 days for a furnace to reach its operating temperature. Essentially a furnace will run all day, every day for its operational life - typically between ten and 12 years. So the glass industry is looking at switching from gas-fired furnaces to electricity. If the electricity comes from a sustainable source then the carbon footprint is slashed, which could go a long way to helping glass firms meet their goal to become net zero by 2050. Until recent years, running a furnace on electricity was considered too expensive. But electricity prices have become more competitive, so glass makers are looking at making the switch. Stoelzle Flaconnage, plans to have an electric furnace running in Knottingley by 2026. ""When I talked with my engineers, five years back, none of them would have ever come up with the idea of electric furnaces, because the mathematics didn't make sense. But this has changed now,"" says Mr Riss. However, electric furnaces might not be an option for companies that mass produce containers, like beer bottles. Even if electric furnaces can be made big enough, the extra expense of electricity will be off-putting for them. ""For the time being it [electric furnace tech] is mainly being developed for niche markets or small furnaces producing high added value products,"" says FEVE's director of environment, health and safety, Fabrice Rivet. An extra challenge for electric glass furnaces is plugging them in. Connections to the electricity grid often have to be upgraded, to cope with the extra electricity supply. But the glass industry is attempting to clear some of those hurdles. In Obernkirchen, in northern Germany the world's most advanced hybrid glass furnace is undergoing trials, at Ardagh Glass Packaging (AGP). Partly funded by the German government and the EU, and made by Germany company Sorg, it is a large furnace with a capacity of 350 tonnes - enough to make about a million beer bottles a day. When fully operational it will run on 80% sustainable electricity and 20% gas, which AGP says will save 45,000 tonnes of CO2 per year. Engineers at AGP are giving the furnace the ultimate test - making amber-coloured glass, which involves tricky chemistry and is more difficult to control than making clear glass. ""There has been no successful demonstration of full-scale amber glass production in full electric melting. And if you wanted to combine the maximum of carbon footprint reduction with high cullet (recycled glass) and amber glass, then the hybrid is the logical choice,"" says Joris Goossens, research and development project manager at AGP. AGP says that once the hybrid furnace has proved itself, then the next step could be replacing the natural gas with hydrogen. Even if the industry does make the switch to electric or hybrid furnaces, it still has other problems to solve.   The raw materials needed to make glass, including sand, soda ash and limestone, emit CO2 while they are being heated. They account for about 20% of the carbon emissions of the glass making process. The industry hopes that using more recycled glass in the production process will cut those emissions, but getting enough unwanted glass is a challenge. One academic who has studied the packaging industry says the answer might be just to use less glass. In a paper published in 2020, Alice Brock, a PhD researcher at Southampton University, compared the environmental impact of glass, plastic and aluminium containers and found that glass had the most detrimental impact on the environment.  ""Even recycled glass has an incredibly high energy demand,"" she points out.  ""The waste hierarchy is reduce, reuse, recycle. We should have less packaging, or we should be reusing packaging, or we should recycle if we have to,"" she says. More technology of business ",BBC,01/04/2024,"[""I'm handed an elegant pear-shaped bottle with an intricate leaf pattern reaching up around the neck."", ""Despite being empty, it's heavy."", 'I ask how much the bottle costs. ""', 'About £270,"" I\'m told.', 'I hand the bottle back - very carefully.', 'The bottle, designed for a rare whisky, is one of the creations of Stoelzle Flaconnage, based in Knottingley, West Yorkshire.', 'Glassware has been made on this site since 1871.', ""In 1994 the factory was taken over by Austria's Stoelzle Glass Group, which has focused the plant on making bottles for the spirits industry."", 'It can handle the design, bottle making and decoration all on one site.', 'Demand is strong, helped by the boom in gin making and demand for whisky in Asia.', 'When I visit, the plant is busy, lumps of molten glass are dropping into dozens of moulds, the glass still glowing orange from the heat of the furnace.', 'To stand out in a crowded market, customers want distinctive bottles, with patterned and sometimes coloured glass, elaborate labels and artwork. ""', 'What our clients are looking for is to have their product presented in an outstanding - sometimes iconic - way,"" says Thomas Riss, chief executive of Stoelzle Flaconnage.', 'While business is brisk, Stoelzle Flaconnage - and other glassmakers - are having to make some big decisions about the way they make glass containers.', 'The European Union is cracking down on packaging waste.', 'It wants packaging to be lighter so less material is needed and less fuel is needed for transportation.', 'It has been working on the Packaging & Packaging Waste Regulation (PPWR), which is in the final stages of approval.', 'Under the rules, member states would have to cut back on packaging weight and would have to introduce measures to meet targets.', 'There is concern in the glass container industry that it will be unfairly targeted as glass is relatively heavy, compared with plastic or aluminium. ""', 'Light doesn\'t mean sustainable,"" points out Vanessa Chesnot, from FEVE, the industry body which represents European glass container makers. ""', 'Glass is 100% and infinitely recyclable... so, you can recycle a whisky bottle into another bottle, forever basically.""', ""While it's true that glass recycling is an established process, making glass, even using recycled materials, is energy intensive."", 'Most glass making involves burning natural gas to heat the raw materials in a furnace to 1,500C. Burning gas and heating the raw materials both produce CO2.', ""The furnace I saw in action at Stoelzle Flaconnage uses about 191,000 kWh of energy per day - that's enough to supply the average UK household with energy for 12 years."", 'It is considered a relatively small furnace; bigger plants would have furnaces twice the size.', ""What's more, glass furnaces are never turned off, as it takes 12 days for a furnace to reach its operating temperature."", 'Essentially a furnace will run all day, every day for its operational life - typically between ten and 12 years.', 'So the glass industry is looking at switching from gas-fired furnaces to electricity.', 'If the electricity comes from a sustainable source then the carbon footprint is slashed, which could go a long way to helping glass firms meet their goal to become net zero by 2050.', 'Until recent years, running a furnace on electricity was considered too expensive.', 'But electricity prices have become more competitive, so glass makers are looking at making the switch.', 'Stoelzle Flaconnage, plans to have an electric furnace running in Knottingley by 2026. ""', ""When I talked with my engineers, five years back, none of them would have ever come up with the idea of electric furnaces, because the mathematics didn't make sense."", 'But this has changed now,"" says Mr Riss.', 'However, electric furnaces might not be an option for companies that mass produce containers, like beer bottles.', 'Even if electric furnaces can be made big enough, the extra expense of electricity will be off-putting for them. ""', 'For the time being it [electric furnace tech] is mainly being developed for niche markets or small furnaces producing high added value products,"" says FEVE\'s director of environment, health and safety, Fabrice Rivet.', 'An extra challenge for electric glass furnaces is plugging them in.', 'Connections to the electricity grid often have to be upgraded, to cope with the extra electricity supply.', 'But the glass industry is attempting to clear some of those hurdles.', ""In Obernkirchen, in northern Germany the world's most advanced hybrid glass furnace is undergoing trials, at Ardagh Glass Packaging (AGP)."", 'Partly funded by the German government and the EU, and made by Germany company Sorg, it is a large furnace with a capacity of 350 tonnes - enough to make about a million beer bottles a day.', 'When fully operational it will run on 80% sustainable electricity and 20% gas, which AGP says will save 45,000 tonnes of CO2 per year.', 'Engineers at AGP are giving the furnace the ultimate test - making amber-coloured glass, which involves tricky chemistry and is more difficult to control than making clear glass. ""', 'There has been no successful demonstration of full-scale amber glass production in full electric melting.', 'And if you wanted to combine the maximum of carbon footprint reduction with high cullet (recycled glass) and amber glass, then the hybrid is the logical choice,"" says Joris Goossens, research and development project manager at AGP.', 'AGP says that once the hybrid furnace has proved itself, then the next step could be replacing the natural gas with hydrogen.', 'Even if the industry does make the switch to electric or hybrid furnaces, it still has other problems to solve.', 'The raw materials needed to make glass, including sand, soda ash and limestone, emit CO2 while they are being heated.', 'They account for about 20% of the carbon emissions of the glass making process.', 'The industry hopes that using more recycled glass in the production process will cut those emissions, but getting enough unwanted glass is a challenge.', 'One academic who has studied the packaging industry says the answer might be just to use less glass.', 'In a paper published in 2020, Alice Brock, a PhD researcher at Southampton University, compared the environmental impact of glass, plastic and aluminium containers and found that glass had the most detrimental impact on the environment. ""', 'Even recycled glass has an incredibly high energy demand,"" she points out. ""', 'The waste hierarchy is reduce, reuse, recycle.', 'We should have less packaging, or we should be reusing packaging, or we should recycle if we have to,"" she says.', 'More technology of business']",0.1202638344950185,I'm handed an elegant pear-shaped bottle with an intricate leaf pattern reaching up around the neck.,So the glass industry is looking at switching from gas-fired furnaces to electricity.,0.4518891870975494,"Demand is strong, helped by the boom in gin making and demand for whisky in Asia.","Even if electric furnaces can be made big enough, the extra expense of electricity will be off-putting for them. """,2024-04-02
3 ways Apple’s monopoly lawsuit could change the iPhone experience for fans,https://edition.cnn.com/2024/03/26/tech/apples-iphone-changes-lawsuit/index.html,"
  Published
        6:30 AM EDT, Tue March 26, 2024
    ","When Apple launched its first Mac computer in 1984, with its iconic Mac smiley-face “hello” greeting, it wanted to differentiate itself in the fledgling PC market. The Mac was approachable with its friendly, innovative design – Apple’s way of setting the Mac apart in the confusing PC landscape.
    
            That consumer-friendly mantra still exists today, with Apple carefully curating an easy-breezy yet controlled user experience across its products, including the billions of iPhones used around the world.
    
            But the Biden administration believes Apple took that too far. On Thursday, the Department of Justice sued Apple for illegally monopolizing the smartphone market. In a press conference, the government provided a long list of how Apple has allegedly squashed competition with restrictive app store terms, high fees and its “walled-garden” approach, restricting how third-party companies interact with its brands and services.
    
            The company denied the lawsuit’s allegations and said it plans to fight them. Apple added that the lawsuit could empower the government “to take a heavy hand in designing people’s technology.”
    
            But if successful, the lawsuit could ripple across Apple’s products and services. Although the suit could take years to play out, here’s a closer look what it may eventually mean for iPhone users:
    
            If found liable, the company could be forced to change a number of things.
    
            One such change is how iPhone users could get greater access to “super apps” that have been largely restricted before. The term refers to one-stop-shop apps that allow for messaging, ordering food, payment processing and other capabilities all within one platform.
    
             According to Dipanjan Chatterjee, a principal analyst at market research firm Forrester, super apps most threaten Apple’s preeminence in the lives of its customers.
    
            “An offering like WeChat, dubbed China’s everything app, can provide an alternative to the Apple ecosystem for people to communicate, bank, share memories, talk to businesses and more,” he said. “What Apple fears most is becoming irrelevant to its customers.”
    
            At the same time, super apps like WeChat are created by larger companies and could, therefore, put some smaller companies at a disadvantage. And the concept hasn’t been welcomed much in the US anyway.
    
            The US government, however, could argue that lack of interest may be due to Apple’s high share of the smartphone market and its resistance to offer super apps in its store, Chatterjee said.
    
            Apple may also be required to offer more support for cross-platform messaging, an issue the company previously said it’s already working on.
    
            The company lets iPhone users send high-quality photos and videos to one another, but similar texts to Android phones are slower and grainy. It also maintains those messages in green bubbles, creating a kind of class divide, critics argue.
    
            In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap. Apple’s move to add support for the standard called RCS (rich communication services) is intended to roll out later this year. RCS is considered the replacement to alternatives such as SMS, or short messaging service, and can work over both Wi-Fi and mobile data.
    
            The change followed pressure from both regulators and competitors to more seamlessly work across operating systems. The European Union’s Digital Markets Act, for example, requires companies to make their key services interoperable between platforms. The US government could require the same.
    
            Another likely change is how hardware from other companies, such as smartwatches, will interact with the Apple range of devices and software, including the iPhone and Apple’s services like Fitness+. The company has also required Apple Watch users to own iOS devices as a way to keep them locked into its existing ecosystem.
    
            Chatterjee said making this change would have both positives and negatives.
    
            “The net result would reside somewhere along the spectrum of access to more and cheaper options but also the devaluation of the customer experience that is so highly prized by Apple’s customers,” he said.
    
            The Biden administration has also taken issue with Apple’s lack of support for mobile cloud services. Loosening this could allow users to access games and other cloud-based apps without having to pay for pricey hardware.
    
            The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating. Although the Biden administration will have to prove these harms, some critics say any potential changes Apple could make will negatively impact the user experience.
    
            David McQueen, a research director at ABI Research, said he recognizes that the content and applications market should be open, and Apple needs to avoid monopolistic advantages that can restrict competition, push up prices or block innovation. But Apple’s success stems in part to its tight grip on its products and services, keeping things intuitive and seamless.
    
            “If Apple is forced to comply, it could potentially spell the end to the provision of this consistent and unified user experience, although by the same token, consumers will be open to a greater choice of apps and services, helping more developers and providers,” McQueen said.
    
            Chatterjee noted some people are drawn to the Apple family of products precisely because of the carefully managed ecosystem’s ease of use. Apple may have to work that much harder to preserve the integrity of its experience, but any changes probably won’t be enough to make customers to leave and go elsewhere.
    
            “The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.
    
            But he added those currently outside of the Apple ecosystem will likely benefit by “plugging in opportunistically without having to go all in with Apple.”",CNN,26/03/2024,"['When Apple launched its first Mac computer in 1984, with its iconic Mac smiley-face “hello” greeting, it wanted to differentiate itself in the fledgling PC market.', 'The Mac was approachable with its friendly, innovative design – Apple’s way of setting the Mac apart in the confusing PC landscape.', 'That consumer-friendly mantra still exists today, with Apple carefully curating an easy-breezy yet controlled user experience across its products, including the billions of iPhones used around the world.', 'But the Biden administration believes Apple took that too far.', 'On Thursday, the Department of Justice sued Apple for illegally monopolizing the smartphone market.', 'In a press conference, the government provided a long list of how Apple has allegedly squashed competition with restrictive app store terms, high fees and its “walled-garden” approach, restricting how third-party companies interact with its brands and services.', 'The company denied the lawsuit’s allegations and said it plans to fight them.', 'Apple added that the lawsuit could empower the government “to take a heavy hand in designing people’s technology.”', 'But if successful, the lawsuit could ripple across Apple’s products and services.', 'Although the suit could take years to play out, here’s a closer look what it may eventually mean for iPhone users:  If found liable, the company could be forced to change a number of things.', 'One such change is how iPhone users could get greater access to “super apps” that have been largely restricted before.', 'The term refers to one-stop-shop apps that allow for messaging, ordering food, payment processing and other capabilities all within one platform.', 'According to Dipanjan Chatterjee, a principal analyst at market research firm Forrester, super apps most threaten Apple’s preeminence in the lives of its customers.', '“An offering like WeChat, dubbed China’s everything app, can provide an alternative to the Apple ecosystem for people to communicate, bank, share memories, talk to businesses and more,” he said.', '“What Apple fears most is becoming irrelevant to its customers.”', 'At the same time, super apps like WeChat are created by larger companies and could, therefore, put some smaller companies at a disadvantage.', 'And the concept hasn’t been welcomed much in the US anyway.', 'The US government, however, could argue that lack of interest may be due to Apple’s high share of the smartphone market and its resistance to offer super apps in its store, Chatterjee said.', 'Apple may also be required to offer more support for cross-platform messaging, an issue the company previously said it’s already working on.', 'The company lets iPhone users send high-quality photos and videos to one another, but similar texts to Android phones are slower and grainy.', 'It also maintains those messages in green bubbles, creating a kind of class divide, critics argue.', 'In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap.', 'Apple’s move to add support for the standard called RCS (rich communication services) is intended to roll out later this year.', 'RCS is considered the replacement to alternatives such as SMS, or short messaging service, and can work over both Wi-Fi and mobile data.', 'The change followed pressure from both regulators and competitors to more seamlessly work across operating systems.', 'The European Union’s Digital Markets Act, for example, requires companies to make their key services interoperable between platforms.', 'The US government could require the same.', 'Another likely change is how hardware from other companies, such as smartwatches, will interact with the Apple range of devices and software, including the iPhone and Apple’s services like Fitness+.', 'The company has also required Apple Watch users to own iOS devices as a way to keep them locked into its existing ecosystem.', 'Chatterjee said making this change would have both positives and negatives.', '“The net result would reside somewhere along the spectrum of access to more and cheaper options but also the devaluation of the customer experience that is so highly prized by Apple’s customers,” he said.', 'The Biden administration has also taken issue with Apple’s lack of support for mobile cloud services.', 'Loosening this could allow users to access games and other cloud-based apps without having to pay for pricey hardware.', 'The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating.', 'Although the Biden administration will have to prove these harms, some critics say any potential changes Apple could make will negatively impact the user experience.', 'David McQueen, a research director at ABI Research, said he recognizes that the content and applications market should be open, and Apple needs to avoid monopolistic advantages that can restrict competition, push up prices or block innovation.', 'But Apple’s success stems in part to its tight grip on its products and services, keeping things intuitive and seamless.', '“If Apple is forced to comply, it could potentially spell the end to the provision of this consistent and unified user experience, although by the same token, consumers will be open to a greater choice of apps and services, helping more developers and providers,” McQueen said.', 'Chatterjee noted some people are drawn to the Apple family of products precisely because of the carefully managed ecosystem’s ease of use.', 'Apple may have to work that much harder to preserve the integrity of its experience, but any changes probably won’t be enough to make customers to leave and go elsewhere.', '“The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.', 'But he added those currently outside of the Apple ecosystem will likely benefit by “plugging in opportunistically without having to go all in with Apple.”']",0.2470050112228104,"In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap.",The company denied the lawsuit’s allegations and said it plans to fight them.,-0.151834836602211,"“The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.","The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating.",2024-04-02
Sam Bankman-Fried: Disgraced 'Crypto King' to be sentenced,https://www.bbc.co.uk/news/business-68560911,2024-03-28T00:00:04.000Z,"Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes. It is certain the 32-year-old will be going to jail; what is not known is how long for. The moment has revived debate about the extent of his crimes - and what punishment might fit.  His legal team have called for leniency, but prosecutors are seeking 40 to 50 years in prison. They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX. His defence team has proposed five to 6.5 years, accusing the government of adopting ""a medieval view of punishment"" by insisting on a lengthy term behind bars for a non-violent, first-time criminal. The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents - even complete strangers - trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate. ""He has shown no remorse so why would any judge show any mercy?"" said Sunil Kavuri, a British investor who had more than $2m worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court.  FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto. It attracted millions of customers, before rumours of financial trouble sparked a run on deposits.  In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments. Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case. Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed. In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence.  They said it proved that ""money has always been available"" which ""would be impossible if [FTX's] assets had disappeared into Sam's personal pockets"".  But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since.  John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court. ""Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".  Former FTX customers interviewed by the BBC said they were offended by the blithe dismissal of their problems, and urged the judge to reject calls for leniency. ""The people who are saying this are not in a position like I'm in, where you've lost everything,"" said Arush Sehgal, a 38-year-old tech entrepreneur living in Barcelona, who, with his wife, is one of the exchange's biggest individual creditors, with about $4m worth in savings in dollars and bitcoin at FTX when it collapsed.  He is one of the customers suing over the current bankruptcy plan, which he said amounted to a ""second crime"" against Bankman-Fried's customers.  Angela Chang, of Vancouver, a 36-year-old who worked in software, said she had about $250,000 deposited in dollars with FTX when it collapsed. She said she feared the harm done to FTX customers was being discounted because they were in the crypto industry. ""People think that crypto is criminal and so they have sympathy for this guy .... But I'm not a criminal,"" she said, describing how the fall of the firm threw her into depression and left her running up credit card debt. Facing a cash crunch, she ultimately sold a portion of a claim to an investor. Columbia Law professor Daniel Richman said the scale of the crime was rarely as contested as in this case. But he said decisions are often shaped more by other issues, including a judge's own impressions of the defendant, and what it would take to deter him from further crimes.  In this case, Judge Kaplan, a veteran of the court system who has presided over a slew of high profile trials involving public figures such as Donald Trump and actor Kevin Spacey, has already proven to be sceptical of Bankman-Fried's actions, revoking his bail last year after finding he was trying to intimidate other witnesses.  ""Any judge or lawyer will tell you that one of the best things the defendant can do before being sentences is really really show he's on the right path, show some remorse and show some degree of self-knowledge as to his offence,"" Prof Richman said.  ""Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.   Since the 1980s, the US has significantly increased the length of its official recommendations for jail time for white collar criminals. Though judges frequently depart from the guidelines, introducing wide variability, ""the risk of harshness is greater than in most countries"" - particularly for high-profile cases, Prof Richman said. In her own appeal to the judge, Barbara Fried, Bankman-Fried's mother and a former law professor, noted the ""punitive nature"" of the US justice system ""which makes us an extreme outlier among democracies"".  ""I have no illusions about the redemptive power of prisons,"" she wrote. ""Being consigned to prison for decades will destroy Sam as surely as would hanging him."" ",BBC,28/03/2024,"['Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes.', 'It is certain the 32-year-old will be going to jail; what is not known is how long for.', 'The moment has revived debate about the extent of his crimes - and what punishment might fit.', 'His legal team have called for leniency, but prosecutors are seeking 40 to 50 years in prison.', 'They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX.', 'His defence team has proposed five to 6.5 years, accusing the government of adopting ""a medieval view of punishment"" by insisting on a lengthy term behind bars for a non-violent, first-time criminal.', 'The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents - even complete strangers - trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate. ""', 'He has shown no remorse so why would any judge show any mercy?""', 'said Sunil Kavuri, a British investor who had more than $2m worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court.', ""FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto."", 'It attracted millions of customers, before rumours of financial trouble sparked a run on deposits.', 'In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments.', 'Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.', 'Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed.', 'In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence.', 'They said it proved that ""money has always been available"" which ""would be impossible if [FTX\'s] assets had disappeared into Sam\'s personal pockets"".', 'But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since.', 'John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court. ""', 'Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".', 'Former FTX customers interviewed by the BBC said they were offended by the blithe dismissal of their problems, and urged the judge to reject calls for leniency. ""', 'The people who are saying this are not in a position like I\'m in, where you\'ve lost everything,"" said Arush Sehgal, a 38-year-old tech entrepreneur living in Barcelona, who, with his wife, is one of the exchange\'s biggest individual creditors, with about $4m worth in savings in dollars and bitcoin at FTX when it collapsed.', 'He is one of the customers suing over the current bankruptcy plan, which he said amounted to a ""second crime"" against Bankman-Fried\'s customers.', 'Angela Chang, of Vancouver, a 36-year-old who worked in software, said she had about $250,000 deposited in dollars with FTX when it collapsed.', 'She said she feared the harm done to FTX customers was being discounted because they were in the crypto industry. ""', 'People think that crypto is criminal and so they have sympathy for this guy .... But I\'m not a criminal,"" she said, describing how the fall of the firm threw her into depression and left her running up credit card debt.', 'Facing a cash crunch, she ultimately sold a portion of a claim to an investor.', 'Columbia Law professor Daniel Richman said the scale of the crime was rarely as contested as in this case.', ""But he said decisions are often shaped more by other issues, including a judge's own impressions of the defendant, and what it would take to deter him from further crimes."", 'In this case, Judge Kaplan, a veteran of the court system who has presided over a slew of high profile trials involving public figures such as Donald Trump and actor Kevin Spacey, has already proven to be sceptical of Bankman-Fried\'s actions, revoking his bail last year after finding he was trying to intimidate other witnesses. ""', 'Any judge or lawyer will tell you that one of the best things the defendant can do before being sentences is really really show he\'s on the right path, show some remorse and show some degree of self-knowledge as to his offence,"" Prof Richman said. ""', 'Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.', 'Since the 1980s, the US has significantly increased the length of its official recommendations for jail time for white collar criminals.', 'Though judges frequently depart from the guidelines, introducing wide variability, ""the risk of harshness is greater than in most countries"" - particularly for high-profile cases, Prof Richman said.', 'In her own appeal to the judge, Barbara Fried, Bankman-Fried\'s mother and a former law professor, noted the ""punitive nature"" of the US justice system ""which makes us an extreme outlier among democracies"". ""', 'I have no illusions about the redemptive power of prisons,"" she wrote. ""', 'Being consigned to prison for decades will destroy Sam as surely as would hanging him.""']",-0.2155700859375981,"Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.","Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".",-0.2517248094081878,"Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.","FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto.",2024-04-02
Boeing CEO to step down in broad management shake-up as 737 Max crisis weighs on aerospace giant,https://www.cnbc.com/2024/03/25/boeing-ceo-board-chair-commercial-head-out-737-max-crisis.html,2024-03-26T11:44:51+0000,"In this articleBoeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shake-up for the embattled aerospace giant.Larry Kellner, chairman of the board, will not stand for reelection at Boeing's annual meeting in May, Boeing said Monday. He will be succeeded as chair by Steve Mollenkopf, who has been a Boeing director since 2020 and is a former CEO of Qualcomm. Mollenkopf will lead the board in picking a new CEO, Boeing said.And Stan Deal, president and chief executive of Boeing's commercial airplanes unit, is leaving the company effective immediately. Moving into his job is Stephanie Pope, who recently became Boeing's chief operating officer after previously running Boeing Global Services.The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes. Scrutiny intensified after a Jan. 5 accident, when a door plug blew out of a nearly new Boeing 737 Max 9 minutes into an Alaska Airlines flight.""As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing,"" Calhoun wrote to employees on Monday. ""We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company.""The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years,"" he wrote.Calhoun told CNBC in an interview Monday that the decision to resign was ""100%"" his own.""We have another mountain to climb,"" Calhoun said. ""Let's not avoid the call for action. Let's not avoid the changes that we have to make in our factory. Let's not avoid the need to slow down a bit and let the supply chain catch up.""Calhoun, a more than decade-long board member at Boeing, took the top job in January 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes. In 2021, Boeing's board extended the CEO's mandatory retirement age from 65 to 70, a vote of confidence in Calhoun, who turns 67 next month.For months Calhoun has promised investors, airline customers and the general public that Boeing will get its myriad quality struggles under control. The Federal Aviation Administration has stepped up oversight of Boeing, and agency Administrator Mike Whitaker after the Alaska Airlines accident said Boeing will be barred from increasing 737 production until the FAA is satisfied with the company's quality control.Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans. CEOs of some of the company's largest customers, including United Airlines, Southwest Airlines and American Airlines have publicly complained about the delays.Ryanair, Boeing's largest airline customer in Europe, said in a statement Monday it welcomes the management changes.""Stan Deal has done a great sales job for Boeing for many years, but he's not the person to turn around the operation in Seattle, and that's where most of the problems have been in recent years,"" Ryanair CEO Michael O'Leary said in a video posted to social media platform X.United's CEO, Scott Kirby, earlier this month said he urged Boeing to stop making yet-to-be-certified Max 10 planes for the company because it wasn't clear when the FAA would clear those aircraft to fly.Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes. The meetings were to include Kellner and one or more other board members. Those meetings will go ahead with Mollenkopf, according to people familiar with the matter.Also last week, Boeing Chief Financial Officer Brian West said at an industry conference that Boeing would burn more cash than expected because of limited 737 Max production.Boeing's stock added 1.4% on Monday after the announcements. Its shares are down more than 26% so far this year.",CNBC,26/03/2024,"['In this articleBoeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shake-up for the embattled aerospace giant.', ""Larry Kellner, chairman of the board, will not stand for reelection at Boeing's annual meeting in May, Boeing said Monday."", 'He will be succeeded as chair by Steve Mollenkopf, who has been a Boeing director since 2020 and is a former CEO of Qualcomm.', 'Mollenkopf will lead the board in picking a new CEO, Boeing said.', ""And Stan Deal, president and chief executive of Boeing's commercial airplanes unit, is leaving the company effective immediately."", ""Moving into his job is Stephanie Pope, who recently became Boeing's chief operating officer after previously running Boeing Global Services."", 'The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes.', 'Scrutiny intensified after a Jan. 5 accident, when a door plug blew out of a nearly new Boeing 737 Max 9 minutes into an Alaska Airlines flight.', '""As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing,"" Calhoun wrote to employees on Monday. ""', 'We must continue to respond to this accident with humility and complete transparency.', 'We also must inculcate a total commitment to safety and quality at every level of our company.', '""The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years,"" he wrote.', 'Calhoun told CNBC in an interview Monday that the decision to resign was ""100%"" his own.', '""We have another mountain to climb,"" Calhoun said. ""', ""Let's not avoid the call for action."", ""Let's not avoid the changes that we have to make in our factory."", ""Let's not avoid the need to slow down a bit and let the supply chain catch up."", '""Calhoun, a more than decade-long board member at Boeing, took the top job in January 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes.', ""In 2021, Boeing's board extended the CEO's mandatory retirement age from 65 to 70, a vote of confidence in Calhoun, who turns 67 next month."", 'For months Calhoun has promised investors, airline customers and the general public that Boeing will get its myriad quality struggles under control.', ""The Federal Aviation Administration has stepped up oversight of Boeing, and agency Administrator Mike Whitaker after the Alaska Airlines accident said Boeing will be barred from increasing 737 production until the FAA is satisfied with the company's quality control."", ""Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans."", ""CEOs of some of the company's largest customers, including United Airlines, Southwest Airlines and American Airlines have publicly complained about the delays."", ""Ryanair, Boeing's largest airline customer in Europe, said in a statement Monday it welcomes the management changes."", '""Stan Deal has done a great sales job for Boeing for many years, but he\'s not the person to turn around the operation in Seattle, and that\'s where most of the problems have been in recent years,"" Ryanair CEO Michael O\'Leary said in a video posted to social media platform X.United\'s CEO, Scott Kirby, earlier this month said he urged Boeing to stop making yet-to-be-certified Max 10 planes for the company because it wasn\'t clear when the FAA would clear those aircraft to fly.', 'Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes.', 'The meetings were to include Kellner and one or more other board members.', 'Those meetings will go ahead with Mollenkopf, according to people familiar with the matter.', 'Also last week, Boeing Chief Financial Officer Brian West said at an industry conference that Boeing would burn more cash than expected because of limited 737 Max production.', ""Boeing's stock added 1.4% on Monday after the announcements."", 'Its shares are down more than 26% so far this year.']",0.0524294792326706,We also must inculcate a total commitment to safety and quality at every level of our company.,"Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes.",-0.1909587581952413,Boeing's stock added 1.4% on Monday after the announcements.,Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans.,2024-04-02
A glut of cheap Chinese goods is flooding the world and stoking trade tensions,https://edition.cnn.com/2024/03/28/business/china-goods-exports-trade/index.html,"
  Published
        7:42 AM EDT, Thu March 28, 2024
    ","China’s factories are churning out more steel, cars and solar panels than its slowing economy can use, forcing a flood of cheap exports into foreign markets.
    
            The oversupply of Chinese goods in key industries is stoking tensions between the world’s biggest manufacturer and its major trading partners, including the United States and the European Union. Its global trade surplus in goods has soared and is now approaching $1 trillion.
    
            The United States and the EU are fretting over potential “dumping” by China — that is, exporting goods at artificially low prices — with electric vehicles among the products caught in the crosshairs.
    
            “Europe cannot just accept that strategically viable industries constituting the European industrial base are being priced out of the market,” Jens Eskelund, president of the European Union Chamber of Commerce in China, told reporters earlier this month.
    
            But China needs to increase exports as a key measure to revive its economy, which is grappling with a protracted property slump, weak household spending and a shrinking population among other problems.
    
            Beijing is now focusing on higher-value exports, after investing billions into advanced manufacturing. But the move is badly timed, coming amid slower economic growth globally and a shift by Western consumers from pandemic-era spending on goods to travel and leisure.
    
            It is also coming up against a push by Europe and the United States to reduce their dependence on China and boost local manufacturing, creating jobs — including through the Net-Zero Industry Act and the Inflation Reduction Act respectively.
    
            “It is hard for me to imagine that Europe would just sit by and quietly witness (its own) accelerated de-industrialization… because of the externalization of low domestic demand in China,” Eskelund said.
    
            According to China’s National Bureau of Statistics, prices of Chinese exports are at their lowest level since 2009, when the West was reeling from the global financial crisis.
    
            And China’s surplus in goods trade has more than doubled since the pandemic, according to Brad W. Setser, a senior fellow at the Council on Foreign Relations. In 2019, the country exported an estimated $400 billion more in goods than it imported — a surplus that ballooned to $900 billion last year.
    
            China’s exports of low-priced goods got a boost after it joined the World Trade Organization (WTO) in 2001. Its economy and heft as a manufacturer have also grown substantially since then.
    
            Having conquered the production of clothing and consumer electronics, China has come to dominate electric vehicles, solar panels and wind turbines — industries viewed as strategically important in Europe and the United States as they seek to green their economies and reduce planet-heating pollution.
    
            Europe’s solar panel producers have been all but wiped out by Chinese competition, and the same fate threatens its wind industry.
    
            “European companies could fall behind (Chinese manufacturer) Goldwind, which already offers its turbines well below the price of the established (European) manufacturers,” Markus W. Voigt, CEO of the Aream Group, an asset manager specializing in renewable energy, said in a statement this month.
    
            In the last three months of 2023, China’s BYD overtook Tesla (TSLA) as the top seller of EVs worldwide, capping an extraordinary rise for the Warren Buffett-backed carmaker. Compared with Tesla, BYD’s cars are more affordable, which has helped it attract a wider range of buyers. Its entry-level model sells in China for the equivalent of just under $10,000. The cheapest Tesla car, a Model 3, costs almost $39,000.
    
            Alongside “surging EV exports,” China manufactures 80% of the world’s solar panels and makes more wind turbines than any other country, Setser wrote in a recent note. “Chinese policy continues to emphasize upgrading China’s capacity in advanced manufacturing as a major driver of future growth,” he added.
    
            Earlier this month, Premier Li Qiang, Xi’s number two, told China’s parliament that the government would focus on exporting more of the country’s “new trio” of products, namely EVs, lithium batteries and solar panels.
    
            Eskelund of the European Union Chamber of Commerce says the organization is seeing “overcapacity across the board” in China, whether in the production of chemicals, metals or EVs.
    
            “We haven’t seen all that capacity coming online just yet. This is something that’s going to hit markets over the next few years,” he added.
    
            Beijing is aware of China’s overcapacity problem, acknowledging it as an issue for the first time in almost a decade at an annual meeting of senior officials in December.
    
            But on the eve of this week’s China Development Forum, several Chinese state-owned media outlets published editorials challenging the notion that China’s supply glut poses a threat to other economies.
    
            “What China exports is advanced production capacity that meets the needs of foreign customers,” Xinhua News Agency wrote.
    
            Washington and Brussels have a different view, however. US President Joe Biden recently pledged to investigate whether imports of Chinese vehicles pose a national security threat.
    
            “A dynamic auto industry is vital to the US economy,” he said in a statement last month. “China is determined to dominate the future of the auto market, including by using unfair practices. China’s policies could flood our market with its vehicles, posing risks to our national security.”
    
            The EU, meanwhile, is looking into China’s state support for EV makers, which it suspects may be enabling these firms to keep prices super-low, creating unfair competition with European rivals.
    
            European officials are also considering whether existing measures to safeguard the EU steel industry should be extended or adjusted, as well as investigating allegations of biodiesel dumping by China following a complaint by European producers. Biodiesel is a renewable alternative to fossil fuels used in the EU’s transport sector.
    
            The European Commission, the EU’s executive arm, said in December that it might impose tariffs on Chinese biodiesel imports if dumping was confirmed.
    
            China, for its part, is fighting back. It said this week that it had filed a complaint with the WTO to contest “discriminatory subsidy policies” for EVs under Biden’s Inflation Reduction Act. Earlier this year, Beijing opened an anti-dumping investigation into brandy imported from the EU.
    
            If there is a silver lining to China’s influence in global trade, it’s that it should help keep goods prices and overall inflation in check in advanced economies this year, according to Jennifer McKeown, chief global economist at Capital Economics.
    
            “But perhaps more importantly, persistent oversupply and low prices of Chinese goods will add to geopolitical tensions and keep the threat of tariffs and counter-tariffs alive,” she wrote in a recent note. And these could ultimately raise inflation in the years ahead, she said.
    
            Shawn Deng contributed reporting.",CNN,28/03/2024,"['China’s factories are churning out more steel, cars and solar panels than its slowing economy can use, forcing a flood of cheap exports into foreign markets.', 'The oversupply of Chinese goods in key industries is stoking tensions between the world’s biggest manufacturer and its major trading partners, including the United States and the European Union.', 'Its global trade surplus in goods has soared and is now approaching $1 trillion.', 'The United States and the EU are fretting over potential “dumping” by China — that is, exporting goods at artificially low prices — with electric vehicles among the products caught in the crosshairs.', '“Europe cannot just accept that strategically viable industries constituting the European industrial base are being priced out of the market,” Jens Eskelund, president of the European Union Chamber of Commerce in China, told reporters earlier this month.', 'But China needs to increase exports as a key measure to revive its economy, which is grappling with a protracted property slump, weak household spending and a shrinking population among other problems.', 'Beijing is now focusing on higher-value exports, after investing billions into advanced manufacturing.', 'But the move is badly timed, coming amid slower economic growth globally and a shift by Western consumers from pandemic-era spending on goods to travel and leisure.', 'It is also coming up against a push by Europe and the United States to reduce their dependence on China and boost local manufacturing, creating jobs — including through the Net-Zero Industry Act and the Inflation Reduction Act respectively.', '“It is hard for me to imagine that Europe would just sit by and quietly witness (its own) accelerated de-industrialization… because of the externalization of low domestic demand in China,” Eskelund said.', 'According to China’s National Bureau of Statistics, prices of Chinese exports are at their lowest level since 2009, when the West was reeling from the global financial crisis.', 'And China’s surplus in goods trade has more than doubled since the pandemic, according to Brad W. Setser, a senior fellow at the Council on Foreign Relations.', 'In 2019, the country exported an estimated $400 billion more in goods than it imported — a surplus that ballooned to $900 billion last year.', 'China’s exports of low-priced goods got a boost after it joined the World Trade Organization (WTO) in 2001.', 'Its economy and heft as a manufacturer have also grown substantially since then.', 'Having conquered the production of clothing and consumer electronics, China has come to dominate electric vehicles, solar panels and wind turbines — industries viewed as strategically important in Europe and the United States as they seek to green their economies and reduce planet-heating pollution.', 'Europe’s solar panel producers have been all but wiped out by Chinese competition, and the same fate threatens its wind industry.', '“European companies could fall behind (Chinese manufacturer) Goldwind, which already offers itsturbineswell below the price of the established (European) manufacturers,” Markus W. Voigt, CEO of the Aream Group, an asset manager specializing in renewable energy, said in a statement this month.', 'In the last three months of 2023, China’s BYDovertookTesla(TSLA) as the top seller of EVs worldwide, capping an extraordinary rise for the Warren Buffett-backed carmaker.', 'Compared with Tesla, BYD’s cars are more affordable, which has helped it attract a wider range of buyers.', 'Its entry-level model sells in China for the equivalent of just under $10,000.', 'The cheapest Tesla car, a Model 3,costsalmost $39,000.', 'Alongside “surging EV exports,” China manufactures 80% of the world’s solar panels and makes more wind turbines than any other country, Setser wrote in a recent note. “', 'Chinese policy continues to emphasize upgrading China’s capacity in advanced manufacturing as a major driver of future growth,” he added.', 'Earlier this month, Premier Li Qiang, Xi’s number two, told China’s parliament that the government would focus on exporting more of the country’s “new trio” of products, namely EVs, lithium batteries and solar panels.', 'Eskelund of the European Union Chamber of Commerce says the organization is seeing “overcapacity across the board” in China, whether in the production of chemicals, metals or EVs.', '“We haven’t seen all that capacity coming online just yet.', 'This is something that’s going to hit markets over the next few years,” he added.', 'Beijing is aware of China’s overcapacity problem, acknowledging it as an issue for the first time in almost a decade at an annual meeting of senior officials in December.', 'But on the eve of this week’s China Development Forum, several Chinese state-owned media outlets published editorials challenging the notion that China’s supply glut poses a threat to other economies.', '“What China exports is advanced production capacity that meets theneeds of foreign customers,” Xinhua News Agency wrote.', 'Washington and Brussels have a different view, however.', 'US President Joe Biden recently pledged to investigate whether imports of Chinese vehicles pose a national security threat.', '“A dynamic auto industry is vital to the US economy,” he said in a statement last month. “', 'China is determined to dominate the future of the auto market, including by using unfair practices.', 'China’s policies could flood our market with its vehicles, posing risks to our national security.”', 'The EU, meanwhile, is looking into China’s state support for EV makers, which it suspects may be enabling these firms to keep prices super-low, creating unfair competition with European rivals.', 'European officials are also considering whether existing measures to safeguard the EU steel industry should be extended or adjusted, as well as investigating allegations of biodiesel dumping by China following a complaint by European producers.', 'Biodiesel is a renewable alternative to fossil fuels used in the EU’s transport sector.', 'The European Commission, the EU’s executive arm, said in December that it might impose tariffs on Chinese biodiesel imports if dumping was confirmed.', 'China, for its part, is fighting back.', 'It said this week that it had filed a complaint with the WTO to contest “discriminatory subsidy policies” for EVs under Biden’s Inflation Reduction Act.', 'Earlier this year, Beijing opened an anti-dumping investigation into brandy imported from the EU.', 'If there is a silver lining to China’s influence in global trade, it’s that it should help keep goods prices and overall inflation in check in advanced economies this year, according to Jennifer McKeown, chief global economist at Capital Economics.', '“But perhaps more importantly, persistent oversupply and low prices of Chinese goods will add to geopolitical tensions and keep the threat of tariffs and counter-tariffs alive,” she wrote in a recent note.', 'And these could ultimately raise inflation in the years ahead, she said.', 'Shawn Deng contributed reporting.']",-0.0207189198893541,"It is also coming up against a push by Europe and the United States to reduce their dependence on China and boost local manufacturing, creating jobs — including through the Net-Zero Industry Act and the Inflation Reduction Act respectively.","According to China’s National Bureau of Statistics, prices of Chinese exports are at their lowest level since 2009, when the West was reeling from the global financial crisis.",0.033561720002082,Its economy and heft as a manufacturer have also grown substantially since then.,"According to China’s National Bureau of Statistics, prices of Chinese exports are at their lowest level since 2009, when the West was reeling from the global financial crisis.",2024-04-02
The wealth of the 1% just hit a record $44 trillion,https://www.cnbc.com/2024/03/28/wealth-of-the-1percent-hits-a-record-44-trillion.html,2024-03-28T20:32:39+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge. Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%. Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect."" When consumers and investors see their stock holdings soar, they feel more confident spending and taking more risk.""The wealth effect from surging stock prices is a powerful tailwind to consumer confidence, spending and broader economic growth,"" said Mark Zandi, chief economist of Moody's Analytics. ""Of course, this highlights a vulnerability of the economy if the stock market were to falter. This isn't the most likely scenario, but it is a scenario given that stocks appear richly (over) valued.""Yet, the latest report also highlights how top-heavy stock ownership remains in the U.S. According to the Fed report, the top 10% of Americans own 87% of individually held stocks and mutual funds. The top 1% own half of all individually held stocks.Economists say a rising stock market brings outsized benefits to the wealthy, mainly boosting the high end of the consumer and spending markets. The wealth of middle-class and lower-income Americans depends more on wages and home values than stocks.""Those households in the top one-third of the income distribution and who own the bulk of the stock holdings account for approximately two-thirds of consumer spending,"" Zandi said.  Liz Ann Sonders, chief investment strategist at Charles Schwab, said stocks represent a growing share of the assets of the top 1%. Stocks accounted for 37.8% of the overall share of household assets for the top 1% at the end of 2023, up from a recent low of 36.5%.Yet because the wealthy don't need to spend as much of their gains – a phenomenon known as the marginal propensity to consume – Sonders said the added stock wealth for the 1% may not have a substantial impact on the consumer economy.She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.""While the bump in stock prices might link to stronger confidence, it doesn't necessarily point to stronger spending at the higher end,"" she said.With the S&P 500 already up 10% this year, it is likely that the wealth of the upper echelon has already topped the record at the end of 2023. While inequality declined slightly in 2021 and 2022, as wages increased and housing prices surged, the wealth gap has since crept back to pre-pandemic levels.The top 1% accounted for 30% of the nation's wealth at the end of the fourth quarter, while the top 10% accounted for 67% of all wealth.Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,28/03/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.', 'The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter.', 'All of the gains came from their stock holdings.', 'The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.', 'While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.', 'The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge.', 'Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%.', 'Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect.""', 'When consumers and investors see their stock holdings soar, they feel more confident spending and taking more risk.', '""The wealth effect from surging stock prices is a powerful tailwind to consumer confidence, spending and broader economic growth,"" said Mark Zandi, chief economist of Moody\'s Analytics. ""', 'Of course, this highlights a vulnerability of the economy if the stock market were to falter.', ""This isn't the most likely scenario, but it is a scenario given that stocks appear richly (over) valued."", '""Yet, the latest report also highlights how top-heavy stock ownership remains in the U.S. According to the Fed report, the top 10% of Americans own 87% of individually held stocks and mutual funds.', 'The top 1% own half of all individually held stocks.', 'Economists say a rising stock market brings outsized benefits to the wealthy, mainly boosting the high end of the consumer and spending markets.', 'The wealth of middle-class and lower-income Americans depends more on wages and home values than stocks.', '""Those households in the top one-third of the income distribution and who own the bulk of the stock holdings account for approximately two-thirds of consumer spending,"" Zandi said.', 'Liz Ann Sonders, chief investment strategist at Charles Schwab, said stocks represent a growing share of the assets of the top 1%.', ""Stocks accounted for 37.8% of the overall share of household assets for the top 1% at the end of 2023, up from a recent low of 36.5%.Yet because the wealthy don't need to spend as much of their gains – a phenomenon known as the marginal propensity to consume – Sonders said the added stock wealth for the 1% may not have a substantial impact on the consumer economy."", 'She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.', '""While the bump in stock prices might link to stronger confidence, it doesn\'t necessarily point to stronger spending at the higher end,"" she said.', 'With the S&P 500 already up 10% this year, it is likely that the wealth of the upper echelon has already topped the record at the end of 2023.', 'While inequality declined slightly in 2021 and 2022, as wages increased and housing prices surged, the wealth gap has since crept back to pre-pandemic levels.', ""The top 1% accounted for 30% of the nation's wealth at the end of the fourth quarter, while the top 10% accounted for 67% of all wealth."", ""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.""]",0.5776866630399407,"Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect.""","Of course, this highlights a vulnerability of the economy if the stock market were to falter.",0.6448096387526568,The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge.,"She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.",2024-04-02
It’s back: Targeted Amex card holders can get up to 30% off at Amazon,https://edition.cnn.com/cnn-underscored/deals/amazon-amex-discount-promotion,"
  
        11:21 AM EST, Wed February 14, 2024
    ","Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities. While that’s true, there’s another lesser-known use for them — redeeming them for purchases at Amazon. Right now, you may be eligible for an Amazon promotion where you can save big on Amazon purchases by redeeming as little as one Amex point.
    
            Targeted American Express card members can save as much as 30% on their next Amazon purchase, for up to $30 in savings when you use Amex points to pay for at least a portion of your purchase at checkout. However, your offer may be higher or lower.
    
            This offer is set to expire on June 30, 2024, so even if you aren’t in the market to shop at Amazon right now, you have some time to take advantage of the savings. That said, Amazon also states it will deactivate the offer after 24,167 customers have redeemed it.
    
            With many Amazon discounted offers, scoring the deal can be a little complicated. But we’re going to take you through it step by step to make sure you’re getting as much of a discount as possible when you’re shopping at Amazon.
    
            To start, you must have an American Express card that earns Membership Rewards points. Amex cards that earn other types of rewards, such as cash back or airline miles, won’t work. But there are plenty of Amex cards that earn Membership Rewards points — a small sampling of them is at the end of this story.
    
            Next, you’ll need to link your Amazon and American Express accounts. Add your American Express card as a payment method in your Amazon account, if you haven’t already. Then look for the option to enroll in “Shop with Points” under the “Your Account” tab, and click the “Enroll” button for the Amex card you just added.
    
            Once your accounts are connected, you’ll need to activate the offer by clicking on this link. Remember, this is a targeted promotion, so not everyone will be eligible for it — you could be targeted for any one of the offers or none of them. When you click on the link, if you see a message that you’re not eligible, then you’re unfortunately not targeted for this particular promotion.
    
            But even if you’re not targeted, don’t give up hope. If you just enrolled in “Shop with Points,” you may need to wait 24 hours for Amazon’s records to refresh before knowing if you’re targeted, so check back in a day or so.
    
            If you’re eligible, activate the offer by clicking on the “Activate now” button — the enrollment page will indicate your particular discount. You can then shop at Amazon as you normally would, though only products sold and shipped by Amazon are eligible for these discounts. Additionally, Amazon gift cards are excluded, though other third-party retailer gift cards sold by Amazon might be eligible.
    
            But wait! There’s one more step. When you’re ready to check out, you’ll want to make sure to select your linked American Express card as your payment method. Then you’ll need to use at least 1 point to pay for your purchase for the discount to apply.
    
            When paying with Amex Membership Rewards points at Amazon, 1 point equals 0.7 cents. That’s not the best value you can get for Amex points. Frequent flyer website The Points Guy values Membership Rewards points as high as 2 cents each when redeemed for travel.
    
            However, it’s important to note that you don’t have to pay for your entire Amazon purchase with points to get these discounts. In fact, you can use just 1 point and pay for the rest with your Amex card, and you’ll still see the discount applied to your order. However, some accounts might see that you need to redeem slightly more points — 714 to be exact — to receive the savings, so make sure to check the terms of your exact offer.
    
            To pay with the minimum number of points required, enter $0.01 in the points section at checkout, which will apply just 1 point to your payment, You can use any number of points you want, but if you don’t make this change, Amazon may automatically apply the maximum number of points to cover the entire purchase, so you’ll want to make sure to update the amount before you place the order.
    
            Once you’ve applied at least 1 point to your payment, you’ll see the discount added to your order. The discount will apply on every order you place through June 30 until you hit the total maximum in savings — which will depend on your particular offer.
    
            Let’s take a look at some examples of how you can apply this discount to your upcoming Amazon purchases, even if you don’t need anything from Amazon right at the moment.
    
            With airlines having regular delays and cancellations over the last year, placing an Apple AirTag on your luggage can be a great way to track the location of your belongings. An Apple AirTag 4 Pack is currently priced at $78.99 before taxes and shipping, but if you’re targeted for the 30% off American Express offer, that’ll bring the pack down to $55.30, or around $13.83 per AirTag before tax.
    
            Or, if you’re hoping to pick up a set of new Apple AirPods Pro 2, right now Amazon is selling them for $189.99. But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.
    
            Even if you aren’t eligible for any of these particular Amex promotions, offers like this typically resurface many times throughout the year, so keep on checking back.
    
            Amazon often runs similar promotions for other credit cards, so check out our guides to discounts for Chase and Discover card holders to see what’s available. You might also find that even if you aren’t eligible now for one of these offers, you could magically become targeted in a few weeks, so keep on checking the link to see if you’ve been granted access.
    
            Amazon has been eagerly offers some lucrative promotions over the last few years, so keep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.
    
            Also, make sure you read our guide to the best credit cards for Amazon to be sure you’re using the right card when you buy at Amazon.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,14/02/2024,"['Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities.', 'While that’s true, there’s another lesser-known use for them — redeeming them for purchases at Amazon.', 'Right now, you may be eligible for anAmazonpromotion where you can save big on Amazon purchases by redeeming as little as one Amex point.', 'Targeted American Express card members cansave as much as 30% on their next Amazon purchase, for up to $30 in savings when you use Amex points to pay for at least a portion of your purchase at checkout.', 'However, your offer may be higher or lower.', 'This offer is set to expire on June 30, 2024, so even if you aren’t in the market to shop at Amazon right now, you have some time to take advantage of the savings.', 'That said, Amazon also states it will deactivate the offer after 24,167 customers have redeemed it.', 'With many Amazon discounted offers, scoring the deal can be a little complicated.', 'But we’re going to take you through it step by step to make sure you’re getting as much of a discount as possible when you’re shopping atAmazon.', 'To start, you must have an American Express card that earns Membership Rewards points.', 'Amex cards that earn other types of rewards, such as cash back or airline miles, won’t work.', 'But there are plenty of Amex cards that earn Membership Rewards points — a small sampling of them is at the end of this story.', 'Next, you’ll need tolink your Amazon and American Express accounts.', 'Add your American Express card as a payment method in your Amazon account, if you haven’t already.', 'Then look for the option toenroll in “Shop with Points”under the “Your Account” tab, and click the “Enroll” button for the Amex card you just added.', 'Once your accounts are connected, you’ll need to activate the offer byclicking on this link.', 'Remember, this is a targeted promotion, so not everyone will be eligible for it — you could be targeted for any one of the offers or none of them.', 'When you click on the link, if you see a message that you’re not eligible, then you’re unfortunately not targeted for this particular promotion.', 'But even if you’re not targeted, don’t give up hope.', 'If you just enrolled in “Shop with Points,” you may need to wait 24 hours for Amazon’s records to refresh before knowing if you’re targeted, so check back in a day or so.', 'If you’re eligible, activate the offer byclicking on the “Activate now” button— the enrollment page will indicate your particular discount.', 'You can thenshop at Amazonas you normally would, though only products sold and shipped by Amazon are eligible for these discounts.', 'Additionally, Amazon gift cards are excluded, though otherthird-party retailer gift cardssold by Amazon might be eligible.', 'But wait!', 'There’s one more step.', 'When you’re ready to check out, you’ll want to make sure to select your linked American Express card as your payment method.', 'Then you’ll need to use at least 1 point to pay for your purchase for the discount to apply.', 'When paying with Amex Membership Rewards points at Amazon, 1 point equals 0.7 cents.', 'That’s not the best value you can get for Amex points.', 'Frequent flyer websiteThe Points Guyvalues Membership Rewards points as high as 2 cents each when redeemed for travel.', 'However, it’s important to note that you don’t have to pay for your entireAmazonpurchase with points to get these discounts.', 'In fact,you can use just 1 point and pay for the rest with your Amex card, and you’ll still see the discount applied to your order.', 'However, some accounts might see that you need to redeem slightly more points —714 to be exact —to receive the savings, so make sure to check the terms of your exact offer.', 'To pay with the minimum number of points required, enter $0.01 in the points section at checkout, which will apply just 1 point to your payment, You can use any number of points you want, but if you don’t make this change,Amazonmay automatically apply the maximum number of points to cover the entire purchase, so you’ll want to make sure to update the amount before you place the order.', 'Once you’ve applied at least 1 point to your payment, you’ll see the discount added to your order.', 'The discount will apply on every order you place through June 30 until you hit the total maximum in savings —which will depend on your particular offer.', 'Let’s take a look at some examples of how you can apply this discount to your upcomingAmazonpurchases, even if you don’t need anything from Amazon right at the moment.', 'With airlines having regular delays and cancellations over the last year, placing an Apple AirTag on your luggage can be a great way to track the location of your belongings.', 'An Apple AirTag 4 Pack is currently priced at $78.99 before taxes and shipping, but if you’re targeted for the 30% off American Express offer, that’ll bring the pack down to $55.30, or around $13.83 per AirTag before tax.', 'Or, if you’re hoping to pick up a set of new Apple AirPods Pro 2, right now Amazon is selling them for $189.99.', 'But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.', 'Even if you aren’t eligible for any of these particular Amex promotions, offers like this typically resurface many times throughout the year, so keep on checking back.', 'Amazon often runs similar promotions for other credit cards, so check out our guides to discounts for Chase and Discover card holders to see what’s available.', 'You might also find that even if you aren’t eligible now for one of these offers, you could magically become targeted in a few weeks, so keep on checking the link to see if you’ve been granted access.', 'Amazon has been eagerly offers some lucrative promotions over the last few years, sokeep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.', 'Also, make sure you read our guide to thebest credit cards for Amazonto be sure you’re using the right card when you buy at Amazon.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.2766683229921542,Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities.,That’s not the best value you can get for Amex points.,-0.0578338623046875,"Amazon has been eagerly offers some lucrative promotions over the last few years, sokeep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.",But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.,2024-04-02
"Canada Goose to cut 17% of its corporate workforce, following string of retail layoffs",https://www.cnbc.com/2024/03/26/canada-goose-to-cut-17percent-of-its-corporate-workforce.html,2024-03-26T20:31:34+0000,"In this articleCanada Goose said Tuesday that it will cut about 17% of its corporate workforce, following a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending. It is not clear how many employees will be laid off. The cuts will affect staff at Canada Goose's corporate headquarters, which had about 915 employees as of April 2023, according to a securities filing. Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its ""continued growth,"" the filing says.In a statement Tuesday, CEO Dani Reiss said, ""Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels.""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.The cuts, part of the company's ongoing ""Transformation Program,"" come after what it called a ""comprehensive review"" of its organizational structure and the roles it needs to reach its goals. It expects the cuts will bring ""immediate"" cost savings and simplify its workforce, allowing it to make decisions more quickly and become more efficient. Shares of Canada Goose closed about 7% lower. In the three months that ended Dec. 31, Canada Goose saw sales grow 6% compared to the year-ago period, but the results fell short of analysts' expectations, according to LSEG, formerly known as Refinitiv. When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand. The layoffs at Canada Goose come after Nike, Macy's, Wayfair, Hasbro and Etsy all announced widespread layoffs over the past few months. In many cases, the companies were looking to focus on what they can control by becoming more efficient and focusing on profits, even as shoppers pull back on discretionary items such as clothes, shoes and toys.",CNBC,26/03/2024,"['In this articleCanada Goose said Tuesday that it will cut about 17% of its corporate workforce, following a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending.', 'It is not clear how many employees will be laid off.', ""The cuts will affect staff at Canada Goose's corporate headquarters, which had about 915 employees as of April 2023, according to a securities filing."", 'Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its ""continued growth,"" the filing says.', 'In a statement Tuesday, CEO Dani Reiss said, ""Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels.', '""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.', 'The cuts, part of the company\'s ongoing ""Transformation Program,"" come after what it called a ""comprehensive review"" of its organizational structure and the roles it needs to reach its goals.', 'It expects the cuts will bring ""immediate"" cost savings and simplify its workforce, allowing it to make decisions more quickly and become more efficient.', 'Shares of Canada Goose closed about 7% lower.', ""In the three months that ended Dec. 31, Canada Goose saw sales grow 6% compared to the year-ago period, but the results fell short of analysts' expectations, according to LSEG, formerly known as Refinitiv."", 'When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.', 'Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand.', ""The layoffs at Canada Goose come after Nike, Macy's, Wayfair, Hasbro and Etsy all announced widespread layoffs over the past few months."", 'In many cases, the companies were looking to focus on what they can control by becoming more efficient and focusing on profits, even as shoppers pull back on discretionary items such as clothes, shoes and toys.']",0.1798259420435697,"""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.","Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand.",0.0681341886520385,"""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.","When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.",2024-04-02
"Here's what upgrading to a nicer home could cost you, and why it's locking up the market",https://www.cnbc.com/2024/04/02/cost-of-upgrading-to-a-nicer-home-locking-up-the-housing-market.html,2024-04-02T18:43:28+0000,"The spring housing market is defying expectations that prices would cool and competition would ease.Higher mortgage rates usually cool both prices and demand, as they did last year, but that's not the case now. There are still too few homes for sale because current homeowners can't afford to move, and it's keeping prices high.Home prices in February were 5.5% higher than they were in February of last year, according to CoreLogic. That annual comparison is shrinking slightly, but the price gain from January to February was nearly twice what it normally is for that time of year, suggesting this spring's market started out strong despite higher interest rates.The average rate on the 30-year fixed mortgage hit its latest high in October, briefly crossing over 8%. It then dropped back into the 6% range for much of December and all of January. It rose back over 7% in February, which should have cooled the market.But sales of newly built homes, which are counted by contracts signed during the month, were nearly 6% higher in February year over year. Pending sales of existing homes, also based on signed contracts, were down 7% that month from the year before, but not for lack of demand.The real trouble in today's existing home market is lack of supply. There are more new listings this spring than last, but supply is still 40% below where it was pre-pandemic.That's partly because current homeowners are plagued by a lock-in effect: They won't list their homes for sale because the cost of moving up is so high.In the 22 years before the Federal Reserve started raising rates in 2022, upgrading to a 25% more expensive home would have increased the average homeowner's monthly payment of principal and interest by 40%, or about $400 on average, according to data from ICE Mortgage Technology. Moving to a similar house across the street wouldn't change their payment at all.In stark contrast today, the average homeowner with a near record-low mortgage rate would see their monthly payment shoot up 132%, or roughly $1,800, in order to move up to a 25% more expensive home. Buying the same home they're in now would increase their monthly payment by 60%, according to ICE.Those increases represent national averages and can vary market to market. For example, moving up would add $604 to a homeowner's monthly payment in Buffalo, New York, an increase of 108%; and $4,517 in San Jose, California, an increase of 161%, according to the ICE data.""Lower rates would ease the calculation for many and make moves more reasonable. But the net result continues to be too few homes for too many buyers,"" said Andy Walden, ICE's vice president of enterprise research. ""Until that fundamental mismatch is addressed, simple supply and demand will continue to press on both inventory and affordability.""If rates fell to 6%, the monthly payment increase to trade up to a 25% more expensive home would ease from a 103% average jump to 88% – a modest but welcome improvement, according to Walden.If rates fell to 5%, moving up would require a 68% larger payment, still much higher than the long-run average of 39%, but perhaps enough to motivate someone with a compelling need or desire to upgrade.While not all borrowers have record-low rates, more do in pricey markets because the breakeven point on the cost of a refinance is typically lower for higher-balance borrowers, so they have more incentive to do it. They also likely have higher-balance loans, so moving up to a higher rate would be even costlier. That's why the lock-in effect is stronger in much of California, where homes are most expensive.The vast majority of borrowers today, 88.5%, have mortgages with rates below 6%, according to Redfin. Roughly 59% have rates below 4%, and close to 23% of homeowners have rates below 3%.Those shares are slightly lower than they were last year, because some people did choose to move in the last year, but it shows what the market is up against, especially given high and still-rising home prices.A new report from Zillow shows the U.S. now has a record-high 550 ""million-dollar"" cities, or cities where the typical home is worth $1 million or more. That is 59 more million-dollar cities than there were in 2023, when home values were weakening due to rising mortgage rates.",CNBC,02/04/2024,"['The spring housing market is defying expectations that prices would cool and competition would ease.', ""Higher mortgage rates usually cool both prices and demand, as they did last year, but that's not the case now."", ""There are still too few homes for sale because current homeowners can't afford to move, and it's keeping prices high."", 'Home prices in February were 5.5% higher than they were in February of last year, according to CoreLogic.', ""That annual comparison is shrinking slightly, but the price gain from January to February was nearly twice what it normally is for that time of year, suggesting this spring's market started out strong despite higher interest rates."", 'The average rate on the 30-year fixed mortgage hit its latest high in October, briefly crossing over 8%.', 'It then dropped back into the 6% range for much of December and all of January.', 'It rose back over 7% in February, which should have cooled the market.', 'But sales of newly built homes, which are counted by contracts signed during the month, were nearly 6% higher in February year over year.', 'Pending sales of existing homes, also based on signed contracts, were down 7% that month from the year before, but not for lack of demand.', ""The real trouble in today's existing home market is lack of supply."", 'There are more new listings this spring than last, but supply is still 40% below where it was pre-pandemic.', ""That's partly because current homeowners are plagued by a lock-in effect: They won't list their homes for sale because the cost of moving up is so high."", ""In the 22 years before the Federal Reserve started raising rates in 2022, upgrading to a 25% more expensive home would have increased the average homeowner's monthly payment of principal and interest by 40%, or about $400 on average, according to data from ICE Mortgage Technology."", ""Moving to a similar house across the street wouldn't change their payment at all."", 'In stark contrast today, the average homeowner with a near record-low mortgage rate would see their monthly payment shoot up 132%, or roughly $1,800, in order to move up to a 25% more expensive home.', ""Buying the same home they're in now would increase their monthly payment by 60%, according to ICE.Those increases represent national averages and can vary market to market."", ""For example, moving up would add $604 to a homeowner's monthly payment in Buffalo, New York, an increase of 108%; and $4,517 in San Jose, California, an increase of 161%, according to the ICE data."", '""Lower rates would ease the calculation for many and make moves more reasonable.', 'But the net result continues to be too few homes for too many buyers,"" said Andy Walden, ICE\'s vice president of enterprise research. ""', 'Until that fundamental mismatch is addressed, simple supply and demand will continue to press on both inventory and affordability.', '""If rates fell to 6%, the monthly payment increase to trade up to a 25% more expensive home would ease from a 103% average jump to 88% – a modest but welcome improvement, according to Walden.', 'If rates fell to 5%, moving up would require a 68% larger payment, still much higher than the long-run average of 39%, but perhaps enough to motivate someone with a compelling need or desire to upgrade.', 'While not all borrowers have record-low rates, more do in pricey markets because thebreakeven point on the cost of a refinance is typically lower for higher-balance borrowers, so they have more incentive to do it.', 'They also likely have higher-balance loans, so moving up to a higher rate would be even costlier.', ""That's why the lock-in effect is stronger in much of California, where homes are most expensive."", 'The vast majority of borrowers today, 88.5%, have mortgages with rates below 6%, according to Redfin.', 'Roughly 59% have rates below 4%, and close to 23% of homeowners have rates below 3%.Those shares are slightly lower than they were last year, because some people did choose to move in the last year, but it shows what the market is up against, especially given high and still-rising home prices.', 'A new report from Zillow shows the U.S. now has a record-high 550 ""million-dollar"" cities, or cities where the typical home is worth $1 million or more.', 'That is 59 more million-dollar cities than there were in 2023, when home values were weakening due to rising mortgage rates.']",0.1432220879543183,"""If rates fell to 6%, the monthly payment increase to trade up to a 25% more expensive home would ease from a 103% average jump to 88% – a modest but welcome improvement, according to Walden.",The real trouble in today's existing home market is lack of supply.,0.3411037538732801,"But sales of newly built homes, which are counted by contracts signed during the month, were nearly 6% higher in February year over year.","Pending sales of existing homes, also based on signed contracts, were down 7% that month from the year before, but not for lack of demand.",2024-04-02
Germany fans banned from buying number 44 kits over Nazi symbolism,https://www.bbc.co.uk/news/world-europe-68708981,2024-04-01T15:08:19.000Z,"Adidas has banned football fans from buying German football kits customised with the number 44, after media raised their resemblance to the symbol used by World War Two-era Nazi SS units.  ""We will block personalisation of the jerseys,"" an Adidas spokesman said. SS units were the most responsible for the crimes against humanity committed by the Nazis. The newly released kit has also caused controversy with its choice of pink for the away colours.   The symbolism issue was first raised by historian Michael König, who said the design of the kits was ""very questionable"".  The SS rune was designed in 1929 for use by the Nazi units. Members of the SS ranged from Gestapo agents to concentration camp guards. SS duties included administering death camps where millions of Jews and others were put to death. Adidas spokesman Oliver Brüggen denied that the kit's resemblance to the Nazi symbols was intentional.  ""We as a company are committed to opposing xenophobia, anti-Semitism, violence and hatred in every form,"" he said. Adidas separately told the BBC that the German Football Association (DFB) and its partners had designed the numbers on the shirts. In a post on Twitter/X, the DFB said the shirt designs had been submitted to UEFA for review during the design process and that ""none of the parties involved saw any proximity to Nazi symbolism"". They added that an alternative design for the number 4 would be developed. The same kit has met additional controversy for its choice of bright pink as the away colour. Supporters say the colour represents the country's diversity. But critics claim it is untraditional and has been introduced in order to raise money for the DFB.  Adidas has manufactured German jerseys since the 1950s.  But a decision by the DFB to drop German company Adidas in favour of American giant Nike as the manufacturer of German football kits from 2027 has been blasted for lacking ""patriotism"" by Economy Minister Robert Habeck.  Germany will host this year's European Football Championship, which will be held in 10 different cities. ",BBC,01/04/2024,"['Adidas has banned football fans from buying German football kits customised with the number 44, after media raised their resemblance to the symbol used by World War Two-era Nazi SS units. ""', 'We will block personalisation of the jerseys,"" an Adidas spokesman said.', 'SS units were the most responsible for the crimes against humanity committed by the Nazis.', 'The newly released kit has also caused controversy with its choice of pink for the away colours.', 'The symbolism issue was first raised by historian Michael König, who said the design of the kits was ""very questionable"".', 'The SS rune was designed in 1929 for use by the Nazi units.', 'Members of the SS ranged from Gestapo agents to concentration camp guards.', 'SS duties included administering death camps where millions of Jews and others were put to death.', 'Adidas spokesman Oliver Brüggen denied that the kit\'s resemblance to the Nazi symbols was intentional. ""', 'We as a company are committed to opposing xenophobia, anti-Semitism, violence and hatred in every form,"" he said.', 'Adidas separately told the BBC that the German Football Association (DFB) and its partners had designed the numbers on the shirts.', 'In a post on Twitter/X, the DFB said the shirt designs had been submitted to UEFA for review during the design process and that ""none of the parties involved saw any proximity to Nazi symbolism"".', 'They added that an alternative design for the number 4 would be developed.', 'The same kit has met additional controversy for its choice of bright pink as the away colour.', ""Supporters say the colour represents the country's diversity."", 'But critics claim it is untraditional and has been introduced in order to raise money for the DFB.', 'Adidas has manufactured German jerseys since the 1950s.', 'But a decision by the DFB to drop German company Adidas in favour of American giant Nike as the manufacturer of German football kits from 2027 has been blasted for lacking ""patriotism"" by Economy Minister Robert Habeck.', ""Germany will host this year's European Football Championship, which will be held in 10 different cities.""]",-0.1137494351588001,SS units were the most responsible for the crimes against humanity committed by the Nazis.,"We as a company are committed to opposing xenophobia, anti-Semitism, violence and hatred in every form,"" he said.",-0.9491939345995584,,"But a decision by the DFB to drop German company Adidas in favour of American giant Nike as the manufacturer of German football kits from 2027 has been blasted for lacking ""patriotism"" by Economy Minister Robert Habeck.",2024-04-02
California fast-food workers are now making $20 an hour. Other businesses might have to catch up,https://www.cnbc.com/2024/04/01/california-fast-food-minimum-wage-other-business-may-raise-pay.html,2024-04-01T15:46:56+0000,"As fast-food chains in California start to pay their workers a higher minimum wage, other business owners across the state are watching to see whether they will have to raise their own pay to compete.Starting Monday, fast-food workers in California at chains with more than 60 national locations earn $20 an hour, higher than the state's broader minimum wage of $16 per hour. The new pay floor stems from a state law passed in September, which also establishes a nine-person council that will determine future wage hikes and suggest other guidelines for labor conditions for the industry. There are more than half a million fast-food workers in the state, Gov. Gavin Newsom said when signing the bill into law.Some affected chains have responded to the mandated wage hike by slashing their workforces and hiking their menu prices. Franchisees for pizza chains Papa John's, Round Table and Pizza Hut laid off drivers ahead of the deadline. McDonald's, Wingstop and Chipotle Mexican Grill are among the chains that have said they'll pass on the higher labor costs to their customers by making their menu items more expensive.""The consequences are business owners — franchisees who are not large companies, despite what the political supporters of this law have said — these are small businesses and they're facing now mandated higher costs. And those costs are going to get passed on to the customer and will likely result in fewer jobs,"" Matthew Haller, president and CEO of franchisee advocacy group the International Franchise Association, told CNBC.The law won't directly touch other restaurants in California — small coffee chains, mom-and-pop diners and upscale steakhouses — but they still could have to adjust their pay as they compete for the same employees. And industries that rely on hourly workers, such as retail and hospitality, may also face pressure to match their wages or risk losing their employees.""I think we are going to see spillover effects within food service, but beyond that, we should expect to see spillover effects to other industries that are competing for this talent,"" Daniel Zhao, lead economist for career site Glassdoor, told CNBC.The law takes effect as job growth has slowed in the most populous U.S. state. California's unemployment rate was 5.3% in February, outpacing the U.S. rate of 3.9%, according to the Bureau of Labor Statistics.While the new fast-food minimum wage is among the highest in the U.S., California employers are used to paying more for their labor. Roughly three dozen California cities and counties have local minimum wages higher than the state pay floor of $16 an hour.Even when it is not mandated, restaurants usually find themselves paying more than the minimum wage to attract hourly workers. For years, the industry has struggled with a labor crunch as teens seek out internships instead of restaurant jobs and older workers decamp for other industries with better working conditions and benefits.The average wage for hourly food service workers in California before the law took effect was $17.89 an hour, according to self-reported Glassdoor data from Oct. 1 to March 28. But only 22% of the state's hourly restaurant workers were making at least $20 an hour in that time.The pay hike will have a bigger effect on fast-food restaurants in areas with lower costs of living, such as Fresno, according to Zhao. In major metropolitan areas, the gap between prior pay rates and the new minimum wage is likely smaller.For example, at Andytown Coffee Roasters in San Francisco, non-tipped employees already make more than $20 an hour, according to owner and CEO Lauren Crabbe. She said she's ""personally thrilled"" that fast-food workers for large chains will earn a higher wage in California, though she thinks the legislature missed an opportunity to target giants in other industries, such as retail.""If a multinational company making millions in profit cannot afford to pay the people making their product and serving their customers at least $20 [an hour] in 2024, then they do not have a viable business model,"" Crabbe said.The chief executive of the Cheesecake Factory isn't sweating the wage hike, either. As a full-service restaurant chain, the company won't be obligated to pay its California workers $20 an hour. But CEO Matthew Clark said on the company's earnings call in February that the chain's tipped positions already make much more, and he believes that's the case for fast-food workers, too.""Many of the California [quick-service restaurant] urban locations are already paying $19 and $20,"" he said. ""We believe that's partly why they agreed to do it in the first place.""Businesses outside the restaurant industry are also eyeing the wage increase for fast-food workers.Jennifer B. Perez runs Growing Roots in Long Beach. The company has 13 employees and has been in business since 2002, designing, installing and maintaining indoor plants for commercial and residential clients.Perez monitors hikes in industries outside her own to remain competitive. She gave workers raises this year ahead of the fast-food hike. Workers without experience are making $19 an hour, she said, on the lowest end of her pay scale and more than $2 above the local minimum. They also have paid time off, and health, vision and dental insurance.""It's a ripple effect, because I'm not part of that industry,"" Perez told CNBC of the fast-food increase. ""I'm always over minimum wage, but since that keeps increasing and increasing, and it's a 25% increase from $16 to $20, it's definitely something to think about.""Like many business owners, Perez has to consider how inflation affects both her company's labor costs and her clients' budgets.""Most small businesses can't just do a straight 25% increase across the board, or price increases across the board,"" she said.From start to finish, the California law, which was backed by the Service Employees International Union, has been controversial.The restaurant industry fought back against the initial incarnation, which Newsom signed into law in 2022, by gathering enough signatures for a referendum to make California voters decide on the matter. The SEIU responded by backing a bill that would impose joint-employer liability on franchised businesses, holding franchisors like McDonald's responsible for labor infractions committed by their franchisees. The two sides came to a deal in September, resulting in the new law and doing away with the joint-employer provisions.Newsom came under fire in February after Bloomberg reported that a carve-out for restaurants that bake their own bread on premise benefited the governor's donor Greg Flynn, owner of the Panera Bread franchisee Flynn Restaurant Group. Newsom's office denied the story and said that Panera would be required to pay its workers at least $20 an hour. Flynn later said that all his California locations will raise their pre-tip wages to $20 an hour or higher, effective Monday.After one contentious victory, the SEIU is gearing up for more fights for similar raises for fast-food workers in other states. SEIU President Mary Kay Henry told CNBC that New York, Washington and Illinois are all potential battlegrounds.  ""It's taken us 10 years to get to this table. And [the workers] feel like they're going to have a voice on the job that they've never been able to experience before,"" Henry said.California will test how the sector-specific minimum wage affects workers, their employers and the broader labor market. Fast-food chains, industry experts and economists will be watching to see if the gloomy predictions for job losses come to pass — or if higher pay comes with benefits even for the businesses dispensing the wages.Glassdoor's Zhao said the $20 wage could lure back some of the workers who left their restaurant jobs to work at an Amazon warehouse or to drive for Uber. Plus, those fast-food workers will now have more money in their pocket.""Folks who are earning more money can also spend more money that gets re-injected into the economy,"" he said.",CNBC,01/04/2024,"['As fast-food chains in California start to pay their workers a higher minimum wage, other business owners across the state are watching to see whether they will have to raise their own pay to compete.', ""Starting Monday, fast-food workers in California at chains with more than 60 national locations earn $20 an hour, higher than the state's broader minimum wage of $16 per hour."", 'The new pay floor stems from a state law passed in September, which also establishes a nine-person council that will determine future wage hikes and suggest other guidelines for labor conditions for the industry.', 'There are more than half a million fast-food workers in the state, Gov. Gavin Newsom said when signing the bill into law.', 'Some affected chains have responded to the mandated wage hike by slashing their workforces and hiking their menu prices.', ""Franchisees for pizza chains Papa John's, Round Table and Pizza Hut laid off drivers ahead of the deadline."", ""McDonald's, Wingstop and Chipotle Mexican Grill are among the chains that have said they'll pass on the higher labor costs to their customers by making their menu items more expensive."", '""The consequences are business owners — franchisees who are not large companies, despite what the political supporters of this law have said — these are small businesses and they\'re facing now mandated higher costs.', 'And those costs are going to get passed on to the customer and will likely result in fewer jobs,"" Matthew Haller, president and CEO of franchisee advocacy group the International Franchise Association, told CNBC.The law won\'t directly touch other restaurants in California — small coffee chains, mom-and-pop diners and upscale steakhouses — but they still could have to adjust their pay as they compete for the same employees.', 'And industries that rely on hourly workers, such as retail and hospitality, may also face pressure to match their wages or risk losing their employees.', '""I think we are going to see spillover effects within food service, but beyond that, we should expect to see spillover effects to other industries that are competing for this talent,"" Daniel Zhao, lead economist for career site Glassdoor, told CNBC.The law takes effect as job growth has slowed in the most populous U.S. state.', ""California's unemployment rate was 5.3% in February, outpacing the U.S. rate of 3.9%, according to the Bureau of Labor Statistics."", 'While the new fast-food minimum wage is among the highest in the U.S., California employers are used to paying more for their labor.', 'Roughly three dozen California cities and counties have local minimum wages higher than the state pay floor of $16 an hour.', 'Even when it is not mandated, restaurants usually find themselves paying more than the minimum wage to attract hourly workers.', 'For years, the industry has struggled with a labor crunch as teens seek out internships instead of restaurant jobs and older workers decamp for other industries with better working conditions and benefits.', 'The average wage for hourly food service workers in California before the law took effect was $17.89 an hour, according to self-reported Glassdoor data from Oct. 1 to March 28.', ""But only 22% of the state's hourly restaurant workers were making at least $20 an hour in that time."", 'The pay hike will have a bigger effect on fast-food restaurants in areas with lower costs of living, such as Fresno, according to Zhao.', 'In major metropolitan areas, the gap between prior pay rates and the new minimum wage is likely smaller.', 'For example, at Andytown Coffee Roasters in San Francisco, non-tipped employees already make more than $20 an hour, according to owner and CEO Lauren Crabbe.', 'She said she\'s ""personally thrilled"" that fast-food workers for large chains will earn a higher wage in California, though she thinks the legislature missed an opportunity to target giants in other industries, such as retail.', '""If a multinational company making millions in profit cannot afford to pay the people making their product and serving their customers at least $20 [an hour] in 2024, then they do not have a viable business model,"" Crabbe said.', ""The chief executive of the Cheesecake Factory isn't sweating the wage hike, either."", ""As a full-service restaurant chain, the company won't be obligated to pay its California workers $20 an hour."", ""But CEO Matthew Clark said on the company's earnings call in February that the chain's tipped positions already make much more, and he believes that's the case for fast-food workers, too."", '""Many of the California [quick-service restaurant] urban locations are already paying $19 and $20,"" he said. ""', ""We believe that's partly why they agreed to do it in the first place."", '""Businesses outside the restaurant industry are also eyeing the wage increase for fast-food workers.', 'Jennifer B. Perez runs Growing Roots in Long Beach.', 'The company has 13 employees and has been in business since 2002, designing, installing and maintaining indoor plants for commercial and residential clients.', 'Perez monitors hikes in industries outside her own to remain competitive.', 'She gave workers raises this year ahead of the fast-food hike.', 'Workers without experience are making $19 an hour, she said, on the lowest end of her pay scale and more than $2 above the local minimum.', 'They also have paid time off, and health, vision and dental insurance.', '""It\'s a ripple effect, because I\'m not part of that industry,"" Perez told CNBC of the fast-food increase. ""', ""I'm always over minimum wage, but since that keeps increasing and increasing, and it's a 25% increase from $16 to $20, it's definitely something to think about."", '""Like many business owners, Perez has to consider how inflation affects both her company\'s labor costs and her clients\' budgets.', '""Most small businesses can\'t just do a straight 25% increase across the board, or price increases across the board,"" she said.', 'From start to finish, the California law, which was backed by the Service Employees International Union, has been controversial.', 'The restaurant industry fought back against the initial incarnation, which Newsom signed into law in 2022, by gathering enough signatures for a referendum to make California voters decide on the matter.', ""The SEIU responded by backing a bill that would impose joint-employer liability on franchised businesses, holding franchisors like McDonald's responsible for labor infractions committed by their franchisees."", 'The two sides came to a deal in September, resulting in the new law and doing away with the joint-employer provisions.', ""Newsom came under fire in February after Bloomberg reported that a carve-out for restaurants that bake their own bread on premise benefited the governor's donor Greg Flynn, owner of the Panera Bread franchisee Flynn Restaurant Group."", ""Newsom's office denied the story and said that Panera would be required to pay its workers at least $20 an hour."", 'Flynn later said that all his California locations will raise their pre-tip wages to $20 an hour or higher, effective Monday.', 'After one contentious victory, the SEIU is gearing up for more fights for similar raises for fast-food workers in other states.', 'SEIU President Mary Kay Henry told CNBC that New York, Washington and Illinois are all potential battlegrounds. ""', ""It's taken us 10 years to get to this table."", 'And [the workers] feel like they\'re going to have a voice on the job that they\'ve never been able to experience before,"" Henry said.', 'California will test how the sector-specific minimum wage affects workers, their employers and the broader labor market.', 'Fast-food chains, industry experts and economists will be watching to see if the gloomy predictions for job losses come to pass — or if higher pay comes with benefits even for the businesses dispensing the wages.', ""Glassdoor's Zhao said the $20 wage could lure back some of the workers who left their restaurant jobs to work at an Amazon warehouse or to drive for Uber."", 'Plus, those fast-food workers will now have more money in their pocket.', '""Folks who are earning more money can also spend more money that gets re-injected into the economy,"" he said.']",0.0382769886408306,"""I think we are going to see spillover effects within food service, but beyond that, we should expect to see spillover effects to other industries that are competing for this talent,"" Daniel Zhao, lead economist for career site Glassdoor, told CNBC.The law takes effect as job growth has slowed in the most populous U.S. state.","And industries that rely on hourly workers, such as retail and hospitality, may also face pressure to match their wages or risk losing their employees.",0.3082459219570818,"She said she's ""personally thrilled"" that fast-food workers for large chains will earn a higher wage in California, though she thinks the legislature missed an opportunity to target giants in other industries, such as retail.","For years, the industry has struggled with a labor crunch as teens seek out internships instead of restaurant jobs and older workers decamp for other industries with better working conditions and benefits.",2024-04-02
Viking Therapeutics stock jumps more than 15% on promising weight loss pill data,https://www.cnbc.com/2024/03/26/viking-therapeutics-weight-loss-pill-shows-positive-study-results.html,2024-03-26T20:27:20+0000,"In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.The study results add to the excitement around the drugmaker's prospects in the budding weight loss drug market.Viking is one of several small biotech companies hoping to compete with Novo Nordisk and Eli Lilly in the space, which analysts say could grow into a $100 billion market by the end of the decade. Some analysts view Viking as a particularly strong potential player, or takeover target for a larger company. Based on Tuesday's results, Viking plans to start a phase two trial of its weight loss pill later this year. The once-a-day tablet is an oral version of the company's experimental weight loss injection, which showed encouraging results in a mid-stage trial last month. Optimism about Viking's potential in the market has sent its shares flying 345% higher this year.The phase one trial for the pill followed more than 40 patients with obesity for around a month. Those people took different dose sizes of the drug or received a placebo.Viking said patients who received the pill once a day lost up to 5.3% of their weight on average, or up to 3.3% more than those who took a placebo, at 28 days. Up to 57% of patients who received Viking's pill lost at least 5% of their body weight. Meanwhile, no people who took the placebo shed that much weight, the company said. Notably, those who received higher doses of the experimental pill appeared to maintain or add to their weight loss at 34 days in the study, six days after their last dose of the drug. Weight loss for those patients ranged up to 3.6% higher than those who received a placebo. Viking CEO Brian Lian said during a conference call Tuesday that it's unclear ""how durable"" the weight loss is. Still, he noted that the sustained weight loss seen in the trial may be encouraging to patients who might miss a dose because they are traveling or don't have access to their medication. ""I think that's an encouraging sign that you don't necessarily have to take it every day,"" he said.In a release, Viking said it believes that treating patients beyond 28 days may provide ""further reductions in body weight."" The company also said the trial suggested the pill is safe and tolerable to take. The majority of side effects that patients experienced after starting the oral drug were mild in severity. The majority of gastrointestinal events that patients experienced were mild. Gastrointestinal side effects, such as nausea and vomiting, are commonly seen across all weight loss and diabetes treatments.But people who received Viking's pill did not report vomiting. Patients who took the placebo also reported diarrhea more frequently than those treated with the oral drug, the company said.Analysts have compared Viking's weight loss injection to Eli Lilly's injectable drug Zepbound because both drugs imitate two naturally produced gut hormones called GLP-1 and GIP.GLP-1 helps reduce food intake and appetite. GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.Meanwhile, Novo Nordisk's weight loss injection Wegovy only targets GLP-1.",CNBC,26/03/2024,"['In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.', ""The study results add to the excitement around the drugmaker's prospects in the budding weight loss drug market."", 'Viking is one of several small biotech companies hoping to compete with Novo Nordisk and Eli Lilly in the space, which analysts say could grow into a $100 billion market by the end of the decade.', 'Some analysts view Viking as a particularly strong potential player, or takeover target for a larger company.', ""Based on Tuesday's results, Viking plans to start a phase two trial of its weight loss pill later this year."", ""The once-a-day tablet is an oral version of the company's experimental weight loss injection, which showed encouraging results in a mid-stage trial last month."", ""Optimism about Viking's potential in the market has sent its shares flying 345% higher this year."", 'The phase one trial for the pill followed more than 40 patients with obesity for around a month.', 'Those people took different dose sizes of the drug or received a placebo.', 'Viking said patients who received the pill once a day lost up to 5.3% of their weight on average, or up to 3.3% more than those who took a placebo, at 28 days.', ""Up to 57% of patients who received Viking's pill lost at least 5% of their body weight."", 'Meanwhile, no people who took the placebo shed that much weight, the company said.', 'Notably, those who received higher doses of the experimental pill appeared to maintain or add to their weight loss at 34 days in the study, six days after their last dose of the drug.', 'Weight loss for those patients ranged up to 3.6% higher than those who received a placebo.', 'Viking CEO Brian Lian said during a conference call Tuesday that it\'s unclear ""how durable"" the weight loss is.', ""Still, he noted that the sustained weight loss seen in the trial may be encouraging to patients who might miss a dose because they are traveling or don't have access to their medication."", '""I think that\'s an encouraging sign that you don\'t necessarily have to take it every day,"" he said.', 'In a release, Viking said it believes that treating patients beyond 28 days may provide ""further reductions in body weight.', '""The company also said the trial suggested the pill is safe and tolerable to take.', 'The majority of side effects that patients experienced after starting the oral drug were mild in severity.', 'The majority of gastrointestinal events that patients experienced were mild.', 'Gastrointestinal side effects, such as nausea and vomiting, are commonly seen across all weight loss and diabetes treatments.', ""But people who received Viking's pill did not report vomiting."", 'Patients who took the placebo also reported diarrhea more frequently than those treated with the oral drug, the company said.', ""Analysts have compared Viking's weight loss injection to Eli Lilly's injectable drug Zepbound because both drugs imitate two naturally produced gut hormones called GLP-1 and GIP.GLP-1 helps reduce food intake and appetite."", 'GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.', ""Meanwhile, Novo Nordisk's weight loss injection Wegovy only targets GLP-1.""]",0.0570222720908987,Optimism about Viking's potential in the market has sent its shares flying 345% higher this year.,"Viking CEO Brian Lian said during a conference call Tuesday that it's unclear ""how durable"" the weight loss is.",0.6855462690194448,In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.,Weight loss for those patients ranged up to 3.6% higher than those who received a placebo.,2024-04-02
"GM U.S. vehicle sales fall 1.5% during the first quarter, underperforming other major automakers",https://www.cnbc.com/2024/04/02/gm-first-quarter-us-vehicle-sales.html,2024-04-02T18:51:37+0000,"In this articleDETROIT — General Motors on Tuesday reported a 1.5% decline in first-quarter U.S. vehicle sales compared to a year ago, as the overall auto industry normalizes after years of disruptions and volatile results.The Detroit automaker said the decline to 594,233 vehicles sold during the first three months of the year was largely due to a 22.9% year-over-year decline in sales to fleet customers. Retail sales to customers were up 6%, GM said.GM's sales were in-line with Cox Automotive estimates but below expectations for the overall industry. The auto data firm forecast U.S. auto industry sales to be up 5.5% from a year earlier.Buick was the only GM brand to report a sales increase during the quarter, up 16.4% from a year earlier. The GMC truck brand was off about 5%, while Cadillac and Chevrolet were both off about 2%.GM reported sales of its full-size pickups totaled roughly 197,000 units during the first quarter, up 3.6% from a year earlier, marking its best performance during that time since the first quarter of 2020.""GM gained retail market share year-over-year with strong mix and pricing, our inventories are in good shape heading into the spring, and production and deliveries of Ultium Platform EVs are rising, led by the Cadillac Lyriq. We're on plan,"" GM North America President Marissa West said in a statement.Sales of GM's all-electric vehicles, closely watched by Wall Street, remained miniscule during the first quarter. EV sales totaled 16,425 units, or 2.8% of the automaker's overall sales during the period.GM is in the process of ramping up production of its newest EVs, including the Cadillac Lyriq and the Blazer EV, while winding down sales of Chevrolet Bolt models, which were discontinued in December.First-quarter sales of the Blazer EV were limited, totaling 600 units, due to a stop-sale that was in effect from late December until early March to resolve software issues.Other automakers reported varying results for the first quarter, as inventories and sales normalize to levels not seen since before the Covid-19 pandemic began.Hyundai Motor America CEO Randy Parker noted the industry is getting more competitive as automakers attempt to maintain profits of recent years without oversubsidizing sales.""The market is changing swiftly, and it's gotten a lot more competitive,"" Parker said Tuesday during a media call.Hyundai reported its best March sales ever last month, at 76,920 vehicles sold, but its first-quarter sales were only up 0.2% compared to a year earlier.Separately, Hyundai's Genesis luxury brand reported sales of 14,777 vehicles during the first quarter, up 7.3% year over year.Here is how other major automakers performed in U.S. sales compared to the first quarter of 2023:",CNBC,02/04/2024,"['In this articleDETROIT — General Motors on Tuesday reported a 1.5% decline in first-quarter U.S. vehicle sales compared to a year ago, as the overall auto industry normalizes after years of disruptions and volatile results.', 'The Detroit automaker said the decline to 594,233 vehicles sold during the first three months of the year was largely due to a 22.9% year-over-year decline in sales to fleet customers.', 'Retail sales to customers were up 6%, GM said.', ""GM's saleswere in-line with Cox Automotive estimatesbut belowexpectations for the overall industry."", 'The auto data firm forecast U.S. auto industry salesto be up 5.5% from a year earlier.', 'Buick was the only GM brand to report a sales increase during the quarter, up 16.4% from a year earlier.', 'The GMC truck brand was off about 5%, while Cadillac and Chevrolet were both off about 2%.GM reported sales of its full-size pickups totaled roughly 197,000 units during the first quarter, up 3.6% from a year earlier, marking its best performance during that time since the first quarter of 2020.""GM gained retail market share year-over-year with strong mix and pricing, our inventories are in good shape heading into the spring, and production and deliveries of Ultium Platform EVs are rising, led by the Cadillac Lyriq.', 'We\'re on plan,"" GM North America President Marissa West said in a statement.', ""Sales of GM's all-electric vehicles, closely watched by Wall Street, remained miniscule during the first quarter."", ""EV sales totaled 16,425 units, or 2.8% of the automaker's overall sales during the period."", 'GM is in the process of ramping up production of its newest EVs, including the Cadillac Lyriq and the Blazer EV, while winding down sales of Chevrolet Bolt models, which were discontinued in December.', 'First-quarter sales of the Blazer EV were limited, totaling 600 units, due to a stop-sale that was in effect from late December until early March to resolve software issues.', 'Other automakers reported varying results for the first quarter, as inventories and sales normalize to levels not seen since before the Covid-19 pandemic began.', 'Hyundai Motor America CEO Randy Parker noted the industry is getting more competitive as automakers attempt to maintain profits of recent years without oversubsidizing sales.', '""The market is changing swiftly, and it\'s gotten a lot more competitive,"" Parker said Tuesday during a media call.', 'Hyundai reported its best March sales ever last month, at 76,920 vehicles sold, but its first-quarter sales were only up 0.2% compared to a year earlier.', ""Separately, Hyundai's Genesis luxury brand reported sales of 14,777 vehicles during the first quarter, up 7.3% year over year."", 'Here is how other major automakers performed in U.S. sales compared to the first quarter of 2023:']",0.1254493644529955,"The GMC truck brand was off about 5%, while Cadillac and Chevrolet were both off about 2%.GM reported sales of its full-size pickups totaled roughly 197,000 units during the first quarter, up 3.6% from a year earlier, marking its best performance during that time since the first quarter of 2020.""GM gained retail market share year-over-year with strong mix and pricing, our inventories are in good shape heading into the spring, and production and deliveries of Ultium Platform EVs are rising, led by the Cadillac Lyriq.","In this articleDETROIT — General Motors on Tuesday reported a 1.5% decline in first-quarter U.S. vehicle sales compared to a year ago, as the overall auto industry normalizes after years of disruptions and volatile results.",0.429541391985757,"Retail sales to customers were up 6%, GM said.","The Detroit automaker said the decline to 594,233 vehicles sold during the first three months of the year was largely due to a 22.9% year-over-year decline in sales to fleet customers.",2024-04-02
‘I want to help people fly – and keep them safe’,https://www.bbc.co.uk/news/business-68489226,2024-03-22T00:15:02.000Z,"Student Pooja Umashankar clearly remembers when she first felt the roar of an aircraft taking off. She was 10 years old and travelling from Sri Lanka to the UK with her family. Through the window near her seat, she could see hundreds of tiny lights on the ground below.  ""It's just a piece of metal,"" she remembers marvelling, ""And it's flying now."" Today, a decade and a half later, Miss Umashankar has returned from Sri Lanka to study aircraft maintenance engineering at the University of South Wales. ""I knew that I wanted to do something that nobody had ever done in my town,"" she says. The aviation industry can't find enough people like Miss Umashankar. For years, airlines and engineering firms have struggled to hire maintenance engineers, and there is now a global shortage numbering in the tens of thousands.  This is a huge problem not least because aviation is expected to balloon in the coming decades. Industry estimates suggest that roughly 700,000 engineers will have to enter the profession between now and 2040 in order to satisfy demand.  Plus, after Boeing's recent 737 Max 9 door blowout - currently the subject of an investigation - engineers have been in especially high demand to perform increased checks on 737 Max aircraft of various models.  And trade association ADS says there are 10,000 vacancies in total across the UK's aerospace, defence, security and space industries. Miss Umashankar, who is now nearing the end of her three-year degree, says she wants to be a part of the solution. ""What motivates me is to… help people travel,"" she says. ""I want to help them fly - while being safe."" She says she has especially enjoyed working with electronics during her course but was not able to find an on-the-job training placement. However, Miss Umashankar has now started applying for full-time positions. She hopes to work for an employer that will treat her with respect and provide further training.  Not many of her colleagues will be women, she knows. But that does not deter her: ""There's such a shortage of female engineers in this field, I just feel that maybe I should be one of them."" Redressing the severe gender imbalance in the industry could help tackle the shortage, some observers say. In the UK, fewer than 10% of aerospace and aviation engineers are women. The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University. Only 2.8% of US aircraft technicians are women. ""I don't think that there are enough women that are involved in the industry to act as mentors,"" she says. Multiple engineering firms contacted by the BBC declined to specify whether they were short of aviation technicians at present, or to what extent. AAR Corporation, however, says it has raised salaries and launched a programme to help US military veterans join the workforce. More than 60 such candidates have been hired since 2019, the firm notes. ST Engineering has started a mentorship programme in Singapore and is in talks to set up a training academy in the US. Meanwhile, Lufthansa Technik is working to attract more women into the industry. ""Large-scale recruitment of apprentices is still ongoing,"" a spokeswoman adds. The current focus on training is significant, says Daniel Olufisan, training director and principal consultant at Wing Engineering, which works in the aviation industry. It is partly down to the fact that fewer aircraft engineers these days are ex-military and, therefore, not as many people with hands-on experience are entering maintenance roles, he suggests. Another key reason for the shortage is that a high number of engineers in their 60s are now retiring from the profession. Aircraft maintenance is not as glamorous as it once was, suggests Robert Mann, an industry analyst and consultant at RW Mann & Company: ""Some of the benefits that then came with working for an airline, flying on staff passes for example, just aren't there anymore."" He stresses that a dearth of engineers is no excuse to cut corners on safety. ""This is not a test flying business, this is a consumer service,"" he says. Last year, manufacturer Airbus set a target of hiring 13,000 new employees, many of whom were engineers, though in Airbus's case most were destined to work on new aircraft designs rather than maintenance. A spokeswoman confirms that the company exceeded its target and also succeeded in hiring a large proportion of engineers (25% of the total). ""It does become harder and harder to source talented professional engineers,"" acknowledges Mark Crompton, global head of employment marketing. He adds that outreach to children of school age could help encourage them to consider the career. More technology of business Airbus, like many firms, is increasing apprenticeship and internship positions to help, too. The number of such posts at Airbus climbed by 25% in 2023. But the industry as a whole is having to face up to the impact aviation is having on climate change and even more engineers are needed to develop cleaner aircraft, explains Mr Crompton. Nadeem Bandali is an aircraft maintenance engineer at Gatwick Airport. He says that when young people ask him about his job, he shows them videos of the kind of work he does to illustrate how practical it is. ""It's purely mechanical, fixing aircraft, troubleshooting aircraft systems,"" he explains.  As an example, just a few weeks ago, he and his colleagues were tasked with locating a fault in a long sensor wire that runs through the fuselage and wings of an A320. It took a few hours, but they found it and fixed it.  He is aware of the engineer shortage but says, ""I don't think safety is an issue at the moment."" Keeping planes in the air, without incident, is a worthwhile endeavour for Miss Umashankar. ""Aircraft,"" she says, ""connect the whole world into one."" ",BBC,22/03/2024,"['Student Pooja Umashankar clearly remembers when she first felt the roar of an aircraft taking off.', 'She was 10 years old and travelling from Sri Lanka to the UK with her family.', 'Through the window near her seat, she could see hundreds of tiny lights on the ground below. ""', 'It\'s just a piece of metal,"" she remembers marvelling, ""And it\'s flying now.""', 'Today, a decade and a half later, Miss Umashankar has returned from Sri Lanka to study aircraft maintenance engineering at the University of South Wales. ""', 'I knew that I wanted to do something that nobody had ever done in my town,"" she says.', ""The aviation industry can't find enough people like Miss Umashankar."", 'For years, airlines and engineering firms have struggled to hire maintenance engineers, and there is now a global shortage numbering in the tens of thousands.', 'This is a huge problem not least because aviation is expected to balloon in the coming decades.', 'Industry estimates suggest that roughly 700,000 engineers will have to enter the profession between now and 2040 in order to satisfy demand.', ""Plus, after Boeing's recent 737 Max 9 door blowout - currently the subject of an investigation - engineers have been in especially high demand to perform increased checks on 737 Max aircraft of various models."", ""And trade association ADS says there are 10,000 vacancies in total across the UK's aerospace, defence, security and space industries."", 'Miss Umashankar, who is now nearing the end of her three-year degree, says she wants to be a part of the solution. ""', 'What motivates me is to… help people travel,"" she says. ""', 'I want to help them fly - while being safe.""', 'She says she has especially enjoyed working with electronics during her course but was not able to find an on-the-job training placement.', 'However, Miss Umashankar has now started applying for full-time positions.', 'She hopes to work for an employer that will treat her with respect and provide further training.', 'Not many of her colleagues will be women, she knows.', 'But that does not deter her: ""There\'s such a shortage of female engineers in this field, I just feel that maybe I should be one of them.""', 'Redressing the severe gender imbalance in the industry could help tackle the shortage, some observers say.', 'In the UK, fewer than 10% of aerospace and aviation engineers are women.', 'The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University.', 'Only 2.8% of US aircraft technicians are women. ""', 'I don\'t think that there are enough women that are involved in the industry to act as mentors,"" she says.', 'Multiple engineering firms contacted by the BBC declined to specify whether they were short of aviation technicians at present, or to what extent.', 'AAR Corporation, however, says it has raised salaries and launched a programme to help US military veterans join the workforce.', 'More than 60 such candidates have been hired since 2019, the firm notes.', 'ST Engineering has started a mentorship programme in Singapore and is in talks to set up a training academy in the US.', 'Meanwhile, Lufthansa Technik is working to attract more women into the industry. ""', 'Large-scale recruitment of apprentices is still ongoing,"" a spokeswoman adds.', 'The current focus on training is significant, says Daniel Olufisan, training director and principal consultant at Wing Engineering, which works in the aviation industry.', 'It is partly down to the fact that fewer aircraft engineers these days are ex-military and, therefore, not as many people with hands-on experience are entering maintenance roles, he suggests.', 'Another key reason for the shortage is that a high number of engineers in their 60s are now retiring from the profession.', 'Aircraft maintenance is not as glamorous as it once was, suggests Robert Mann, an industry analyst and consultant at RW Mann & Company: ""Some of the benefits that then came with working for an airline, flying on staff passes for example, just aren\'t there anymore.""', 'He stresses that a dearth of engineers is no excuse to cut corners on safety. ""', 'This is not a test flying business, this is a consumer service,"" he says.', ""Last year, manufacturer Airbus set a target of hiring 13,000 new employees, many of whom were engineers, though in Airbus's case most were destined to work on new aircraft designs rather than maintenance."", 'A spokeswoman confirms that the company exceeded its target and also succeeded in hiring a large proportion of engineers (25% of the total). ""', 'It does become harder and harder to source talented professional engineers,"" acknowledges Mark Crompton, global head of employment marketing.', 'He adds that outreach to children of school age could help encourage them to consider the career.', 'More technology of business Airbus, like many firms, is increasing apprenticeship and internship positions to help, too.', 'The number of such posts at Airbus climbed by 25% in 2023.', 'But the industry as a whole is having to face up to the impact aviation is having on climate change and even more engineers are needed to develop cleaner aircraft, explains Mr Crompton.', 'Nadeem Bandali is an aircraft maintenance engineer at Gatwick Airport.', 'He says that when young people ask him about his job, he shows them videos of the kind of work he does to illustrate how practical it is. ""', 'It\'s purely mechanical, fixing aircraft, troubleshooting aircraft systems,"" he explains.', 'As an example, just a few weeks ago, he and his colleagues were tasked with locating a fault in a long sensor wire that runs through the fuselage and wings of an A320.', 'It took a few hours, but they found it and fixed it.', 'He is aware of the engineer shortage but says, ""I don\'t think safety is an issue at the moment.""', 'Keeping planes in the air, without incident, is a worthwhile endeavour for Miss Umashankar. ""', 'Aircraft,"" she says, ""connect the whole world into one.""']",0.1132175272645693,She hopes to work for an employer that will treat her with respect and provide further training.,"He stresses that a dearth of engineers is no excuse to cut corners on safety. """,0.1862073948508814,The number of such posts at Airbus climbed by 25% in 2023.,"The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University.",2024-04-02
"Walgreens tops quarterly revenue estimates, but narrows profit outlook in 'challenging' economy",https://www.cnbc.com/2024/03/28/walgreens-wba-earnings-q2-2024.html,2024-03-28T14:52:26+0000,"In this articleWalgreens on Thursday reported fiscal second-quarter sales that beat Wall Street's expectations, but lowered the high end of its full-year adjusted earnings outlook in part due to a ""challenging"" retail environment in the U.S.The company also posted a steep net loss for the quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in primary-care provider VillageMD. Walgreens has closed 140 VillageMD clinics amid financial woes for the business, which it sees as critical to its ongoing push to transform from a major drugstore chain into a large health-care company.But Walgreens does not believe the VillageMD charge ""will have a significant impact on our financial position, or our ability to invest across businesses going forward,"" Walgreens global CFO Manmohan Mahajan said during an earnings call Thursday.The results come as Walgreens' new CEO, Tim Wentworth, works to slash costs and steer the company out of a rough spot with a slate of new executives. Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment. In a release Thursday, the company said it is confident it will meet its goal of saving $1 billion during fiscal 2024 through its ongoing cost-cutting program. Walgreens has laid off employees, closed unprofitable stores and used artificial intelligence to make its supply chain more efficient, among other efforts.Here's what Walgreens reported for the quarter, compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Walgreens narrowed its fiscal 2024 adjusted earnings guidance to between $3.20 and $3.35 per share. That compares with the company's previous outlook of $3.20 to $3.50 per share. Analysts surveyed by LSEG expect full-year adjusted earnings of $3.24 per share.Walgreens said the new guidance reflects the hurdles facing retailers in the U.S. and an early wind-down of its sales-leaseback program. It also takes into account lower earnings due to Walgreens' forward sale of shares of drug distributor Cencora, formerly known as AmerisourceBergen.The company said a stronger performance in its pharmacy services segment and a lower adjusted effective tax rate helped to offset the factors dragging on its earnings. But Mahajan said Walgreens expects the current economic backdrop will ""continue to negatively impact our U.S. retail sales in the short term.""Wentworth noted on the call that the company is ""exploring innovative ways to boost profitability and growth"" in its retail pharmacy division, such as through new pharmacy reimbursement models.The company did not give a new revenue forecast for the fiscal year. Walgreens has not provided that guidance since October, when it said it sees $141 billion to $145 billion in sales. The company reported a net loss of $5.91 billion, or $6.85 per share, for the quarter. That compares with a net income of $703 million, or 81 cents per share, for the same period a year ago. aExcluding certain items, including the $5.8 billion non-cash charge related VillageMD, adjusted earnings per share were $1.20 for the quarter.The company booked sales of $37.05 billion in the quarter, a roughly 6% jump from the same period a year ago. The company said that increase reflects sales growth across its three business segments. But Walgreens' U.S. health-care division stood out as sales jumped about 33% in the fiscal second quarter compared with the same period a year ago. Revenue for the segment came in at $2.18 billion.The company said the higher sales reflect VillageMD's acquisition of multispecialty care provider Summit Health and growth across all businesses in the segment on a pro-forma basis.VillageMD sales grew 20% due to same-clinic growth, among other factors. Sales from the segment's specialty pharmacy company, Shields Health Solutions, grew 13%, due to new contracts and expansions of current partnerships.Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.Meanwhile, Walgreens' U.S. retail pharmacy segment generated $28.86 billion in sales in the fiscal second quarter, an increase of almost 5% from the same period last year.That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products. Walgreens said pharmacy sales for the quarter rose 8.2% compared with the year-ago quarter. Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company's vaccine portfolio.Total prescriptions filled in the quarter including immunizations totaled 305.7 million, a more than 2% increase from the same period a year ago. Retail sales for the quarter fell 4.5% from the prior-year quarter, and comparable retail sales declined 4.3%. The company pointed to a challenging retail environment and a weaker respiratory season, among other factors. Walgreens' international segment, which operates more than 3,000 retail stores abroad, posted $6.02 billion in sales in the fiscal second quarter. That's an increase of more than 6% from the year-ago period. The company said sales from its U.K. subsidiary, Boots, grew 3%.When asked on the call about Eli Lilly's new direct-to-consumer website aimed at expanding access to its weight loss drug Zepbound, Wentworth did not comment on the program specifically.But he noted that the company is a ""natural partner"" for pharmaceutical companies that may ""want to go directly to patients for a particular product, where the normal supply chain, reimbursement model, et cetera isn't working effectively.""As an example, Wenworth pointed to GLP-1s, a new class of weight loss and diabetes drugs that includes Zepbound. Those drugs must be taken chronically but carry hefty price tags, which can be a hurdle for both patients and insurance plans and other payers.Walgreens is ""uniquely positioned"" to distribute drugs and serve as a ""clinically aligned partner"" that can help patients navigate their treatment safely, according to Wentworth.",CNBC,28/03/2024,"['In this articleWalgreens on Thursday reported fiscal second-quarter sales that beat Wall Street\'s expectations, but lowered the high end of its full-year adjusted earnings outlook in part due to a ""challenging"" retail environment in the U.S.The company also posted a steep net loss for the quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in primary-care providerVillageMD.', 'Walgreens has closed 140 VillageMD clinics amid financial woes for the business, which it sees as critical to its ongoing push to transform from a major drugstore chain into a large health-care company.', 'But Walgreens does not believe the VillageMD charge ""will have a significant impact on our financial position, or our ability to invest across businesses going forward,"" Walgreens global CFO Manmohan Mahajan said during an earnings call Thursday.', ""The results come as Walgreens' new CEO, Tim Wentworth, works to slash costs and steer the company out of a rough spot with a slate of new executives."", 'Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment.', 'In a release Thursday, the company said it is confident it will meet its goal of saving $1 billion during fiscal 2024 through its ongoing cost-cutting program.', 'Walgreens has laid off employees, closed unprofitable stores and used artificial intelligence to make its supply chain more efficient, among other efforts.', ""Here's what Walgreens reported for the quarter, compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Walgreens narrowed its fiscal 2024 adjusted earnings guidance to between $3.20 and $3.35 per share."", ""That compares with the company's previous outlook of $3.20 to $3.50 per share."", 'Analysts surveyed by LSEG expect full-year adjusted earnings of $3.24 per share.', 'Walgreens said the new guidance reflects the hurdles facing retailers in the U.S. and an early wind-down of its sales-leaseback program.', ""It also takes into account lower earnings due to Walgreens' forward sale of shares of drug distributor Cencora, formerly known as AmerisourceBergen."", 'The company said a stronger performance in its pharmacy services segment and a lower adjusted effective tax rate helped to offset the factors dragging on its earnings.', 'But Mahajan said Walgreens expects the current economic backdrop will ""continue to negatively impact our U.S. retail sales in the short term.', '""Wentworth noted on the call that the company is ""exploring innovative ways to boost profitability and growth"" in its retail pharmacy division, such as through new pharmacy reimbursement models.', 'The company did not give a new revenue forecast for the fiscal year.', 'Walgreens has not provided that guidance since October, when it said it sees $141 billion to $145 billion in sales.', 'The company reported a net loss of $5.91 billion, or $6.85 per share, for the quarter.', 'That compares with a net income of $703 million, or 81 cents per share, for the same period a year ago.', 'aExcluding certain items, including the $5.8 billion non-cash charge related VillageMD, adjusted earnings per share were $1.20 for the quarter.', 'The company booked sales of $37.05 billion in the quarter, a roughly 6% jump from the same period a year ago.', 'The company said that increase reflects sales growth across its three business segments.', ""But Walgreens' U.S. health-care division stood out as sales jumped about 33% in the fiscal second quarter compared with the same period a year ago."", 'Revenue for the segment came in at $2.18 billion.', ""The company said the higher sales reflect VillageMD's acquisition of multispecialty care provider Summit Health and growth across all businesses in the segment on a pro-forma basis."", 'VillageMD sales grew 20% due to same-clinic growth, among other factors.', ""Sales from the segment's specialty pharmacy company, Shields Health Solutions, grew 13%, due to new contracts and expansions of current partnerships."", 'Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.', ""Meanwhile, Walgreens' U.S. retail pharmacy segment generated $28.86 billion in sales in the fiscal second quarter, an increase of almost 5%from the same period last year."", 'That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.', 'Walgreens said pharmacy sales for the quarter rose 8.2% compared with the year-ago quarter.', 'Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company\'s vaccine portfolio.', 'Total prescriptions filled in the quarter including immunizations totaled 305.7 million, a more than 2% increase from the same period a year ago.', 'Retail sales for the quarter fell 4.5% from the prior-year quarter, and comparable retail sales declined 4.3%.', 'The company pointed to a challenging retail environment and a weaker respiratory season, among other factors.', ""Walgreens' international segment, which operates more than 3,000 retail stores abroad, posted $6.02 billion in sales in the fiscal second quarter."", ""That's an increase of more than 6% from the year-ago period."", ""The company said sales from its U.K. subsidiary, Boots, grew 3%.When asked on the call about Eli Lilly's new direct-to-consumer website aimed at expanding access to its weight loss drug Zepbound, Wentworth did not comment on the program specifically."", 'But he noted that the company is a ""natural partner"" for pharmaceutical companies that may ""want to go directly to patients for a particular product, where the normal supply chain, reimbursement model, et cetera isn\'t working effectively.', '""As an example, Wenworth pointed to GLP-1s, a new class of weight loss and diabetes drugs that includes Zepbound.', 'Those drugs must be taken chronically but carry hefty price tags, which can be a hurdle for both patients and insurance plans and other payers.', 'Walgreens is ""uniquely positioned"" to distribute drugs and serve as a ""clinically aligned partner"" that can help patients navigate their treatment safely, according to Wentworth.']",0.2392783246676357,"That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.","Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.",0.3645550685544168,"Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company's vaccine portfolio.","Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment.",2024-04-02
Private equity firm Silver Lake to take entertainment company Endeavor private at $27.50 a share,https://www.cnbc.com/2024/04/02/private-equity-firm-silver-lake-to-take-entertainment-company-endeavor-private-at-27point50-a-share.html,2024-04-02T17:39:24+0000,"In this articlePrivate equity firm Silver Lake announced Tuesday that it's acquiring entertainment company Endeavor Group Holdings for $27.50 a share.Endeavor's stock rose more than 2% Tuesday afternoon after a brief halt ahead of the announcement. It was trading just under $26 per share.Silver Lake will acquire 100% of the shares it does not already own. Endeavor is being acquired at an equity value of $13 billion, according to a release from the entertainment company.The transaction is expected to close by the end of the first quarter of 2025. ""We believe this transaction will maximize value for all of Endeavor's public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company,"" Endeavor CEO Ariel Emanuel said in a statement.Endeavor works on talent representation, through agency WME, along with brand licensing and live events. It has undergone a shift in recent years.In 2022, the company acquired OpenBet, a sports betting platform. In 2023, it sold IMG Academy, a sports education institution, in a $1.25 billion deal.Endeavor is also the majority owner of TKO Group Holdings, which owns the UFC and WWE. TKO will remain a publicly traded company as part of the deal.Endeavor previously said it would explore strategic alternatives, including a possible sale.Silver Lake initially invested in Endeavor in 2012 and supported the company's acquisition of UFC in 2016. Silverlake's co-CEO Egon Durban and managing director Stephen Evans were members of Endeavor's board ahead of the acquisition.",CNBC,02/04/2024,"[""In this articlePrivate equity firm Silver Lake announced Tuesday that it's acquiring entertainment company Endeavor Group Holdings for $27.50 a share."", ""Endeavor's stock rose more than 2% Tuesday afternoon after a brief halt ahead of the announcement."", 'It was trading just under $26 per share.', 'Silver Lake will acquire 100% of the shares it does not already own.', 'Endeavor is being acquired at an equity value of $13 billion, according to a release from the entertainment company.', 'The transaction is expected to close by the end of the first quarter of 2025.""We believe this transaction will maximize value for all of Endeavor\'s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company,"" Endeavor CEO Ariel Emanuel said in a statement.', 'Endeavor works on talent representation, through agency WME, along with brand licensing and live events.', 'It has undergone a shift in recent years.', 'In 2022, the companyacquiredOpenBet, a sports betting platform.', 'In 2023, itsold IMG Academy, a sports education institution, in a $1.25 billion deal.', 'Endeavor is also the majority owner of TKO Group Holdings, which owns the UFC and WWE.', 'TKO will remain a publicly traded company as part of the deal.', 'Endeavor previously said it would explore strategic alternatives, including a possible sale.', ""Silver Lake initially invested in Endeavor in 2012 and supported the company's acquisition of UFC in 2016."", ""Silverlake's co-CEO Egon Durban and managing director Stephen Evans were members of Endeavor's board ahead of the acquisition.""]",0.2280720926281613,"The transaction is expected to close by the end of the first quarter of 2025.""We believe this transaction will maximize value for all of Endeavor's public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company,"" Endeavor CEO Ariel Emanuel said in a statement.",,0.9958632787068684,Endeavor's stock rose more than 2% Tuesday afternoon after a brief halt ahead of the announcement.,,2024-04-02
Inside Biden’s 2024 campaign media strategy that bypasses the Beltway press,https://edition.cnn.com/2024/04/02/media/biden-2024-media-strategy-bypass-beltway-press/index.html,"
  Published
        7:24 AM EDT, Tue April 2, 2024
    ","Editor’s Note: A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here.
    
            During his trip to New York City last week, President Joe Biden sat down for a rare joint interview alongside former presidents Bill Clinton and Barack Obama.
    
            But the interview, which received significant attention, was not with a national news organization. Neither was it with a local newspaper or outlet. It was with the comedy podcast, “Smartless,” hosted by the actors Jason Bateman, Sean Hayes, and Will Arnett.
    
            The decision to speak with the Hollywood trio, while jilting the traditional press in the process, is emblematic of Biden’s media strategy as he faces a high-stakes reelection with democracy itself on the line. While a caricature has been painted of the president holed up in the White House dodging the media spotlight, he is actually participating in a fair share of interviews — just not with the Beltway press.
    
            In fact, Biden has engaged in a number of interviews this year, particularly with the Black and Hispanic press. Facing sagging poll numbers with Black Americans, Biden has granted at least 10 interviews with media outlets reaching the community this year, most of them with local radio stations during the drive time hours. Biden has also participated in two interviews with Hispanic radio outlets in 2024 and is set to sit down with Univision’s Enrique Acevedo this week, Adrian Carrasquillo reported Monday for Vanity Fair.
    
            “People in D.C. and New York may not always see it,” Michael Tyler, the Biden campaign communications director, told me by phone. “But you know who is seeing it? The voters we are trying to reach.”
    
            Tyler said that the Biden campaign is prioritizing interviews with outlets reaching specific constituency groups, believing that focusing on local media will pay off in November. Tyler, who pushed back against the notion that Biden is avoiding the traditional press, said that putting their energy into outlets with targeted reach is one component of a savvy communications strategy. The campaign argues that it adds up to media playbook that is inclusive of new media entities and other platforms with broad reach.
    
            “Our North Star as a campaign is to make sure the president is to be in direct communication with the voters who will decide the pathway to the 270 electoral votes,” Tyler explained.
    
            But as Biden pays more attention to new and non-traditional forms of media, he has shown more reluctance than his predecessors to grant one-on-one sit-down interviews with the national press, participating in fewer interviews than other presidents at this point in his presidency. Most recently, Biden opted to skip the traditional pre-Super Bowl interview for the second consecutive year, raising questions about his decision to not speak to the country’s largest assembled audience.
    
            “Number of times Jason Bateman has done a sit-down interview with President Biden: 2. Nearly every print reporter who covers the White House: 0,” Jennifer Haberkorn, a White House reporter for POLITICO, noted on X after Biden’s “Smartless” interview.
    
            Some of Biden’s hesitation to speak with the traditional news media likely stems from his frustration with how members of the press have covered him and his campaign. The Biden White House and campaign have sharply criticized how the press has covered everything from Special Counsel Robert Hur’s report to the president’s age, devoting what they believe to be a disproportionate amount of coverage to the issues even as Donald Trump rages against the country’s institutions and pushes poisonous election lies.
    
            But it goes without saying that interviews with the national news media are where Biden will face the toughest line of questioning on the 2024 campaign, domestic policy, and foreign affairs, with a level of scrutiny and accountability typically found mostly in the D.C. press which specializes in such matters.
    
            By bypassing the Beltway press and prioritizing other forms of media, Biden has been able to remain in contact with voters, while allowing the president to avoid being repeatedly pressed on uncomfortable topics such as his age.
    
            “These interviews we are able to do focus far more on the substance and the stakes that matter to voters than they do to folks in the beltway and New York,” Tyler said.
    
            Biden is by no means a pioneer of the bypass-the-Beltway strategy. Obama famously spoke to Zach Galifianakis for the “Between Two Ferns” show and Trump endlessly raged on social media to his millions of followers. That said, as the 2024 campaign reaches a crescendo, and Biden yearns to reach the largest audiences possible, participating in these targeted interviews will not be enough. Biden will likely need to sit for interviews on programs with broader reach. The strategy of bypassing the Beltway can only last for so long.",CNN,02/04/2024,"['Editor’s Note:A version of this article first appeared in the “Reliable Sources” newsletter.', 'Sign up for the daily digest chronicling the evolving media landscape here.', 'During his trip toNew York Citylast week,President Joe Bidensat down for a rare joint interview alongside former presidentsBill ClintonandBarack Obama.', 'But the interview, which received significant attention, was not with a national news organization.', 'Neither was it with a local newspaper or outlet.', 'It was with the comedy podcast,“Smartless,”hosted by the actorsJason Bateman,Sean Hayes, andWill Arnett.', 'The decision to speak with theHollywoodtrio, while jilting the traditional press in the process, is emblematic of Biden’s media strategy as he faces a high-stakes reelection with democracy itself on the line.', 'While a caricature has been painted of the president holed up in the White House dodging the media spotlight, he is actually participating in a fair share of interviews — just not with the Beltway press.', 'In fact, Biden has engaged in a number of interviews this year, particularly with the Black and Hispanic press.', 'Facing sagging poll numbers with Black Americans, Biden has granted at least 10 interviews with media outlets reaching the community this year, most of them with local radio stations during the drive time hours.', 'Biden has also participated in two interviews with Hispanic radio outlets in 2024 and is set to sit down withUnivision’s Enrique Acevedothis week,Adrian Carrasquilloreported MondayforVanity Fair.', '“People in D.C. and New York may not always see it,”Michael Tyler, the Biden campaign communications director, told me by phone. “', 'But you know who is seeing it?', 'The voters we are trying to reach.”', 'Tyler said that the Biden campaign is prioritizing interviews with outlets reaching specific constituency groups, believing that focusing on local media will pay off in November.', 'Tyler, who pushed back against the notion that Biden is avoiding the traditional press, said that putting their energy into outlets with targeted reach is one component of a savvy communications strategy.', 'The campaign argues that it adds up to media playbook that is inclusive of new media entities and other platforms with broad reach.', '“Our North Star as a campaign is to make sure the president is to be in direct communication with the voters who will decide the pathway to the 270 electoral votes,” Tyler explained.', 'But as Biden pays more attention to new and non-traditional forms of media, he has shown more reluctance than his predecessors to grant one-on-one sit-down interviews with the national press, participating in fewer interviews than other presidents at this point in his presidency.', 'Most recently, Biden opted to skip the traditional pre-Super Bowlinterview for the second consecutive year,raising questionsabout his decision to not speak to the country’s largest assembled audience.', '“Number of times Jason Bateman has done a sit-down interview with President Biden: 2.', 'Nearly every print reporter who covers the White House: 0,”Jennifer Haberkorn, a White House reporter forPOLITICO, noted onXafter Biden’s “Smartless” interview.', 'Some of Biden’s hesitation to speak with the traditional news media likely stems from his frustration with how members of the press have covered him and his campaign.', 'The Biden White House and campaign havesharply criticizedhow the press has covered everything fromSpecial Counsel Robert Hur’sreport to the president’s age, devoting what they believe to be a disproportionate amount of coverage to the issues even asDonald Trumprages against the country’s institutions and pushes poisonous election lies.', 'But it goes without saying that interviews with the national news media are where Biden will face the toughest line of questioning on the 2024 campaign, domestic policy, and foreign affairs, with a level of scrutiny and accountability typically found mostly in the D.C. press which specializes in such matters.', 'By bypassing the Beltway press and prioritizing other forms of media, Biden has been able to remain in contact with voters, while allowing the president to avoid being repeatedly pressed on uncomfortable topics such as his age.', '“These interviews we are able to do focus far more on the substance and the stakes that matter to voters than they do to folks in the beltway and New York,” Tyler said.', 'Biden is by no means a pioneer of the bypass-the-Beltway strategy.', 'Obama famously spoke toZach Galifianakisfor the“Between Two Ferns”show and Trump endlessly raged on social media to his millions of followers.', 'That said, as the 2024 campaign reaches a crescendo, and Biden yearns to reach the largest audiences possible, participating in these targeted interviews will not be enough.', 'Biden will likely need to sit for interviews on programs with broader reach.', 'The strategy of bypassing the Beltway can only last for so long.']",0.0114533469027806,"Most recently, Biden opted to skip the traditional pre-Super Bowlinterview for the second consecutive year,raising questionsabout his decision to not speak to the country’s largest assembled audience.",Some of Biden’s hesitation to speak with the traditional news media likely stems from his frustration with how members of the press have covered him and his campaign.,-0.0032201906045277,"Tyler said that the Biden campaign is prioritizing interviews with outlets reaching specific constituency groups, believing that focusing on local media will pay off in November.","But as Biden pays more attention to new and non-traditional forms of media, he has shown more reluctance than his predecessors to grant one-on-one sit-down interviews with the national press, participating in fewer interviews than other presidents at this point in his presidency.",2024-04-02
Apple announces its annual developers conference is set for June 10,https://edition.cnn.com/2024/03/26/tech/apple-annual-developers-conference-june-10/index.html,"
  Updated
        2:20 PM EDT, Tue March 26, 2024
    ","Apple announced its annual Worldwide Developer Conference will kick off on June 10, when the company is expected to show off its latest AI advancements.
    
            The conference, which is widely anticipated each year as a major showcase for Apple software news, will run Monday, June 10 through Friday, June 14.
    
            Although last year’s WWDC focused on the unveiling of the Vision Pro mixed reality headset, which launched in stores in February, this year is expected to turn to Apple’s AI efforts. The company is reportedly interested in licensing and building Google’s Gemini AI engine, which includes chatbots and other AI tools, into upcoming iPhones and its iOS 18 features.
    
            As more tech companies pour billions of dollars into the development and rollout of artificial intelligence, Apple has largely been left out of the conversation, with many other tech companies making big strides in the space. A partnership with Google would catapult Apple into the growing AI arms race.
    
            Apple researchers also recently said they’ve developed a family of multimodal models — which refers to an AI system that can interpret and generate different types of data, such as text and images at the same time — called MM1. A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.
    
            In a press release on Tuesday, the company said WWDC 2024 will also share software updates coming to the iPhone, iPad, Mac, Apple Watch, Apple TV and Vision Pro headset.",CNN,26/03/2024,"['Apple announced its annual Worldwide Developer Conference will kick off on June 10, when the company is expected to show off its latest AI advancements.', 'The conference, which is widely anticipated each year as a major showcase for Apple software news, will run Monday, June 10 through Friday, June 14.', 'Although last year’s WWDC focused on the unveiling of the Vision Pro mixed reality headset, which launched in stores in February, this year is expected to turn to Apple’s AI efforts.', 'The company is reportedly interested in licensing and building Google’s Gemini AI engine, which includes chatbots and other AI tools, into upcoming iPhones and its iOS 18 features.', 'As more tech companies pour billions of dollars into the development and rollout of artificial intelligence, Apple has largely been left out of the conversation, with many other tech companies making big strides in the space.', 'A partnership with Google would catapult Apple into the growing AI arms race.', 'Apple researchers also recently said they’ve developed a family of multimodal models — which refers to an AI system that can interpret and generate different types of data, such as text and images at the same time — called MM1.', 'A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.', 'In a press release on Tuesday, the company said WWDC 2024 will also share software updates coming to the iPhone, iPad, Mac, Apple Watch, Apple TV and Vision Pro headset.']",0.3259092919755588,A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.,,0.9975101351737976,A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.,,2024-04-02
Country Garden: China property giant suspends shares in Hong Kong,https://www.bbc.co.uk/news/business-68710728,2024-04-02T04:58:00.000Z,"Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results. The firm said last week that it needed more time to collect information as it restructures its debts. It defaulted on its overseas debt last year and faces a winding-up petition. In January, rival real estate giant China Evergrande was ordered to liquidate by a Hong Kong court. Country Garden said ""due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex"", when it announced its earnings report would be delayed. The first hearing for Country Garden's winding-up petition, which was filed by Ever Credit Ltd, is scheduled for 17 May. Ever Credit is a unit of Kingboard Holdings, a laminates maker and property investor. The suspension of Country Garden's shares came as the Hong Kong stock market reopened after the Easter weekend. Also on Tuesday, shares in Chinese state-backed property developer China Vanke fell to a record low. On Friday, the firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its cash flow by slashing debt over the next two years. China's real estate industry has been facing a major financial squeeze since 2021 when the government introduced measures to curb the amount big developers could borrow. Several large Chinese property developers, including Evergrande and Country Garden, have defaulted on their debts in the last few years. Problems in the country's property market are having a major impact as the sector accounts for around a third of the economy. Beijing has announced various measures in a bid to boost housing demand. Last month, the country's financial markets regulator accused Evergrande and its founder, Hui Ka Yan, of inflating revenues by $78bn (£62.2bn) in the two years before the firm defaulted on its debt. The company's mainland business Hengda Real Estate was fined $583.5m while Mr Hui faces being banned for life from China's financial markets. ",BBC,02/04/2024,"['Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results.', 'The firm said last week that it needed more time to collect information as it restructures its debts.', 'It defaulted on its overseas debt last year and faces a winding-up petition.', 'In January, rival real estate giant China Evergrande was ordered to liquidate by a Hong Kong court.', 'Country Garden said ""due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex"", when it announced its earnings report would be delayed.', ""The first hearing for Country Garden's winding-up petition, which was filed by Ever Credit Ltd, is scheduled for 17 May."", 'Ever Credit is a unit of Kingboard Holdings, a laminates maker and property investor.', ""The suspension of Country Garden's shares came as the Hong Kong stock market reopened after the Easter weekend."", 'Also on Tuesday, shares in Chinese state-backed property developer China Vanke fell to a record low.', 'On Friday, the firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its cash flow by slashing debt over the next two years.', ""China's real estate industry has been facing a major financial squeeze since 2021 when the government introduced measures to curb the amount big developers could borrow."", 'Several large Chinese property developers, including Evergrande and Country Garden, have defaulted on their debts in the last few years.', ""Problems in the country's property market are having a major impact as the sector accounts for around a third of the economy."", 'Beijing has announced various measures in a bid to boost housing demand.', ""Last month, the country's financial markets regulator accused Evergrande and its founder, Hui Ka Yan, of inflating revenues by $78bn (£62.2bn) in the two years before the firm defaulted on its debt."", ""The company's mainland business Hengda Real Estate was fined $583.5m while Mr Hui faces being banned for life from China's financial markets.""]",-0.0760156815714755,"The first hearing for Country Garden's winding-up petition, which was filed by Ever Credit Ltd, is scheduled for 17 May.",Crisis-hit Chinese property developer Country Garden has suspended trade in its shares on the Hong Kong Stock Exchange after delaying the publication of its annual financial results.,-0.5094035069147745,"Last month, the country's financial markets regulator accused Evergrande and its founder, Hui Ka Yan, of inflating revenues by $78bn (£62.2bn) in the two years before the firm defaulted on its debt.","On Friday, the firm reported a fall of more than 50% in its annual profit and told investors that it aimed to boost its cash flow by slashing debt over the next two years.",2024-04-02
All major indexes rise for the fifth month in a row. Dow and S&P 500 strike new records,https://edition.cnn.com/2024/03/28/investing/stocks-first-quarter-higher-dow-sp/index.html,"
  Updated
        4:38 PM EDT, Thu March 28, 2024
    ","US markets ended Thursday little changed, but all major indexes managed to mark their fifth consecutive winning month.
    
            The S&P 500 was up 0.1% on Thursday, reaching a new record high. The Dow gained 47 points, or 0.1% also hitting a new high. The tech-heavy Nasdaq closed 0.1% lower.
    
            Thursday was the final day of trading for March and the first quarter of 2024, wrapping up an outstanding quarter for US stocks.
    
            The S&P 500 notched 22 new highs in the first three months of 2024 alone, and the Dow is just points away from reaching the key threshold of 40,000 for the first time ever.
    
            For the quarter, the S&P 500 is about 10.2% higher, its strongest first quarter since 2019. The Dow is up 5.6% – its strongest first quarter since 2021. The Nasdaq, meanwhile, gained more than 9%.
    
            Tech stocks like Nvidia and the AI-craze have helped drive stocks higher in the first quarter. Shares of the chipmaker have surged more than 80% during the first three months of the year.
    
            Also fueling the market boom has been a potential pivot by the Federal Reserve to lower interest rates. About 64% of investors now think a rate cut will occur in June, according to the CME FedWatch tool.
    
            US markets will be closed on Friday for the Good Friday holiday.",CNN,28/03/2024,"['US markets ended Thursday little changed, but all major indexes managed to mark their fifth consecutive winning month.', 'The S&P 500 was up 0.1% on Thursday, reaching a new record high.', 'The Dow gained 47 points, or 0.1% also hitting a new high.', 'The tech-heavy Nasdaq closed 0.1% lower.', 'Thursday was the final day of trading for March and the first quarter of 2024, wrapping up an outstanding quarter for US stocks.', 'The S&P 500 notched 22 new highs in the first three months of 2024 alone, and the Dow is just points away from reaching the key threshold of 40,000 for the first time ever.', 'For the quarter, the S&P 500 is about 10.2% higher, its strongest first quarter since 2019.', 'The Dow is up 5.6% – its strongest first quarter since 2021.', 'The Nasdaq, meanwhile, gained more than 9%.', 'Tech stocks like Nvidia and the AI-craze have helped drive stocks higher in the first quarter.', 'Shares of the chipmaker have surged more than 80% during the first three months of the year.', 'Also fueling the market boom has been a potential pivot by the Federal Reserve to lower interest rates.', 'About 64% of investors now think a rate cut will occur in June, according to theCME FedWatch tool.', 'US markets will be closed on Friday for the Good Friday holiday.']",0.2803331688654264,"US markets ended Thursday little changed, but all major indexes managed to mark their fifth consecutive winning month.",The tech-heavy Nasdaq closed 0.1% lower.,0.8228931535374034,The Dow is up 5.6% – its strongest first quarter since 2021.,The tech-heavy Nasdaq closed 0.1% lower.,2024-04-02
"Novo Nordisk's $1,000 diabetes drug Ozempic can be made for less than $5 a month, study suggests",https://www.cnbc.com/2024/03/27/novo-nordisk-ozempic-can-be-made-for-less-than-5-a-month-study.html,2024-03-27T20:41:02+0000,"The blockbuster diabetes drug Ozempic could be manufactured for less than $5 a month, even as Novo Nordisk charges close to $1,000 per month for the injection in the U.S. before insurance, a study released Wednesday suggests.The study, from researchers at Yale University, King's College Hospital in London and the nonprofit Doctors Without Borders, raises more questions about the hefty price tag of the top-selling diabetes treatment and similar drugs for weight loss, which are all part of a new class of treatments called GLP-1s.Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs. The study also comes after years of political pressure on Novo Nordisk and other drugmakers to slash high costs of diabetes care, especially insulin. Ozempic can generally be produced for less than various forms of insulin, according to the study published in JAMA Network Open. Researchers found that a month's supply of the treatment could be manufactured for an estimated 89 cents to $4.73. They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices."" Novo Nordisk's list price for a monthly package of Ozempic is $935.77 before insurance and other rebates. The findings suggest that GLP-1s ""can likely be manufactured for prices far below current prices, enabling wider access,"" the researchers concluded. In a statement on Wednesday, Novo Nordisk declined to provide production costs for Ozempic and its weight loss drug counterpart Wegovy. But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.It also said 75% of its gross earnings go to rebates and discounts to ensure patients have access to its products. The company also said out-of-pocket costs for Ozempic depend on a patient's insurance coverage. Patients with private or commercial coverage for Ozempic can access a savings card and pay as little as $25 for a one-month, two-month or three-month supply of the treatment for up to 24 months. Separate research from the University of Liverpool and other researchers has found that Wegovy could be produced for $40 a month.A survey released this month from Evercore ISI found that more than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket. Nearly 75% of respondents who used to take one of the drugs said they spent the same amount.",CNBC,27/03/2024,"['The blockbuster diabetes drug Ozempic could be manufactured for less than $5 a month, even as Novo Nordisk charges close to $1,000 per month for the injection in the U.S. before insurance, a study released Wednesday suggests.', ""The study, from researchers at Yale University, King's College Hospital in London and the nonprofit Doctors Without Borders, raises more questions about the hefty price tag of the top-selling diabetes treatment and similar drugs for weight loss, which are all part of a new class of treatments called GLP-1s."", 'Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs.', 'The study also comes after years of political pressure on Novo Nordisk and other drugmakers to slash high costs of diabetes care, especially insulin.', 'Ozempic can generally be produced for less than various forms of insulin, according to the study published in JAMA Network Open.', ""Researchers found that a month's supply of the treatment could be manufactured for an estimated 89 cents to $4.73."", 'They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices.', '""Novo Nordisk\'s list price for a monthly package of Ozempic is $935.77 before insurance and other rebates.', 'The findings suggest that GLP-1s ""can likely be manufactured for prices far below current prices, enabling wider access,"" the researchers concluded.', 'In a statement on Wednesday, Novo Nordisk declined to provide production costs for Ozempic and its weight loss drug counterpart Wegovy.', 'But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.', 'It also said 75% of its gross earnings go to rebates and discounts to ensure patients have access to its products.', ""The company also said out-of-pocket costs for Ozempic depend on a patient's insurance coverage."", 'Patients with private or commercial coverage for Ozempic can access a savings card and pay as little as $25 for a one-month, two-month or three-month supply of the treatment for up to 24 months.', 'Separate research from the University of Liverpool and other researchers has found that Wegovy could be produced for $40 a month.', 'A survey released this month from Evercore ISI found that more than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket.', 'Nearly 75% of respondents who used to take one of the drugs said they spent the same amount.']",0.0084798000529251,"They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices.","Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs.",0.9920660704374312,"But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.",,2024-04-02
Energy bills lowest for two years under new price cap,https://www.bbc.co.uk/news/business-68674244,2024-03-31T23:00:24.000Z,"Energy prices have now fallen to their lowest level for two years, but experts are urging people to stick to savings habits because bills remain expensive. The annual bill for a household using a typical amount of gas and electricity has dropped by £238, to £1,690, under regulator Ofgem's latest price cap. But energy saving tips, such as using songs to time four-minute showers, should be maintained, advisers say. The fixed standing charge element of bills has risen from Monday. Ofgem's latest quarterly price cap has now come into force. It affects 29 million households in England, Wales and Scotland. Rules are different in Northern Ireland, where prices are also falling. The price cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more. Specifically, in England, Wales and Scotland: It means energy prices are now at their lowest level since Russia's full-scale invasion of Ukraine in February 2022. However, even after the fall, bills remain well above pre-pandemic levels while some financial support from the government has expired. It means continued pressure on the household finances for Caz Aubrey, who kept her energy use down as much as possible during the winter months. ""I only turned the heating on when I had visitors over the winter,"" the 52-year-old said. ""It was jumpers, blankets, one of those big snoods, or just getting up and moving around."" She also used warm hubs, but found she still had ""to rob Peter to pay Paul during some months"" in order to cover rent and other household bills. ""I had to work out what was more urgent, I had to prioritise. Some months I can't pay all that I should be paying, but it should all work out as long as you are open and honest with people.  ""I'm not the only person who is struggling, but hopefully - fingers crossed - [bills] will start to come down now, which will make it more manageable."" Customers owe a collective £3bn to suppliers, mainly as a result of the pressure created by many months of high energy costs, despite the government's energy support and cost-of-living payments. The vast majority of people pay by direct debit, with payments smoothed out over the year. However, those who pay via prepayment meter - so pay for energy as they use it - would have benefitted more had the latest cut come over the winter. Either way, experts are urging people to follow Mrs Aubrey's example and maintain good energy-saving habits during the coming months.  Sarah Osborn delivers workshops across the south-east of England on energy saving, information about grants, and digital skills on behalf of not-for-profit Social Enterprise Kent. ""We estimate we can roughly save a two-bedroom household £270 a year with practical tips,"" said Mrs Osborn, after a meeting at the BeChange centre in the former mining community of Aylesham. ""We've had people living in real fuel poverty, who don't have mains gas and are airing small items of clothes on hot water bottles, so for them to be more empowered about energy use and potentially getting a grant is great.""  Sarah Osborn has shared three tips to keep on top of energy use during the warmer months Read more here if you are struggling to pay energy bills Those on traditional meters are being encouraged to take a reading now, and regularly, to ensure suppliers' records are up-to-date and bills are accurate. Energy firms should have already contacted customers to inform them of the new prices now coming into force.  Forecasts by the energy consultancy Cornwall Insight suggest energy bills could fall again in the summer, before edging back up in the winter. If correct, it would mean a household using a typical amount of energy would pay an annual bill of about £1,631 from October. Ofgem recently launched early discussions about changing how the energy price cap is calculated. The current system was only ever designed to be temporary. It said the market was changing as increasing numbers of consumers altered the way they consumed energy and began using electric vehicles, heat pumps and solar panels. Among the options is a new ""dynamic"" price cap which would need to be flexible for tariffs that allowed price differences if appliances switched on when there is lower demand for energy such as in the night, or when there is more supply from renewables such as when the wind blows. It is impossible to say at this stage how prices would change compared with now for different households if this, or other, ideas are adopted.  Are you affected by the issues raised in this story? Share your experiences by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/03/2024,"['Energy prices have now fallen to their lowest level for two years, but experts are urging people to stick to savings habits because bills remain expensive.', ""The annual bill for a household using a typical amount of gas and electricity has dropped by £238, to £1,690, under regulator Ofgem's latest price cap."", 'But energy saving tips, such as using songs to time four-minute showers, should be maintained, advisers say.', 'The fixed standing charge element of bills has risen from Monday.', ""Ofgem's latest quarterly price cap has now come into force."", 'It affects 29 million households in England, Wales and Scotland.', 'Rules are different in Northern Ireland, where prices are also falling.', 'The price cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more.', ""Specifically, in England, Wales and Scotland: It means energy prices are now at their lowest level since Russia's full-scale invasion of Ukraine in February 2022."", 'However, even after the fall, bills remain well above pre-pandemic levels while some financial support from the government has expired.', 'It means continued pressure on the household finances for Caz Aubrey, who kept her energy use down as much as possible during the winter months. ""', 'I only turned the heating on when I had visitors over the winter,"" the 52-year-old said. ""', 'It was jumpers, blankets, one of those big snoods, or just getting up and moving around.""', 'She also used warm hubs, but found she still had ""to rob Peter to pay Paul during some months"" in order to cover rent and other household bills. ""', 'I had to work out what was more urgent, I had to prioritise.', 'Some months I can\'t pay all that I should be paying, but it should all work out as long as you are open and honest with people. ""', 'I\'m not the only person who is struggling, but hopefully - fingers crossed - [bills] will start to come down now, which will make it more manageable.""', ""Customers owe a collective £3bn to suppliers, mainly as a result of the pressure created by many months of high energy costs, despite the government's energy support and cost-of-living payments."", 'The vast majority of people pay by direct debit, with payments smoothed out over the year.', 'However, those who pay via prepayment meter - so pay for energy as they use it - would have benefitted more had the latest cut come over the winter.', ""Either way, experts are urging people to follow Mrs Aubrey's example and maintain good energy-saving habits during the coming months."", 'Sarah Osborn delivers workshops across the south-east of England on energy saving, information about grants, and digital skills on behalf of not-for-profit Social Enterprise Kent. ""', 'We estimate we can roughly save a two-bedroom household £270 a year with practical tips,"" said Mrs Osborn, after a meeting at the BeChange centre in the former mining community of Aylesham. ""', 'We\'ve had people living in real fuel poverty, who don\'t have mains gas and are airing small items of clothes on hot water bottles, so for them to be more empowered about energy use and potentially getting a grant is great.""', ""Sarah Osborn has shared three tips to keep on top of energy use during the warmer months Read more here if you are struggling to pay energy bills Those on traditional meters are being encouraged to take a reading now, and regularly, to ensure suppliers' records are up-to-date and bills are accurate."", 'Energy firms should have already contacted customers to inform them of the new prices now coming into force.', 'Forecasts by the energy consultancy Cornwall Insight suggest energy bills could fall again in the summer, before edging back up in the winter.', 'If correct, it would mean a household using a typical amount of energy would pay an annual bill of about £1,631 from October.', 'Ofgem recently launched early discussions about changing how the energy price cap is calculated.', 'The current system was only ever designed to be temporary.', 'It said the market was changing as increasing numbers of consumers altered the way they consumed energy and began using electric vehicles, heat pumps and solar panels.', 'Among the options is a new ""dynamic"" price cap which would need to be flexible for tariffs that allowed price differences if appliances switched on when there is lower demand for energy such as in the night, or when there is more supply from renewables such as when the wind blows.', 'It is impossible to say at this stage how prices would change compared with now for different households if this, or other, ideas are adopted.', 'Are you affected by the issues raised in this story?', 'Share your experiences by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.2080069003100938,"Sarah Osborn has shared three tips to keep on top of energy use during the warmer months Read more here if you are struggling to pay energy bills Those on traditional meters are being encouraged to take a reading now, and regularly, to ensure suppliers' records are up-to-date and bills are accurate.","She also used warm hubs, but found she still had ""to rob Peter to pay Paul during some months"" in order to cover rent and other household bills. """,0.3360620737075805,"We estimate we can roughly save a two-bedroom household £270 a year with practical tips,"" said Mrs Osborn, after a meeting at the BeChange centre in the former mining community of Aylesham. ""","It means continued pressure on the household finances for Caz Aubrey, who kept her energy use down as much as possible during the winter months. """,2024-04-02
"Hyundai’s Genesis reveals all-electric SUV concept, the Neolun",https://www.cnbc.com/2024/03/26/hyundais-genesis-previews-all-electric-suv-concept-the-neolun.html,2024-03-26T17:29:29+0000,"NEW YORK – Hyundai's Genesis is previewing the future of the growingly prominent luxury brand with a new large all-electric concept vehicle called the Neolun.The full-size SUV features a sleek exterior design illuminated by long horizontal headlights and taillights reminiscent of the brand's current EVs, though more modern.The interior of the Neolun – derived from the Greek ""neo,"" or new, and the Latin ""luna,"" which means moon – is minimalistic compared with many recent concepts that include door-to-door screens. The SUV features a large central screen with physical buttons below it and a control panel and knob to the right of the driver.The vehicle's front seats can swivel to face the rear passengers for lounge seating.""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.Automakers routinely use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand. The vehicles are not meant to be sold to consumers.The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022. Genesis, which became its own brand in 2015, outsold more established luxury rival Infiniti and expects sales to continue to grow this year.""Our standalone retail footprint is rapidly expanding, and the brand continues to achieve record-breaking sales results in the United States,"" Tedros Mengiste, vice president of sales operations for Genesis Motor America, said in a release last week.Genesis also revealed another concept called the GV60 Magma Concept, a high-performance variant of its compact EV crossover.The brand said it aims to develop a high-performance Magma model for each production vehicle in the existing lineup.The concept vehicles were revealed Monday night ahead of their public debuts this week at the New York International Auto Show.",CNBC,26/03/2024,"[""NEW YORK – Hyundai's Genesis is previewing the future of the growingly prominent luxury brand with a new large all-electric concept vehicle called the Neolun."", ""The full-size SUV features a sleek exterior design illuminated by long horizontal headlights and taillights reminiscent of the brand's current EVs, though more modern."", 'The interior of the Neolun – derived from the Greek ""neo,"" or new, and the Latin ""luna,"" which means moon – is minimalistic compared with many recent concepts that include door-to-door screens.', 'The SUV features a large central screen with physical buttons below it and a control panel and knob to the right of the driver.', ""The vehicle's front seats can swivel to face the rear passengers for lounge seating."", '""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.', 'Automakers routinely use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand.', 'The vehicles are not meant to be sold to consumers.', ""The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022."", 'Genesis, which became its own brand in 2015, outsold more established luxury rival Infiniti and expects sales to continue to grow this year.', '""Our standalone retail footprint is rapidly expanding, and the brand continues to achieve record-breaking sales results in the United States,"" Tedros Mengiste, vice president of sales operations for Genesis Motor America, said in a release last week.', 'Genesis also revealed another concept called the GV60 Magma Concept, a high-performance variant of its compact EV crossover.', 'The brand said itaims to develop a high-performance Magma model for each production vehicle in the existing lineup.', 'The concept vehicles were revealed Monday night ahead of their public debuts this week at the New York International Auto Show.']",0.1497590928936046,"""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.",,0.9996995329856871,"The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022.",,2024-04-02
Taylor Swift joins world's richest on billionaire list,https://www.bbc.co.uk/news/business-68711921,2024-04-02T13:28:56.000Z,"Taylor Swift has joined Elon Musk as ranking among the world's wealthiest people, according to a new rich list. The American pop star entered the Forbes World's Billionaires List for the first time with $1.1bn (£877m), along with Sam Altman, creator of the AI chatbot ChatGPT on $1bn (£800m). LVMH French luxury goods titan Bernard Arnault and his family topped the chart with an estimated $233bn (£185bn).  Forbes said there were a record 2,781 billionaires for 2024. The figure is 141 more than last year and 26 more than the previous record set in 2021. Forbes added the elite were richer than ever - with a collective wealth of $14.2tn (£11.3tn). Singer-songwriter Swift entered the rich list after achieving megastar status. She stole the show at this year's Grammy Awards, becoming the first performer to win the prize for album of the year four times. Her album 1989 (Taylor's Version) was also the best-selling vinyl LP of last year. Swift's success is not just confined to the world of music. Her mere presence at American football games to watch her boyfriend Travis Kelce has been credited with raising NFL viewing figures. When it comes to the top 10 richest people on the planet, eight listed were from the US - six of whom had made their money in technology industries. After Frenchman Mr Arnault and his family, Mr Musk, the owner of Tesla and X, formerly Twitter, is listed second, with an estimated net worth of $195bn (£155bn). He is followed in third by Amazon owner Jeff Bezos. Mr Musk's riches are up 8% from last year but down on his net worth in November 2021, when he became the first person ever to be worth $300bn (£239bn). Also joining Forbes's list is basketball legend Magic Johnson with wealth of $1.2bn (£950m) and TV producer Dick Wolf, behind the US Law and Order and Chicago PD series, also on $1.2bn.  Chase Peterson-Withorn, senior editor on wealth for Forbes, said it had been an ""amazing"" year for the world's richest people.  ""A record-breaking 14 centi-billionaires have 12-figure fortunes. Even during times of financial uncertainty for many, the super-rich continue to thrive,"" he added. Forbes said the class of billionaires for 2024 were 255% richer than a decade ago, now worth $2tn (£1.59tn) in all, meaning just 0.5% of the world's 2,781 billionaires hold 14% of all billionaire wealth. Geographically, the US still has more billionaires than any other country, with a record 813 on the list. China remains second, followed by India.  In the UK, hedge fund manager Michael Platt is the richest person, followed by part-owner of Manchester United Sir Jim Ratcliffe and inventor Sir James Dyson. Forbes said 189 people had fallen off the list including 129 from mainland China, where weak consumer spending and a collapse in the real estate market wiped billions off portfolios.  Another 32 billionaires died, including Egyptian tycoon Mohamed Al-Fayed, former Italian Prime Minister Silvio Berlusconi, former Chilean President Sebastián Piñera and Margaritaville singer Jimmy Buffett. ",BBC,02/04/2024,"[""Taylor Swift has joined Elon Musk as ranking among the world's wealthiest people, according to a new rich list."", ""The American pop star entered the Forbes World's Billionaires List for the first time with $1.1bn (£877m), along with Sam Altman, creator of the AI chatbot ChatGPT on $1bn (£800m)."", 'LVMH French luxury goods titan Bernard Arnault and his family topped the chart with an estimated $233bn (£185bn).', 'Forbes said there were a record 2,781 billionaires for 2024.', 'The figure is 141 more than last year and 26 more than the previous record set in 2021.', 'Forbes added the elite were richer than ever - with a collective wealth of $14.2tn (£11.3tn).', 'Singer-songwriter Swift entered the rich list after achieving megastar status.', ""She stole the show at this year's Grammy Awards, becoming the first performer to win the prize for album of the year four times."", ""Her album 1989 (Taylor's Version) was also the best-selling vinyl LP of last year."", ""Swift's success is not just confined to the world of music."", 'Her mere presence at American football games to watch her boyfriend Travis Kelce has been credited with raising NFL viewing figures.', 'When it comes to the top 10 richest people on the planet, eight listed were from the US - six of whom had made their money in technology industries.', 'After Frenchman Mr Arnault and his family, Mr Musk, the owner of Tesla and X, formerly Twitter, is listed second, with an estimated net worth of $195bn (£155bn).', 'He is followed in third by Amazon owner Jeff Bezos.', ""Mr Musk's riches are up 8% from last year but down on his net worth in November 2021, when he became the first person ever to be worth $300bn (£239bn)."", ""Also joining Forbes's list is basketball legend Magic Johnson with wealth of $1.2bn (£950m) and TV producer Dick Wolf, behind the US Law and Order and Chicago PD series, also on $1.2bn."", 'Chase Peterson-Withorn, senior editor on wealth for Forbes, said it had been an ""amazing"" year for the world\'s richest people. ""', 'A record-breaking 14 centi-billionaires have 12-figure fortunes.', 'Even during times of financial uncertainty for many, the super-rich continue to thrive,"" he added.', ""Forbes said the class of billionaires for 2024 were 255% richer than a decade ago, now worth $2tn (£1.59tn) in all, meaning just 0.5% of the world's 2,781 billionaires hold 14% of all billionaire wealth."", 'Geographically, the US still has more billionaires than any other country, with a record 813 on the list.', 'China remains second, followed by India.', 'In the UK, hedge fund manager Michael Platt is the richest person, followed by part-owner of Manchester United Sir Jim Ratcliffe and inventor Sir James Dyson.', 'Forbes said 189 people had fallen off the list including 129 from mainland China, where weak consumer spending and a collapse in the real estate market wiped billions off portfolios.', 'Another 32 billionaires died, including Egyptian tycoon Mohamed Al-Fayed, former Italian Prime Minister Silvio Berlusconi, former Chilean President Sebastián Piñera and Margaritaville singer Jimmy Buffett.']",0.3321761759816929,"Chase Peterson-Withorn, senior editor on wealth for Forbes, said it had been an ""amazing"" year for the world's richest people. ""","Forbes said 189 people had fallen off the list including 129 from mainland China, where weak consumer spending and a collapse in the real estate market wiped billions off portfolios.",0.7479784414172173,The figure is 141 more than last year and 26 more than the previous record set in 2021.,"Forbes said 189 people had fallen off the list including 129 from mainland China, where weak consumer spending and a collapse in the real estate market wiped billions off portfolios.",2024-04-02
Two Warner Bros. Discovery directors resign after antitrust probe,https://www.cnbc.com/2024/04/01/warner-bros-discovery-directors-miron-newhouse-resign-after-antitrust-probe.html,2024-04-01T22:04:16+0000,"In this articleTwo Warner Bros. Discovery directors, Steven Miron and Steven Newhouse, are resigning following a U.S. Department of Justice investigation into a potential antitrust violation, according to a company release Monday.The company said Miron and Newhouse, who were both appointed as directors in April 2022 as part of the WarnerMedia and Discovery merger, were being investigated as to whether their participation on the board was in violation of Section 8 of the Clayton Antitrust Act, which largely prohibits the same directors or companies from serving simultaneously on the boards of competitors.Miron is the CEO of privately held media company Advance/Newhouse Partnership and a senior executive officer at Advance, which invests in media and technology companies, according to the release. Newhouse is co-president of Advance.Both of their terms on the Warner Bros. board were set to expire in 2025.Rather than contesting the DOJ matter, the company said both Miron and Newhouse voluntarily elected to resign from their positions, effective immediately. Neither director admitted any violation.""We are proud to have played a role in the building of this great company and remain a large stockholder. We are disappointed to leave the Board, but wish to do the right thing for WBD,"" Newhouse said in a statement.In a Monday evening statement, the DOJ said the conflicting company is Charter, a Connecticut-based media company which, similar to Warner Bros.' streaming platform Max, provides video distribution services. According to the DOJ, Advance representatives held seats on both Warner Bros.' board and Charter's board.""Today's announcement is a win for consumers,"" Deputy Assistant Attorney General Michael Kades of the Justice Department's Antitrust Division said in a statement. ""In enacting Section 8 of the Clayton Act, Congress was concerned that competitors who shared directors would compete less vigorously to provide better services and lower prices. We will continue to vigorously enforce the antitrust laws when necessary to address overreach by corporations and their designated agents.""",CNBC,01/04/2024,"['In this articleTwo Warner Bros. Discovery directors, Steven Miron and Steven Newhouse, are resigning following a U.S. Department of Justice investigation into a potential antitrust violation, according to a company release Monday.', 'The company said Miron and Newhouse, who were both appointed as directors in April 2022 as part of the WarnerMedia and Discovery merger, were being investigated as to whether their participation on the board was in violation of Section 8 of the Clayton Antitrust Act, which largely prohibits the same directors or companies from serving simultaneously on the boards of competitors.', 'Miron is the CEO of privately held media company Advance/Newhouse Partnership and a senior executive officer at Advance, which invests in media and technology companies, according to the release.', 'Newhouse is co-president of Advance.', 'Both of their terms on the Warner Bros. board were set to expire in 2025.Rather than contesting the DOJ matter, the company said both Miron and Newhouse voluntarily elected to resign from their positions, effective immediately.', 'Neither director admitted any violation.', '""We are proud to have played a role in the building of this great company and remain a large stockholder.', 'We are disappointed to leave the Board, but wish to do the right thing for WBD,"" Newhouse said in a statement.', ""In a Monday evening statement, the DOJ said the conflicting company is Charter, a Connecticut-based media company which, similar to Warner Bros.' streaming platform Max, provides video distribution services."", ""According to the DOJ, Advance representatives held seats on both Warner Bros.' board and Charter's board."", '""Today\'s announcement is a win for consumers,"" Deputy Assistant Attorney General Michael Kades of the Justice Department\'s Antitrust Division said in a statement. ""', 'In enacting Section 8 of the Clayton Act, Congress was concerned that competitors who shared directors would compete less vigorously to provide better services and lower prices.', 'We will continue to vigorously enforce the antitrust laws when necessary to address overreach by corporations and their designated agents.""']",0.094698879189256,"""We are proud to have played a role in the building of this great company and remain a large stockholder.",Neither director admitted any violation.,0.2974785367647807,"""Today's announcement is a win for consumers,"" Deputy Assistant Attorney General Michael Kades of the Justice Department's Antitrust Division said in a statement. ""","In enacting Section 8 of the Clayton Act, Congress was concerned that competitors who shared directors would compete less vigorously to provide better services and lower prices.",2024-04-02
Nelson Peltz withholds votes from Disney CEO Bob Iger in proxy battle,https://www.cnbc.com/2024/03/25/nelson-peltz-withholds-votes-from-disney-ceo-bob-iger-in-proxy-battle.html,2024-03-25T14:22:59+0000,"In this articleNelson Peltz's Trian Fund Management withheld its votes from Walt Disney CEO Bob Iger when voting its shares in the bitter proxy battle the asset management firm is waging against the entertainment giant, according to sources who monitor the situation.The move is hardly shocking, given the acrimonious nature of the battle.However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board.In recent weeks, Disney has stepped up its attacks on Trian and Peltz. ""Correcting Trian's Fact With Fiction"" was the headline of a recent investor presentation from Disney, over a picture of Pinocchio with a growing nose.""Disney is stupid because I'm not trying to fire Bob Iger, I want to help him,"" Peltz recently told the Financial Times. ""We don't fire CEOs.""When asked for comment, a Trian spokesperson directed CNBC to a press release repeating its proxy recommendations and stating that Trian supports Iger as a candidate for the board and as CEO.Withholding its votes from Iger, however, is hardly a supportive move of his leadership, and it raises questions about how toxic of an environment the boardroom would be if Peltz is elected to the Disney board next month.Disney has nominated a slate of 12 directors, including Iger. Trian is officially recommending shareholders vote for Peltz and former Disney Chief Financial Officer Jay Rasulo and to withhold votes for Disney nominees Maria Elena Lagomasino and Michael Froman, who are current board members.Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle. The Disney board meeting will be held April 3, and Trian could change its vote between now and then.",CNBC,25/03/2024,"[""In this articleNelson Peltz's Trian Fund Management withheld its votes from Walt Disney CEO Bob Iger when voting its shares in the bitter proxy battle the asset management firm is waging against the entertainment giant, according to sources who monitor the situation."", 'The move is hardly shocking, given the acrimonious nature of the battle.', ""However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board."", 'In recent weeks, Disney has stepped up its attacks on Trian and Peltz. ""', 'Correcting Trian\'s Fact With Fiction"" was the headline of a recent investor presentation from Disney, over a picture of Pinocchio with a growing nose.', '""Disney is stupid because I\'m not trying to fire Bob Iger, I want to help him,"" Peltz recently told the Financial Times. ""', ""We don't fire CEOs."", '""When asked for comment, a Trian spokesperson directed CNBC to a press release repeating its proxy recommendations and stating that Trian supports Iger as a candidate for the board and as CEO.Withholding its votes from Iger, however, is hardly a supportive move of his leadership, and it raises questions about how toxic of an environment the boardroom would be if Peltz is elected to the Disney board next month.', 'Disney has nominated a slate of 12 directors, including Iger.', 'Trian is officially recommending shareholders vote for Peltz and former Disney Chief Financial Officer Jay Rasulo and to withhold votes for Disney nominees Maria Elena Lagomasino and Michael Froman, who are current board members.', 'Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle.', 'The Disney board meeting will be held April 3, and Trian could change its vote between now and then.']",0.0365678119739758,"Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle.","The move is hardly shocking, given the acrimonious nature of the battle.",-0.8371050159136454,,"However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board.",2024-04-02
McDonald's to sell Krispy Kreme doughnuts nationwide by the end of 2026,https://www.cnbc.com/2024/03/26/mcdonalds-to-sell-krispy-kreme-doughnuts-nationwide-by-end-of-2026.html,2024-03-26T20:22:10+0000,"In this articleMcDonald's is planning to sell Krispy Kreme doughnuts at its restaurants nationwide by the end of 2026, the chains announced Tuesday.The rollout will start in the second half of this year, but it will take roughly two and a half years as Krispy Kreme more than doubles its distribution to satisfy the partnership. For the duration of the agreement, McDonald's will be the exclusive fast-food partner for Krispy Kreme in the U.S.Shares of Krispy Kreme soared 39% on Tuesday. The stock was earlier on track for its best day ever.The doughnut chain uses a ""hub and spoke"" model that lets it make and distribute its treats efficiently. Production hubs, which are either stores or doughnut factories, send off freshly made doughnuts every day to retail locations such as grocery stores and gas stations.The partnership with McDonald's is a major opportunity for Krispy Kreme to expand its reach. It delivers its doughnuts to 6,800 third-party stores, as of Dec. 31. McDonald's has roughly 13,500 restaurants in the U.S. and plans to open 900 new locations nationwide by 2027.""We think we can service about 6,000 restaurants with our existing infrastructure, mostly doughnut shops, which have excess capacity,"" Krispy Kreme CEO Josh Charlesworth told CNBC.Krispy Kreme has also been expanding its capacity so it can deliver fresh doughnuts to the roughly 7,500 McDonald's restaurants that it can't currently reach.While McDonald's is the primary reason the company is expanding its distribution so quickly, Charlesworth said Krispy Kreme will also be using the opportunity to land in grocery and convenience stores that prefer national suppliers.""That means that the overall efficiency and productivity of our distribution network will significantly improve over time, not just because of all those local deliveries,"" he said.Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell. The extra demand from McDonald's and other new customers means its production lines can churn out higher volume with few additional costs.""Overall, therefore, it makes our system more profitable to grow the deliver fresh daily channel, and McDonald's is an accelerator of that,"" Charlesworth said.The two chains' relationship started about a year and a half ago, when McDonald's began selling Krispy Kreme doughnuts at nine restaurants as a test. Months later, the pilot had expanded to roughly 160 restaurants across Louisville and Lexington, Kentucky. Those initial restaurants will keep selling the doughnuts during the national rollout.Demand from McDonald's customers during the tests exceeded both chains' expectations, according to Charlesworth.For McDonald's, the addition of Krispy Kreme doughnuts helps bolster its bakery and breakfast offerings. The burger chain has been leaning into coffee, a common drink pairing for doughnuts, but trimming other bakery items such as cinnamon rolls from its menu.McDonald's customers will be able to order the original glazed, chocolate iced with sprinkles and chocolate iced cream-filled doughnuts, either individually or in packs of six. The restaurants will sell the doughnuts all day.In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations. The chain's doughnuts can currently be found in more than 14,100 stores across 39 countries.Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion. As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales.Similar concerns have weighed on McDonald's, although its stock has risen 2% in the past year as consumers trade down to its cheap food and drinks. The company has a market value of $201 billion.",CNBC,26/03/2024,"[""In this articleMcDonald's is planning to sell Krispy Kreme doughnuts at its restaurants nationwide by the end of 2026, the chains announced Tuesday."", 'The rollout will start in the second half of this year, but it will take roughly two and a half years as Krispy Kreme more than doubles its distribution to satisfy the partnership.', ""For the duration of the agreement, McDonald's will be the exclusive fast-food partner for Krispy Kreme in the U.S.Shares of Krispy Kreme soared 39% on Tuesday."", 'The stock was earlier on track for its best day ever.', 'The doughnut chain uses a ""hub and spoke"" model that lets it make and distribute its treats efficiently.', 'Production hubs, which are either stores or doughnut factories, send off freshly made doughnuts every day to retail locations such as grocery stores and gas stations.', ""The partnership with McDonald's is a major opportunity for Krispy Kreme to expand its reach."", 'It delivers its doughnuts to 6,800 third-party stores, as of Dec. 31.', 'McDonald\'s has roughly 13,500 restaurants in the U.S. and plans to open 900 new locations nationwide by 2027.""We think we can service about 6,000 restaurants with our existing infrastructure, mostly doughnut shops, which have excess capacity,"" Krispy Kreme CEO Josh Charlesworth told CNBC.Krispy Kreme has also been expanding its capacity so it can deliver fresh doughnuts to the roughly 7,500 McDonald\'s restaurants that it can\'t currently reach.', ""While McDonald's is the primary reason the company is expanding its distribution so quickly, Charlesworth said Krispy Kreme will also be using the opportunity to land in grocery and convenience stores that prefer national suppliers."", '""That means that the overall efficiency and productivity of our distribution network will significantly improve over time, not just because of all those local deliveries,"" he said.', ""Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell."", ""The extra demand from McDonald's and other new customers means its production lines can churn out higher volume with few additional costs."", '""Overall, therefore, it makes our system more profitable to grow the deliver fresh daily channel, and McDonald\'s is an accelerator of that,"" Charlesworth said.', ""The two chains' relationship started about a year and a half ago, when McDonald's began selling Krispy Kreme doughnuts at nine restaurants as a test."", 'Months later, the pilot hadexpandedto roughly 160 restaurants across Louisville and Lexington, Kentucky.', 'Those initial restaurants will keep selling the doughnuts during the national rollout.', ""Demand from McDonald's customers during the tests exceeded both chains' expectations, according to Charlesworth."", ""For McDonald's, the addition of Krispy Kreme doughnuts helps bolster its bakery and breakfast offerings."", 'The burger chain has been leaning into coffee, a common drink pairing for doughnuts, but trimming other bakery items such as cinnamon rolls from its menu.', ""McDonald's customers will be able to order the original glazed, chocolate iced with sprinkles and chocolate iced cream-filled doughnuts, either individually or in packs of six."", 'The restaurants will sell the doughnuts all day.', 'In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations.', ""The chain's doughnuts can currently be found in more than 14,100 stores across 39 countries."", 'Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion.', ""As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales."", ""Similar concerns have weighed on McDonald's, although its stock has risen 2% in the past year as consumers trade down to its cheap food and drinks."", 'The company has a market value of $201 billion.']",0.2322509842203297,"Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell.","As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales.",0.7299659132957459,"In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations.","Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion.",2024-04-02
Hyundai considering hybrid vehicle production at $7.6 billion Georgia EV plant,https://www.cnbc.com/2024/03/27/hyundai-may-add-hybrid-production-to-7point6-billion-georgia-plant-.html,2024-03-27T20:40:18+0000,"In this articleNEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday.José Muñoz, Hyundai president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles.  ""We are now getting ready for a ramp-up on electric vehicles and then we are evaluating if we need to maybe add some additional technologies into the plan depending on the market evaluation,"" Muñoz said on the sidelines of the New York International Auto Show.The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers.  ""Everything is on the table,"" Muñoz said. ""We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas engine, hybrid and plug-in hybrid electric vehicle.""I think the PHEV is a key strategic topic for us. We've been one of the pioneers on PHEV and I think we want to take advantage of that,"" Muñoz said. ""But hybrid is very important … our hybrid production in growing. There's a high demand for it. So you're going to see an increase in the mix of hybrids in Hyundai as well.""",CNBC,27/03/2024,"['In this articleNEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday.', 'José Muñoz, Hyundai president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles. ""', 'We are now getting ready for a ramp-up on electric vehicles and then we are evaluating if we need to maybe add some additional technologies into the plan depending on the market evaluation,"" Muñoz said on the sidelines of the New York International Auto Show.', 'The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.', 'Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers. ""', 'Everything is on the table,"" Muñoz said. ""', 'We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.', '""Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas engine, hybrid and plug-in hybrid electric vehicle.', '""I think the PHEV is a key strategic topic for us.', 'We\'ve been one of the pioneers on PHEV and I think we want to take advantage of that,"" Muñoz said. ""', 'But hybrid is very important … our hybrid production in growing.', ""There's a high demand for it."", 'So you\'re going to see an increase in the mix of hybrids in Hyundai as well.""']",0.2229048408775856,"Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers. """,,0.4889906793832779,"So you're going to see an increase in the mix of hybrids in Hyundai as well.""","The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.",2024-04-02
Seven bills going up and one going down in April,https://www.bbc.co.uk/news/business-68666795,2024-03-29T22:07:53.000Z,"Rises in some bills in the coming days mean many households will see their already tight budgets stretched further - but not all costs are going up. Cuts to National Insurance and increases in the amount people receive in benefits take effect in early April. But regular bills like council tax and water are going up so experts say family budgets need careful attention. New mum Rachel Aitken said: ""I never have thought I'd be looking so intensely at my bills."" ""It is a real pressure point, squeezed time,"" added Ms Aitken from Southport. She is on maternity leave after her daughter was born eight months ago, so her family is relying on her husband's income until she returns to work in July. ""I'm shopping very mindfully because our baby is growing into bigger clothes fast."" Here are some of the changes taking effect in the coming days, and the help that is available. Most broadband and mobile phone providers are currently introducing mid-contract price rises of up to 8.8%. This is generally based on the inflation rate last December, plus an additional charge. While this is allowed under current rules, the approach is expected to be banned by regulators later in the year. Consumer group Which? has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive. It follows rises of up to 17.3% a year ago. Companies say they have been clear and transparent about price rises. Cheaper social tariffs are available for some people on benefits. Customers can check if they are beyond the end of a contract - by texting ""Info"" to 85075 for free on a mobile - at which point they can shop around for a better deal without a fee. The average annual water and sewerage bill will rise by 6% in England and Wales, up £27 to £473. In Scotland, water and waste charges will go up by 8.8%, a rise of £36. Actual individual bills can differ significantly owing to regional variations and usage levels for those on a meter. In England and Wales, Wessex Water are at the top end of the scale, with average bills set to increase to £548, while Northumbrian customers will see the lowest average bills of £422. Water firms have been facing intense scrutiny after the dumping of sewage into rivers. Charities say there are ways of bringing bills down - from usage to help for those on benefits. The WaterSure scheme in England and Wales helps some people with their bills. Council tax, or the equivalent rating system, will rise in most areas - although a freeze is now expected across the whole of Scotland. Local authorities collect the tax to pay for services such as rubbish collection, street lighting and libraries. Authorities in England with social care duties can raise council tax by up to 4.99%, without triggering a referendum. Others can increase it by up to 2.99%. Some can increase bills by more than 5%, with government permission, such as Birmingham where council tax will rise by 21% in two years. Proposed increases vary from 5% to 16% in Wales, and between 4% and nearly 10% in domestic rates in Northern Ireland. There is a freeze until 2025 in Scotland. although two councils had threatened to defy the national policy. In general, some households - such as people living alone, those with disabilities, or student properties - can receive discounts. Various other fees and charges are rising in April. They include the cost of the TV licence fee, which will go up by 6.6% to £169.50, after being frozen for two years.  It is free for for any household where someone is aged over 75 and also receives the means-tested pension credit. Anyone who is registered blind can get a 50% discount. Vehicle tax is also rising, with the annual flat rate for a car registered on or after 1 April 2017 going up by £10. The amount due depends on the type of vehicle, when it was registered and which type of fuel is used. NHS dental charges in England will increase by 4%, which means a standard check-up will cost £1 more, at £26.80. Some people are eligible for free dental care, such as when pregnant. The annual energy bill for a household using a typical amount of gas and electricity will fall to £1,690, which is the lowest for two years. Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill. The regulator's price cap affects 29 million households in England, Wales and Scotland. Rules are different in Northern Ireland, where prices are also falling. The cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more. But the fixed standing charges element of the bill is rising, and the fee varies depending on the region where you live. Some people may find they can get help with bills by claiming the benefits to which they are entitled. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice and charities Entitledto and Turn2us. ",BBC,29/03/2024,"['Rises in some bills in the coming days mean many households will see their already tight budgets stretched further - but not all costs are going up.', 'Cuts to National Insurance and increases in the amount people receive in benefits take effect in early April.', 'But regular bills like council tax and water are going up so experts say family budgets need careful attention.', 'New mum Rachel Aitken said: ""I never have thought I\'d be looking so intensely at my bills."" ""', 'It is a real pressure point, squeezed time,"" added Ms Aitken from Southport.', 'She is on maternity leave after her daughter was born eight months ago, so her family is relying on her husband\'s income until she returns to work in July. ""', 'I\'m shopping very mindfully because our baby is growing into bigger clothes fast.""', 'Here are some of the changes taking effect in the coming days, and the help that is available.', 'Most broadband and mobile phone providers are currently introducing mid-contract price rises of up to 8.8%.', 'This is generally based on the inflation rate last December, plus an additional charge.', 'While this is allowed under current rules, the approach is expected to be banned by regulators later in the year.', 'Consumer group Which?', 'has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive.', 'It follows rises of up to 17.3% a year ago.', 'Companies say they have been clear and transparent about price rises.', 'Cheaper social tariffs are available for some people on benefits.', 'Customers can check if they are beyond the end of a contract - by texting ""Info"" to 85075 for free on a mobile - at which point they can shop around for a better deal without a fee.', 'The average annual water and sewerage bill will rise by 6% in England and Wales, up £27 to £473.', 'In Scotland, water and waste charges will go up by 8.8%, a rise of £36.', 'Actual individual bills can differ significantly owing to regional variations and usage levels for those on a meter.', 'In England and Wales, Wessex Water are at the top end of the scale, with average bills set to increase to £548, while Northumbrian customers will see the lowest average bills of £422.', 'Water firms have been facing intense scrutiny after the dumping of sewage into rivers.', 'Charities say there are ways of bringing bills down - from usage to help for those on benefits.', 'The WaterSure scheme in England and Wales helps some people with their bills.', 'Council tax, or the equivalent rating system, will rise in most areas - although a freeze is now expected across the whole of Scotland.', 'Local authorities collect the tax to pay for services such as rubbish collection, street lighting and libraries.', 'Authorities in England with social care duties can raise council tax by up to 4.99%, without triggering a referendum.', 'Others can increase it by up to 2.99%.', 'Some can increase bills by more than 5%, with government permission, such as Birmingham where council tax will rise by 21% in two years.', 'Proposed increases vary from 5% to 16% in Wales, and between 4% and nearly 10% in domestic rates in Northern Ireland.', 'There is a freeze until 2025 in Scotland.', 'although two councils had threatened to defy the national policy.', 'In general, some households - such as people living alone, those with disabilities, or student properties - can receive discounts.', 'Various other fees and charges are rising in April.', 'They include the cost of the TV licence fee, which will go up by 6.6% to £169.50, after being frozen for two years.', 'It is free for for any household where someone is aged over 75 and also receives the means-tested pension credit.', 'Anyone who is registered blind can get a 50% discount.', 'Vehicle tax is also rising, with the annual flat rate for a car registered on or after 1 April 2017 going up by £10.', 'The amount due depends on the type of vehicle, when it was registered and which type of fuel is used.', 'NHS dental charges in England will increase by 4%, which means a standard check-up will cost £1 more, at £26.80.', 'Some people are eligible for free dental care, such as when pregnant.', 'The annual energy bill for a household using a typical amount of gas and electricity will fall to £1,690, which is the lowest for two years.', ""Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill."", ""The regulator's price cap affects 29 million households in England, Wales and Scotland."", 'Rules are different in Northern Ireland, where prices are also falling.', 'The cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more.', 'But the fixed standing charges element of the bill is rising, and the fee varies depending on the region where you live.', 'Some people may find they can get help with bills by claiming the benefits to which they are entitled.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice and charities Entitledto and Turn2us.']",0.0710978371051218,Charities say there are ways of bringing bills down - from usage to help for those on benefits.,"has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive.",0.085878951208932,It follows rises of up to 17.3% a year ago.,"Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill.",2024-04-02
Passport rules: 'Escorted through the airport like a criminal',https://www.bbc.co.uk/news/business-68677938,2024-03-29T22:09:13.000Z,"Disappointed holidaymakers whose EU travel plans were ruined when they were caught out by the ""10-year-passport rule"" have been speaking to the BBC. Until 2018, UK travellers could transfer up to nine months from an old passport on to a new one. But post-Brexit, EU countries will not accept passports more than 10 years old. Those who were unaware of the change were turned away by passport control. Some were able to rebook trips, but no one we spoke to was reimbursed. Jane Opher, 61, in London, said she was ""traumatised"" after being told she and her partner couldn't board their flight to Barcelona at Gatwick in February, even though they'd checked in online. ""I was just saying to my partner that I must renew my passport soon, as we walked along the bridge to get to the boarding gate. It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said. Jane, who used to live in Barcelona and was travelling to see friends, was left hundreds of pounds out of pocket after having to rearrange the trip with her partner.   The architect spent about £400 on last minute replacement flights and a fast tracked passport.  She says the issue with her passport was ""a technicality"" the airlines should be able to deal with. ""I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral.  ""As someone who used to live in Spain, I feel angry that I cannot go to Spain as easily as I used to,"" she added.   Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. ""We had no reason to believe the passport wouldn't be valid,"" she said. ""At first we thought the woman at the check-in was joking."" She said staff at Liverpool Airport ""told us this had been a ruling since Brexit and we should know better"". ""It was disappointing for us as our son had paid for half of the holiday as a Christmas present."" The couple were due to go on a cruise the following January and had all the paperwork ready to renew the passport when they got back from Majorca. How do I renew my UK passport and what is the 10-year rule? John, 73, a healthcare worker based near Portsmouth, was due to fly to Tenerife in January for a New Year break with friends. He only found out at the last minute that his wife's passport ""fell foul of the 10-year rule"". He called the rule ""ridiculous"", saying there were no warnings and zero interest from the company they booked with. ""We lost the whole lot after booking through TUI. They organise the flights and hotel. That's it. You lose the lot because you can't get on the plane. It's nothing more than a trick.  ""The total burden of this issue falls on the individual holidaymaker. The travel company have got your money, they can pay off the airline and hotel, who may be able to resell the plane tickets and the accommodation, but even if they can't, they're quids in. ""The travel company get their cut too, so there's no incentive on anyone to redress this unfair, illogical ruling,"" John said. A TUI spokesperson told the BBC they were ""sorry to hear of customers who were unable to travel with TUI as planned due the UK government passport requirements"". They added: ""Customers are given ample warning that their passports must follow the UK government's passport requirements when travelling abroad, via our website and within direct customer communications including booking confirmations."" Last April, Howard Kirrane and his wife were about to check in at the port in Southampton but his passport was not valid. They both had to take their bags off the ship and go back home to Portsmouth.  ""I contacted the ombudsman and banks to try and get money back but all they said was it was up to me to sort out my passport. That was very expensive,"" the 69-year-old said. The couple lost all of the money they had spent on their Mediterranean cruise holiday - almost £2,000.   ""I could've travelled to the US but not across the water,"" Howard added. He said he applied for a new passport the same night and it arrived two weeks later.  The confusion over passport issue dates and EU travel isn't anything new, as Jacqualyn Lee from Nottingham pointed out. In autumn 2021, the 79-year-old lost £2,000 on a cruise from Barcelona to the Canary Islands when told at the airport that her husband's passport was issued more than 10 years prior. The couple had to call off the trip and were unable to claim money from their insurance for the flights or the cruise. ""It just felt like somebody pulling a battery out of your back, you don't know how to react. I thought 'oh OK, we'll just go home then'. ""We booked another holiday straight away just to get it out of our system, what was done was done,"" she recalled. Before travelling, Jacqualyn had checked in with the cruise company and gave both her and her husband's passport details to travel agents where no issues were raised. ""I did try to get the money back but the insurers didn't want to know about it. Now that £2,000 would pay for a lot of gas and electricity for retired people like us,"" she said. A government spokesperson told the BBC: ""Following the end of the transition period on 31 December 2020, we ran an information campaign to help British travellers prepare for changes when visiting Europe, including on passport rules.  ""The government's online travel advice for EU countries sets out the requirements and is kept under constant review to ensure British travellers have accurate information to help plan their trip. We advise all customers not to book travel without a passport that meets their travel needs.""  Additional reporting by Emma Pengelly ",BBC,29/03/2024,"['Disappointed holidaymakers whose EU travel plans were ruined when they were caught out by the ""10-year-passport rule"" have been speaking to the BBC.', 'Until 2018, UK travellers could transfer up to nine months from an old passport on to a new one.', 'But post-Brexit, EU countries will not accept passports more than 10 years old.', 'Those who were unaware of the change were turned away by passport control.', 'Some were able to rebook trips, but no one we spoke to was reimbursed.', 'Jane Opher, 61, in London, said she was ""traumatised"" after being told she and her partner couldn\'t board their flight to Barcelona at Gatwick in February, even though they\'d checked in online. ""', 'I was just saying to my partner that I must renew my passport soon, as we walked along the bridge to get to the boarding gate.', 'It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said.', 'Jane, who used to live in Barcelona and was travelling to see friends, was left hundreds of pounds out of pocket after having to rearrange the trip with her partner.', 'The architect spent about £400 on last minute replacement flights and a fast tracked passport.', 'She says the issue with her passport was ""a technicality"" the airlines should be able to deal with. ""', 'I feel lucky I was going on holiday and it wasn\'t an urgent visit like a funeral. ""', 'As someone who used to live in Spain, I feel angry that I cannot go to Spain as easily as I used to,"" she added.', 'Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. ""', 'We had no reason to believe the passport wouldn\'t be valid,"" she said. ""', 'At first we thought the woman at the check-in was joking.""', 'She said staff at Liverpool Airport ""told us this had been a ruling since Brexit and we should know better"". ""', 'It was disappointing for us as our son had paid for half of the holiday as a Christmas present.""', 'The couple were due to go on a cruise the following January and had all the paperwork ready to renew the passport when they got back from Majorca.', 'How do I renew my UK passport and what is the 10-year rule?', 'John, 73, a healthcare worker based near Portsmouth, was due to fly to Tenerife in January for a New Year break with friends.', 'He only found out at the last minute that his wife\'s passport ""fell foul of the 10-year rule"".', 'He called the rule ""ridiculous"", saying there were no warnings and zero interest from the company they booked with. ""', 'We lost the whole lot after booking through TUI.', 'They organise the flights and hotel.', ""That's it."", ""You lose the lot because you can't get on the plane."", 'It\'s nothing more than a trick. ""', 'The total burden of this issue falls on the individual holidaymaker.', 'The travel company have got your money, they can pay off the airline and hotel, who may be able to resell the plane tickets and the accommodation, but even if they can\'t, they\'re quids in. ""', 'The travel company get their cut too, so there\'s no incentive on anyone to redress this unfair, illogical ruling,"" John said.', 'A TUI spokesperson told the BBC they were ""sorry to hear of customers who were unable to travel with TUI as planned due the UK government passport requirements"".', 'They added: ""Customers are given ample warning that their passports must follow the UK government\'s passport requirements when travelling abroad, via our website and within direct customer communications including booking confirmations.""', 'Last April, Howard Kirrane and his wife were about to check in at the port in Southampton but his passport was not valid.', 'They both had to take their bags off the ship and go back home to Portsmouth. ""', 'I contacted the ombudsman and banks to try and get money back but all they said was it was up to me to sort out my passport.', 'That was very expensive,"" the 69-year-old said.', 'The couple lost all of the money they had spent on their Mediterranean cruise holiday - almost £2,000. ""', 'I could\'ve travelled to the US but not across the water,"" Howard added.', 'He said he applied for a new passport the same night and it arrived two weeks later.', ""The confusion over passport issue dates and EU travel isn't anything new, as Jacqualyn Lee from Nottingham pointed out."", ""In autumn 2021, the 79-year-old lost £2,000 on a cruise from Barcelona to the Canary Islands when told at the airport that her husband's passport was issued more than 10 years prior."", 'The couple had to call off the trip and were unable to claim money from their insurance for the flights or the cruise. ""', ""It just felt like somebody pulling a battery out of your back, you don't know how to react."", 'I thought \'oh OK, we\'ll just go home then\'. ""', 'We booked another holiday straight away just to get it out of our system, what was done was done,"" she recalled.', 'Before travelling, Jacqualyn had checked in with the cruise company and gave both her and her husband\'s passport details to travel agents where no issues were raised. ""', ""I did try to get the money back but the insurers didn't want to know about it."", 'Now that £2,000 would pay for a lot of gas and electricity for retired people like us,"" she said.', 'A government spokesperson told the BBC: ""Following the end of the transition period on 31 December 2020, we ran an information campaign to help British travellers prepare for changes when visiting Europe, including on passport rules. ""', ""The government's online travel advice for EU countries sets out the requirements and is kept under constant review to ensure British travellers have accurate information to help plan their trip."", 'We advise all customers not to book travel without a passport that meets their travel needs.""', 'Additional reporting by Emma Pengelly']",-0.0451994036046414,"I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral. ""","It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said.",-0.8130881004035473,"I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral. ""","Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. """,2024-04-02
Truth Social: Trump's DJT stock plummets days after going public,https://www.bbc.co.uk/news/world-us-canada-68708648,2024-04-01T21:47:32.000Z,"Shares of Donald Trump's social media company fell by more than 20% on Monday, less than a week after it began publicly trading under the DJT ticker. The drop comes after Trump Media & Technology Group reported it had lost nearly $60m (£48m) last year while only bringing in around $4m in revenue. The price plunge caused the former president's net worth to shrink by $1bn, according to Bloomberg. Shares had surged last week, giving the company an $11bn valuation. But experts warned the stock was bound to tumble, as its main product - Truth Social - loses users and burns cash. The price spike drew comparisons to the pandemic-era ""meme stock"" mania, when the share prices of companies like GameStop and AMC soared even though basic parts of their businesses, such as revenue, were weak. Meme stocks are ones that gain sudden popularity on social media, sparking price rises as online investors rush to buy. On Monday, shares of Trump Media - which makes its money exclusively through advertising on Truth Social - fell $13.30 to $48.66. But they are still up nearly 200% so far this year. The surge has been driven by small-time investors, at least some of whom appear to be showing support for the former president as his legal troubles, and the bills that accompany them, pile up. Mr Trump holds a nearly 60% ownership stake in the company and stands to earn a billion-dollar windfall when he cashes out his shares - though he is legally barred from doing so for another six months unless the company's board grants him a waiver. But these investors are making a bet on a company that, in a special filing on Monday, told the Securities and Exchange Commission (SEC) it ""expects to continue to incur operating losses and negative cash flows from operating activities for the foreseeable future"". According to the financial filing, Trump Media paid about $40m in interest expenses and $16m in operating losses in 2023. The company said its management had ""substantial doubt"" that it ""will have sufficient funds to meet its liabilities as they fall due"". Truth Social launched in February 2022, about one year after the former president was banned from Twitter (now X) and Facebook in the aftermath of the violent riot at the US Capitol. While Mr Trump's accounts on both platforms have since been reinstated, he has continued to use Truth Social as the main avenue for his social media posts. But his presence on the platform has not helped it gain a broad audience. Estimates from Similarweb show the company has roughly five million active monthly users, far fewer than rivals. Truth Social has claimed it has about 8.9 million sign-ups, but it has declined to share the commonly disclosed performance metrics that could give shareholders a better sense of its operations. ",BBC,01/04/2024,"[""Shares of Donald Trump's social media company fell by more than 20% on Monday, less than a week after it began publicly trading under the DJT ticker."", 'The drop comes after Trump Media & Technology Group reported it had lost nearly $60m (£48m) last year while only bringing in around $4m in revenue.', ""The price plunge caused the former president's net worth to shrink by $1bn, according to Bloomberg."", 'Shares had surged last week, giving the company an $11bn valuation.', 'But experts warned the stock was bound to tumble, as its main product - Truth Social - loses users and burns cash.', 'The price spike drew comparisons to the pandemic-era ""meme stock"" mania, when the share prices of companies like GameStop and AMC soared even though basic parts of their businesses, such as revenue, were weak.', 'Meme stocks are ones that gain sudden popularity on social media, sparking price rises as online investors rush to buy.', 'On Monday, shares of Trump Media - which makes its money exclusively through advertising on Truth Social - fell $13.30 to $48.66.', 'But they are still up nearly 200% so far this year.', 'The surge has been driven by small-time investors, at least some of whom appear to be showing support for the former president as his legal troubles, and the bills that accompany them, pile up.', ""Mr Trump holds a nearly 60% ownership stake in the company and stands to earn a billion-dollar windfall when he cashes out his shares - though he is legally barred from doing so for another six months unless the company's board grants him a waiver."", 'But these investors are making a bet on a company that, in a special filing on Monday, told the Securities and Exchange Commission (SEC) it ""expects to continue to incur operating losses and negative cash flows from operating activities for the foreseeable future"".', 'According to the financial filing, Trump Media paid about $40m in interest expenses and $16m in operating losses in 2023.', 'The company said its management had ""substantial doubt"" that it ""will have sufficient funds to meet its liabilities as they fall due"".', 'Truth Social launched in February 2022, about one year after the former president was banned from Twitter (now X) and Facebook in the aftermath of the violent riot at the US Capitol.', ""While Mr Trump's accounts on both platforms have since been reinstated, he has continued to use Truth Social as the main avenue for his social media posts."", 'But his presence on the platform has not helped it gain a broad audience.', 'Estimates from Similarweb show the company has roughly five million active monthly users, far fewer than rivals.', 'Truth Social has claimed it has about 8.9 million sign-ups, but it has declined to share the commonly disclosed performance metrics that could give shareholders a better sense of its operations.']",0.084466553741023,"Truth Social has claimed it has about 8.9 million sign-ups, but it has declined to share the commonly disclosed performance metrics that could give shareholders a better sense of its operations.","Truth Social launched in February 2022, about one year after the former president was banned from Twitter (now X) and Facebook in the aftermath of the violent riot at the US Capitol.",-0.0533228874206542,"Shares had surged last week, giving the company an $11bn valuation.",The drop comes after Trump Media & Technology Group reported it had lost nearly $60m (£48m) last year while only bringing in around $4m in revenue.,2024-04-02
Vacation home co-ownership platform Pacaso expands to lower-priced listings,https://www.cnbc.com/2024/03/26/vacation-home-co-ownership-site-pacaso-adds-lower-priced-listings.html,2024-03-26T12:32:23+0000,"Luxury vacation home co-ownership platform Pacaso is attempting to appeal to the masses, as it grows its business during a pricey and competitive phase of the housing market.The company, which launched in 2020 with multimillion-dollar homes listed for co-ownership, is now introducing thousands more listings with share prices starting as low as $200,000. Previously, shares had been closer to half a million dollars, or higher.Pacaso lists shares of vacation homes, generally an eighth but sometimes larger shares, and then facilitates the purchase, including financing if necessary. It also furnishes and manages the home, divvying up the owners' time in the home through an app. It takes fees for both the purchase and the management.""You can afford a lot more home when you buy one eighth or one quarter of it when compared to purchasing the whole thing, and we're living in an environment right now where housing affordability is a problem,"" said Austin Allison, co-founder and CEO of Pacaso. ""Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams.""Unlike timeshares in resorts, where consumers buy the time, not the property, Pacaso owners can benefit from the home's value, which usually goes up over time.""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously. So the Pacaso shares generally track with the underlying real estate,"" said Allison.Wealthier buyers have been scooping up ski homes in Colorado and beach homes in Hawaii, paying hundreds of thousands of dollars for their shares. Pacaso takes a hefty fee — between 10% and 15% of the value of the home on the front end — associated with aggregating the group of owners, facilitating the transaction, and setting up the co-ownership structure.Pacaso reached more than $1 billion in revenue last year, the company said.The company has, however, seen some backlash from communities that liken it to an Airbnb on steroids. There is even a website dedicated to fighting the company, called ""Stop Pacaso Now.""Residents of Sonoma, California, passed an ordinance prohibiting Pacaso from operating in that city. In St. Helena, California, which prohibits timeshares, Pacaso reached a settlement that protects its four homes already there, but the company is not allowed to expand to other properties.""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. ""Our approach is to work with policymakers and educate them on the facts and benefits. Our belief is that over time this will prevail. It hasn't worked in Sonoma yet and a small handful of communities who have passed ordinances to resist the model.""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model. Roughly one-fifth of primary homebuyers last year purchased with either a friend or relative, according to real estate site Zillow.""People are now using co-ownership as a way to be able to afford houses that they otherwise wouldn't be able to afford. So, it's not just happening in the vacation home space,"" said Allison.",CNBC,26/03/2024,"['Luxury vacation home co-ownership platform Pacaso is attempting to appeal to the masses, as it grows its business during a pricey and competitive phase of the housing market.', 'The company, which launched in 2020 with multimillion-dollar homes listed for co-ownership, is now introducing thousands more listings with share prices starting as low as $200,000.', 'Previously, shares had been closer to half a million dollars, or higher.', 'Pacaso lists shares of vacation homes, generally an eighth but sometimes larger shares, and then facilitates the purchase, including financing if necessary.', ""It also furnishes and manages the home, divvying up the owners' time in the home through an app."", 'It takes fees for both the purchase and the management.', '""You can afford a lot more home when you buy one eighth or one quarter of it when compared to purchasing the whole thing, and we\'re living in an environment right now where housing affordability is a problem,"" said Austin Allison, co-founder and CEO of Pacaso. ""', ""Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams."", '""Unlike timeshares in resorts, where consumers buy the time, not the property, Pacaso owners can benefit from the home\'s value, which usually goes up over time.', '""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously.', 'So the Pacaso shares generally track with the underlying real estate,"" said Allison.', 'Wealthier buyers have been scooping up ski homes in Colorado and beach homes in Hawaii, paying hundreds of thousands of dollars for their shares.', 'Pacaso takes a hefty fee — between 10% and 15% of the value of the home on the front end — associated with aggregating the group of owners, facilitating the transaction, and setting up the co-ownership structure.', 'Pacaso reached more than $1 billion in revenue last year, the company said.', 'The company has, however, seen some backlash from communities that liken it to an Airbnb on steroids.', 'There is even a website dedicated to fighting the company, called ""Stop Pacaso Now.', '""Residents of Sonoma, California, passed an ordinance prohibiting Pacaso from operating in that city.', 'In St. Helena, California, which prohibits timeshares, Pacaso reached a settlement that protects its four homes already there, but the company is not allowed to expand to other properties.', '""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. ""', 'Our approach is to work with policymakers and educate them on the facts and benefits.', 'Our belief is that over time this will prevail.', ""It hasn't worked in Sonoma yet and a small handful of communities who have passed ordinances to resist the model."", '""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model.', 'Roughly one-fifth of primary homebuyers last year purchased with either a friend or relative, according to real estate site Zillow.', '""People are now using co-ownership as a way to be able to afford houses that they otherwise wouldn\'t be able to afford.', 'So, it\'s not just happening in the vacation home space,"" said Allison.']",0.1709373374093423,"""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model.","""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. """,0.5203466150495741,"""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously.","Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams.",2024-04-02
Nationwide: House price growth remains subdued in March,https://www.bbc.co.uk/news/business-68711502,2024-04-02T07:23:32.000Z,"House price growth was ""subdued"" last month as higher mortgage rates affected affordability, the Nationwide has said. Property prices rose 1.6% on average from March 2023, but fell 0.2% compared with the February, the UK's largest building society said. While mortgage rates have fallen from peaks seen last summer, they remain well above the low levels seen in the wake of the coronavirus pandemic. The Nationwide said affordability was still stretched, but was improving. Robert Gardner, the building society's chief economist, told the BBC's Today programme that affordability pressures on buyers was ""weighing down"" on activity in the housing market and price growth. For someone on an average wage of about £35,000 per year buying a typical home, mortgage payments currently take up nearly 40% of their take home pay. ""That's well above the 30% which is the long-run average,"" Mr Gardner said. In Northern Ireland and the North of England house price growth was stronger than other areas, rising 4.6% and 1.7% respectively compared with last year. This was mainly due to house prices in those regions being less expensive compared with other places in the UK and more affordable for buyers, leading to higher demand. The annual house price increase of 1.6% was the fastest rise since December 2022, although it was a smaller increase than economists had been expecting. Prices fell by 0.2% in March alone, the first drop since December 2023, after a 0.7% increase the month before. In a statement, Nationwide said mortgage approvals in January were 15% lower than before the Covid pandemic, reflecting the impact of higher interest rates, which are at a 16-year high. However, Mr Gardner said income rises were outpacing the house price increases, gradually making houses more affordable. ""But it's going to take time to make a big difference,"" he warned. Mr Gardner said many people were expecting the Bank of England to lower interest rates this year, which would have a knock-on effect of lower mortgage rates. The Bank of England decided to keep its main interest rate at 5.25% last month, but announced that rate cutes were ""on the way"". Financial markets are predicting a first cut in June or August, with rates forecast to drop to around 4.5% by the end of the year. The number of mortgage approvals rose in February to the highest level since the month the mini-budget was delivered under former prime minister Liz Truss. More than 60,380 mortgage approvals were recorded, the highest figure since more than 65,340 deals got the go-ahead in September 2022, according to Bank of England figures. The launch of the mini-budget on 23 September 2022 led to mortgage rates rocketing after financial markets reacted badly. In compiling its figures, Nationwide looks at its own mortgage lending and does not include cash buyers or buy-to-let deals. Cash buyers account for about a third of housing sales. Rob Wood, chief UK economist at Pantheon Macroeconomics, said mortgage rates were likely to ""gradually tick down"" and that house prices would continue to rise. Chief executive of Foxtons estate agents, Guy Gittins, added that there had been a ""notable uplift in the volume of sales enquiries, viewings requests and the number of offers being submitted"" in recent months. ",BBC,02/04/2024,"['House price growth was ""subdued"" last month as higher mortgage rates affected affordability, the Nationwide has said.', ""Property prices rose 1.6% on average from March 2023, but fell 0.2% compared with the February, the UK's largest building society said."", 'While mortgage rates have fallen from peaks seen last summer, they remain well above the low levels seen in the wake of the coronavirus pandemic.', 'The Nationwide said affordability was still stretched, but was improving.', 'Robert Gardner, the building society\'s chief economist, told the BBC\'s Today programme that affordability pressures on buyers was ""weighing down"" on activity in the housing market and price growth.', 'For someone on an average wage of about £35,000 per year buying a typical home, mortgage payments currently take up nearly 40% of their take home pay. ""', 'That\'s well above the 30% which is the long-run average,"" Mr Gardner said.', 'In Northern Ireland and the North of England house price growth was stronger than other areas, rising 4.6% and 1.7% respectively compared with last year.', 'This was mainly due to house prices in those regions being less expensive compared with other places in the UK and more affordable for buyers, leading to higher demand.', 'The annual house price increase of 1.6% was the fastest rise since December 2022, although it was a smaller increase than economists had been expecting.', 'Prices fell by 0.2% in March alone, the first drop since December 2023, after a 0.7% increase the month before.', 'In a statement, Nationwide said mortgage approvals in January were 15% lower than before the Covid pandemic, reflecting the impact of higher interest rates, which are at a 16-year high.', 'However, Mr Gardner said income rises were outpacing the house price increases, gradually making houses more affordable. ""', 'But it\'s going to take time to make a big difference,"" he warned.', 'Mr Gardner said many people were expecting the Bank of England to lower interest rates this year, which would have a knock-on effect of lower mortgage rates.', 'The Bank of England decided to keep its main interest rate at 5.25% last month, but announced that rate cutes were ""on the way"".', 'Financial markets are predicting a first cut in June or August, with rates forecast to drop to around 4.5% by the end of the year.', 'The number of mortgage approvals rose in February to the highest level since the month the mini-budget was delivered under former prime minister Liz Truss.', 'More than 60,380 mortgage approvals were recorded, the highest figure since more than 65,340 deals got the go-ahead in September 2022, according to Bank of England figures.', 'The launch of the mini-budget on 23 September 2022 led to mortgage rates rocketing after financial markets reacted badly.', 'In compiling its figures, Nationwide looks at its own mortgage lending and does not include cash buyers or buy-to-let deals.', 'Cash buyers account for about a third of housing sales.', 'Rob Wood, chief UK economist at Pantheon Macroeconomics, said mortgage rates were likely to ""gradually tick down"" and that house prices would continue to rise.', 'Chief executive of Foxtons estate agents, Guy Gittins, added that there had been a ""notable uplift in the volume of sales enquiries, viewings requests and the number of offers being submitted"" in recent months.']",0.0302229900358671,"In Northern Ireland and the North of England house price growth was stronger than other areas, rising 4.6% and 1.7% respectively compared with last year.","Rob Wood, chief UK economist at Pantheon Macroeconomics, said mortgage rates were likely to ""gradually tick down"" and that house prices would continue to rise.",0.1681141131802609,The number of mortgage approvals rose in February to the highest level since the month the mini-budget was delivered under former prime minister Liz Truss.,"Prices fell by 0.2% in March alone, the first drop since December 2023, after a 0.7% increase the month before.",2024-04-02
What is a recession and how could it affect me?,https://www.bbc.co.uk/news/business-52986863,2020-06-12T00:47:29.000Z,"The UK economy fell into recession during the final three months of 2023, according to official figures. However, the Bank of England has since suggested that the downturn might already be over. Prime Minister Rishi Sunak said growing the economy was one of his five key priorities. The Office for National Statistics (ONS) publishes figures for the UK's Gross Domestic Product (GDP). This is the value of all the goods and services the UK produces. In normal times, a country's economy grows, GDP rises, and average incomes rise as a result. But sometimes the economy shrinks, GDP falls, and that's a sign that the economy is doing badly, which could hit people's pockets. The UK is in recession if GDP falls for two successive three-month periods - known as quarters.  The latest ONS figures confirm that the economy shrank 0.3% between October and December 2023.  That followed a 0.1% fall between July and September and means the economy went into recession at the end of 2023.  Across 2023 as a whole, the UK economy grew by 0.1%.  The government has never publicly said what measure should be used to assess the prime minister's pledge to ""grow the economy"", despite repeated requests. In private briefings, journalists were told it would be met if the economy was bigger in the fourth quarter of 2023 than in the previous quarter. The ONS figures show that it was not.  The last UK recession was in 2020, at the height of the coronavirus pandemic. It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record. The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.  Economic growth can mean more jobs are available and companies can pay more to employees and shareholders.  Higher wages and larger profits also generate money for the government through taxes.  It can choose to spend more on things like benefits and public services, or cut tax rates. When the economy shrinks and a country goes into recession, these things can go into reverse.  Some people might lose their jobs, and unemployment could rise. Graduates and school leavers could find it difficult to get their first job.  Others may find it harder to be promoted, or to get big enough pay rises to keep pace with price increases.  However, the pain of a recession is typically not felt equally across society, and inequality can increase.  Benefit recipients and those on fixed incomes are particularly likely to struggle, especially if the government decides to spend less on public services.  In a recession, the Bank of England - which is independent of government - typically cuts interest rates.  This makes it cheaper for businesses and households to borrow money which can boost spending and economic growth.   However, prices have been rising very quickly in the UK, and the Bank put interest rates up to tackle that inflation.   After 14 rate increases, the Bank has held interest rates at 5.25% four times in a row. When the economy is struggling to grow at the same time as there is high inflation, there can be a situation called ""stagflation"". This can be very difficult to solve, because the two issues require different solutions.  However in February 2024, Bank of England governor Andrew Bailey told MPs that there were ""distinct signs of an upturn"" in the economy and the latest recession may already be over. The UK has been one of the weaker members of the G7 group of the world's largest economies. The US economy grew by 3.3% in the fourth quarter of 2023, which was much better than expected.  That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies. It is also expected to outperform the rest of the G7 in 2024.  In October 2023, the International Monetary Fund (IMF) predicted that the UK would grow by just 0.6% in 2024.   The independent Office for Budget Responsibility (OBR) expects the UK economy to grow by 0.7% in 2024, but that is less than half of its earlier prediction of 1.8% growth. ",BBC,12/06/2020,"['The UK economy fell into recession during the final three months of 2023, according to official figures.', 'However, the Bank of England has since suggested that the downturn might already be over.', 'Prime Minister Rishi Sunak said growing the economy was one of his five key priorities.', ""The Office for National Statistics (ONS) publishes figures for the UK's Gross Domestic Product (GDP)."", 'This is the value of all the goods and services the UK produces.', ""In normal times, a country's economy grows, GDP rises, and average incomes rise as a result."", ""But sometimes the economy shrinks, GDP falls, and that's a sign that the economy is doing badly, which could hit people's pockets."", 'The UK is in recession if GDP falls for two successive three-month periods - known as quarters.', 'The latest ONS figures confirm that the economy shrank 0.3% between October and December 2023.', 'That followed a 0.1% fall between July and September and means the economy went into recession at the end of 2023.', 'Across 2023 as a whole, the UK economy grew by 0.1%.', 'The government has never publicly said what measure should be used to assess the prime minister\'s pledge to ""grow the economy"", despite repeated requests.', 'In private briefings, journalists were told it would be met if the economy was bigger in the fourth quarter of 2023 than in the previous quarter.', 'The ONS figures show that it was not.', 'The last UK recession was in 2020, at the height of the coronavirus pandemic.', 'It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record.', 'The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.', 'Economic growth can mean more jobs are available and companies can pay more to employees and shareholders.', 'Higher wages and larger profits also generate money for the government through taxes.', 'It can choose to spend more on things like benefits and public services, or cut tax rates.', 'When the economy shrinks and a country goes into recession, these things can go into reverse.', 'Some people might lose their jobs, and unemployment could rise.', 'Graduates and school leavers could find it difficult to get their first job.', 'Others may find it harder to be promoted, or to get big enough pay rises to keep pace with price increases.', 'However, the pain of a recession is typically not felt equally across society, and inequality can increase.', 'Benefit recipients and those on fixed incomes are particularly likely to struggle, especially if the government decides to spend less on public services.', 'In a recession, the Bank of England - which is independent of government - typically cuts interest rates.', 'This makes it cheaper for businesses and households to borrow money which can boost spending and economic growth.', 'However, prices have been rising very quickly in the UK, and the Bank put interest rates up to tackle that inflation.', 'After 14 rate increases, the Bank has held interest rates at 5.25% four times in a row.', 'When the economy is struggling to grow at the same time as there is high inflation, there can be a situation called ""stagflation"".', 'This can be very difficult to solve, because the two issues require different solutions.', 'However in February 2024, Bank of England governor Andrew Bailey told MPs that there were ""distinct signs of an upturn"" in the economy and the latest recession may already be over.', ""The UK has been one of the weaker members of the G7 group of the world's largest economies."", 'The US economy grew by 3.3% in the fourth quarter of 2023, which was much better than expected.', 'That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies.', 'It is also expected to outperform the rest of the G7 in 2024.', 'In October 2023, the International Monetary Fund (IMF) predicted that the UK would grow by just 0.6% in 2024.', 'The independent Office for Budget Responsibility (OBR) expects the UK economy to grow by 0.7% in 2024, but that is less than half of its earlier prediction of 1.8% growth.']",-0.0370619390386098,"That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies.","The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.",-0.0405489714057357,"Across 2023 as a whole, the UK economy grew by 0.1%.","It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record.",2024-04-02
Nigeria Binance dispute: British-Kenyan executive Nadeem Anjarwalla escapes from custody,https://www.bbc.co.uk/news/world-africa-68656119,2024-03-25T14:52:21.000Z,"An executive of the cryptocurrency firm Binance has escaped from custody in Nigeria, the authorities there say. Nadeem Anjarwalla, a British-Kenyan dual national, was arrested in February with his US colleague Tigran Gambaryan. Their detention came as the Nigerian authorities investigated alleged wrongdoing by Binance. Nigeria said that Mr Anjarwalla fled the country with a ""smuggled passport"", but a family source has said he had left by ""by lawful means"". The country is now ""working with Interpol for an international arrest warrant on the suspect"", the Office of the National Security Adviser (ONSA) said in a statement. Binance has not commented on the accusations it has been facing. ""We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.  Mr Anjarwalla, the company's Africa regional manager, and Mr Gambaryan, in charge of financial crime compliance at the firm, were arrested on 26 February after attending meetings in Nigeria's capital, Abuja, to which they had been invited by the government. The authorities reportedly demanded that they name Nigerians trading on their platform.  A court granted the Economic and Financial Crimes Commission's request to detain the two executives for 14 days, but their continued detention was not authorised by the court and they were being held ""unlawfully"", a source close to the families told the BBC. They were due to appear again in court early next month.  ""The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,"" the ONSA said. Nigerian media are reporting that Mr Anjarwalla asked the guards at a guest house where he was being held to allow him to go to the mosque last Friday but never returned. The authorities had reportedly confiscated his British passport but the whereabouts of his Kenyan passport were unknown. Mr Gambaryan remains in custody. Meanwhile, the Nigerian authorities have formally filed tax evasion charges against Binance at the High Court in Abuja, and named Mr Anjarwalla among the respondents. The Federal Inland Revenue Service is accusing the cryptocurrency platform of non-payment of value added tax, company income tax, failure to file tax returns and complicity in aiding customers to evade taxes through its platform.  Binance has not made a statement on these charges. Last month, the Nigerian authorities clamped down on cryptocurrency firms in general over allegations they were being used for money laundering and financing terrorism.  The country's central bank alleged that over $26bn (£20.6bn) worth of transactions had passed through Binance with untraceable sources.  It accused the platforms of fixing exchange rates and currency speculation leading to the free-fall of the naira, the local currency, and ordered the firm to pay a fine of $10bn.  Binance is understood to be one of the most popular cryptocurrency platforms in Nigeria. Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation. ",BBC,25/03/2024,"['An executive of the cryptocurrency firm Binance has escaped from custody in Nigeria, the authorities there say.', 'Nadeem Anjarwalla, a British-Kenyan dual national, was arrested in February with his US colleague Tigran Gambaryan.', 'Their detention came as the Nigerian authorities investigated alleged wrongdoing by Binance.', 'Nigeria said that Mr Anjarwalla fled the country with a ""smuggled passport"", but a family source has said he had left by ""by lawful means"".', 'The country is now ""working with Interpol for an international arrest warrant on the suspect"", the Office of the National Security Adviser (ONSA) said in a statement.', 'Binance has not commented on the accusations it has been facing. ""', 'We were made aware that Nadeem is no longer in Nigerian custody.', 'Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.', ""Mr Anjarwalla, the company's Africa regional manager, and Mr Gambaryan, in charge of financial crime compliance at the firm, were arrested on 26 February after attending meetings in Nigeria's capital, Abuja, to which they had been invited by the government."", 'The authorities reportedly demanded that they name Nigerians trading on their platform.', 'A court granted the Economic and Financial Crimes Commission\'s request to detain the two executives for 14 days, but their continued detention was not authorised by the court and they were being held ""unlawfully"", a source close to the families told the BBC.', 'They were due to appear again in court early next month. ""', 'The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,"" the ONSA said.', 'Nigerian media are reporting that Mr Anjarwalla asked the guards at a guest house where he was being held to allow him to go to the mosque last Friday but never returned.', 'The authorities had reportedly confiscated his British passport but the whereabouts of his Kenyan passport were unknown.', 'Mr Gambaryan remains in custody.', 'Meanwhile, the Nigerian authorities have formally filed tax evasion charges against Binance at the High Court in Abuja, and named Mr Anjarwalla among the respondents.', 'The Federal Inland Revenue Service is accusing the cryptocurrency platform of non-payment of value added tax, company income tax, failure to file tax returns and complicity in aiding customers to evade taxes through its platform.', 'Binance has not made a statement on these charges.', 'Last month, the Nigerian authorities clamped down on cryptocurrency firms in general over allegations they were being used for money laundering and financing terrorism.', ""The country's central bank alleged that over $26bn (£20.6bn) worth of transactions had passed through Binance with untraceable sources."", 'It accused the platforms of fixing exchange rates and currency speculation leading to the free-fall of the naira, the local currency, and ordered the firm to pay a fine of $10bn.', 'Binance is understood to be one of the most popular cryptocurrency platforms in Nigeria.', ""Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.""]",-0.1973722181344786,"Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.","Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.",-0.9894911050796508,,"Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.",2024-04-02
Costco begins offering Ozempic prescriptions to some members,https://edition.cnn.com/2024/04/02/investing/costco-ozempic-weight-loss/index.html,"
  Published
        12:18 PM EDT, Tue April 2, 2024
    ","Some people go to Costco for its $1.50 hot dogs, others for its $179 Ozempic prescriptions.
    
            The warehouse retailer is now offering its US members access to prescriptions for GLP-1 weight loss drugs through its low-cost health care partner Sesame.
    
            Costco first partnered with Sesame, a direct-to-consumer health care marketplace that connects medical providers nationwide with consumers, last fall when it began offering its members online health checkups for as low as $29.
    
            But about two months after that announcement, Costco and Sesame noticed that customers were inquiring about weight-loss help and began working on a new program to address that interest, said Sesame co-founder and CEO David Goldhill.
    
            “The number one search term of Costco members seeking primary care on Sesame was around weight loss,” Goldhill said in an interview with USA Today.
    
            Costco and Sesame did not immediately respond to requests for comment from CNN.
    
            The fruit of their labor, a renewable three-month program, officially launched on Tuesday and includes a video consultation with a weight loss doctor or specialist, a GLP-1 or weight loss prescription, if appropriate, and ongoing support through unlimited messaging and guidance with a health care provider.
    
            Sesame says it has an available supply of injectable semaglutide, including Ozempic and Wegovy, as well as oral weight-loss medications. The company advertises that patients could lose 5% of their body weight in just three months, 10% in six months and 15% in a year.
    
            The cost of medication is not included in the $179 three-month plan, and Sesame warned on its website that without insurance, GLP-1s can cost between $950 and $1,600 per month.
    
            Ozempic, Wegovy and other GLP-1 prescription drugs have already swept through wealthier demographics of the country.
    
            US health care providers wrote more than nine million prescriptions for Wegovy and other injectable drugs used for weight loss during the last three months of 2022 alone. JPMorgan researchers estimate that 30 million people may be taking GLP-1 drugs by 2030, or around 9% of the US population.
    
            WeightWatchers launched a new membership plan that gives members access to doctors who can prescribe these medications. It also made a $100 million-plus deal to buy Sequence, a telehealth business that can offer virtual prescriptions, where appropriate, to patients for these weight loss drugs.
    
            Luxury gyms such as Life Time are also acquiring weight loss clinics with doctors who can prescribe GLP-1s, while Equinox is designing exercise programs specifically for people taking the medications.",CNN,02/04/2024,"['Some people go to Costco for its $1.50 hot dogs, others for its $179 Ozempic prescriptions.', 'The warehouse retailer is now offering its US members access to prescriptions for GLP-1 weight loss drugs through its low-cost health care partner Sesame.', 'Costco first partnered with Sesame, a direct-to-consumer health care marketplace that connects medical providers nationwide with consumers, last fall when it began offering its members online health checkups for as low as $29.', 'But about two months after that announcement, Costco and Sesame noticed that customers were inquiring about weight-loss help and began working on a new program to address that interest, said Sesame co-founder and CEO David Goldhill.', '“The number one search term of Costco members seeking primary care on Sesame was around weight loss,” Goldhill said in an interview with USA Today.', 'Costco and Sesame did not immediately respond to requests for comment from CNN.', 'The fruit of their labor, a renewable three-month program, officially launched on Tuesday and includes a video consultation with a weight loss doctor or specialist, a GLP-1 or weight loss prescription, if appropriate, and ongoing support through unlimited messaging and guidance with a health care provider.', 'Sesame says it has an available supply of injectable semaglutide, including Ozempic and Wegovy, as well as oral weight-loss medications.', 'The company advertises that patients could lose 5% of their body weight in just three months, 10% in six months and 15% in a year.', 'The cost of medication is not included in the $179 three-month plan, and Sesame warned on its website that without insurance, GLP-1s can cost between $950 and $1,600 per month.', 'Ozempic, Wegovy and other GLP-1 prescription drugs have already swept through wealthier demographics of the country.', 'US health care providers wrote more than nine million prescriptions for Wegovy and other injectable drugs used for weight loss during the last three months of 2022 alone.', 'JPMorgan researchers estimate that 30 million people may be taking GLP-1 drugs by 2030, or around 9% of the US population.', 'WeightWatchers launched a new membership plan that gives members access to doctors who can prescribe these medications.', 'It also made a $100 million-plus deal to buy Sequence, a telehealth business that can offer virtual prescriptions, where appropriate, to patients for these weight loss drugs.', 'Luxury gyms such as Life Time are also acquiring weight loss clinics with doctors who can prescribe GLP-1s, while Equinox is designing exercise programs specifically for people taking the medications.']",0.0533060341787353,"But about two months after that announcement, Costco and Sesame noticed that customers were inquiring about weight-loss help and began working on a new program to address that interest, said Sesame co-founder and CEO David Goldhill.","The company advertises that patients could lose 5% of their body weight in just three months, 10% in six months and 15% in a year.",0.5983193814754486,"It also made a $100 million-plus deal to buy Sequence, a telehealth business that can offer virtual prescriptions, where appropriate, to patients for these weight loss drugs.","The company advertises that patients could lose 5% of their body weight in just three months, 10% in six months and 15% in a year.",2024-04-02
Home Depot is acquiring specialty distributor SRS for $18.25 billion in huge bet on growing pro sales,https://www.cnbc.com/2024/03/28/home-depot-acquiring-srs-distribution-for-18point25-billion-to-grow-pro-sales.html,2024-03-28T14:44:53+0000,"In this articleHome Depot on Thursday said it is acquiring SRS Distribution in an $18.25 billion deal, the latest and largest sign of its ambitions to drive sales by winning more business from contractors, roofers and other home professionals.The home improvement retailer expects the acquisition to close this fiscal year, which ends in late January. It said it will finance the deal through cash on hand and debt.Home Depot already draws half of its business from pros, while the other half comes from do-it-yourself customers. With the deal, the Atlanta-based company is making yet another push to gain the customers who tackle complex and lucrative construction jobs, particularly as homeowners pull back on DIY projects. That was one of the priorities that Home Depot leaders laid out for this year. It's also why the company has been opening a growing network of distribution centers that can stock large quantities of items that pros need, such as lumber or shingles, and deliver them directly to a job site.The acquisition is the largest in Home Depot's history.In an interview with CNBC, CEO Ted Decker described the deal as ""a complementary accelerator"" to its efforts to attract more pros. He said the deal increases Home Depot's total addressable market by $50 billion.SRS Distribution sells supplies to professionals in the landscaping, pool and roofing businesses. It's owned by two private equity firms, Leonard Green & Partners and Berkshire Partners.The McKinney, Texas-based company has approximately 11,000 employees and 760 branches across 47 states. It also has a fleet of 4,000 delivery trucks and a dedicated salesforce that caters to the home pros, Decker said.The acquisition adds to other recent deals that the retailer has made in the pro space. They include the approximately $8 billion acquisition of HD Supply, a national distributor of maintenance, repair and operations products in the multifamily and hospitality markets, in 2020. Last year, it also made two other acquisitions for undisclosed amounts: International Designs Group, which owns Construction Resources, a distributor of surfaces, appliances and other products that sells to home pros; and Temco, an appliance delivery and installation company.Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions.""With the separate customer base, different channels, different purchase occasions, we feel good that this will go through,"" he said.The acquisition is expected to be dilutive to Home Depot's earnings per share due to amortization, but accretive in terms of cash earnings per share in the first year after the deal closes.Home Depot has leaned into the pro business as its growth stagnates. The retailer, a major beneficiary of pandemic trends, has dealt with moderating sales as consumers take on fewer home projects and spend more on grocery bills and experiences. Over the past few quarters, customers have bought fewer big-ticket items and tackled smaller, less pricey projects. Decker said last month on an earnings call that Home Depot would focus on opening new stores, attracting more pro sales and trying to make customers' shopping experience more seamless.Home Depot plans to open a dozen new stores during the fiscal year. It recently announced it will open four distribution centers that help support sales to pros. The acquisition comes after the home improvement retailer said last month that it expects slower sales trends to continue. It said it anticipates total sales for the full year will grow about 1%, including an additional week in the fiscal year. Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January. It has about 465,000 employees. As of Wednesday's close, shares of Home Depot are up about 11% this year. That's slightly ahead of the 10% gains of the S&P 500. Home Depot's stock closed at $385.89 on Wednesday, bringing its market value to about $382 billion.",CNBC,28/03/2024,"['In this articleHome Depot on Thursday said it is acquiring SRS Distribution in an $18.25 billion deal, the latest and largest sign of its ambitions to drive sales by winning more business from contractors, roofers and other home professionals.', 'The home improvement retailer expects the acquisition to close this fiscal year, which ends in late January.', 'It said it will finance the deal through cash on hand and debt.', 'Home Depot already draws half of its business from pros, while the other half comes from do-it-yourself customers.', 'With the deal, the Atlanta-based company is making yet another push to gain the customers who tackle complex and lucrative construction jobs, particularly as homeowners pull back on DIY projects.', 'That was one of the priorities that Home Depot leaders laid out for this year.', ""It's also why the company has been opening a growing network of distribution centers that can stock large quantities of items that pros need, such as lumber or shingles, and deliver them directly to a job site."", ""The acquisition is the largest in Home Depot's history."", 'In an interview with CNBC, CEO Ted Decker described the deal as ""a complementary accelerator"" to its efforts to attract more pros.', ""He said the deal increases Home Depot's total addressable market by $50 billion."", 'SRS Distribution sells supplies to professionals in the landscaping, pool and roofing businesses.', ""It's owned by two private equity firms, Leonard Green & Partners and Berkshire Partners."", 'The McKinney, Texas-based company has approximately 11,000 employees and 760 branches across 47 states.', 'It also has a fleet of 4,000 delivery trucks and a dedicated salesforce that caters to the home pros, Decker said.', 'The acquisition adds to other recent deals that the retailer has made in the pro space.', 'They include the approximately $8 billion acquisition of HD Supply, a national distributor of maintenance, repair and operations products in the multifamily and hospitality markets, in 2020.', 'Last year, it also made two other acquisitions for undisclosed amounts:International Designs Group, which owns Construction Resources, a distributor of surfaces, appliances and other products that sells to home pros; and Temco, an appliance delivery and installation company.', ""Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions."", '""With the separate customer base, different channels, different purchase occasions, we feel good that this will go through,"" he said.', ""The acquisition is expected to be dilutive to Home Depot's earnings per share due to amortization, but accretive in terms of cash earnings per share in the first year after the deal closes."", 'Home Depot has leaned into the pro business as its growth stagnates.', 'The retailer, a major beneficiary of pandemic trends, has dealt with moderating sales as consumers take on fewer home projects and spend more on grocery bills and experiences.', 'Over the past few quarters, customers have bought fewer big-ticket items and tackled smaller, less pricey projects.', ""Decker said last month on an earnings call that Home Depot would focus on opening new stores, attracting more pro sales and trying to make customers' shopping experience more seamless."", 'Home Depot plans to open a dozen new stores during the fiscal year.', 'It recently announced it will open four distribution centers that help support sales to pros.', 'The acquisition comes after the home improvement retailer said last month that it expects slower sales trends to continue.', 'It said it anticipates total sales for the full year will grow about 1%, including an additional week in the fiscal year.', 'Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.', 'It has about 465,000 employees.', ""As of Wednesday's close, shares of Home Depot are up about 11% this year."", ""That's slightly ahead of the 10% gains of the S&P 500."", ""Home Depot's stock closed at $385.89 on Wednesday, bringing its market value to about $382 billion.""]",0.2337286943129077,"Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions.","Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.",0.5671585641409221,"As of Wednesday's close, shares of Home Depot are up about 11% this year.","Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.",2024-04-02
"Toyota could introduce electric, plug-in Tacoma and Tundra pickups",https://www.cnbc.com/2024/03/28/toyota-weighing-electric-plug-in-tacoma-and-tundra-pickups.html,2024-03-28T20:44:55+0000,"In this articleNEW YORK — Toyota Motor is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups.Jack Hollis, executive vice president of Toyota Motor North America, said the Japanese automaker is assessing its options to determine what makes the most sense based on expected customer demand and tightening federal emissions and fuel economy regulations.""I do think there's room to grow our entire truck footprint. Whether it be Tundra, Tacoma or something else in addition to the lineup,"" Hollis told CNBC on Tuesday during the New York Auto Forum conference. ""Whether that's a compact or something else, I think it's important for us to continue to see what the customers are looking for.""Toyota has previously discussed a broad lineup of battery-electric vehicles, or BEVs, including a midsize pickup model like the segment-leading Tacoma. The latest conversations have introduced the potential for plug-in hybrid vehicles, or PHEVs.Toyota earlier this year said it would invest $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market. The automaker's Thailand president this week confirmed Toyota will produce a BEV of its small Hilux pickup for global markets, according to Reuters.Hollis said the electric Hilux is ""very cool."" He declined to speculate whether Toyota could bring that vehicle to the U.S.He confirmed, however, that the company is ""looking into both"" BEV and PHEV versions of the Tacoma and full-size Tundra. The Tundra was last redesigned for the 2022 model year, followed by Tacoma last year.""We're in the evaluation of both. There are reasons why a BEV can work and there's a reason why PHEV can work,"" he said, in posing the question, ""What's the best mix of those based upon each of those two trucks or even for 4Runner or Sequoia [SUVs]?""There are currently five all-electric pickup trucks on sale in the U.S., but they remain priced more so as luxury vehicles than mass-market models. Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.There are not any plug-in hybrid electric pickups currently on sale in the U.S. Stellantis' Ram brand is expected to release an ""extended-range"" plug-in vehicle with an electric generator powering an engine later this year.Toyota is one of several automakers reassessing its product portfolio amid slower-than-excepted adoption of EVs, and in light of the Biden administration's revised emissions rules that aim to better take into account hybrid and plug-in hybrid electric vehicles.José Muñoz, Hyundai president and global chief operating officer, told CNBC on Wednesday the company is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia.""Everything is on the table,"" Muñoz said. ""We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""",CNBC,28/03/2024,"['In this articleNEW YORK — Toyota Motor is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups.', 'Jack Hollis, executive vice president of Toyota Motor North America, said the Japanese automaker is assessing its options to determine what makes the most sense based on expected customer demand and tightening federal emissions and fuel economy regulations.', '""I do think there\'s room to grow our entire truck footprint.', 'Whether it be Tundra, Tacoma or something else in addition to the lineup,"" Hollis told CNBC on Tuesday during the New York Auto Forum conference. ""', ""Whether that's a compact or something else, I think it's important for us to continue to see what the customers are looking for."", '""Toyota has previously discussed a broad lineup of battery-electric vehicles, or BEVs, including a midsize pickup model like the segment-leading Tacoma.', 'The latest conversations have introduced the potential for plug-in hybrid vehicles, or PHEVs.', 'Toyota earlier this year said it would invest $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market.', ""The automaker's Thailand president this week confirmed Toyota will produce a BEV of its small Hilux pickup for global markets, according to Reuters."", 'Hollis said the electric Hilux is ""very cool.""', 'He declined to speculate whether Toyota could bring that vehicle to the U.S.He confirmed, however, that the company is ""looking into both"" BEV and PHEV versions of the Tacoma and full-size Tundra.', 'The Tundra was last redesigned for the 2022 model year, followed by Tacoma last year.', '""We\'re in the evaluation of both.', 'There are reasons why a BEV can work and there\'s a reason why PHEV can work,"" he said, in posing the question, ""What\'s the best mix of those based upon each of those two trucks or even for 4Runner or Sequoia [SUVs]?""There are currently five all-electric pickup trucks on sale in the U.S., but they remain priced more so as luxury vehicles than mass-market models.', 'Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.', 'There are not any plug-in hybrid electric pickups currently on sale in the U.S. Stellantis\' Ram brand is expected to release an ""extended-range"" plug-in vehicle with an electric generator powering an engine later this year.', ""Toyota is one of several automakers reassessing its product portfolio amidslower-than-exceptedadoption of EVs, and in light of the Biden administration'srevised emissionsrules that aim to better take into account hybrid and plug-in hybrid electric vehicles."", 'José Muñoz, Hyundai president and global chief operating officer, told CNBC on Wednesday the company is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia.', '""Everything is on the table,"" Muñoz said. ""', 'We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""']",0.092498307930648,"Toyota is one of several automakers reassessing its product portfolio amidslower-than-exceptedadoption of EVs, and in light of the Biden administration'srevised emissionsrules that aim to better take into account hybrid and plug-in hybrid electric vehicles.",,0.041712000966072,"""I do think there's room to grow our entire truck footprint.","Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.",2024-04-02
Largest U.S. sportsbooks join forces to tackle problem gambling,https://www.cnbc.com/2024/03/27/largest-us-sportsbooks-join-forces-to-tackle-problem-gambling.html,2024-03-27T16:54:22+0000,"In this articleSeven of the nation's largest gaming companies are joining forces to create a trade group to promote responsible gaming, and for the first time ever, will share information about problem gamblers.The seven operators — FanDuel, DraftKings, BetMGM, Penn Entertainment, Fanatics Betting & Gaming, Hard Rock Digital and bet365 — will form the Responsible Online Gaming Association, or ROGA, the group announced Wednesday.The members account for more than 85% of the legal online betting market in the United States. Collectively they have pledged more than $20 million to fund ROGA.""I'm incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.The new group will also create an independent clearinghouse, or database, that will allow them to share key information related to protection of consumers, though the details on how it would work aren't yet clear.ROGA says it will create a certification program to assess members' responsible gaming efforts and provide an incentive for operators to participate.The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018. Thirty-eight states and Washington, D.C., now offer legal sports wagering.This year, a record number of Americans bet on the Super Bowl. Online transactions totaled nearly 15,000 per second, doubling last year's peak, according to geolocating platform GeoComply.But as gambling has become more mainstream — and as advertising for sportsbooks spans television, streaming and social feeds — so, too, have headlines involving betting scandals and sports.In recent days, Los Angeles Dodgers superstar Shohei Ohtani has found himself at the center of a $4 million betting scandal involving his interpreter and an illegal bookie. Ohtani insists he's never bet on sports. The NBA is investigating Toronto Raptors player Jontay Porter for irregularities around wagering. And U.S. Integrity, a tech firm working to combat illicit betting in college sports, flagged anomalies around the betting lines for Temple University men's basketball games.A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry. There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction.An estimated 2 million U.S. adults meet the criteria for a severe gambling problem, according to the National Council on Problem Gambling. Another 5 million to 8 million U.S. adults are considered to have a mild or moderate gambling problem.Problem gambling prompted regulatory crackdowns in Europe and especially in the United Kingdom over the last couple years, impacting sportsbooks' profitability and changing the way they conduct business.There has been a concerted effort in the United States for the gambling industry to police itself and ward off harsher regulatory frameworks.U.S. Rep. Paul Tonko of New York is introducing national legislation that would crack down on what he calls ""a public health crisis."" Tonko's ""Supporting Affordability and Fairness with Every Bet Act,"" which he introduced last week, would regulate gambling advertising, limit the number and size of deposits, and restrict how artificial intelligence is deployed to acquire customers.""Your going to have a lot more people saturated with this opportunity, with all these clever concepts of bonus bets, free bets and celebrity spokespersons,"" Tonko told CNBC.An influx of gamblers will result in a dramatic increase in the number of people struggling with addiction, he said.Some states have slapped operators with fines over gaming violations. In August, Maryland fined DraftKings $94,000 for marketing to underage players. PrizePicks reached a $15 million settlement in New York for operating illegally. In Indiana, the gaming commission fined FanDuel after eight people used illegally obtained debit cards to fund their betting accounts, causing ""great harm"" to partners on shared bank accounts, according to the Indiana Gaming Commission Chairman Milton Thompson.Some gambling insiders are skeptical of ROGA, suspicious of what they consider a marketing stunt to address a public relations problem.Caesars, which is noticeably absent from the group founding ROGA, told CNBC it's learned best practices from 35 years grappling with responsible gaming.""While we applaud all efforts to ensure online gaming is both operated and marketed in a responsible manner, we are confident in our [own] Responsible Gaming approach,"" the company said in a statement.Caesars said it's solely focused on the 21-and-older crowd and does not permit anyone younger than that to sign up for a Caesars rewards account, even in states like Rhode Island or Kentucky where 18-year-olds are permitted to wager.Many fantasy sports and social betting platforms that operate on a sweepstakes model permit players 18 and older, and many of Caesars' competitors allow 18-and-up customers to play fantasy sports. Some, too, allow sports betting in that age group in the few states that permit it.But the industry is working to better insulate its youngest and most vulnerable customers.The American Gaming Association launched last March an agreement aimed at providing college-aged students protections against the marketing and advertising of sports betting.Peter Jackson, CEO of Flutter, the parent company of FanDuel, said responsible gaming comes down to good business. Yet, he warns that as legal operators come together to improve responsible gambling, the illegal marketplace will always be willing to take wagers from problem gamblers.""I urge the state regulators to help us by clamping down on some of those black market operators,"" Jackson told CNBC.",CNBC,27/03/2024,"[""In this articleSeven of the nation's largest gaming companies are joining forces to create a trade group to promote responsible gaming, and for the first time ever, will share information about problem gamblers."", 'The seven operators — FanDuel, DraftKings, BetMGM, Penn Entertainment, Fanatics Betting & Gaming, Hard Rock Digital and bet365 — will form the Responsible Online Gaming Association, or ROGA, the group announced Wednesday.', 'The members account for more than 85% of the legal online betting market in the United States.', 'Collectively they have pledged more than $20 million to fund ROGA.""I\'m incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.', ""The new group will also create an independent clearinghouse, or database, that will allow them to share key information related to protection of consumers, though the details on how it would work aren't yet clear."", ""ROGA says it will create a certification program to assess members' responsible gaming efforts and provide an incentive for operators to participate."", 'The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018.', 'Thirty-eight states and Washington, D.C., now offer legal sports wagering.', 'This year, a record number of Americans bet on the Super Bowl.', ""Online transactions totaled nearly 15,000 per second, doubling last year's peak, according to geolocating platform GeoComply."", 'But as gambling has become more mainstream — and as advertising for sportsbooks spans television, streaming and social feeds — so, too, have headlines involving betting scandals and sports.', 'In recent days, Los Angeles Dodgers superstar Shohei Ohtani has found himself at the center of a $4 million betting scandal involving his interpreter and an illegal bookie.', ""Ohtani insists he's never bet on sports."", 'The NBA is investigating Toronto Raptors player Jontay Porter for irregularities around wagering.', ""And U.S. Integrity, a tech firm working to combat illicit betting in college sports, flagged anomalies around the betting lines for Temple University men's basketball games."", 'A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry.', ""There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction."", 'An estimated 2 million U.S. adults meet the criteria for a severe gambling problem, according to the National Council on Problem Gambling.', 'Another 5 million to 8 million U.S. adults are considered to have a mild or moderate gambling problem.', ""Problem gambling prompted regulatory crackdowns in Europe and especially in the United Kingdom over the last couple years, impacting sportsbooks' profitability and changing the way they conduct business."", 'There has been a concerted effort in the United States for the gambling industry to police itself and ward off harsher regulatory frameworks.', 'U.S. Rep. Paul Tonko of New York is introducing national legislation that would crack down on what he calls ""a public health crisis.""', 'Tonko\'s ""Supporting Affordability and Fairness with Every Bet Act,"" which he introduced last week, would regulate gambling advertising, limit the number and size of deposits, and restrict how artificial intelligence is deployed to acquire customers.', '""Your going to have a lot more people saturated with this opportunity, with all these clever concepts of bonus bets, free bets and celebrity spokespersons,"" Tonko told CNBC.An influx of gamblers will result in a dramatic increase in the number of people struggling with addiction, he said.', 'Some states have slapped operators with fines over gaming violations.', 'In August, Maryland fined DraftKings $94,000 for marketing to underage players.', 'PrizePicks reached a $15 million settlement in New York for operating illegally.', 'In Indiana, the gaming commission fined FanDuel after eight people used illegally obtained debit cards to fund their betting accounts, causing ""great harm"" to partners on shared bank accounts, according to the Indiana Gaming Commission Chairman Milton Thompson.', 'Some gambling insiders are skeptical of ROGA, suspicious of what they consider a marketing stunt to address a public relations problem.', ""Caesars, which is noticeably absent from the group founding ROGA, told CNBC it's learned best practices from 35 years grappling with responsible gaming."", '""While we applaud all efforts to ensure online gaming is both operated and marketed in a responsible manner, we are confident in our [own] Responsible Gaming approach,"" the company said in a statement.', ""Caesars said it's solely focused on the 21-and-older crowd and does not permit anyone younger than that to sign up for a Caesars rewards account, even in states like Rhode Island or Kentucky where 18-year-olds are permitted to wager."", ""Many fantasy sports and social betting platforms that operate on a sweepstakes model permit players 18 and older, and many of Caesars' competitors allow 18-and-up customers to play fantasy sports."", 'Some, too, allow sports betting in that age group in the few states that permit it.', 'But the industry is working to better insulate its youngest and most vulnerable customers.', 'The American Gaming Association launched last March an agreement aimed at providing college-aged students protections against the marketing and advertising of sports betting.', 'Peter Jackson, CEO of Flutter, the parent company of FanDuel, said responsible gaming comes down to good business.', 'Yet, he warns that as legal operators come together to improve responsible gambling, the illegal marketplace will always be willing to take wagers from problem gamblers.', '""I urge the state regulators to help us by clamping down on some of those black market operators,"" Jackson told CNBC.']",0.1957878066649391,"Collectively they have pledged more than $20 million to fund ROGA.""I'm incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.",A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry.,0.0347215784223456,"The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018.",There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction.,2024-04-02
Amgen wants in on the booming weight loss drug market — and it's taking a different approach,https://www.cnbc.com/2024/03/24/amgen-aims-to-enter-weight-loss-drug-market-with-a-new-approach.html,2024-03-25T17:03:02+0000,"In this articleAmgen is taking a new approach as it tries to stand out in a crowded field of drugmakers racing to develop the next blockbuster weight loss drug.The biotech company is testing an injectable treatment that helps people lose weight differently from the existing injections from Novo Nordisk and Eli Lilly, and other obesity medicines in development. Amgen's treatment, called MariTide, also appears to help patients keep weight off after they stop taking it.  The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market. It's too early to say how competitive Amgen will be in the budding weight loss drug space, which Novo Nordisk and Eli Lilly have so far dominated.Some analysts expect the market could be worth $100 billion by the end of the decade, potentially leaving room for new competitors to enter. Goldman Sachs also projects that between 10 million and 70 million Americans will be taking weight loss drugs by 2028.The available data on Amgen's injectable drug is promising, but it's from a small, early-stage clinical trial. The Thousand Oaks, California-based company also is developing an oral medicine and other treatments for obesity, but has disclosed few details about them. Investors and health experts will likely get a better idea of Amgen's prospects later this year: The drugmaker expects to release initial data from an ongoing mid-stage trial on MariTide, along with phase one data on its obesity pill. It's also unclear whether Amgen's treatments will be cheaper than the existing weight loss drugs, which cost around $1,000 per month.Wegovy from Novo Nordisk and Zepbound from Eli Lilly lead a new class of obesity treatments that has drawn unrelenting patient demand — and investor interest — despite their hefty price tags and limited insurance coverage. Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.  Amgen's drug offers a new twist on weight loss. Much like Wegovy and Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which suppresses appetite like GLP-1 but may also improve how the body breaks down sugar and fat.Amgen's decision to tamp down rather than boost GIP activity is based on genetics research suggesting that blocking the receptor is linked to lower fat mass and body weight, company executives have said. That appears to contradict how Zepbound works. Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial.But Amgen's MartiTide also was effective in a small, early-stage study. Patients given the highest dose of Amgen's drug — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published last month in the journal Nature Metabolism. There's a broader debate among researchers about why both approaches – blocking and activating GIP – are effective at promoting weight loss. One theory is that repeatedly activating the GIP receptor, as Zepbound does, ultimately causes the body to ""self-regulate"" itself and make sure there isn't too much GIP activity, said Dr. Caroline Apovian, a director of the Center for Weight Management and Wellness at Brigham and Women's Hospital.That decreases GIP activity overall, which is thought to essentially mimic what Amgen's drug achieves when it blocks the GIP receptor. But Apovian cautioned that ""none of this is proven"" and more data is needed.Amgen's treatment may be better at helping people maintain weight loss than competitors, even though patients take it less frequently, early-stage trial data suggests.Amgen's study enrolled 110 patients with obesity but not diabetes. Patients in one group were randomly assigned to receive a single dose of the drug and were followed for 150 days, while a second group was given a dose every four weeks for three months. Patients who received a single shot of the highest dose of MariTide lost up to 8.2% of their body weight after 92 days. That suggests a single injection of the drug has a prolonged weight loss effect, according to the study authors. In the group that received multiple doses of the drug, patients appeared to maintain their maximum weight loss until around two months after their last dose. Their body weight started to slowly return after that. Still, their weight was as much as 11.2% lower five months after they received the last dose. ""We think meaningful weight loss is already 5%. If you take Amgen's drug, lose 14.5%, stop the drug and still have 11.2% weight loss after a few months, that's significant,"" said Dr. Holly Lofton, director of the Weight Management Program at NYU Langone Health and an obesity medicine physician. But she pointed out the need to study the treatment in a larger group of people. The sustained weight loss in Amgen's study appears to contrast with results seen in clinical trials on Zepbound and Wegovy. Patients in those studies saw their weight rebound sooner after stopping the injections. The frequency of Amgen's drug also sets it apart. Those on Wegovy or Zepbound have to take doses weekly, compared with the once-monthly MariTide. Amgen's trial used monthly dosing in part because patients saw sustained weight loss whether they had a single injection or multiple shots of the company's drug, according to the study authors. Amgen's treatment also can stay in the body for much longer than current therapies like Wegovy and Zepbound because it includes a monoclonal antibody, the authors added. Amgen's MariTide ""has that advantage where it's just going to last a lot longer. Even if you give a high dose, you're still going to have drug exposure in the body for a month or two months, so that clearly shows you don't need to take it every week,"" William Blair & Company analyst Matt Phipps told CNBC.Phipps said people typically don't want to get injections often, so some patients could prefer a monthly shot like Amgen's MariTide for a disease that will likely require chronic treatment. But he noted that a patient's choice may also depend on whether the level of weight loss and side effects of Amgen's drug end up being on par with those of the existing weekly injections. Amgen's ongoing phase two trial is exploring whether patients can take its drug even less frequently than once a month. Amgen's longer-term phase two study on nearly 600 patients will provide more clarity on how competitive MariTide will be against Wegovy and Zepbound. The company is exploring which dose strength and schedule is best for patients. It expects to release initial trial results later this year. Some analysts have said the phase two trial could help address several questions, including how well patients tolerate the treatment at different dose regimens.The 52-week study is testing 11 different patient groups at a variety of dosing levels and regimens. That includes starting some patients at a lower dose of a drug and gradually increasing it until they reach a higher target dose. That dose escalation could help reduce side effects that some patients experienced after taking their first dose of MariTide in the phase one trial, according to Phipps.In that trial, the safety and side effects of Amgen's drug were similar to other GLP-1 medications. Nausea and vomiting were the most commonly reported side effects, and typically lasted for about 72 hours. Four out of eight patients in a group receiving the highest dose of the treatment withdrew before getting a second shot after reporting mild gastrointestinal issues, according to the study. But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month. ""It's a little early to jump to the conclusion that the drug won't be tolerated by patients based on this phase one data,"" William Blair & Company's Phipps said.Another part of Amgen's phase two trial will also examine weight loss beyond 52 weeks, which will provide a clearer picture of how long the drug is effective.",CNBC,25/03/2024,"['In this articleAmgen is taking a new approach as it tries to stand out in a crowded field of drugmakers racing to develop the next blockbuster weight loss drug.', 'The biotech company is testing an injectable treatment that helps people lose weight differently from the existing injections from Novo Nordisk and Eli Lilly, and other obesity medicines in development.', ""Amgen's treatment, called MariTide, also appears to help patients keep weight off after they stop taking it."", 'The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market.', ""It's too early to say how competitive Amgen will be in the budding weight loss drug space, which Novo Nordisk and Eli Lilly have so far dominated."", 'Some analysts expect the market could be worth $100 billion by the end of the decade, potentially leaving room for new competitors to enter.', ""Goldman Sachs also projects that between 10 million and 70 million Americans will be taking weight loss drugs by 2028.The available data on Amgen's injectable drug is promising, but it's from a small, early-stage clinical trial."", 'The Thousand Oaks, California-based company also is developing an oral medicine and other treatments for obesity, but has disclosed few details about them.', ""Investors and health experts will likely get a better idea of Amgen's prospects later this year: The drugmaker expects to release initial data from an ongoing mid-stage trial on MariTide, along with phase one data on its obesity pill."", ""It's also unclear whether Amgen's treatments will be cheaper than the existing weight loss drugs, which cost around $1,000 per month."", 'Wegovy from Novo Nordisk and Zepbound from Eli Lilly lead a new class of obesity treatments that has drawn unrelenting patient demand — and investor interest — despite their hefty price tags and limited insurance coverage.', 'Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.', ""Amgen's drug offers a new twist on weight loss."", ""Much like Wegovy and Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which suppresses appetite like GLP-1 but may also improve how the body breaks down sugar and fat.', ""Amgen's decision to tamp down rather than boost GIP activity is based on genetics research suggesting that blocking the receptor is linked to lower fat mass and body weight, company executives have said."", 'That appears to contradict how Zepbound works.', ""Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial."", ""But Amgen's MartiTide also was effective in a small, early-stage study."", ""Patients given the highest dose of Amgen's drug — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published last month in the journal Nature Metabolism."", ""There's a broader debate among researchers about why both approaches – blocking and activating GIP – are effective at promoting weight loss."", 'One theory is that repeatedly activating the GIP receptor, as Zepbound does, ultimately causes the body to ""self-regulate"" itself and make sure there isn\'t too much GIP activity, said Dr. Caroline Apovian, a director of the Center for Weight Management and Wellness at Brigham and Women\'s Hospital.', ""That decreases GIP activity overall, which is thought to essentially mimic what Amgen's drug achieves when it blocks the GIP receptor."", 'But Apovian cautioned that ""none of this is proven"" and more data is needed.', ""Amgen's treatment may be better at helping people maintain weight loss than competitors, even though patients take it less frequently, early-stage trial data suggests."", ""Amgen's study enrolled 110 patients with obesity but not diabetes."", 'Patients in one group were randomly assigned to receive a single dose of the drug and were followed for 150 days, while a second group was given a dose every four weeks for three months.', 'Patients who received a single shot of the highest dose of MariTide lost up to 8.2% of their body weight after 92 days.', 'That suggests a single injection of the drug has a prolonged weight loss effect, according to the study authors.', 'In the group that received multiple doses of the drug, patients appeared to maintain their maximum weight loss until around two months after their last dose.', 'Their body weight started to slowly return after that.', 'Still, their weight was as much as 11.2% lower five months after they received the last dose.', '""We think meaningful weight loss is already 5%.', 'If you take Amgen\'s drug, lose 14.5%, stop the drug and still have 11.2% weight loss after a few months, that\'s significant,"" said Dr. Holly Lofton, director of the Weight Management Program at NYU Langone Health and an obesity medicine physician.', 'But she pointed out the need to study the treatment in a larger group of people.', ""The sustained weight loss in Amgen's study appears to contrast with results seen in clinical trials on Zepbound and Wegovy."", 'Patients in those studies saw their weight rebound sooner after stopping the injections.', ""The frequency of Amgen's drug also sets it apart."", 'Those on Wegovy or Zepbound have to take doses weekly, compared with the once-monthly MariTide.', ""Amgen's trial used monthly dosing in part because patients saw sustained weight loss whether they had a single injection or multiple shots of the company's drug, according to the study authors."", ""Amgen's treatment also can stay in the body for much longer than current therapies like Wegovy and Zepbound because it includes a monoclonal antibody, the authors added."", 'Amgen\'s MariTide ""has that advantage where it\'s just going to last a lot longer.', 'Even if you give a high dose, you\'re still going to have drug exposure in the body for a month or two months, so that clearly shows you don\'t need to take it every week,"" William Blair & Company analyst Matt Phipps told CNBC.Phipps said people typically don\'t want to get injections often, so some patients could prefer a monthly shot like Amgen\'s MariTide for a disease that will likely require chronic treatment.', ""But he noted that a patient's choice may also depend on whether the level of weight loss and side effects of Amgen's drug end up being on par with those of the existing weekly injections."", ""Amgen's ongoing phase two trial is exploring whether patients can take its drug even less frequently than once a month."", ""Amgen's longer-term phase two study on nearly 600 patients will provide more clarity on how competitive MariTide will be against Wegovy and Zepbound."", 'The company is exploring which dose strength and schedule is best for patients.', 'It expects to release initial trial results later this year.', 'Some analysts have said the phase two trial could help address several questions, including how well patients tolerate the treatment at different dose regimens.', 'The 52-week study is testing 11 different patient groups at a variety of dosing levels and regimens.', 'That includes starting some patients at a lower dose of a drug and gradually increasing it until they reach a higher target dose.', 'That dose escalation could help reduce side effects that some patients experienced after taking their first dose of MariTide in the phase one trial, according to Phipps.', ""In that trial, the safety and side effects of Amgen's drug were similar to other GLP-1 medications."", 'Nausea and vomiting were the most commonly reported side effects, and typically lasted for about 72 hours.', 'Four out of eight patients in a group receiving the highest dose of the treatment withdrew before getting a second shot after reporting mild gastrointestinal issues, according to the study.', 'But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month.', '""It\'s a little early to jump to the conclusion that the drug won\'t be tolerated by patients based on this phase one data,"" William Blair & Company\'s Phipps said.', ""Another part of Amgen's phase two trial will also examine weight loss beyond 52 weeks, which will provide a clearer picture of how long the drug is effective.""]",0.0559512895439434,The company is exploring which dose strength and schedule is best for patients.,"But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month.",0.7454101455708345,Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial.,"Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.",2024-04-02
Microsoft: Technology giant splits Teams and Office globally,https://www.bbc.co.uk/news/business-68705709,2024-04-02T02:01:13.000Z,"Microsoft has said it is splitting the Teams business messaging and video app from its Office software globally. The firm separated the two products in Europe last year as it faced a possible fine from competition watchdogs. Teams was added to Office in 2017. The European Commission has been investigating the move after a complaint from rival Slack in 2020. A Microsoft spokesperson told the BBC that the move is to ""ensure clarity for our customers"". It ""also addresses feedback from the European Commission by providing multinational companies more flexibility when they want to standardise their purchasing across geographies,"" they added. Microsoft said in a blogpost that Teams Standalone will cost $5.25 (£4.20) for new customers. It in unclear whether the company's decision to split Teams from Office will be enough to avoid European Union (EU) antitrust charges. Over the past decade, Microsoft has racked up 2.2 billion euros ($2.4bn; £1.9bn) in EU antitrust fines for tying or bundling two or more products together. If found guilty of antitrust breaches, it risks a fine of as much as 10% of its global annual turnover. In 1998, the US Justice Department sued Microsoft for using its dominance of the Windows platform to stifle competition from rival web browsers. The company has since loosened its control of what software computer manufacturers could install on their products, resulting in the surge in popularity of rival internet browsers.  After Teams was split from the Microsoft 365 and Office Suites in Europe last October, the platform saw little change to the size of its user base, according to market intelligence firm Sensor Tower. Data cited by Reuters estimated that monthly active users of the Microsoft Teams mobile app remained flat in the first three months of 2024 compared to the previous quarter. ",BBC,02/04/2024,"['Microsoft has said it is splitting the Teams business messaging and video app from its Office software globally.', 'The firm separated the two products in Europe last year as it faced a possible fine from competition watchdogs.', 'Teams was added to Office in 2017.', 'The European Commission has been investigating the move after a complaint from rival Slack in 2020.', 'A Microsoft spokesperson told the BBC that the move is to ""ensure clarity for our customers"".', 'It ""also addresses feedback from the European Commission by providing multinational companies more flexibility when they want to standardise their purchasing across geographies,"" they added.', 'Microsoft said in a blogpost that Teams Standalone will cost $5.25 (£4.20) for new customers.', ""It in unclear whether the company's decision to split Teams from Office will be enough to avoid European Union (EU) antitrust charges."", 'Over the past decade, Microsoft has racked up 2.2 billion euros ($2.4bn; £1.9bn) in EU antitrust fines for tying or bundling two or more products together.', 'If found guilty of antitrust breaches, it risks a fine of as much as 10% of its global annual turnover.', 'In 1998, the US Justice Department sued Microsoft for using its dominance of the Windows platform to stifle competition from rival web browsers.', 'The company has since loosened its control of what software computer manufacturers could install on their products, resulting in the surge in popularity of rival internet browsers.', 'After Teams was split from the Microsoft 365 and Office Suites in Europe last October, the platform saw little change to the size of its user base, according to market intelligence firm Sensor Tower.', 'Data cited by Reuters estimated that monthly active users of the Microsoft Teams mobile app remained flat in the first three months of 2024 compared to the previous quarter.']",0.1342445812232763,"A Microsoft spokesperson told the BBC that the move is to ""ensure clarity for our customers"".",It in unclear whether the company's decision to split Teams from Office will be enough to avoid European Union (EU) antitrust charges.,-0.2254111096262931,"The company has since loosened its control of what software computer manufacturers could install on their products, resulting in the surge in popularity of rival internet browsers.",Data cited by Reuters estimated that monthly active users of the Microsoft Teams mobile app remained flat in the first three months of 2024 compared to the previous quarter.,2024-04-02
Debt relief orders: Fee of £90 axed for poorest,https://www.bbc.co.uk/news/business-68669762,2024-03-29T00:02:13.000Z,"People on the lowest incomes will be able to apply to have their debts wiped out for free as rules change in April.  Debt Relief Orders clear existing debt on everything from council tax to energy bills and rent.  They cost £90 to apply for which charities said many people in debt could not afford. But from 6 April they will be free in England and Wales. Olu from London said being able to apply for free ""was like a light switch in a dark place for me."" After being made redundant during the pandemic, she struggled to find work and ended up trying to pay her debts through a credit card.  ""Honestly I didn't have the money to pay for anything, so that £90 was like another stumbling block for me,"" she said. ""I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said. But she said she had hope for the future again, knowing that her application will now be at the top of the pile,  In recent years DROs have been an increasingly important tool for those struggling the most. In 2023, some 31,717 DROs were granted in England and Wales - more than at any other point in the last five years.  This year has seen an even more dramatic jump in numbers. January of this year saw a 60% increase in the number of DROs granted compared with January 2023. In February, the number of DROs increased by 44% compared with the same month in 2023.  Citizen's Advice said up until now nine in 10 of the people they helped apply for a DRO had struggled to cover the £90 fee, with many being priced out of insolvency. ""It's really welcome news but it's not job done,"" said Rachel Beddow, principal policy manager at Citizens Advice. She said she was concerned debt advice organisations were not being given any extra resource to meet the extra demand they are expecting.  Jessie in Bridgnorth knows only too well how hard it is to get £90 together.  ""That doesn't seem a lot to some people but to me that's two week's worth of shopping,"" she said. After a marriage breakdown, with four children to care for, her finances got out of control. Falling behind on her council tax, energy and water bills, she regularly had to use a food bank to make sure her family had enough to eat. ""I felt like I was only just floating above the water anyway to be honest, and then when I found out how much debt I was in, that's when I started to feel like I was drowning, and it was quite scary really."" Jessie was awarded a bursary to cover the cost of the DRO, like lots of the clients who work with Christians Against Poverty.  ""It's been amazing actually being debt free,"" she said. ""I don't have to have the fear of somebody knocking on my door, or if my phone rings I'm not worried about who's going to be on the other side."" She's delighted that now that opportunity will be open to more people. ""It's a lot of money to find so it's brilliant news. It's going to change a lot of lives.""  Debt charity Christians Against Poverty say around half of their clients have taken out a DRO over the last two years. They are anticipating an 11% increase in the volumes of DROs they are processing over the coming months.  Mark Triggs is a debt coach with Christians Against Poverty in Shropshire. He said the change was important as so many more people are sliding into debt at the moment.  ""I've known lots of people who are too poor to go bust,"" he said. ""I can think of three people specifically at this moment in time who it will be manna from heaven to get their debts cleared without having to find the £90 fee."" More tips to help you manage debt ",BBC,29/03/2024,"['People on the lowest incomes will be able to apply to have their debts wiped out for free as rules change in April.', 'Debt Relief Orders clear existing debt on everything from council tax to energy bills and rent.', 'They cost £90 to apply for which charities said many people in debt could not afford.', 'But from 6 April they will be free in England and Wales.', 'Olu from London said being able to apply for free ""was like a light switch in a dark place for me.""', 'After being made redundant during the pandemic, she struggled to find work and ended up trying to pay her debts through a credit card. ""', 'Honestly I didn\'t have the money to pay for anything, so that £90 was like another stumbling block for me,"" she said. ""', 'I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said.', 'But she said she had hope for the future again, knowing that her application will now be at the top of the pile, In recent years DROs have been an increasingly important tool for those struggling the most.', 'In 2023, some 31,717 DROs were granted in England and Wales - more than at any other point in the last five years.', 'This year has seen an even more dramatic jump in numbers.', 'January of this year saw a 60% increase in the number of DROs granted compared with January 2023.', 'In February, the number of DROs increased by 44% compared with the same month in 2023.', 'Citizen\'s Advice said up until now nine in 10 of the people they helped apply for a DRO had struggled to cover the £90 fee, with many being priced out of insolvency. ""', 'It\'s really welcome news but it\'s not job done,"" said Rachel Beddow, principal policy manager at Citizens Advice.', 'She said she was concerned debt advice organisations were not being given any extra resource to meet the extra demand they are expecting.', 'Jessie in Bridgnorth knows only too well how hard it is to get £90 together. ""', 'That doesn\'t seem a lot to some people but to me that\'s two week\'s worth of shopping,"" she said.', 'After a marriage breakdown, with four children to care for, her finances got out of control.', 'Falling behind on her council tax, energy and water bills, she regularly had to use a food bank to make sure her family had enough to eat. ""', 'I felt like I was only just floating above the water anyway to be honest, and then when I found out how much debt I was in, that\'s when I started to feel like I was drowning, and it was quite scary really.""', 'Jessie was awarded a bursary to cover the cost of the DRO, like lots of the clients who work with Christians Against Poverty. ""', 'It\'s been amazing actually being debt free,"" she said. ""', 'I don\'t have to have the fear of somebody knocking on my door, or if my phone rings I\'m not worried about who\'s going to be on the other side.""', 'She\'s delighted that now that opportunity will be open to more people. ""', ""It's a lot of money to find so it's brilliant news."", 'It\'s going to change a lot of lives.""', 'Debt charity Christians Against Poverty say around half of their clients have taken out a DRO over the last two years.', 'They are anticipating an 11% increase in the volumes of DROs they are processing over the coming months.', 'Mark Triggs is a debt coach with Christians Against Poverty in Shropshire.', 'He said the change was important as so many more people are sliding into debt at the moment. ""', 'I\'ve known lots of people who are too poor to go bust,"" he said. ""', 'I can think of three people specifically at this moment in time who it will be manna from heaven to get their debts cleared without having to find the £90 fee.""', 'More tips to help you manage debt']",0.2130026665958025,"I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said.",Mark Triggs is a debt coach with Christians Against Poverty in Shropshire.,0.2528181292793967,"In February, the number of DROs increased by 44% compared with the same month in 2023.","After a marriage breakdown, with four children to care for, her finances got out of control.",2024-04-02
How to make high interest rates work for your hard-earned savings,https://edition.cnn.com/2024/03/20/success/interest-rates-savings-cash/index.html,"
  Published
        3:00 PM EDT, Wed March 20, 2024
    ","The Federal Reserve’s benchmark interest rate remains at a 23-year high. That’s thanks to the central bank’s decision Wednesday to once again hold it steady, as it has done at the policy-making committee’s past five meetings.
    
            That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).
    
            But with the Fed signaling that no rate cuts are likely until summer, it also means anyone with savings still has at least a few more months to make hay of their stash.
    
            That’s because you can still get inflation-beating interest rates that will grow any money you have set aside for emergencies, vacations, down payments or any other goal in your sights over the next several years.
    
            However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing. There are more lucrative, low-risk options out there, with rates that are still at or near their peaks. “But perhaps not for much longer,” said Ted Rossman, senior analyst at Bankrate. “If one of those fits into your financial plans, it’s best to act soon.”
    
            So, consider the following options when deciding where to park your hard-earned savings.
    
            The average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate. That average is kept low by the biggest brick-and-mortar banks like JPMorgan Chase and Bank of America, which still are offering a paltry 0.01%.
    
            By contrast, there are still FDIC-insured online banks offering inflation-beating rates of between 4.35% and 5.35% on their high-yield savings accounts. Generally speaking, these are the best vehicles in which to keep your emergency funds for quick, easy access.
    
            Choosing between an account that pays 0.52% and one that pays 5.35% can mean forfeiting hundreds of dollars in interest. “If you put $10,000 in a savings account, that’s a difference of $496 in interest earnings over the course of the year, assuming monthly compounding,” Rossman said.
    
            While the rates on high-yield savings accounts have gone down a bit in recent months, “widespread cuts in online savings account rates are unlikely until the first Fed rate cut is near,” said Ken Tumin, founder of DepositAccounts.com.
    
            As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. So make sure to check your monthly statement.
    
            Another high-return, low-risk investment that is great for money you likely won’t need to tap for a few months or even a couple of years is a certificate of deposit.
    
            You can get the best returns on CDs through a brokerage such as Schwab, E*Trade or Fidelity. That’s because you can comparison shop for CDs from any number of FDIC-insured banks and will not have to set up individual accounts with each institution.
    
            As of March 13, the average rate on a one-year CD was 1.95%, but some banks are offering as much are 5.4%.
    
            If you can get a one-year CD at, say, 5.4%, you will make $540 on a $10,000 investment.
    
            To get the greatest benefit from a CD, you have to leave the money invested for a fixed period. You can always access your principal sooner if you need to, but there may be early withdrawal penalties.
    
            As of March 20, CDs listed on Schwab.com with durations from three months up to three years were all yielding between 5.2% and 5.51%. CD rates on durations between four and 10 years ranged from 4.40% to 5.15%.
    
            Say you invest $10,000 in a one-year CD with a 5.36% APY. At the end of that period, you’d get your principal back plus $536 in interest when the CD matures, according to Bankrate’s CD calculator. If you chose a two-year CD at 5.25%, you’d bank an extra $1,078, assuming compounding interest. The same investment in a five-year CD at 5.15% would earn $2,854.
    
            “It makes sense to go long with CDs. To hedge your bets, include terms from one to five years. Starting a CD ladder will provide this mix,” Tumin said.
    
            If you don’t go through a brokerage you may get a reasonable deal from your primary bank, Tumin said.
    
            For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs. Or, at Bank of America, you can get up to 4.75% on a 7-month CD.
    
            But Tumin cautions that with any big bank CD you should take your money out at the end of the term, otherwise your bank may automatically renew it and lock you in to a much lower-yielding CD.
    
            If you don’t want to set up an online savings account at another bank, your own bank may offer you a money market deposit account that pays a higher yield than your regular checking or savings accounts.
    
            Money market accounts may have higher minimum deposit requirements than a regular savings account, but they are more liquid than a fixed-term certificate of deposit or Treasury bill, meaning they give you access to your money more quickly while still potentially giving you some of the highest yields available, said Doug Ornstein, senior manager for integrated solutions at TIAA Wealth Management.
    
            But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. As of March 19, they had an average 7-day yield of 5.14%, according to the Crane Money Fund Index, which tracks the top 100 taxable money market funds.
    
            Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC. But if you invest in a money market fund through a brokerage, your overall account is likely to be insured through the Securities Investor Protection Corp, which offers protection in the event your brokerage ever goes under.
    
            Another option for money you can leave untouched anywhere from several months to a few years is to buy short-term Treasury bills and medium-term notes, which are backed by the full faith and credit of the United States.
    
            Three- and six-month bills had yields of 5.39% and 5.33% respectively on March 20 before the Fed’s meeting ended, while nine-month and one-year bills were offering 5.19% and 5.08% respectively, according to rates posted on Schwab.com for a $25,000 investment. Rates on Treasury notes with durations from two years to 10 years ranged between 4.29% and 4.72%.
    
            If you’re someone who manages your portfolio like a hawk, you may feel comfortable buying T-bills on your own from TreasuryDirect.gov. But if you don’t, it might be easier just to buy new issues through your brokerage account or invest in a short-term bond index fund or ETF, said Andy Smith, executive director of financial planning at Edelman Financial Engines.
    
            And if you’re looking at money that will be needed in three to five years, you might consider a diversified fund of highly rated government and corporate bonds, Ornstein said. An 18-month AAA-rated corporate bond, for instance, was yielding 4.82% this week, while the three-year was at 4.49%. Meanwhile, three-year AAA-rated municipal bonds (which are issued by local governments) had a rate of 3.98%, according to Schwab.com.
    
            When deciding on the best accounts and investments for your specific goals and peace of mind, it may pay to consult a fee-only fiduciary adviser — meaning, someone who doesn’t get paid a commission to sell you a particular investment.
    
            What you’ll always want to do is build in flexibility for yourself so you can easily access cash, regardless of your timeline for key goals. “What happens if something changes and you need that down payment a lot sooner — or your parents need medical care fast?” Smith said.
    
            That means balancing your desire for great yield with a need and desire for ease of access without penalty. Translation: Don’t chase yield for yield’s sake.
    
            Think of it this way, Ornstein said: Unless you have huge sums to invest or are an institutional investor, the difference between getting a 5.1% yield versus 5% is negligible, and in fact it could even cost you more if there are penalties for taking your money out early. “Most of the time convenience is really important. Give up the 0.1%,” he advised.",CNN,20/03/2024,"['The Federal Reserve’s benchmark interest rate remains at a 23-year high.', 'That’s thanks to the central bank’s decision Wednesday to once again hold it steady, as it has done at the policy-making committee’s past five meetings.', 'That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).', 'Butwith the Fed signaling that no rate cuts are likely until summer, it also means anyone with savings still has at least a few more months to make hay of their stash.', 'That’s because you can still get inflation-beating interest rates that will grow any money you have set aside for emergencies, vacations, down payments or any other goal in your sights over the next several years.', 'However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing.', 'There are more lucrative, low-risk options out there, with rates that are still at or near their peaks. “', 'But perhaps not for much longer,” said Ted Rossman, senior analyst at Bankrate. “', 'If one of those fits into your financial plans, it’s best to act soon.”', 'So, consider the following options when deciding where to park your hard-earned savings.', 'The average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate.', 'That average is kept low by the biggest brick-and-mortar banks like JPMorgan Chase and Bank of America, which still are offering a paltry 0.01%.', 'By contrast, there are still FDIC-insured online banks offering inflation-beating rates of between 4.35% and 5.35% on their high-yield savings accounts.', 'Generally speaking, these are the best vehicles in which to keep your emergency funds for quick, easy access.', 'Choosing between an account that pays 0.52% and one that pays 5.35% can mean forfeiting hundreds of dollars in interest. “', 'If you put $10,000 in a savings account, that’s a difference of $496 in interest earnings over the course of the year, assuming monthly compounding,” Rossman said.', 'While the rates on high-yield savings accounts have gone down a bit in recent months, “widespread cuts in online savings account rates are unlikely until the first Fed rate cut is near,” said Ken Tumin, founder of DepositAccounts.com.', 'As with any bank savings rate, high-yield savings accountratescan change overnight, and the bank may not alert you when it lowers it.', 'So make sure to check your monthly statement.', 'Another high-return, low-risk investment that is great for money you likely won’t need to tap for a few months or even a couple of years is a certificate of deposit.', 'You can get the best returns on CDs through a brokerage such as Schwab, E*Trade or Fidelity.', 'That’s because you can comparison shop for CDs from any number of FDIC-insured banks and will not have to set up individual accounts with each institution.', 'As of March 13, the average rate on a one-year CD was 1.95%, but some banks are offering as much are 5.4%.', 'If you can get a one-year CD at, say, 5.4%, you will make $540 on a $10,000 investment.', 'To get the greatest benefit from a CD, you have to leave the money invested for a fixed period.', 'You can always access your principal sooner if you need to, but there may be early withdrawal penalties.', 'As of March 20, CDs listed on Schwab.com with durations from three months up to three years were all yielding between 5.2% and 5.51%.', 'CD rates on durations between four and 10 years ranged from 4.40% to 5.15%.', 'Say you invest $10,000 in a one-year CD with a 5.36%APY.', 'At the end of that period, you’d get your principal back plus $536 in interest when the CD matures, according to Bankrate’s CD calculator.', 'If you chose a two-year CD at 5.25%, you’d bank an extra $1,078, assuming compounding interest.', 'The same investment in a five-year CD at 5.15% would earn $2,854.', '“It makes sense to go long with CDs.', 'To hedge your bets, include terms from one to five years.', 'Starting a CD ladder will provide this mix,” Tumin said.', 'If you don’t go through a brokerage you may get a reasonable deal from your primary bank, Tumin said.', 'For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs.', 'Or, at Bank of America, you can get up to 4.75% on a 7-month CD.', 'But Tumin cautions that with any big bank CD you should take your money out at the end of the term, otherwise your bank may automatically renew it and lock you in to a much lower-yielding CD.', 'If you don’t want to set up an online savings account at another bank, your own bank may offer you a money market deposit account that pays a higher yield than your regular checking or savings accounts.', 'Money market accounts may have higher minimum deposit requirements than a regular savings account, but they are more liquid than a fixed-term certificate of deposit or Treasury bill, meaning they give you access to your money more quickly while still potentially giving you some of the highest yields available, said Doug Ornstein, senior manager for integrated solutions at TIAA Wealth Management.', 'But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments.', 'As of March 19, they had an average 7-day yield of 5.14%, according to the Crane Money Fund Index, which tracks the top 100 taxable money market funds.', 'Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.', 'But if you invest in a money market fund through a brokerage, your overall account is likely to be insured through the Securities Investor Protection Corp, which offers protection in the event your brokerage ever goes under.', 'Another option for money you can leave untouched anywhere from several months to a few years is to buy short-term Treasury bills and medium-term notes, which are backed by the full faith and credit of the United States.', 'Three- and six-month bills had yields of 5.39% and 5.33%respectively on March 20 before the Fed’s meeting ended, while nine-month and one-year bills were offering 5.19% and 5.08%respectively, according to rates posted on Schwab.com for a $25,000 investment.', 'Rates on Treasury notes with durations from two years to 10 years ranged between 4.29% and 4.72%.', 'If you’re someone who manages your portfolio like a hawk, you may feel comfortable buying T-bills on your own from TreasuryDirect.gov.', 'But if you don’t, it might be easier just to buy new issues through your brokerage account or invest in a short-term bond index fund or ETF, said Andy Smith, executive director of financial planning at Edelman Financial Engines.', 'And if you’re looking at money that will be needed in three to five years, you might consider a diversified fund of highly rated government and corporate bonds, Ornstein said.', 'An 18-month AAA-rated corporate bond, for instance, was yielding 4.82% this week, while the three-year was at 4.49%.', 'Meanwhile, three-year AAA-rated municipal bonds (which are issued by local governments) had a rate of 3.98%, according to Schwab.com.', 'When deciding on the best accounts and investments for your specific goals and peace of mind, it may pay to consult a fee-only fiduciary adviser — meaning, someone who doesn’t get paid a commission to sell you a particular investment.', 'What you’ll always want to do is build in flexibility for yourself so you can easily access cash, regardless of your timeline for key goals. “', 'What happens if something changes and you need that down payment a lot sooner — or your parents need medical care fast?”', 'Smith said.', 'That means balancing your desire for great yield with a need and desire for ease of access without penalty.', 'Translation: Don’t chase yield for yield’s sake.', 'Think of it this way, Ornstein said: Unless you have huge sums to invest or are an institutional investor, the difference between getting a 5.1% yield versus 5% is negligible, and in fact it could even cost you more if there are penalties for taking your money out early. “', 'Most of the time convenience is really important.', 'Give up the 0.1%,” he advised.']",0.1607169988950149,That means balancing your desire for great yield with a need and desire for ease of access without penalty.,"But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments.",0.3840321362018585,"For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs.","That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).",2024-04-02
Falls in chocolate and jam prices slow food inflation,https://www.bbc.co.uk/news/business-68711912,2024-04-02T08:35:12.000Z,"Falling chocolate, sugar and jam prices helped food price inflation slow to its lowest level in more than two years, according to new industry figures. Competition between retailers drove prices on some goods down in March, but Easter treats were more expensive, the British Retail Consortium (BRC) said. It said the overall rate at which prices rose had almost halved to 1.3% - down from 2.5% in February.  Food price inflation has fallen for 10 months in a row. But overall, food prices are 3.7% higher than they were a year ago, down from 5% in February, the BRC said. The BRC said retailers had competed ""fiercely"" on deals, especially in the lead up to Easter.  Prices for dairy products and chocolate were lower in March, while price tags on electrical goods, clothes and shoes also dropped as a result of promotions. ""While Easter treats were more expensive than in previous years due to high global cocoa and sugar prices, retailers provided cracking deals on popular chocolates, which led to price falls compared to the previous month,"" said Helen Dickinson, chief executive of the BRC. Inflation on retail goods other than food fell to 0.2% in March, down from 1.3% a month earlier. General inflation, the overall rate at which prices rise and the measure used to assess the cost of living, is currently running at 3.4% in the UK. However, Ms Dickinson told the BBC's Today programme that although high commodity prices caused by global shocks had largely eased, consumers should not expect to see a return to pre-pandemic prices.  ""We won't see significant falls in prices back to pre-Covid levels, to do that would require deflation that we haven't seen since the (1930s) Great Depression,"" she said.  Other costs associated with wages, energy and other commodities were ""baked in"", which Ms Dickinson said could threaten the downward inflationary trend, along with changes to regulations and post-Brexit border checks. ""These costs include a 6.7% business rates rise, ill-thought-out recycling proposals, and new border checks - all at the same time as the largest rise to the National Living Wage on record,"" she said. ""The risks are on the upside as we move into the second quarter of the year.""  The minimum wage set by the government, known as the National Living Wage, increased by more than £1 for the first time, providing a boost for 2.7 million low-paid workers. The wage rate rose on 1 April from £10.42 to £11.44 for over-21s.  In preparation for the new minimum wage, many supermarkets, including Tesco, Sainsbury's, Asda, Aldi, Lidl and M&S increased pay for staff outside of London to £12 per hour, with competition to attract staff remaining fierce.  ""The labour market is still really tight, there are still over 100,000 vacancies across the retail industry and that's not just within stores, that's within head offices, within distribution,"" Ms Dickinson told the BBC. ""That will keep the impact of labour costs higher than it would have been on prices for consumers."" Mike Watkins, head of retailer and business at Insight, NielsenIQ which also compiled the BRC's report, said the fall in food price inflation was ""to be expected"". He said it was ""helped by intense competition amongst the supermarkets as they look to drive footfall, with focussed price cuts and promotional offers earlier in the month for Mother's Day and now again in the weeks leading up to Easter"". ",BBC,02/04/2024,"['Falling chocolate, sugar and jam prices helped food price inflation slow to its lowest level in more than two years, according to new industry figures.', 'Competition between retailers drove prices on some goods down in March, but Easter treats were more expensive, the British Retail Consortium (BRC) said.', 'It said the overall rate at which prices rose had almost halved to 1.3% - down from 2.5% in February.', 'Food price inflation has fallen for 10 months in a row.', 'But overall, food prices are 3.7% higher than they were a year ago, down from 5% in February, the BRC said.', 'The BRC said retailers had competed ""fiercely"" on deals, especially in the lead up to Easter.', 'Prices for dairy products and chocolate were lower in March, while price tags on electrical goods, clothes and shoes also dropped as a result of promotions. ""', 'While Easter treats were more expensive than in previous years due to high global cocoa and sugar prices, retailers provided cracking deals on popular chocolates, which led to price falls compared to the previous month,"" said Helen Dickinson, chief executive of the BRC.', 'Inflation on retail goods other than food fell to 0.2% in March, down from 1.3% a month earlier.', 'General inflation, the overall rate at which prices rise and the measure used to assess the cost of living, is currently running at 3.4% in the UK.', 'However, Ms Dickinson told the BBC\'s Today programme that although high commodity prices caused by global shocks had largely eased, consumers should not expect to see a return to pre-pandemic prices. ""', 'We won\'t see significant falls in prices back to pre-Covid levels, to do that would require deflation that we haven\'t seen since the (1930s) Great Depression,"" she said.', 'Other costs associated with wages, energy and other commodities were ""baked in"", which Ms Dickinson said could threaten the downward inflationary trend, along with changes to regulations and post-Brexit border checks. ""', 'These costs include a 6.7% business rates rise, ill-thought-out recycling proposals, and new border checks - all at the same time as the largest rise to the National Living Wage on record,"" she said. ""', 'The risks are on the upside as we move into the second quarter of the year.""', 'The minimum wage set by the government, known as the National Living Wage, increased by more than £1 for the first time, providing a boost for 2.7 million low-paid workers.', 'The wage rate rose on 1 April from £10.42 to £11.44 for over-21s.', 'In preparation for the new minimum wage, many supermarkets, including Tesco, Sainsbury\'s, Asda, Aldi, Lidl and M&S increased pay for staff outside of London to £12 per hour, with competition to attract staff remaining fierce. ""', 'The labour market is still really tight, there are still over 100,000 vacancies across the retail industry and that\'s not just within stores, that\'s within head offices, within distribution,"" Ms Dickinson told the BBC. ""', 'That will keep the impact of labour costs higher than it would have been on prices for consumers.""', 'Mike Watkins, head of retailer and business at Insight, NielsenIQ which also compiled the BRC\'s report, said the fall in food price inflation was ""to be expected"".', 'He said it was ""helped by intense competition amongst the supermarkets as they look to drive footfall, with focussed price cuts and promotional offers earlier in the month for Mother\'s Day and now again in the weeks leading up to Easter"".']",-0.031343843330697,"In preparation for the new minimum wage, many supermarkets, including Tesco, Sainsbury's, Asda, Aldi, Lidl and M&S increased pay for staff outside of London to £12 per hour, with competition to attract staff remaining fierce. ""","Falling chocolate, sugar and jam prices helped food price inflation slow to its lowest level in more than two years, according to new industry figures.",-0.0159736786569867,The wage rate rose on 1 April from £10.42 to £11.44 for over-21s.,"Inflation on retail goods other than food fell to 0.2% in March, down from 1.3% a month earlier.",2024-04-02
Could AI take the grind out of accountancy?,https://www.bbc.co.uk/news/business-68553123,2024-03-26T00:24:13.000Z,"Owen Hewitt, is a trainee chartered accountant at accountancy firm haysmacintyre. He's two years into his training with more exams coming up this year.  What's unusual about him and his peers, is that they will be the first generation of accountants to use artificial intelligence (AI) right from the beginning of their careers. Mr Hewitt is hoping that AI will take over some of the more tedious parts of the job. ""These (AI) can remove the burden of the more time-consuming tasks, like analysis of financial data,"" says Mr Hewitt. That leaves the humans to focus on more subjective - and more interesting - decisions, like whether a business is viable, or whether debts are likely to be paid. ""Whilst AI can learn from data and make predictions, it can't yet replace the human judgement required to weigh up different variables and make an informed decision,"" he says. So, AI is increasingly being used for routine and time-consuming tasks such as summarising documents, creating content, drafting documentation, advanced searching, analytics and insight and knowledge management - often work done by more junior accountancy staff. ""When you look at some of the tasks that auditors were doing - some of the boring, mundane tasks around churning data and manipulating it into a format where you can then actually do something valuable with it - that's where artificial intelligence can play a really big part,"" says Matthew Campbell, audit chief technology officer for KPMG UK. Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs. According to a KPMG survey, four in 10 senior audit professionals expect that the increased efficiency that AI can bring will lead to a reduction in the size of auditing teams. Already, many manual audit and reporting tasks have been outsourced to other countries, with most major banks in the UK now having taken on large numbers of qualified accountants in India, who perform a significant proportion of month-end financial reporting tasks. This, says Alex King, founder and chartered accountant at finance platform Generation Money, means that junior accountants working in audit will need to focus more on client-facing skills. ""Generally, the nature of a junior accountant's role is likely to change more towards systems management - overseeing AI powered software and databases - and relationship management, and away from the traditional reconciliations and ledgers work,"" he says. As a result, training programmes are changing. ""We're still recruiting a number of people, graduates, and we're also recruiting a number of apprentices. I think what will change over time is the skillsets of some of those individuals,"" says Mr Campbell. ""We're already starting to see that, so we've invested in putting a number of our auditors through a master's degree in applied data science, so they can take that auditing and accounting knowledge with their data science skills knowledge, to really bring the best of those skills together."" The accountancy industry has seen some high-profile failures in recent years. In March, KPMG was fined £1.5m for failings in its 2019 audit of advertising agency M&C Saatchi. And it's not alone in making errors. Last summer, a report from the US Public Company Accounting Oversight Board (PCAOB) found that four in 10 audits conducted by global accounting firms had significant flaws, and that the proportion was rising rapidly. Meanwhile, the UK's accountancy regulator, the Financial Reporting Council (FRC), carried out 19 investigations in the 2022-2023 financial year, slapping fines of £40.5 million on auditing firms and their clients for audit failings. As a result, auditing firms are now under great scrutiny; and to tighten up their procedures, many are turning to AI. ""As generative AI plays a more prominent role in contributing to first drafts of content, the human auditor role can be elevated to focus on areas of judgment and challenge,"" says Marc Bena, digital audit leader at PwC UK. ""The ability to analyse data at a much larger scale also means we can perform better risk assessments and analysis."" AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client. KPMG itself uses AI for high-risk transactions to look for such anomalies, such as the posting of unusual amounts, postings made by somebody unusual or postings made at a weekend. ""We get to a point where it's a truly data-driven audit, where we identify the risks from within a population of data and use that to help focus our audit efforts on the most complex, the high-risk, the most judgmental areas,"" says Mr Campbell. More technology of business As for more high-level jobs, AI may help here too. Auditing firms have been finding it hard to retain talent, with 90% of auditors telling Caseware last year that it is either somewhat or extremely difficult. Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper. However, 86% of auditing staff agreed that AI helps cut down time on repetitive task - and 83% said they'd be more inclined to stay at a company with AI initiatives in place. ""They can get through some of the laborious, time-intensive tasks to actually get into the value of doing the analysis, the output and the interpretation,"" says Mr Campbell. ""The bits of their role that it's taking away is stuff that they weren't enjoying."" ",BBC,26/03/2024,"['Owen Hewitt, is a trainee chartered accountant at accountancy firm haysmacintyre.', ""He's two years into his training with more exams coming up this year."", ""What's unusual about him and his peers, is that they will be the first generation of accountants to use artificial intelligence (AI) right from the beginning of their careers."", 'Mr Hewitt is hoping that AI will take over some of the more tedious parts of the job. ""', 'These (AI) can remove the burden of the more time-consuming tasks, like analysis of financial data,"" says Mr Hewitt.', 'That leaves the humans to focus on more subjective - and more interesting - decisions, like whether a business is viable, or whether debts are likely to be paid. ""', 'Whilst AI can learn from data and make predictions, it can\'t yet replace the human judgement required to weigh up different variables and make an informed decision,"" he says.', 'So, AI is increasingly being used for routine and time-consuming tasks such as summarising documents, creating content, drafting documentation, advanced searching, analytics and insight and knowledge management - often work done by more junior accountancy staff. ""', 'When you look at some of the tasks that auditors were doing - some of the boring, mundane tasks around churning data and manipulating it into a format where you can then actually do something valuable with it - that\'s where artificial intelligence can play a really big part,"" says Matthew Campbell, audit chief technology officer for KPMG UK.', ""Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs."", 'According to a KPMG survey, four in 10 senior audit professionals expect that the increased efficiency that AI can bring will lead to a reduction in the size of auditing teams.', 'Already, many manual audit and reporting tasks have been outsourced to other countries, with most major banks in the UK now having taken on large numbers of qualified accountants in India, who perform a significant proportion of month-end financial reporting tasks.', 'This, says Alex King, founder and chartered accountant at finance platform Generation Money, means that junior accountants working in audit will need to focus more on client-facing skills. ""', 'Generally, the nature of a junior accountant\'s role is likely to change more towards systems management - overseeing AI powered software and databases - and relationship management, and away from the traditional reconciliations and ledgers work,"" he says.', 'As a result, training programmes are changing. ""', ""We're still recruiting a number of people, graduates, and we're also recruiting a number of apprentices."", 'I think what will change over time is the skillsets of some of those individuals,"" says Mr Campbell. ""', 'We\'re already starting to see that, so we\'ve invested in putting a number of our auditors through a master\'s degree in applied data science, so they can take that auditing and accounting knowledge with their data science skills knowledge, to really bring the best of those skills together.""', 'The accountancy industry has seen some high-profile failures in recent years.', 'In March, KPMG was fined £1.5m for failings in its 2019 audit of advertising agency M&C Saatchi.', ""And it's not alone in making errors."", 'Last summer, a report from the US Public Company Accounting Oversight Board (PCAOB) found that four in 10 audits conducted by global accounting firms had significant flaws, and that the proportion was rising rapidly.', ""Meanwhile, the UK's accountancy regulator, the Financial Reporting Council (FRC), carried out 19 investigations in the 2022-2023 financial year, slapping fines of £40.5 million on auditing firms and their clients for audit failings."", 'As a result, auditing firms are now under great scrutiny; and to tighten up their procedures, many are turning to AI. ""', 'As generative AI plays a more prominent role in contributing to first drafts of content, the human auditor role can be elevated to focus on areas of judgment and challenge,"" says Marc Bena, digital audit leader at PwC UK. ""', 'The ability to analyse data at a much larger scale also means we can perform better risk assessments and analysis.""', 'AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client.', 'KPMG itself uses AI for high-risk transactions to look for such anomalies, such as the posting of unusual amounts, postings made by somebody unusual or postings made at a weekend. ""', 'We get to a point where it\'s a truly data-driven audit, where we identify the risks from within a population of data and use that to help focus our audit efforts on the most complex, the high-risk, the most judgmental areas,"" says Mr Campbell.', 'More technology of business As for more high-level jobs, AI may help here too.', 'Auditing firms have been finding it hard to retain talent, with 90% of auditors telling Caseware last year that it is either somewhat or extremely difficult.', 'Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper.', 'However, 86% of auditing staff agreed that AI helps cut down time on repetitive task - and 83% said they\'d be more inclined to stay at a company with AI initiatives in place. ""', 'They can get through some of the laborious, time-intensive tasks to actually get into the value of doing the analysis, the output and the interpretation,"" says Mr Campbell. ""', 'The bits of their role that it\'s taking away is stuff that they weren\'t enjoying.""']",0.1626808889918358,"AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client.","Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs.",0.3071962833404541,"Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper.","Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs.",2024-04-02
Russian court extends detention of US-Russian journalist working for Radio Liberty,https://edition.cnn.com/2024/04/02/media/alsu-kurmasheva-russia-detention-extended/index.html,"
  Published
        8:12 AM EDT, Tue April 2, 2024
    ","A Russian court has extended the detention of US-Russian journalist Alsu Kurmasheva, Russian state news agency TASS reported from the courtroom Monday.
    
            Kurmasheva, the editor for the Tatar-Bashkir service of Radio Free Europe/Radio Liberty (RFE/RL), will now be detained until June 5, for failing to register as a foreign agent, according to TASS.
    
            She is not feeling well physically and the conditions she is in make it impossible for her to take care of her health, Kurmasheva told journalists Monday, according to TASS.
    
            “The cell is 5 square meters (about 54 square feet) long for the two people, there is no hot water, instead of a toilet there is a hole in the floor. There is not even half a meter (1.6 feet) of floor space to walk on,” she was also cited as saying.
    
            According to her employer, a US-funded media outlet, Kurmasheva was originally detained in June 2023 in the Russian city of Kazan while waiting for a return flight to the Czech Republic, where she was based. She had arrived in Russia in May due to an urgent family matter.
    
            Kazan airport employees initially confiscated both of her passports and, soon after, she was fined for failing to register her American passport with the Russian authorities, RFE/RL said. Kurmasheva was waiting for the return of her passports when new charges were announced in October, accusing her of failing to register as a foreign agent.
    
            According to independent Russian media outlet SOTA Vision, Kurmasheva has been in detention since October. Her lawyer, Edgar Matevosyan, said she was not guilty and planned to appeal, SOTA Vision also reported.
    
            RFE/RL has described Kurmasheva as an accomplished journalist who has been writing about the life of ethnic minorities in Russia’s Tatarstan and Bashkortostan regions for many years.
    
            Russia expanded its law on “foreign agents” in 2022 following its full-scale invasion of Ukraine, signaling an intensifying crackdown on free speech and opposition under President Vladimir Putin. Since then, not only individuals or organizations receiving funding from abroad are regarded as foreign agents but also anyone who has “received support and (or) is under foreign influence.”
    
            Last week marked the one-year anniversary of the arrest and detention of Wall Street Journal reporter Evan Gershkovich in Russia. Gershkovich was arrested on a work trip and charged with espionage — accusations he and his employer vehemently deny. He has yet to face trial, and his pre-trial detention was extended last week until June 30. If convicted, he could face up to 20 years in prison.
    
            Also last week, six journalists working for independent media outlets in Russia were arrested. One of those reporters, Antonina Favorskaya, employed by SOTA Vision, has been accused of “extremist activities” because of her coverage of the late Russian opposition leader Alexey Navalny, according to Reporters Without Borders.
    
            Anna Cooban and Olesya Dmitracova in London contributed to this article.",CNN,02/04/2024,"['A Russian court has extended the detention of US-Russian journalist AlsuKurmasheva, Russian state news agency TASS reported from the courtroom Monday.', 'Kurmasheva, the editor for the Tatar-Bashkir service of Radio Free Europe/Radio Liberty (RFE/RL), will now be detained until June 5, for failing to register as a foreign agent, according to TASS.', 'She is not feeling well physically and the conditions she is in make it impossible for her to take care of her health, Kurmasheva told journalists Monday, according to TASS.', '“The cell is 5 square meters (about 54 square feet) long for the two people, there is no hot water, instead of a toilet there is a hole in the floor.', 'There is not even half a meter (1.6 feet) of floor space to walk on,” she was also cited as saying.', 'According to her employer, a US-funded media outlet, Kurmashevawas originally detainedin June 2023 in the Russian city of Kazan while waiting for a return flight to the Czech Republic, where she was based.', 'She had arrived in Russia in May due to an urgent family matter.', 'Kazan airport employees initially confiscated both of her passports and, soon after, she was fined for failing to register her American passport with the Russian authorities, RFE/RL said.', 'Kurmasheva was waiting for the return of her passports when new charges were announced in October, accusing her of failing to register as a foreign agent.', 'According to independent Russian media outlet SOTA Vision, Kurmasheva has been in detention since October.', 'Her lawyer, Edgar Matevosyan, said she was not guilty and planned to appeal, SOTA Vision also reported.', 'RFE/RL has described Kurmasheva as an accomplished journalist who has been writing about the life of ethnic minorities in Russia’s Tatarstan and Bashkortostan regions for many years.', 'Russia expanded its law on “foreign agents” in 2022 following its full-scale invasion of Ukraine, signaling an intensifying crackdown on free speech and opposition under President Vladimir Putin.', 'Since then, not only individuals or organizations receiving funding from abroad are regarded as foreign agents but also anyone who has “received support and (or) is under foreign influence.”', 'Last week marked the one-year anniversary of the arrest and detention of Wall Street Journal reporterEvan Gershkovich in Russia.', 'Gershkovich was arrested on a work trip and charged with espionage — accusations he and his employer vehemently deny.', 'He has yet to face trial, and his pre-trial detention was extended last week until June 30.', 'If convicted, he could face up to 20 years in prison.', 'Also last week, six journalists working for independent media outlets in Russia were arrested.', 'One of those reporters, Antonina Favorskaya, employed by SOTA Vision, has been accused of “extremist activities” because of her coverage of the late Russian opposition leader Alexey Navalny, according to Reporters Without Borders.', 'Anna Cooban and Olesya Dmitracova in London contributed to this article.']",-0.1033237466456094,"Since then, not only individuals or organizations receiving funding from abroad are regarded as foreign agents but also anyone who has “received support and (or) is under foreign influence.”",Gershkovich was arrested on a work trip and charged with espionage — accusations he and his employer vehemently deny.,-0.2494683464368184,"A Russian court has extended the detention of US-Russian journalist AlsuKurmasheva, Russian state news agency TASS reported from the courtroom Monday.","She is not feeling well physically and the conditions she is in make it impossible for her to take care of her health, Kurmasheva told journalists Monday, according to TASS.",2024-04-02
Billionaire whose firm backed Trump’s $175 million bond reveals how the deal came together,https://edition.cnn.com/2024/04/02/investing/trump-bond-firm/index.html,"
  Updated
        2:53 PM EDT, Tue April 2, 2024
    ","Don Hankey, the chairman and majority shareholder of Knight Specialty Insurance, told CNN on Tuesday that the deal to underwrite former President Donald Trump’s $175 million bond in New York came together quickly and that Trump posted all cash as collateral.
    
            “It’s what we do. I’m happy to do it. We would have done it for anybody else,” Hankey said in a phone interview. “It was an easy transaction. It was put together very quickly.”
    
            Based in California, Knight Specialty Insurance is known for providing subprime auto loans to car buyers with weaker credit scores.
    
            Hankey, who has supported Trump’s presidential campaigns, said initially he reached out to the Trump Organization last month when the former president was having trouble putting together a bond of $464 million. Hankey has amassed a fortune that Forbes values at $7.4 billion.
    
            “We had a conversation about putting together a bond of that size,” Hankey told CNN.
    
            After the amount of the bond was slashed to $175 million by a New York appeals court, the Trump team eventually reached back out to Knight Specialty, according to Hankey.
    
            At first, Trump planned to post a mix of investment-grade bonds and cash as collateral (80% bonds and 20% cash), Hankey said. Although Knight Specialty received the bonds and approved them, he said they were not posted in the end.
    
            “Ultimately, he put up all cash,” Hankey said, adding that he does not know where the $175 million in cash that Trump posted came from.
    
            Hankey confirmed to CNN that he and his wife, as well as their two sons, have donated to Trump’s presidential campaigns in the past and plan to support him again in 2024.
    
            Although Hankey said he has not heard directly from the president, he said Eric Trump did reach out Tuesday morning to thank him for the business.
    
            It’s not the first time Hankey and Trump’s businesses were intertwined.
    
            In 2022, Axos Bank, a California lender, loaned Trump $100 million to refinance the mortgage on Trump Tower.
    
            Although Hankey is a leading shareholder in Axos and was at the time of the 2022 loan, he said he was not aware of the Trump Tower loan at the time.",CNN,02/04/2024,"['Don Hankey, the chairman and majority shareholder of Knight Specialty Insurance, told CNN on Tuesday that the deal to underwrite former President Donald Trump’s$175 million bond in New Yorkcame together quickly and that Trump posted all cash as collateral.', '“It’s what we do.', 'I’m happy to do it.', 'We would have done it for anybody else,” Hankey said in a phone interview. “', 'It was an easy transaction.', 'It was put together very quickly.”', 'Based in California, Knight Specialty Insurance is known for providing subprime auto loans to car buyers with weaker credit scores.', 'Hankey, who has supported Trump’s presidential campaigns, said initially he reached out to the Trump Organization last month when the former president was having trouble putting together a bond of $464 million.', 'Hankey has amassed a fortune that Forbes values at $7.4 billion.', '“We had a conversation about putting together a bond of that size,” Hankey told CNN.', 'After the amount of the bond wasslashed to $175 millionby a New York appeals court, the Trump team eventually reached back out to Knight Specialty, according to Hankey.', 'At first, Trump planned to post a mix of investment-grade bonds and cash as collateral (80% bonds and 20% cash), Hankey said.', 'Although Knight Specialty received the bonds and approved them, he said they were not posted in the end.', '“Ultimately, he put up all cash,” Hankey said, adding that he does not know where the $175 million in cash that Trump posted came from.', 'Hankey confirmed to CNN that he and his wife, as well as their two sons, have donated to Trump’s presidential campaigns in the past and plan to support him again in 2024.', 'Although Hankey said he has not heard directly from the president, he said Eric Trump did reach out Tuesday morning to thank him for the business.', 'It’s not the first time Hankey and Trump’s businesses were intertwined.', 'In 2022, Axos Bank, a California lender,loaned Trump $100 millionto refinance the mortgage on Trump Tower.', 'Although Hankey is a leading shareholder in Axos and was at the time of the 2022 loan, he said he was not aware of the Trump Tower loan at the time.']",0.1488900919810565,"Hankey confirmed to CNN that he and his wife, as well as their two sons, have donated to Trump’s presidential campaigns in the past and plan to support him again in 2024.",,-0.9879781007766724,,"Based in California, Knight Specialty Insurance is known for providing subprime auto loans to car buyers with weaker credit scores.",2024-04-02
The S&P 500 just turned in its best first quarter since 2019,https://edition.cnn.com/2024/03/28/investing/premarket-stocks-trading-first-quarter/index.html,"
  Updated
        4:18 PM EDT, Thu March 28, 2024
    ","A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Before the Bell is off on Friday, March 29 and will be back on Sunday, March 31.
    
            The first quarter of 2024 was a record-smasher for markets, even as Wall Street contended with higher-for-longer interest rates.
    
            Investors ended 2023 on an exuberant note. Markets overcame a regional banking crisis and geopolitical turmoil and entered a powerful bull market. The economy avoided a widely expected recession. Traders eagerly anticipated the Fed would begin the first of six rate cuts this year in March.
    
            But a spate of hot economic data and warnings from Fed officials forced investors to recalibrate those hopes to align with the Fed’s projected three cuts, likely beginning in June or July.
    
            While the stock market saw intermittent sell-offs, it continued marching higher as robust corporate earnings and a strong labor market renewed hopes that the economy will avoid a recession. The S&P 500 index rose 10.2% during the first three months of the year, its best first-quarter performance since 2019. The Dow Jones Industrial Average and the Nasdaq Composite gained 5.6% and 9.1%, respectively.
    
            The S&P 500 on Thursday logged its 22nd record-high close of the year. The first 17 were recorded during the first 50 trading days of 2024, the largest tally during that period since 1998, according to Bespoke Investment Research. The Dow and Nasdaq have also notched repeated record highs.
    
            Some of the Magnificent Seven tech stocks have stumbled after spurring last year’s banner rally. Apple shares fell 11% during the first quarter on worries about lackluster sales in China. Tesla shares declined 29.3%. Alphabet shares have gained 8% so far this year but are trailing behind robust double-digit gains from Nvidia, Meta, Microsoft and Amazon.
    
            More than just those four tech stocks have gained this quarter. The S&P 600 index, which tracks US small caps, hit a 52-week high this week after the Fed earlier this month reiterated its forecast of three rate cuts this year. The price of gold surged to multiple all-time highs. Bitcoin also reached fresh highs for the first time since 2021 after US regulators approved spot exchange-traded funds pegged to the cryptocurrency.
    
            What’s next? Leslie Thompson, chief investment officer at Spectrum Wealth Management, says that she expects the rally to continue broadening on strong corporate earnings. Companies in the S&P 500 saw earnings grow 4.3% during the fourth quarter of 2023 from the prior year, according to FactSet data. Analysts polled by FactSet expect S&P 500 earnings to grow by more than 10% for all of 2024.
    
            In another positive sign for markets, history suggests that new highs at the beginning of the year often portend positive annual returns. The S&P 500 has seen an average 15.8% return in years that it notched new highs in January and February, in contrast to an average 9.2% gain for all years, according to CFRA Research data going back to 1954.
    
            But some market indicators, including Warren Buffett’s favorite, suggest stocks are overvalued compared with the performance of the economy. And investors aren’t letting their guard down, even though they’re feeling upbeat. Zachary Hill, head of portfolio management at Horizon Investments, says he’s keeping careful watch for signs of stubborn inflation in the coming months that could derail the Fed’s plans.
    
            Still, “we don’t see a ton of major risks out there,” said Hill.
    
            A yearslong fight between Disney and Florida is set to end after the two parties agreed to a settlement, report my colleagues Elisabeth Buchwald and Samantha Delouya.
    
            In a meeting Wednesday morning, members of the board of the Central Florida Tourism Oversight District, a body that governs the special tax district Disney is located in, approved a settlement to end a legal dispute.
    
            Republican Gov. Ron DeSantis set up the Central Florida Tourism District to oversee the area in which Disney operates nearly two years ago, amid a growing conflict between the Florida governor and the entertainment giant.
    
            The war of words between Disney and DeSantis began in March 2022, after Disney’s then-CEO Bob Chapek spoke out against the controversial bill that restricts certain instruction about sexual orientation and gender identity in the classroom. Opponents have labeled the controversial law “Don’t Say Gay.” Chapek called the bill a “challenge to basic human rights.”
    
            Shortly after, DeSantis asked Florida’s legislature to terminate the longstanding special privileges granted to Disney in Central Florida, appointing a new board of hand-picked supervisors to oversee the district.
    
            The board has threatened to hike taxes, raise utility rates and develop the land around the entertainment giant’s Central Florida theme parks. Disney sued DeSantis and his allies last year, claiming the company’s free speech was violated.
    
            “Everything we’ve done has been in the best interests of the state of Florida,” DeSantis said Wednesday at a press conference in Orlando. “I’m glad that they were able to do that settlement,” he said.
    
            Read more here.
    
            The collapse of the the Francis Scott Key Bridge in Baltimore on Tuesday is unfortunately not the first deadly collapse of a major interstate bridge in the US, reports my colleague Alicia Wallace. 
    
            But the response to a bridge failure in Minneapolis 17 years ago, one of the most catastrophic bridge failures in recent memory, could serve as a roadmap for Baltimore moving forward.
    
            On August 1, 2007, when cars were bumper to bumper in evening rush hour traffic along Interstate 35W in Minneapolis, the heavily trafficked, eight-lane bridge that spanned the Mississippi River suddenly failed and collapsed into the river and railyard below. Thirteen people were killed, and nearly 150 more were injured.
    
            In addition to the tragic loss of lives and the immediate damage, the collapse of the I-35W bridge cut off a major transportation artery for the Twin Cities. About 140,000 cars a day traversed the I-35W bridge that once stood more than 100 feet above the Mighty Mississippi.
    
            The loss of the I-35W bridge was initially estimated to sap $113,000 per day (about $17 million total in 2007 and $43 million in 2008) from the state’s economic output, according to projections from the state of Minnesota. Concern swelled about how traffic would snarl elsewhere in the state.
    
            The enormous traffic jams did not emerge as expected, and it took only 13 months for a brand new bridge to be built.
    
            “The economic impact was orders of magnitude less than people had feared,” Christopher Phelan, an economics professor at the University of Minnesota, told CNN.
    
            “There was a lot of almost instant adaptability.”
    
            Read more here.",CNN,28/03/2024,"['A version of this story first appeared in CNN Business’ Before the Bell newsletter.', 'Not a subscriber?', 'You can sign upright here.', 'You can listen to an audio version of the newsletter by clicking the same link.', 'Before the Bell is off on Friday, March 29 and will be back on Sunday, March 31.', 'The first quarter of 2024 was a record-smasher for markets, even as Wall Street contended with higher-for-longer interest rates.', 'Investors ended 2023 on an exuberant note.', 'Markets overcame a regional banking crisis and geopolitical turmoil and entered a powerful bull market.', 'The economy avoided a widely expected recession.', 'Traders eagerly anticipated the Fed would begin the first of six rate cuts this year in March.', 'But a spate of hot economic data and warnings from Fed officials forced investors to recalibrate those hopes to align with the Fed’s projected three cuts, likely beginning in June or July.', 'While the stock market saw intermittent sell-offs, it continued marching higher as robust corporate earnings and a strong labor market renewed hopes that the economy will avoid a recession.', 'The S&P 500 index rose 10.2% during the first three months of the year, its best first-quarter performance since 2019.', 'The Dow Jones Industrial Average and the Nasdaq Composite gained 5.6% and 9.1%, respectively.', 'The S&P 500 on Thursday logged its 22nd record-high close of the year.', 'The first 17 were recorded during the first 50 trading days of 2024, the largest tally during that period since 1998, according to Bespoke Investment Research.', 'The Dow and Nasdaq have also notched repeated record highs.', 'Some of the Magnificent Seven tech stocks have stumbled after spurring last year’s banner rally.', 'Apple shares fell 11% during the first quarter on worries about lackluster sales in China.', 'Tesla shares declined 29.3%.', 'Alphabet shares have gained 8% so far this year but are trailing behind robust double-digit gains from Nvidia, Meta, Microsoft and Amazon.', 'More than just those four tech stocks have gained this quarter.', 'The S&P 600 index, which tracks US small caps, hit a 52-week high this week after the Fed earlier this month reiterated its forecast of three rate cuts this year.', 'The price of gold surged to multiple all-time highs.', 'Bitcoin also reached fresh highs for the first time since 2021 after US regulators approved spot exchange-traded funds pegged to the cryptocurrency.', 'What’s next?', 'Leslie Thompson, chief investment officer at Spectrum Wealth Management, says that she expects the rally to continue broadening on strong corporate earnings.', 'Companies in the S&P 500 saw earnings grow 4.3% during the fourth quarter of 2023 from the prior year, according to FactSet data.', 'Analysts polled by FactSet expect S&P 500 earnings to grow by more than 10% for all of 2024.', 'In another positive sign for markets, history suggests that new highs at the beginning of the year often portend positive annual returns.', 'The S&P 500 has seen an average 15.8% return in years that it notched new highs in January and February, in contrast to an average 9.2% gain for all years, according to CFRA Research data going back to 1954.', 'But some market indicators, including Warren Buffett’s favorite, suggest stocks are overvalued compared with the performance of the economy.', 'And investors aren’t letting their guard down, even though they’re feeling upbeat.', 'Zachary Hill, head of portfolio management at Horizon Investments, says he’s keeping careful watch for signs of stubborn inflation in the coming months that could derail the Fed’s plans.', 'Still, “we don’t see a ton of major risks out there,” said Hill.', 'A yearslong fight between Disney and Florida is set to end after the two parties agreed to a settlement, report my colleagues Elisabeth BuchwaldandSamantha Delouya.', 'In a meeting Wednesday morning, members of the board of the Central Florida Tourism Oversight District, a body that governs the special tax district Disney is located in, approved a settlement to end a legal dispute.', 'Republican Gov. Ron DeSantis set up the Central Florida Tourism District to oversee the area in which Disney operates nearly two years ago, amid a growing conflict between the Florida governor and the entertainment giant.', 'The war of words between Disney and DeSantis began in March 2022, after Disney’s then-CEO Bob Chapekspoke out againstthe controversial bill that restricts certain instruction about sexual orientation and gender identity in the classroom.', 'Opponents have labeled the controversial law “Don’t Say Gay.”', 'Chapek called the bill a “challenge to basic human rights.”', 'Shortly after, DeSantis asked Florida’s legislature to terminate the longstanding special privileges granted to Disney in Central Florida, appointing a new board of hand-picked supervisors to oversee the district.', 'Theboard has threatenedto hike taxes, raise utility rates and develop the land around the entertainment giant’s Central Florida theme parks.', 'Disneysued DeSantis and his allieslast year, claiming the company’s free speech was violated.', '“Everything we’ve done has been in the best interests of the state of Florida,” DeSantis said Wednesday at a press conference in Orlando. “', 'I’m glad that they were able to do that settlement,” he said.', 'Read more here.', 'Thecollapse of the the Francis Scott Key Bridgein Baltimore on Tuesday is unfortunately not the first deadly collapse of a major interstate bridge in the US, reports my colleague Alicia Wallace.', 'But the response to a bridge failure in Minneapolis 17 years ago, one of the most catastrophic bridge failures in recent memory, could serve as a roadmap for Baltimore moving forward.', 'On August 1, 2007, when cars were bumper to bumper in evening rush hour traffic along Interstate 35W in Minneapolis, the heavily trafficked, eight-lane bridge that spanned theMississippi River suddenly failed and collapsed into the riverand railyard below.', 'Thirteen people were killed, and nearly 150 more were injured.', 'In addition to the tragic loss of lives and the immediate damage, the collapse of the I-35W bridge cut off a major transportation artery for the Twin Cities.', 'About 140,000 cars a day traversed the I-35W bridge that once stood more than 100 feet above the Mighty Mississippi.', 'The loss of the I-35W bridge was initially estimated to sap $113,000 per day (about $17 million total in 2007 and $43 million in 2008) from the state’s economic output, according to projections from the state of Minnesota.', 'Concern swelled about how traffic would snarlelsewhere in the state.', 'The enormous traffic jams did not emerge as expected, and it took only 13 months for a brand new bridge to be built.', '“The economic impact was orders of magnitude less than people had feared,” Christopher Phelan, an economics professor at the University of Minnesota, told CNN.', '“There was a lot of almost instant adaptability.”', 'Read more here.']",0.0558693177382042,"Alphabet shares have gained 8% so far this year but are trailing behind robust double-digit gains from Nvidia, Meta, Microsoft and Amazon.","But the response to a bridge failure in Minneapolis 17 years ago, one of the most catastrophic bridge failures in recent memory, could serve as a roadmap for Baltimore moving forward.",0.3296020385381338,"The Dow Jones Industrial Average and the Nasdaq Composite gained 5.6% and 9.1%, respectively.",Apple shares fell 11% during the first quarter on worries about lackluster sales in China.,2024-04-02
Fallen 'Crypto King' Sam Bankman-Fried gets 25 years for fraud,https://www.bbc.co.uk/news/business-68677487,2024-03-28T16:12:40.000Z,"Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.  The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022. He was found to have stolen billions from customers ahead of the failure. Bankman-Fried's legal team will appeal against his conviction. A message from his parents shared with the BBC by a representative for Bankman-Fried said: ""We are heartbroken and will continue to fight for our son."" Earlier, the 32-year-old said in court he knew ""a lot of people"" felt ""really let down"". ""I'm sorry about that. I'm sorry about what happened at every stage,"" he said, speaking quietly and clearly ahead of his sentencing.  FTX was one of the world's largest crypto exchanges before its demise, turning Bankman-Fried into a business celebrity and attracting millions of customers who used the platform to buy and trade cryptocurrency.  Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes.  He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had taken more than $8bn (£6.3bn) from customers, and used the money to buy property, make political donations and put toward other investments. Before reading the sentence on Thursday, Judge Lewis Kaplan provided a harsh assessment of Bankman-Fried's behaviour, saying he had lied during his testimony at trial when he claimed he was unaware until the last minute that his companies were taking money entrusted to them for safe-keeping by customers and using it for other purposes.  ""He knew it was wrong. He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught but he's not going to admit a thing,"" the judge said. Though Bankman-Fried had made ""protestations of sorrow"" about customer losses, he had uttered ""never a word of remorse for the commission of terrible crimes"", he added.  While 25 years constitutes a serious prison sentence, it is far less than the more than 100 years Bankman-Fried could have received under official government guidelines. Federal prosecutors in New York this month told the judge such a long term was not necessary. But they requested at least 40 years, arguing that Bankman-Fried had committed a massive fraud, while showing ""brazen disrespect"" for the law. Bankman-Fried's team had argued for a lighter sentence of roughly five to 6.5 years.  They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court.  ""The victims want their money back and they should get it,"" his lawyer, Marc Mukasey, argued in court on Thursday morning. ""Sentence him to work hard and give it all away."" Former federal prosecutor Mitchell Epner, now a lawyer at Rottenberg Lipman Rich, said he was ""very surprised"" by the ruling, noting that Bankman-Fried could potentially be released from prison in about 13 years. But Jennifer Taub, a law professor at Western New England University and expert on white-collar crime, said she thought the length of the sentence was appropriate. ""It is the right balance between how old he is and what is the purpose of deterrence,"" she said. In his sentencing remarks, Judge Kaplan said what could amount to a life sentence was unnecessary but that Bankman-Fried must receive a punishment sufficient to prevent him from committing future crimes. ""There is a risk that this man will be in a position to do something very bad in the future and it's not a trivial risk, not a trivial risk at all,"" he said.  He also ordered Bankman-Fried to forfeit $11bn that can be used to compensate victims.  The government has already seized some of those assets, such as shares Bankman-Fried owned in Robinhood, the trading app which raised more than $600m when they were sold last year.  Bankman-Fried showed little visible reaction to the ruling.  Bankman-Fried has admitted to mistakes of mismanagement, but maintained that he was acting in good faith. In his comments ahead of the sentencing, he stuck to his story that FTX had the holdings to repay customers at the time of its collapse and said he did not think that reasons behind customer suffering had been ""properly told"". ""They've been failed by more people than I can count"" including himself, he said, speaking of the exchange's customers. ""It's been excruciating to watch."" Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks.  ""They all built something really beautiful, they threw themselves into it and then I threw it all away,"" he added. ""It haunts me every day."" Dozens of people, including former FTX customers, family, friends of his parents and complete strangers, had submitted letters to the court, trying to sway the outcome. Louis Dorigny of California, who had been an FTX customer said it was a ""bittersweet moment for creditors"".  ""I don't wish jail time on anybody, and 25 years is a very, very long time to be in prison, but it does nothing to compensate the victims for the loss of their cryptocurrency,"" he said.  Samuel Hapak, chief executive of crypto trading fund Wincent, whose firm represented 200 investors with millions of dollars at FTX when it entered bankruptcy, told the BBC that he thought the ruling was ""fair"". ""Twenty-five years is a lot and I believe that this sounds like a reasonable signal to the industry that it needs to step up the game,"" he said. Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.  He said he was also taking into account concerns raised by his lawyers and parents that Bankman-Fried's social awkwardness stemming from autism spectrum disorder would make him vulnerable in prison. Bankman-Fried's case has been closely watched by other crypto executives and firms facing charges. But he is not the first player in the industry to be sentenced.  Karl Sebastian Greenwood, who worked with ""Cryptoqueen"" Ruja Ignatova, was sentenced to 20 years in prison last year for his role convincing millions of people to invest more than $4bn in a fraudulent currency, OneCoin. His case also drew comparisons to Bernie Madoff, who was setenced to 150 years in prison after being found guilty of a $64bn Ponzi scheme.  Former federal prosecutor Marc Litt, who worked on the the case against Madoff and is now a lawyer at Wachtel Missry, said he saw big differences between the two fraudsters, noting Madoff was older when sentenced, had committed his crimes over several decades, stolen from people he knew well and had no one step forward to testify to his character. ""The court implicitly took those sorts of differences into consideration and I believe that the resulting lower sentence was both warranted and is unlikely to be disturbed on appeal,"" he said.  ",BBC,28/03/2024,"['Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.', ""The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022."", 'He was found to have stolen billions from customers ahead of the failure.', ""Bankman-Fried's legal team will appeal against his conviction."", 'A message from his parents shared with the BBC by a representative for Bankman-Fried said: ""We are heartbroken and will continue to fight for our son.""', 'Earlier, the 32-year-old said in court he knew ""a lot of people"" felt ""really let down"". ""', ""I'm sorry about that."", 'I\'m sorry about what happened at every stage,"" he said, speaking quietly and clearly ahead of his sentencing.', ""FTX was one of the world's largest crypto exchanges before its demise, turning Bankman-Fried into a business celebrity and attracting millions of customers who used the platform to buy and trade cryptocurrency."", ""Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes."", 'He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had taken more than $8bn (£6.3bn) from customers, and used the money to buy property, make political donations and put toward other investments.', 'Before reading the sentence on Thursday, Judge Lewis Kaplan provided a harsh assessment of Bankman-Fried\'s behaviour, saying he had lied during his testimony at trial when he claimed he was unaware until the last minute that his companies were taking money entrusted to them for safe-keeping by customers and using it for other purposes. ""', 'He knew it was wrong.', 'He knew it was criminal.', 'He regrets that he made a very bad bet about the likelihood of getting caught but he\'s not going to admit a thing,"" the judge said.', 'Though Bankman-Fried had made ""protestations of sorrow"" about customer losses, he had uttered ""never a word of remorse for the commission of terrible crimes"", he added.', 'While 25 years constitutes a serious prison sentence, it is far less than the more than 100 years Bankman-Fried could have received under official government guidelines.', 'Federal prosecutors in New York this month told the judge such a long term was not necessary.', 'But they requested at least 40 years, arguing that Bankman-Fried had committed a massive fraud, while showing ""brazen disrespect"" for the law.', ""Bankman-Fried's team had argued for a lighter sentence of roughly five to 6.5 years."", 'They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court. ""', 'The victims want their money back and they should get it,"" his lawyer, Marc Mukasey, argued in court on Thursday morning. ""', 'Sentence him to work hard and give it all away.""', 'Former federal prosecutor Mitchell Epner, now a lawyer at Rottenberg Lipman Rich, said he was ""very surprised"" by the ruling, noting that Bankman-Fried could potentially be released from prison in about 13 years.', 'But Jennifer Taub, a law professor at Western New England University and expert on white-collar crime, said she thought the length of the sentence was appropriate. ""', 'It is the right balance between how old he is and what is the purpose of deterrence,"" she said.', 'In his sentencing remarks, Judge Kaplan said what could amount to a life sentence was unnecessary but that Bankman-Fried must receive a punishment sufficient to prevent him from committing future crimes. ""', 'There is a risk that this man will be in a position to do something very bad in the future and it\'s not a trivial risk, not a trivial risk at all,"" he said.', 'He also ordered Bankman-Fried to forfeit $11bn that can be used to compensate victims.', 'The government has already seized some of those assets, such as shares Bankman-Fried owned in Robinhood, the trading app which raised more than $600m when they were sold last year.', 'Bankman-Fried showed little visible reaction to the ruling.', 'Bankman-Fried has admitted to mistakes of mismanagement, but maintained that he was acting in good faith.', 'In his comments ahead of the sentencing, he stuck to his story that FTX had the holdings to repay customers at the time of its collapse and said he did not think that reasons behind customer suffering had been ""properly told"". ""', 'They\'ve been failed by more people than I can count"" including himself, he said, speaking of the exchange\'s customers. ""', 'It\'s been excruciating to watch.""', 'Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks. ""', 'They all built something really beautiful, they threw themselves into it and then I threw it all away,"" he added. ""', 'It haunts me every day.""', 'Dozens of people, including former FTX customers, family, friends of his parents and complete strangers, had submitted letters to the court, trying to sway the outcome.', 'Louis Dorigny of California, who had been an FTX customer said it was a ""bittersweet moment for creditors"". ""', 'I don\'t wish jail time on anybody, and 25 years is a very, very long time to be in prison, but it does nothing to compensate the victims for the loss of their cryptocurrency,"" he said.', 'Samuel Hapak, chief executive of crypto trading fund Wincent, whose firm represented 200 investors with millions of dollars at FTX when it entered bankruptcy, told the BBC that he thought the ruling was ""fair"". ""', 'Twenty-five years is a lot and I believe that this sounds like a reasonable signal to the industry that it needs to step up the game,"" he said.', 'Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.', ""He said he was also taking into account concerns raised by his lawyers and parents that Bankman-Fried's social awkwardness stemming from autism spectrum disorder would make him vulnerable in prison."", ""Bankman-Fried's case has been closely watched by other crypto executives and firms facing charges."", 'But he is not the first player in the industry to be sentenced.', 'Karl Sebastian Greenwood, who worked with ""Cryptoqueen"" Ruja Ignatova, was sentenced to 20 years in prison last year for his role convincing millions of people to invest more than $4bn in a fraudulent currency, OneCoin.', 'His case also drew comparisons to Bernie Madoff, who was setenced to 150 years in prison after being found guilty of a $64bn Ponzi scheme.', 'Former federal prosecutor Marc Litt, who worked on the the case against Madoff and is now a lawyer at Wachtel Missry, said he saw big differences between the two fraudsters, noting Madoff was older when sentenced, had committed his crimes over several decades, stolen from people he knew well and had no one step forward to testify to his character. ""', 'The court implicitly took those sorts of differences into consideration and I believe that the resulting lower sentence was both warranted and is unlikely to be disturbed on appeal,"" he said.']",-0.2778604803875567,"Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks. """,Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.,-0.2853164209259881,"They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court. ""","Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes.",2024-04-02
"Jon Stewart rips into Apple, his old boss, on The Daily Show",https://edition.cnn.com/2024/04/02/media/jon-stewart-lina-khan-apple-interview/index.html,"
  Updated
        9:08 AM EDT, Tue April 2, 2024
    ","Jon Stewart on “The Daily Show” Monday revealed what led to his abrupt exit from Apple and the cancellation of his short-lived show on its streaming TV platform. Stewart said that the tech giant prohibited him from discussing artificial intelligence or interviewing Federal Trade Commission chair Lina Khan.
    
            Khan was a guest on Stewart’s Comedy Central program, which he returned to in February and hosts on Mondays. Stewart and Khan discussed Big Tech monopolies, after the US Justice Department and more than a dozen states sued Apple last month in a blockbuster antitrust lawsuit that accused Apple of illegally monopolizing the smartphone market.
    
            Stewart said he had his own issues with Apple, telling Khan that he wanted to have her on the TV show’s companion podcast and “Apple asked us not do it.”
    
            “They literally said ‘please don’t talk to her,’” Stewart said. “Having nothing to do with what you do for a living, I don’t think they cared for you.”
    
            Although Khan’s FTC is not involved in the Apple antitrust lawsuit, the regulator has sued a number of tech companies recently, including Amazon.
    
            Stewart also said that Apple wouldn’t let him talk about AI, which he did in the first act of Monday’s show, when he discussed the “false promise” of the budding technology.
    
            “What is that sensitivity? Why are they so afraid to have these conversations out in the public sphere,” he asked Khan. “I think it just shows the dangers of what happens when you concentrate so much power and so much decision making in a small number of companies,” she replied.
    
            Khan also hinted at what tech regulations may be coming down the pike, noting that the FTC and Justice Department are scrutinizing how companies potentially use algorithms for price-fixing. Two weeks ago, the two agencies filed a statement of interest about price fixing in a case against Caesars Entertainment.
    
            “The Problem with Jon Stewart” ran for two seasons from 2021 to 2023 on Apple TV+. He told his show staffers that Apple had concerns about the subject matter he had planned for three shows during the upcoming season, a person familiar with the discussions told CNN in October. Those topics included China, Israel and AI.
    
            Although Apple gave Stewart creative control over the show, he grew increasingly frustrated that the company was pushing back on the show’s guest list and show subjects, he told staff.
    
            Stewart returned to “The Daily Show” earlier this year, marking a welcomed arrival for the show that lost much of its its cultural relevancy when Trevor Noah hosted it. A rotating line-up of comedians who will helm the program the rest of the week, Tuesdays through Thursdays.",CNN,02/04/2024,"['Jon Stewart on “The Daily Show” Monday revealed what led to his abrupt exit from Apple and the cancellation of his short-lived show on its streaming TV platform.', 'Stewart said that the tech giant prohibited him from discussing artificial intelligence or interviewing Federal Trade Commission chair Lina Khan.', 'Khan was a guest on Stewart’s Comedy Central program, which he returned to in February and hosts on Mondays.', 'Stewart and Khan discussed Big Tech monopolies, after the US Justice Department and more than a dozen states sued Apple last month in a blockbuster antitrust lawsuit that accused Apple of illegally monopolizing the smartphone market.', 'Stewart said he had his own issues with Apple, telling Khan that he wanted to have her on the TV show’s companion podcast and “Apple asked us not do it.”', '“They literallysaid ‘please don’t talk to her,’” Stewart said. “', 'Having nothing to do with what you do for a living, I don’t think they cared for you.”', 'Although Khan’s FTC is not involved in the Apple antitrust lawsuit, the regulator has sued a number of tech companies recently, including Amazon.', 'Stewart also said that Apple wouldn’t let him talk about AI, which he did in the first act of Monday’s show, when he discussed the “false promise” of the budding technology.', '“What is that sensitivity?', 'Why are they so afraid to have these conversations out in the public sphere,” he asked Khan. “', 'I think it just shows the dangers of what happens when you concentrate so much power and so much decision making in a small number of companies,” she replied.', 'Khan also hinted at what tech regulations may be coming down the pike, noting that the FTC and Justice Department are scrutinizing how companies potentially use algorithms for price-fixing.', 'Two weeks ago, the two agencies filed a statement of interest about price fixing in a case against Caesars Entertainment.', '“The Problem with Jon Stewart” ran for two seasons from 2021 to 2023 on Apple TV+.', 'He told his show staffers that Apple had concerns about the subject matter he had planned for three shows during the upcoming season, a person familiar with the discussions told CNN in October.', 'Those topics included China, Israel and AI.', 'Although Apple gave Stewart creative control over the show, he grew increasingly frustrated that the company was pushing back on the show’s guest list and show subjects, he told staff.', 'Stewart returned to “The Daily Show” earlier this year, marking a welcomed arrival for the show that lost much of its its cultural relevancy when Trevor Noah hosted it.', 'A rotating line-up of comedians who will helm the program the rest of the week, Tuesdays through Thursdays.']",0.1548837196567518,"Two weeks ago, the two agencies filed a statement of interest about price fixing in a case against Caesars Entertainment.","I think it just shows the dangers of what happens when you concentrate so much power and so much decision making in a small number of companies,” she replied.",-0.3596013486385345,"Stewart returned to “The Daily Show” earlier this year, marking a welcomed arrival for the show that lost much of its its cultural relevancy when Trevor Noah hosted it.","Although Apple gave Stewart creative control over the show, he grew increasingly frustrated that the company was pushing back on the show’s guest list and show subjects, he told staff.",2024-04-02
AI innovator Sir Demis Hassabis: Video games can boost creativity in young,https://www.bbc.co.uk/news/business-68692950,2024-03-30T00:31:15.000Z,"Parents tearing their hair out over children spending hours gaming should instead be encouraging their creative use of tech, a recently-knighted AI millionaire has told the BBC. Sir Demis Hassabis said they should be encouraged to create and programme. The co-founder and boss of Google's DeepMind himself grew up playing chess and gaming. Google bought his firm for a reported £400m in 2014. Sir Demis told BBC Radio 4's Today that gaming helped him to become successful. ""It's important to feed the creative part, not just playing them [games],"" he said. ""You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that."" He said children will have to be ready to be very adaptable in what will be a ""very fast-changing world"", and ""just embrace that adaptability"". Sir Demis, a child chess prodigy, designed and programmed a multi-million selling game called Theme Park in his teens before going to Cambridge University. After graduating he founded a video games firm, completed a PhD in neuroscience, and then co-founded DeepMind in London in 2010, which he subsequently sold to Google. On Thursday he posted on X saying he was ""delighted"" to receive his knighthood for services to AI. He told the BBC that the knighthood was recognition of what he and his team had done to ""seed the whole AI field and the AI industry"", and recognition of their contribution to British life. He said he did not regret selling DeepMind to Google 10 years ago as he regarded it as the right company with the needed computer power to take on the firm. ""There was no capability in the UK at the time to raise the hundreds of millions of dollars that one would require to take on things globally"", he said. AI has raised concerns about its use in imitating people in ""deepfake"" videos, including using the faces and voices of real life people in AI-generated sex videos.  Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"". There are also worries that the way AI is trained using publicly available data could lead to ""algorithm bias"". This is a particular concern where it is deployed to automate decision-making, such as picking the relevant CVs for job seekers. As the AI industry rapidly develops, Prime Minister Rishi Sunak held the first AI safety summit in 2023, where he said he recognised there was ""anxiety"" about the impact new tools could have on the workplace, but said it would enhance productivity over time. At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"". Speaking to BBC business editor Simon Jack, Sir Demis said he did not see himself as someone like Robert Oppenheimer, the designer of the nuclear bomb. He said his generation of scientists had heeded ""warnings"" about the power of science and ""the risks"" involved if such power is not ""handled correctly"". He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"". The full interview with Sir Demis Hassabis, broadcast on Today, can be heard via BBC Sounds. ",BBC,30/03/2024,"['Parents tearing their hair out over children spending hours gaming should instead be encouraging their creative use of tech, a recently-knighted AI millionaire has told the BBC.', 'Sir Demis Hassabis said they should be encouraged to create and programme.', ""The co-founder and boss of Google's DeepMind himself grew up playing chess and gaming."", 'Google bought his firm for a reported £400m in 2014.', 'Sir Demis told BBC Radio 4\'s Today that gaming helped him to become successful. ""', 'It\'s important to feed the creative part, not just playing them [games],"" he said. ""', 'You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that.""', 'He said children will have to be ready to be very adaptable in what will be a ""very fast-changing world"", and ""just embrace that adaptability"".', 'Sir Demis, a child chess prodigy, designed and programmed a multi-million selling game called Theme Park in his teens before going to Cambridge University.', 'After graduating he founded a video games firm, completed a PhD in neuroscience, and then co-founded DeepMind in London in 2010, which he subsequently sold to Google.', 'On Thursday he posted on X saying he was ""delighted"" to receive his knighthood for services to AI.', 'He told the BBC that the knighthood was recognition of what he and his team had done to ""seed the whole AI field and the AI industry"", and recognition of their contribution to British life.', 'He said he did not regret selling DeepMind to Google 10 years ago as he regarded it as the right company with the needed computer power to take on the firm. ""', 'There was no capability in the UK at the time to raise the hundreds of millions of dollars that one would require to take on things globally"", he said.', 'AI has raised concerns about its use in imitating people in ""deepfake"" videos, including using the faces and voices of real life people in AI-generated sex videos.', 'Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"".', 'There are also worries that the way AI is trained using publicly available data could lead to ""algorithm bias"".', 'This is a particular concern where it is deployed to automate decision-making, such as picking the relevant CVs for job seekers.', 'As the AI industry rapidly develops, Prime Minister Rishi Sunak held the first AI safety summit in 2023, where he said he recognised there was ""anxiety"" about the impact new tools could have on the workplace, but said it would enhance productivity over time.', 'At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"".', 'Speaking to BBC business editor Simon Jack, Sir Demis said he did not see himself as someone like Robert Oppenheimer, the designer of the nuclear bomb.', 'He said his generation of scientists had heeded ""warnings"" about the power of science and ""the risks"" involved if such power is not ""handled correctly"".', 'He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"".', 'The full interview with Sir Demis Hassabis, broadcast on Today, can be heard via BBC Sounds.']",0.1414346204235683,"You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that.""","At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"".",0.2439530417323112,"He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"".","Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"".",2024-04-02
How can I pay off my debts and what help is available?,https://www.bbc.co.uk/news/business-64291327,2023-01-16T12:06:14.000Z,"Two years of rising prices have left many people struggling to pay their bills and in debt. If you are in that position one option is to seek a debt relief order (DRO). From 6 April in England and Wales there will no longer be a £90 fee for applying for one. A DRO lets people who have got into severe difficulties start afresh. But there are other ways to tackle your debt. So what can you do if you find yourself in difficulty? First, work out how much you owe, who to, and how much you need to pay each month, says the charity Citizens Advice. Next, create a budget by adding up your income, such as your wage and any benefits you receive, then taking away the amount you need for essential living costs like food and housing. The amount left is what you have available to pay your debts. Once you have taken stock of your situation, see whether you can reduce your outgoings: you may be eligible for a reduction in your council tax or a lower tariff on your broadband or TV package for example.  You may also be able to boost your income. Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us. It is important to talk about your financial difficulties - the earlier, the better - or you may find yourself in a spiral of debt. If you think you cannot pay your debts or are feeling overwhelmed, seek support. Help is available. A trained debt adviser can talk you through the options available. Information and support is free of charge - here are some organisations who may be able to help. Identify which bills and debts are most urgent and pay them first, says debt advice charity StepChange. That will include your rent or mortgage repayments, and any other loans secured on the home. It also includes gas and electricity bills, child support and maintenance payments, council tax, income tax, VAT and other taxes, TV licence payments, court fines and payments. These are all what are known as priority debts and bills, because there can be serious consequences if you do not pay them, such as losing your home or facing court proceedings. You may have additional debts, such as credit card and store card debts, pay-day loans, buy-now-pay-later payments, overdrafts, unsecured loans and water bills. If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property. StepChange advises trying to make the minimum payments on every debt to avoid default charges, which can affect your credit rating. After that pay most towards whichever debt has the highest borrowing cost or interest rate. Your energy supplier must give you a chance to clear your debt through a payment plan - that means you agree to pay off the outstanding amount you owe, but spread out in smaller amounts over a longer period. If you don't agree a plan they can switch you onto a pre-payment mode to make sure you do not fall further into arrears. People in England and Wales who are getting debt advice can apply for a break, lasting up to 60 days, as part of the ""breathing space"" scheme. It shields them from further interest and charges to prevent them falling into a spiral of debt. If you are receiving mental health crisis treatment you can also apply for a breathing space scheme which lasts for the length of your treatment, plus another 30 days. Consultation is under way for a similar scheme in Northern Ireland. In Scotland, an alternative short-term debt relief system is known as a Statutory Moratorium and lasts for six months. If you think there is no way to pay off your outstanding debts, you may have to consider some form of personal insolvency. This should only be done after seeking advice.  Going through an insolvency process can have an impact on your personal and professional life, debt charities warn, and will affect your credit rating for up to six years. A debt relief order (DRO) is the easiest form of insolvency and is designed for people with few assets on low incomes. Your debts must not exceed £30,000 (rising to £50,000 at the end of June). If your application is accepted, some of your debts will be frozen for one year, then written off. It previously cost £90 to apply for a DRO but from 6 April it will be free if you live in England, Wales and Northern Ireland. Another option is an Individual Voluntary Arrangement (IVA). Under an IVA you make smaller payments over several years and then the rest of the debt is written off. Full bankruptcy, which is also usually completed within a year, can result in you having to sell assets such as a house or car to pay your debts. If you live in Scotland, bankruptcy is known legally as sequestration. There are three alternatives: a Debt Arrangement Scheme, a Debt Management Plan, or a Trust Deed. ",BBC,16/01/2023,"['Two years of rising prices have left many people struggling to pay their bills and in debt.', 'If you are in that position one option is to seek a debt relief order (DRO).', 'From 6 April in England and Wales there will no longer be a £90 fee for applying for one.', 'A DRO lets people who have got into severe difficulties start afresh.', 'But there are other ways to tackle your debt.', 'So what can you do if you find yourself in difficulty?', 'First, work out how much you owe, who to, and how much you need to pay each month, says the charity Citizens Advice.', 'Next, create a budget by adding up your income, such as your wage and any benefits you receive, then taking away the amount you need for essential living costs like food and housing.', 'The amount left is what you have available to pay your debts.', 'Once you have taken stock of your situation, see whether you can reduce your outgoings: you may be eligible for a reduction in your council tax or a lower tariff on your broadband or TV package for example.', 'You may also be able to boost your income.', 'Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us.', 'It is important to talk about your financial difficulties - the earlier, the better - or you may find yourself in a spiral of debt.', 'If you think you cannot pay your debts or are feeling overwhelmed, seek support.', 'Help is available.', 'A trained debt adviser can talk you through the options available.', 'Information and support is free of charge - here are some organisations who may be able to help.', 'Identify which bills and debts are most urgent and pay them first, says debt advice charity StepChange.', 'That will include your rent or mortgage repayments, and any other loans secured on the home.', 'It also includes gas and electricity bills, child support and maintenance payments, council tax, income tax, VAT and other taxes, TV licence payments, court fines and payments.', 'These are all what are known as priority debts and bills, because there can be serious consequences if you do not pay them, such as losing your home or facing court proceedings.', 'You may have additional debts, such as credit card and store card debts, pay-day loans, buy-now-pay-later payments, overdrafts, unsecured loans and water bills.', 'If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property.', 'StepChange advises trying to make the minimum payments on every debt to avoid default charges, which can affect your credit rating.', 'After that pay most towards whichever debt has the highest borrowing cost or interest rate.', 'Your energy supplier must give you a chance to clear your debt through a payment plan - that means you agree to pay off the outstanding amount you owe, but spread out in smaller amounts over a longer period.', ""If you don't agree a plan they can switch you onto a pre-payment mode to make sure you do not fall further into arrears."", 'People in England and Wales who are getting debt advice can apply for a break, lasting up to 60 days, as part of the ""breathing space"" scheme.', 'It shields them from further interest and charges to prevent them falling into a spiral of debt.', 'If you are receiving mental health crisis treatment you can also apply for a breathing space scheme which lasts for the length of your treatment, plus another 30 days.', 'Consultation is under way for a similar scheme in Northern Ireland.', 'In Scotland, an alternative short-term debt relief system is known as a Statutory Moratorium and lasts for six months.', 'If you think there is no way to pay off your outstanding debts, you may have to consider some form of personal insolvency.', 'This should only be done after seeking advice.', 'Going through an insolvency process can have an impact on your personal and professional life, debt charities warn, and will affect your credit rating for up to six years.', 'A debt relief order (DRO) is the easiest form of insolvency and is designed for people with few assets on low incomes.', 'Your debts must not exceed £30,000 (rising to £50,000 at the end of June).', 'If your application is accepted, some of your debts will be frozen for one year, then written off.', 'It previously cost £90 to apply for a DRO but from 6 April it will be free if you live in England, Wales and Northern Ireland.', 'Another option is an Individual Voluntary Arrangement (IVA).', 'Under an IVA you make smaller payments over several years and then the rest of the debt is written off.', 'Full bankruptcy, which is also usually completed within a year, can result in you having to sell assets such as a house or car to pay your debts.', 'If you live in Scotland, bankruptcy is known legally as sequestration.', 'There are three alternatives: a Debt Arrangement Scheme, a Debt Management Plan, or a Trust Deed.']",0.0708312938794804,"Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us.",Two years of rising prices have left many people struggling to pay their bills and in debt.,-0.3993595913052559,You may also be able to boost your income.,"If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property.",2024-04-02
AT&T data breach: Millions of customers caught up in major dark web leak,https://www.bbc.co.uk/news/world-us-canada-68701958,2024-03-30T23:32:01.000Z,"Personal data belonging to 73 million current or former AT&T customers has been leaked online. Information including addresses, social security numbers and passcodes was published on the dark web, the US telecoms giant said. AT&T said it had not identified evidence indicating the data had been stolen but had brought in cybersecurity experts to investigate. The company said it had reset customers' passcodes. They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"". The data involved in the breach appears to be from 2019 or earlier and is linked to 7.6 million customers and 65.4 million former account holders.   It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak. The company said in a statement that it was unclear whether the data had originated from its own systems or via a third-party supplier. AT&T's wireless 5G network covers around 290 million people across the US and the company is one of the country's largest mobile and internet services providers. In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected. Prosecutors in New York launched an investigation into that episode, which left people unable to use their phones for around 12 hours. ",BBC,30/03/2024,"['Personal data belonging to 73 million current or former AT&T customers has been leaked online.', 'Information including addresses, social security numbers and passcodes was published on the dark web, the US telecoms giant said.', 'AT&T said it had not identified evidence indicating the data had been stolen but had brought in cybersecurity experts to investigate.', ""The company said it had reset customers' passcodes."", 'They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"".', 'The data involved in the breach appears to be from 2019 or earlier and is linked to 7.6 million customers and 65.4 million former account holders.', 'It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak.', 'The company said in a statement that it was unclear whether the data had originated from its own systems or via a third-party supplier.', ""AT&T's wireless 5G network covers around 290 million people across the US and the company is one of the country's largest mobile and internet services providers."", 'In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected.', 'Prosecutors in New York launched an investigation into that episode, which left people unable to use their phones for around 12 hours.']",0.0473668899244806,"They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"".","It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak.",-0.7834284603595734,,"In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected.",2024-04-02
"The dismantling of GE, once America’s iconic ‘everything company,’ is now complete",https://edition.cnn.com/2024/04/02/business/general-electric-split-explained/index.html,"
  Updated
        3:58 PM EDT, Tue April 2, 2024
    ","GE once did almost everything for the typical American family – from providing much of the television they watched, to the light bulbs and appliances they depended upon, the electricity needed to power those household staples, even the subprime mortgage that allowed many of them to buy their homes.
    
            No longer.
    
            With Tuesday’s split into two companies, the break up of the once mighty industrial icon is complete. The company was founded by Thomas Edison in 1892 and built into the world’s largest and most valuable company by the once legendary, but now oft-criticized CEO Jack Welch. But, during this century, the company became a struggling, bloated conglomerate, weighed down by poorly timed deals that left it with unaffordable levels of debt.
    
            But instead of dealing with that debt and fixing its myriad problems, it spent tens of billions on share repurchases and dividends in a desperate attempt to support its sagging stock price.
    
            But that strategy did not work, and by 2018, it was booted from the Dow Jones Industrial Average, the index of 30 companies designed to represent America’s most significant stocks. It had been an original member of the index, and a part of it continuously since 1907. It was replaced by drug retailer Walgreens Boots Alliance.
    
            Larry Culp was tapped as CEO in 2018, and he accelerated the company on a path of cutting debt by spinning off and selling many of its divisions.
    
            GE had already gotten rid of the 49% of NBC it still owned by selling it to co-owner Comcast in 2013, and sold off its appliance business to China-based Haier in 2016. But the pace of divestitures picked up under Culp. In 2020, it sold its iconic light bulb unit, which had been one of the foundations of the company’s 19th century birth.
    
            Other units such as its aircraft leasing business were sold to competitors, a move that closed the books on its once-powerful finance unit, GE Capital. GE Capital had played a large role in the company’s broader decline with lending to a variety of customers and segments including subprime mortgages, and causing the company’s to lose its AAA credit rating in the midst of the Great Recession in 2009.
    
            Finally in November 2021 GE announced plans to split into three separate companies – GE Healthcare, which was spun-off last year, GE Aerospace, which builds jet engines, and GE Vernova, which is comprised of its energy generation business. GE Healthcare started trading in January of 2023. Tuesday the stock for those two remaining companies started trading on US markets.
    
            Culp’s moves helped to turn around shares of GE, which had fallen by 45% in 2017 and another 57% in 2018. Its shares nearly doubled, rising 95%, in 2023, and were up another 37% this year
    
            GE Aerospace will retain the longtime GE stock symbol, and Culp as its CEO. How long he stays in that job is not clear. Some have suggested he could be the successor for Dave Calhoun, the retiring CEO of another troubled iconic US company, Boeing. In an interview on CNBC Tuesday, Culp dodged a question about whether he would be interested in that job, voicing confidence in Boeing, which is a major customer of GE’s engines.",CNN,02/04/2024,"['GE once did almost everything for the typical American family – from providing much of the television they watched, to the light bulbs and appliances they depended upon, the electricity needed to power those household staples, even the subprime mortgage that allowed many of them to buy their homes.', 'No longer.', 'With Tuesday’s split into two companies, the break up of the once mighty industrial icon is complete.', 'The company was founded by Thomas Edison in 1892 and built into the world’s largest and most valuable company by the once legendary, but now oft-criticized CEO Jack Welch.', 'But, during this century, the company became a struggling, bloated conglomerate, weighed down by poorly timed deals that left it with unaffordable levels of debt.', 'But instead of dealing with that debt and fixing its myriad problems, it spent tens of billions on share repurchases and dividends in a desperate attempt to support its sagging stock price.', 'But that strategy did not work, and by 2018, it was booted from the Dow Jones Industrial Average, the index of 30 companies designed to represent America’s most significant stocks.', 'It had been an original member of the index, and a part of it continuously since 1907.', 'It was replaced by drug retailer Walgreens Boots Alliance.', 'Larry Culp was tapped as CEO in 2018, and he accelerated the company on a path of cutting debt by spinning off and selling many of its divisions.', 'GE had already gotten rid of the 49% of NBC it still owned by selling it to co-owner Comcast in 2013, and sold off its appliance business to China-based Haier in 2016.', 'But the pace of divestitures picked up under Culp.', 'In 2020, it sold its iconic light bulb unit, which had been one of the foundations of the company’s 19th century birth.', 'Other units such as its aircraft leasing business were sold to competitors, a move that closed the books on its once-powerful finance unit, GE Capital.', 'GE Capital had played a large role in the company’s broader decline with lending to a variety of customers and segments including subprime mortgages, and causing the company’s to lose its AAA credit rating in the midst of the Great Recession in 2009.', 'Finally in November 2021 GE announced plans to split into three separate companies – GE Healthcare, which was spun-off last year, GE Aerospace, which builds jet engines, and GE Vernova, which is comprised of its energy generation business.', 'GE Healthcare started trading in January of 2023.', 'Tuesday the stock for those two remaining companies started trading on US markets.', 'Culp’s moves helped to turn around shares of GE, which had fallen by 45% in 2017 and another 57% in 2018.', 'Its shares nearly doubled, rising 95%, in 2023, and were up another 37% this year  GE Aerospace will retain the longtime GE stock symbol, and Culp as its CEO.', 'How long he stays in that job is not clear.', 'Some have suggested he could be the successor for Dave Calhoun, the retiring CEO of another troubled iconic US company, Boeing.', 'In an interview on CNBC Tuesday, Culp dodged a question about whether he would be interested in that job, voicing confidence in Boeing, which is a major customer of GE’s engines.']",3.862317815172134e-06,"In an interview on CNBC Tuesday, Culp dodged a question about whether he would be interested in that job, voicing confidence in Boeing, which is a major customer of GE’s engines.","But, during this century, the company became a struggling, bloated conglomerate, weighed down by poorly timed deals that left it with unaffordable levels of debt.",-0.1470986519541059,"Its shares nearly doubled, rising 95%, in 2023, and were up another 37% this year  GE Aerospace will retain the longtime GE stock symbol, and Culp as its CEO.","GE Capital had played a large role in the company’s broader decline with lending to a variety of customers and segments including subprime mortgages, and causing the company’s to lose its AAA credit rating in the midst of the Great Recession in 2009.",2024-04-02
Tesla 'disaster' with fewest deliveries since 2022,https://www.bbc.co.uk/news/business-68715906,2024-04-02T15:03:41.000Z,"Deliveries from Elon Musk's Tesla have slid sharply in the first three months of the year, as the EV company grappled with a fire at its European factory, global shipping disruption and other challenges.  The company handed over just under 387,000 electric cars to customers - the smallest quarterly figure in more than a year. That was down more than 8% year-on-year and far fewer than analysts expected. Shares fell more than 4% on the news.  Wedbush Securities analyst Dan Ives described the update as an ""unmitigated disaster ... that is hard to explain away"". Tesla shares had already dropped over the last year, reflecting challenges as higher interest rates make its cars less affordable and rivals ramp up their own electric vehicle offerings. The firm has cut prices repeatedly in response. But demand in key markets such as China has weakened nonetheless, as competitors such as BYD make gains.  Tesla's problems worsened in the first three months of this year. Houthi attacks in the Red Sea caused supply disruptions which temporarily shut its factory in Germany which was later hit by an alleged arson attack.  Mr Ives said the figures suggested the first quarter had been a ""train wreck into a brick wall"" for the company, raising the pressure on Mr Musk.  ""This is a fork in the road time to get Tesla through this turbulent period otherwise troubling days could be ahead,"" he said.  The company said production in the first quarter fell about 1.6% year-on-year, from 439,701 cars in 2023 to 433,371 during the same period this year.  But deliveries were more significantly affected, dropping more than 8% year-on-year. That marked the first annual fall for any quarter since 2020. Deliveries were down 20% compared with the final quarter of 2023. The drop comes as car companies across the industry have been scaling back their electric car ambitions, warning of weaker-than-expected demand. However, most forecasters still expect electric vehicle sales to grow significantly this year.  Tesla has also faced company-specific problems. Its driverless car software, which it has claimed will unleash a new wave of growth, has also been under scrutiny, while safety officials have been probing the firm's power steering and other areas.   At the same time, some investors in the firm have voiced concerns that its line-up of products has grown tired, whileMr Musk's focus has been elsewhere, including at his social media company X, formerly Twitter, where his decisions and posts have sparked controversy, denting the Tesla brand.  ",BBC,02/04/2024,"[""Deliveries from Elon Musk's Tesla have slid sharply in the first three months of the year, as the EV company grappled with a fire at its European factory, global shipping disruption and other challenges."", 'The company handed over just under 387,000 electric cars to customers - the smallest quarterly figure in more than a year.', 'That was down more than 8% year-on-year and far fewer than analysts expected.', 'Shares fell more than 4% on the news.', 'Wedbush Securities analyst Dan Ives described the update as an ""unmitigated disaster ... that is hard to explain away"".', 'Tesla shares had already dropped over the last year, reflecting challenges as higher interest rates make its cars less affordable and rivals ramp up their own electric vehicle offerings.', 'The firm has cut prices repeatedly in response.', 'But demand in key markets such as China has weakened nonetheless, as competitors such as BYD make gains.', ""Tesla's problems worsened in the first three months of this year."", 'Houthi attacks in the Red Sea caused supply disruptions which temporarily shut its factory in Germany which was later hit by an alleged arson attack.', 'Mr Ives said the figures suggested the first quarter had been a ""train wreck into a brick wall"" for the company, raising the pressure on Mr Musk. ""', 'This is a fork in the road time to get Tesla through this turbulent period otherwise troubling days could be ahead,"" he said.', 'The company said production in the first quarter fell about 1.6% year-on-year, from 439,701 cars in 2023 to 433,371 during the same period this year.', 'But deliveries were more significantly affected, dropping more than 8% year-on-year.', 'That marked the first annual fall for any quarter since 2020.', 'Deliveries were down 20% compared with the final quarter of 2023.', 'The drop comes as car companies across the industry have been scaling back their electric car ambitions, warning of weaker-than-expected demand.', 'However, most forecasters still expect electric vehicle sales to grow significantly this year.', 'Tesla has also faced company-specific problems.', ""Its driverless car software, which it has claimed will unleash a new wave of growth, has also been under scrutiny, while safety officials have been probing the firm's power steering and other areas."", ""At the same time, some investors in the firm have voiced concerns that its line-up of products has grown tired, whileMr Musk's focus has been elsewhere, including at his social media company X, formerly Twitter, where his decisions and posts have sparked controversy, denting the Tesla brand.""]",-0.2132242218251039,"Tesla shares had already dropped over the last year, reflecting challenges as higher interest rates make its cars less affordable and rivals ramp up their own electric vehicle offerings.",Houthi attacks in the Red Sea caused supply disruptions which temporarily shut its factory in Germany which was later hit by an alleged arson attack.,-0.7755268381701576,"However, most forecasters still expect electric vehicle sales to grow significantly this year.","Tesla shares had already dropped over the last year, reflecting challenges as higher interest rates make its cars less affordable and rivals ramp up their own electric vehicle offerings.",2024-04-02
"NBC cut ties with Ronna McDaniel after extraordinary pressure, but its problems aren’t over",https://edition.cnn.com/2024/03/27/media/nbc-ronna-mcdaniel-problems-are-not-over/index.html,"
  Updated
        8:16 AM EDT, Wed March 27, 2024
    ","Only 80 hours elapsed between NBC News announcing Ronna McDaniel as a paid contributor and the network ousting her from that very role. But for the leadership at NBC Universal News Group, those were 80 painful hours.
    
            On Tuesday evening, following another full day in which the media rumor mill churned at warp speed, NBCU News Group boss Cesar Conde sent staff a memo, notifying his troops that he had reversed his decision to welcome the former Republican National Committee chair to “the team.”
    
            “After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor,” Conde said, adding that he wanted to “personally apologize to our team members who felt we let them down.”
    
            Conde had no real choice. The embattled NBCU boss, who I’m told dealt with the crisis from an unknown location outside of 30 Rock, was facing an unprecedented rebellion from his most high-profile stars, who one by one went on the air and excoriated leadership’s decision to hire McDaniel. The only aspect of Conde’s note that was surprising was the fact that it came 48 hours late, allowing what started off as a crisis to fester and balloon into one of the worst corporate public relations calamities in recent memory.
    
            “What a sh*t show!” a media executive exclaimed to me Tuesday shortly after Conde relieved McDaniel of her NBC News credentials.
    
            In his note, Conde said he took “full responsibility” for McDaniel’s hire. But, he also did point the finger, telling staffers that hiring her was “a collective recommendation by some members of our leadership team.” Indeed, multiple people familiar with the matter have told me that the infighting among NBC executives over who was at fault for the disaster has reached a fever pitch, with various factions of the NBCU News Group assigning blame to others.
    
            Regardless of who is to blame, the entire affair made clear who is actually in control of the company — and it’s not Conde & Co. Despite the NBCU C-suite digging their heels in the sand as they resisted dumping McDaniel for days, they were ultimately forced to succumb to pressure from their talent. As a second media executive commented to me, it is now “very clear who is in charge” after the “weak leadership was put on full display.”
    
            “Has Cesar lost the room?” wondered a third media executive.
    
            While the Peacock family argues over who was really at fault, the company is facing a fresh public relations mess. Led by Donald Trump, right-wing personalities are already assailing the network as being overrun with intolerant woke leftists.
    
            “These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.
    
            Ari Fleischer, who served as press secretary under President George W. Bush, wrote on X: “What NBC is saying is if you’re for Trump, you don’t belong. Good. Let NBC be for Democrats only.”
    
            Of course, that narrative is intellectually dishonest. The objection to McDaniel from both within and outside of NBCU was not that she is a Republican. It wasn’t even that she was a Trump-supporting Republican. No, the objection stemmed from the fact that McDaniel was an active participant in the plot to subvert the 2020 vote. And, in addition to that disgraceful history, she had a lengthy track record smearing NBC News and MSNBC.
    
            Nevertheless, NBCU will now have to contend with such dishonest attacks being leveled by the right, which will follow them in the days, months, and even years to come. As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.
    
            NBCU will also have to grapple with McDaniel, who spent the last 24 hours or so interviewing lawyers as she gears up for a possible legal fight with the network, according to a person familiar with the matter. The rift between McDaniel and NBCU had grown to such an extent by Tuesday that she was not informed by network brass that she had been dismissed, I’m told. Instead, McDaniel learned of her ouster in press reports.
    
            While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars. Shortly after Conde sent out his memo, Rachel Maddow appeared on Joy Reid’s show, where the two lauded Conde for reversing course.
    
            “I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “That leadership was willing to change on this, I’m grateful to them.”",CNN,27/03/2024,"['Only 80 hours elapsed between NBC News announcing Ronna McDaniel as a paid contributor and the network ousting her from that very role.', 'But for the leadership at NBC Universal News Group, those were 80painful hours.', 'On Tuesday evening, following another full day in which the media rumor mill churned at warp speed, NBCU News Group boss Cesar Conde sent staff a memo, notifying his troops that he had reversed his decision to welcome the former Republican National Committee chair to “the team.”', '“After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor,” Conde said, adding that he wanted to “personally apologize to our team members who felt we let them down.”', 'Conde had no real choice.', 'The embattled NBCU boss, who I’m told dealt with the crisis from an unknown location outside of 30 Rock, was facing an unprecedented rebellion from his most high-profile stars, who one by one went on the air and excoriated leadership’s decision to hire McDaniel.', 'The only aspect of Conde’s note that was surprising was the fact that it came 48 hours late, allowing what started off as a crisis to fester and balloon into one of the worst corporate public relations calamities in recent memory.', '“What a sh*t show!”', 'a media executive exclaimed to me Tuesday shortly after Conde relieved McDaniel of her NBC News credentials.', 'In his note, Conde said he took “full responsibility” for McDaniel’s hire.', 'But, he also did point the finger, telling staffers that hiring her was “a collective recommendation by some members of our leadership team.”', 'Indeed, multiple people familiar with the matter have told me that the infighting among NBC executives over who was at fault for the disaster has reached a fever pitch, with various factions of the NBCU News Group assigning blame to others.', 'Regardless of who is to blame, the entire affair made clear who is actually in control of the company — and it’s not Conde & Co. Despite the NBCU C-suite digging their heels in the sand as they resisted dumping McDaniel for days, they were ultimately forced to succumb to pressure from their talent.', 'As a second media executive commented to me, it is now “very clear who is in charge” after the “weak leadership was put on full display.”', '“Has Cesar lost the room?”', 'wondered a third media executive.', 'While the Peacock family argues over who was really at fault, the company is facing a fresh public relations mess.', 'Led by Donald Trump, right-wing personalities are already assailing the network as being overrun with intolerant woke leftists.', '“These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.', 'Ari Fleischer, who served as press secretary under President George W. Bush, wrote on X: “What NBC is saying is if you’re for Trump, you don’t belong.', 'Good.', 'Let NBC be for Democrats only.”', 'Of course, that narrative is intellectually dishonest.', 'The objection to McDaniel from both within and outside of NBCU was not that she is a Republican.', 'It wasn’t even that she was a Trump-supporting Republican.', 'No, the objection stemmed from the fact that McDaniel was an active participant in the plot to subvert the 2020 vote.', 'And, in addition to that disgraceful history, she had a lengthy track record smearing NBC News and MSNBC.', 'Nevertheless, NBCU will now have to contend with such dishonest attacks being leveled by the right, which will follow them in the days, months, and even years to come.', 'As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.', 'NBCU will also have to grapple with McDaniel, who spent the last 24 hours or so interviewing lawyers as she gears up for a possible legal fight with the network, according to a person familiar with the matter.', 'The rift between McDaniel and NBCU had grown to such an extent by Tuesday that she was not informed by network brass that she had been dismissed, I’m told.', 'Instead, McDaniel learned of her ouster in press reports.', 'While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars.', 'Shortly after Conde sent out his memo, Rachel Maddow appeared on Joy Reid’s show, where the two lauded Conde for reversing course.', '“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “', 'That leadership was willing to change on this, I’m grateful to them.”']",-0.0743400881523301,"“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “","“These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.",-0.3914039839397777,"While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars.","As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.",2024-04-02
India's army of gold refiners face new competition,https://www.bbc.co.uk/news/business-68596195,2024-03-28T23:19:19.000Z,"Refining gold has a long history in the family of Satish Pratap Salunke. Following in the footsteps of his father and grandfather, he and his business collect scrap gold from jewellers, melt it down and sell it back to the jewellers in the form of gold bars. He has two refineries, one in Kochi in the southern state of Kerala and the other in Tiruchirappalli in Tamil Nadu. Relatives have refineries elsewhere in the south of India. ""Every day my refiners on an average melt two to three kilograms of gold,"" he says. Almost every town in India will have at least one small refinery similar to those run by Mr Salunke. It is known as the ""unorganised"" refining sector, which distinguishes it from big refiners who make gold bars and coins from imported, unrefined gold. It is estimated that, in total, Indian households hold a massive 25,000 tonnes of gold, and some of that is always available for sale, particularly when the price of gold is high or the economy is bad and people want to raise some cash. Jewellers may process returned gold themselves but will often use small refiners who will make the gold back into bars. Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash.  ""Most jewellers prefer buying gold from us, as we are based in every city with small units. A jeweller can take back his refined gold in a few hours, not like big refiners who will take days to refine the recycled gold."" According to the World Gold Council, of the 900 tonnes of gold refined in India in 2023, 117 came from recycled sources. But that recycling market is being eyed up by India's big industrial gold refiners.  They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré. Between 2013 and 2021, India's large-scale refiners increased their capacity from 300 to 1,800 tonnes of gold a year. But it is difficult for them to import enough unrefined gold to keep their refineries running. In fact, less than 50% of their refining capacity is used, according to Harshad Ajmera, secretary of the Association of Gold Refiners and Mints. So big refiners have been opening scrap collection centres in big cities, hoping to scoop up unwanted gold and turn it into high-quality bars. ""At present most of the recycling of gold is done by the unorganised sector [small refiners] - that has to change,"" says Mr Ajmera. More technology of business He wants India to become a global hub for gold refining, which would mean importing more unrefined gold and for the big firms to take over more of the gold recycling. ""Switzerland is the world's largest gold refining centre and transit hub. We want India also to be in the same position,"" says Mr Ajmera. CGR Metalloys is one of India's leading gold refiners, refining about 150 tonnes of gold a year. Like the other big players, it has the latest equipment for gold smelting and refining, which it says is better for the environment and can guarantee the purity of its gold to extremely high levels.  ""The refined bullion is analysed to the highest levels of accuracy, on various methods of gold assaying,"" says James Jose, managing director at CGR. It has opened three gold recycling centres in the state of Kerala. ""Indian refineries have a huge capacity... we have huge overheads. So setting up collection centres will increase the flow of scrap gold. This will help increase my output by 30% to 40%,"" says Mr Jose. In recent years, the government has become more involved in the refining industry. In 2020 the Bureau of Indian Standards (BIS) introduced a range of standards for gold bars including purity, weight, markings and dimensions. BIS-approved refiners can sell their bars to the commodity markets. ""The industry is gradually shifting towards greater organisation and efficiency, led by established refineries licensed by the Bureau of Indian Standards, which is setting trusted benchmarks for refined gold products, which will make India a global hub,"" says Somasundaram PR, the chief executive of the World Gold Council India. Some figures suggest that smaller refiners are losing ground. According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%. The moves made by big recycling firms do not concern Mr Salunke much - he says he knows his customers. ""Local jewellers are not willing to pay a recycling cost which is too much beyond what we charge,"" he says. And, like other smaller refiners, Mr Salunke has also been investing in modern refining technology. They are moving away from using nitric acid to purify gold, instead switching to Aqua Regia, which is less polluting.  ""The gold recycled by us is as pure as gold recycled by an organised refinery,"" says Mr Salunke. ""Now we have a testing facility to check the purity, so it would be wrong to say we cannot refine gold into its purest form."" ",BBC,28/03/2024,"['Refining gold has a long history in the family of Satish Pratap Salunke.', 'Following in the footsteps of his father and grandfather, he and his business collect scrap gold from jewellers, melt it down and sell it back to the jewellers in the form of gold bars.', 'He has two refineries, one in Kochi in the southern state of Kerala and the other in Tiruchirappalli in Tamil Nadu.', 'Relatives have refineries elsewhere in the south of India. ""', 'Every day my refiners on an average melt two to three kilograms of gold,"" he says.', 'Almost every town in India will have at least one small refinery similar to those run by Mr Salunke.', 'It is known as the ""unorganised"" refining sector, which distinguishes it from big refiners who make gold bars and coins from imported, unrefined gold.', 'It is estimated that, in total, Indian households hold a massive 25,000 tonnes of gold, and some of that is always available for sale, particularly when the price of gold is high or the economy is bad and people want to raise some cash.', 'Jewellers may process returned gold themselves but will often use small refiners who will make the gold back into bars.', 'Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash. ""', 'Most jewellers prefer buying gold from us, as we are based in every city with small units.', 'A jeweller can take back his refined gold in a few hours, not like big refiners who will take days to refine the recycled gold.""', 'According to the World Gold Council, of the 900 tonnes of gold refined in India in 2023, 117 came from recycled sources.', ""But that recycling market is being eyed up by India's big industrial gold refiners."", 'They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré.', ""Between 2013 and 2021, India's large-scale refiners increased their capacity from 300 to 1,800 tonnes of gold a year."", 'But it is difficult for them to import enough unrefined gold to keep their refineries running.', 'In fact, less than 50% of their refining capacity is used, according to Harshad Ajmera, secretary of the Association of Gold Refiners and Mints.', 'So big refiners have been opening scrap collection centres in big cities, hoping to scoop up unwanted gold and turn it into high-quality bars. ""', 'At present most of the recycling of gold is done by the unorganised sector [small refiners] - that has to change,"" says Mr Ajmera.', 'More technology of business He wants India to become a global hub for gold refining, which would mean importing more unrefined gold and for the big firms to take over more of the gold recycling. ""', ""Switzerland is the world's largest gold refining centre and transit hub."", 'We want India also to be in the same position,"" says Mr Ajmera.', ""CGR Metalloys is one of India's leading gold refiners, refining about 150 tonnes of gold a year."", 'Like the other big players, it has the latest equipment for gold smelting and refining, which it says is better for the environment and can guarantee the purity of its gold to extremely high levels. ""', 'The refined bullion is analysed to the highest levels of accuracy, on various methods of gold assaying,"" says James Jose, managing director at CGR.', 'It has opened three gold recycling centres in the state of Kerala. ""', 'Indian refineries have a huge capacity... we have huge overheads.', 'So setting up collection centres will increase the flow of scrap gold.', 'This will help increase my output by 30% to 40%,"" says Mr Jose.', 'In recent years, the government has become more involved in the refining industry.', 'In 2020 the Bureau of Indian Standards (BIS) introduced a range of standards for gold bars including purity, weight, markings and dimensions.', 'BIS-approved refiners can sell their bars to the commodity markets. ""', 'The industry is gradually shifting towards greater organisation and efficiency, led by established refineries licensed by the Bureau of Indian Standards, which is setting trusted benchmarks for refined gold products, which will make India a global hub,"" says Somasundaram PR, the chief executive of the World Gold Council India.', 'Some figures suggest that smaller refiners are losing ground.', 'According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%.', 'The moves made by big recycling firms do not concern Mr Salunke much - he says he knows his customers. ""', 'Local jewellers are not willing to pay a recycling cost which is too much beyond what we charge,"" he says.', 'And, like other smaller refiners, Mr Salunke has also been investing in modern refining technology.', 'They are moving away from using nitric acid to purify gold, instead switching to Aqua Regia, which is less polluting. ""', 'The gold recycled by us is as pure as gold recycled by an organised refinery,"" says Mr Salunke. ""', 'Now we have a testing facility to check the purity, so it would be wrong to say we cannot refine gold into its purest form.""']",0.0799652359830087,"Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash. """,But it is difficult for them to import enough unrefined gold to keep their refineries running.,0.5293743080563016,"They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré.","According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%.",2024-04-02
Minimum wage rise gives boost to 2.7 million lowest-paid,https://www.bbc.co.uk/news/business-68678814,2024-03-31T23:00:28.000Z,"The minimum wage set by the government, known as the National Living Wage, is increasing by more than £1 for the first time, providing a boost for 2.7 million low-paid workers. The main wage rate is rising from £10.42 to £11.44 an hour and will apply to workers over 21 rather than over 23. Younger workers will also see a rise in the rates that apply to them. However, some businesses say the higher labour costs will make it harder for them to keep prices down. The changes mean:  Samuel, who works at Grindsmith coffee house in Salford, is one of those who will benefit from the increase. The 26-year-old says before the pay hike he was left with about £400 at the end of the month after rent and bills were paid, but felt he was being left ""shorter and shorter"" each time. ""Maybe for a month you'll be like 'oh, I've got money this month' but next month will be a bit of a rough one,"" Samuel says. He says the increase in the minimum wage will make up for the way prices have been rising, and help him afford more than just the essentials. When setting the minimum wage, the government is guided by proposals from the Low Pay Commission. The rising cost of living prompted the independent commission to recommend a bigger rise in the minimum wage.  The government accepted the recommendation, saying it meant the Conservatives' target to ""end low pay"", by lifting the minimum wage to two-thirds of average earnings, had now been met. However, Samuel's employer, Peter Gibson, the director and co-founder of Grindsmith, says businesses are under strain from the rise in wage costs. An increase for the lowest paid means he has to boost wages for other staff to maintain a differential, he says. ""With such a large increase this time, the minimum wage is now catching up to what we would pay our supervisors, so there must be some inflation in their wages as well. ""So for us, as a small business, it's not just a pay increase for minimum wage [workers], it's a pay increase across the company,"" Mr Gibson says. To manage the rise in costs, the company will consider increasing prices and cutting staff hours, he adds. ""Our hand's being forced,"" he says. ""It's not to make the company more money, it's to make the exact same amount of money, at the end, but with higher prices."" Business and trade minister Kevin Hollinrake conceded that rising wages meant rising costs for firms. ""We should never forget that private sector businesses shoulder the biggest burden in terms of paying the minimum wage,"" he told the BBC.""But it is really good news for 2.7 million people."" The Resolution Foundation, an independent think-tank, says the minimum wage increase represented a rise of 7.8% in real terms - once inflation was taken into account - and a 9.8% rise in cash terms. It says pay inequality had fallen significantly since 1999 when the minimum wage was introduced, making it ""the single most successful economic policy in a generation"". Are you affected by the issues raised in this story? Share your experiences by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/03/2024,"['The minimum wage set by the government, known as the National Living Wage, is increasing by more than £1 for the first time, providing a boost for 2.7 million low-paid workers.', 'The main wage rate is rising from £10.42 to £11.44 an hour and will apply to workers over 21 rather than over 23.', 'Younger workers will also see a rise in the rates that apply to them.', 'However, some businesses say the higher labour costs will make it harder for them to keep prices down.', 'The changes mean: Samuel, who works at Grindsmith coffee house in Salford, is one of those who will benefit from the increase.', 'The 26-year-old says before the pay hike he was left with about £400 at the end of the month after rent and bills were paid, but felt he was being left ""shorter and shorter"" each time. ""', 'Maybe for a month you\'ll be like \'oh, I\'ve got money this month\' but next month will be a bit of a rough one,"" Samuel says.', 'He says the increase in the minimum wage will make up for the way prices have been rising, and help him afford more than just the essentials.', 'When setting the minimum wage, the government is guided by proposals from the Low Pay Commission.', 'The rising cost of living prompted the independent commission to recommend a bigger rise in the minimum wage.', 'The government accepted the recommendation, saying it meant the Conservatives\' target to ""end low pay"", by lifting the minimum wage to two-thirds of average earnings, had now been met.', ""However, Samuel's employer, Peter Gibson, the director and co-founder of Grindsmith, says businesses are under strain from the rise in wage costs."", 'An increase for the lowest paid means he has to boost wages for other staff to maintain a differential, he says. ""', 'With such a large increase this time, the minimum wage is now catching up to what we would pay our supervisors, so there must be some inflation in their wages as well. ""', 'So for us, as a small business, it\'s not just a pay increase for minimum wage [workers], it\'s a pay increase across the company,"" Mr Gibson says.', 'To manage the rise in costs, the company will consider increasing prices and cutting staff hours, he adds. ""', 'Our hand\'s being forced,"" he says. ""', 'It\'s not to make the company more money, it\'s to make the exact same amount of money, at the end, but with higher prices.""', 'Business and trade minister Kevin Hollinrake conceded that rising wages meant rising costs for firms. ""', 'We should never forget that private sector businesses shoulder the biggest burden in terms of paying the minimum wage,"" he told the BBC.""But it is really good news for 2.7 million people.""', 'The Resolution Foundation, an independent think-tank, says the minimum wage increase represented a rise of 7.8% in real terms - once inflation was taken into account - and a 9.8% rise in cash terms.', 'It says pay inequality had fallen significantly since 1999 when the minimum wage was introduced, making it ""the single most successful economic policy in a generation"".', 'Are you affected by the issues raised in this story?', 'Share your experiences by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.1614124140408722,"The changes mean: Samuel, who works at Grindsmith coffee house in Salford, is one of those who will benefit from the increase.","When setting the minimum wage, the government is guided by proposals from the Low Pay Commission.",0.4229144068325267,"It says pay inequality had fallen significantly since 1999 when the minimum wage was introduced, making it ""the single most successful economic policy in a generation"".","Business and trade minister Kevin Hollinrake conceded that rising wages meant rising costs for firms. """,2024-04-02
"What are the National Minimum Wage, National Living Wage and Real Living Wage?",https://www.bbc.co.uk/news/uk-politics-48445674,2019-05-30T13:32:43.000Z,"Millions of workers across the UK have received a pay increased after the National Minimum Wage and National Living Wage rose on 1 April.  The Real Living Wage - a higher amount voluntarily paid by some UK businesses - remains the same.  From 1 April, employees aged 21 and over became entitled to the National Living Wage. Previously, you had to be 23 to qualify. The rate increased to £11.44 an hour, up from £10.42. The changes, which apply across the UK, mean: Younger employees - aged between 16 and 20 - receive the National Minimum Wage. The rates for this also increased on 1 April: The separate apprentice rate, which applies to eligible people under 19 - or those over 19 in the first year of an apprenticeship - will be £6.40 an hour, up from £5.28. The National Living Wage and National Minimum Wage are both set by the Department for Business and Trade every year on the advice of independent group, the Low Pay Commission. Those who don't qualify include: People with disabilities or in long-term unemployment who take part in government work programmes are paid fixed amounts at different stages of the scheme.  These are less than the equivalent National Minimum or Living rate.  Yes, it is a criminal offence if employers fail to pay the correct National Minimum and Living Wages to their workers.  The rates apply to staff even if they are not paid by the hour. If you think you are being paid incorrectly, you can complain via the HMRC website.  You can also get advice from workplace experts Acas. Any employer not paying the correct amount can be fined by HMRC. In June 2023, the government said that more than 200 firms had been fined a total of nearly £7m and told to reimburse 63,000 workers for failures over several years. The companies included Marks and Spencer, Argos and Lloyds Pharmacy.  WH Smith was the worst offender, having failed to pay more than £1m to more than 17,600 workers. The Real Living Wage is an unofficial hourly rate which is overseen by the Living Wage Foundation charity. It is based on the amount the charity believes people need to earn.  It is aimed at UK workers aged 18 and over, but is not a legal requirement, and businesses choose whether to pay it.  The charity says more than 460,000 employees working for 14,000 firms currently receive the Real Living Wage.   The rate for workers in London - sometimes called the London Living Wage - is £13.15 an hour.  In the rest of the UK, it is £12. A qualifying full-time worker in London would earn £5,323 more than someone on the National Living Wage.  Someone on the Real Living Wage outside the capital would earn £3,081 more than someone on the National Living Wage.  The charity points out that - unlike the National Minimum Wage - the Real Living Wage has kept up with the rising cost of living. The CPI measure of inflation rose by 17.4% between September 2021 and September 2023. Over the same period the Real Living Wage for the UK went up by 21.2% (19% in London).  By comparison, the National Minimum Wage increased by less than CPI between April 2021 and April 2023.  In February 2024, the charity said it had found that one in eight UK jobs paid less than its suggested hourly rate, with the highest concentration of low-paid jobs in the north-east of England (15.9%), the East Midlands (15.7%) and Northern Ireland (15.6%).  The National Minimum Wage came into force under the Labour government in 1999.  It started at £3.60 an hour for those 22 and older, and £3 for 18-21-year-olds. The Conservative government introduced the National Living Wage for workers aged over 25 in 2016. It was initially set at £7.20 an hour - 50p more than the National Minimum Wage. The qualifying age fell to 23 in 2021.  ",BBC,30/05/2019,"['Millions of workers across the UK have received a pay increased after the National Minimum Wage and National Living Wage rose on 1 April.', 'The Real Living Wage - a higher amount voluntarily paid by some UK businesses - remains the same.', 'From 1 April, employees aged 21 and over became entitled to the National Living Wage.', 'Previously, you had to be 23 to qualify.', 'The rate increased to £11.44 an hour, up from £10.42.', 'The changes, which apply across the UK, mean: Younger employees - aged between 16 and 20 - receive the National Minimum Wage.', 'The rates for this also increased on 1 April: The separate apprentice rate, which applies to eligible people under 19 - or those over 19 in the first year of an apprenticeship - will be £6.40 an hour, up from £5.28.', 'The National Living Wage and National Minimum Wage are both set by the Department for Business and Trade every year on the advice of independent group, the Low Pay Commission.', ""Those who don't qualify include: People with disabilities or in long-term unemployment who take part in government work programmes are paid fixed amounts at different stages of the scheme."", 'These are less than the equivalent National Minimum or Living rate.', 'Yes, it is a criminal offence if employers fail to pay the correct National Minimum and Living Wages to their workers.', 'The rates apply to staff even if they are not paid by the hour.', 'If you think you are being paid incorrectly, you can complain via the HMRC website.', 'You can also get advice from workplace experts Acas.', 'Any employer not paying the correct amount can be fined by HMRC.', 'In June 2023, the government said that more than 200 firms had been fined a total of nearly £7m and told to reimburse 63,000 workers for failures over several years.', 'The companies included Marks and Spencer, Argos and Lloyds Pharmacy.', 'WH Smith was the worst offender, having failed to pay more than £1m to more than 17,600 workers.', 'The Real Living Wage is an unofficial hourly rate which is overseen by the Living Wage Foundation charity.', 'It is based on the amount the charity believes people need to earn.', 'It is aimed at UK workers aged 18 and over, but is not a legal requirement, and businesses choose whether to pay it.', 'The charity says more than 460,000 employees working for 14,000 firms currently receive the Real Living Wage.', 'The rate for workers in London - sometimes called the London Living Wage - is £13.15 an hour.', 'In the rest of the UK, it is £12.', 'A qualifying full-time worker in London would earn £5,323 more than someone on the National Living Wage.', 'Someone on the Real Living Wage outside the capital would earn £3,081 more than someone on the National Living Wage.', 'The charity points out that - unlike the National Minimum Wage - the Real Living Wage has kept up with the rising cost of living.', 'The CPI measure of inflation rose by 17.4% between September 2021 and September 2023.', 'Over the same period the Real Living Wage for the UK went up by 21.2% (19% in London).', 'By comparison, the National Minimum Wage increased by less than CPI between April 2021 and April 2023.', 'In February 2024, the charity said it had found that one in eight UK jobs paid less than its suggested hourly rate, with the highest concentration of low-paid jobs in the north-east of England (15.9%), the East Midlands (15.7%) and Northern Ireland (15.6%).', 'The National Minimum Wage came into force under the Labour government in 1999.', 'It started at £3.60 an hour for those 22 and older, and £3 for 18-21-year-olds.', 'The Conservative government introduced the National Living Wage for workers aged over 25 in 2016.', 'It was initially set at £7.20 an hour - 50p more than the National Minimum Wage.', 'The qualifying age fell to 23 in 2021.']",-0.012071335004062,The Real Living Wage is an unofficial hourly rate which is overseen by the Living Wage Foundation charity.,"WH Smith was the worst offender, having failed to pay more than £1m to more than 17,600 workers.",0.5386916249990463,The CPI measure of inflation rose by 17.4% between September 2021 and September 2023.,"In February 2024, the charity said it had found that one in eight UK jobs paid less than its suggested hourly rate, with the highest concentration of low-paid jobs in the north-east of England (15.9%), the East Midlands (15.7%) and Northern Ireland (15.6%).",2024-04-02
Xiaomi: Electric car buyers told they face six-month wait,https://www.bbc.co.uk/news/business-68705711,2024-04-01T05:41:28.000Z,"Just days after Chinese smartphone maker Xiaomi launched its first electric vehicle (EV), buyers have been told they may have to wait up to six months for their car to be delivered. Screen grabs on Chinese social media show the firm advising buyers it could take 27 weeks to deliver the SU7 Max. The company previously said pre-orders had hit 88,898 within 24 hours of it starting to take orders on Thursday. Xiaomi did not immediately respond to a BBC request for comment. The technology giant, which is the third-largest seller of smartphones in the world with a market share of about 12%, is taking on EV rivals including Tesla and BYD in the world's biggest market for cars. The standard SU7 model is priced at 215,900 yuan ($29,872; £23,663) and the Max version costs 299,900 yuan. The starting price in China for Tesla's Model 3 is 245,900 yuan.  The SU7, which has drawn comparisons with Porsche's Taycan and Panamera models, has a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km. As part of its campaign to promote the SU7, Xiaomi also released special versions of the car called the Founder's Edition, that come with free gifts, such as fridges. On Sunday, the technology giant's chief executive Lei Jun said in a Weibo post that it would open a second round of sales for the Founder's Edition. The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers. Xiaomi's EVs are made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year. But the move comes as sales growth of EVs has slowed globally, triggering a price war. Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices. In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV. Last week, BYD posted record annual profits but said growth had slowed towards the end of last year. Shanghai-based electric car maker Nio also lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens. American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 this week. Shares in Tesla fell by almost 30% in the first quarter. Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years. ",BBC,01/04/2024,"['Just days after Chinese smartphone maker Xiaomi launched its first electric vehicle (EV), buyers have been told they may have to wait up to six months for their car to be delivered.', 'Screen grabs on Chinese social media show the firm advising buyers it could take 27 weeks to deliver the SU7 Max.', 'The company previously said pre-orders had hit 88,898 within 24 hours of it starting to take orders on Thursday.', 'Xiaomi did not immediately respond to a BBC request for comment.', ""The technology giant, which is the third-largest seller of smartphones in the world with a market share of about 12%, is taking on EV rivals including Tesla and BYD in the world's biggest market for cars."", 'The standard SU7 model is priced at 215,900 yuan ($29,872; £23,663) and the Max version costs 299,900 yuan.', ""The starting price in China for Tesla's Model 3 is 245,900 yuan."", ""The SU7, which has drawn comparisons with Porsche's Taycan and Panamera models, has a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km."", ""As part of its campaign to promote the SU7, Xiaomi also released special versions of the car called the Founder's Edition, that come with free gifts, such as fridges."", ""On Sunday, the technology giant's chief executive Lei Jun said in a Weibo post that it would open a second round of sales for the Founder's Edition."", ""The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers."", ""Xiaomi's EVs are made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year."", 'But the move comes as sales growth of EVs has slowed globally, triggering a price war.', ""Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices."", 'In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV.', 'Last week, BYD posted record annual profits but said growth had slowed towards the end of last year.', ""Shanghai-based electric car maker Nio also lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens."", 'American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 this week.', 'Shares in Tesla fell by almost 30% in the first quarter.', 'Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years.']",0.0923975256083016,"As part of its campaign to promote the SU7, Xiaomi also released special versions of the car called the Founder's Edition, that come with free gifts, such as fridges.","The SU7, which has drawn comparisons with Porsche's Taycan and Panamera models, has a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km.",-0.4355936901909964,"Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices.","But the move comes as sales growth of EVs has slowed globally, triggering a price war.",2024-04-02
Temu U-turns on terms of cash 'giveaway' offer,https://www.bbc.co.uk/news/technology-68675652,2024-03-29T00:03:57.000Z,"Chinese e-retailer Temu has significantly changed the terms of a cash giveaway after customers expressed concerns.  Participants in the promotion - which has gone viral on social media - receive up to £50, but had to agree to permanently hand over considerable amounts of personal data. Previously, Temu had said these were ""standard terms and conditions"". But now it says it has ""tweaked"" those terms because they were ""overly broad"". Data watchdog the Information Commissioner's Office, which had been looking into concerns about Temu's offer, said it would ""continue to consider the concerns raised"". The Chinese-owned online marketplace launched in the US in 2022 and the UK last year. It has been described as ""Amazon on steroids"" by retail experts and is known for selling goods at extremely cheap prices, using the slogan ""shop like a billionaire"". But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.  The firm's giveaway gives new users 24 hours to sign up other people using a shareable link so each receive a cash reward of between £40 and £50 - paid to their PayPal accounts - or in Temu store credit. Existing Temu account holders can also participate, but appear to have to reach a higher threshold for such rewards. Thousands of users eager to cash in on the promotion have been seen posting links across social media sites. But it has also been the subject of memes and posts scrutinising the rules. The section receiving the most scrutiny states that ""except to the extent prohibited by applicable law"", participants give the company consent to use and publish their ""photo, name, likeness, voice, opinions, statements, biographical information, and/or hometown and state"" for advertising or promotional purposes. It adds this can take place in any media worldwide and ""in perpetuity"" - meaning with no fixed end date. One such post on X (formerly Twitter) with screengrabs of the campaign's usage and publicity rules has been viewed more than two million times, according to the platform's metrics. A number of other X users claimed the rules would allow Temu to sell their data or even create deepfake adverts - though those claims were strenuously denied by the retailer. But now, the fast growing, Chinese-owned retailer has changed those rules, saying ""some participants"" in the cash offer had ""expressed concern"". It said it had ""tweaked"" the terms and conditions ""to make it clear that we only ever use username and profile pictures in this promotion for referral functionality and winner announcements"". ""The previous terms and conditions were overly broad and inadvertently included promotional uses that Temu does not engage in,"" it added. ""Customer trust and satisfaction is at the heart of Temu, and we do not and will not sell customer data."" This is a U-turn compared with previous statements from the company. Previously, a Temu spokesperson had said giveaways were commonplace across many firms and different industries, and cited its e-commerce rival Shein as an example of a firm running promotions with ""nearly identical terms and conditions"". ""If these standard terms and conditions for run-of-the-mill promotional activities are newsworthy, then we urge you to be fair and report on their use by other companies instead of singling out Temu,"" the spokesperson had said. Experts had also raised concerns about the terms of the promotion. ""Giving away permission for Temu to use your 'voice' and 'biographical information' will understandably concern its customers,"" said Lisa Webb, Which? consumer law expert.  ""These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash."" She had added that ""while Temu isn't the first platform to excessively hoover up data, there are definite question marks over whether requesting permission for personal data to be used 'worldwide' is proportionate in any circumstances"". Jonathan Kirsop, data protection partner at law firm Pinsent Mason, had told BBC News it was not a wording he had seen used commonly before and the activity implied may have been ""problematic"". The previous terms could have fallen foul of UK data protection rules, which require user consent to be freely given, specific and able to be withdrawn in order for it to be relied upon as a reason for data processing. ""While not always prohibited, making the provision of services conditional on a consent to the use of personal data will often be unlawful on the basis the user may not be considered to have a free choice in delivering that consent, particularly where the data concerned is sensitive, such as biometric data,"" he said. The use of voice data - which is considered biometric data under the UK's General Data Protection Regulation (GDPR) - has a higher threshold for lawful use and consent in the UK because it carries greater risks, he added.  The data regulator, the Information Commissioner's Office, had previously said it was ""aware of reports about Temu"" and was ""considering the concerns raised."" In a fresh comment, made after Temu altered the terms and conditions, the data watchdog said: ""Organisations must be clear and transparent about how and why they collect and use people's personal information, and ensure people can make a fully informed decision as to whether to hand over their data."" ""We are aware of reports about Temu, and subsequent updates to the terms and conditions, and continue to consider the concerns raised."" Awais Rashid, professor of cyber security at the University of Bristol, had told BBC News that apps collecting a lot of data - often more than they actually need from users - had become commonplace. He said this, as well as cash incentives or long, sometimes ""indecipherable"" privacy policies and terms, can make the decision more difficult and imbalanced when deciding whether or not we as individuals should part with our data to use a service. ""Whenever there is such a deal being offered we must always look at: what is the consequence of this, and how much of our data is going to be collected, how it is going to be used, and are we comfortable with that?"" he said. Have you signed up to this offer from Temu? Share your thoughts by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,29/03/2024,"['Chinese e-retailer Temu has significantly changed the terms of a cash giveaway after customers expressed concerns.', 'Participants in the promotion - which has gone viral on social media - receive up to £50, but had to agree to permanently hand over considerable amounts of personal data.', 'Previously, Temu had said these were ""standard terms and conditions"".', 'But now it says it has ""tweaked"" those terms because they were ""overly broad"".', 'Data watchdog the Information Commissioner\'s Office, which had been looking into concerns about Temu\'s offer, said it would ""continue to consider the concerns raised"".', 'The Chinese-owned online marketplace launched in the US in 2022 and the UK last year.', 'It has been described as ""Amazon on steroids"" by retail experts and is known for selling goods at extremely cheap prices, using the slogan ""shop like a billionaire"".', 'But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.', ""The firm's giveaway gives new users 24 hours to sign up other people using a shareable link so each receive a cash reward of between £40 and £50 - paid to their PayPal accounts - or in Temu store credit."", 'Existing Temu account holders can also participate, but appear to have to reach a higher threshold for such rewards.', 'Thousands of users eager to cash in on the promotion have been seen posting links across social media sites.', 'But it has also been the subject of memes and posts scrutinising the rules.', 'The section receiving the most scrutiny states that ""except to the extent prohibited by applicable law"", participants give the company consent to use and publish their ""photo, name, likeness, voice, opinions, statements, biographical information, and/or hometown and state"" for advertising or promotional purposes.', 'It adds this can take place in any media worldwide and ""in perpetuity"" - meaning with no fixed end date.', ""One such post on X (formerly Twitter) with screengrabs of the campaign's usage and publicity rules has been viewed more than two million times, according to the platform's metrics."", 'A number of other X users claimed the rules would allow Temu to sell their data or even create deepfake adverts - though those claims were strenuously denied by the retailer.', 'But now, the fast growing, Chinese-owned retailer has changed those rules, saying ""some participants"" in the cash offer had ""expressed concern"".', 'It said it had ""tweaked"" the terms and conditions ""to make it clear that we only ever use username and profile pictures in this promotion for referral functionality and winner announcements"". ""', 'The previous terms and conditions were overly broad and inadvertently included promotional uses that Temu does not engage in,"" it added. ""', 'Customer trust and satisfaction is at the heart of Temu, and we do not and will not sell customer data.""', 'This is a U-turn compared with previous statements from the company.', 'Previously, a Temu spokesperson had said giveaways were commonplace across many firms and different industries, and cited its e-commerce rival Shein as an example of a firm running promotions with ""nearly identical terms and conditions"". ""', 'If these standard terms and conditions for run-of-the-mill promotional activities are newsworthy, then we urge you to be fair and report on their use by other companies instead of singling out Temu,"" the spokesperson had said.', 'Experts had also raised concerns about the terms of the promotion. ""', 'Giving away permission for Temu to use your \'voice\' and \'biographical information\' will understandably concern its customers,"" said Lisa Webb, Which?', 'consumer law expert. ""', 'These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash.""', 'She had added that ""while Temu isn\'t the first platform to excessively hoover up data, there are definite question marks over whether requesting permission for personal data to be used \'worldwide\' is proportionate in any circumstances"".', 'Jonathan Kirsop, data protection partner at law firm Pinsent Mason, had told BBC News it was not a wording he had seen used commonly before and the activity implied may have been ""problematic"".', 'The previous terms could have fallen foul of UK data protection rules, which require user consent to be freely given, specific and able to be withdrawn in order for it to be relied upon as a reason for data processing. ""', 'While not always prohibited, making the provision of services conditional on a consent to the use of personal data will often be unlawful on the basis the user may not be considered to have a free choice in delivering that consent, particularly where the data concerned is sensitive, such as biometric data,"" he said.', ""The use of voice data - which is considered biometric data under the UK's General Data Protection Regulation (GDPR) - has a higher threshold for lawful use and consent in the UK because it carries greater risks, he added."", 'The data regulator, the Information Commissioner\'s Office, had previously said it was ""aware of reports about Temu"" and was ""considering the concerns raised.""', 'In a fresh comment, made after Temu altered the terms and conditions, the data watchdog said: ""Organisations must be clear and transparent about how and why they collect and use people\'s personal information, and ensure people can make a fully informed decision as to whether to hand over their data."" ""', 'We are aware of reports about Temu, and subsequent updates to the terms and conditions, and continue to consider the concerns raised.""', 'Awais Rashid, professor of cyber security at the University of Bristol, had told BBC News that apps collecting a lot of data - often more than they actually need from users - had become commonplace.', 'He said this, as well as cash incentives or long, sometimes ""indecipherable"" privacy policies and terms, can make the decision more difficult and imbalanced when deciding whether or not we as individuals should part with our data to use a service. ""', 'Whenever there is such a deal being offered we must always look at: what is the consequence of this, and how much of our data is going to be collected, how it is going to be used, and are we comfortable with that?""', 'he said.', 'Have you signed up to this offer from Temu?', 'Share your thoughts by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.2145968663408954,"These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash.""","But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.",-0.9265289372868007,,"But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.",2024-04-02
Google to delete records from Incognito tracking,https://www.bbc.co.uk/news/business-68709119,2024-04-01T17:53:53.000Z,"Google has agreed to delete billions of records and submit to some restrictions on its power to track users, under the terms of a proposed legal settlement. The deal aims to resolve a class action lawsuit brought in the US in 2020, which had accused the tech giant of invading people's privacy by collecting user data even when they were browsing in ""private mode"". The suit had sought $5bn in damages.  Google is supporting the deal, though it disputes the claims. It has already made changes in response to the lawsuit. The data deletion will also apply outside of the United States. In January, shortly after the two sides announced plans to settle the case, the company updated its disclosures to make it clear that it still tracked user data even when users opted to search privately or using its ""Incognito"" setting. That mode provides some increased privacy because it does not save the browsing activity to the machine being used.  That same month, the firm said it was starting to trial a feature that would automatically block third-party cookies, which help track user activity, for all Google Chrome users. It had made that block automatic for Incognito users shortly after the lawsuit was filed in 2020 and has agreed to ensure that limit is in place for five years, according to the terms of the settlement deal, filed on Monday in federal court in San Francisco.  On Monday, Google also agreed to delete ""hundreds of billions"" of private browsing data records it had collected, the court filing said. ""We are pleased to settle this lawsuit, which we always believed was meritless,"" Google spokesman Jorge Castaneda said in a statement, noting that the company would not be paying any damages.  ""We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.""  Google is still facing lawsuits from individuals over privacy violations, which could lead to financial penalties. Lawyer David Boies of Boies Schiller Flexner LLP, who represented users in the fight, called the deal an ""historic step in requiring honesty and accountability from dominant technology companies"".  The lawsuit had claimed that despite its suggestions to the contrary, Google had tracked users' activity even when they set the Google Chrome browser to ""Incognito"" mode and other browsers to ""private mode"". The legal battle revealed documents in which Google employees described Incognito as ""effectively a lie"" and ""a confusing mess"", according to Monday's court filing.  Last year, Judge Yvonne Rogers rejected Google's bid to have the case dismissed, saying she could not agree that users consented to allowing Google to collect information on their browsing activity. The deal will now go to the court for approval.  The settlement comes as big tech firms are facing increased scrutiny of their practices in the US and beyond. In the US, Google and its parent company Alphabet are facing two separate monopoly cases brought by the federal government.  It has also recently settled a number of other suits.  It paid nearly $400m (£318m) in 2022 to settle claims brought by US states that it tracked the location of users who had opted out of location services on their devices. In December 2023, it also agreed to a $700m (£557m) settlement to resolve a lawsuit brought by a group of US states that had accused it of quashing competition to its Play Store on Android devices. ",BBC,01/04/2024,"['Google has agreed to delete billions of records and submit to some restrictions on its power to track users, under the terms of a proposed legal settlement.', 'The deal aims to resolve a class action lawsuit brought in the US in 2020, which had accused the tech giant of invading people\'s privacy by collecting user data even when they were browsing in ""private mode"".', 'The suit had sought $5bn in damages.', 'Google is supporting the deal, though it disputes the claims.', 'It has already made changes in response to the lawsuit.', 'The data deletion will also apply outside of the United States.', 'In January, shortly after the two sides announced plans to settle the case, the company updated its disclosures to make it clear that it still tracked user data even when users opted to search privately or using its ""Incognito"" setting.', 'That mode provides some increased privacy because it does not save the browsing activity to the machine being used.', 'That same month, the firm said it was starting to trial a feature that would automatically block third-party cookies, which help track user activity, for all Google Chrome users.', 'It had made that block automatic for Incognito users shortly after the lawsuit was filed in 2020 and has agreed to ensure that limit is in place for five years, according to the terms of the settlement deal, filed on Monday in federal court in San Francisco.', 'On Monday, Google also agreed to delete ""hundreds of billions"" of private browsing data records it had collected, the court filing said. ""', 'We are pleased to settle this lawsuit, which we always believed was meritless,"" Google spokesman Jorge Castaneda said in a statement, noting that the company would not be paying any damages. ""', 'We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.""', 'Google is still facing lawsuits from individuals over privacy violations, which could lead to financial penalties.', 'Lawyer David Boies of Boies Schiller Flexner LLP, who represented users in the fight, called the deal an ""historic step in requiring honesty and accountability from dominant technology companies"".', 'The lawsuit had claimed that despite its suggestions to the contrary, Google had tracked users\' activity even when they set the Google Chrome browser to ""Incognito"" mode and other browsers to ""private mode"".', 'The legal battle revealed documents in which Google employees described Incognito as ""effectively a lie"" and ""a confusing mess"", according to Monday\'s court filing.', ""Last year, Judge Yvonne Rogers rejected Google's bid to have the case dismissed, saying she could not agree that users consented to allowing Google to collect information on their browsing activity."", 'The deal will now go to the court for approval.', 'The settlement comes as big tech firms are facing increased scrutiny of their practices in the US and beyond.', 'In the US, Google and its parent company Alphabet are facing two separate monopoly cases brought by the federal government.', 'It has also recently settled a number of other suits.', 'It paid nearly $400m (£318m) in 2022 to settle claims brought by US states that it tracked the location of users who had opted out of location services on their devices.', 'In December 2023, it also agreed to a $700m (£557m) settlement to resolve a lawsuit brought by a group of US states that had accused it of quashing competition to its Play Store on Android devices.']",0.0403854624107324,"We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.""","Last year, Judge Yvonne Rogers rejected Google's bid to have the case dismissed, saying she could not agree that users consented to allowing Google to collect information on their browsing activity.",0.5751322995532643,"In December 2023, it also agreed to a $700m (£557m) settlement to resolve a lawsuit brought by a group of US states that had accused it of quashing competition to its Play Store on Android devices.","Google is still facing lawsuits from individuals over privacy violations, which could lead to financial penalties.",2024-04-02
The Chevrolet Corvette is officially going electric,https://edition.cnn.com/2022/04/25/business/electric-hybrid-corvette/index.html,"
  Updated
        12:22 PM EDT, Mon April 25, 2022
    ","General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning. 
    
            Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “We will offer an electrified Corvette as early as next year,” he wrote. An accompanying video the company posted to Twitter showed what appeared to be a hybrid Corvette, and in another first, showed the front wheels spinning and throwing snow as if being powered. All Corvettes produced by the company previously have been rear-wheel-drive only.
    
            While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.
    
            “Electrified” is an auto industry term encompassing everything from hybrid to fully electric vehicles, and anything with an electric motor can count as “electrified.” It has long been rumored that the current generation of the Corvette, the first with its gasoline engine mounted behind the seats instead of in the front, could be built with a hybrid system. Reuss has also previously hinted there would be electrified variants of the car.
    
            Various companies are working on electric sports cars. Most all-electric vehicles in production so far have been four-door sedans and SUVs, as the need for batteries lends itself to larger and heavier vehicles. Tesla’s first car, the Lotus Elise-based Tesla Roadster, was an electric sports car, but the second-generation of Tesla Roadster, originally unveiled as a prototype in 2017, has yet to go into production.
    
            Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle. Lamborghini has been working on plug-in hybrid sports cars, though.
    
            To date, the Corvette is only available in the base Stingray version with 6.2-liter V8 engine producing up to 495 horsepower. A 670 horsepower Corvette Z06 with a 5.5-liter V8 was unveiled last fall. The previous generation of the Corvette included included a 755-horsepower ZR1 version. Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.
    
            Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines. Ferrari’s most powerful sports cars are hybrids, for instance.  
    
            GM has said it plans to produce only zero-emission vehicles, meaning fully electric or powered by hydrogen fuel cells, by 2035.",CNN,25/04/2022,"['General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning.', 'Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “', 'We will offer an electrified Corvette as early as next year,” he wrote.', 'An accompanying video the company posted to Twitter showed what appeared to be a hybrid Corvette, and in another first, showed the front wheels spinning and throwing snow as if being powered.', 'All Corvettes produced by the company previously have been rear-wheel-drive only.', 'While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.', '“Electrified” is an auto industry term encompassing everything from hybrid to fully electric vehicles, and anything with an electric motor can count as “electrified.”', 'It has long been rumored that the current generation of the Corvette, the first with its gasoline engine mounted behind the seats instead of in the front, could be built with a hybrid system.', 'Reuss has also previously hinted there would be electrified variants of the car.', 'Various companies are working on electric sports cars.', 'Most all-electric vehicles in production so far have been four-door sedans and SUVs, as the need for batteries lends itself to larger and heavier vehicles.', 'Tesla’s first car, the Lotus Elise-based Tesla Roadster, was an electric sports car, but the second-generation of Tesla Roadster, originally unveiled as a prototype in 2017, has yet to go into production.', 'Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle.', 'Lamborghini has been working on plug-in hybrid sports cars, though.', 'To date, the Corvette is only available in the base Stingray version with 6.2-liter V8 engine producing up to 495 horsepower.', 'A 670 horsepower Corvette Z06 with a 5.5-liter V8 was unveiled last fall.', 'The previous generation of the Corvette included included a 755-horsepower ZR1 version.', 'Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.', 'Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines.', 'Ferrari’s most powerful sports cars are hybrids, for instance.', 'GM has said it plans to produce only zero-emission vehicles, meaning fully electric or powered by hydrogen fuel cells, by 2035.']",0.0521320736918344,Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.,"While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.",0.3646015524864197,"Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines.","Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle.",2024-04-02
Microsoft stock hits all-time high after hiring former OpenAI CEO Sam Altman,https://edition.cnn.com/2023/11/20/investing/microsoft-stock-record-high-altman-openai/index.html,"
  Updated
        4:19 PM EST, Mon November 20, 2023
    ","Microsoft stock reached a record high on Monday after the company said that Sam Altman, former chief executive of OpenAI, will join the company to head its artificial intelligence innovation leg.
    
            Shares of the tech behemoth rose 2.1% to an all-time high close of $377.44 on Monday, beating the previous record of $376.17.
    
            That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup. Microsoft is the artificial intelligence firm’s biggest stakeholder, with a $13 billion investment in the company.
    
            Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.
    
            Altman’s hiring ended days of speculation that the former chief executive could return to the firm after his dramatic firing. Emmett Shear, former CEO of Amazon-owned streaming service Twitch, will replace OpenAI chief technology officer Mira Murati as interim chief executive.
    
            Microsoft shares are up about 56% for the year. The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.
    
            Dan Ives, tech analyst at Wedbush Securities, reiterated his $425 price target for Microsoft’s stock following Altman’s and Brockman’s hires.
    
            “We view Microsoft now even in a stronger position from an AI perspective with Altman and Brockman” at the company, Ives wrote in a note on Monday.
    
            Other members of the “Magnificent Seven” saw a boost on Monday. Nvidia shares gained 2.3% to end the trading session at $504.20 ahead of its earnings due on Tuesday, notching a record-high close for the chipmaker.",CNN,20/11/2023,"['Microsoft stock reached a record high on Monday after the company said that Sam Altman, former chief executive of OpenAI, will join the company to head its artificial intelligence innovation leg.', 'Shares of the tech behemoth rose 2.1% to an all-time high close of $377.44 on Monday, beating the previous record of $376.17.', 'That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup.', 'Microsoft is the artificial intelligence firm’s biggest stakeholder, with a $13 billion investment in the company.', 'Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.', 'Altman’s hiring ended days of speculation that the former chief executive could return to the firm after his dramatic firing.', 'Emmett Shear, former CEO of Amazon-owned streaming service Twitch, will replace OpenAI chief technology officer Mira Murati as interim chief executive.', 'Microsoft shares are up about 56% for the year.', 'The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.', 'Dan Ives, tech analyst at Wedbush Securities, reiterated his $425 price target for Microsoft’s stock following Altman’s and Brockman’s hires.', '“We view Microsoft now even in a stronger position from an AI perspective with Altman and Brockman” at the company, Ives wrote in a note on Monday.', 'Other members of the “Magnificent Seven” saw a boost on Monday.', 'Nvidia shares gained 2.3% to end the trading session at $504.20 ahead of its earnings due on Tuesday, notching a record-high close for the chipmaker.']",0.3148943375907157,"The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.","Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.",0.768821742799547,Microsoft shares are up about 56% for the year.,"That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup.",2024-04-02
Xiaomi: Chinese smartphone giant takes on Tesla,https://www.bbc.co.uk/news/business-68672192,2024-03-28T03:54:12.000Z,"Chinese smartphone maker Xiaomi has launched its first electric vehicle (EV) and started taking orders. At the event the technology giant's chief executive Lei Jun said the standard SU7 model would be priced at 215,900 yuan ($29,872; £23,663) and the Max version would cost 299,900 yuan. The firm says it got over 50,000 orders within the first 27 minutes of sales. Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war. The move sees the technology giant taking on EV rivals including Tesla and BYD. The starting price in China for Tesla's Model 3 is 245,900 yuan. Mr Lei also said the SU7 would have a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km. The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers. Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint. The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche's Taycan and Panamera sports car models. It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year. ""While getting this far is itself quite an achievement, the ultimate achievement would be to demonstrate that there is a consumer market for Xiaomi as a smart EVs brand,"" Bill Russo of Automobility told the BBC. In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV. Mr Russo added that Xiaomi's entry into the car market reflected its confidence ""in the relevancy for their brand"" in China while Apple did not see enough potential in the EV market outside of China. Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years. ""The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy.  ""For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""  The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying. Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices. The world's biggest car market is already crowded so Xiaomi is one of the few new prospective entrants to gain approval from authorities as officials try to curb a flood of new players. Earlier this week, BYD posted record annual profits but said growth had slowed towards the end of last year. Shanghai-based electric car maker Nio on Wednesday lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens. American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 next week. At the same time, governments around the world are pushing back against imports of foreign-made EVs. On Tuesday, Beijing initiated dispute settlement proceedings against the US at the World Trade Organization to contest ""discriminatory subsidies"" under the US Inflation Reduction Act. Meanwhile, the European Union has launched an investigation into whether Chinese government subsidies have helped the country's electric car makers undercut European-made models. ",BBC,28/03/2024,"['Chinese smartphone maker Xiaomi has launched its first electric vehicle (EV) and started taking orders.', ""At the event the technology giant's chief executive Lei Jun said the standard SU7 model would be priced at 215,900 yuan ($29,872; £23,663) and the Max version would cost 299,900 yuan."", 'The firm says it got over 50,000 orders within the first 27 minutes of sales.', ""Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war."", 'The move sees the technology giant taking on EV rivals including Tesla and BYD.', ""The starting price in China for Tesla's Model 3 is 245,900 yuan."", ""Mr Lei also said the SU7 would have a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km."", ""The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers."", 'Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint.', ""The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche's Taycan and Panamera sports car models."", 'It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year. ""', 'While getting this far is itself quite an achievement, the ultimate achievement would be to demonstrate that there is a consumer market for Xiaomi as a smart EVs brand,"" Bill Russo of Automobility told the BBC.', 'In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV.', 'Mr Russo added that Xiaomi\'s entry into the car market reflected its confidence ""in the relevancy for their brand"" in China while Apple did not see enough potential in the EV market outside of China.', 'Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years. ""', 'The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy. ""', 'For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""', ""The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying."", ""Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices."", ""The world's biggest car market is already crowded so Xiaomi is one of the few new prospective entrants to gain approval from authorities as officials try to curb a flood of new players."", 'Earlier this week, BYD posted record annual profits but said growth had slowed towards the end of last year.', ""Shanghai-based electric car maker Nio on Wednesday lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens."", 'American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 next week.', 'At the same time, governments around the world are pushing back against imports of foreign-made EVs.', 'On Tuesday, Beijing initiated dispute settlement proceedings against the US at the World Trade Organization to contest ""discriminatory subsidies"" under the US Inflation Reduction Act.', ""Meanwhile, the European Union has launched an investigation into whether Chinese government subsidies have helped the country's electric car makers undercut European-made models.""]",0.1208081090282865,"The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy. """,The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying.,-0.0024405292102268,"For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""","Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war.",2024-04-02
Airlines are roaring back in places you might not expect,https://www.bbc.co.uk/news/business-68573429,2024-03-29T00:44:48.000Z,"When India's Tata Group bought the country's national airline, it was welcomed as something of a miracle.  Air India had been mired in debt and under-funded state management for decades. No-one wanted even a piece of the iconic but loss-making carrier. But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened. They were right. The rebound is well and truly under way and air travel is off to a roaring start in 2024. There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike. But it is a different story on the other side of the world in Asia. ""If we look at the size of the opportunity in India, it's already the world's most populous country,"" Air India's chief executive Campbell Wilson told the BBC at a recent aviation event in Singapore. ""It has the geographic advantage... connecting regions of the world together. And it is a hugely underserved market."" By 2042, India's domestic aviation market is expected to be five times the size it was in 2019, with Indians taking around 685 million trips every year, according to plane maker Airbus. That would make the South Asian nation one of the world's fastest-growing civil aviation markets, and third after China and the United States.  It is not just India. By the middle of the century, Indonesia, which now ranks 13th globally in passenger numbers, is predicted to jump to the fourth spot, analysts say. Air travel is also expected to boom in the Philippines, Thailand and Vietnam in the coming decades. They are all emerging economies with young, growing populations that can afford to spend on travel. And it is showing: global air traffic jumped by 16% over the last year. But in Asia, the increase was almost twice as much, according to industry figures. Governments in these places are also investing in infrastructure to improve connectivity, which is essential in vast archipelagos like Indonesia and the Philippines. China, of course, is an obvious market - despite its currently sluggish economy, its travellers have emerged from zero-Covid rules to return to holidaying. Beijing is now offering visa-free travel to citizens of certain countries and some nations, like Thailand and Singapore, are reciprocating. ""We are pleased that people are beginning to travel out of China. It is probably one of the last countries to come back big in travel,"" says Glenn Fogel, chief executive of online travel agency Booking.com. But airlines are looking for alternative markets because of China's slowing economy, the uncertainty of doing business there and a fall in consumer spending. Enter the Philippines. ""Asia is a very exciting place to be - the Philippines is one of the most exciting places to be. Great opportunity there,"" says Michael Szucs, chief executive of the Philippine budget carrier Cebu Pacific.  The airline struggled through the pandemic without government support. And like many competitors around the world, it is also facing groundings over faulty Pratt & Whitney engines.  But it has seen a revival in the last two years, expanding and cornering more than half of its domestic market. A new Philippine government is also helping - it is privatising the international airport in Manila and plans to add runways throughout the archipelago to receive larger and more aircraft. Mr Szucs has high hopes for the country of around 115 million people, where per capita spending is rising: ""We've got an increasingly educated population that is relatively young, it's growing, with an increasing propensity to travel."" India, on the other hand, is a trickier market to conquer. Air India faces a stiff domestic rival in Indigo, and a daunting challenge in matching Emirates and Qatar Airways, which regularly rank among the world's best airlines. But the successful salt-to-software conglomerate Tata has started to turn the ailing carrier around. The company has already spent millions of dollars investing in new planes, new branding and restructuring old and inefficient systems. Now it wants to consolidate its five airlines - three Air India subsidiaries, and two joint ventures, Air Asia India and Vistara (with Singapore Airlines). The goal: a highly regarded airline for international flyers, and a reliable low-cost option for domestic passengers. Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s. He believes winning the international market is key but will need ""connecting more cities around the world nonstop with India"" - and that will involve starting more routes and, of course, buying more aircraft. The company has already gone on a buying spree. It ordered more than 200 Boeing Max 8 and Max 10s in one of the largest airline deals in aviation history. But the Max family of planes is under scrutiny since a door plug blew off a 737 Max 9 plane mid-flight in the US, sparking concerns about the already delayed Max 10 model. This was after two deadly crashes in 2018 and 2019 because of flawed flight control software. The crisis at Boeing over its safety record has also seen the resignation of its chief executive Dave Calhoun.  ""When we have concerns, we raise it at the highest levels, including with Boeing,"" Mr Campbell said.  Mr Wilson sees Air India's future in turning India into a global transit hub, much like Dubai or Singapore. That might be a challenge given that some long-haul routes, especially to Europe, are yet to be reinstated after the pandemic.Meanwhile, travellers in these countries are choosing to fly within East and South East Asia, driving up air traffic in the region. But that could also be an opportunity for Air India, and for Delhi given that some South East Asian capitals are lagging behind other international aviation hubs like Singapore, Hong Kong and Dubai. The industry, however, is upbeat because the pandemic is over, people are flying again and economies are bouncing back. ""The fact is people like to travel,"" Mr Fogel said. ""As long as economies are growing, we know that travel is going to grow a little bit faster. And our job is to try and get a bigger part of that growing pie."" ",BBC,29/03/2024,"[""When India's Tata Group bought the country's national airline, it was welcomed as something of a miracle."", 'Air India had been mired in debt and under-funded state management for decades.', 'No-one wanted even a piece of the iconic but loss-making carrier.', 'But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened.', 'They were right.', 'The rebound is well and truly under way and air travel is off to a roaring start in 2024.', 'There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike.', 'But it is a different story on the other side of the world in Asia. ""', 'If we look at the size of the opportunity in India, it\'s already the world\'s most populous country,"" Air India\'s chief executive Campbell Wilson told the BBC at a recent aviation event in Singapore. ""', 'It has the geographic advantage... connecting regions of the world together.', 'And it is a hugely underserved market.""', ""By 2042, India's domestic aviation market is expected to be five times the size it was in 2019, with Indians taking around 685 million trips every year, according to plane maker Airbus."", ""That would make the South Asian nation one of the world's fastest-growing civil aviation markets, and third after China and the United States."", 'It is not just India.', 'By the middle of the century, Indonesia, which now ranks 13th globally in passenger numbers, is predicted to jump to the fourth spot, analysts say.', 'Air travel is also expected to boom in the Philippines, Thailand and Vietnam in the coming decades.', 'They are all emerging economies with young, growing populations that can afford to spend on travel.', 'And it is showing: global air traffic jumped by 16% over the last year.', 'But in Asia, the increase was almost twice as much, according to industry figures.', 'Governments in these places are also investing in infrastructure to improve connectivity, which is essential in vast archipelagos like Indonesia and the Philippines.', 'China, of course, is an obvious market - despite its currently sluggish economy, its travellers have emerged from zero-Covid rules to return to holidaying.', 'Beijing is now offering visa-free travel to citizens of certain countries and some nations, like Thailand and Singapore, are reciprocating. ""', 'We are pleased that people are beginning to travel out of China.', 'It is probably one of the last countries to come back big in travel,"" says Glenn Fogel, chief executive of online travel agency Booking.com.', ""But airlines are looking for alternative markets because of China's slowing economy, the uncertainty of doing business there and a fall in consumer spending."", 'Enter the Philippines. ""', 'Asia is a very exciting place to be - the Philippines is one of the most exciting places to be.', 'Great opportunity there,"" says Michael Szucs, chief executive of the Philippine budget carrier Cebu Pacific.', 'The airline struggled through the pandemic without government support.', 'And like many competitors around the world, it is also facing groundings over faulty Pratt & Whitney engines.', 'But it has seen a revival in the last two years, expanding and cornering more than half of its domestic market.', 'A new Philippine government is also helping - it is privatising the international airport in Manila and plans to add runways throughout the archipelago to receive larger and more aircraft.', 'Mr Szucs has high hopes for the country of around 115 million people, where per capita spending is rising: ""We\'ve got an increasingly educated population that is relatively young, it\'s growing, with an increasing propensity to travel.""', 'India, on the other hand, is a trickier market to conquer.', ""Air India faces a stiff domestic rival in Indigo, and a daunting challenge in matching Emirates and Qatar Airways, which regularly rank among the world's best airlines."", 'But the successful salt-to-software conglomerate Tata has started to turn the ailing carrier around.', 'The company has already spent millions of dollars investing in new planes, new branding and restructuring old and inefficient systems.', 'Now it wants to consolidate its five airlines - three Air India subsidiaries, and two joint ventures, Air Asia India and Vistara (with Singapore Airlines).', 'The goal: a highly regarded airline for international flyers, and a reliable low-cost option for domestic passengers.', ""Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s."", 'He believes winning the international market is key but will need ""connecting more cities around the world nonstop with India"" - and that will involve starting more routes and, of course, buying more aircraft.', 'The company has already gone on a buying spree.', 'It ordered more than 200 Boeing Max 8 and Max 10s in one of the largest airline deals in aviation history.', 'But the Max family of planes is under scrutiny since a door plug blew off a 737 Max 9 plane mid-flight in the US, sparking concerns about the already delayed Max 10 model.', 'This was after two deadly crashes in 2018 and 2019 because of flawed flight control software.', 'The crisis at Boeing over its safety record has also seen the resignation of its chief executive Dave Calhoun. ""', 'When we have concerns, we raise it at the highest levels, including with Boeing,"" Mr Campbell said.', ""Mr Wilson sees Air India's future in turning India into a global transit hub, much like Dubai or Singapore."", 'That might be a challenge given that some long-haul routes, especially to Europe, are yet to be reinstated after the pandemic.', 'Meanwhile, travellers in these countries are choosing to fly within East and South East Asia, driving up air traffic in the region.', 'But that could also be an opportunity for Air India, and for Delhi given that some South East Asian capitals are lagging behind other international aviation hubs like Singapore, Hong Kong and Dubai.', 'The industry, however, is upbeat because the pandemic is over, people are flying again and economies are bouncing back. ""', 'The fact is people like to travel,"" Mr Fogel said. ""', 'As long as economies are growing, we know that travel is going to grow a little bit faster.', 'And our job is to try and get a bigger part of that growing pie.""']",0.1502218964280805,"Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s.","But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened.",0.434835198852751,And it is showing: global air traffic jumped by 16% over the last year.,"There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike.",2024-04-02
Global oil price hits seven-month high as Middle East tensions rise,https://edition.cnn.com/2024/04/02/economy/oil-price-rises-middle-east-tensions/index.html,"
  Published
        9:31 AM EDT, Tue April 2, 2024
    ","The global price of oil rose Tuesday to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply.
    
            Brent crude, the world’s oil benchmark, climbed as much as 1.8% to $89 a barrel, the highest since early September, before paring those gains slightly mid-afternoon in Europe.
    
            Meanwhile, West Texas Intermediate crude, the US benchmark, also rose 1.8% to reach a five-month high of $85 a barrel. Brent and WTI prices have risen 15% and almost 19% since the start of the year, respectively.
    
            This threatens a further rise in gasoline prices in the United States and elsewhere.
    
            Richard Bronze, co-founder and head of geopolitics at data firm Energy Aspects, said oil price rises were the outcome of a “build-up of momentum” over the past several weeks.
    
            “You’ve got ongoing Ukrainian attacks on Russian refineries… Houthi attacks on shipping in the Red Sea,” as well as a “general sense that the Middle East is less stable than it was a year ago,” he told CNN.
    
            Added to that is a slower-than-expected recovery in US oil production since cold weather curtailed operations in January, he noted.
    
            In essence, “you have a situation where supply is coming in a bit short,” he said.
    
            Writing about higher oil prices Tuesday, Sophie Lund-Yates, lead equity analyst at financial services company Hargreaves Lansdown, singled out escalating geopolitical tensions in the Middle East following an airstrike on Iran’s embassy in Syria Monday.
    
            Iran and Syria have accused Israel of authoring the attack, with Tehran warning of a “serious response.”
    
            The Israeli military told CNN it does not comment on foreign reports. However, a military spokesperson said Israel believes the target struck was a “military building of Quds forces” — a unit of Iran’s elite Revolutionary Guards responsible for foreign operations.
    
            Production cuts announced by the Organization of the Petroleum Exporting Countries and its allies — an alliance known as OPEC+ — were “adding further pressure” to prices, Lund-Yates said.
    
            The bombing of Iran’s embassy in Damascus once again raises the specter that the war between Israel and Hamas in Gaza will spill over into a regional conflict that could ultimately disrupt the supply of oil to world markets.
    
            Brent prices are edging closer to $92.40 a barrel — a peak hit on October 19, less than two weeks after Hamas militants launched an unprecedented attack on Israeli soldiers and civilians, killing more than 1,200 people, and kidnapping some 200 others.
    
            “Although the war in Gaza has not significantly disrupted oil supply so far, markets are clearly worried that an escalation in the conflict could come to involve the major oil-producing countries in the region,” said Bill Weatherburn, commodities economist at Capital Economics.
    
            Moreover, he added, there are signs that oil demand in China may be picking up. In rare good news for the world’s second-biggest economy, its official purchasing managers’ index showed the first expansion in manufacturing in six months.",CNN,02/04/2024,"['The global price of oil rose Tuesday to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply.', 'Brent crude, the world’s oil benchmark, climbed as much as 1.8% to $89 a barrel, the highest since early September, before paring those gains slightly mid-afternoon in Europe.', 'Meanwhile, West Texas Intermediate crude, the US benchmark, also rose 1.8% to reach a five-month high of $85 a barrel.', 'Brent and WTI prices have risen 15% and almost 19% since the start of the year, respectively.', 'This threatens a further rise in gasoline prices in the United States and elsewhere.', 'Richard Bronze, co-founder and head of geopolitics at data firm Energy Aspects, said oil price rises were the outcome of a “build-up of momentum” over the past several weeks.', '“You’ve got ongoing Ukrainian attacks on Russian refineries… Houthi attacks on shipping in the Red Sea,” as well as a“general sense that the Middle East is less stable than it was a year ago,” he told CNN.', 'Added to that is a slower-than-expected recovery in US oil production since cold weather curtailed operations in January, he noted.', 'In essence, “you have a situation where supply is coming in a bit short,” he said.', 'Writing about higher oil prices Tuesday, Sophie Lund-Yates, lead equity analyst at financial services company Hargreaves Lansdown, singled out escalating geopolitical tensions in the Middle East following an airstrike on Iran’s embassy in Syria Monday.', 'Iran and Syria have accused Israel of authoring the attack, with Tehran warning of a “serious response.”', 'The Israeli military told CNN it does not comment on foreign reports.', 'However, a military spokesperson said Israel believes the target struck was a “military building of Quds forces” —a unit of Iran’s elite Revolutionary Guards responsible for foreign operations.', 'Production cuts announced by the Organization of the Petroleum Exporting Countries and its allies — an alliance known as OPEC+ — were “adding further pressure” to prices, Lund-Yates said.', 'The bombing of Iran’s embassy in Damascus once again raises the specter that the war between Israel and Hamas in Gaza will spill over into a regional conflict that could ultimately disrupt the supply of oil to world markets.', 'Brent prices are edging closer to $92.40 a barrel — a peak hit on October 19, less than two weeks after Hamas militants launched an unprecedented attack on Israeli soldiers and civilians, killing more than 1,200 people, and kidnapping some 200 others.', '“Although the war in Gaza has not significantly disrupted oil supply so far, markets are clearly worried that an escalation in the conflict could come to involve the major oil-producing countries in the region,” said Bill Weatherburn, commodities economist at Capital Economics.', 'Moreover, he added, there are signs that oil demand in China may be picking up.', 'In rare good news for the world’s second-biggest economy, its official purchasing managers’ index showed the first expansion in manufacturing in six months.']",-0.2409992905955423,"In rare good news for the world’s second-biggest economy, its official purchasing managers’ index showed the first expansion in manufacturing in six months.","Iran and Syria have accused Israel of authoring the attack, with Tehran warning of a “serious response.”",0.0861171799547532,"Brent and WTI prices have risen 15% and almost 19% since the start of the year, respectively.","Production cuts announced by the Organization of the Petroleum Exporting Countries and its allies — an alliance known as OPEC+ — were “adding further pressure” to prices, Lund-Yates said.",2024-04-02
Judge’s stern rebuke of Elon Musk’s X gives researchers fresh hope,https://edition.cnn.com/2024/03/26/tech/judges-stern-rebuke-of-elon-musks-x-gives-researchers-fresh-hope/index.html,"
  Published
        1:17 PM EDT, Tue March 26, 2024
    ","A federal judge’s decision this week reprimanding Elon Musk’s X will have reverberating effects on efforts to hold influential online platforms accountable, legal experts and advocacy groups say.
    
            On Monday, District Judge Charles Breyer dismissed and excoriated a lawsuit by X against online watchdog group Center for Countering Digital Hate as an attempt to silence the non-profit group for sounding alarms about hate speech on the platform.
    
            Breyer wrote in Monday’s order that the lawsuit was “unabashedly” about “punishing” reports written by CCDH, which X had accused of campaigning to drive away its advertisers. Breyer held that the reports were “unquestionably” protected by the group’s free speech rights.
    
            Now, that decision could embolden other research groups and Musk critics who have faced legal threats from the billionaire.
    
            The CCDH case — in the US District Court for the Northern District of California — has been widely viewed as a bellwether for research and accountability on X, where Musk has restored the accounts of previously banned White supremacists and spreaders of misinformation and where Musk himself has amplified various conspiracy theories.
    
            And CCDH is not the only organization that has faced attacks by self-proclaimed “free speech absolutist” Musk after criticizing or raising concerns about his platform.
    
            “This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.
    
            “Society needs reliable and ethical research into social media platforms, and often that research relies on being able to study publicly available posts,” Abdo said.
    
            X said it plans to appeal Breyer’s decision.
    
            In his first year as owner of X, formerly known as Twitter, Musk threatened legal action against the Anti-Defamation League for defamation, as well as against Microsoft and Meta for allegedly improper data and trade secret access, respectively. None of those threats ever amounted to real lawsuits.
    
            He did, however, sue the progressive media watchdog Media Matters over its analysis highlighting antisemitic and pro-Nazi content on X, alleging that the group’s testing methodology was not representative of how real users experience the site and that the report was designed to drive away advertisers. Legal experts have described that case as “weak” on the merits and as a “bogus” attempt to chill criticism of X.
    
            This week’s court decision may be only a temporary setback in Musk’s wider plan to stifle criticism, said Media Matters CEO Angelo Carusone. Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.
    
            The states of Texas and Missouri each announced probes into Media Matters following X’s lawsuit against the group, to which Musk responded, “Great!”
    
            As recently as Monday, Missouri Attorney General Andrew Bailey filed a petition in state court seeking to compel Media Matters’ cooperation with his investigation. The filing came a week after he appeared with Musk in a live event on X — which Carusone said shows how Musk hopes to deputize the power of government to silence his critics.
    
            “They have every reason to do it,” Carusone said of the AGs’ investigations. “They get the political benefits, they get the attention. There doesn’t seem to be any cost to them yet. And if they are successful at developing this new playbook, this new terrain, legally, then it’s going to pave the way for them to just use this tool and tactic over and over and over again.”
    
            A representative for X did not immediately respond to a request for comment about Carusone’s claims.
    
            Researchers from non-profits and academic institutions have had a harder time studying X since Musk’s takeover in 2022. Academics need large samples of posts, shares, likes and other data to study social media trends in mis- and disinformation, public health, elections and other key topics. But one of Musk’s first changes at X was to put access to platform data behind a steep paywall.
    
            Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year — were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.
    
            The change may have forced some researchers to rely more heavily on first-person observational data to draw conclusions about user behavior on X. Groups like CCDH have also used automated “scraping” of publicly viewable content from X rather than paying the company for data directly, a tactic that helped give rise to X’s initial lawsuit.
    
            Efforts by X and other social media companies to limit research transparency makes them less accountable to the public at best and, at worst, could mask malicious behavior, said David Karpf, an associate professor in the School of Media and Public Affairs at George Washington University.
    
            “We need independent research to have any real measure of what’s going on at X/Twitter. Musk is only ever going to release data that makes his company look good,” Karpf said. “These platforms are too big and too vital to the spread of information to be left unmonitored.”
    
            “This is an election year,” Karpf added, “and the platforms are taking steps to make it harder to monitor how their services are used for malignant ends.”
    
            Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.
    
            “The guardrails for democracy are hanging by a thread and we have dwindling insights into platform practices as researchers face lawsuits, congressional subpoenas and other scare tactics,” said Nora Benavidez, senior counsel and director of digital rights at Free Press.
    
            Ultimately, Benavidez called the ruling “a reminder that platform accountability is essential and will inevitably prevail when up against bullies like Musk who try to silence us.”",CNN,26/03/2024,"['A federal judge’s decision this week reprimanding Elon Musk’s X will have reverberating effects on efforts to hold influential online platforms accountable, legal experts and advocacy groups say.', 'On Monday, District Judge Charles Breyer dismissed and excoriated a lawsuit by X against online watchdog group Center for Countering Digital Hate as an attempt to silence the non-profit group for sounding alarms about hate speech on the platform.', 'Breyer wrote in Monday’s order that the lawsuit was “unabashedly” about “punishing” reports written by CCDH, which X had accused of campaigning to drive away its advertisers.', 'Breyer held that the reports were “unquestionably” protected by the group’s free speech rights.', 'Now, that decision could embolden other research groups and Musk critics who have faced legal threats from the billionaire.', 'The CCDH case — in the US District Court for the Northern District of California —has been widely viewed as a bellwether for research and accountability on X, where Musk has restored the accounts of previously banned White supremacists and spreaders of misinformation and where Musk himself has amplified various conspiracy theories.', 'And CCDH is not the only organization that has faced attacks by self-proclaimed “free speech absolutist” Musk after criticizing or raising concerns about his platform.', '“This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.', '“Society needs reliable and ethical research into social media platforms, and often that research relies on being able to study publicly available posts,” Abdo said.', 'X said it plans to appeal Breyer’s decision.', 'In his first year as owner of X, formerly known as Twitter, Musk threatened legal action against the Anti-Defamation League for defamation, as well as against Microsoft and Meta for allegedly improper data and trade secret access, respectively.', 'None of those threats ever amounted to real lawsuits.', 'He did, however, sue the progressive media watchdog Media Matters over itsanalysishighlighting antisemitic and pro-Nazi content on X, alleging that the group’s testing methodology was not representative of how real users experience the site and that the report was designed to drive away advertisers.', 'Legal experts have described that case as “weak” on the merits and as a “bogus” attempt to chill criticism of X.  This week’s court decision may be only a temporary setback in Musk’s wider plan to stifle criticism, said Media Matters CEO Angelo Carusone.', 'Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.', 'The states of Texas and Missouri each announced probes into Media Matters following X’s lawsuit against the group, to which Musk responded, “Great!”', 'As recently as Monday, Missouri Attorney General Andrew Bailey filed a petition in state court seeking to compel Media Matters’ cooperation with his investigation.', 'The filing came a week after he appeared with Musk in a live event on X — which Carusone said shows how Musk hopes to deputize the power of government to silence his critics.', '“They have every reason to do it,” Carusone said of the AGs’ investigations. “', 'They get the political benefits, they get the attention.', 'There doesn’t seem to be any cost to them yet.', 'And if they are successful at developing this new playbook, this new terrain, legally, then it’s going to pave the way for them to just use this tool and tactic over and over and over again.”', 'A representative for X did not immediately respond to a request for comment about Carusone’s claims.', 'Researchers from non-profits and academic institutions have had a harder time studying X since Musk’s takeover in 2022.', 'Academics need large samples of posts, shares, likes and other data to study social media trends in mis- and disinformation, public health, elections and other key topics.', 'But one of Musk’s first changes at X was to put access to platform data behind a steep paywall.', 'Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year —were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.', 'The change may have forced some researchers to rely more heavily on first-person observational data to draw conclusions about user behavior on X. Groups like CCDH have also used automated “scraping” of publicly viewable content from X rather than paying the company for data directly, a tactic that helped give rise to X’s initial lawsuit.', 'Efforts by X and other social media companies to limit research transparency makes them less accountable to the public at best and, at worst, could mask malicious behavior, said David Karpf, an associate professor in the School of Media and Public Affairs at George Washington University.', '“We need independent research to have any real measure of what’s going on at X/Twitter.', 'Musk is only ever going to release data that makes his company look good,” Karpf said. “', 'These platforms are too big and too vital to the spread of information to be left unmonitored.”', '“This is an election year,” Karpf added, “and the platforms are taking steps to make it harder to monitor how their services are used for malignant ends.”', 'Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.', '“The guardrails for democracy are hanging by a thread and we have dwindling insights into platform practices as researchers face lawsuits, congressional subpoenas and other scare tactics,” said Nora Benavidez, senior counsel and director of digital rights at Free Press.', 'Ultimately, Benavidez called the ruling “a reminder that platform accountability is essential and will inevitably prevail when up against bullies like Musk who try to silence us.”']",0.0427064270235155,"Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.","“This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.",-0.3806278450148446,"Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.","Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year —were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.",2024-04-02
JetBlue’s new checked bag fees now depend on the day,https://edition.cnn.com/2024/04/02/business/jetblue-baggage-fees-increase/index.html,"
  Published
        11:46 AM EDT, Tue April 2, 2024
    ","JetBlue is proving that not even your baggage is safe from dynamic pricing, with the airline rolling out fees that vary depending on the day of departure.
    
            The price of a first checked bag now ranges from $35 to $50 under a recently revealed fee structure that depends on a number of factors, including dates JetBlue determines to be peak or off-peak.
    
            JetBlue is giving flyers a $10 discount if they add a checked bag during booking and at least 24 hours before check-in, with prices ranging from $35 for off-peak dates and $40 for peak dates.
    
            Peak dates encompass about half of the year, including most of the busy summer travel season as well as dates before and after the Thanksgiving and Christmas holidays in 2024. For next year, the dates range from mid-February (Valentine’s Day and President’s Day) and most of April for spring break and Easter. Full dates are listed on its website.
    
            If a customer checks a bag within 24 hours of departure, the price jumps to $45 for off-peak dates and an industry high of $50 for peak dates.
    
            The first checked bag remains free on its transatlantic flights, except for customers flying on its cheapest fare (Blue Basic), which now costs between $60 to $70.
    
            JetBlue said in a statement that the cost of “transporting bags has gone up significantly due to increased wages and higher fuel costs, and we remain unprofitable since Covid.”
    
            “While we don’t like increasing fees, we are making these adjustments to help get our company back to profitability and cover the increased costs,” the carrier said.
    
            JetBlue flyers who have an airline-branded credit card, buy tickets in its premium Mint cabin or fares that include checked bags or have Mosaic status are largely exempt from the price increases.
    
            US-based airlines started hiking baggage fees a few months ago, with American Airlines becoming the first carrier, increasing the price from $30 to as much as $40. Soon after, rivals United Airlines, Delta Air Lines and JetBlue hiked their fees. This will be JetBlue’s second increase since February.
    
            JetBlue has also been mired in losses since the pandemic, reporting an adjusted loss of $151 million in 2023, although that was an improvement from the $260 million it lost in 2022. The airline tried to purchase Spirit Airlines, but a federal court blocked the merger. JetBlue agreed to pay Spirit $69 million as part of its decision to end the deal.
    
            In February, activist investor Carl Icahn bought a 10% stake in the company and announced plans to win two seats on its board of directors for his allies at the upcoming shareholders’ meeting.
    
            A few weeks ago, JetBlue announced a major reduction in flights at Los Angeles International Airport and exits from five cities as it attempts to shift flying to profitable routes.",CNN,02/04/2024,"['JetBlue is proving that not even your baggage is safe from dynamic pricing, with the airline rolling out fees that vary depending on the day of departure.', 'The price of a first checked bag now ranges from $35 to $50 under a recently revealed fee structure that depends on a number of factors, including dates JetBlue determines to be peak or off-peak.', 'JetBlue is giving flyers a $10 discount if they add a checked bag during booking and at least 24 hours before check-in, with prices ranging from $35 for off-peak dates and $40 for peak dates.', 'Peak dates encompass about half of the year, including most of the busy summer travel season as well as dates before and after the Thanksgiving and Christmas holidays in 2024.', 'For next year, the dates range from mid-February (Valentine’s Day and President’s Day) and most of April for spring break and Easter.', 'Full dates are listed on its website.', 'If a customer checks a bag within 24 hours of departure, the price jumps to $45 for off-peak dates and an industry high of $50 for peak dates.', 'The first checked bag remains free on its transatlantic flights, except for customers flying on its cheapest fare (Blue Basic), which now costs between $60 to $70.', 'JetBlue said in a statement that the cost of “transportingbagshas gone up significantly due to increased wages and higher fuel costs, and we remain unprofitable since Covid.”', '“While we don’t like increasing fees, we are making these adjustments to help get our company back to profitability and cover the increased costs,” the carrier said.', 'JetBlue flyers who have an airline-branded credit card, buy tickets in its premium Mint cabin or fares that include checked bags or have Mosaic status arelargely exempt from the price increases.', 'US-based airlines started hiking baggage fees a few months ago, with American Airlines becoming the first carrier, increasing the price from $30 to as much as $40.', 'Soon after, rivals United Airlines, Delta Air Lines and JetBlue hiked their fees.', 'This will be JetBlue’s second increase since February.', 'JetBlue has also been mired in losses since the pandemic, reporting an adjusted loss of $151 million in 2023, although that was an improvement from the $260 million it lost in 2022.', 'The airline tried to purchase Spirit Airlines, but a federal court blocked the merger.', 'JetBlue agreed to pay Spirit $69 million as part of its decision to end the deal.', 'In February, activist investorCarl Icahn bought a 10% stakein the company and announced plans to win two seats on its board of directors for his allies at the upcoming shareholders’ meeting.', 'A few weeks ago, JetBlue announced a major reduction in flights at Los Angeles International Airport and exits from five cities as it attempts to shift flying to profitable routes.']",0.2627326145571184,"“While we don’t like increasing fees, we are making these adjustments to help get our company back to profitability and cover the increased costs,” the carrier said.","JetBlue has also been mired in losses since the pandemic, reporting an adjusted loss of $151 million in 2023, although that was an improvement from the $260 million it lost in 2022.",0.7483823373913765,This will be JetBlue’s second increase since February.,"A few weeks ago, JetBlue announced a major reduction in flights at Los Angeles International Airport and exits from five cities as it attempts to shift flying to profitable routes.",2024-04-02
Half a million California fast food workers will now earn $20 per hour,https://edition.cnn.com/2024/04/01/business/california-fast-food-minimum-wage/index.html,"
  Updated
        10:03 PM EDT, Mon April 1, 2024
    ","As of Monday, about half a million fast food workers in California are making at least $20 per hour, $4 higher than the overall state minimum wage.
    
            The new rate applies to restaurant chains with more than 60 nationwide locations and is a result of a years-long fight by workers to establish better wages and working conditions, specifically in California’s fast-food industry.
    
            The law also creates a fast-food council, a first of its kind in the US, with representatives from both the restaurant industry and workers, who can increase the wage annually for the rest of the decade, in pace with inflation or up to 3.5%, whichever is higher. This council can also recommend standards for fast-food worker safety and work with existing state agencies to investigate issues like wage theft.
    
            “I definitely think it’s a very big deal,” said Jaylene Loubet, who works as a McDonald’s cashier. “What we’re fighting for is not unreasonable. We’re just asking for what’s fair.”
    
            But owners of some fast food franchise locations say in anticipation of this extra cost, they have already increased menu prices in the past few months, cut worker hours - or both. And many affected owners own only one restaurant location.
    
            Michaela Mendelsohn, a franchisee who has been appointed to the new council, said, “There’s talk about showing both sides of this. I think it’s all one side. I think to be successful, we need to be successful, and our employees need to be successful together.”
    
            Scott Rodrick started his first McDonald’s in the San Francisco Bay 30 years ago and now owns 18 locations.
    
            Rodrick said overall, he has raised prices about 5% to 7% in the last three months to anticipate the higher wages.
    
            “As a business owner, when you’re dealing with this kind of extraordinary overnight change, you know, a 25% increase in wages,… (no) stone has to remain unturned,” Rodrick said. “And so we have looked at price, although I can’t charge $20 for a Happy Meal. My customers’ appetite to absorb menu board prices is not unlimited.” 
    
            Instead of cutting any worker hours, Rodrick said he would grow his delivery operations and make decisions about large capital expenses, like postponing updating a dining room or putting off buying new grills or rooftop HVACs.
    
            “In the world of McDonald’s, human beings make hamburgers, human beings smile at customers in the drive-thru, human beings build Happy Meals. And while we have relied far more today on technology than ever before, it’s not supplanted the importance of human beings in the workplace, I’ve just been able to reallocate where they work within the restaurant,” Rodrick said.
    
            Mendelsohn, who owns six El Pollo Loco locations, has long championed workers’ rights, including helping trans workers connect with jobs.
    
            But in her view, suddenly increasing one sector’s pay is not ideal: “When you’re singling out just fast food and going up so quickly, you’re putting people in a position of desperation. How do we survive?” she asked. “But the two main ways are raising prices and reducing labor. And we don’t want to have to do either right now.”
    
            Mendelsohn said her menu items have increased about 3% to 4% in price since February in preparation for the higher wages. She plans not to replace workers who have quit and have self-serve kiosks in place by next week. She may also implement artificial intelligence in the drive-thrus next year.
    
            “I just wish it was being done over a longer period of time and it wasn’t just fast food,” Mendelsohn said. She said the state’s previous $15 minimum wage worked, because it was implemented over several years’ time and applied to every business.
    
            Loubet, who has worked as a McDonald’s cashier for six years while attending college, said she lives with her two parents in the same one-bedroom apartment they’ve been in since the 1990s.
    
            Her mother has worked at the same McDonald’s for nine years. Loubet said in that amount of time, her mom went from earning about $15 an hour to about $17 an hour, an increase that was nowhere near keeping pace with inflation.
    
            They’re hoping to move out of their apartment for a little more space.
    
            “We’re actually looking outside of Los Angeles, just because with our salaries, it’s just impossible to look for anything lower than $1,000 for a basic studio apartment,” Loubet said. “Even if we stayed in Los Angeles and were earning $20 an hour, it would still put a strain on our finances just because, right now we’re only talking about rent. And that doesn’t include bills and food, and stuff like that. With the way the cost of living is rising in Los Angeles, and our pay is barely rising as it is, people need to realize that $20 is still not enough to feel secure.”
    
            For her, security means having a little bit of cash on hand in an emergency, or, in her family’s case, a sudden loss of income when her father was injured and could no longer work his construction job.
    
            But this law isn’t just about money.
    
            Loubet remembers when a customer once asked for access to the bathroom: “I asked him to give me a minute to open it while I grab someone’s food. And by the time I turned around, he already was holding a knife to another customer. It’s certain things like this that you don’t expect to happen.”
    
            Loubet is hoping the newly formed council can, along with existing state agencies, address security and safety standards at fast-food locations, recommend changes and investigate worker complaints.
    
            Mendelsohn, who has a seat on the council, said she is concerned about crime rising in general but is reluctant to add more requirements on individual restaurant owners.
    
            The new council had its first meeting in March.
    
            Workers’ advocates hope this council can not only address fair wages, but also ensure workers are scheduled enough hours to sustain themselves, and add new protections against unfair, at-will firings.
    
            Additionally, they hope the council can discus fair working conditions, including wage theft, excessive heat and violence at work.
    
            “It’s kind of in a way the great American experiment,” Mendelsohn said.“I love this nation. It’s so polarized on all these issues and to bring everybody together in one room to talk to each other and hopefully listen and understand - I think it’s a major step forward.”",CNN,01/04/2024,"['As of Monday, about half a million fast food workers in California are making at least $20 per hour, $4 higher than the overall state minimum wage.', 'The new rate applies to restaurant chains with more than 60 nationwide locations and is a result of a years-long fight by workers to establish better wages and working conditions, specifically in California’s fast-food industry.', 'The law also creates a fast-food council, a first of its kind in the US, with representatives from both the restaurant industry and workers, who can increase the wage annually for the rest of the decade, in pace with inflation or up to 3.5%, whichever is higher.', 'This council can also recommend standards for fast-food worker safety and work with existing state agencies to investigate issues like wage theft.', '“I definitely think it’s a very big deal,” said Jaylene Loubet, who works as a McDonald’s cashier. “', 'What we’re fighting for is not unreasonable.', 'We’re just asking for what’s fair.”', 'But owners of some fast food franchise locations say in anticipation of this extra cost, they have already increased menu prices in the past few months, cut worker hours - or both.', 'And many affected owners own only one restaurant location.', 'Michaela Mendelsohn, a franchisee who has been appointed to the new council, said, “There’s talk about showing both sides of this.', 'I think it’s all one side.', 'I think to be successful, we need to be successful, and our employees need to be successful together.”', 'Scott Rodrick started his first McDonald’s in the San Francisco Bay 30 years ago and now owns 18 locations.', 'Rodrick said overall, he has raised prices about 5% to 7% in the last three months to anticipate the higher wages.', '“As a business owner, when you’re dealing with this kind of extraordinary overnight change, you know, a 25% increase in wages,… (no) stone has to remain unturned,” Rodrick said. “', 'And so we have looked at price, although I can’t charge $20 for a Happy Meal.', 'My customers’ appetite to absorb menu board prices is not unlimited.”', 'Instead of cutting any worker hours, Rodrick said he would grow his delivery operations and make decisions about large capital expenses, like postponing updating a dining room or putting off buying new grills or rooftop HVACs.', '“In the world of McDonald’s, human beings make hamburgers, human beings smile at customers in the drive-thru, human beings build Happy Meals.', 'And while we have relied far more today on technology than ever before, it’s not supplanted the importance of human beings in the workplace, I’ve just been able to reallocate where they work within the restaurant,” Rodrick said.', 'Mendelsohn, who owns six El Pollo Loco locations, has long championed workers’ rights, including helping trans workers connect with jobs.', 'But in her view, suddenly increasing one sector’s pay is not ideal: “When you’re singling out just fast food and going up so quickly, you’re putting people in a position of desperation.', 'How do we survive?”', 'she asked. “', 'But the two main ways are raising prices and reducing labor.', 'And we don’t want to have to do either right now.”', 'Mendelsohn said her menu items have increased about 3% to 4% in price since February in preparation for the higher wages.', 'She plans not to replace workers who have quit and have self-serve kiosks in place by next week.', 'She may also implement artificial intelligence in the drive-thrus next year.', '“I just wish it was being done over a longer period of time and it wasn’t just fast food,” Mendelsohn said.', 'She said the state’s previous $15 minimum wage worked, because it was implemented over several years’ time and applied to every business.', 'Loubet, who has worked as a McDonald’s cashier for six years while attending college, said she lives with her two parents in the same one-bedroom apartment they’ve been in since the 1990s.', 'Her mother has worked at the same McDonald’s for nine years.', 'Loubet said in that amount of time, her mom went from earning about $15 an hour to about $17 an hour, an increase that was nowhere near keeping pace with inflation.', 'They’re hoping to move out of their apartment for a little more space.', '“We’re actually looking outside of Los Angeles, just because with our salaries, it’s just impossible to look for anything lower than $1,000 for a basic studio apartment,” Loubet said. “', 'Even if we stayed in Los Angeles and were earning $20 an hour, it would still put a strain on our finances just because, right now we’re only talking about rent.', 'And that doesn’t include bills and food, and stuff like that.', 'With the way the cost of living is rising in Los Angeles, and our pay is barely rising as it is, people need to realize that $20 is still not enough to feel secure.”', 'For her, security means having a little bit of cash on hand in an emergency, or, in her family’s case, a sudden loss of income when her father was injured and could no longer work his construction job.', 'But this law isn’t just about money.', 'Loubet remembers when a customer once asked for access to the bathroom: “I asked him to give me a minute to open it while I grab someone’s food.', 'And by the time I turned around, he already was holding a knife to another customer.', 'It’s certain things like this that you don’t expect to happen.”', 'Loubet is hoping the newly formed council can, along with existing state agencies, address security and safety standards at fast-food locations, recommend changes and investigate worker complaints.', 'Mendelsohn, who has a seat on the council, said she is concerned about crime rising in general but is reluctant to add more requirements on individual restaurant owners.', 'The new council had its first meeting in March.', 'Workers’ advocates hope this council can not only address fair wages, but also ensure workers are scheduled enough hours to sustain themselves, and add new protections against unfair, at-will firings.', 'Additionally, they hope the council can discus fair working conditions, including wage theft, excessive heat and violence at work.', '“It’s kind of in a way the great American experiment,” Mendelsohn said.', '“I love this nation.', 'It’s so polarized on all these issues and to bring everybody together in one room to talk to each other and hopefully listen and understand - I think it’s a major step forward.”']",0.1650757910679595,"I think to be successful, we need to be successful, and our employees need to be successful together.”","But in her view, suddenly increasing one sector’s pay is not ideal: “When you’re singling out just fast food and going up so quickly, you’re putting people in a position of desperation.",0.2888259291648865,Mendelsohn said her menu items have increased about 3% to 4% in price since February in preparation for the higher wages.,"Even if we stayed in Los Angeles and were earning $20 an hour, it would still put a strain on our finances just because, right now we’re only talking about rent.",2024-04-02
Tesla sales plunge far more than expected,https://edition.cnn.com/2024/04/02/business/tesla-sales/index.html,"
  Updated
        10:52 AM EDT, Tue April 2, 2024
    ","Tesla posted its first annual drop in sales since the first year of the pandemic, as increased electric vehicle competition from Chinese and Western automakers ate into demand.
    
            CEO Elon Musk’s electric car company reported it built 433,000 vehicles but delivered only 387,000. That’s down from the 484,507 cars it delivered in the final three months of 2023, and it’s also down from the 422,875 vehicle sales in the first quarter of last year.
    
            Tesla has responded to increased competition by cutting prices. Although Tesla is more profitable than traditional automakers, the price cuts have been squeezing the profit margins that helped boost the stock. Investors’ expectations that the company would grow sales in the future had also been supporting Tesla’s lofty stock price, which made it the world’s most valuable automaker.
    
            Shares of Tesla fell 5% Monday and have lost more than a third of their value this year.
    
            Tesla attributed the decline in volumes partially to the production ramp-up of the updated version of Model 3 at its Fremont factory and to factory shutdowns resulting from ships from China to Europe being diverted away from the Red Sea due to attacks there. It also cited a week long closure of its German factory due to an arson attack.
    
            But the increased competition in the EV space is a big factor in the decline in demand. In the fourth quarter, Tesla lost the title of the world’s best-selling maker of EVs to Chinese automaker BYD. And it is facing new competition from legacy automakers, most of which are introducing new EV models as they move forward with plans to shift from traditional internal combustion engine vehicles to electrics.
    
            Analysts had been expecting sales of as many as 440,000 to as few as 414,000 vehicles, said Dan Ives, analyst with Wedbush Securities, who has been bullish on Tesla shares. While he said he remains bullish long-term, he called the quarter “a train wreck into a brick wall quarter.”
    
            Ives said the biggest problem is likely Tesla’s sales in China, which he estimates fell 3% compared to a year earlier. He described Chinese demand as “very soft coming out of the gates for 2024.”
    
            “While we were anticipating a bad first quarter, this was an unmitigated disaster that is hard to explain away,” he said in a note to clients. “We view this as a seminal moment in the Tesla story for Musk to either turn this around and reverse the black eye first quarter performance. Otherwise, some darker days could clearly be ahead that could disrupt the long-term Tesla narrative.”
    
            While overall demand for EVs still is growing rapidly - US EV sales rose 40% last year and topped 1 million vehicles for the first time - the pace of growth has been less than some forecasts. That has prompted some traditional automakers, such as General Motors and Ford, to pull back on their EV production plans.
    
            This is a developing story. It will be updated.",CNN,02/04/2024,"['Tesla posted its first annual drop in sales since the first year of the pandemic, as increased electric vehicle competition from Chinese and Western automakers ate into demand.', 'CEO Elon Musk’s electric car company reported it built 433,000 vehicles but delivered only 387,000.', 'That’s down from the 484,507 cars it delivered in the final three months of 2023, and it’s also down from the 422,875 vehicle sales in the first quarter of last year.', 'Tesla has responded to increased competition by cutting prices.', 'Although Tesla is more profitable than traditional automakers, the price cuts have been squeezing the profit margins that helped boost the stock.', 'Investors’ expectations that the company would grow sales in the future had also been supporting Tesla’s lofty stock price, which made it the world’s most valuable automaker.', 'Shares of Tesla fell 5% Monday and have lost more than a third of their value this year.', 'Tesla attributed the decline in volumes partially to the production ramp-up of the updated version of Model 3 at its Fremont factory and to factory shutdowns resulting from ships from China to Europe being diverted away from the Red Sea due to attacks there.', 'It also cited a week long closure of its German factory due to an arson attack.', 'But the increased competition in the EV space is a big factor in the decline in demand.', 'In the fourth quarter, Tesla lost the title of the world’s best-selling maker of EVs to Chinese automaker BYD.', 'And it is facing new competition from legacy automakers, most of which are introducing new EV models as they move forward with plans to shift from traditional internal combustion engine vehicles to electrics.', 'Analysts had been expecting sales of as many as 440,000 to as few as 414,000 vehicles, said Dan Ives, analyst with Wedbush Securities, who has been bullish on Tesla shares.', 'While he said he remains bullish long-term, he called the quarter “a train wreck into a brick wall quarter.”', 'Ives said the biggest problem is likely Tesla’s sales in China, which he estimates fell 3% compared to a year earlier.', 'He described Chinese demand as “very soft coming out of the gates for 2024.”', '“While we were anticipating a bad first quarter, this was an unmitigated disaster that is hard to explain away,” he said in a note to clients. “', 'We view this as a seminal moment in the Tesla story for Musk to either turn this around and reverse the black eye first quarter performance.', 'Otherwise, some darker days could clearly be ahead that could disrupt the long-term Teslanarrative.”', 'While overall demand for EVs still is growing rapidly - US EV sales rose 40% last year and topped 1 million vehicles for the first time - the pace of growth has been less than some forecasts.', 'That has prompted some traditional automakers, such as General Motors and Ford, to pull back on their EV production plans.', 'This is a developing story.', 'It will be updated.']",0.0495436767802027,"Although Tesla is more profitable than traditional automakers, the price cuts have been squeezing the profit margins that helped boost the stock.","“While we were anticipating a bad first quarter, this was an unmitigated disaster that is hard to explain away,” he said in a note to clients. “",-0.3696283070664656,"Investors’ expectations that the company would grow sales in the future had also been supporting Tesla’s lofty stock price, which made it the world’s most valuable automaker.","Tesla posted its first annual drop in sales since the first year of the pandemic, as increased electric vehicle competition from Chinese and Western automakers ate into demand.",2024-04-02
FTC investigating TikTok over privacy and security,https://edition.cnn.com/2024/03/26/tech/ftc-tiktok-probe-privacy-and-security/index.html,"
  Updated
        8:11 PM EDT, Tue March 26, 2024
    ","The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.
    
            The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.
    
            The sources said that the FTC is probing TikTok over an alleged violation of the Children’s Online Privacy Protection rule, which requires companies to notify parents and obtain consent before collecting data from children under 13.
    
            The agency is also investigating whether TikTok violated a portion of the FTC Act that prohibits “unfair or deceptive” business practices, the sources said, in denying that TikTok user data could be accessed by individuals in China.
    
            The FTC could bring a suit against TikTok or settle with the company in the coming weeks, according to one of the sources. Politico reported news of the probe earlier.
    
            When asked about the investigation, FTC Director of Public Affairs Douglas Farrar replied: “No comment.”
    
            TikTok did not immediately respond to a request for comment.
    
            The FTC probe comes as TikTok faces an existential threat in the US. Earlier this month, a bipartisan group in the US House of Representatives voted to pass a law forcing TikTok to be sold by ByteDance or face a ban from US app stores. The bill is now before the Senate, and President Joe Biden has said he would sign it if it gets to his desk. Senate leaders, however, have indicated they are taking a deliberate approach — which could lead to delays or even potentially doom the House bill.
    
            The short-form video company, owned by Chinese firm ByteDance, has denied assertions that its app poses a national security threat to US citizens. TikTok, which does not operate in China, has said that the Chinese government has never accessed US user data.
    
            Cybersecurity experts say Chinese laws require ByteDance to cooperate with that country’s intelligence demands — a fact that, given ByteDance’s ownership of TikTok, could hypothetically put US user data at risk. To address that issue, TikTok has taken steps to store its US user data on cloud servers controlled by US tech giant Oracle and established internal protocols limiting access by non-US employees.
    
            TikTok acknowledged to Congress in 2022 that employees based in China could access US user data, following a report that year by BuzzFeed News that ByteDance employees had accessed that information on multiple occasions. TikTok CEO Shou Chew, in his first appearance before Congress last year, also acknowledged that several ByteDance employees were fired for spying on certain US journalists as part of a “misguided attempt” to hunt down leakers within the company.",CNN,26/03/2024,"['The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.', 'The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.', 'The sources said that the FTC is probing TikTok over an alleged violation of the Children’s Online Privacy Protection rule, which requires companies to notify parents and obtain consent before collecting data from children under 13.', 'The agency is also investigating whether TikTok violated a portion of the FTC Act that prohibits “unfair or deceptive” business practices, the sources said, in denying that TikTok user data could be accessed by individuals in China.', 'The FTC could bring a suit against TikTok or settle with the company in the coming weeks, according to one of the sources.', 'Politico reported news of the probe earlier.', 'When asked about the investigation, FTC Director of Public Affairs Douglas Farrar replied: “No comment.”', 'TikTok did not immediately respond to a request for comment.', 'The FTC probe comes as TikTok faces an existential threat in the US.', 'Earlier this month, a bipartisan group in the US House of Representatives voted to pass a law forcing TikTok to be sold by ByteDance or face a ban from US app stores.', 'The bill is now before the Senate, and President Joe Biden has said he would sign it if it gets to his desk.', 'Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.', 'The short-form video company, owned by Chinese firm ByteDance, has denied assertions that its app poses a national security threat to US citizens.', 'TikTok, which does not operate in China, has said that the Chinese government has never accessed US user data.', 'Cybersecurity experts say Chinese laws require ByteDance to cooperate with that country’s intelligence demands—a fact that, given ByteDance’s ownership of TikTok, could hypothetically put US user data at risk.', 'To address that issue, TikTok has taken steps to store its US user data on cloud servers controlled by US tech giant Oracle and established internal protocols limiting access by non-US employees.', 'TikTok acknowledged to Congress in 2022 that employees based in China could access US user data, following a report that year by BuzzFeed News that ByteDance employees had accessed that information on multiple occasions.', 'TikTok CEO Shou Chew, in his first appearance before Congress last year, also acknowledged that several ByteDance employees were fired for spying on certain US journalists as part of a “misguided attempt” to hunt down leakers within the company.']",-0.232320081688102,"The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.","The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.",-0.8880719542503357,,"Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.",2024-04-02
Your ultimate guide to the American Express Membership Rewards program,https://edition.cnn.com/cnn-underscored/travel/american-express-membership-rewards-guide,"
  Updated
        1:03 PM EDT, Mon April 1, 2024
    ","American Express Membership Rewards are among the most valuable travel rewards points out there. That’s primarily because they fall into the category of “transferable rewards,” meaning you’re not tied down to a single airline or hotel program with which you can redeem them.
    
            In other words, you’re not just earning points that can transfer to Delta SkyMiles, but they can also transfer to any of the other 16 airlines in the Membership Rewards portfolio.
    
            Having Membership Rewards points gives you options, and that’s always a good thing. If you’re ready to give your rewards portfolio a boost, here’s everything you need to know about earning and redeeming Amex Membership Rewards.
    
            You can earn Membership Rewards points in various ways. Some require little effort, while others involve a heavier lift. It’s a good idea to take advantage of all the options out there in order to maximize your earnings. Here’s a look at how to earn Membership Rewards most efficiently.
    
            The primary way to earn Amex points is through credit cards that earn Membership Rewards. Amex has an extensive lineup of personal and business cards offering generous welcome bonuses and recurring benefits to help you earn maximum points.
    
            These include well-known cards like The Platinum Card® from American Express and the American Express® Gold Card. With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance. Here’s a look at the current welcome bonus offers on personal credit cards that earn Membership Rewards.
    
            Keep in mind, too, that many of these cards carry an annual fee:
    
            All information about the Amex EveryDay Credit Card, Amex EveryDay Preferred Credit Card and the American Express Green Card has been collected independently by CNN Underscored.
    
            Similarly, American Express offers a suite of business credit cards.
    
            All information about the Business Green Rewards Card from American Express has been collected independently by CNN Underscored.
    
            Keep in mind that several of these cards also carry an annual fee:
    
            Beyond the welcome bonus offers available, American Express makes it easy to earn Membership Rewards through category bonuses. If you spend a lot on groceries, it may be worth considering the Amex Gold card to earn 4 points per dollar spent at US supermarkets (on up to $25,000 in purchases per year).
    
            If you travel often, the Amex Platinum card is a great option for earning 5 points per dollar spent on eligible bookings made directly with an airline or with Amex Travel. Plus, you’ll have access to airport lounges, like American Express Centurion Lounges and Delta Sky Clubs, among others.
    
            When applying for American Express cards, be sure to take note of the application rules. For example, you can’t earn an Amex welcome bonus more than once (with a few exceptions), and you generally won’t be approved for more than two cards every 90 days. Before applying for a credit card, it’s important to do your research.
    
            As mentioned before, American Express makes it manageable to earn bonus points long after the welcome bonus offer. One of those ways is by adding an authorized user to your Amex card, which will occasionally earn you bonus points.
    
             Aside from the special promotions where Amex will offer you bonus points for adding an authorized user, doing so can also help you double up your point earnings. That’s because you’ll not only earn points per dollar spent on your purchases, but you’ll also earn rewards on the authorized user’s purchases.
    
            Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as an authorized user on your account. Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder. Choose carefully who you add to your account, and you can earn extra Amex points without lifting a finger.
    
            If you’ve picked up an American Express credit card, earned the welcome bonus offer and think others would enjoy doing the same, you can get rewarded for spreading the word to family and friends.
    
            American Express offers bonuses to current card holders when you refer someone and they are approved for an eligible card. You can earn up to 20,000 points per successful approval, though the exact bonus varies by card.
    
            To find out your card’s current referral bonus, head over to the Amex referral site. You’ll see referral bonuses based on your card. Simply enter your friend’s name and email address for each card you want to refer and they’ll get an email, inviting them to apply for the card. You can also copy the referral link on the page and share that with your friends and family directly.
    
            Referrals are a lucrative way to earn Amex Membership Rewards points for recommending credit cards to your friends and family. Keep in mind there is a limit to how many friends you can refer in a year.
    
            Booking travel with American Express is rewarding, too — you can earn bonus points on your credit card, plus you can often get additional perks and rewards. For example, with the Amex Platinum, you’ll get 5 points per dollar spent on hotels booked through Amex Travel.
    
            As an added incentive, you’ll receive perks like free breakfast for two, room upgrades when available and hotel credits to use at the spa or onsite restaurant just by booking with Fine Hotels & Resorts or the Hotel Collection. In general, booking travel through American Express pays off in more ways than one.
    
            Card holders can also utilize one of the most underrated benefits of having an Amex card: Amex Offers. With Amex Offers, card holders can earn statement credits or bonus points at select retailers. In other words, it’s the perfect opportunity to save some cash or earn bonus points for purchases you were already planning on making.
    
            To find and take advantage of Amex Offers, you’ll need to log in to your account. From there, scroll to the bottom of the page to the Amex Offers & Benefits section of the page. Be sure to click “View All” to load all of your eligible offers, and also be sure to select “Add to Card” in order to activate your Amex Offer. From there, you’ll be eligible to earn the bonus points or cash savings that come as part of each Amex Offer — so long as you use the registered card to make your purchase. Amex Offers are a massive perk of Amex cards that can save you money or earn you bonus points on purchases you were already planning to make.
    
            Thanks to a partnership with American Express, you can turn your Rakuten cash back rewards into Membership Rewards. It’s a great way to earn Membership Rewards points on regular purchases, without much added effort.
    
            If you already have a Rakuten account, you can easily switch your earning preference to Membership Rewards. Simply log into your account and follow these steps:
    
            After this, rewards get transferred to your Membership Rewards account quarterly.
    
            Now, for the fun part! Once you’ve earned Membership Rewards points, it’s time to put them to good use. Amex gives you several options to redeem points, but the best option is travel. You can choose between statement credits for travel bookings or transferring them to airline or hotel partners.
    
            Here’s a closer look at your options and how they work.
    
            American Express has 20 airline and hotel transfer partners — in other words, the Amex points you’ve earned can be transferred to any of the 20 hotel and airline partners. The best way to redeem Membership Rewards for maximum value is through airline transfers. But keep in mind that not all airline loyalty programs are equal.
    
            Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are. With each of the partners, you’ll need to link your accounts, and you’ll also need to search for award availability with the airline of your choice before transferring any points.
    
            If you’re looking to transfer your Amex Membership Rewards points, these are the 20 airline and hotel partner options, as well as the transfer rate.
    
            It’s worth noting that Amex occasionally runs transfer promotions for certain airlines or hotels. So, at times, you can get more points in return than the standard transfer rate listed above. Bonuses like these can increase the value of your points by enabling you to book sought-after award tickets for substantially less.
    
            By transferring Amex Membership Rewards points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming points and miles, you’ll just have to pay the taxes and fees on a ticket. As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.
    
            Keep in mind that the most obvious airline choice may not always be your best option. Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs. For example, British Airways and American Airlines are both members of the Oneworld alliance, meaning you can transfer your Amex Membership Rewards points to British Airways Executive Club and redeem for flights operated by American Airlines.
    
            Because of the vast number of airline transfer partners, your options are virtually endless for where your Membership Rewards points can take you. But, some redemptions are better than others — particularly when it comes to award sweet spots.
    
            Some examples of these sweet spot awards using your Amex Membership Rewards points include the following:
    
            Generally speaking, you’ll get the most value out of your Amex Membership Rewards points by transferring them to airline partners. But that may not always make sense for all card holders — and it’s not your only option.
    
            If figuring out transfer partner options and award charts sounds daunting, you can also use your Membership Rewards for fixed redemptions. This includes using points for statement credits, travel bookings via Amex Travel, charitable donations, online shopping and gift cards.
    
            Using points for statement credits toward qualifying purchases isn’t a great use of your points because you’ll only get 0.6 cents per point in value. If you’re looking to maximize the value of your Amex points, this isn’t the best route to take.
    
            You’ll get slightly more value by redeeming your Membership Rewards for travel bookings. By doing so, you’ll get 1 cent per point toward airfare and 0.7 cents per point toward car rentals, hotels, cruises and vacation bookings. Business Platinum card holders also get a 35% rebate when redeeming points for flight bookings through Amex Travel.
    
            If you choose to redeem your points for gift cards, you’ll get 1 cent per point in value. However, if you use Pay With Points (valid with Amazon, Best Buy, Boxed, Dell and GrubHub and others), you’ll get a value of just 0.5 cents to 1 cent each (depending on the Amex card) — one of the lowest-value options out there.
    
            Generally speaking, you should try to extract as much value as possible out of your Amex Membership Rewards points. However, that’s not always the case for everyone. You may want to save a few dollars here or there on a purchase you’re making online. Ultimately, we love Membership Rewards points so much because you have the option to use them however you like — whether for travel, Amazon purchases, gift cards and more.
    
            When it comes to the worth of your Membership Rewards points, it ultimately comes down to how you use them. The value you can get ranges from about 0.6 cents each to about 2 cents each. Frequent flyer website The Points Guy values Amex Membership Rewards points at 2 cents apiece.
    
            Amex offers 0.6 cents per point in value when you use points for statement credits. Meanwhile, travel bookings will get you a somewhat higher 1 cent per point. The highest value comes from transferring points to airline and hotel partners, as detailed above. Convert your points to airline miles and you can get 2 cents or more in value on premium award redemptions.
    
            American Express Membership Rewards points are some of the most versatile and valuable out there. By earning them, you give yourself the option to save money on travel, buying gift cards, Amazon purchases and so much more. Ultimately, it’s the flexibility that makes having an Amex credit card so rewarding.
    
            Click here for rates and fees of the Amex Platinum card.Click here for rates and fees of the Amex Gold card.Click here for rates and fees of the Amex Business Platinum card.Click here for rates and fees of the Amex Business Gold card.Click here for rates and fees of the Amex Blue Business Plus card.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,01/04/2024,"['American Express Membership Rewards are among the most valuable travel rewards points out there.', 'That’s primarily because they fall into the category of “transferable rewards,” meaning you’re not tied down to a single airline or hotel program with which you can redeem them.', 'In other words, you’re not just earning points that can transfer to Delta SkyMiles, but they can also transfer to any of the other 16 airlines in the Membership Rewards portfolio.', 'Having Membership Rewards points gives you options, and that’s always a good thing.', 'If you’re ready to give your rewards portfolio a boost, here’s everything you need to know about earning and redeeming Amex Membership Rewards.', 'You can earn Membership Rewards points in various ways.', 'Some require little effort, while others involve a heavier lift.', 'It’s a good idea to take advantage of all the options out there in order to maximize your earnings.', 'Here’s a look at how to earn Membership Rewards most efficiently.', 'The primary way to earn Amex points is through credit cards that earn Membership Rewards.', 'Amex has an extensive lineup of personal and business cards offering generous welcome bonuses and recurring benefits to help you earn maximum points.', 'These include well-known cards like The Platinum Card® from American Express and the American Express® Gold Card.', 'With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance.', 'Here’s a look at the current welcome bonus offers on personal credit cards that earn Membership Rewards.', 'Keep in mind, too, that many of these cards carry an annual fee:  All information about the Amex EveryDay Credit Card, Amex EveryDay Preferred Credit Card and the American Express Green Card has been collected independently by CNN Underscored.', 'Similarly, American Express offers a suite of business credit cards.', 'All information about the Business Green Rewards Card from American Express has been collected independently by CNN Underscored.', 'Keep in mind that several of these cards also carry an annual fee:  Beyond the welcome bonus offers available, American Express makes it easy to earn Membership Rewards through category bonuses.', 'If you spend a lot on groceries, it may be worth considering the Amex Gold card to earn 4 points per dollar spent at US supermarkets (on up to $25,000 in purchases per year).', 'If you travel often, the Amex Platinum card is a great option for earning 5 points per dollar spent on eligible bookings made directly with an airline or with Amex Travel.', 'Plus, you’ll have access to airport lounges, like American Express Centurion Lounges and Delta Sky Clubs, among others.', 'When applying for American Express cards, be sure to take note of the application rules.', 'For example, you can’t earn an Amex welcome bonus more than once (with a few exceptions), and you generally won’t be approved for more than two cards every 90 days.', 'Before applying for a credit card, it’s important to do your research.', 'As mentioned before, American Express makes it manageable to earn bonus points long after the welcome bonus offer.', 'One of those ways is by adding an authorized user to your Amex card, which will occasionally earn you bonus points.', 'Aside from the special promotions where Amex will offer you bonus points for adding an authorized user, doing so can also help you double up your point earnings.', 'That’s because you’ll not only earn points per dollar spent on your purchases, but you’ll also earn rewards on the authorized user’s purchases.', 'Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as an authorized user on your account.', 'Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.', 'Choose carefully who you add to your account, and you can earn extra Amex points without lifting a finger.', 'If you’ve picked up an American Express credit card, earned the welcome bonus offer and think others would enjoy doing the same, you can get rewarded for spreading the word to family and friends.', 'American Express offers bonuses to current card holders when you refer someone and they are approved for an eligible card.', 'You can earn up to 20,000 points per successful approval, though the exact bonus varies by card.', 'To find out your card’s current referral bonus, head over to the Amex referral site.', 'You’ll see referral bonuses based on your card.', 'Simply enter your friend’s name and email address for each card you want to refer and they’ll get an email, inviting them to apply for the card.', 'You can also copy the referral link on the page and share that with your friends and family directly.', 'Referrals are a lucrative way to earn Amex Membership Rewards points for recommending credit cards to your friends and family.', 'Keep in mind there is a limit to how many friends you can refer in a year.', 'Booking travel with American Express is rewarding, too — you can earn bonus points on your credit card, plus you can often get additional perks and rewards.', 'For example, with the Amex Platinum, you’ll get 5 points per dollar spent on hotels booked through Amex Travel.', 'As an added incentive, you’ll receive perks like free breakfast for two, room upgrades when available and hotel credits to use at the spa or onsite restaurant just by booking with Fine Hotels & Resorts or the Hotel Collection.', 'In general, booking travel through American Express pays off in more ways than one.', 'Card holders can also utilize one of the most underrated benefits of having an Amex card: Amex Offers.', 'With Amex Offers, card holders can earn statement credits or bonus points at select retailers.', 'In other words, it’s the perfect opportunity to save some cash or earn bonus points for purchases you were already planning on making.', 'To find and take advantage of Amex Offers, you’ll need to log in to your account.', 'From there, scroll to the bottom of the page to the Amex Offers & Benefits section of the page.', 'Be sure to click “View All” to load all of your eligible offers, and also be sure to select “Add to Card” in order to activate your Amex Offer.', 'From there, you’ll be eligible to earn the bonus points or cash savings that come as part of each Amex Offer — so long as you use the registered card to make your purchase.', 'Amex Offers are a massive perk of Amex cards that can save you money or earn you bonus points on purchases you were already planning to make.', 'Thanks to a partnership with American Express, you can turn your Rakuten cash back rewards into Membership Rewards.', 'It’s a great way to earn Membership Rewards points on regular purchases, without much added effort.', 'If you already have a Rakuten account, you can easily switch your earning preference to Membership Rewards.', 'Simply log into your account and follow these steps:  After this, rewards get transferred to your Membership Rewards account quarterly.', 'Now, for the fun part!', 'Once you’ve earned Membership Rewards points, it’s time to put them to good use.', 'Amex gives you several options to redeem points, but the best option is travel.', 'You can choose between statement credits for travel bookings or transferring them to airline or hotel partners.', 'Here’s a closer look at your options and how they work.', 'American Express has 20 airline and hotel transfer partners — in other words, the Amex points you’ve earned can be transferred to any of the 20 hotel and airline partners.', 'The best way to redeem Membership Rewards for maximum value is through airline transfers.', 'But keep in mind that not all airline loyalty programs are equal.', 'Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are.', 'With each of the partners, you’ll need to link your accounts, and you’ll also need to search for award availability with the airline of your choice before transferring any points.', 'If you’re looking to transfer your Amex Membership Rewards points, these are the 20 airline and hotel partner options, as well as the transfer rate.', 'It’s worth noting that Amex occasionally runs transfer promotions for certain airlines or hotels.', 'So, at times, you can get more points in return than the standard transfer rate listed above.', 'Bonuses like these can increase the value of your points by enabling you to book sought-after award tickets for substantially less.', 'By transferring Amex Membership Rewards points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming points and miles, you’ll just have to pay the taxes and fees on a ticket.', 'As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.', 'Keep in mind that the most obvious airline choice may not always be your best option.', 'Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs.', 'For example, British Airways and American Airlines are both members of the Oneworld alliance, meaning you can transfer your Amex Membership Rewards points to British Airways Executive Club and redeem for flights operated by American Airlines.', 'Because of the vast number of airline transfer partners, your options are virtually endless for where your Membership Rewards points can take you.', 'But, some redemptions are better than others — particularly when it comes to award sweet spots.', 'Some examples of these sweet spot awards using your Amex Membership Rewards points include the following:  Generally speaking, you’ll get the most value out of your Amex Membership Rewards points by transferring them to airline partners.', 'But that may not always make sense for all card holders — and it’s not your only option.', 'If figuring out transfer partner options and award charts sounds daunting, you can also use your Membership Rewards for fixed redemptions.', 'This includes using points for statement credits, travel bookings via Amex Travel, charitable donations, online shopping and gift cards.', 'Using points for statement credits toward qualifying purchases isn’t a great use of your points because you’ll only get 0.6 cents per point in value.', 'If you’re looking to maximize the value of your Amex points, this isn’t the best route to take.', 'You’ll get slightly more value by redeeming your Membership Rewards for travel bookings.', 'By doing so, you’ll get 1 cent per point toward airfare and 0.7 cents per point toward car rentals, hotels, cruises and vacation bookings.', 'Business Platinum card holders also get a 35% rebate when redeeming points for flight bookings through Amex Travel.', 'If you choose to redeem your points for gift cards, you’ll get 1 cent per point in value.', 'However, if you use Pay With Points (valid with Amazon, Best Buy, Boxed, Dell and GrubHub and others), you’ll get a value of just 0.5 cents to 1 cent each (depending on the Amex card) — one of the lowest-value options out there.', 'Generally speaking, you should try to extract as much value as possible out of your Amex Membership Rewards points.', 'However, that’s not always the case for everyone.', 'You may want to save a few dollars here or there on a purchase you’re making online.', 'Ultimately, we love Membership Rewards points so much because you have the option to use them however you like — whether for travel, Amazon purchases, gift cards and more.', 'When it comes to the worth of your Membership Rewards points, it ultimately comes down to how you use them.', 'The value you can get ranges from about 0.6 cents each to about 2 cents each.', 'Frequent flyer website The Points Guy values Amex Membership Rewards points at 2 cents apiece.', 'Amex offers 0.6 cents per point in value when you use points for statement credits.', 'Meanwhile, travel bookings will get you a somewhat higher 1 cent per point.', 'The highest value comes from transferring points to airline and hotel partners, as detailed above.', 'Convert your points to airline miles and you can get 2 cents or more in value on premium award redemptions.', 'American Express Membership Rewards points are some of the most versatile and valuable out there.', 'By earning them, you give yourself the option to save money on travel, buying gift cards, Amazon purchases and so much more.', 'Ultimately, it’s the flexibility that makes having an Amex credit card so rewarding.', 'Click here for rates and fees of the Amex Platinum card.', 'Click here for rates and fees of the Amex Gold card.', 'Click here for rates and fees of the Amex Business Platinum card.', 'Click here for rates and fees of the Amex Business Gold card.', 'Click here for rates and fees of the Amex Blue Business Plus card.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.5246481979610982,"If you’ve picked up an American Express credit card, earned the welcome bonus offer and think others would enjoy doing the same, you can get rewarded for spreading the word to family and friends.",But keep in mind that not all airline loyalty programs are equal.,0.96224285364151,"With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance.",,2024-04-02
It’s jobs week. Here’s what to watch,https://edition.cnn.com/2024/04/02/investing/premarket-stocks-trading/index.html,"
  Published
        7:04 AM EDT, Tue April 2, 2024
    ","A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.
    
            Welcome to jobs week.
    
            The March employment report, due out on Friday, will be the main focus for investors this week. They will be watching closely to see if the labor market is powering ahead, resilient despite still-sour economic sentiment on Main Street, or if the data is beginning to show a sustained slowdown.
    
            It could be another case of “bad-news-is-good-news” on Wall Street if higher unemployment prompts the Federal Reserve to lower interest rates.
    
            Fed Chair Jerome Powell said last week that a weakening labor market would be a reason to reduce interest rates. And while analysts aren’t forecasting any sudden plunges in employment, there are some signs that labor-market conditions could come in weak this month.
    
            “There are only two economic metrics this week that I’ll be really paying attention to: nonfarm payrolls report and the unemployment rate,” said Dave Sekera, Morningstar’s chief US market strategist. “The Fed will be paying very close attention to both of these numbers; they are watching the labor market as part of their evaluation for monetary policy going forward.”
    
            What’s happening: Analysts expect nonfarm payrolls to increase by a seasonally adjusted 192,500 in March, down from an increase of 275,000 in February, according to FactSet data.
    
            Hourly earnings are expected to rise by 4.1% year-over-year in March, a tick down from 4.3% in February.
    
            Still, the overall unemployment rate is expected to slip to 3.8% from 3.9% the month prior.
    
            “What we’re all looking for here are those type of Goldilocks ‘not too hot, not too cool’ numbers,” said Sekera.
    
            “We want payrolls to be high enough to indicate that the economy is still holding up, even in the face of restrictive monetary policy, so that even though we think the rate of economic growth is slowing, we’re still looking for that soft landing,” he said. A soft landing is when the Fed tames inflation without setting off big job losses or a recession. “Then again, we’re also looking for a number that’s low enough so that we wouldn’t be concerned about wage inflation re-igniting.”
    
            Analysts from Goldman Sachs wrote in a note on Monday that Friday’s expectations include a boost from “above-normal immigration as new entrants to the labor force are matched to open positions.”
    
            The analysts said that there was a strong pace of job gains and low pace of layoffs last month but job growth will still likely come in slower than February data, which got a boost from abnormally good weather.
    
            Yes, but: Some analysts think that traders are putting too much emphasis on Friday’s report.
    
            It’s hard to imagine that this jobs report will substantially move the needle on Fed policy, said Michael Brown, a senior research strategist at Pepperstone.
    
            Powell just recently said that the central bank expects unemployment to move higher over the rest of the year, and that the risks to the Fed’s dual mandate to achieve maximum employment and keep rates are coming back into “better balance,” he noted.
    
            Instead, Brown thinks the “key determinant” for the timing of the first rate cut will be how confident officials feel in bringing inflation to their 2% target. That means the next Consumer Price Index report – expected on April 10 – will be important.
    
            Feeling good: Regardless of what analysts think, consumers seem to be feeling relatively good about the labor market.
    
            The Conference Board’s February Consumer Confidence survey found that “Consumers’ appraisal of the labor market was more positive in March” than in previous months.
    
            More than 43% of consumers said jobs were ”plentiful,” according to the survey. That’s up from 42.8% in February. Nearly 11% of consumers said jobs were “hard to get,” down from 12.7% the month prior.
    
            The week ahead: While the main event this week is Friday’s jobs report, there’s plenty of other jobs data this week for traders to grab on to.
    
            The Job Openings and Labor Turnover Survey (JOLTS) is scheduled for Tuesday, and ADP’s private employment report for March is due on Wednesday morning.
    
            It’s also a busy week for the Fed, with nine separate Fed speeches expected. But the spotlight will be on Powell as he delivers a speech on his economic outlook at a Stanford forum on Wednesday.
    
            Shares of Truth Social owner Trump Media & Technology Group plunged Monday after the company disclosed that it lost more than $58 million and generated very little revenue in 2023. Former President Donald Trump is the company’s majority shareholder, and his net worth tumbled by more than $1 billion Monday as a result, reports my colleague Matt Egan.
    
            The figures underscore why some experts warn Trump Media’s multibillion-dollar valuation defies logic and is reminiscent of the meme stock craze.
    
            In a regulatory filing on Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.
    
            The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.
    
            Not only that, but revenue tumbled 39% year-over-year in the fourth quarter to just $751,500. That’s not what investors want to see from any start-up, especially one valued at these levels.
    
            Shares of Trump Media tumbled 21% Monday following the new filings, though they are still up nearly 200% so far this year.
    
            As of Monday, about half a million fast food workers in California are making at least $20 per hour, $4 higher than the overall state minimum wage, reports my colleague Natasha Chen.
    
            The new rate applies to restaurant chains with more than 60 nationwide locations and is a result of a years-long fight by workers to establish better wages and working conditions, specifically in California’s fast-food industry.
    
            The law also creates a fast-food council, a first of its kind in the US, with representatives from both the restaurant industry and workers, who can increase the wage annually for the rest of the decade, in pace with inflation or up to 3.5%, whichever is higher. This council can also recommend standards for fast-food worker safety and work with existing state agencies to investigate issues like wage theft.",CNN,02/04/2024,"['A version of this story first appeared in CNN Business’ Before the Bell newsletter.', 'Not a subscriber?', 'You can sign upright here.', 'You can listen to an audio version of the newsletter by clicking the same link.', 'Welcome to jobs week.', 'The March employment report, due out on Friday, will be the main focus for investors this week.', 'They will be watching closely to see if the labor market is powering ahead, resilient despite still-sour economic sentiment on Main Street, or if the data is beginning to show a sustained slowdown.', 'It could be another case of “bad-news-is-good-news” on Wall Street if higher unemployment prompts the Federal Reserve to lower interest rates.', 'Fed Chair Jerome Powell said last week that a weakening labor market would be a reason to reduce interest rates.', 'And while analysts aren’t forecasting any sudden plunges in employment, there are some signs that labor-market conditions could come in weak this month.', '“There are only two economic metrics this week that I’ll be really paying attention to: nonfarm payrolls report and the unemployment rate,” said Dave Sekera, Morningstar’s chief US market strategist. “', 'The Fed will be paying very close attention to both of these numbers; they are watching the labor market as part of their evaluation for monetary policy going forward.”', 'What’s happening: Analysts expect nonfarm payrolls to increase by a seasonally adjusted 192,500 in March, down from an increase of 275,000 in February, according to FactSet data.', 'Hourly earnings are expected to rise by 4.1% year-over-year in March, a tick down from 4.3% in February.', 'Still, the overall unemployment rate is expected to slip to 3.8% from 3.9% the month prior.', '“What we’re all looking for here are those type of Goldilocks ‘not too hot, not too cool’ numbers,” said Sekera.', '“We want payrolls to be high enough to indicate that the economy is still holding up, even in the face of restrictive monetary policy, so that even though we think the rate of economic growth is slowing, we’re still looking for that soft landing,” he said.', 'A soft landing is when the Fed tames inflation without setting off big job losses or a recession. “', 'Then again, we’re also looking for a number that’s low enough so that we wouldn’t be concerned about wage inflation re-igniting.”', 'Analysts from Goldman Sachs wrote in a note on Monday that Friday’s expectations include a boost from “above-normal immigration as new entrants to the labor force are matched to open positions.”', 'The analysts said that there was a strong pace of job gains and low pace of layoffs last month but job growth will still likely come in slower than February data, which got a boost from abnormally good weather.', 'Yes, but: Some analysts think that traders are putting too much emphasis on Friday’s report.', 'It’s hard to imagine that this jobs report will substantially move the needle on Fed policy, said Michael Brown, a senior research strategist at Pepperstone.', 'Powell just recently said that the central bank expects unemployment to move higher over the rest of the year, and that the risks to the Fed’s dual mandate to achieve maximum employment and keep rates are coming back into “better balance,” he noted.', 'Instead, Brown thinks the “key determinant” for the timing of the first rate cut will be how confident officials feel in bringing inflation to their 2% target.', 'That means the next Consumer Price Index report – expected on April 10 – will be important.', 'Feeling good: Regardless of what analysts think, consumers seem to be feeling relatively good about the labor market.', 'The Conference Board’s February Consumer Confidence survey found that “Consumers’ appraisal of the labor market was more positive in March” than in previous months.', 'More than 43% of consumers said jobs were ”plentiful,” according to the survey.', 'That’s up from 42.8% in February.', 'Nearly 11% of consumers said jobs were “hard to get,” down from 12.7% the month prior.', 'The week ahead: While the main event this week is Friday’s jobs report, there’s plenty of other jobs data this week for traders to grab on to.', 'The Job Openings and Labor Turnover Survey (JOLTS) is scheduled for Tuesday, and ADP’s private employment report for March is due on Wednesday morning.', 'It’s also a busy week for the Fed, with nine separate Fed speeches expected.', 'But the spotlight will be on Powell as he delivers a speech on his economic outlook at a Stanford forum on Wednesday.', 'Shares ofTruth Social owner Trump Media & Technology Group plunged Monday after the company disclosed that it lost more than $58 million and generated very little revenue in 2023.', 'Former President Donald Trump is the company’s majority shareholder, and his net worth tumbled by more than $1 billion Monday as a result, reports my colleague Matt Egan.', 'The figures underscore why some experts warn Trump Media’s multibillion-dollar valuation defies logic and isreminiscent of the meme stock craze.', 'In a regulatoryfilingon Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.', 'The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.', 'Not only that, but revenue tumbled 39% year-over-year in the fourth quarter to just $751,500.', 'That’s not what investors want to see from any start-up, especially one valued at these levels.', 'Shares of Trump Media tumbled 21% Monday following the new filings, though they are still up nearly 200% so far this year.', 'As of Monday, about half a million fast food workers in California are making at least $20 per hour, $4 higher than the overall state minimum wage, reports my colleague Natasha Chen.', 'The new rate applies to restaurant chains with more than 60 nationwide locations and is a result of a years-long fight by workers to establish better wages and working conditions, specifically in California’s fast-food industry.', 'The law also creates a fast-food council, a first of its kind in the US, with representatives from both the restaurant industry and workers, who can increase the wage annually for the rest of the decade, in pace with inflation or up to 3.5%, whichever is higher.', 'This council can also recommend standards for fast-food worker safety and work with existing state agencies to investigate issues like wage theft.']",0.1012329814153256,"The analysts said that there was a strong pace of job gains and low pace of layoffs last month but job growth will still likely come in slower than February data, which got a boost from abnormally good weather.",A soft landing is when the Fed tames inflation without setting off big job losses or a recession. “,0.0974923718360162,Analysts from Goldman Sachs wrote in a note on Monday that Friday’s expectations include a boost from “above-normal immigration as new entrants to the labor force are matched to open positions.”,"In a regulatoryfilingon Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.",2024-04-02
Baltimore’s economy has been humming. Then a bridge collapsed,https://edition.cnn.com/2024/04/02/economy/baltimores-regional-economy-francis-scott-key-bridge/index.html,"
  Published
        7:00 AM EDT, Tue April 2, 2024
    ","The tragic collapse of the Francis Scott Key Bridge last week claiming the lives of construction workers who were all Hispanic has rattled the Baltimore region to its core.
    
            As the local community begins the difficult work needed to return to some sense of  normality, experts say that, at the very least, the local economy will likely withstand the effects of the bridge’s collapse.
    
            The collapse will indeed have some economic impact, but it will likely be limited. Baltimore’s regional economy has a lot going for it such as low unemployment and low inflation.
    
            The Port of Baltimore is a key economic engine, employing tens of thousands, but it is currently immobilized with debris littering the Patapsco River. Officials have said they’re tapping into billions in emergency federal dollars to remove the wreckage to allow ship traffic and rebuild the bridge as quickly as possible. Insurers are also stepping in to cover costs.
    
            “Baltimore County and the city have very high credit ratings, which means they have broad, diverse and strong tax bases that would be resilient to one-time shocks like this,” Orlie Prince, a senior vice president and manager at Moody’s Ratings, told CNN.
    
            The firm assesses the creditworthiness of local governments, which takes into account the economy’s overall health, and stated in a recent analysis that “a successful resumption of port activity in coming weeks, combined with substantial federal funding for an eventual bridge replacement, will reduce risk of long-term damage.”
    
            Here’s a snapshot of Baltimore’s regional economy and why it’ll be likely spared from an economic disaster.
    
            The Baltimore metropolitan area, which encompasses the nearby cities of Columbia and Towson, registered a low 2.8% unemployment rate in January, according to Labor Department data.
    
            That’s well below the national rate of 3.9% in February and ranks 43rd out of 389 regions across the country with more than one million residents. It’s lower than in other eastern US cities such as Boston, Orlando, and Atlanta and the same as Washington D.C.’s.
    
            The region’s job market is diverse, powered by health care, education, financial services and government. The Port of Baltimore is also a big source of jobs in the region, accounting for about 19,970 direct jobs, or 1.4% of total nonfarm employment in the greater metro area, according to a Moody’s analysis.
    
            The fate of those jobs is unclear at this point, but they probably won’t disappear permanently. The port will eventually reopen and there are other employers in the area doing similar work with similar jobs, so those workers could also easily find new employment if necessary.
    
            “While the port is closed and debris is getting cleared up, you still have Tradepoint Atlantic, which is a private port facility that’s still open and there are companies in the area like Amazon which are looking to expand and fast track their plans to develop warehousing there as well,” Matt Jaffe, an analyst at Moody’s, told CNN.
    
            “I think the job market is definitely resilient,” Jaffe said.
    
            The US economy is still dealing with high inflation, but that’s not much of a problem for the Baltimore metro. Consumer prices in the region were up just 1.7% in February from a year earlier, according to the latest Consumer Price Index data. That’s much lower than the national rate of 3.2% that month and ranks among the lowest of the 23 metro areas with more than 2.5 million residents for which the Labor Department publishes inflation data, according to a CNN analysis.
    
            That’s also below the Federal Reserve’s target for its preferred inflation gauge, the Personal Consumption Expenditures price index.
    
            Inflation in Baltimore slowed dramatically last year from April to June, falling to a 2.8% annual rise from April’s 5.3%. Food and beverage prices fell 0.6% during that two-month period while the energy index saw an even steeper drop of 1.8%.
    
            “Inflation continues to be lower in Baltimore than the national average, so the cost of living is cheaper here than elsewhere in the state and in the US as a whole and I think that that only helps make Baltimore an attractive city to call home,” Christina DePasquale, an associate professor of practice at Johns Hopkins Carey Business School, told CNN.
    
            Like across the country, rising energy prices have recently pushed up overall inflation in the Baltimore metro.
    
            Baltimore’s housing market is relatively decent. The median price for a home in the Baltimore metro was $383,900 in the fourth quarter of 2023, according to the National Association of Realtors. That’s just slightly below the national median price, which was $384,500 in February, NAR reported last month.
    
            However, housing affordability nationwide became strained as the Fed began to jack up interest rates two years ago in a bid to combat the highest inflation in decades. The Fed doesn’t set mortgage rates, but its rate decisions do influence them.
    
            The average 30-year fixed mortgage rate reached a two-decade high of 7.79% in late October, according to Freddie Mac, and the latest data show that it’s currently at 6.79%, but that’s higher than anything seen from 2008 to 2022.
    
            Still, the monthly-mortgage-payment-to-income ratio and the median-home-price-to-income ratio were lower in Baltimore last year than in the nation as a whole, according to NAR’s analysis of the metro’s housing market.
    
            The 12-month sum of building permits for one housing unit through December stood at 3,679, which was “below the long-term average,” but “construction is on the rise relative to [the prior] year, suggesting that the local inventory has stabilized,” the NAR report said.",CNN,02/04/2024,"['The tragic collapse of the Francis Scott Key Bridge last week claiming the lives of construction workers who were all Hispanic has rattled the Baltimore region to its core.', 'As the local community begins the difficult work needed to return to some sense of normality, experts say that, at the very least, the local economy will likely withstand the effects of the bridge’s collapse.', 'The collapse will indeed have some economic impact, but it will likely be limited.', 'Baltimore’s regional economy has a lot going for it such as low unemployment and low inflation.', 'The Port of Baltimore is a key economic engine, employing tens of thousands, but it is currently immobilized with debris littering the Patapsco River.', 'Officials have said they’re tapping into billions in emergency federal dollars to remove the wreckage to allow ship traffic and rebuild the bridge as quickly as possible.', 'Insurers are also stepping in to cover costs.', '“Baltimore County and the city have very high credit ratings, which means they have broad, diverse and strong tax bases that would be resilient to one-time shocks like this,” Orlie Prince, a senior vice president and manager at Moody’s Ratings, told CNN.', 'The firm assesses the creditworthiness of local governments, which takes into account the economy’s overall health, and stated in a recent analysis that “a successful resumption of port activity in coming weeks, combined with substantial federal funding for an eventual bridge replacement, will reduce risk of long-term damage.”', 'Here’s a snapshot of Baltimore’s regional economy and why it’ll be likely spared from an economic disaster.', 'The Baltimore metropolitan area, which encompasses the nearby cities of Columbia and Towson, registered a low 2.8% unemployment rate in January, according to Labor Department data.', 'That’s well below the national rate of 3.9% in February and ranks 43rd out of 389 regions across the country with more than one million residents.', 'It’s lower than in other eastern US cities such as Boston, Orlando, and Atlanta and the same as Washington D.C.’s.', 'The region’s job market is diverse, powered by health care, education, financial services and government.', 'The Port of Baltimore is also a big source of jobs in the region, accounting for about 19,970 direct jobs, or 1.4% of total nonfarm employment in the greater metro area, according to a Moody’s analysis.', 'The fate of those jobs is unclear at this point, but they probably won’t disappear permanently.', 'The port will eventually reopen and there are other employers in the area doing similar work with similar jobs, so those workers could also easily find new employment if necessary.', '“While the port is closed and debris is getting cleared up, you still have Tradepoint Atlantic, which is a private port facility that’s still open and there are companies in the area like Amazon which are looking to expand and fast track their plans to develop warehousing there as well,” Matt Jaffe, an analyst at Moody’s, told CNN.', '“I think the job market is definitely resilient,” Jaffe said.', 'The US economy is still dealing with high inflation, but that’s not much of a problem for the Baltimore metro.', 'Consumer prices in the region were up just 1.7% in February from a year earlier, according to the latest Consumer Price Index data.', 'That’s much lower than the national rate of 3.2% that month and ranks among the lowest of the 23 metro areas with more than 2.5 million residents for which the Labor Department publishes inflation data, according to a CNN analysis.', 'That’s also below the Federal Reserve’s target for its preferred inflation gauge, the Personal Consumption Expenditures price index.', 'Inflation in Baltimore slowed dramatically last year from April to June, falling to a 2.8% annual rise from April’s 5.3%.', 'Food and beverage prices fell 0.6% during that two-month period while the energy index saw an even steeper drop of 1.8%.', '“Inflation continues to be lower in Baltimore than the national average, so the cost of living is cheaper here than elsewhere in the state and in the US as a whole and I think that that only helps make Baltimore an attractive city to call home,” Christina DePasquale, an associate professor of practice at Johns Hopkins Carey Business School, told CNN.', 'Like across the country, rising energy prices have recently pushed up overall inflation in the Baltimore metro.', 'Baltimore’s housing market is relatively decent.', 'The median price for a home in the Baltimore metro was $383,900 in the fourth quarter of 2023, according to the National Association of Realtors.', 'That’s just slightly below the national median price, which was $384,500 in February, NAR reported last month.', 'However, housing affordability nationwide became strained as the Fed began to jack up interest rates two years ago in a bid to combat the highest inflation in decades.', 'The Fed doesn’t set mortgage rates, but its rate decisions do influence them.', 'The average 30-year fixed mortgage rate reached a two-decade high of 7.79% in late October, according to Freddie Mac, and the latest data show that it’s currently at 6.79%, but that’s higher than anything seen from 2008 to 2022.', 'Still, the monthly-mortgage-payment-to-income ratio and the median-home-price-to-income ratio were lower in Baltimore last year than in the nation as a whole, according to NAR’s analysis of the metro’s housing market.', 'The 12-month sum of building permits for one housing unit through December stood at 3,679, which was “below the long-term average,” but “construction is on the rise relative to [the prior] year, suggesting that the local inventory has stabilized,” the NAR report said.']",-0.0789141244116706,"“While the port is closed and debris is getting cleared up, you still have Tradepoint Atlantic, which is a private port facility that’s still open and there are companies in the area like Amazon which are looking to expand and fast track their plans to develop warehousing there as well,” Matt Jaffe, an analyst at Moody’s, told CNN.",The tragic collapse of the Francis Scott Key Bridge last week claiming the lives of construction workers who were all Hispanic has rattled the Baltimore region to its core.,-0.0392382274503293,"Consumer prices in the region were up just 1.7% in February from a year earlier, according to the latest Consumer Price Index data.",Food and beverage prices fell 0.6% during that two-month period while the energy index saw an even steeper drop of 1.8%.,2024-04-02
Retirement crisis looms as Americans struggle to save,https://edition.cnn.com/2024/04/02/economy/americans-struggle-to-save-as-retirement-crisis-looms/index.html,"
  Updated
        3:00 PM EDT, Tue April 2, 2024
    ","Eric Payne, a 37-year-old single father to two boys, works hard to stretch his paycheck each week. It’s a task he refers to as “clicking.”
    
            He makes a good salary – in the $80,000 range – but by the time all of the essential expenses have clicked into place, there’s not much left to spare.
    
            “The clicking is for day-to-day operations,” explained Payne, who works as the director of quality assurance for a seafood wholesaler near Portland, Maine.
    
             “Groceries, car payment, mortgage, kids’ clothes, childcare, or figuring out how to cover an unexpected bill.”
    
            Click. Click. Click. Click. Click. Click.
    
            “My financial focus has to be on the present, as every dollar counts,” he told CNN. “However, I am fully aware that I’m creating another problem for myself down the road.”
    
            For now, his retirement plans sit on the back burner.
    
            Budgeting for the future, he said, feels impossible. “It’s a constant battle, I guess I would say I always kind of feel like I’m getting kicked. I think I’ve got a handle on it and then something else comes up that I have to deal with.”
    
            Between a 401(k) from a previous job and an employee stock ownership plan at his current company, he has less than $10,000 saved for retirement.
    
            But he doesn’t expect to stop working at 65 and says he’ll likely have to keep earning money as long as his health allows him to.
    
            Payne is far from alone in his struggles.
    
            The number of US workers in the labor market over the age of 75 is expected to nearly double over the next decade according to the Bureau of Labor Statistics, creating a looming retirement crisis.
    
            Retirement savings in the United States were long thought of as a three-legged stool. Americans had pension plans, Social Security benefits, and defined contribution plans like the 401(k). Not anymore.
    
            Pension plans are nearly extinct. About half of private sector workers were covered by those so-called defined-benefit plans in the mid-1980s, but by 2022 only 15% of private sector workers had them.
    
            Social Security payments still provide about 90% of income for more than a quarter of older adults, according to Social Security Agency surveys. But the Social Security trust fund is facing a 75-year deficit, and without intervention it will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out. Lawmakers have faced a decades-long political stalemate on how to fix it.
    
            What’s left is the 401(k), which 68% of private industry workers have access to, but only 50% use.
    
            BlackRock CEO Larry Fink warned in his annual investor letter last week that unless corporate leaders and politicians undertake “an organized, high-level effort” to rethink retirement in the US, they risk alienating younger generations from capitalism and politics.
    
            “It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious,” he wrote. “They believe my generation – the baby boomers – have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.”
    
            Fink suggested pushing the age of expected retirement past 65 and said that more access to investing and 401(k) plans can help solve the problem.
    
            That would also help Fink, as more than half of the $10 trillion in assets that BlackRock manages are marked for retirement.
    
            But saving for retirement is a far off thought for many Americans – just 44% of US adults could afford to pay an emergency expense of $1,000 or more from their savings, according to Bankrate data.
    
            High rates of inflation, the resumption of student loan payments and the erosion of pandemic-era savings means more Americans are finding themselves at a loss for funds.
    
            Many are prematurely tapping their 401(k) accounts because of financial distress and paying steep penalties for it, according to a recent Vanguard survey.
    
            Jamie is a 54 year-old single mother working as a legal administrative assistant in Central Texas. She’s had to rely on her 401(k) retirement savings to support her and her son more than once.
    
            The first time was right after giving birth to her son – Jamie was working a job with no maternity leave policy. She received a letter from her employer the day she returned home from the hospital informing her that they would not hold her position for her during her expected leave time.
    
            “I was out of work, his father wasn’t around and wasn’t able to help. That’s when I first stepped into my 401(k) to support us while I looked for another job,” she said.
    
            She dipped in again a few years later while she was between jobs. She needed the money to cover expenses, fund a move and pay off credit card debt, she said.
    
            Jamie, who spoke to CNN on condition we not use her last name, still lives paycheck-to-paycheck and has about $15,000 remaining in her 401(k).
    
            “That’s all I have,” she said. “I mean, it’s just not enough. But there’s nothing I can do about it right now.”
    
            The retirement crisis is on Americans’ minds as they head to the polls this November.
    
            Former President Donald Trump suggested on CNBC last month that he was open to making cuts to Social Security and Medicare.
    
            “There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and the bad management of entitlements,” Trump said.
    
            Following the interview, President Joe Biden responded to a clip his campaign made of Trump’s comments: “Not on my watch.”
    
            Trump campaign spokeswoman Karoline Leavitt later told CNN that Trump was “clearly talking about cutting waste, not entitlements.”
    
            In December, 2022, the Biden administration signed SECURE 2.0 into law, which encourages employers to offer retirement plan benefits to their workers and lifts some barriers to saving.  Late last year the administration proposed a rule to limit junk fees in retirement investments.
    
            Vermont Independent Senator Bernie Sanders, meanwhile, rang the retirement alarm last month when he chaired a hearing on the state of retirement. About a quarter of seniors are living on less than $15,000 a year, Sanders noted.
    
            The former presidential candidate argued that companies should bring back pension plans – a striking difference from the investment programs that BlackRock’s Fink advocated for in his letter.
    
            Voters are taking note of those differences.
    
            Beth, a 60 year-old administrative assistant in Pittsburgh, told CNN that she’s paying close attention to what each candidate says about retirement, from presidential hopefuls “down to dogcatcher.”
    
            She has about $360,000 saved in her 401(k), which she knows is better than average. Still, she said, she has “no illusion of it being enough.”
    
            Beth, who also asked CNN not to use her last name, said she plans to work to at least 65 when she qualifies for Medicare, but “who am I kidding?” she asked, “I’ll work until the wheels fall off.”
    
            She’s yet to find a political candidate with a plan to fix retirement that appeals to her.
    
            “It would be nice if it got better, but I don’t see how it will at this point,” she said. “I definitely don’t want it to get worse.”",CNN,02/04/2024,"['Eric Payne, a 37-year-old single father to two boys, works hard to stretch his paycheck each week.', 'It’s a task he refers to as “clicking.”', 'He makes a good salary – in the $80,000 range – but by the time all of the essential expenses have clicked into place, there’s not much left to spare.', '“The clicking is for day-to-day operations,”explained Payne, who works as the director of quality assurance for a seafood wholesaler near Portland, Maine.', '“Groceries, car payment, mortgage, kids’ clothes, childcare, or figuring out how to cover an unexpected bill.”', 'Click.', 'Click.', 'Click.', 'Click.', 'Click.', 'Click.', '“My financial focus has to be on the present, as every dollar counts,” he told CNN. “', 'However, I am fully aware that I’m creating another problem for myself down the road.”', 'For now, his retirement plans sit on the back burner.', 'Budgeting for the future, he said, feels impossible. “', 'It’s a constant battle, I guess I would say I always kind of feel like I’m getting kicked.', 'I think I’ve got a handle on it and then something else comes up that I have to deal with.”', 'Between a 401(k) from a previous job and an employee stock ownership plan at his current company, he has less than $10,000 saved for retirement.', 'But he doesn’t expect to stop working at 65 and says he’ll likely have to keep earning money as long as his health allows him to.', 'Payne is far from alone in his struggles.', 'The number of US workers in the labor market over the age of 75 is expected to nearly double over the next decade according to the Bureau of Labor Statistics, creating a looming retirement crisis.', 'Retirement savings in the United States were long thought of as a three-legged stool.', 'Americans had pension plans, Social Security benefits, and defined contribution plans like the 401(k).', 'Not anymore.', 'Pension plans are nearly extinct.', 'About half of private sector workers were covered by those so-called defined-benefit plans in the mid-1980s, but by 2022 only 15% of private sector workers had them.', 'Social Security payments still provide about 90% of income for more than a quarter of older adults, according to Social Security Agency surveys.', 'But the Social Security trust fund is facing a 75-year deficit, and without intervention it will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.', 'Lawmakers have faced a decades-long political stalemate on how to fix it.', 'What’s left is the 401(k), which 68% of private industry workers have access to, but only 50% use.', 'BlackRock CEO Larry Fink warned in his annual investor letter last week that unless corporate leaders and politicians undertake “an organized, high-level effort” to rethink retirement in the US, they risk alienating younger generations from capitalism and politics.', '“It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious,” he wrote. “', 'They believe my generation – the baby boomers – have focused on their own financial well-being to the detriment of who comes next.', 'And in the case of retirement, they’re right.”', 'Fink suggested pushing the age of expected retirement past 65 and said that more access to investing and 401(k) plans can help solve the problem.', 'That would also help Fink, as more than half of the $10 trillion in assets that BlackRock manages are marked for retirement.', 'But saving for retirement is a far off thought for many Americans – just 44% of US adults could afford to pay an emergency expense of $1,000 or more from their savings, according to Bankrate data.', 'High rates of inflation, the resumption of student loan payments and the erosion of pandemic-era savings means more Americans are finding themselves at a loss for funds.', 'Many are prematurely tapping their 401(k) accounts because of financial distress and paying steep penalties for it, according to a recent Vanguard survey.', 'Jamie is a 54 year-old single mother working as a legal administrative assistant in Central Texas.', 'She’s had to rely on her 401(k) retirement savings to support her and her son more than once.', 'The first time was right after giving birth to her son – Jamie was working a job with no maternity leave policy.', 'She received a letter from her employer the day she returned home from the hospital informing her that they would not hold her position for her during her expected leave time.', '“I was out of work, his father wasn’t around and wasn’t able to help.', 'That’s when I first stepped into my 401(k) to support us while I looked for another job,” she said.', 'She dipped in again a few years later while she was between jobs.', 'She needed the money to cover expenses, fund a move and pay off credit card debt, she said.', 'Jamie, who spoke to CNN on condition we not use her last name, still lives paycheck-to-paycheck and has about $15,000 remaining in her 401(k).', '“That’s all I have,” she said. “', 'I mean, it’s just not enough.', 'But there’s nothing I can do about it right now.”', 'The retirement crisis is on Americans’ minds as they head to the polls this November.', 'Former President Donald Trump suggested on CNBC last month that he was open to making cuts to Social Security and Medicare.', '“There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and the bad management of entitlements,” Trump said.', 'Following the interview, President Joe Biden responded to a clip his campaign made of Trump’s comments: “Not on my watch.”', 'Trump campaign spokeswoman Karoline Leavitt later told CNN that Trump was “clearly talking about cutting waste, not entitlements.”', 'In December, 2022, the Biden administration signed SECURE 2.0 into law, which encourages employers to offer retirement plan benefits to their workers and lifts some barriers to saving.', 'Late last year the administration proposed a rule to limit junk fees in retirement investments.', 'Vermont Independent Senator Bernie Sanders, meanwhile, rang the retirement alarm last month when he chaired a hearing on the state of retirement.', 'About a quarter of seniors are living on less than $15,000 a year, Sanders noted.', 'The former presidential candidate argued that companies should bring back pension plans – a striking difference from the investment programs that BlackRock’s Fink advocated for in his letter.', 'Voters are taking note of those differences.', 'Beth, a 60 year-old administrative assistant in Pittsburgh, told CNN that she’s paying close attention to what each candidate says about retirement, from presidential hopefuls “down to dogcatcher.”', 'She has about $360,000 saved in her 401(k), which she knows is better than average.', 'Still, she said, she has “no illusion of it being enough.”', 'Beth, who also asked CNN not to use her last name, said she plans to work to at least 65 when she qualifies for Medicare, but “who am I kidding?”', 'she asked, “I’ll work until the wheels fall off.”', 'She’s yet to find a political candidate with a plan to fix retirement that appeals to her.', '“It would be nice if it got better, but I don’t see how it will at this point,” she said. “', 'I definitely don’t want it to get worse.”']",0.0372284321974908,"In December, 2022, the Biden administration signed SECURE 2.0 into law, which encourages employers to offer retirement plan benefits to their workers and lifts some barriers to saving.",The retirement crisis is on Americans’ minds as they head to the polls this November.,-0.0349073199664845,"She has about $360,000 saved in her 401(k), which she knows is better than average.","High rates of inflation, the resumption of student loan payments and the erosion of pandemic-era savings means more Americans are finding themselves at a loss for funds.",2024-04-02
OpenAI’s wild week. How the Sam Altman story unfolded,https://edition.cnn.com/2023/11/22/tech/openai-sam-altman-chaos-explained-intl-hnk/index.html,"
  Updated
        3:32 PM EST, Wed November 22, 2023
    ","In a year of wild tech stories that has seen Elon Musk transform Twitter, cryptocurrency exchange FTX collapse and Silicon Valley Bank implode, this week’s whiplash-inducing turmoil at OpenAI is among the most captivating.
    
            Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps the most visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move. Less than five days later, he’s back as the company’s CEO, now with a board that is, in theory, more supportive of his vision.
    
            The series of extraordinary events unfolded just days after OpenAI held its first-ever developer conference, where it laid out new, commercialized versions of its technology, including the option to customize its ChatGPT AI chatbot.
    
            If you’re just catching up, here’s what you missed from a week so incredible you’d be forgiven for thinking the script could have been written by an early version of OpenAI’s ChatGPT.
    
            Around 3 p.m. ET, Altman joined a Google Meet call with most of OpenAI’s board that had been convened by fellow co-founder and OpenAI chief scientist Ilya Sutskever, during which Altman was fired and told that the news would soon be made public.
    
            Within the next half hour, the board also informed Greg Brockman, another co-founder and OpenAI president, that he would be removed from the board.
    
            Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board. The board said Mira Murati, the company’s chief technology officer, would become interim CEO.
    
            OpenAI’s strategic partners, including its biggest financial backer Microsoft, were also reportedly informed of Altman’s ouster just minutes before the board’s announcement.
    
            Hours after being fired, Altman posted on X that he “loved working with such talented people” and that he would have “more to say about what’s next later.”
    
            Brockman promptly quit. “Please don’t spend any time being concerned. We will be fine,” Brockman said in a Friday post on X. “Greater things coming soon.”
    
            A key factor in the CEO’s firing was tension between Altman, who favored developing AI more aggressively, and members of the OpenAI board, who wanted to move more cautiously, according to CNN contributor Kara Swisher, who spoke to sources knowledgeable about the unfolding events.
    
            Within 24 hours of Altman being fired, reports emerged that he and other ex-OpenAI loyalists were mulling plans for their own venture.
    
            OpenAI’s board was also reportedly having second thoughts and considering asking the ousted CEO to return.
    
            By Sunday afternoon, Altman was back at OpenAI’s headquarters — this time with a guest badge — to negotiate his potential return. Microsoft CEO Satya Nadella reportedly mediated the discussion. A 5 p.m. PT deadline was reportedly set for the board to agree to Altman’s demands, including adding a seat for Microsoft, and reinstating him as CEO.
    
            But those talks broke down.
    
            As Sunday turned into Monday, Nadella tweeted that Altman, along with Brockman, would join Microsoft to run a new AI research group. At OpenAI, the group found a new interim CEO: Emmett Shear, the former CEO of Amazon’s streaming service, Twitch. Murati would return to her role as OpenAI’s chief technology officer.
    
            In a post on X early Monday, Shear, who left his role at Twitch in March, described the chance to join OpenAI as “a once-in-a-lifetime” opportunity. He added that the company would hire an independent investigator to report on what happened in the lead-up to Altman’s firing.
    
            But OpenAI employees were not convinced. More than 500 staffers signed an open letter calling on the company’s board to resign and reinstate Altman and Brockman. They also threatened to follow the co-founders to Microsoft if their demands were not met.
    
            Altman posted on X, saying, “we have more unity and commitment and focus than ever before. we are all going to work together some way or other, and i’m so excited. one team, one mission.”
    
            The drama was far from over. The Verge reported Monday afternoon that Altman and Brockman could still return to OpenAI if the board members who fired him resign.
    
            And Nadella, speaking to CNBC, said he was “open to both options” when asked whether Altman would actually join Microsoft.
    
            “Look, that is for the OpenAI board and management and the employees to choose,” Nadella said. “We chose to explicitly partner with OpenAI and we want to continue to do so, and obviously, that depends on the people of OpenAI staying there or coming to Microsoft.”
    
            Altman was reinstated late Tuesday as OpenAI’s CEO, the company said on X.
    
            “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board,” the company said, adding that the board will be chaired by Bret Taylor, a former co-CEO of Salesforce. Former Treasury Secretary Larry Summers will also join the board, alongside existing director, Quora CEO Adam D’Angelo.
    
            “We are collaborating to figure out the details,” it said.
    
            In his own post on X, formerly Twitter, Altman wrote that he is “looking forward” to returning to OpenAI and building on the firm’s “strong partnership” with Microsoft.
    
            It’s unclear how Shear will be affected by Altman’s return. Posting on X, Shear wrote: “I am deeply pleased by this result, after (some) 72 very intense hours of work … I’m glad to have been a part of the solution.”
    
            Brockman is also returning to OpenAI, according to his post on X.
    
            Ultimately, Microsoft and Altman appear to be the big winners from the dust-up: Altman will continue leading the firm he helped to found. And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.
    
            “We are encouraged by the changes to the OpenAI board,” Nadella said on X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”",CNN,22/11/2023,"['In a year of wild tech stories that has seen Elon Musk transform Twitter, cryptocurrency exchange FTX collapse and Silicon Valley Bank implode, this week’s whiplash-inducing turmoil at OpenAI is among the most captivating.', 'Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps themost visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move.', 'Less than five days later, he’s back as the company’s CEO, now with a board that is, in theory, more supportive of his vision.', 'The series of extraordinary events unfolded just days after OpenAI held itsfirst-ever developer conference, where it laid out new, commercialized versions of its technology, including the option to customize its ChatGPT AI chatbot.', 'If you’re just catching up, here’s what you missed from a week so incredible you’d be forgiven for thinking the script could have been written by an early version of OpenAI’s ChatGPT.', 'Around 3 p.m. ET, Altman joined a Google Meet call with most of OpenAI’s board that had been convened by fellow co-founder and OpenAI chief scientistIlya Sutskever, during which Altman was fired and told that the news would soon be made public.', 'Within the next half hour, the board also informed Greg Brockman, another co-founder and OpenAI president, that he would be removed from the board.', 'Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board.', 'The board said Mira Murati, the company’s chief technology officer, would become interim CEO.', 'OpenAI’s strategic partners, including its biggest financial backer Microsoft, were also reportedly informed of Altman’s ouster just minutes before the board’s announcement.', 'Hours after being fired, Altman posted on X that he “loved working with such talented people” and that he would have “more to say about what’s next later.”', 'Brockman promptly quit. “', 'Please don’t spend any time being concerned.', 'We will be fine,” Brockmansaid in a Friday poston X. “Greater things coming soon.”', 'A key factor in the CEO’s firing wastension between Altman, who favored developing AImore aggressively, and members of the OpenAI board, who wanted to move more cautiously,according to CNN contributor Kara Swisher,who spoke to sources knowledgeable about the unfolding events.', 'Within 24 hours of Altman being fired, reports emerged that he and other ex-OpenAI loyalists were mulling plans for their own venture.', 'OpenAI’s board was also reportedly having second thoughts and considering asking the ousted CEO to return.', 'By Sunday afternoon, Altman wasback at OpenAI’s headquarters— this time with a guest badge — to negotiate his potential return.', 'Microsoft CEO Satya Nadella reportedly mediated the discussion.', 'A 5 p.m. PT deadline was reportedly set for the board to agree to Altman’s demands, including adding a seat for Microsoft, and reinstating him as CEO.', 'But those talks broke down.', 'As Sunday turned into Monday, Nadella tweeted that Altman, along with Brockman, would join Microsoft to run a new AI research group.', 'At OpenAI, the group found a new interim CEO: Emmett Shear, the former CEO of Amazon’s streaming service, Twitch.', 'Murati would return to her role as OpenAI’s chief technology officer.', 'In a post on X early Monday, Shear, who left his role at Twitch in March, described the chance to join OpenAI as “a once-in-a-lifetime” opportunity.', 'He added that the company would hire an independent investigator to report on what happened in the lead-up to Altman’s firing.', 'But OpenAI employees were not convinced.', 'More than 500 staffers signed an open letter calling on the company’s board to resign and reinstate Altman and Brockman.', 'They also threatened to follow the co-founders to Microsoft if their demands were not met.', 'Altman posted on X, saying, “we have more unity and commitment and focus than ever before.', 'we are all going to work together some way or other, and i’m so excited.', 'one team, one mission.”', 'The drama was far from over.', 'The Verge reported Monday afternoonthat Altman and Brockman could still return to OpenAI if the board members who fired him resign.', 'And Nadella, speaking to CNBC, said he was “open to both options” when asked whether Altman would actually join Microsoft.', '“Look, that is for the OpenAI board and management and the employees to choose,” Nadella said. “', 'We chose to explicitly partner with OpenAI and we want to continue to do so, and obviously, that depends on the people of OpenAI staying there or coming to Microsoft.”', 'Altmanwas reinstated late Tuesday as OpenAI’s CEO, the company said on X.  “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board,” the company said, adding that the board will be chaired by Bret Taylor, a former co-CEO of Salesforce.', 'Former Treasury SecretaryLarry Summers will also join the board, alongside existing director, Quora CEOAdam D’Angelo.', '“We are collaborating to figure out the details,” it said.', 'In his own post on X, formerly Twitter, Altmanwrotethat he is “looking forward” to returning to OpenAI and building on the firm’s “strong partnership” with Microsoft.', 'It’s unclear how Shear will be affected by Altman’s return.', 'Posting on X, Shear wrote:“I am deeply pleased by this result, after (some) 72 very intense hours of work … I’m glad to have been a part of the solution.”', 'Brockman is also returning to OpenAI, according to hispost on X.  Ultimately, Microsoft and Altman appear to be the big winners from the dust-up: Altman will continue leading the firm he helped to found.', 'And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.', '“We are encouraged by the changes to the OpenAI board,” Nadellasaidon X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”']",0.062777217389235,"“We are encouraged by the changes to the OpenAI board,” Nadellasaidon X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”","Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board.",0.5494540418897357,And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.,"Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps themost visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move.",2024-04-02
Everyone got duped by Sam Bankman-Fried's big gamble,https://www.bbc.co.uk/news/world-us-canada-67302950,2023-11-03T11:14:42.000Z,"Sam Bankman-Fried has been sentenced to 25 years for stealing billions of dollars from customers of his cryptocurrency exchange FTX. It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady.  On 7 November 2022, as his empire began its dizzying, irrevocable collapse, Bankman-Fried did what he always did: he weighed the odds.  Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried's crypto exchange, spooking customers into a multi-billion dollar bank run.  In an online chat, Bankman-Fried consulted two of his top deputies. ""To be clear you think the tweet is net bad?"" he asked them.  They considered their options. Was it possible that his rival would walk back the criticism? Was it probable that that would stem the bleeding? ""Fairly unlikely,"" Bankman-Fried wrote. Bankman-Fried faces decades in prison after guilty verdict It was the kind of calculus Bankman-Fried had been making for years, the quick equations friends said he used in nearly every situation - mulling a break-up, assessing a risky trade.  For a while, that approach seemed to work. As the boy-wonder of crypto, Bankman-Fried got rich faster than almost anyone in history, amassing an estimated $26bn in personal wealth, countless magazine covers and sweeping political influence. The flameout was even faster.  The tweet was, as discussed, net bad. Billions gushed out of the platform in less than five days. When it was all over, more than $8bn in customer funds were missing and the company was bankrupt. Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering. Over four weeks of trial, two contradictory stories emerged. In one, the former mogul was a brilliant but hapless savant, whose mistakes as CEO allowed for massive fraud to be carried out under his nose. In the other, supported by former members of his inner circle, Bankman-Fried syphoned billions of dollars of customer money, banking on the odds he'd never be caught.  Both tellings reveal how tightly the fortunes of FTX were tied to the image of its founder, whose oddball magnetism drew former presidents, celebrities, and corporate titans into his orbit and his multi-billion dollar gamble.  Bankman-Fried wasn't shy about it: he wanted to get rich. But, to hear him tell it, he wanted to make all those billions just to give them away.  An overachieving child born to two overachieving parents, Bankman-Fried and his younger brother were taught at an early age about utilitarianism, a doctrine holding that the most ethical choice is the one that does the most good for the most people.   As a student at MIT, Bankman-Fried went to a talk by Will MacAskill, a 25-year-old doctoral student at Oxford and founder of effective altruism, a utilitarian-tinged philosophy that uses maths to figure out how individuals can maximise their philanthropic impact.  To do the most good, Mr MacAskill told him, Bankman-Fried could take his considerable intellect to lucrative Wall Street, and donate most of his salary to important causes.  Bankman-Fried was sold. In 2014, he took his degree straight to Jane Street, a high-frequency trading firm, and reportedly gave away about half of his income to worthy causes.  Three years later, Bankman-Fried found an industry that could make him even richer than typical trading: crypto.  At the age of 25, he founded Alameda Research, a crypto investment firm, after noticing that prices of Bitcoin varied considerably in different countries. The arbitrage trading earned Alameda a reported $20m in just three weeks.  In 2019, he founded FTX, then a Hong Kong-based crypto exchange for international investors. Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.  Within months, daily trading volume on FTX had reached $300m. By 2021, he had debuted on the Forbes 400, the magazine's annual list of the richest Americans, with a fortune of $22.5bn.  Some have attributed his remarkable success to an unusually high tolerance for risk, a willingness to chance devastating consequences for a big reward.  ""He would be happy to flip a coin, if it came up tails and the world was destroyed,"" his ex-girlfriend and former CEO of Alameda Research Caroline Ellison said at trial. ""As long as if it came up heads the world would be more than twice as good.""  According to internal accounts, life at FTX could sometimes resemble a grown-up maths camp, filled with a selection of brilliant misfits and led by the perpetually rumpled Bankman-Fried.  ""He was super disorganised, he was always in cargo shorts, he was always sloppy,"" a former FTX employee told the BBC. ""He would walk around the office in bare feet."" Those at the top were a tight-knit group who sometimes blindly listened to Sam, the employee said. ""It could be cult-like.""  Natalie Tien, who handled public relations and Bankman-Fried's schedule at FTX for more than two years, said he was charismatic to the point that the company sometimes felt ""toxic"". ""We just trusted him 100%,"" she told the BBC. ""To a degree that we kind of worried [about] speaking up for ourselves."" It wasn't only people inside the company that were enthralled. Appearing side-by-side with Bill Clinton, Tony Blair, Gisele Bundchen and Katy Perry in shorts and ill-fitting T-shirts, he became an ambassador of sorts for the crypto industry as whole, just as it began to reach new heights.  Part of the mystique was that Bankman-Fried seemed to eschew the level of luxury his earnings could have afforded. He didn't own a yacht, his defence attorneys said at trial. He drove a beat-up Toyota Corolla. Meanwhile, he testified before Congress arguing for more regulation of the crypto market, setting him apart from many of his peers. ""In a weird way, he seemed kind of like the grown-up in the crypto world,"" said Zeke Faux, an investigative journalist and author of Number Go Up: Inside Crypto's Wild Rise and Staggering Fall. And, of course, there was his stated ultimate objective: Bankman-Fried was going to give it all away.  ""It was a great story, everybody loved it,"" said Mr Faux. ""People loved it in Congress, the VCs loved it, the bankers loved it.""  ""The problem with his story is that it was not true,"" he said.  In September of 2022, the venture capital firm Sequoia Capital ran a breathless profile of Bankman-Fried in its magazine. At the time, FTX was valued at $32bn.  In the since-deleted piece entitled FTX's SBF Has a Savior Complex, and Maybe You Should Too, author Adam Fisher described Bankman-Fried's efforts to maximise his wealth in order to maximise his impact on the world. It involved a risk, Fisher wrote. ""But the math couldn't be clearer."" ""To do the most good for the world,"" he said, ""SBF needed to find a path on which he'd be a coin toss away from going totally bust."" A month-and-a-half later, industry news site CoinDesk published a bombshell report alleging that Alameda had over half its $15bn portfolio in FTT - the crypto token printed by FTX. The disclosure raised questions about the actual value of Alameda's holdings, and the apparent conflict of interest between Alameda and FTX - ostensibly independent companies.  Then came that announcement on 6 November from industry rival, Binance CEO Changpeng Zhao, known as CZ, who said he would dump his own sizable stores of FTT.  On 11 November, the implosion of FTX was complete, the story of crypto's prodigy gone with it.  For some observers of the crypto boom, and Bankman-Fried's meteoric rise to power, the fall was not unexpected. As FTX rose to prominence, the actor Ben McKenzie, best known for his role on the television show the OC, emerged as one of the country's most vocal crypto sceptics.  In July 2022, Bankman-Fried agreed to sit down for an interview with Mr McKenzie for a book the actor was writing, titled Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.  In a cramped Manhattan hotel room, in an encounter that Mr McKenzie described as ""probably the strangest hour of my life"", Bankman-Fried tried to pitch the actor on crypto - and Sam Bankman-Fried - as a force for good in the world. ""I think he marketed himself to me as a version of his public persona, which at the time was the California wunderkind, billionaire philanthropist,"" Mr McKenzie said. It was an image that even Mr McKenzie had bought into, to an extent, he said. Until they began talking, that is. ""He had trouble just giving me straight answers to basic questions, one of which was, what does crypto currency do?"" the actor said.  Over four weeks of trial in Manhattan, Bankman-Fried's attorneys painted their client as a math nerd who was overwhelmed by his expanding empire. On the stand, now in a suit, with his hair cut short, Bankman-Fried directed some of the blame at Ms Ellison, who had pleaded guilty to fraud, for failing to ""hedge"" bets to better protect Alameda from a downturn in the market, as he had instructed her to do.  The prosecution, in turn, painted Bankman-Fried as someone whose boundless aspiration went hand-in-hand with a hubris that led Bankman-Fried to play the odds with his company.  ""The defendant was gambling with customer money,"" prosecutor Nicolas Roos argued.  Bankman-Fried's courtroom downfall was aided by former members of his inner circle, including Ms Ellison, who acted as chief executive of Alameda, as well as college roommates Adam Yedida and Gary Wang, and Nishad Singh, a childhood friend of Bankman-Fried's younger brother. They testified that while promising to safeguard customer funds and clean up the industry, Bankman-Fried was directing them to commit fraud, opening up a back door between Alameda and FTX so he could use FTX as a personal piggybank. The money fuelled his rise, as he splashed out on property, billions in investments and some $100m in political donations - not to mention helping to cover billions in debts owed by Alameda. His physical appearance, too, was contrived, Ms Ellison testified - his messy hair and cheap car deemed ""better for his image"", because it made him look more authentic than a typical trader. But that down-to-earth image belied his intense ambition, she said. ""He thought there was a 5% chance he would become president someday,"" Ms Ellison said at trial. ""Of the United States."" While many have watched the trial as a sort of comeuppance, former FTX employee Natalie Tien has looked to it for closure, and is one of the few former employees to attend the trial regularly.  On the one hand, it was a relief to realise that her own doubts and questions about some things - like extravagant spending on celebrity sponsorships - had been justified. The last time she communicated with her former boss, in December 2022, he had just been released on bail and sent her a music video of Eminem, rapping ""Without Me"" to celebrate. But the 33-year-old also felt some parts of the story - especially around his schedule and his use of private jets - were being taken ""out of context"". ""He did lie and he took the money, yes, but I don't think it's because he was greedy,"" she said. ""Because I actually saw him every day wearing crappy old T-shirts with no shoes and driving a shitty car."" ""It was not an act,"" she said.  Bankman-Fried now faces up to 110 years in prison, and an indelible reputation as one of the greatest fraudsters in US history. Lawyers working on the bankruptcy case have said they have recovered more than $7bn in missing money. ""I think it says more about us than it does about him,"" Mr McKenzie said.  ""He got so far, I think, in many ways because of his lineage, because he is the son of Stanford professors, because he did go to MIT, because he worked on Wall Street. The myth of Sam Bankman-Fried grew in relation to the myth of crypto itself, right?"" You can watch Panorama's The Downfall of the Crypto King on BBC iPlayer (UK only) With additional reporting from James Clayton ",BBC,03/11/2023,"['Sam Bankman-Fried has been sentenced to 25 years for stealing billions of dollars from customers of his cryptocurrency exchange FTX.', ""It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady."", 'On 7 November 2022, as his empire began its dizzying, irrevocable collapse, Bankman-Fried did what he always did: he weighed the odds.', ""Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried's crypto exchange, spooking customers into a multi-billion dollar bank run."", 'In an online chat, Bankman-Fried consulted two of his top deputies. ""', 'To be clear you think the tweet is net bad?""', 'he asked them.', 'They considered their options.', 'Was it possible that his rival would walk back the criticism?', 'Was it probable that that would stem the bleeding? ""', 'Fairly unlikely,"" Bankman-Fried wrote.', 'Bankman-Fried faces decades in prison after guilty verdict It was the kind of calculus Bankman-Fried had been making for years, the quick equations friends said he used in nearly every situation - mulling a break-up, assessing a risky trade.', 'For a while, that approach seemed to work.', 'As the boy-wonder of crypto, Bankman-Fried got rich faster than almost anyone in history, amassing an estimated $26bn in personal wealth, countless magazine covers and sweeping political influence.', 'The flameout was even faster.', 'The tweet was, as discussed, net bad.', 'Billions gushed out of the platform in less than five days.', 'When it was all over, more than $8bn in customer funds were missing and the company was bankrupt.', 'Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering.', 'Over four weeks of trial, two contradictory stories emerged.', 'In one, the former mogul was a brilliant but hapless savant, whose mistakes as CEO allowed for massive fraud to be carried out under his nose.', ""In the other, supported by former members of his inner circle, Bankman-Fried syphoned billions of dollars of customer money, banking on the odds he'd never be caught."", 'Both tellings reveal how tightly the fortunes of FTX were tied to the image of its founder, whose oddball magnetism drew former presidents, celebrities, and corporate titans into his orbit and his multi-billion dollar gamble.', ""Bankman-Fried wasn't shy about it: he wanted to get rich."", 'But, to hear him tell it, he wanted to make all those billions just to give them away.', 'An overachieving child born to two overachieving parents, Bankman-Fried and his younger brother were taught at an early age about utilitarianism, a doctrine holding that the most ethical choice is the one that does the most good for the most people.', 'As a student at MIT, Bankman-Fried went to a talk by Will MacAskill, a 25-year-old doctoral student at Oxford and founder of effective altruism, a utilitarian-tinged philosophy that uses maths to figure out how individuals can maximise their philanthropic impact.', 'To do the most good, Mr MacAskill told him, Bankman-Fried could take his considerable intellect to lucrative Wall Street, and donate most of his salary to important causes.', 'Bankman-Fried was sold.', 'In 2014, he took his degree straight to Jane Street, a high-frequency trading firm, and reportedly gave away about half of his income to worthy causes.', 'Three years later, Bankman-Fried found an industry that could make him even richer than typical trading: crypto.', 'At the age of 25, he founded Alameda Research, a crypto investment firm, after noticing that prices of Bitcoin varied considerably in different countries.', 'The arbitrage trading earned Alameda a reported $20m in just three weeks.', 'In 2019, he founded FTX, then a Hong Kong-based crypto exchange for international investors.', 'Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.', ""Within months, daily trading volume on FTX had reached $300m. By 2021, he had debuted on the Forbes 400, the magazine's annual list of the richest Americans, with a fortune of $22.5bn."", 'Some have attributed his remarkable success to an unusually high tolerance for risk, a willingness to chance devastating consequences for a big reward. ""', 'He would be happy to flip a coin, if it came up tails and the world was destroyed,"" his ex-girlfriend and former CEO of Alameda Research Caroline Ellison said at trial. ""', 'As long as if it came up heads the world would be more than twice as good.""', 'According to internal accounts, life at FTX could sometimes resemble a grown-up maths camp, filled with a selection of brilliant misfits and led by the perpetually rumpled Bankman-Fried. ""', 'He was super disorganised, he was always in cargo shorts, he was always sloppy,"" a former FTX employee told the BBC. ""', 'He would walk around the office in bare feet.""', 'Those at the top were a tight-knit group who sometimes blindly listened to Sam, the employee said. ""', 'It could be cult-like.""', 'Natalie Tien, who handled public relations and Bankman-Fried\'s schedule at FTX for more than two years, said he was charismatic to the point that the company sometimes felt ""toxic"". ""', 'We just trusted him 100%,"" she told the BBC. ""', 'To a degree that we kind of worried [about] speaking up for ourselves.""', ""It wasn't only people inside the company that were enthralled."", 'Appearing side-by-side with Bill Clinton, Tony Blair, Gisele Bundchen and Katy Perry in shorts and ill-fitting T-shirts, he became an ambassador of sorts for the crypto industry as whole, just as it began to reach new heights.', 'Part of the mystique was that Bankman-Fried seemed to eschew the level of luxury his earnings could have afforded.', ""He didn't own a yacht, his defence attorneys said at trial."", 'He drove a beat-up Toyota Corolla.', 'Meanwhile, he testified before Congress arguing for more regulation of the crypto market, setting him apart from many of his peers. ""', 'In a weird way, he seemed kind of like the grown-up in the crypto world,"" said Zeke Faux, an investigative journalist and author of Number Go Up: Inside Crypto\'s Wild Rise and Staggering Fall.', 'And, of course, there was his stated ultimate objective: Bankman-Fried was going to give it all away. ""', 'It was a great story, everybody loved it,"" said Mr Faux. ""', 'People loved it in Congress, the VCs loved it, the bankers loved it."" ""', 'The problem with his story is that it was not true,"" he said.', 'In September of 2022, the venture capital firm Sequoia Capital ran a breathless profile of Bankman-Fried in its magazine.', 'At the time, FTX was valued at $32bn.', ""In the since-deleted piece entitled FTX's SBF Has a Savior Complex, and Maybe You Should Too, author Adam Fisher described Bankman-Fried's efforts to maximise his wealth in order to maximise his impact on the world."", 'It involved a risk, Fisher wrote. ""', 'But the math couldn\'t be clearer."" ""', 'To do the most good for the world,"" he said, ""SBF needed to find a path on which he\'d be a coin toss away from going totally bust.""', 'A month-and-a-half later, industry news site CoinDesk published a bombshell report alleging that Alameda had over half its $15bn portfolio in FTT - the crypto token printed by FTX.', ""The disclosure raised questions about the actual value of Alameda's holdings, and the apparent conflict of interest between Alameda and FTX - ostensibly independent companies."", 'Then came that announcement on 6 November from industry rival, Binance CEO Changpeng Zhao, known as CZ, who said he would dump his own sizable stores of FTT.', ""On 11 November, the implosion of FTX was complete, the story of crypto's prodigy gone with it."", ""For some observers of the crypto boom, and Bankman-Fried's meteoric rise to power, the fall was not unexpected."", ""As FTX rose to prominence, the actor Ben McKenzie, best known for his role on the television show the OC, emerged as one of the country's most vocal crypto sceptics."", 'In July 2022, Bankman-Fried agreed to sit down for an interview with Mr McKenzie for a book the actor was writing, titled Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.', 'In a cramped Manhattan hotel room, in an encounter that Mr McKenzie described as ""probably the strangest hour of my life"", Bankman-Fried tried to pitch the actor on crypto - and Sam Bankman-Fried - as a force for good in the world. ""', 'I think he marketed himself to me as a version of his public persona, which at the time was the California wunderkind, billionaire philanthropist,"" Mr McKenzie said.', 'It was an image that even Mr McKenzie had bought into, to an extent, he said.', 'Until they began talking, that is. ""', 'He had trouble just giving me straight answers to basic questions, one of which was, what does crypto currency do?""', 'the actor said.', ""Over four weeks of trial in Manhattan, Bankman-Fried's attorneys painted their client as a math nerd who was overwhelmed by his expanding empire."", 'On the stand, now in a suit, with his hair cut short, Bankman-Fried directed some of the blame at Ms Ellison, who had pleaded guilty to fraud, for failing to ""hedge"" bets to better protect Alameda from a downturn in the market, as he had instructed her to do.', 'The prosecution, in turn, painted Bankman-Fried as someone whose boundless aspiration went hand-in-hand with a hubris that led Bankman-Fried to play the odds with his company. ""', 'The defendant was gambling with customer money,"" prosecutor Nicolas Roos argued.', ""Bankman-Fried's courtroom downfall was aided by former members of his inner circle, including Ms Ellison, who acted as chief executive of Alameda, as well as college roommates Adam Yedida and Gary Wang, and Nishad Singh, a childhood friend of Bankman-Fried's younger brother."", 'They testified that while promising to safeguard customer funds and clean up the industry, Bankman-Fried was directing them to commit fraud, opening up a back door between Alameda and FTX so he could use FTX as a personal piggybank.', 'The money fuelled his rise, as he splashed out on property, billions in investments and some $100m in political donations - not to mention helping to cover billions in debts owed by Alameda.', 'His physical appearance, too, was contrived, Ms Ellison testified - his messy hair and cheap car deemed ""better for his image"", because it made him look more authentic than a typical trader.', 'But that down-to-earth image belied his intense ambition, she said. ""', 'He thought there was a 5% chance he would become president someday,"" Ms Ellison said at trial. ""', 'Of the United States.""', 'While many have watched the trial as a sort of comeuppance, former FTX employee Natalie Tien has looked to it for closure, and is one of the few former employees to attend the trial regularly.', 'On the one hand, it was a relief to realise that her own doubts and questions about some things - like extravagant spending on celebrity sponsorships - had been justified.', 'The last time she communicated with her former boss, in December 2022, he had just been released on bail and sent her a music video of Eminem, rapping ""Without Me"" to celebrate.', 'But the 33-year-old also felt some parts of the story - especially around his schedule and his use of private jets - were being taken ""out of context"". ""', 'He did lie and he took the money, yes, but I don\'t think it\'s because he was greedy,"" she said. ""', 'Because I actually saw him every day wearing crappy old T-shirts with no shoes and driving a shitty car."" ""', 'It was not an act,"" she said.', 'Bankman-Fried now faces up to 110 years in prison, and an indelible reputation as one of the greatest fraudsters in US history.', 'Lawyers working on the bankruptcy case have said they have recovered more than $7bn in missing money. ""', 'I think it says more about us than it does about him,"" Mr McKenzie said. ""', 'He got so far, I think, in many ways because of his lineage, because he is the son of Stanford professors, because he did go to MIT, because he worked on Wall Street.', 'The myth of Sam Bankman-Fried grew in relation to the myth of crypto itself, right?""', ""You can watch Panorama's The Downfall of the Crypto King on BBC iPlayer (UK only) With additional reporting from James Clayton""]",0.0933476610366481,"People loved it in Congress, the VCs loved it, the bankers loved it."" ""","Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering.",-0.0221978939812758,"Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.","It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady.",2024-04-02
"NBC hires former RNC chair Ronna McDaniel, who has demonized the press and refused to acknowledge Biden was fairly elected",https://edition.cnn.com/2024/03/22/media/ronna-mcdaniel-nbc/index.html,"
  Published
        1:53 PM EDT, Fri March 22, 2024
    ","NBC News on Friday announced that it had hired Ronna McDaniel, the former Republican National Committee chair who has repeatedly attacked the network and its journalists, assailed the news media as “fake news” and promoted false claims around the 2020 vote, as an on-air commentator ahead of the 2024 presidential election.
    
            “It couldn’t be a more important moment to have a voice like Ronna’s on the team,” Carrie Budoff Brown, senior vice president of politics at NBC News, said in a memo to staff.
    
            McDaniel exited the RNC earlier this month after leading the organization since 2016.
    
            During her time as chair, McDaniel repeatedly attacked the press, which has become increasingly popular in Republican circles over the last several years as Donald Trump demonizes journalists and news institutions.
    
            McDaniel echoed many such attacks, labeling the press as “fake news” and calling the media “corrupt.” At times, she even targeted NBC News and MSNBC with dishonest attacks.
    
            In 2019, for instance, McDaniel accused Richard Engel, NBC News’ chief foreign correspondent, of “actively cheering for an economic downturn.”
    
            “How can NBC let him keep his job when he’s made his bias so clear?” McDaniel asked.
    
            McDaniel has a lengthier history attacking the progressive cable news channel MSNBC, which she will appear on in her new role. In recent years, she has repeatedly attacked the channel for “spreading lies” and blasted those she described as the network’s “primetime propagandists.”
    
            An NBC spokesperson did not respond to requests for comment about her attacks on the news media and NBC.
    
            In her role as RNC chief, McDaniel also fanned the flames of election denialism after the 2020 presidential contest.
    
            McDaniel was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead. McDaniel told the officials, regarding the certification: “Do not sign it. … We will get you attorneys.”
    
            The Michigan Department of State’s office condemned her claims of supposed voter fraud in the wake of the election, stating they had “no merit.” The state’s “elections were conducted fairly, effectively and transparently and are an accurate reflection of the will of Michigan voters,” it said in a detailed fact check posted online.
    
            In an interview with CNN’s Chris Wallace last year, McDaniel defended her claims of voting “irregularity” in the election.
    
            “I think saying that there were problems with 2020 is very real. I don’t think that’s election denying,” McDaniel told Wallace. “I’m from Wayne County. We had a woman send a note saying I’m being told to backdate ballots. We had to look into that. That’s deeply concerning. When you have friends who are poll-watching and being kicked out, that’s deeply concerning. We have every right to look at that.”
    
            In the interview, Wallace pressed McDaniel if she believed Biden legitimately won the election.
    
            “I think there were lots of problems with 2020. Ultimately, he won the election but there were lots of problems with the 2020 election,” she said. “But I don’t think he won it fair. I don’t. I’m not going to say that.”
    
            NBC’s hiring of McDaniel, however, plays into a recent trend at the network’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.
    
            Earlier this month, CNBC hosted Trump for a lengthy phone interview in which the network’s anchors allowed him to peddle lies and conspiracy theories on air without scrutiny.
    
            MSNBC has even started carrying Trump’s remarks live on television, a practice that the network boasted for years it would not do. Star host Rachel Maddow, who has said carrying Trump’s lies on the air is dangerous, even objected to the network broadcasting a recent speech from the presumptive Republican nominee, calling it “irresponsible.”",CNN,22/03/2024,"['NBC News on Friday announced that it had hired Ronna McDaniel, the former Republican National Committee chair who has repeatedlyattacked the network and its journalists,assailed thenewsmedia as “fake news” and promoted false claims around the 2020vote,as an on-air commentatorahead of the 2024 presidential election.', '“It couldn’t be a more important moment to have a voice like Ronna’s on the team,” Carrie Budoff Brown, senior vice president of politics at NBC News, said in a memoto staff.', 'McDaniel exited the RNC earlier this month after leading the organization since 2016.', 'During her time as chair, McDaniel repeatedly attacked the press, which has become increasingly popular in Republican circles over the last several years as Donald Trump demonizes journalists and news institutions.', 'McDaniel echoed many such attacks, labeling the press as “fake news” and calling the media “corrupt.”', 'At times, she even targeted NBC Newsand MSNBCwith dishonest attacks.', 'In 2019, for instance, McDaniel accused Richard Engel, NBC News’ chief foreign correspondent, of “actively cheering for an economic downturn.”', '“How can NBC let him keep his job when he’s made his bias so clear?”', 'McDaniel asked.', 'McDaniel has a lengthier history attacking the progressive cable news channel MSNBC, which she will appear on in her new role.', 'In recent years, she has repeatedly attacked the channel for “spreading lies” and blasted those she described as the network’s “primetime propagandists.”', 'An NBC spokesperson did not respond to requests for comment about her attacks on the news media and NBC.', 'In her role as RNC chief, McDaniel also fanned the flames of election denialism after the 2020 presidential contest.', 'McDaniel was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead.', 'McDanieltold the officials, regarding the certification: “Do not sign it. …', 'We will get you attorneys.”', 'The Michigan Department of State’s office condemned her claims of supposed voter fraud in the wake of the election, stating they had “no merit.', '”The state’s “elections were conducted fairly, effectively and transparently and are an accurate reflection of the will of Michigan voters,” it said in adetailed fact checkposted online.', 'In an interview with CNN’s Chris Wallace last year, McDaniel defended her claims of voting “irregularity” in the election.', '“I think saying that there were problems with 2020 is very real.', 'I don’t think that’s election denying,” McDaniel told Wallace. “', 'I’m from Wayne County.', 'We had a woman send a note saying I’m being told to backdate ballots.', 'We had to look into that.', 'That’s deeply concerning.', 'When you have friends who are poll-watching and being kicked out, that’s deeply concerning.', 'We have every right to look at that.”', 'In the interview,Wallace pressed McDaniel if she believed Biden legitimately won the election.', '“I think there were lots of problems with 2020.', 'Ultimately, he won the electionbut there were lots of problems with the 2020 election,” she said. “', 'But I don’t think he won it fair.', 'I don’t.', 'I’m not going to say that.”', 'NBC’s hiring of McDaniel, however, plays into a recent trend at thenetwork’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.', 'Earlier this month, CNBC hosted Trump for a lengthy phone interview in which the network’s anchors allowed him to peddle lies and conspiracy theories on airwithout scrutiny.', 'MSNBC has even started carrying Trump’s remarks live on television, a practice that the network boasted for years it would not do.', 'Star host Rachel Maddow, who has said carrying Trump’s lieson the airis dangerous, even objected to the network broadcasting a recent speech from the presumptive Republican nominee, calling it “irresponsible.”']",-0.069193576701305,But I don’t think he won it fair.,"At times, she even targeted NBC Newsand MSNBCwith dishonest attacks.",-0.2803102334340413,"NBC’s hiring of McDaniel, however, plays into a recent trend at thenetwork’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.",“I think there were lots of problems with 2020.,2024-04-02
US job openings edged higher in February as layoffs returned to pre-pandemic levels,https://edition.cnn.com/2024/04/02/economy/job-openings-february/index.html,"
  Updated
        1:09 PM EDT, Tue April 2, 2024
    ","Demand for workers in the US picked up slightly in February in a sign that the job market remains on strong footing, though layoffs also ticked up that month.
    
            There were a seasonally adjusted 8.8 million job openings in February, a notch higher than the prior month’s downwardly revised 8.74 million, the Labor Department reported Tuesday. That was roughly in line with economists’ expectations. The number of available jobs remains well above pre-pandemic levels, but is down from a record high of 12.2 million in March 2022.
    
            Openings soared the most in finance and insurance; state and local government excluding education; and arts, entertainment and recreation. Meanwhile, job vacancies dropped sharply in information and federal government.
    
            However, while labor demand remains solid, the report also showed some possible signs of a loosening job market. Layoffs rose to 1.72 million from 1.6 million. For the past three years, layoffs have hovered below pre-pandemic levels, but as of February, they were above the lowest point in 2019.
    
            The number of hires rose slightly in February to 5.8 million from 5.7 million.
    
            The ratio of job openings to the number of unemployed people seeking work, a measure of labor market tightness often cited by Federal Reserve Chair Jerome Powell, fell to 1.36 in February from January’s 1.43. That’s well below the ratio of 2:1 in March 2022, the highest on record, and shows that demand and supply in the job market has become much more balanced over the past two years.
    
            “Although there is plenty of speculation that employment has slowed down, recent numbers, including job openings as well as initial jobless claims, continue to indicate that the US labor market has remained stable,” Eugenio Aleman, chief economist at Raymond James, said in a note Tuesday.
    
            It’s an important week of labor data for Wall Street and the Fed.
    
            Tuesday’s job openings report kicked it off; then on Wednesday, payroll software company ADP releases its March employment report. While it doesn’t usually move markets, it is seen by some as a proxy for the government’s monthly jobs report. Weekly initial jobless claims figures, which remain at historically low levels, are due Thursday.
    
            The week is capped off by the Labor Department’s comprehensive jobs report for March, to be released Friday. Employers have continued to add jobs at a solid clip in recent months as unemployment remained low. In February, payrolls grew by 275,000 jobs as the unemployment rate edged higher to 3.9% from 3.7%.
    
            Economists are expecting to see that employers added 202,500 jobs in March, and for the unemployment rate to have held steady at 3.9% last month, which would mark the 26th consecutive month of unemployment below 4%, according to FactSet estimates as of Tuesday morning.
    
            The Fed is still in the throes of its historic inflation battle and officials are carefully determining the right time to cut interest rates, which have been at a 23-year high since July.
    
            The job market’s health is a key factor officials are considering. The Fed is likely to continue to hold rates steady if employment and inflation remain stable. However, if the job market begins to weaken sharply, that would speed up that first rate cut, since the central bank is also responsible for achieving maximum employment, in addition to stabilizing prices.
    
            “We don’t need to be in a hurry to cut,” Powell said Friday during an event hosted by the San Francisco Fed, pointing to strong employment data as a reason the Fed can keep rates at their current levels.
    
            But, ultimately, the Fed’s rate decisions mainly depend on what inflation gauges show. Consumer prices rose by 2.5% in February from a year earlier, up slightly from January’s 2.4% rise, according to the Fed’s favorite inflation measure, as services prices remained stubbornly high. That reflected the understanding that inflation’s journey back down to earth will continue to be a bumpy ride.",CNN,02/04/2024,"['Demand for workers in the US picked up slightly in February in a sign that the job market remains on strong footing, though layoffs also ticked up that month.', 'There were a seasonally adjusted 8.8 million job openings in February, a notch higher than the prior month’s downwardly revised 8.74 million, the Labor Department reported Tuesday.', 'That was roughly in line with economists’ expectations.', 'The number of available jobs remains well above pre-pandemic levels, but is down from a record high of 12.2 million in March 2022.', 'Openings soared the most in finance and insurance; state and local government excluding education; and arts, entertainment and recreation.', 'Meanwhile, job vacancies dropped sharply in information and federal government.', 'However, while labor demand remains solid, the report also showed some possible signs of a loosening job market.', 'Layoffs rose to 1.72 million from 1.6 million.', 'For the past three years, layoffs have hovered below pre-pandemic levels, but as of February, they were above the lowest point in 2019.', 'The number of hires rose slightly in February to 5.8 million from 5.7 million.', 'The ratio of job openings to the number of unemployed people seeking work, a measure of labor market tightness often cited by Federal Reserve Chair Jerome Powell, fell to 1.36 in February from January’s 1.43.', 'That’s well below the ratio of 2:1 in March 2022, the highest on record, and shows that demand and supply in the job market has become much more balanced over the past two years.', '“Although there is plenty of speculation that employment has slowed down, recent numbers, including job openings as well as initial jobless claims, continue to indicate that the US labor market has remained stable,” Eugenio Aleman, chief economist at Raymond James, said in a note Tuesday.', 'It’s an important week of labor data for Wall Street and the Fed.', 'Tuesday’s job openings report kicked it off; then on Wednesday, payroll software company ADP releases its March employment report.', 'While it doesn’t usually move markets, it is seen by some as a proxy for the government’s monthly jobs report.', 'Weekly initial jobless claims figures, which remain at historically low levels, are due Thursday.', 'The week is capped off by the Labor Department’s comprehensive jobs report for March, to be released Friday.', 'Employers have continued to add jobs at a solid clip in recent months as unemployment remained low.', 'In February, payrolls grew by 275,000 jobs as the unemployment rate edged higher to 3.9% from 3.7%.', 'Economists are expecting to see that employers added 202,500 jobs in March, and for the unemployment rate to have held steady at 3.9% last month, which would mark the 26th consecutive month of unemployment below 4%, according to FactSet estimates as of Tuesday morning.', 'The Fed is still in the throes of its historic inflation battle and officials are carefully determining the right time to cut interest rates, which have been at a 23-year high since July.', 'The job market’s health is a key factor officials are considering.', 'The Fed is likely to continue to hold rates steady if employment and inflation remain stable.', 'However, if the job market begins to weaken sharply, that would speed up that first rate cut, since the central bank is also responsible for achieving maximum employment, in addition to stabilizing prices.', '“We don’t need to be in a hurry to cut,” Powell said Friday during an event hosted by the San Francisco Fed, pointing to strong employment data as a reason the Fed can keep rates at their current levels.', 'But, ultimately, the Fed’s rate decisions mainly depend on what inflation gauges show.', 'Consumer prices rose by 2.5% in February from a year earlier, up slightly from January’s 2.4% rise, according to the Fed’s favorite inflation measure, as services prices remained stubbornly high.', 'That reflected the understanding that inflation’s journey back down to earth will continue to be a bumpy ride.']",-0.0089752281423397,"“Although there is plenty of speculation that employment has slowed down, recent numbers, including job openings as well as initial jobless claims, continue to indicate that the US labor market has remained stable,” Eugenio Aleman, chief economist at Raymond James, said in a note Tuesday.","Economists are expecting to see that employers added 202,500 jobs in March, and for the unemployment rate to have held steady at 3.9% last month, which would mark the 26th consecutive month of unemployment below 4%, according to FactSet estimates as of Tuesday morning.",0.4053025349326756,"In February, payrolls grew by 275,000 jobs as the unemployment rate edged higher to 3.9% from 3.7%.","Meanwhile, job vacancies dropped sharply in information and federal government.",2024-04-02
Digital humans: the relatable face of artificial intelligence?,https://edition.cnn.com/business/digital-humans-ai-dj-dex-spc/index.html,"
  Published
        5:33 AM EDT, Tue March 19, 2024
    ","Scrolling through the Instagram account of DJ and aspiring model Dex you’ll see her wearing new outfits, performing at shows around the world and chatting to her thousands of followers about her hobbies.
    
            However, it’s clear that there is something different about Dex; she’s an entirely virtual “digital human,” designed by a startup in the UK.
    
            For her performances, Dex is displayed on a video screen or as a holographic projection, with her mixes created by humans. She is animated using Unreal Engine — a 3D modeling software widely used in video games — combined with motion-capture. Generative artificial intelligence allows her to remember information and respond to questions, using a voice also generated by AI.
    
            “She’s probably one of the only digital humans in the performance space that you can have a conversation and interact with,” says Denise Harris, CCO of startup Sum Vivas. “You can ask her anything. She is a genius about music.”
    
            Last month, Dex performed at Digital Fashion Weeks in New York, Paris and Milan, and she has modeled outfits by Prada and Louis Vuitton at digital fashion events.
    
            For Liverpool-based Sum Vivas she’s a “showpiece” for more practical applications. The company is now developing digital humans that can “listen” to people’s questions and converse in real time. “Shellie” can provide product information as an avatar on company websites, while “Arif” is set to direct passengers and answer questions as a multilingual concierge on screens at airports.
    
            According to CEO and founder Rob Sims, digital humans can help bridge the gap between AI technology and people. “What we’ve found is when people start working with and conversing with a digital human, they very quickly suspend disbelief,” Sims tells CNN. “It becomes natural.”
    
            Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.
    
            Record levels of investment into generative AI have followed, with over $21 billion poured into the industry during the first nine months of last year, according to data insights company Pitchbook. In March 2023, Google launched Bard (recently renamed Gemini) and around the same time Anthropic released its AI assistant Claude. As generative AI chatbots become increasingly ubiquitous, Sum Vivas is one of several companies looking to make them more human.
    
            US and New Zealand-based UneeQ has developed animated conversational “digital humans” that can be used as virtual sales reps and customer service agents on company websites, and this month it debuted Sama 2.0, an animated cabin crew member that answers questions on Qatar Airways’ website and app.
    
            Microsoft recently announced that users of its Azure software would be able to create lifelike avatars capable of turning text prompts into animated speech. However, there are widespread concerns about the impact AI could have on the job market. 
    
            “When we rely on automated tools, what skills are we losing in the process?” asks Jennifer Ding, senior researcher at the Alan Turing Institute, the UK’s national institute for data science and artificial intelligence. “In some ways, we think of AI as something that’s helping us or augmenting our work,” she says. “However, alongside, this fear of replacement is bubbling up more and more.”
    
            Harris, however, points to new opportunities within digital human design and development. “Every scenario that we found, we’re creating jobs and working in harmony with people rather than taking away jobs,” she says.
    
            “Digital humans, first and foremost, should work with other human colleagues,” adds Sims. “We’ll move into a stage where digital humans will start to become just another member of the team, with added benefits for that team, and obviously the customers they serve.”",CNN,19/03/2024,"['Scrolling through the Instagram account of DJ and aspiring model Dex you’ll see her wearing new outfits, performing at shows around the world and chatting to her thousands of followers about her hobbies.', 'However, it’s clear that there is something different about Dex; she’s an entirely virtual “digital human,” designed by a startup in the UK.', 'For her performances, Dex is displayed on a video screen or as a holographic projection, with her mixes created by humans.', 'She is animated using Unreal Engine — a 3D modeling software widely used in video games — combined with motion-capture.', 'Generative artificial intelligence allows her to remember information and respond to questions, using a voice also generated by AI.', '“She’s probably one of the only digital humans in the performance space that you can have a conversation and interact with,” says Denise Harris, CCO of startup Sum Vivas. “', 'You can ask her anything.', 'She is a genius about music.”', 'Last month, Dex performed at Digital Fashion Weeks in New York, Paris and Milan, and she has modeled outfits by Prada and Louis Vuitton at digital fashion events.', 'For Liverpool-based Sum Vivas she’s a “showpiece” for more practical applications.', 'The company is now developing digital humans that can “listen” to people’s questions and converse in real time. “', 'Shellie” can provide product information as an avatar on company websites, while “Arif” is set to direct passengers and answer questions as a multilingual concierge on screens at airports.', 'According to CEO and founder Rob Sims, digital humans can help bridge the gap between AI technology and people. “', 'What we’ve found is when people start working with and conversing with a digital human, they very quickly suspend disbelief,” Sims tells CNN. “', 'It becomes natural.”', 'Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.', 'Record levels of investment into generative AI have followed, with over $21 billion poured into the industry during the first nine months of last year, according to data insights company Pitchbook.', 'In March 2023, Google launched Bard (recently renamed Gemini) and around the same time Anthropic released its AI assistant Claude.', 'As generative AI chatbots become increasingly ubiquitous, Sum Vivas is one of several companies looking to make them more human.', 'US and New Zealand-based UneeQ has developed animated conversational “digital humans” that can be used as virtual sales reps and customer service agents on company websites, and this month it debuted Sama 2.0, an animated cabin crew member that answers questions on Qatar Airways’ website and app.', 'Microsoft recently announced that users of its Azure software would be able to create lifelike avatars capable of turning text prompts into animated speech.', 'However, there are widespread concerns about the impact AI could have on the job market.', '“When we rely on automated tools, what skills are we losing in the process?”', 'asks Jennifer Ding, senior researcher at the Alan Turing Institute, the UK’s national institute for data science and artificial intelligence. “', 'In some ways, we think of AI as something that’s helping us or augmenting our work,” she says. “', 'However, alongside, this fear of replacement is bubbling up more and more.”', 'Harris, however, points to new opportunities within digital human design and development. “', 'Every scenario that we found, we’re creating jobs and working in harmony with people rather than taking away jobs,” she says.', '“Digital humans, first and foremost, should work with other human colleagues,” adds Sims. “', 'We’ll move into a stage where digital humans will start to become just another member of the team, with added benefits for that team, and obviously the customers they serve.”']",0.1214444180579973,"Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.","However, alongside, this fear of replacement is bubbling up more and more.”",0.2107266932725906,"Harris, however, points to new opportunities within digital human design and development. “","However, there are widespread concerns about the impact AI could have on the job market.",2024-04-02
Bilt’s March Rent Day promotion: Vote for your favorite benefit with the Bilt Bracket,https://edition.cnn.com/cnn-underscored/travel/bilt-rent-day-promotion,"
  Updated
        10:57 AM EST, Mon February 26, 2024
    ","The relatively new Bilt Mastercard® (see rates and fees) has been incredibly popular since its inception. With a top-notch loyalty program and the opportunity to earn points on rent with absolutely no transaction fees (up to 100,000 points per calendar year), it’s no surprise to see the card flourish over the past few years.
    
            And in addition to their strong program, Bilt Rewards — the loyalty program behind the Bilt Mastercard — also offers some favorable promotions throughout the year, with the most popular known as Rent Day.
    
            With Bilt’s Rent Day promotion — which runs the first of every month — all card members have the opportunity to earn double points on all purchases (excluding rent) as well as take advantage of their unique offer for the month. Bilt typically announces their promotions just a few days prior to Rent Day, and it’s something you’ll want to pay attention to.
    
            Bilt Rewards just released the March 1st edition of its monthly Rent Day promotion, and it is a unique one. Instead of Bilt announcing a single offer, all members will have the opportunity to have a say in the winning pick.
    
            A play off the March Madness bracket, the Bilt Bracket will run between now and Feb. 29, during which you can vote daily to help decide the Rent Day benefit. Various offers will go head-to-head, and like all brackets, the winner will proceed to the next round. The last standing offer will then be the Rent Day benefit on March 1.
    
            And similar to most other Rent Day promotions, the winning offer is only valid on the first day of the month (March 1, 2024, in this case).
    
            Let’s take a closer look at how this bracket will work and the Rent Day offer options.
    
            For four days straight — between Feb. 26 and Feb. 29 — Bilt members can vote for their favorite Rent Day benefit within the Bilt app or BiltRewards.com. There are 16 total offers to start with and the winners from each day will then proceed to the next round of the bracket.
    
            The last standing offer after the Feb. 29th vote will end up being the Rent Day benefit for all members to take advantage of on March 1.
    
            However, those with Gold or Platinum status with Bilt, will also receive the runner-up offer, giving select members two bonus opportunities on Rent Day.
    
            With 16 different offers, some are significantly better than others. Although, the best offer for you might truly depend on how you engage in the Bilt program. Check the Bilt app or website to see the full list of promotions you can vote on.
    
            For me, the offers that allow me to earn bonus points on specific purchases — such as bonus points at Bilt Dining restaurants — will be my top pick, but others might prefer the opportunity get bonus points by redeeming their Bilt points on rent, for example.
    
            Voting is incredible quick and can easily be completed alongside your morning coffee. Once you vote, you’ll also be given some insight on the winners with the percentage of members that picked each option thus far.
    
            On March 1st, Bilt members will also have the opportunity to redeem Bilt points for an exclusive game ticket and experience to the NCAA Men’s Sweet 16, Elite Eight and Final Four games. Tickets start at 15,000 Bilt points each for games taking place in Dallas, Detroit, Boston, Los Angeles and Phoenix.
    
            You’ll be able to snag a ticket starting at 12 p.m. EST on March 1, but those with higher Bilt status will receive priority. This is because those with Platinum status will have first access at 12 p.m. EST, Gold status members at 12:30 p.m. EST, Silver status members at 1 p.m. and everyone else at 1:30 p.m.
    
            Every month on Rent Day, Bilt also gives members with the Bilt Mastercard a chance to earn double points on all purchases (excluding rent).
    
            So, if you have a new restaurant you want to check out, flights to book or any other purchases to make, it could be worth waiting until March 1 to earn more points on your purchase. And if you’re dining at a restaurant that participates in Bilt Dining, you can increase your earnings up to a whopping 11 points per dollar. But remember, to earn Bilt points, you must use the card five times each statement period (see Rewards & Benefits).
    
            Bilt’s monthly Rent Day promotions are a great opportunity to maximize your points as well as jump on unique promotions. Let’s see which bonus offer wins this month.
    
            Learn more and apply now for the Bilt Mastercard.
    
            Find out which cards CNN Underscored Money chose as the best credit cards currently available.",CNN,26/02/2024,"['The relatively new Bilt Mastercard® (seerates and fees) has been incredibly popular since its inception.', 'With a top-notch loyalty program and the opportunity to earn points on rent with absolutely no transaction fees (up to 100,000 points per calendar year), it’s no surprise to see the card flourish over the past few years.', 'And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.', 'With Bilt’s Rent Day promotion —which runs the first of every month — all card members have the opportunity to earn double points on all purchases (excluding rent) as well as take advantage of their unique offer for the month.', 'Bilt typically announces their promotions just a few days prior to Rent Day, and it’s something you’ll want to pay attention to.', 'Bilt Rewards just released the March 1st edition of its monthly Rent Day promotion, and it is a unique one.', 'Instead of Bilt announcing a single offer, all members will have the opportunity to have a say in the winning pick.', 'A play off the March Madness bracket, the Bilt Bracket will run between now and Feb. 29, during which you can vote daily to help decide the Rent Day benefit.', 'Various offers will go head-to-head, and like all brackets, the winner will proceed to the next round.', 'The last standing offer will then be the Rent Day benefit on March 1.', 'And similar to most other Rent Day promotions, the winning offer is only valid on the first day of the month (March 1, 2024, in this case).', 'Let’s take a closer look at how this bracket will work and the Rent Day offer options.', 'For four days straight —between Feb. 26 and Feb. 29 —Bilt members can vote for their favorite Rent Day benefit within the Bilt app or BiltRewards.com.', 'There are 16 total offers to start with and the winners from each day will then proceed to the next round of the bracket.', 'The last standing offer after the Feb. 29th vote will end up being the Rent Day benefit for all members to take advantage of on March 1.', 'However, those with Gold or Platinum status with Bilt, will also receive the runner-up offer,giving select members two bonus opportunities on Rent Day.', 'With 16 different offers, some are significantly better than others.', 'Although, the best offer for you might truly depend on how you engage in the Bilt program.', 'Check the Bilt app or website to see the full list of promotions you can vote on.', 'For me, the offers that allow me to earn bonus points on specific purchases —such as bonus points at Bilt Dining restaurants —will be my top pick, but others might prefer the opportunity get bonus points by redeeming their Bilt points on rent, for example.', 'Voting is incredible quick and can easily be completed alongside your morning coffee.', 'Once you vote, you’ll also be given some insight on the winners with the percentage of members that picked each option thus far.', 'On March 1st, Bilt members will also have the opportunity to redeem Bilt points for an exclusive game ticket and experience to the NCAA Men’s Sweet 16, Elite Eight and Final Four games.', 'Tickets start at 15,000 Bilt points each for games taking place in Dallas, Detroit, Boston, Los Angeles and Phoenix.', 'You’ll be able to snag a ticket starting at 12 p.m. EST on March 1, but those with higher Bilt status will receive priority.', 'This is because those with Platinum status will have first access at 12 p.m. EST, Gold status members at 12:30 p.m. EST, Silver status members at 1 p.m. and everyone else at 1:30 p.m.  Every month on Rent Day, Bilt also gives members with the Bilt Mastercard a chance to earn double points on all purchases (excluding rent).', 'So, if you have a new restaurant you want to check out, flights to book or any other purchases to make, it could be worth waiting until March 1 to earn more points on your purchase.', 'And if you’re dining at a restaurant that participates in Bilt Dining, you can increase your earnings up to a whopping 11 points per dollar.', 'But remember, to earn Bilt points, you must use the card five times each statement period (see Rewards & Benefits).', 'Bilt’s monthly Rent Day promotions are a great opportunity to maximize your points as well as jump on unique promotions.', 'Let’s see which bonus offer wins this month.', 'Learn more and apply now for the Bilt Mastercard.', 'Find out which cards CNN Underscored Money chose as the best credit cardscurrently available.']",0.5132379666371525,"And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.",,0.9566513225436212,"And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.",,2024-04-02
‘Uninvestible’: Britain’s biggest water company left in the lurch by shareholders,https://edition.cnn.com/2024/03/28/business/thames-water-shareholders-emergency-funding/index.html,"
  Updated
        8:49 AM EDT, Thu March 28, 2024
    ","Investors are refusing to inject billions in new money into Britain’s biggest water company, leaving the beleaguered business at risk of an emergency government takeover.
    
            The nine shareholders in Thames Water, which supplies water and wastewater services to 15 million people in London and the southeast of England, said in a statement Thursday that they were “not in a position” to provide an extra £3.25 billion ($4.1 billion) because UK water regulator Ofwat was insisting on conditions they could not accept.
    
            “After more than a year of negotiations with the regulator, Ofwat has not been prepared to provide the necessary regulatory support for a business plan which ultimately addresses the issues that Thames Water faces,” the shareholders said.
    
            The utility counts UK and Canadian pension funds, as well as sovereign wealth funds from China and Abu Dhabi, among its investors.
    
            In its turnaround plan published in October, Thames Water, which is saddled with £14 billion ($17.7 million) in debt, proposed to jack up the average annual customer bill by 40% by 2030.
    
            In July, the utility’s shareholders agreed to pour an extra £750 million ($945 million) into the company before March 2025 to stave off a temporary takeover by the government. The first £500 million ($630 million) of that sum was due by Sunday, March 31.
    
            The funding was subject to conditions, including the company improving services for customers and reducing its environmental impact, and approval by Ofwat.
    
            “Based on the feedback provided by Ofwat to Thames Water to date, the regulatory arrangements that would be expected to apply to Thames Water… make the (turnaround plan) uninvestible,” the utility said in a statement Thursday.
    
            Chris Weston, chief executive of Thames Water, added in the statement: “I’d like to reassure our customers that, despite this announcement, it is business as usual for Thames Water.”
    
            A spokesperson for Ofwat said “safeguards” were in place to protect customers from Thames Water’s troubles. “The company must now pursue all options to seek further equity for the business to turn around the performance of the company for customers.”
    
            According to Reuters, British finance minister Jeremy Hunt said Thursday that the government was monitoring Thames Water “very carefully.” “Our understanding is that the company is still solvent,” he was quoted as telling reporters.
    
            Water companies in England and Wales have racked up billions of pounds of debt since they were sold to private investors in 1989, while raising little new funding from shareholders and paying out billions of pounds in dividends.
    
            The indebted utilities have struggled as interest rates have soared over the past two years, and as their aging, leaking infrastructure has required billions of pounds of investment.
    
            Weston told the BBC Thursday that there was a “possibility” that Thames Water would be put into special administration — an arrangement that would effectively take it into temporary public ownership — but said the company was “a long way from that point.”
    
            “We remain in a solid financial position, we have about £2.4 billion of liquidity at the moment in cash and undrawn facilities, and that’s enough to last us until about May 2025,” he said.
    
            Olesya Dmitracova contributed reporting.",CNN,28/03/2024,"['Investors are refusing to inject billions in new money into Britain’s biggest water company, leaving the beleaguered business at risk of an emergency government takeover.', 'The nine shareholders in Thames Water, which supplies water and wastewater services to 15 million people in London and the southeast of England, said in a statement Thursday that they were “not in a position” to provide an extra £3.25 billion ($4.1 billion) because UK water regulator Ofwat was insisting on conditions they could not accept.', '“After more than a year of negotiations with the regulator, Ofwat has not been prepared to provide the necessary regulatory support for a business plan which ultimately addresses the issues that Thames Water faces,” the shareholders said.', 'The utility counts UK and Canadian pension funds, as well as sovereign wealth funds from China and Abu Dhabi, among its investors.', 'In its turnaround plan published in October, Thames Water, which is saddled with £14 billion ($17.7 million) in debt, proposed to jack up the average annual customer bill by 40% by 2030.', 'In July, the utility’s shareholders agreed to pour an extra £750 million ($945 million) into the company before March 2025 to stave off a temporary takeover by the government.', 'The first £500 million ($630 million) of that sum was due by Sunday, March 31.', 'The funding was subject to conditions, including the company improving services for customers and reducing its environmental impact, and approval by Ofwat.', '“Based on the feedback provided by Ofwat to Thames Water to date, the regulatory arrangements that would be expected to apply to Thames Water… make the (turnaround plan) uninvestible,” the utility said in a statement Thursday.', 'Chris Weston, chief executive of Thames Water, added in the statement: “I’d like to reassure our customers that, despite this announcement, it is business as usual for Thames Water.”', 'A spokesperson for Ofwat said “safeguards” were in place to protect customers from Thames Water’s troubles. “', 'The company must now pursue all options to seek further equity for the business to turn around the performance of the company for customers.”', 'According to Reuters, British finance minister Jeremy Hunt said Thursday that the government was monitoring Thames Water “very carefully.” “', 'Our understanding is that the company is still solvent,” he was quoted as telling reporters.', 'Water companies in England and Wales have racked up billions of pounds of debt since they were sold to private investors in 1989, while raising little new funding from shareholders and paying out billions of pounds in dividends.', 'The indebted utilities have struggled as interest rates have soared over the past two years, and as their aging, leaking infrastructure has required billions of pounds of investment.', 'Weston told the BBC Thursday that there was a “possibility” that Thames Water would be put into special administration —an arrangement that would effectively take it into temporary public ownership —but said the company was “a long way from that point.”', '“We remain in a solid financial position, we have about £2.4 billion of liquidity at the moment in cash and undrawn facilities, and that’s enough to last us until about May 2025,” he said.', 'Olesya Dmitracova contributed reporting.']",0.1000836428126368,"The funding was subject to conditions, including the company improving services for customers and reducing its environmental impact, and approval by Ofwat.","Investors are refusing to inject billions in new money into Britain’s biggest water company, leaving the beleaguered business at risk of an emergency government takeover.",0.0069794207811355,"“We remain in a solid financial position, we have about £2.4 billion of liquidity at the moment in cash and undrawn facilities, and that’s enough to last us until about May 2025,” he said.","The indebted utilities have struggled as interest rates have soared over the past two years, and as their aging, leaking infrastructure has required billions of pounds of investment.",2024-04-02
"Wait, is TikTok really Chinese?",https://edition.cnn.com/2024/03/18/tech/tiktok-bytedance-china-ownership-intl-hnk/index.html,"
  Updated
        8:21 AM EDT, Thu March 28, 2024
    ","The future of TikTok is mired in uncertainty in the United States after the House of Representatives passed a bill last week which could ultimately lead to the wildly popular video app being banned.
    
            US lawmakers are concerned about Beijing’s influence over the app, and are trying to force its Chinese owner to give up control.
    
            In particular, they worry that TikTok, which is owned by Beijing-based ByteDance, could share data with the Chinese government or manipulate content displayed on its platform. So far, there’s little evidence to support these concerns.
    
            TikTok has never operated in mainland China — a fact that its Singaporean CEO, Shou Chew, has repeatedly touted when grilled by American officials. So, just how “Chinese” is it, and why does that matter?
    
            On the face of it, the answer would appear to be “no.” It was first incorporated in California in April 2015, according to US court documents.
    
            TikTok has never existed in mainland China, though the app was available in Hong Kong until July 2020, when it pulled out shortly after Beijing imposed a controversial national security law in the city.
    
            At the time, the app was trying to distance itself from China in the face of growing pressure from the Trump administration.
    
            In China, there is a different version of TikTok: a sister app called Douyin.
    
            It launched before TikTok and became a viral sensation in the massive mainland market. Its powerful algorithm became the foundation for TikTok and is key to its global success.
    
            In March 2023, CEO Chew was repeatedly pressed by US lawmakers on whether TikTok was Chinese. He didn’t answer the question directly, saying only that the app was not available in the country and that it was headquartered in Los Angles and Singapore.
    
            But TikTok is ultimately owned, through a complex multi-layered corporate structure, by ByteDance, a privately owned technology giant.
    
            The app is owned by TikTok LLC, a limited liability company incorporated in Delaware and based in Culver City, California. The LLC is controlled by TikTok Ltd, which is registered in the Cayman Islands and based in Shanghai. That firm is ultimately owned by ByteDance Ltd, also incorporated in the Cayman Islands and based in Beijing.
    
            ByteDance’s website shows that the company developed TikTok as a global short video product and formally launched it in May 2017. Six months later, it acquired rival Musical.ly and subsequently merged it with the main platform.
    
            According to TikTok’s own website, its subsidiaries around the world are all structured under Bytedance Ltd.
    
            Definitely.
    
            ByteDance was founded in 2012 in Beijing by Zhang Yiming and Liang Rubo, who were college roommates at Tianjin’s Nankai University, according to company information and Zhang’s public speeches.
    
            It has been based in the Chinese capital since then. In 2021, Zhang announced he would step down as CEO of ByteDance and handed the reins to Liang.
    
            ByteDance has more than 110,000 employees globally. Besides TikTok, it owns a number of popular Chinese apps such as Douyin, news aggregator Jinri Toutiao, video-sharing platform Xigua.
    
            At last year’s congressional hearing, Chew didn’t directly answer any questions about whether ByteDance is a Chinese company either.
    
            He only said ByteDance is a Chinese-founded private company operating many businesses in China, but is “global” in nature.
    
            Chew added that 60% of ByteDance is owned by global institutional investors such as the Carlyle Group, General Atlantic and Susquehanna International Group, while 20% of the firm is owned by Zhang and 20% owned by employees around the world. Three of the company’s five board members are Americans, he said.
    
            Chew has emphatically told Congress that ByteDance is not owned or controlled by the Chinese government.
    
            However, like most other Chinese companies, ByteDance is legally compelled to establish an in-house Communist Party committee composed of employees who are party members.
    
            Zhang Fuping, the vice president and editor-in-chief of the company’s Chinese operation, serves as its secretary of the party committee. The committee often holds sessions to study the party and Chinese leader Xi Jinping. One session in 2018 was joined by Zhang Yiming and his management team, according to the Beijing government.
    
            Also, like its competitors, ByteDance has had to allow the Chinese government to take a so-called “golden share” in one of its key subsidiaries.
    
            That means the Chinese government now owns 1% of Beijing Douyin Information Service, which is the domestic Chinese unit of Bytedance. Wu Shugang, an official from the Cyberspace Administration of China, the country’s internet watchdog and censor, sits on its board.
    
            Analysts have said the “golden shares” provide a way for the Chinese government to get more directly involved with the day-to-day businesses of tech companies, including in the content they provide to the public.
    
            Chew has admitted that the “golden share” exists. But he said it was for the purpose of internet licensing for the Chinese business.
    
            ByteDance said on its website that it’s a common arrangement for companies operating news and information platforms in China and doesn’t affect its operations outside the country.
    
            As a China-based company, ByteDance is subject to a myriad of national intelligence, data security and cybersecurity laws.
    
            In 2018, China amended its National Intelligence Law, which requires any organization or citizen to support, assist and cooperate with national intelligence work.
    
            That means ByteDance is legally bound to help with gathering intelligence.
    
            In 2021, China introduced a new data security law, which applies to data processing activities conducted outside of the country that may “harm the national security or public interests.”
    
            There is also a cybersecurity law in China, which says the state will take measures to monitor, prevent and handle cybersecurity risks and threats “arising both within and outside the PRC’s territory.”
    
            These vague and broad laws apply to technology companies and may be used to regulate them.
    
            Yes, Beijing has the legal ability to do so and has already indicated it would.
    
            In August 2020, following an attempt by the Trump administration to force the sale of TikTok, Beijing revised its export control rules to cover a variety of technologies it deemed sensitive, including technology that appears similar to TikTok’s personalized information recommendation services.
    
            A few years later, in early 2023, a Commerce Ministry spokeswoman said in the government’s first direct response to the matter that China would oppose any forced sale of TikTok.
    
            This is because a sale or divestiture of the app would involve “exporting technology” and had to be approved by the Chinese government, said Shu Yuting, the spokeswoman.
    
            Beijing has not indicated any change to this position since that time.
    
            This story has been updated to clarify Zhang Fuping’s role at ByteDance.",CNN,28/03/2024,"['The future of TikTok is mired in uncertainty in the United States after the House of Representatives passed a bill last week which could ultimately lead to the wildly popular video app being banned.', 'US lawmakers are concerned about Beijing’s influence over the app, and are trying to force its Chinese owner to give up control.', 'In particular, they worry that TikTok, which is owned by Beijing-based ByteDance, could share data with the Chinese government or manipulate content displayed on its platform.', 'So far, there’s little evidence to support these concerns.', 'TikTok has never operated in mainland China — a fact that its Singaporean CEO, Shou Chew, has repeatedly touted when grilled by American officials.', 'So, just how “Chinese” is it, and why does that matter?', 'On the face of it, the answer would appear to be “no.”', 'It was first incorporated in California in April 2015, according to US court documents.', 'TikTok has never existed in mainland China, though the app was available in Hong Kong until July 2020, when it pulled out shortly after Beijing imposed a controversialnational security lawin the city.', 'At the time, the app was trying to distance itself from China in the face of growing pressure from the Trump administration.', 'In China, there is a different version of TikTok: a sister app called Douyin.', 'It launched before TikTok and became a viral sensation in the massive mainland market.', 'Its powerful algorithm became the foundation for TikTok and is key to its global success.', 'In March 2023, CEO Chew was repeatedly pressed by US lawmakers on whether TikTok was Chinese.', 'He didn’t answer the question directly, saying only that the app was not available in the country and that it was headquartered in Los Angles and Singapore.', 'But TikTok is ultimately owned, through a complex multi-layered corporate structure, by ByteDance, a privately owned technology giant.', 'The app is owned by TikTok LLC, a limited liability company incorporated in Delaware and based in Culver City, California.', 'The LLC is controlled by TikTok Ltd, which is registered in the Cayman Islands and based in Shanghai.', 'That firm is ultimately owned by ByteDance Ltd, also incorporated in the Cayman Islands and based in Beijing.', 'ByteDance’s website shows that the company developed TikTok as a global short video product and formally launched it in May 2017.', 'Six months later, it acquired rival Musical.ly and subsequently merged it with the main platform.', 'According to TikTok’s own website, its subsidiaries around the world are all structured under Bytedance Ltd.  Definitely.', 'ByteDance was founded in 2012 in Beijing by Zhang Yiming and Liang Rubo, who were college roommates at Tianjin’s Nankai University, according to company information and Zhang’s public speeches.', 'It has been based in the Chinese capital since then.', 'In 2021, Zhang announced he would step down as CEO of ByteDance and handed the reins to Liang.', 'ByteDance has more than 110,000 employees globally.', 'Besides TikTok, it owns a number of popular Chinese apps such as Douyin, news aggregator Jinri Toutiao, video-sharing platform Xigua.', 'At last year’s congressional hearing, Chew didn’t directly answer any questions about whether ByteDance is a Chinese company either.', 'He only said ByteDance is a Chinese-founded private company operating many businesses in China, but is “global” in nature.', 'Chew added that 60% of ByteDance is owned by global institutional investors such as the Carlyle Group, General Atlantic and Susquehanna International Group, while 20% of the firm is owned by Zhang and 20% owned by employees around the world.', 'Three of the company’s five board members are Americans, he said.', 'Chew has emphatically told Congress that ByteDance is not owned or controlled by the Chinese government.', 'However, like most other Chinese companies, ByteDance is legally compelled to establish an in-house Communist Party committee composed of employees who are party members.', 'Zhang Fuping, the vice president and editor-in-chiefof the company’s Chinese operation, serves as its secretary of the party committee.', 'The committee often holds sessions to study the party and Chinese leader Xi Jinping.', 'One session in 2018 was joined by Zhang Yiming and his management team, according to the Beijing government.', 'Also, like its competitors, ByteDance has had to allow the Chinese government to take a so-called “golden share” in one of its key subsidiaries.', 'That means the Chinese government now owns 1% of Beijing Douyin Information Service, which is the domestic Chinese unit of Bytedance.', 'Wu Shugang, an official from the Cyberspace Administration of China, the country’s internet watchdog and censor, sits on its board.', 'Analysts have said the “golden shares” provide a way for the Chinese government to get more directly involved with the day-to-day businesses of tech companies, including in the content they provide to the public.', 'Chew has admitted that the “golden share” exists.', 'But he said it was for the purpose of internet licensing for the Chinese business.', 'ByteDance said on its website that it’s a common arrangement for companies operating news and information platforms in China and doesn’t affect its operations outside the country.', 'As a China-based company, ByteDance is subject to a myriad of national intelligence, data security and cybersecurity laws.', 'In 2018, China amended its National Intelligence Law, which requires any organization or citizen to support, assist and cooperate with national intelligence work.', 'That means ByteDance is legally bound to help with gathering intelligence.', 'In 2021, China introduced a new data security law, which applies to data processing activities conducted outside of the country that may “harm the national security or public interests.”', 'There is also a cybersecurity law in China, which says the state will take measures to monitor, prevent and handle cybersecurity risks and threats “arising both within and outside the PRC’s territory.”', 'These vague and broad laws apply to technology companies and may be used to regulate them.', 'Yes, Beijing has the legal ability to do so and has already indicated it would.', 'In August 2020, following an attempt by the Trump administration to force the sale of TikTok, Beijing revised its export control rules to cover a variety of technologies it deemed sensitive, including technology that appears similar to TikTok’s personalized information recommendation services.', 'A few years later, in early 2023, a Commerce Ministry spokeswoman said in the government’s first direct response to the matter that China would oppose any forced sale of TikTok.', 'This is because a sale or divestiture of the app would involve “exporting technology” and had to be approved by the Chinese government, said Shu Yuting, the spokeswoman.', 'Beijing has not indicated any change to this position since that time.', 'This story has been updated to clarify Zhang Fuping’s role at ByteDance.']",0.1238617890926119,"In 2018, China amended its National Intelligence Law, which requires any organization or citizen to support, assist and cooperate with national intelligence work.","There is also a cybersecurity law in China, which says the state will take measures to monitor, prevent and handle cybersecurity risks and threats “arising both within and outside the PRC’s territory.”",-0.3575586229562759,"Analysts have said the “golden shares” provide a way for the Chinese government to get more directly involved with the day-to-day businesses of tech companies, including in the content they provide to the public.",The future of TikTok is mired in uncertainty in the United States after the House of Representatives passed a bill last week which could ultimately lead to the wildly popular video app being banned.,2024-04-02
NBC News ousts Ronna McDaniel after network’s anchors launch unprecedented on-air rebellion,https://edition.cnn.com/2024/03/26/media/nbc-news-ousts-ronna-mcdaniel/index.html,"
  Updated
        7:44 PM EDT, Tue March 26, 2024
    ","NBC News on Tuesday ousted former Republican National Committee chair Ronna McDaniel, just days after her hiring as a paid political analyst sparked intense backlash from the network’s top television anchors over McDaniel’s role in subverting the 2020 election and attacks on the press.
    
            “There is no doubt that the last several days have been difficult for the News Group,” NBCUniversal News Group President Cesar Conde said in a memo to staff. “After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor.”
    
            “I want to personally apologize to our team members who felt we let them down,” Conde continued. “While this was a collective recommendation by some members of our leadership team, I approved it and take full responsibility for it.”
    
            Ahead of the network’s decision, McDaniel spent the day Tuesday interviewing attorneys in preparation for a potential legal battle with NBC, a person familiar with the matter told CNN. Creative Artists Agency, the talent agency that brokered McDaniel’s deal with NBC, also parted ways with her, the person said.
    
            The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.
    
            McDaniel, who recently stepped down from the RNC under pressure from former President Donald Trump, was involved in attempts to overturn the results of the 2020 election.
    
            As head of the RNC, she was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead. McDaniel told the officials, regarding the certification: “Do not sign it. … We will get you attorneys.”
    
            In the years since, McDaniel continued to claim that the election had “problems” and that Biden did not legitimately win the election, fanning the flames of election denialism.
    
            NBC’s announcement Friday that it had hired McDaniel was quickly met with alarm by the network’s journalists. The revolt spilled into public view on Sunday when McDaniel appeared on “Meet the Press” with moderator Kristen Welker in her first interview since she was hired by the network. Welker disclosed that the interview had been scheduled to take place prior to NBC announcing McDaniel would become a paid contributor for the network, stating that she had no involvement in her hiring.
    
            Following the interview, Chuck Todd, NBC News’ chief political analyst, delivered a stinging on-air criticism of NBC executives for their decision to hire McDaniel, telling Welker, “I think our bosses owe you an apology for putting you in this situation.”
    
            “There’s a reason a lot of journalists at NBC News are uncomfortable with this,” Todd said, explaining that under McDaniel, the RNC engaged in “gaslighting” and “character assassination” when dealing with the news media.
    
            The following day, MSNBC hosts Mika Brzezinski and Joe Scarborough joined Todd in protesting the decision on their program “Morning Joe.”
    
            “To be clear, we believe NBC News should seek out conservative Republican voices to provide balance in their election coverage, but it should be conservative Republicans, not a person who used her position of power to be an anti-democracy election denier,” Brzezinski said. “We hope NBC will reconsider its decision. It goes without saying that she will not be a guest on ‘Morning Joe’ in her capacity as a paid contributor.”
    
            Nicolle Wallace, host of MSNBC’s “Deadline: White House,” later joined in the rebuke, saying on her program that the network’s decision to hire McDaniel was nothing short of a potential threat to democracy.
    
            “NBC News is, either wittingly or unwittingly, teaching election deniers that what they can do stretches well beyond appearing on our air and interviews to peddle lies about the sanctity and integrity of our elections,” Wallace told viewers.
    
            Rachel Maddow — the network’s biggest star — later devoted the first half-hour of her prime-time program to the controversy, saying the decision to hire McDaniel was “inexplicable.” Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.
    
            “We do not take it personally when we get attacked, when they say they want to put us on trial and execute us for treason,” she said.
    
            “And so I want to associate myself with all my colleagues at MSNBC and NBC News who have voiced loud and principled objections to our company for putting on the payroll someone who hasn’t just attacked us as journalists, but someone who is part of an ongoing project to get rid of our system of government,” she said of McDaniel. “Someone who is still trying to convince Americans that this election stuff doesn’t really work. That this last election wasn’t a real result. That American elections are fraudulent.“
    
            The on-air revolt ensnared NBC’s top leaders, including NBCUniversal News Group chair Cesar Conde, NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown, who were responsible for McDaniel’s hiring. MSNBC president Rashida Jones also did not object to the decision, people familiar with the matter said.
    
            In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”
    
            “I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “That leadership was willing to change on this, I’m grateful to them.”",CNN,26/03/2024,"['NBC News on Tuesday ousted former Republican National Committee chair Ronna McDaniel, just days after her hiring as a paid political analyst sparked intense backlash from the network’s top television anchors over McDaniel’s role in subverting the 2020 election and attacks on the press.', '“There is no doubt that the last several days have been difficult for the News Group,” NBCUniversal News Group President Cesar Conde said in a memo to staff. “', 'After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor.”', '“I want to personally apologize to our team members who felt we let them down,” Conde continued. “', 'While this was a collective recommendation by some members of our leadership team, I approved it and take full responsibility for it.”', 'Ahead of the network’s decision, McDaniel spent the day Tuesday interviewing attorneys in preparation for a potential legal battle with NBC, a person familiar with the matter told CNN.', 'Creative Artists Agency, the talent agency that brokered McDaniel’s deal with NBC, also parted ways with her, the person said.', 'The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.', 'McDaniel, who recently stepped down from the RNC under pressure from former President Donald Trump, was involved in attempts to overturn the results of the 2020 election.', 'As head of the RNC, she was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead.', 'McDanieltold the officials, regarding the certification: “Do not sign it. …', 'We will get you attorneys.”', 'In the years since, McDaniel continued to claim that the election had “problems” and that Biden did not legitimately win the election, fanning the flames of election denialism.', 'NBC’s announcement Friday that it had hired McDaniel was quickly met with alarm by the network’s journalists.', 'The revolt spilled into public view on Sunday when McDaniel appeared on “Meet the Press” with moderator Kristen Welker in her first interview since she was hired by the network.', 'Welker disclosed that the interview had been scheduled to take place prior to NBC announcing McDaniel would become a paid contributor for the network, stating that she had no involvement in her hiring.', 'Following the interview, Chuck Todd, NBC News’ chief political analyst, delivered a stinging on-air criticism of NBC executives for their decision to hire McDaniel, telling Welker, “I think our bosses owe you an apology for putting you in this situation.”', '“There’s a reason a lot of journalists at NBC News are uncomfortable with this,” Todd said, explaining that under McDaniel, the RNC engaged in “gaslighting” and “character assassination” when dealing with the news media.', 'The following day, MSNBC hosts Mika Brzezinski and Joe Scarborough joined Todd in protesting the decision on their program “Morning Joe.”', '“To be clear, we believe NBC News should seek out conservative Republican voices to provide balance in their election coverage, but it should be conservative Republicans, not a person who used her position of power to be an anti-democracy election denier,”Brzezinski said. “', 'We hope NBC will reconsider its decision.', 'It goes without saying that she will not be a guest on ‘Morning Joe’ in her capacity as a paid contributor.”', 'Nicolle Wallace, host of MSNBC’s “Deadline: White House,” later joined in the rebuke, saying on her program that the network’s decision to hire McDaniel was nothing short of a potential threat to democracy.', '“NBC News is, either wittingly or unwittingly, teaching election deniers that what they can do stretches well beyond appearing on our air and interviews to peddle lies about the sanctity and integrity of our elections,” Wallace told viewers.', 'Rachel Maddow — the network’s biggest star — later devoted the first half-hour of her prime-time program to the controversy, saying the decision to hire McDaniel was “inexplicable.”', 'Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.', '“We do not take it personally when we get attacked, when they say they want to put us on trial and execute us for treason,” she said.', '“And so I want to associate myself with all my colleagues at MSNBC and NBC News who have voiced loud and principled objections to our company for putting on the payroll someone who hasn’t just attacked us as journalists, but someone who is part of an ongoing project to get rid of our system of government,” she said of McDaniel. “', 'Someone who is still trying to convince Americans that this election stuff doesn’t really work.', 'That this last election wasn’t a real result.', 'That American elections are fraudulent.“', 'The on-air revolt ensnared NBC’s top leaders, including NBCUniversal News Group chair Cesar Conde, NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown, who were responsible for McDaniel’s hiring.', 'MSNBC president Rashida Jones also did not object to the decision, people familiar with the matter said.', 'In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”', '“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “', 'That leadership was willing to change on this, I’m grateful to them.”']",-0.0710578434549836,"In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”","Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.",-0.4204912583033244,"In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”",The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.,2024-04-02
United Airlines asks pilots to take voluntary unpaid leave because of Boeing delivery delay,https://edition.cnn.com/2024/04/01/business/united-airlines-pilots-voluntary-unpaid-leave-boeing-delivery-delay/index.html,"
  Updated
        9:23 PM EDT, Mon April 1, 2024
    ","United Airlines is asking its pilots to take voluntary unpaid leave in May because of delays in Boeing deliveries, according to a memo sent by the union representing pilots.
    
            Because of the delivery delay, “our forecasted block hours for 2024 have been reduced and we are offering our pilots voluntary programs for the month of May to reduce excess staffing,” United Airlines said in a statement Monday. It also comes as the industry warns of a mass pilot shortage, as the workforce begins to age out after widespread furloughs during Covid-19.
    
            The voluntary programs could possibly extend into summer and fall, the memo said. The offer means the company will still pay some benefits while the pilot is out.
    
            Monday’s development signals the fallout from Boeing’s production crisis is spilling over into airline operations, especially United, where 81% of its mainline operations use Boeing jets. The Federal Aviation Administration is taking a closer look at United after a series of almost a dozen incidents at the airline, United said in a March memo.
    
            United had already announced it halted the hiring of new pilots “due to continued new aircraft certification and manufacturing delays at Boeing.” Southwest Airlines, which flies nothing but Boeing 737 jets, also will hire about 50% fewer pilots and 60% fewer flight attendants than planned this year due to Boeing cutting deliveries to the airline by about 40%. It will also trim capacity from earlier plans, offering about 1 percentage point fewer seats than it had planned.
    
            United CEO Scott Kirby told investors in March that his company is looking at possibly buying more jets from Boeing competitor Airbus, and he said earlier this year that an Alaska Air incident — during which a Boeing 737 Max 9 plane lost a door plug mid-flight on January 5, leaving a hole in the side of the plane — was the “straw that broke the camel’s back” on its plans to get deliveries of the Max 10 any time in the foreseeable future.
    
            United uses far more Boeings than its rivals American Airlines and Delta Air Lines which have only about half their fleets coming from Boeing. The union said Monday that the delivery issues pertain to the 787 and 737 fleets.
    
            On March 15, a United Boeing 737-800 landed in Medford, Oregon, missing an external panel, though no passengers were injured. Also in March, another United Boeing plane spewed flames from an engine after taking off, one slid off the runway, one lost a wheel during takeoff, and yet another trailed hydraulic fluid.
    
            “While they are all unrelated, I want you to know that these incidents have our attention and have sharpened our focus,” Kirby said in a March message to customers.
    
            Boeing has been in the spotlight since the Alaska Airlines Boeing 737 Max 9 incident.
    
            It is not the first time the airline has tried to cut pilots. During the pandemic, airlines offered tens of thousands of furloughs and voluntary buyouts due to lack of flying.
    
            - CNN’s Chris Isidore, Pete Muntean and Gregory Wallace contributed to this report.",CNN,01/04/2024,"['United Airlines is asking its pilots to take voluntary unpaid leave in May because of delays in Boeing deliveries, according to a memo sent by the union representing pilots.', 'Because of the delivery delay, “our forecasted block hours for 2024 have been reduced and we are offering our pilots voluntary programs for the month of May to reduce excess staffing,” United Airlines said in a statement Monday.', 'It also comes as the industry warns of a mass pilot shortage, as the workforce begins to age out after widespread furloughs during Covid-19.', 'The voluntary programs could possibly extend into summer and fall, the memo said.', 'The offer means the company will still pay some benefits while the pilot is out.', 'Monday’s development signals the fallout from Boeing’s production crisis is spilling over into airline operations, especially United, where 81% of its mainline operations use Boeing jets.', 'The Federal Aviation Administration is taking a closer look at United after a series of almost a dozen incidents at the airline, United said in a March memo.', 'United had already announced ithalted thehiring of new pilots “due to continued new aircraft certification and manufacturing delays at Boeing.”', 'Southwest Airlines, which flies nothing but Boeing 737 jets, also will hire about 50% fewer pilots and 60% fewer flight attendants than planned this year due to Boeing cutting deliveries to the airline by about 40%.', 'It will also trim capacity from earlier plans, offering about 1 percentage point fewer seats than it had planned.', 'United CEO Scott Kirby told investors in March that his company is looking at possibly buying more jets from Boeing competitor Airbus, and he said earlier this year that an Alaska Air incident — during which a Boeing 737 Max 9plane lost a door plug mid-flight on January 5, leaving a hole in the side of the plane — was the “straw that broke the camel’s back” on its plans to get deliveries of the Max 10 any time in the foreseeable future.', 'United uses far more Boeings than its rivals American Airlines and Delta Air Lines which have only about half their fleets coming from Boeing.', 'The union said Monday that the delivery issues pertain to the 787 and 737 fleets.', 'On March 15, a United Boeing 737-800 landed in Medford, Oregon,missing an external panel, though no passengers were injured.', 'Also in March, another United Boeing plane spewed flames from an engine after taking off, one slid off the runway, one lost a wheel during takeoff, and yet another trailed hydraulic fluid.', '“While they are all unrelated, I want you to know that these incidents have our attention and have sharpened our focus,” Kirby said in a March message to customers.', 'Boeing has been in the spotlight since theAlaska Airlines Boeing 737 Max 9incident.', 'It is not the first time the airline has tried to cut pilots.', 'During the pandemic, airlines offered tens of thousands of furloughs and voluntary buyouts due to lack of flying.', '- CNN’s Chris Isidore, Pete Muntean and Gregory Wallace contributed to this report.']",0.0021375503748346,"The Federal Aviation Administration is taking a closer look at United after a series of almost a dozen incidents at the airline, United said in a March memo.","On March 15, a United Boeing 737-800 landed in Medford, Oregon,missing an external panel, though no passengers were injured.",-0.7455107152462006,"“While they are all unrelated, I want you to know that these incidents have our attention and have sharpened our focus,” Kirby said in a March message to customers.","Southwest Airlines, which flies nothing but Boeing 737 jets, also will hire about 50% fewer pilots and 60% fewer flight attendants than planned this year due to Boeing cutting deliveries to the airline by about 40%.",2024-04-02
"Katy Perry, Billie Eilish, J Balvin and more lash out against ‘enormous’ AI threats that ‘sabotage creativity’",https://edition.cnn.com/2024/04/02/business/ai-artificial-intelligence-katy-perry-j-balvin-artists/index.html,"
  Published
        3:16 PM EDT, Tue April 2, 2024
    ","More than 200 artists, including Billie Eilish, Kacey Musgraves, J Balvin, Ja Rule, Jon Bon Jovi, The Jonas Brothers, Katy Perry, Miranda Lambert and more, are speaking out against artificial intelligence-related threats in the music industry.
    
            In an open letter organized by the non-profit Artist Rights Alliance, notable names across the music business are calling on AI developers, technology companies, platforms and digital music services to “cease the use of artificial intelligence to infringe upon and devalue the rights of human artists,” according to the letter, which  was issued Tuesday by the artist-led education and advocacy organization and posted online.
    
            The artists’ statement underscores how AI is poised to reshape creative industries - and the entire US economy - in fundamental ways that are still poorly understood, even as the technology develops by leaps and bounds and its possibilities grow.
    
            The letter highlights AI threats including deepfakes and voice cloning, as well as “irresponsible uses of AI” such as the using AI sound to diminish royalty payments to artists and the use of musical works by AI developers without permission to train and produce AI copycats.
    
            “We believe that, when used responsibly, AI has enormous potential to advance human creativity and in a manner that enables the development and growth of new and exciting experiences for music fans everywhere,” the letter states.“Unfortunately, some platforms and developers are employing AI to sabotage creativity and undermine artists, songwriters, musicians and rightsholders.”
    
            The letter urges digital music platforms and services to pledge to protect artist.
    
            “We must protect against the predatory use of AI to steal professional artists’ voices and likenesses, violate creators’ rights, and destroy the music ecosystem,” the letter says.
    
            Among the hundreds of signatories are songwriters, celebrities and leading entertainment companies, including Billy Porter, Camila Cabello, Chuck D, Darius Rucker, Finneas, Imagine Dragons, J Balvin, Ja Rule, Jon Batiste, Julia Michaels, Kate Hudson, Kim Petras, Mumford & Sons members, Nicki Minaj, Norah Jones, Pearl Jam, R.E.M., Sam Smith, Sheryl Crow, Smokey Robinson, Stevie Wonder, Zayn Malik and the estates of Bob Marley and Frank Sinatra.
    
            In a statement, the executive director of the ARA, Jen Jacobsen, said the threats of artificial intelligence are worsening already-tough working conditions for artists. “Working musicians are already struggling to make ends meet in the streaming world, and now they have the added burden of trying to compete with a deluge of AI-generated noise,” Jacobsen says. “The unethical use of generative AI to replace human artists will devalue the entire music ecosystem—for artists and fans alike.”
    
            The potential threat of artificial intelligence is not just a concern in the music industry, and the open letter brings together a slew of A-listers to put a spotlight on the growing concern of AI in the overall entertainment business. AI protections were at the crux of last year’s SAG-AFTRA and WGA negotiations and continue to be at the center of ongoing labor union deals.
    
            Last month, media mogul Tyler Perry halted plans on an $800 million expansion of his studio in Atlanta after seeing OpenAI’s Sora capabilities, nothing that “jobs are going to be lost.” Sora is able to generate video from text prompts.",CNN,02/04/2024,"['More than 200 artists, including Billie Eilish, Kacey Musgraves, J Balvin, Ja Rule, Jon Bon Jovi, The Jonas Brothers, Katy Perry, Miranda Lambert and more, are speaking out against artificial intelligence-related threats in the music industry.', 'In an open letter organized by the non-profit Artist Rights Alliance, notable names across the music business are calling on AI developers, technology companies, platforms and digital music services to “cease the use of artificial intelligence to infringe upon and devalue the rights of human artists,” according to the letter, which was issued Tuesday by the artist-led education and advocacy organization and posted online.', 'The artists’ statement underscores how AI is poised to reshape creative industries - and the entire US economy - in fundamental ways that are still poorly understood, even as the technology develops by leaps and bounds and its possibilities grow.', 'The letter highlights AI threats including deepfakes and voice cloning, as well as “irresponsible uses of AI” such as the using AI sound to diminish royalty payments to artists and the use of musical works by AI developers without permission to train and produce AI copycats.', '“We believe that, when used responsibly, AI has enormous potential to advance human creativity and in a manner that enables the development and growth of new and exciting experiences for music fans everywhere,” the letter states.', '“Unfortunately, some platforms and developers are employing AI to sabotage creativity and undermine artists, songwriters, musicians and rightsholders.”', 'The letter urges digital music platforms and services to pledge to protect artist.', '“We must protect against the predatory use of AI to steal professional artists’ voices and likenesses, violate creators’ rights, and destroy the music ecosystem,” the letter says.', 'Among the hundreds of signatories are songwriters, celebrities and leading entertainment companies, including Billy Porter, Camila Cabello, Chuck D, Darius Rucker, Finneas, Imagine Dragons, J Balvin, Ja Rule, Jon Batiste, Julia Michaels, Kate Hudson, Kim Petras, Mumford & Sons members, Nicki Minaj, Norah Jones, Pearl Jam, R.E.M., Sam Smith, Sheryl Crow, Smokey Robinson, Stevie Wonder, Zayn Malik and the estates of Bob Marley and Frank Sinatra.', 'In a statement, the executive director of the ARA, Jen Jacobsen, said the threats of artificial intelligence are worsening already-tough working conditions for artists. “', 'Working musicians are already struggling to make ends meet in the streaming world, and now they have the added burden of trying to compete with a deluge of AI-generated noise,” Jacobsen says. “', 'The unethical use of generative AI to replace human artists will devalue the entire music ecosystem—for artists and fans alike.”', 'The potential threat of artificial intelligence is not just a concern in the music industry, and the open letter brings together a slew of A-listers to put a spotlight on the growing concern of AI in the overall entertainment business.', 'AI protections were at the crux of last year’s SAG-AFTRA and WGA negotiations and continue to be at the center of ongoing labor union deals.', 'Last month, media mogul Tyler Perry halted plans on an $800 million expansion of his studio in Atlanta after seeing OpenAI’s Sora capabilities, nothing that “jobs are going to be lost.”', 'Sora is able to generate video from text prompts.']",-0.0333236919009996,"“We believe that, when used responsibly, AI has enormous potential to advance human creativity and in a manner that enables the development and growth of new and exciting experiences for music fans everywhere,” the letter states.","“We must protect against the predatory use of AI to steal professional artists’ voices and likenesses, violate creators’ rights, and destroy the music ecosystem,” the letter says.",-0.4990960583090782,"“We believe that, when used responsibly, AI has enormous potential to advance human creativity and in a manner that enables the development and growth of new and exciting experiences for music fans everywhere,” the letter states.","In a statement, the executive director of the ARA, Jen Jacobsen, said the threats of artificial intelligence are worsening already-tough working conditions for artists. “",2024-04-02
What Home Depot’s $18 billion deal says about its strategy,https://edition.cnn.com/2024/03/28/business/home-depot-pro-customers/index.html,"
  Published
        2:52 PM EDT, Thu March 28, 2024
    ","In its largest acquisition ever, Home Depot is expanding its business targeting professional contractors and builders as the home fixer-upper market stalls.
    
            Home Depot announced Thursday that it is spending $18.3 billion to buy SRS Distribution, a huge building-projects supplier that counts professional roofers, landscapers and pool contractors as its primary customers. SRS, which will operate independently, Home Depot noted, has 760 warehouses and more than 4,000 trucks to deliver its goods.
    
            Home Depot, the nation’s fifth-largest retailer, currently gets around half of its sales from housing professionals, who spend more at stores than do-it-yourself homeowners purchasing lawn mowers and power tools. Both Home Depot and Lowe’s have been trying to win more pro customers.
    
            Home Depot believes the acquisition will help it grow with its housing professional customer base because they do more complex renovation and remodeling projects that require purchases from specialty stores such as SRS. Home Depot in recent years has purchased other businesses targeting professionals who undertake both complex and simple housing projects.
    
            Home Depot’s push for pro customers comes as its DIY customers have slowed their spending.
    
            Home Depot’s sales boomed during the pandemic as millions of people spending more time at home turned to renovations and other home improvement projects. But many consumers have since shifted from purchasing physical goods to experiences, such as travel and concerts; others have just cut back spending in general. This shift has hurt Home Depot.
    
            “After a couple of years of unprecedented demand, we continue to see softness in big-ticket discretionary categories,” Home Depot executive Billy Bastek said late last year.
    
            Home Depot said that sales dropped over the winter and it’s a expecting a sluggish 2024.
    
            Demand for home improvement projects has also fallen due to high mortgage rates and a tough real estate market climate. In October, mortgage rates hit a 23-year high of 7.79%.
    
            Home Depot expects the SRS acquisition, accomplished through a mix of cash and debt, to be completed by the end of the year, but it could face regulatory hurdles.
    
            Under Federal Trade Commission Chair Lina Khan, the agency has taken Amazon, Meta, Microsoft, Kroger and other corporate giants to court for alleged anti-competitive practices.",CNN,28/03/2024,"['In its largest acquisition ever, Home Depot is expanding its business targeting professional contractors and builders as the home fixer-upper market stalls.', 'Home Depot announced Thursday that it is spending $18.3 billion to buy SRS Distribution, a huge building-projects supplier that counts professional roofers, landscapers and pool contractors as its primary customers.', 'SRS, which will operate independently, Home Depot noted, has 760 warehouses and more than 4,000 trucks to deliver its goods.', 'Home Depot, the nation’s fifth-largest retailer, currently gets around half of its sales from housing professionals, who spend more at stores than do-it-yourself homeowners purchasing lawn mowers and power tools.', 'Both Home Depot and Lowe’s have been trying to win more pro customers.', 'Home Depot believes the acquisition will help it grow with its housing professional customer base because they do more complex renovation and remodeling projects that require purchases from specialty stores such as SRS.', 'Home Depot in recent years has purchased other businesses targeting professionals who undertake both complex and simple housing projects.', 'Home Depot’s push for pro customers comes as its DIY customers have slowed their spending.', 'Home Depot’s sales boomed during the pandemic as millions of people spending more time at home turned to renovations and other home improvement projects.', 'But many consumers have since shifted from purchasing physical goods to experiences, such as travel and concerts; others have just cut back spending in general.', 'This shift has hurt Home Depot.', '“After a couple of years of unprecedented demand, we continue to see softness in big-ticket discretionary categories,” Home Depot executive Billy Bastek said late last year.', 'Home Depot said that sales dropped over the winter and it’s a expecting a sluggish 2024.', 'Demand for home improvement projects has also fallen due to high mortgage rates and a tough real estate market climate.', 'In October, mortgage rateshita 23-year high of 7.79%.', 'Home Depot expects the SRS acquisition, accomplished through a mix of cash and debt, to be completed by the end of the year, but it could face regulatory hurdles.', 'Under Federal Trade Commission Chair Lina Khan, the agency has taken Amazon, Meta, Microsoft, Kroger and other corporate giants to court for alleged anti-competitive practices.']",0.0193073224255037,Both Home Depot and Lowe’s have been trying to win more pro customers.,This shift has hurt Home Depot.,0.1671626766522725,Home Depot’s sales boomed during the pandemic as millions of people spending more time at home turned to renovations and other home improvement projects.,Demand for home improvement projects has also fallen due to high mortgage rates and a tough real estate market climate.,2024-04-02
Dow falls more than 460 points to continue second quarter’s weak start,https://edition.cnn.com/2024/04/02/investing/dow-falls-q2/index.html,"
  Updated
        12:34 PM EDT, Tue April 2, 2024
    ","Stocks fell Tuesday morning as investors continued to worry that the Federal Reserve could cut interest rates later than expected.
    
            The Dow Jones Industrial Average dropped 467 points, or 1.2%, on Tuesday after declining more than 500 points at its lows. That means the blue-chip index had at one point sunk roughly 800 points during the first two days of the second quarter. On Tuesday morning, the S&P 500 fell 1% and the Nasdaq Composite lost 1.4%.
    
            The market’s declines come after the S&P 500 notched its best first quarter since 2019. The S&P 500 index rose 10.2% during the first three months of the year, while the Dow and Nasdaq gained 5.6% and 9.1%, respectively.
    
            Behind the selloff was the Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, which rose 2.5% for the 12 months that ended in February, a faster clip than January’s price increase.
    
            Fed Chair Jerome Powell on Friday warned that rate cuts won’t be imminent.
    
            “We don’t need to be in a hurry to cut,” he said at an event hosted by the San Francisco Fed.
    
            That sent bond yields rising. The 10-year Treasury yield touched its highest level of the year on Tuesday and was last trading at 4.36%.
    
            Traders pulled back their expectations for a rate cut in June to about 62% from more than 70% a week earlier, according to the CME FedWatch Tool.
    
            Investors are looking to the March jobs report due Friday morning. Economists polled by FactSet expect a seasonally adjusted total of 202,500 jobs added in March, down from a 275,000 increase in February.
    
            Elsewhere, health insurers are taking a hit after the Biden administration on Monday released the final payment rates for Medicare Advantage and Medicare Part D drug coverage for 2025. Federal payments to Medicare Advantage plans are expected to increase on average by 3.7%, or more than $16 billion, since the total payment depends on a number of factors.
    
            Humana shares slid 14.7%, CVS Health shares declined 9.1% and UnitedHealth Group shares lost 7.6%.
    
            Tesla shares slipped 5.3% on Tuesday, after the electric vehicle maker posted its first annual drop in sales since 2020 as it continued to battle with rising competition.
    
            This is a developing story and will be updated.",CNN,02/04/2024,"['Stocks fell Tuesday morning as investors continued to worry that the Federal Reserve could cut interest rates later than expected.', 'The Dow Jones Industrial Average dropped 467 points, or 1.2%, on Tuesday after declining more than 500 points at its lows.', 'That means the blue-chip index had at one point sunk roughly 800 points during the first two days of the second quarter.', 'On Tuesday morning, the S&P 500 fell 1% and the Nasdaq Composite lost 1.4%.', 'The market’s declines come after the S&P 500 notched its best first quarter since 2019.', 'The S&P 500 index rose 10.2% during the first three months of the year, while the Dow and Nasdaq gained 5.6% and 9.1%, respectively.', 'Behind the selloff was the Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, which rose 2.5% for the 12 months that ended in February, a faster clip than January’s price increase.', 'Fed Chair Jerome Powell on Friday warned that rate cuts won’t be imminent.', '“We don’t need to be in a hurry to cut,” he said at an event hosted by the San Francisco Fed.', 'That sent bond yields rising.', 'The 10-year Treasury yield touched its highest level of the year on Tuesday and was last trading at 4.36%.', 'Traders pulled back their expectations for a rate cut in June to about 62% from more than 70% a week earlier, according to the CME FedWatch Tool.', 'Investors are looking to the March jobs report due Friday morning.', 'Economists polled by FactSet expect a seasonally adjusted total of 202,500 jobs added in March, down from a 275,000 increase in February.', 'Elsewhere, health insurers are taking a hit after the Biden administration on Monday released the final payment rates for Medicare Advantage and Medicare Part D drug coverage for 2025.', 'Federal payments to Medicare Advantage plans are expected to increase on average by 3.7%, or more than $16 billion, since the total payment depends on a number of factors.', 'Humana shares slid 14.7%, CVS Health shares declined 9.1% and UnitedHealth Group shares lost 7.6%.', 'Tesla shares slipped 5.3% on Tuesday, after the electric vehicle maker posted its first annual drop in sales since 2020 as it continued to battle with rising competition.', 'This is a developing story and will be updated.']",0.0640694972242295,The market’s declines come after the S&P 500 notched its best first quarter since 2019.,Fed Chair Jerome Powell on Friday warned that rate cuts won’t be imminent.,-0.3386184056599935,"The S&P 500 index rose 10.2% during the first three months of the year, while the Dow and Nasdaq gained 5.6% and 9.1%, respectively.",The market’s declines come after the S&P 500 notched its best first quarter since 2019.,2024-04-02
Opinion: The drama around Sam Altman is an urgent warning,https://edition.cnn.com/2023/11/21/opinions/sam-altman-openai-ouster-danger-filipovic/index.html,"
  Published
        9:50 AM EST, Tue November 21, 2023
    ","The biggest tech news this week is the ouster of Sam Altman from his role as CEO of OpenAI, a move that has shaken the company and the industry. Hundreds of OpenAI employees have threatened to resign. Altman has already moved on to a role at Microsoft. And OpenAI, the company behind ChatGPT, is on its third CEO in as many days.
    
            It’s all very juicy. But this drama should also be raising larger questions, far beyond one company’s internal hirings and firings, including: Who are the people making the decisions that will determine so much of our technological future? What guiding principles are they using to make those decisions? And how should other institutions – governments, non-tech industries, global alliances, regulatory bodies – reign in the worst excesses of potentially dangerous AI innovators?
    
            OpenAI was founded as a nonprofit, with an explicit mission to harness what may soon be superhuman intelligence “to benefit humanity as a whole.” But that sensibility hasn’t lasted. The company now has a multi-billion-dollar for-profit arm. They have been developing new technologies at lightning speed, and sometimes sending them out to the public before some employees believed they were ready. The company has already reportedly invented an AI technology so dangerous they will never release it – but they also won’t tell reporters or the public exactly what it is.
    
            This dynamic – a potentially dangerous technology developed at extreme speed, largely behind closed doors – is partly to blame for Altman’s firing. The OpenAI board, according to CNN’s David Goldman, worried that “the company was making the technological equivalent of a nuclear bomb, and its caretaker, Sam Altman, was moving so fast that he risked a global catastrophe.” At particular issue seemed to be Altman’s efforts to make the tools behind ChatGPT available to anyone who wanted to make their own version of the chatbot. This could be widely disastrous, some board members worried.
    
            But then they fired him without warning, and apparently without involving Microsoft, the company’s largest shareholder. Now, Altman is at the new AI group at Microsoft, and one has to wonder if the oversight and caution there will be on par with that at OpenAI, or if he’ll be handed carte blanche to push as fast and hard as he wants. And for all the justified reticence of the OpenAI board, the company has carried out much of its work in secrecy – without the public really understanding what a handful of unaccountable technologists are building, and how it is nearly guaranteed to indelibly change their lives.
    
            AI is broadly understood to have the potential to reshape vast swaths of human existence. At the very least, it seems nearly guaranteed to change how we process information, how we communicate, how we learn and how we work (and if we work). And the ramifications could be much more extreme. AI technologies have already demonstrated the ability to lie and to cover their tracks. They have already been able to suggest the design to make a virus spread more quickly. Many researchers acutely understand just how quickly these machines could develop the capacity to annihilate us, including Altman: He has a prepper’s paradise prepared in Big Sur, complete with guns and “gas masks from the Israeli Defense Force” in case AI goes off the rails and the robots go to war against humans, according to reporting in the New Yorker.
    
            But don’t worry, he told an Atlantic reporter: If AI is determined to wipe us out, “no gas mask is helping anyone.” (If you want an excellent and terrifying rundown of AI’s risks – at least those we understand right now, which are almost certainly a mere sliver of the looming perils – the Atlantic profile of Altman and his technology is worth a read).
    
            AI is very exciting technology. But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”
    
            Given the life-altering potential of AI – that even if it doesn’t kill us all, it will almost certainly change human existence in unprecedented ways at unprecedented speed – we all have a stake in how it’s being developed. And yet the development is being left to a handful of people (who seem to be largely men) in Silicon Valley, and other tech pockets around the globe. And we all have a stake in whose interests AI will serve – and right now, its development is being funded with billions of dollars by people expecting to make a huge profit.
    
            Do the interests of the public align with the interests of the shareholders to whom profit-driven, potentially tremendously lucrative-for-a-few companies are beholden? Or with the interests of tech entrepreneurs who are primarily excited about being at the forefront of the AI revolution, regardless of the potential human costs?
    
            One thing is clear: AI is coming. And how it is built and unleashed on the public matters more than perhaps any technology of the past century. It is, indeed, up there with the atom bomb in its destructive potential – except likely more difficult to regulate and control.
    
            “Regulation” does not begin to scratch the surface of what’s needed to make sure that the AI future is not a catastrophic one, especially since the development of AI is now a massive international arms race, with particularly horrific implications if bad actors develop this technology first. But regulation is, at minimum, a necessary step.
    
            So is transparency: In the US, companies have wide leverage to work behind a veil of secrecy, and much of what AI companies do is kept secret to stymy competition. But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.
    
            The Altman story is fascinating because Altman is the most powerful figure in AI technology, which in effect makes him one of the most powerful men in the world. But that should give us pause: Who is he, what power does he hold, what is he doing with it, who does he answer to, and are we comfortable with this much life-altering potential being held by a few unaccountable people?",CNN,21/11/2023,"['The biggest tech news this week is theousterof Sam Altman from his role as CEO of OpenAI, a move that has shaken the company and the industry.', 'Hundreds of OpenAI employees have threatened toresign.', 'Altman has alreadymoved onto a role at Microsoft.', 'And OpenAI, the company behind ChatGPT, is on itsthird CEOin as many days.', 'It’s all very juicy.', 'But this drama should also be raising larger questions, far beyond one company’s internal hirings and firings, including: Who are the people making the decisionsthat will determine so much of our technological future?', 'What guiding principles are they using to make those decisions?', 'And how should other institutions – governments, non-tech industries, global alliances, regulatory bodies – reign in the worst excesses of potentially dangerous AI innovators?', 'OpenAI was founded as a nonprofit, with an explicit mission to harness what may soon be superhuman intelligence “to benefit humanity as a whole.”', 'But that sensibility hasn’t lasted.', 'The company now has a multi-billion-dollar for-profit arm.', 'They have been developing new technologies at lightning speed, and sometimes sending them out to the publicbefore some employees believed they were ready.', 'The company has already reportedly invented an AI technology so dangerous they will never release it – but they alsowon’t tellreporters or the public exactly what it is.', 'This dynamic – a potentially dangerous technology developed at extreme speed, largely behind closed doors – is partly to blame for Altman’s firing.', 'The OpenAI board, according toCNN’s David Goldman, worried that “the company was making the technological equivalent of a nuclear bomb, and its caretaker, Sam Altman, was moving so fast that he risked a global catastrophe.”', 'At particular issue seemed to be Altman’s efforts to make the tools behind ChatGPT available to anyone who wanted to make their own version of the chatbot.', 'This could be widely disastrous, some board members worried.', 'But then they fired him without warning, and apparently without involving Microsoft, the company’s largest shareholder.', 'Now, Altman is at the new AI group at Microsoft, and one has to wonder if the oversight and caution there will be on par with that at OpenAI, or if he’ll be handed carte blanche to push as fast and hard as he wants.', 'And for all the justified reticence of the OpenAI board, the company has carried out much of its work in secrecy – without the public really understanding what a handful of unaccountable technologists are building, and how it is nearly guaranteed to indelibly change their lives.', 'AI is broadly understood to have the potential to reshape vast swaths of human existence.', 'At the very least, it seems nearly guaranteed to change how we process information, how we communicate, how we learn and how we work (and if we work).', 'And the ramifications could be much more extreme.', 'AI technologies have already demonstrated the abilityto lie and to cover their tracks.', 'They have already been able tosuggest the designto make a virus spread more quickly.', 'Many researchersacutely understandjust how quickly these machines could develop the capacity to annihilate us, including Altman: He has a prepper’s paradise prepared in Big Sur, complete with guns and “gas masks from the Israeli Defense Force” in case AI goes off the rails and the robots go to war against humans,according to reporting in the New Yorker.', 'But don’t worry, he told an Atlantic reporter: If AI is determined to wipe us out, “no gas mask is helping anyone.” (', 'If you want an excellent and terrifying rundown of AI’s risks – at least those we understand right now, which are almost certainly a mere sliver of the looming perils –the Atlantic profile of Altman and his technologyis worth a read).', 'AI is very exciting technology.', 'But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”', 'Given the life-altering potential of AI – that even if it doesn’t kill us all, it will almost certainly change human existence in unprecedented ways at unprecedented speed – we all have a stake in how it’s being developed.', 'And yet the development is being left to a handful of people (who seem to belargelymen) in Silicon Valley, and other tech pockets around the globe.', 'And we all have a stake in whose interests AI will serve – and right now, its development is being funded with billions of dollars by people expecting to make a huge profit.', 'Do the interests of the public align with the interests of the shareholders to whom profit-driven, potentially tremendously lucrative-for-a-few companies are beholden?', 'Or with the interests of tech entrepreneurs who are primarily excited about being at the forefront of the AI revolution, regardless of the potential human costs?', 'One thing is clear: AI is coming.', 'And how it is built and unleashed on the public matters more than perhaps any technology of the past century.', 'It is, indeed, up there with the atom bomb in its destructive potential – except likely more difficult to regulate and control.', '“Regulation” does not begin to scratch the surface of what’s needed to make sure that the AI future is not a catastrophic one, especially since the development of AI is now a massive international arms race, with particularly horrific implications if bad actors develop this technology first.', 'But regulation is, at minimum, a necessary step.', 'So is transparency: In the US, companies have wide leverage to work behind a veil of secrecy, and much of what AI companies do is kept secret to stymy competition.', 'But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.', 'The Altman story is fascinating because Altman is the most powerful figure in AI technology, which in effect makes him one of the most powerful men in the world.', 'But that should give us pause: Who is he, what power does he hold, what is he doing with it, who does he answer to, and are we comfortable with this much life-altering potential being held by a few unaccountable people?']",0.0034737194649936,"But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.","But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”",-0.2999434590339661,AI technologies have already demonstrated the abilityto lie and to cover their tracks.,"But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”",2024-04-02
Top soccer clubs are using an AI-powered app to scout future stars,https://edition.cnn.com/2024/03/01/tech/aiscout-app-soccer-scouting-spc-intl/index.html,"
  Published
        7:14 AM EST, Fri March 1, 2024
    ","A London-based technology company is looking to “democratize” talent-identification and scouting in soccer using a mobile app.
    
            Free to download and available globally, the aiScout app allows aspiring soccer stars to enter virtual trials for professional clubs by uploading self-recorded footage of themselves completing a series of drills. It offers 75 exercises, designed to test a range of skills, with videos showing users how to complete them.
    
            Performances are automatically scored by artificial intelligence (AI) technology. The data can then be accessed by clubs, allowing their scouts to peruse scores for viable talent, honing their search with a variety of filters; from age and gender to position on the pitch.
    
            The app currently has two English Premier League (EPL) partners, Chelsea and Burnley, and clubs can tailor their in-app trials to meet specific needs and set their own benchmarks by having their academy players complete the same drills.
    
            “We’re putting that data up front to make better use of [the scouts’] time,” said Richard Felton-Thomas, chief operating officer of ai.io, the company behind the app.
    
            “To say [to scouts], ‘Go over to this place today because there’s three players in that game that are all actually beating your Chelsea standard’ — that’s going to be the best use of your time.’”
    
            It already appears to be working for some. Ben Greenwood had never had a trial with a professional club until he downloaded the app in 2019. After uploading footage of himself, the 17-year-old landed a trial with Chelsea, becoming the first user of the app to get a trial with a pro club. He signed a contract with EPL team Bournemouth in 2021.
    
            Having beta-tested in with players spanning 125 countries, Greenwood among them, 135 players have been trialed or signed by pro clubs or national teams through the app — which fully launched in September 2023 — according to Felton-Thomas.
    
            Just over 100,000 players make up the current database, but with over 100 clubs lined up to join Chelsea and Burnley, as well as a multi-year partnership with Major League Soccer in the US announced last May, Felton-Thomas projects user numbers to surge into the millions as the operation ramps up this year.
    
            Felton-Thomas said the “lion’s share” of its income comes from charging clubs a license fee to run the platform. Annual fees vary depending on the size of the club and the tools they require, ranging from six figures for “tier one” sides like Chelsea, to thousands of pounds for clubs lower down the footballing pyramid.
    
            The use of smart technology in sport continues to expand, including AI commentary tools and wearable tech for elite athletes. The global market for sports analytics, valued at $2.7 billion in 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.
    
            Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry? For Felton-Thomas, new technologies can co-exist with traditional methods.
    
            “It’s more about evolution than revolution,” Felton-Thomas explained.
    
            “We can’t tell you when that player’s actually in that match, how does he deal with adversity? What happens when he’s 2-0 down? What happens when someone’s shouting at him? What happens when he’s just made a massive mistake?”
    
            “We’ve got the ability to just augment real people to do their jobs better and faster, which then gives an opportunity to the player through the AI, but you’re still actually just connecting them to the human on the other side, which is the club and the scout.”
    
            While football remains ai.io’s primary focus, the company is looking into opportunities in other sports to launch in the coming years. Further ahead, it may branch out beyond sports.
    
            “You think about the notion that you can be at home and analyze your movements, and how this could spin into health care, physical assessments for military disciplines and emergency services,” Felton-Thomas told CNN.",CNN,01/03/2024,"['A London-based technology company is looking to “democratize” talent-identification and scouting in soccer using a mobile app.', 'Free to download and available globally, the aiScout app allows aspiring soccer stars to enter virtual trials for professional clubs by uploading self-recorded footage of themselves completing a series of drills.', 'It offers 75 exercises, designed to test a range of skills, with videos showing users how to complete them.', 'Performances are automatically scored by artificial intelligence (AI) technology.', 'The data can then be accessed by clubs, allowing their scouts to peruse scores for viable talent, honing their search with a variety of filters; from age and gender to position on the pitch.', 'The app currently has two English Premier League (EPL) partners, Chelsea and Burnley, and clubs can tailor their in-app trials to meet specific needs and set their own benchmarks by having their academy players complete the same drills.', '“We’re putting that data up front to make better use of [the scouts’] time,” said Richard Felton-Thomas, chief operating officer of ai.io, the company behind the app.', '“To say [to scouts], ‘Go over to this place today because there’s three players in that game that are all actually beating your Chelsea standard’ — that’s going to be the best use of your time.’”', 'It already appears to be working for some.', 'Ben Greenwood had never had a trial with a professional club until he downloaded the app in 2019.', 'After uploading footage of himself, the 17-year-old landed a trial with Chelsea, becoming the first user of the app to get a trial with a pro club.', 'He signed a contractwith EPL team Bournemouthin 2021.', 'Having beta-tested in with players spanning 125 countries, Greenwood among them, 135 players have been trialed or signed by pro clubs or national teams through the app — which fully launched in September 2023 — according to Felton-Thomas.', 'Just over 100,000 players make up the current database, but with over 100 clubs lined up to join Chelsea and Burnley, as well as a multi-year partnership with Major League Soccer in the US announced last May, Felton-Thomas projects user numbers to surge into the millions as the operation ramps up this year.', 'Felton-Thomas said the “lion’s share” of its income comes from charging clubs a license fee to run the platform.', 'Annual fees vary depending on the size of the club and the tools they require, ranging from six figures for “tier one” sides like Chelsea, to thousands of pounds for clubs lower down the footballing pyramid.', 'The use of smart technology in sport continues to expand, includingAI commentary tools and wearable tech for elite athletes.', 'The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.', 'Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry?', 'For Felton-Thomas, new technologies can co-exist with traditional methods.', '“It’s more about evolution than revolution,” Felton-Thomas explained.', '“We can’t tell you when that player’s actually in that match, how does he deal with adversity?', 'What happens when he’s 2-0 down?', 'What happens when someone’s shouting at him?', 'What happens when he’s just made a massive mistake?”', '“We’ve got the ability to just augment real people to do their jobs better and faster, which then gives an opportunity to the player through the AI, but you’re still actually just connecting them to the human on the other side, which is the club and the scout.”', 'While football remains ai.io’s primary focus, the company is looking into opportunities in other sports to launch in the coming years.', 'Further ahead, it may branch out beyond sports.', '“You think about the notion that you can be at home and analyze your movements, and how this could spin into health care, physical assessments for military disciplines and emergency services,” Felton-Thomas told CNN.']",0.2022322827681825,"The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.","“We can’t tell you when that player’s actually in that match, how does he deal with adversity?",0.6922526104109628,"The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.",Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry?,2024-04-02
Why lab-grown diamond sales are surging,https://edition.cnn.com/2022/04/27/business/diamonds-manmade-demand/index.html,"
  Published
        7:49 AM EDT, Wed April 27, 2022
    ","It’s proposal season, and engagements are on the rise. So are factory-made diamond sales.
    
            Not that you’d know the difference. Man-made diamonds look the same as naturally occurring ones. The only noticeable difference is the price tag.
    
            “The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.
    
            He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.
    
            Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings. 
    
            “The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said. Too late. “It’s actually happening.” 
    
            Why are consumers flocking to man-made diamonds? Cost is the most obvious reason. The average retail price of the most popular one carat round man-made diamond for an engagement ring in March was $2,318, Golan said.
    
            “This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said. Plus, the lower cost allows couples to buy a bigger stone.
    
            “A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan. “Natural diamonds were formed over 800 million to three billion years and there isn’t an infinite supply of them.” 
    
            This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.
    
            The sanctions directly target Alrosa, partly owned by the Russian government, which the US government identified as the world’s largest diamond mining company, accounting for 28% of global diamond output.
    
            Man-made diamonds are also becoming popular as consumers are more aware and educated about them, said Dan Moran, a third-generation diamond expert and owner of LA-based fine jeweler Concierge Diamonds. Moran said the typical buyer of man-made diamonds is typically younger than 40 and very budget conscious.
    
            Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.
    
            Among Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot.
    
            Although its slice is growing, the market share for man-made diamonds remains relatively small.
    
            Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan. 
    
            Some major jewelry retailers are driving the effort to take man-made diamonds mainstream. In 2021, the world’s largest jewelry company, Pandora
            
                (PANDY), made a major shift by announcing it would stop using mined diamonds and would swap to lab-created diamonds in its jewelry. 
    
            Pandora said it’s instituting the change as part of an effort to sell sustainable jewelry, and also because consumers increasingly are asking for it.
    
            Signet,
            
                (SIG) the largest jewelry company in the United States (which owns Zales, Kay Jewelers and Jared chains) called out the popularity of lab diamond jewelry in its March earnings call with analysts.
    
            Calling it a “fast-growing category” in its jewelry portfolio, Signet CEO Virginia Drosos told analysts that lab-created diamonds are among the big jewelry trends she expects this year. 
    
            The company said it has expanded its man-made bridal jewelry selection in both its Zales and Kay Jewelers stores in response to the increased demand. 
    
            Fine jewelry brand Charles and Colvard, which makes lab-created diamonds, said consumers don’t just want to look good with the jewelry they are wearing, they also want to feel good about it.
    
            “As the momentum for conscious consumerism grows, the surge towards lab grown diamonds isn’t surprising,” said Don O’Connell, president and CEO of Charles & Colvard. “[Consumers] want to know the origins of their stones and be reassured they’re conflict-free. They’re embracing the choice to purchase a piece of fine jewelry that aligns with their values.”
    
            Lab-grown diamond brand VRAI said the pandemic, too, has sparked attention and action toward social and environmental issues. It said consumers are being more thoughtful and reassessing their purchasing habits, as well as the companies and industries they are supporting.
    
            There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value. 
    
            So while you may not be able to tell a natural diamond from a factory made variety, someone with a trained eye can, said Golan. Once a stone is identified as a factory diamond, even though you paid a lot less for it, you also won’t get much for it. 
    
            But the value of a ring isn’t just monetary.
    
            “As a professional in the industry, I am asked all the time by people about what I think about a ring they have,” said Moran, of Concierge Jewelers. “I always say, if you love it, be happy with it. An engagement ring is a symbol of commitment and enduring love.”",CNN,27/04/2022,"['It’s proposal season, and engagements are on the rise.', 'So are factory-made diamond sales.', 'Not that you’d know the difference.', 'Man-made diamonds look the same as naturally occurring ones.', 'The only noticeable difference is the price tag.', '“The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.', 'He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.', 'Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings.', '“The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said.', 'Too late. “', 'It’s actually happening.”', 'Why are consumers flocking to man-made diamonds?', 'Cost is the most obvious reason.', 'The average retail price of the most popular one carat round man-made diamond for an engagement ring in March was $2,318, Golan said.', '“This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said.', 'Plus, the lower cost allows couples to buy a bigger stone.', '“A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan. “', 'Natural diamonds were formed over 800 million to three billion years and there isn’t an infinite supply of them.”', 'This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.', 'The sanctions directly target Alrosa, partly owned by the Russian government, which the US government identified as the world’s largest diamond mining company, accounting for 28% of global diamond output.', 'Man-made diamonds are also becoming popular as consumers are more aware and educated about them, said Dan Moran, a third-generation diamond expert and owner of LA-based fine jeweler Concierge Diamonds.', 'Moran said the typical buyer of man-made diamonds is typically younger than 40 and very budget conscious.', 'Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.', 'Among Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot.', 'Although its slice is growing, the market share for man-made diamonds remains relatively small.', 'Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan.', 'Some major jewelry retailers are driving the effort to take man-made diamonds mainstream.', 'In 2021, the world’s largest jewelry company, Pandora  (PANDY), made a major shift by announcing it would stop using mined diamonds and would swap to lab-created diamonds in its jewelry.', 'Pandora said it’s instituting the change as part of an effort to sell sustainable jewelry, and also because consumers increasingly are asking for it.', 'Signet,  (SIG) the largest jewelry company in the United States (which owns Zales, Kay Jewelers and Jared chains) called out the popularity of lab diamond jewelry in its March earnings call with analysts.', 'Calling it a “fast-growing category” in its jewelry portfolio, Signet CEO Virginia Drosos told analysts that lab-created diamonds are among the big jewelry trends she expects this year.', 'The company said it has expanded its man-made bridal jewelry selection in both its Zales and Kay Jewelers stores in response to the increased demand.', 'Fine jewelry brand Charles and Colvard, which makes lab-created diamonds, said consumers don’t just want to look good with the jewelry they are wearing, they also want to feel good about it.', '“As the momentum for conscious consumerism grows, the surge towards lab grown diamonds isn’t surprising,” said Don O’Connell, president and CEO of Charles & Colvard. “[', 'Consumers] want to know the origins of their stones and be reassured they’re conflict-free.', 'They’re embracing the choice to purchase a piece of fine jewelry that aligns with their values.”', 'Lab-grown diamond brand VRAI said the pandemic, too, has sparked attention and action toward social and environmental issues.', 'It said consumers are being more thoughtful and reassessing their purchasing habits, as well as the companies and industries they are supporting.', 'There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value.', 'So while you may not be able to tell a natural diamond from a factory made variety, someone with a trained eye can, said Golan.', 'Once a stone is identified as a factory diamond, even though you paid a lot less for it, you also won’t get much for it.', 'But the value of a ring isn’t just monetary.', '“As a professional in the industry, I am asked all the time by people about what I think about a ring they have,” said Moran, of Concierge Jewelers. “', 'I always say, if you love it, be happy with it.', 'An engagement ring is a symbol of commitment and enduring love.”']",0.3714494325159568,"He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.",Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.,0.8542834222316742,"Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan.","This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.",2024-04-02
Biden administration points finger at Republicans for internet bill hikes,https://edition.cnn.com/2024/04/02/tech/biden-administration-republicans-internet-bill-hikes/index.html,"
  Published
        5:01 AM EDT, Tue April 2, 2024
    ","Tens of millions of Americans could see skyrocketing internet bills this spring or may be abruptly kicked off their plans — and it will be congressional Republicans who are to blame, the Biden administration said Tuesday.
    
            The accusation reflects a last-ditch pressure campaign to save a federal program that has helped connect more than 23 million US households to the internet, many for the first time. Without it, those households will be forced to pay hundreds of dollars more per year to stay online.
    
            By the end of the month, funding for the Affordable Connectivity Program (ACP) will run out, jeopardizing the monthly discounts on internet service benefiting an estimated 59 million low-income people, including veterans, students and older Americans.
    
            Many ACP subscribers would be forced to choose between paying for groceries and paying for internet service if the program is shut down, CNN has previously reported.
    
            Although popular with users from across the ideological spectrum, the ACP’s future is in doubt as legislation to extend the program has stalled. Now, as the Federal Communications Commission has begun winding it down, the Biden administration is ramping up pressure on the GOP for standing in the way of a critical lifeline for accessing health care, jobs and education.
    
            “President [Joe] Biden has been calling on Congress to pass legislation that would extend the benefit through 2024. And we know Democratic members and senators have joined him in that effort,” a senior administration official told reporters. “But unfortunately, Republicans in Congress have failed to act.”
    
            Biden has called on Congress to approve $6 billion to continue the ACP. A bill introduced in January by a bipartisan group of lawmakers in the House and Senate would authorize $7 billion. That legislation has 216 co-sponsors in the House, including 21 Republicans, and three in the Senate, including two Republicans.
    
            But policy experts have said it is unlikely Republican House Speaker Mike Johnson will let the bill onto the House floor as GOP leaders have decried government spending, despite the program being used in virtually every congressional district nationwide.
    
            “It is clear the program would be extended if the speaker would allow a vote,” said Blair Levin, an analyst at the market research firm New Street Research. “So far, he has not said anything about it, but it appears he will not allow the House to vote on the legislation. He has not, to my knowledge, said anything substantive about the legislation or the program.”
    
            Levin added that support by Republican Sens. J.D. Vance of Ohio and Kevin Cramer of North Dakota also suggest the bill would pass the Senate, making the House “the biggest obstacle.”
    
            Spokespeople for Johnson and for Senate Majority Leader Chuck Schumer didn’t immediately respond to a request for comment.
    
            The result is a stalemate that, if left unresolved, will lead to the collapse of the ACP by early May.
    
            Administration officials declined to say whether Biden or Vice President Kamala Harris have personally discussed the ACP with congressional Republicans. But the officials told reporters there is currently no Plan B if Congress fails to extend the program.
    
            “There are really no good options in a world in which Congress leaves us without any funding,” said another senior administration official. “There are certainly no easy answers for us to move forward if this program ends. So we want to work as hard as possible to make sure we avoid that possibility.”
    
            Some lawmakers had hoped that money for the ACP could have been included in the recent bipartisan spending deal intended to keep the government open, but those hopes were ultimately left unfulfilled.
    
            On Tuesday, FCC Chairwoman Jessica Rosenworcel sent a letter to Congress outlining the impact that the ACP’s disruption would cause.
    
            “The end of the ACP will have broad impact,” Rosenworcel wrote. “But it is worth noting that they will have special impact on certain vulnerable populations, including senior citizens. We know that nearly half of ACP households are led by someone over the age of 50.”
    
            More than 4 million military households are signed up for the ACP, Rosenworcel added, while 3.4 million households within the ACP program reported using school lunch or breakfast programs, indicating that many program subscribers are parents of children whose ability to do homework assignments may be interrupted by the loss of the ACP. To qualify for the ACP, users are required to meet certain income limits or be a participant in one of a number of other federal aid programs, such as the National School Lunch Program.
    
            Rosenworcel called on Sen. Maria Cantwell and the panel she chairs, the Senate Committee on Commerce, Science, and Transportation, to quickly advance legislation to extend the ACP. But the bill’s future remains foggy.",CNN,02/04/2024,"['Tens of millions of Americans could see skyrocketing internet bills this spring or may be abruptly kicked off their plans — and it will be congressional Republicans who are to blame, the Biden administration said Tuesday.', 'The accusation reflects a last-ditch pressure campaign to save a federal program that has helped connect more than 23 million US households to the internet, many for the first time.', 'Without it, those households will be forced to pay hundreds of dollars more per year to stay online.', 'By the end of the month, funding for the Affordable Connectivity Program (ACP) will run out, jeopardizing the monthly discounts on internet service benefiting an estimated 59 million low-income people, including veterans, students and older Americans.', 'Many ACP subscribers would be forced tochoose between paying for groceries and paying for internet service if the program is shut down, CNN has previously reported.', 'Although popular with users from across the ideological spectrum, the ACP’s future is in doubt as legislation to extend the program has stalled.', 'Now, as the Federal Communications Commission has begun winding it down, the Biden administration is ramping up pressure on the GOP for standing in the way of a critical lifeline for accessing health care, jobs and education.', '“President [Joe] Biden has been calling on Congress to pass legislation that would extend the benefit through 2024.', 'And we know Democratic members and senators have joined him in that effort,” a senior administration official told reporters. “', 'But unfortunately, Republicans in Congress have failed to act.”', 'Biden has called on Congress to approve $6 billion to continue the ACP.', 'A billintroduced in January by a bipartisan group of lawmakers in the House and Senate would authorize $7 billion.', 'That legislation has 216 co-sponsorsin the House, including 21 Republicans, and threein the Senate, including two Republicans.', 'But policy experts have said it is unlikely Republican House Speaker Mike Johnson will let the bill onto the House floor as GOP leaders have decried government spending, despite the program being used in virtually every congressional district nationwide.', '“It is clear the program would be extended if the speaker would allow a vote,” said Blair Levin, an analyst at the market research firm New Street Research. “', 'So far, he has not said anything about it, but it appears he will not allow the House to vote on the legislation.', 'He has not, to my knowledge, said anything substantive about the legislation or the program.”', 'Levin added that support by Republican Sens.', 'J.D. Vance of Ohio and Kevin Cramer of North Dakota also suggest the bill would pass the Senate, making the House “the biggest obstacle.”', 'Spokespeople for Johnson and for Senate Majority Leader Chuck Schumer didn’t immediately respond to a request for comment.', 'The result is a stalemate that, if left unresolved, will lead to the collapse of the ACP by early May.', 'Administration officials declined to say whether Biden or Vice President Kamala Harris have personally discussed the ACP with congressional Republicans.', 'But the officials told reporters there is currently no Plan B if Congress fails to extend the program.', '“There are really no good options in a world in which Congress leaves us without any funding,” said another senior administration official. “', 'There are certainly no easy answers for us to move forward if this program ends.', 'So we want to work as hard as possible to make sure we avoid that possibility.”', 'Some lawmakers had hoped that money for the ACP could have been included in the recent bipartisan spending deal intended to keep the government open, but those hopes were ultimately left unfulfilled.', 'On Tuesday, FCC Chairwoman Jessica Rosenworcel sent a letter to Congress outlining the impact that the ACP’s disruption would cause.', '“The end of the ACP will have broad impact,” Rosenworcel wrote. “', 'But it is worth noting that they will have special impact on certain vulnerable populations, including senior citizens.', 'We know that nearly half of ACP households are led by someone over the age of 50.”', 'More than 4 million military households are signed up for the ACP, Rosenworcel added, while 3.4 million households within the ACP program reported using school lunch or breakfast programs, indicating that many program subscribers are parents of children whose ability to do homework assignments may be interrupted by the loss of the ACP.', 'To qualify for the ACP, users are required to meet certain income limits or be a participant in one of a number of other federal aid programs, such as the National School Lunch Program.', 'Rosenworcel called on Sen. Maria Cantwell and the panel she chairs, the Senate Committee on Commerce, Science, and Transportation, to quickly advance legislation to extend the ACP.', 'But the bill’s future remains foggy.']",-0.035693753317788,"But it is worth noting that they will have special impact on certain vulnerable populations, including senior citizens.","But unfortunately, Republicans in Congress have failed to act.”",-0.6509046256542206,Levin added that support by Republican Sens.,"By the end of the month, funding for the Affordable Connectivity Program (ACP) will run out, jeopardizing the monthly discounts on internet service benefiting an estimated 59 million low-income people, including veterans, students and older Americans.",2024-04-02
Powerball jackpot ratchets up to $1.09 billion after no big winner Monday,https://edition.cnn.com/2024/04/02/business/powerball-jackpot-1-point-nine-billion-monday/index.html,"
  Published
        2:22 AM EDT, Tue April 2, 2024
    ","The Powerball jackpot has ballooned to a tremendous $1.09 billion after yet another lottery drawing yielded no top winner Monday night.
    
            Monday’s winning numbers were: 19, 24, 40, 42, 56 and Powerball 23.
    
            The next drawing will be held Wednesday night. If a player finally snags the jackpot, they could choose the annuitized option, with an initial payment and the remainder spread over 29 years, or the lump-sum option of $527.3 million, both before taxes.
    
            The jackpot is the fourth-largest in Powerball’s history and could soon close in on the $1.13 billion Mega Millions prize won by a ticket in New Jersey last week.
    
            Not everyone went home empty handed Monday. Six players scored $1 million prizes and more than 2 million others won prizes at lower award tiers, according to the lottery.
    
            It’s been three months since anyone won a Powerball jackpot. The last lucky winner in Michigan snagged an $842.4 million prize on January 1.
    
            The overall odds of winning a Powerball prize in any amount are 1 in 24.9. The odds of winning the jackpot are 1 in 292.2 million.",CNN,02/04/2024,"['The Powerball jackpot has ballooned to a tremendous $1.09 billion after yet another lottery drawing yielded no top winner Monday night.', 'Monday’s winning numbers were: 19, 24, 40, 42, 56 and Powerball23.', 'The next drawing will be held Wednesday night.', 'If a player finally snags the jackpot, they could choose the annuitized option, with an initial payment and the remainder spread over 29 years, or the lump-sum option of $527.3 million, both before taxes.', 'The jackpot is the fourth-largest in Powerball’s history and could soon close in on the $1.13 billion Mega Millions prize won by a ticket in New Jersey last week.', 'Not everyone went home empty handed Monday.', 'Six players scored $1 million prizes and more than 2 million others won prizes at lower award tiers, according to the lottery.', 'It’s been three months since anyone won a Powerball jackpot.', 'The last lucky winner in Michigan snagged an $842.4 million prize on January 1.', 'The overall odds of winning a Powerball prize in any amount are 1 in 24.9.', 'The odds of winning the jackpot are 1 in 292.2 million.']",0.4803835899310486,"Six players scored $1 million prizes and more than 2 million others won prizes at lower award tiers, according to the lottery.",Not everyone went home empty handed Monday.,0.9739276170730592,The Powerball jackpot has ballooned to a tremendous $1.09 billion after yet another lottery drawing yielded no top winner Monday night.,,2024-04-02
The battle over Disney’s future is about to be decided in a high stakes board vote,https://edition.cnn.com/2024/04/02/media/disney-shareholders-meeting-board-vote/index.html,"
  Published
        11:16 AM EDT, Tue April 2, 2024
    ","A bitter fight over the future of Disney is set to be decided this week as one of the most expensive proxy battles ever comes to a head at a high-stakes shareholder vote on Wednesday.
    
            At issue is Disney’s (DIS) stock price, which has risen nearly 50% over the last six months but has still failed to placate the desire of some investors, who are seeking a higher return. Should activist investors secure a seat on the company’s board, they hope to shake up the Magic Kingdom and its sprawling empire, which stretches from animation to streaming services to theme parks.
    
            Two competing slates of board seats are now up for a vote against Disney’s. One is led by Trian Fund Management, which has nominated its 81-year-old founder Nelson Peltz, the renowned billionaire corporate raider, and Jay Rasulo, a former Disney chief financial officer. And another smaller challenge comes from Blackwells Capital, which is seeking three seats.
    
            The real challenge, though, comes from Peltz, whose alliance with former Marvel chief Ike Perlmutter could spell real change at Disney, should they be successful.
    
            Peltz has criticized Disney’s recent theatrical flops and said the company should reach “Netflix-like margins” with its Disney+ streaming service, among other issues. The activist investor and his Trian fund want to align pay with performance for key executives, restore Disney’s box office dominance and expand the company’s profit margin. He also wants to ensure CEO Bob Iger, famous for staying on for longer than expected, really steps down in 2026 at the end of his contract.
    
            But the plan doesn’t differ much from what Iger and team are already doing, and exactly how Peltz and Rasulo would fix things isn’t clear, analysts say.
    
            “I don’t think [Peltz has] offered a turnaround plan that would be something that would get people saying, yeah, we need to get Peltz in there and change things,” Barton Crockett, senior research analyst at Rosenblatt Securities, told CNN.
    
            In recent years, Disney has struggled mightily with a surprising number of box office flops, declining viewership on its linear television networks, including ESPN and ABC, along with massive losses as it builds its streaming business to compete with the likes of Netflix.
    
            Peltz says he is looking for a turnaround.
    
            “[D]espite its many advantages, Disney has lost its way. Disney fell from its #1 position at the box office, was late to enter the streaming business and doubled down on linear TV at the wrong time,” Trian wrote in a letter to Disney shareholders this month.
    
            At 1 pm ET, Disney will hold its annual shareholder meeting, during which shareholders will submit their votes for “slates” of board member positions, including those from Trian and Blackwells. The results of the vote, which is already underway, will then be revealed.
    
            If Peltz is successful, he and Rasulo could gain up to two seats on the board, displacing Disney’s picks. The pair could then influence the company’s direction, and, some analysts believe, could hasten an early departure for Iger, who returned to the leadership role in 2022 after his hand-picked successor, Bob Chapek, was ousted.
    
            Peltz — who has no entertainment experience but has successfully waged such proxy battles in the past — has said in interviews he wants to work with the current leadership to shake up the media giant.
    
            “We want to make sure this company finally performs. It’s been mistreated for a very long time and that needs to change,” Peltz said in a video on Trian’s website for the proxy battle.
    
            Typically, shareholder meetings and these votes are staid affairs that barely garner significant attention from the public.
    
            But Disney is taking the threat seriously. More than $60 million has been poured into the boardroom fight, most of it from Disney, which is fighting to keep Iger and its board firmly in place.
    
            Disney and its supporters say that turnaround is already happening under Iger and that the Trian proxy battle is due in part to a personal grudge after Perlmutter was ousted from the company last year.
    
            But it has a unique challenge persuading shareholders: Unlike other publicly traded companies, many of its investors are so-called “retail investors” — everyday individuals who invest in companies.
    
            More than 35% of Disney’s shares are held by these individuals, who could seriously sway the vote. So Disney has been treating the campaign like a political one, launching a campaign website, taking out Google search ads, and advertising on popular podcasts like “Smartless.” It’s even leaning on some of its best-known animated characters.
    
            “They’ve really pulled out all the stops in responding to Nelson Peltz and the other activists, and dismissing and attacking them on multiple levels, even going to the place of pulling out Disney intellectual property and calling Peltz a ‘Pinocchio,’” Crockett said.
    
            “Frozen” characters Anna and Elsa have also appeared on materials mailed to shareholders, while the relatively unknown character Ludwig Von Drake hosted an animated short video explaining how shareholders can vote.
    
            “Disney has the right strategy to drive profitable growth and value creation for shareholders and has made substantial progress against our objectives to make our business more efficient and effective, including a sharpened focus on our greatest brand and franchise assets, a continued commitment to cutting costs and a reinstatement of the dividend,” the company said in a statement last week advocating for its slate of board members.
    
            In addition, Iger and other senior Disney executives have been traveling across the country and personally meeting with the larger and institutional shareholders, a person familiar with the matter told CNN.
    
            Disney has also lined up some big names in support of its board, including filmmaker George Lucas, JPMorgan Chase chief Jamie Dimon, former Disney CEO Michael Eisner and billionaire philanthropist Laurene Powell Jobs. Even some members of the Disney family who have been critical of the company, like Abigail E. Disney, have spoken out against Peltz’s boardroom battle.
    
            “Clearly, Bob Iger and the board have taken this very seriously and put out an amazing amount of material and they’ve met with investors,” Jessica Reif Ehrlich, managing director of BofA Securities, told CNN. “Nelson Peltz has gone public, so it’s very contentious, very loud, very public.”
    
            Meanwhile, Peltz has received support in recent days from the California Public Employees Retirement System (CalPERS) and the private investment firm Neuberger Berman, dealing a blow to Disney’s efforts to stave off the board fight. The influential advisory firms Institutional Shareholder Service and Egan-Jones have also thrown their support behind Peltz for at least one seat on the board.
    
            But while Disney isn’t leaving anything to chance, some analysts suggested that if Peltz does win a seat or two at the table, it could open the door to Iger departing the House of Mouse sooner than his planned 2026 succession.
    
            “It’s clear that Iger doesn’t want to deal with him,” Crocket said of Peltz. “So, I guess the one thing that I would wonder about, not from an operational perspective, but from a leadership perspective, is that if Peltz wins, it might hasten the departure of Iger.”
    
            - CNN’s Liam Reilly and Krystal Hur contributed to this report.",CNN,02/04/2024,"['A bitter fight over the future of Disney is set to be decided this weekas one of the most expensive proxy battles ever comes to a head at ahigh-stakesshareholder vote on Wednesday.', 'At issue is Disney’s (DIS) stock price, which has risen nearly 50% over the last six months but has still failed to placate the desire of some investors, who are seeking a higher return.', 'Should activist investors secure a seat on the company’s board, they hope to shake up the Magic Kingdom and its sprawling empire, whichstretches from animation to streaming services to theme parks.', 'Two competing slates of board seats are now upforavoteagainst Disney’s.', 'Oneisled byTrian Fund Management, whichhasnominatedits81-year-old founderNelson Peltz,the renowned billionaire corporate raider,and Jay Rasulo, a former Disney chief financial officer.', 'Andanothersmaller challengecomesfrom Blackwells Capital,which is seeking three seats.', 'The real challenge,though,comes from Peltz,whose alliance with former Marvel chief Ike Perlmutter could spell real change at Disney, should they be successful.', 'Peltz has criticizedDisney’srecenttheatricalflops andsaidthe company should reach “Netflix-like margins”with its Disney+streaming service, among other issues.', 'The activist investor and his Trian fund want to align pay with performance for key executives, restore Disney’s box office dominance and expand the company’s profit margin.', 'He also wants to ensure CEO Bob Iger, famous for staying on for longer than expected, really steps down in 2026 at the end of his contract.', 'But the plan doesn’t differ much from what Iger and team are already doing,and exactlyhow Peltz and Rasulo would fix things isn’t clear, analysts say.', '“I don’t think [Peltz has] offered a turnaround plan that would be something that would get people saying, yeah, we need to get Peltz in there and change things,” Barton Crockett,senior research analystat Rosenblatt Securities,told CNN.', 'In recent years, Disneyhasstruggled mightilywith a surprising number ofbox officeflops, declining viewershipon itslinear televisionnetworks, including ESPN and ABC, along with massive lossesas it buildsits streaming businessto compete with the likes of Netflix.', 'Peltz says he is looking for a turnaround.', '“[D]espite its many advantages, Disney has lost its way.', 'Disney fell from its #1 position at the box office, was late to enter the streaming business and doubled down on linear TV at the wrong time,” Trianwrote in a letterto Disney shareholders this month.', 'At1 pm ET, Disney will hold its annual shareholder meeting,during whichshareholders will submittheir votes for“slates”ofboard member positions, including those from Trian and Blackwells.', 'The results of the vote, which is already underway, will then be revealed.', 'If Peltz is successful, he and Rasulocouldgainup totwo seats on the board, displacingDisney’s picks.', 'Thepaircould then influence the company’s direction,and,some analysts believe, could hasten an early departure for Iger, who returned to the leadership role in 2022 after his hand-picked successor, Bob Chapek, was ousted.', 'Peltz — who has no entertainment experience but has successfully waged such proxy battles in the past — has said in interviews he wants to work with the current leadership to shake up the media giant.', '“We want to make sure this company finally performs.', 'It’s been mistreated for a very long time and that needs to change,” Peltzsaidin a video onTrian’s websitefor the proxy battle.', 'Typically, shareholder meetings and these votes are staidaffairs that barelygarnersignificantattentionfrom the public.', 'ButDisney is takingthethreat seriously.', 'More than $60 million has been poured intothe boardroomfight,most of it from Disney,whichis fighting to keep Iger anditsboard firmly in place.', 'Disney and its supporters say that turnaround is already happening under Iger and that the Trian proxy battle is duein partto a personal grudge after Perlmutter was ousted from the company last year.', 'But it has a unique challengepersuading shareholders:Unlike otherpublicly tradedcompanies,many of its investors areso-called“retail investors” —everydayindividuals who invest in companies.', 'More than35%of Disney’sshares are held by theseindividuals, who could seriously sway the vote.', 'So Disney has been treating the campaign like a political one,launchingacampaign website, taking out Google search ads,and advertising on popular podcasts like “Smartless.', '”It’s even leaning on some of its best-knownanimatedcharacters.', '“They’ve really pulled out allthe stopsinresponding to Nelson Peltz and the other activists,and dismissing and attacking them on multiple levels,even going to the place of pulling out Disney intellectual property and calling Peltz a ‘Pinocchio,’”Crockett said.', '“Frozen” characters Annaand Elsa have also appeared on materials mailed to shareholders,whilethe relatively unknown character Ludwig Von Drakehostedan animated short video explaininghow shareholders can vote.', '“Disney has the right strategy to drive profitable growth and value creation for shareholders and has made substantial progress against our objectives to make our business more efficient and effective, including a sharpened focus on our greatest brand and franchise assets, a continued commitment to cutting costs and a reinstatement of the dividend,” thecompanysaid in a statement last week advocating for its slate of board members.', 'In addition, Iger and other senior Disney executives have been traveling across the country and personally meeting with the larger and institutional shareholders, apersonfamiliar with themattertold CNN.', 'Disneyhas alsolined upsome big namesin support of its board,including filmmaker George Lucas, JPMorganChase chiefJamie Dimon, former Disney CEO Michael Eisner and billionaire philanthropist Laurene Powell Jobs.', 'Even some members of the Disney family who have been critical of the company, like Abigail E. Disney, have spoken out against Peltz’s boardroom battle.', '“Clearly, Bob Iger and the board have taken this very seriously and put out an amazing amount of material and they’ve met with investors,” Jessica Reif Ehrlich, managing director of BofA Securities, told CNN. “', 'Nelson Peltz has gone public, so it’s very contentious, very loud, very public.”', 'Meanwhile,Peltzhasreceived supportin recent daysfromthe California Public Employees Retirement System (CalPERS) andthe private investment firm Neuberger Berman, dealing a blow to Disney’s efforts to stave off the board fight.', 'Theinfluentialadvisory firmsInstitutional Shareholder ServiceandEgan-Jones havealsothrown their support behind Peltzfor at least oneseat on the board.', 'But while Disney isn’t leaving anything to chance, some analysts suggested that if Peltz does win a seat or two at the table, it could open the door to Iger departing the House of Mouse sooner than his planned 2026 succession.', '“It’s clear that Iger doesn’t want to deal with him,” Crocket said of Peltz. “', 'So, I guess the one thing that I would wonder about, not from an operational perspective, but from a leadership perspective, is that if Peltz wins, it might hasten the departure of Iger.”', '- CNN’s Liam Reilly andKrystal Hurcontributed to this report.']",0.1943390548052186,"“Disney has the right strategy to drive profitable growth and value creation for shareholders and has made substantial progress against our objectives to make our business more efficient and effective, including a sharpened focus on our greatest brand and franchise assets, a continued commitment to cutting costs and a reinstatement of the dividend,” thecompanysaid in a statement last week advocating for its slate of board members.",A bitter fight over the future of Disney is set to be decided this weekas one of the most expensive proxy battles ever comes to a head at ahigh-stakesshareholder vote on Wednesday.,0.264290357890882,"“Disney has the right strategy to drive profitable growth and value creation for shareholders and has made substantial progress against our objectives to make our business more efficient and effective, including a sharpened focus on our greatest brand and franchise assets, a continued commitment to cutting costs and a reinstatement of the dividend,” thecompanysaid in a statement last week advocating for its slate of board members.","In recent years, Disneyhasstruggled mightilywith a surprising number ofbox officeflops, declining viewershipon itslinear televisionnetworks, including ESPN and ABC, along with massive lossesas it buildsits streaming businessto compete with the likes of Netflix.",2024-04-02
"Elon Musk’s X names new head of safety, nine months after former safety leader’s exit",https://edition.cnn.com/2024/04/02/tech/elon-musk-x-new-head-of-safety/index.html,"
  Updated
        3:33 PM EDT, Tue April 2, 2024
    ","Elon Musk’s social media platform X on Tuesday announced it’s hiring a new head of safety as it faces ongoing scrutiny over the spread of hateful speech, conspiracy theories and other controversial content on the platform.
    
            Kylie McRoberts — a nearly four-year veteran of the company formerly known as Twitter — will oversee the company’s global safety team and work to build out a new safety hub in Austin, Texas, that CEO Linda Yaccarino announced in January.
    
            McRoberts’ elevation to the role comes nine months after the company’s previous safety leader, Ella Irwin, who oversaw what was then called the Trust and Safety team, resigned after just seven months in the role. Irwin had taken over the job from Yoel Roth, who resigned in the weeks after Musk’s takeover.
    
            Since Musk’s takeover, X has walked back safety measures, restored the accounts of White supremacists and other rule violators and declined to remove pro-Nazi content.
    
            X also announced on Tuesday that it hired Yale Cohen, a former executive at marketing firm Publicis Media, as its head of brand safety and advertising solutions. Cohen’s hire comes amid ongoing efforts at X to encourage advertisers to return to the platform.
    
            But both new leaders could face the same challenge Yaccarino has encountered in trying to revive the X brand: Musk himself. Musk has drawn ire for increasingly using his X presence to elevate radical, far-right conspiracy theories, including “Pizzagate” and the racist Great Replacement theory.
    
            In its announcement, X said McRoberts has previously worked on other X safety features including labels that inform a user if their content is being restricted. Going forward, her team will be responsible for “developing new products, tools, and features to protect our platform and community, maintaining our Safety policies, and enhancing our enforcement methodology and operations,” X said.
    
            Yaccarino testified about safety on X before a Senate committee in January, alongside other social media CEOs. In a document submitted to the committee following the hearing, Yaccarino said X has around 2,300 people who work on trust and safety and content moderation, although it was unclear if those are all full-time employees.
    
            McRoberts previously worked in privacy and cybersecurity roles at Google, including on safe web browsing efforts. Her background could indicate a changing perspective on “safety” at X, one that is less focused on content moderation, a practice for which Musk has expressed distaste.
    
            In a post last month, Musk said he would change the name of X’s “Trust and Safety” team to simply the “Safety” team.
    
            “Any organization that puts ‘Trust’ in their name cannot trusted, as that is obviously a euphemism for censorship. We are changing the name of our Trust & Safety group, to simply @Safety,” Musk said. “Trust is something that must be earned. The goal of our Safety team is simply to ensure compliance with the laws that already exist to protect the people.”
    
            Correction: An earlier version of this story misstated when X’s most recent trust and safety leader exited the company. Ella Irwin resigned as head of trust and safety in June 2023.",CNN,02/04/2024,"['Elon Musk’s social media platform X on Tuesday announced it’s hiring a new head of safety as it faces ongoing scrutiny over the spread of hateful speech, conspiracy theories and other controversial content on the platform.', 'Kylie McRoberts— a nearly four-year veteran of the company formerly known as Twitter — will oversee the company’s global safety team and work to build out a new safety hub in Austin, Texas, that CEO Linda Yaccarino announced in January.', 'McRoberts’ elevation to the role comesnine months afterthe company’s previoussafety leader, Ella Irwin,who oversaw what was then called the Trust and Safety team, resigned after just seven months in the role.', 'Irwin had taken over the job from Yoel Roth,whoresigned in theweeks afterMusk’s takeover.', 'Since Musk’stakeover, X has walked back safety measures, restored the accounts ofWhite supremacistsand other rule violators anddeclined to removepro-Nazi content.', 'X also announced on Tuesday that it hired Yale Cohen, a former executive at marketing firm Publicis Media, as its head of brand safety and advertising solutions.', 'Cohen’s hire comes amid ongoing efforts at X to encourage advertisers to return to the platform.', 'But both new leaders could face the same challenge Yaccarino has encountered in trying to revive the X brand: Musk himself.', 'Musk has drawn ire for increasingly using his X presence to elevate radical, far-right conspiracy theories, including “Pizzagate” and the racist Great Replacement theory.', 'In its announcement, X said McRoberts has previously worked on other X safety features including labels that inform a user if their content is being restricted.', 'Going forward, her team will be responsible for “developing new products, tools, and features to protect our platform and community, maintaining our Safety policies, and enhancing our enforcement methodology and operations,” X said.', 'Yaccarino testified about safety on X before a Senate committee in January, alongside other social media CEOs.', 'In a document submitted to the committee following the hearing, Yaccarino said X has around 2,300 people who work on trust and safety and content moderation, although it was unclear if those are all full-time employees.', 'McRoberts previously worked in privacy and cybersecurity roles at Google, including on safe web browsing efforts.', 'Her background could indicate a changing perspective on “safety” at X, one that is less focused on content moderation, a practice for which Musk has expressed distaste.', 'In a post last month, Musk said he would change the name of X’s “Trust and Safety” team to simply the “Safety” team.', '“Any organization that puts ‘Trust’ in their name cannot trusted, as that is obviously a euphemism for censorship.', 'We are changing the name of our Trust & Safety group, to simply @Safety,” Musk said. “', 'Trust is something that must be earned.', 'The goal of our Safety team is simply to ensure compliance with the laws that already exist to protect the people.”', 'Correction: An earlier version of this story misstated when X’s most recent trust and safety leader exited the company.', 'Ella Irwin resigned as head of trust and safety in June 2023.']",0.4271972271742184,"In a post last month, Musk said he would change the name of X’s “Trust and Safety” team to simply the “Safety” team.","Elon Musk’s social media platform X on Tuesday announced it’s hiring a new head of safety as it faces ongoing scrutiny over the spread of hateful speech, conspiracy theories and other controversial content on the platform.",0.9154360890388488,Cohen’s hire comes amid ongoing efforts at X to encourage advertisers to return to the platform.,,2024-04-02
Your complete guide to earning and redeeming points in the Citi ThankYou Rewards program,https://edition.cnn.com/cnn-underscored/travel/citi-thankyou-points-rewards,"
  Updated
        12:10 PM EST, Wed January 10, 2024
    ","The Citi ThankYou Rewards program has evolved over the past decade and is now a formidable competitor with established programs like American Express Membership Rewards and Chase Ultimate Rewards. Citi’s got a relatively small portfolio of quality credit cards and a rewarding program to boot. In fact, its credit cards offer some of the most generous category bonuses in exchange for reasonable annual fees.
    
            When it comes to redeeming your hard-earned points, Citi has an impressive transfer partner list that makes it possible to maximize your rewards for travel bookings. And if you don’t want to learn the ins and outs of various loyalty programs, Citi also gives you the option to use points for statement credits and direct travel bookings.
    
            If you’re curious about how the Citi ThankYou program works, here’s everything you need to know about how to get the most out of the program for travel.
    
            You can earn Citi ThankYou points in numerous ways. The easiest is through credit card sign-up bonuses, which range depending on the card. But that’s not the only way to earn points in this program. Between checking account bonuses and authorized user incentives, there are many ways to earn ThankYou points beyond credit cards.
    
            Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards. The issuer’s credit cards are generally split into two categories: traditional ThankYou points-earning cards and cash back cards. However, recently, Citi made a change to its program that now sees its cash back credit cards earning ThankYou Rewards points, which can also be redeemed for traditional cash back.
    
            Citi has two cards that earn ThankYou points directly. These cards are ideal for maximizing rewards on everyday purchases, with the Citi Premier® Card and Citi Rewards+® Card specifically offering significant bonuses in those everyday categories.
    
            As mentioned, there are also a number of other traditional cash back credit cards in the Citi portfolio that allow you to boost your earnings. They can be incredibly valuable, considering the Citi® Double Cash Card earns 2% on everything. By adding this card to your wallet, you’ll earn a minimum of 2 ThankYou points per dollar spent on all purchases that aren’t eligible for the bonus categories on the Citi Premier or Rewards+ cards.
    
            Considering Citi’s cash back cards have no annual fees, adding one to your wallet could make a lot of sense. You’ll enhance your point earning across the board without additional annual fees.
    
            By combining the Citi cards you have in your wallet, you can maximize your earnings and ensure you continue to work your way toward your next redemption.
    
            Adding an authorized user can help you earn more Citi points in two ways: bonus points for adding someone and for all of their purchases. First, you’ll sometimes get bonus points just for adding someone to your account. Citi frequently sends out authorized user bonuses to targeted card holders. These bonuses are typically around 2,500 bonus points but can vary.
    
            Secondly, you’ll earn Citi ThankYou points based on all the spending your authorized user puts on their card. Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as an authorized user on your account. Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.
    
            If you’d like to earn even more ThankYou points, you can do so with a checking account. That’s because Citi offers several checking accounts that earn ThankYou points as a benefit: The Citigold, Citi Priority, Citi Private Bank and Citibank Account. With these accounts, you can earn up to 1,600 points per month on everyday banking activities. The exact number of ThankYou points you’ll earn depends on your account type and qualifying activities. Generally, Citigold, Citi Priority and Citi Private Bank accounts earn the most points.
    
            Sharing points is a great way to consolidate existing points with a significant other or family member. Citi ThankYou is one of the few programs that allows members to share points free of charge. The only stipulation is that you can only share points with someone who has a Citi ThankYou card, and Citi Custom Cash card holders are not eligible.
    
            It’s worth noting that shared points expire 90 days after receipt. So you shouldn’t transfer points unless you or the person you’re sending them to has an immediate use for them. Also, note that you can’t send or receive more than 100,000 points per calendar year.
    
            Once you’ve earned a slew of Citi ThankYou points comes the fun part of redeeming them. And thankfully, Citi offers many different ways for you to redeem your ThankYou points. You’ll get the most bang for your buck by redeeming points for travel, though that’s certainly not the only option.
    
            Here’s a look at your Citi ThankYou travel redemption options and how they work.
    
            Transferring points will get you the most value from your Citi ThankYou points. Citi has 18 airline and hotel partners, most of which you can transfer points to at a 1-to-1 ratio — however, that ratio can vary. You can redeem them for stays at all-inclusive resorts, international business-class tickets, domestic award flights and more. But keep in mind that not all airline and hotel loyalty programs are equal.
    
            Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are. Like with the Chase Ultimate Rewards program, Capital One miles and American Express Membership Rewards program, you’ll need to link your accounts with each of the transfer partners, and you’ll also need to search for award availability with the airline of your choice before transferring any points.
    
            If you’re interested in transferring your Citi ThankYou points to a travel partner, these are your 18 options as well as the transfer rate.
    
            By transferring Citi ThankYou points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming travel rewards, you’ll just have to pay the taxes and fees on a ticket. As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.
    
            Keep in mind that the most obvious airline choice may not always be your best option. Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs. For example, Delta Air Lines and Air France/KLM are both members of the SkyTeam alliance, meaning you can transfer your Citi ThankYou points to Flying Blue and redeem for flights operated by Delta Air Lines.
    
            Citi’s airline partners will get you the most value for your points, especially if you redeem them for business- and first-class travel. That being said, Citi’s airline partners offer several sweet spot awards. These heavily discounted awards will save you points on travel and make earning ThankYou points worthwhile. Some of these sweet spots awards that will get you maximum value for your ThankYou points include the following:
    
            Generally speaking, you’ll get the most value out of your Citi ThankYou points by transferring them to airline or hotel partners. But that may not always make sense for all card holders — and it’s not your only option.
    
            Citi ThankYou points are worth 1 cent each when you use them to book travel through the Citi ThankYou portal. That’s significantly less than the value you’ll get from transfer partner redemptions. While transferring points is the best way to maximize your ThankYou points, doing so isn’t always possible. If that’s the case — or if you’re not interested in researching award availability — redeeming at a fixed value for travel via the ThankYou portal is a decent option.
    
            Citi offers several fixed redemption options where you’ll redeem your points at 1 cent per point. This is ideal for folks who would rather leverage points for daily expenses than travel bookings. While redeeming points this way isn’t advisable, as you won’t get as much value out of each point, you should use them however they suit you best.
    
            For example, if you have no travel plans in the foreseeable future but mounting expenses at home, then redeeming your ThankYou points for mortgage or student loan payments might make sense. Here are some additional ways you can redeem your ThankYou points:
    
            Generally speaking, if you’re looking to get the most value out of your Citi ThankYou points, your worst option is when redeeming for a fixed value. However, if you’re willing to sacrifice the value of your points and instead want to save some cash, it could be a solid option. Ultimately, every card holder’s goals for their points will be different, but it’s good that you have options with ThankYou points.
    
            Citi ThankYou points are worth about 1.7 cents each when you redeem them for travel through transfer partners, according to frequent flyer website The Points Guy. The exact amount varies depending on the cabin and destination you’re flying to. Generally speaking, you’ll get the most value by redeeming points for international business- and first-class flights. While 1.7 cents per point isn’t guaranteed for all redemptions, it’s a number you should aim for if you want to redeem ThankYou points for maximum value.
    
            Aside from travel redemptions, you can use ThankYou points for mortgage payments, student loans, statement credits or charitable contributions, and they’re worth 1 cent apiece.
    
            Citi ThankYou points are an incredibly valuable currency and can help you meet your most aspirational travel goals. Whether you’re using points for domestic or international travel, Citi’s wide selection of transfer partners offers terrific redemption value. Between a good credit card selection, top-notch travel partners and flexibility in use, Citi ThankYou points are definitely worth adding to your points portfolio.
    
            Looking for a new travel credit card? Check out CNN Underscored’s list of the best credit cards currently available.
    
            Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
    
            Note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.",CNN,10/01/2024,"['The Citi ThankYou Rewards program has evolved over the past decade and is now a formidable competitor with established programs like American Express Membership Rewards and Chase Ultimate Rewards.', 'Citi’s got a relatively small portfolio of quality credit cards and a rewarding program to boot.', 'In fact, its credit cards offer some of the most generous category bonuses in exchange for reasonable annual fees.', 'When it comes to redeeming your hard-earned points, Citi has an impressive transfer partner list that makes it possible to maximize your rewards for travel bookings.', 'And if you don’t want to learn the ins and outs of various loyalty programs, Citi also gives you the option to use points for statement credits and direct travel bookings.', 'If you’re curious about how the Citi ThankYou program works, here’s everything you need to know about how to get the most out of the program for travel.', 'You can earn Citi ThankYou points in numerous ways.', 'The easiest is through credit card sign-up bonuses, which range depending on the card.', 'But that’s not the only way to earn points in this program.', 'Between checking account bonuses and authorized user incentives, there are many ways to earn ThankYou points beyond credit cards.', 'Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards.', 'The issuer’s credit cards are generally split into two categories: traditional ThankYou points-earning cards andcash back cards.', 'However, recently, Citi made a change to its program that now sees its cash back credit cards earning ThankYou Rewards points, which can also be redeemed for traditional cash back.', 'Citi has two cards that earn ThankYou points directly.', 'These cards are ideal for maximizing rewards on everyday purchases, with the Citi Premier® Card and Citi Rewards+® Card specifically offering significant bonuses in those everyday categories.', 'As mentioned, there are also a number of other traditionalcash back credit cardsin the Citi portfolio that allow you to boost your earnings.', 'They can be incredibly valuable, considering the Citi® Double Cash Card earns 2% on everything.', 'By adding this card to your wallet, you’ll earn a minimum of 2 ThankYou points per dollar spent on all purchases that aren’t eligible for the bonus categories on the Citi Premier or Rewards+ cards.', 'Considering Citi’s cash back cards have no annual fees, adding one to your wallet could make a lot of sense.', 'You’ll enhance your point earning across the board without additional annual fees.', 'By combining the Citi cards you have in your wallet, you can maximize your earnings and ensure you continue to work your way toward your next redemption.', 'Adding an authorized user can help you earn more Citi points in two ways: bonus points for adding someone and for all of their purchases.', 'First, you’ll sometimes get bonus points just for adding someone to your account.', 'Citi frequently sends out authorized user bonuses to targeted card holders.', 'These bonuses are typically around 2,500 bonus points but can vary.', 'Secondly, you’ll earn Citi ThankYou points based on all the spending your authorized user puts on their card.', 'Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as anauthorized useron your account.', 'Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.', 'If you’d like to earn even more ThankYou points, you can do so with a checking account.', 'That’s because Citi offers several checking accounts that earn ThankYou points as a benefit: The Citigold, Citi Priority, Citi Private Bank and Citibank Account.', 'With these accounts, you can earn up to 1,600 points per month on everyday banking activities.', 'The exact number of ThankYou points you’ll earn depends on your account type and qualifying activities.', 'Generally, Citigold, Citi Priority and Citi Private Bank accounts earn the most points.', 'Sharing points is a great way to consolidate existing points with a significant other or family member.', 'Citi ThankYou is one of the few programs that allows members to share points free of charge.', 'The only stipulation is that you can only share points with someone who has a Citi ThankYou card, and Citi Custom Cash card holders are not eligible.', 'It’s worth noting that shared points expire 90 days after receipt.', 'So you shouldn’t transfer points unless you or the person you’re sending them to has an immediate use for them.', 'Also, note that you can’t send or receive more than 100,000 points per calendar year.', 'Once you’ve earned a slew of Citi ThankYou points comes the fun part of redeeming them.', 'And thankfully, Citi offers many different ways for you to redeem your ThankYou points.', 'You’ll get the most bang for your buck by redeeming points for travel, though that’s certainly not the only option.', 'Here’s a look at your Citi ThankYou travel redemption options and how they work.', 'Transferring points will get you the most value from your Citi ThankYou points.', 'Citi has 18 airline and hotel partners, most of which you can transfer points to at a 1-to-1 ratio — however, that ratio can vary.', 'You can redeem them for stays atall-inclusive resorts,international business-class tickets, domestic award flights and more.', 'But keep in mind that not all airline and hotel loyalty programs are equal.', 'Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are.', 'Like with the Chase Ultimate Rewards program, Capital One miles andAmerican Express Membership Rewards program, you’ll need to link your accounts with each of the transfer partners, and you’ll also need to search for award availability with the airline of your choice before transferring any points.', 'If you’re interested in transferring your Citi ThankYou points to a travel partner, these are your 18 options as well as the transfer rate.', 'By transferring Citi ThankYou points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming travel rewards, you’ll just have to pay the taxes and fees on a ticket.', 'As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.', 'Keep in mind that the most obvious airline choice may not always be your best option.', 'Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs.', 'For example, Delta Air Lines and Air France/KLM are both members of the SkyTeam alliance, meaning you can transfer your Citi ThankYou points to Flying Blue and redeem for flights operated by Delta Air Lines.', 'Citi’s airline partners will get you the most value for your points, especially if you redeem them for business- and first-class travel.', 'That being said, Citi’s airline partners offer several sweet spot awards.', 'These heavily discounted awards will save you points on travel and make earning ThankYou points worthwhile.', 'Some of these sweet spots awards that will get you maximum value for your ThankYou points include the following:  Generally speaking, you’ll get the most value out of your Citi ThankYou points by transferring them to airline or hotel partners.', 'But that may not always make sense for all card holders — and it’s not your only option.', 'Citi ThankYou points are worth 1 cent each when you use them to book travel through the Citi ThankYou portal.', 'That’s significantly less than the value you’ll get from transfer partner redemptions.', 'While transferring points is the best way to maximize your ThankYou points, doing so isn’t always possible.', 'If that’s the case — or if you’re not interested in researching award availability — redeeming at a fixed value for travel via the ThankYou portal is a decent option.', 'Citi offers several fixed redemption options where you’ll redeem your points at 1 cent per point.', 'This is ideal for folks who would rather leverage points for daily expenses than travel bookings.', 'While redeeming points this way isn’t advisable, as you won’t get as much value out of each point, you should use them however they suit you best.', 'For example, if you have no travel plans in the foreseeable future but mounting expenses at home, then redeeming your ThankYou points for mortgage or student loan payments might make sense.', 'Here are some additional ways you can redeem your ThankYou points:  Generally speaking, if you’re looking to get the most value out of your Citi ThankYou points, your worst option is when redeeming for a fixed value.', 'However, if you’re willing to sacrifice the value of your points and instead want to save some cash, it could be a solid option.', 'Ultimately, every card holder’s goals for their points will be different, but it’s good that you have options with ThankYou points.', 'Citi ThankYou points are worth about 1.7 cents each when you redeem them for travel through transfer partners, according to frequent flyer website The Points Guy.', 'The exact amount varies depending on the cabin and destination you’re flying to.', 'Generally speaking, you’ll get the most value by redeeming points for international business- and first-class flights.', 'While 1.7 cents per point isn’t guaranteed for all redemptions, it’s a number you should aim for if you want to redeem ThankYou points for maximum value.', 'Aside from travel redemptions, you can use ThankYou points for mortgage payments, student loans, statement credits or charitable contributions, and they’re worth 1 cent apiece.', 'Citi ThankYou points are an incredibly valuable currency and can help you meet your most aspirational travel goals.', 'Whether you’re using points for domestic or international travel, Citi’s wide selection of transfer partners offers terrific redemption value.', 'Between a good credit card selection, top-notch travel partners and flexibility in use, Citi ThankYou points are definitely worth adding to your points portfolio.', 'Looking for a new travel credit card?', 'Check out CNN Underscored’s list of thebest credit cardscurrently available.', 'Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.', 'Note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.']",0.419572580688158,"Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards.","Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.",0.8711563621958097,"As mentioned, there are also a number of other traditionalcash back credit cardsin the Citi portfolio that allow you to boost your earnings.",That’s significantly less than the value you’ll get from transfer partner redemptions.,2024-04-02
NBC News boss Cesar Conde faces backlash from his network’s anchors over ‘inexplicable’ decision to hire ex-RNC chair Ronna McDaniel,https://edition.cnn.com/2024/03/26/media/nbc-news-cesar-conde-ronna-mcdaniel-backlash/index.html,"
  Published
        8:05 AM EDT, Tue March 26, 2024
    ","Cesar Conde has a decision to make — and it’s not an especially difficult one.
    
            The NBCUniversal News Group chair is facing a torrent of backlash from his own staff after greenlighting the hire of former Republican National Committee chair Ronna McDaniel as a paid network contributor.
    
            Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.” And they’re not doing it via anonymous comments to the press. They’re doing it on the record on NBCU’s own air. Chuck Todd broke the dam on Sunday’s “Meet the Press” with a set of candid comments about the hiring, and Rachel Maddow capped the flood of backlash Monday night with a blistering 30-minute monologue eviscerating the network’s leadership for the “inexplicable” move.
    
            Suffice to say, NBCU News Group is in unprecedented territory. Never has a network’s C-suite ever been so thoroughly flogged by its most high-profile stars in such no holds barred fashion. Saying that Conde simply has a crisis on his hands would be a contender for understatement of the year. It’s a five-alarm fire at NBCU News Group, and one of Conde’s own making.
    
            While NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown were most directly responsible for McDaniel’s hiring, a decision that MSNBC boss Rashida Jones did not object to it at the time, the buck ultimately stops with Conde, who hold the real power at the Peacock Network. McDaniel’s hiring could not have happened without Conde’s blessing.
    
            It does not take a brilliant political mind with prescient foresight to understand that hiring McDaniel would ignite a firestorm of outrage — from both within 30 Rock and outside it. Conde, someone who ostensibly supports American democracy, should have rejected McDaniel’s hiring on the grounds that NBCU News Group could not put someone on its payroll who tried to subvert the 2020 vote.
    
            As so many of NBCU’s staffers have underscored, the objection to McDaniel is not that she is a Republican. It’s not even that she is a Donald Trump-supporting Republican. It’s that she was an active participant in the plot to overthrow the last presidential election. That is not to even mention McDaniel’s years of demonizing the press, smearing the journalists who work at NBC News and MSNBC as she sought to destroy the credibility of the organization that she ran to after being chased out of the RNC.
    
            The notion put forward by NBC that it needed to hire McDaniel to bring its viewers “an insider’s perspective on national politics and the future of the Republican Party” is absurd. If that’s the case, the network should move to hire free agents like Tucker Carlson or Candace Owens. They too have their hands on the pulse of the Republican Party. In fact, they represent much more of where the GOP stands today than McDaniel. So, using NBC’s logic, why not hire them? (Spoiler: News organizations rightfully have established basic standards for paid contributors. Asking that your employees have a commitment to democracy, to the truth, and to basic decency is not a big ask.)
    
            But even if Conde has no allegiance to basic democratic principles, which this hire calls into question, given that he is known to be a political player who cares deeply about his own image in the press, he should have been wise enough to foresee that hiring McDaniel would be an ill-conceived move. How this did not occur to Conde is unfathomable and shows a tremendous lack of judgment.
    
            Even more bizarre is Conde’s management, or lack thereof, since the controversy erupted. It was clear early on that his employees at NBC News and MSNBC did not support McDaniel’s hiring. If that was not evident on Friday, it was clear as day on Sunday after “Meet the Press.” The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.
    
            At that point, the writing should have been on the wall for Conde — as it was for every other media executive that I have spoken with over the last 24 hours. It is evident that McDaniel has no real future as an NBC analyst and the decision to bring her on as a contributor will have to be reversed. After all, which NBC or MSNBC program is going to invite her on after all of this?
    
            The only real question for Conde after the Sunday morning scolding should have been how he chose to back out of the deal in the least painful way possible. To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.
    
            But no such announcement came.
    
            Instead, Conde has allowed the mess to spiral absolutely out of control. MSNBC’s top stars hammered the network’s leadership throughout the day Monday over the hire. NBC News’ Guild blasted Conde, saying in a statement that under him the company had quietly laid off employees over the last month and instead chosen to “prioritize an election denier over its reporters.” The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.
    
            All the while, Conde has remained silent. I asked his spokesperson, Stephen Labaton, on Monday whether the NBCU News Group boss had any comment on the situation. Does he have any regret? I didn’t get an on-the-record response. Suffice to say, however, that what Conde does moving forward will say a lot about his character and commitment to democratic values. It will also say a lot about the NBCU News Group and what type of organization it is.
    
            In her biting monologue on Monday night, however, Maddow did offer Conde a way out of this mess.
    
            “Mistakes will be made,” Maddow said.”But our resilience as a democracy is going to be recognizing when decisions are bad ones and reversing those bad decisions. Hearing legitimate criticism, responding to it, and correcting course. Not digging in. Not blaming others. Take a minute. Acknowledge that maybe it wasn’t the right call.”
    
            “It is a sign of strength, not weakness, to acknowledge when you are wrong,” Maddow added. “It is a sign of strength. And our country needs us to be strong now.”",CNN,26/03/2024,"['Cesar Conde has a decision to make — and it’s not an especially difficult one.', 'The NBCUniversal News Group chair is facing a torrent of backlash from his own staff after greenlighting the hire of former Republican National Committee chair Ronna McDaniel as a paid network contributor.', 'Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.”', 'And they’re not doing it via anonymous comments to the press.', 'They’re doing it on the record on NBCU’s own air.', 'Chuck Todd broke the dam on Sunday’s “Meet the Press” with a set of candid comments about the hiring, and Rachel Maddow capped the flood of backlash Monday night with a blistering 30-minute monologue eviscerating the network’s leadership for the “inexplicable” move.', 'Suffice to say, NBCU News Group is in unprecedented territory.', 'Never has a network’s C-suite ever been so thoroughly flogged by its most high-profile stars in such no holds barred fashion.', 'Saying that Conde simply has a crisis on his hands would be a contender for understatement of the year.', 'It’s a five-alarm fire at NBCU News Group, and one of Conde’s own making.', 'While NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown were most directly responsible for McDaniel’s hiring, a decision that MSNBC boss Rashida Jones did not object to it at the time, the buck ultimately stops with Conde, who hold the real power at the Peacock Network.', 'McDaniel’s hiring could not have happened without Conde’s blessing.', 'It does not take a brilliant political mind with prescient foresight to understand that hiring McDaniel would ignite a firestorm of outrage — from both within 30 Rock and outside it.', 'Conde, someone who ostensibly supports American democracy, should have rejected McDaniel’s hiring on the grounds that NBCU News Group could not put someone on its payroll who tried to subvert the 2020 vote.', 'As so many of NBCU’s staffers have underscored, the objection to McDaniel is not that she is a Republican.', 'It’s not even that she is a Donald Trump-supporting Republican.', 'It’s that she was an active participant in the plot to overthrow the last presidential election.', 'That is not to even mention McDaniel’s years of demonizing the press, smearing the journalists who work at NBC News and MSNBC as she sought to destroy the credibility of the organization that she ran to after being chased out of the RNC.', 'The notion put forward by NBC that it needed to hire McDaniel to bring its viewers “an insider’s perspective on national politics and the future of the Republican Party” is absurd.', 'If that’s the case, the network should move to hire free agents like Tucker Carlson or Candace Owens.', 'They too have their hands on the pulse of the Republican Party.', 'In fact, they represent much more of where the GOP stands today than McDaniel.', 'So, using NBC’s logic, why not hire them? (', 'Spoiler: News organizations rightfully have established basic standards for paid contributors.', 'Asking that your employees have a commitment to democracy, to the truth, and to basic decency is not a big ask.)', 'But even if Conde has no allegiance to basic democratic principles, which this hire calls into question, given that he is known to be a political player who cares deeply about his own image in the press, he should have been wise enough to foresee that hiring McDaniel would be an ill-conceived move.', 'How this did not occur to Conde is unfathomable and shows a tremendous lack of judgment.', 'Even more bizarre is Conde’s management, or lack thereof, since the controversy erupted.', 'It was clear early on that his employees at NBC News and MSNBC did not support McDaniel’s hiring.', 'If that was not evident on Friday, it was clear as day on Sunday after “Meet the Press.”', 'The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.', 'At that point, the writing should have been on the wall for Conde — as it was for every other media executive that I have spoken with over the last 24 hours.', 'It is evident that McDaniel has no real future as an NBC analyst and the decision to bring her on as a contributor will have to be reversed.', 'After all, which NBC or MSNBC program is going to invite her on after all of this?', 'The only real question for Conde after the Sunday morning scolding should have been how he chose to back out of the deal in the least painful way possible.', 'To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.', 'But no such announcement came.', 'Instead, Conde has allowed the mess to spiral absolutely out of control.', 'MSNBC’s top stars hammered the network’s leadership throughout the day Monday over the hire.', 'NBC News’ Guild blasted Conde, saying in a statement that under him the company had quietly laid off employees over the last month and instead chosen to “prioritize an election denier over its reporters.”', 'The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.', 'All the while, Conde has remained silent.', 'I asked his spokesperson, Stephen Labaton, on Monday whether the NBCU News Group boss had any comment on the situation.', 'Does he have any regret?', 'I didn’t get an on-the-record response.', 'Suffice to say, however, that what Conde does moving forward will say a lot about his character and commitment to democratic values.', 'It will also say a lot about the NBCU News Group and what type of organization it is.', 'In her biting monologue on Monday night, however, Maddow did offer Conde a way out of this mess.', '“Mistakes will be made,” Maddow said.', '”But our resilience as a democracy is going to be recognizing when decisions are bad ones and reversing those bad decisions.', 'Hearing legitimate criticism, responding to it, and correcting course.', 'Not digging in.', 'Not blaming others.', 'Take a minute.', 'Acknowledge that maybe it wasn’t the right call.”', '“It is a sign of strength, not weakness, to acknowledge when you are wrong,” Maddow added. “', 'It is a sign of strength.', 'And our country needs us to be strong now.”']",-0.032955005531589,"Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.”",The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.,-0.501803499001723,"To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.","The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.",2024-04-02
"Port of Baltimore could reopen as soon as May, expert says",https://edition.cnn.com/2024/03/28/business/clearing-bridge-debris-reopen-port-of-baltimore/index.html,"
  Published
        3:58 PM EDT, Thu March 28, 2024
    ","Demolition workers could open a channel for ships to move in and out of the Port of Baltimore as soon as one month after required equipment arrives on scene, according to an expert in the field familiar with ongoing discussions.
    
            The expert, who spoke to CNN on condition that his name not be used, said it will likely take longer than that to remove all the debris from the Francis Scott Key Bridge that fell into the Patapsco River after one of the pillars holding up the bridge was rammed by the container ship Dali early Tuesday morning.
    
            However, the expert said clearing the 1,200-foot area between the two pillars that supported the bridge’s main span will be enough to reopen the port to traffic. That’s because the large cargo and passenger ships that call on the port need to stay in a channel where the Pataspco is the necessary 50 foot depth. That channel is in the middle of that 1,200-foot span.
    
            A heavy lift crane vessel will be on site at the Port of Baltimore later Thursday, White House director of intergovernmental affairs Tom Perez said in an interview on MSNBC. But other equipment will also be needed there, and contracts will need to be signed before demolition work can begin.
    
            The first job at the site will be removing the bridge’s remains that landed on the bow of the ship, and then getting the ship itself removed, according to the expert who spoke with CNN. He said removing the ship without it sinking could prove difficult in itself because its bow was impaled when it hit the support column.
    
            The expert said pipelines near the bridge could make removing the bridge debris more challenging. A large water line and a natural gas line both traverse the river bottom near where the bridge once stood. The two lines run underneath the power lines that run parallel to where the bridge was, as close as about 200 feet from the former bridge deck.
    
            How soon the channel can reopen will depend on a number of factors that experts don’t know yet because they are still examining the site. It will depend on the expertise of the firms brought in to conduct the demolition.
    
            According to the Maryland state government, the port supports 15,330 direct jobs and 139,180 jobs in related services. Those are jobs are on land, and does not include crews of the various ships that call on the port. It is the nation’s largest destination for ocean shipments of cars and trucks and the 9th largest cargo port in the United States.
    
            But no ships can call on the port until the channel is reopened. President Joe Biden said on Tuesday that reopening the port is a priority.
    
            “We’re going to do everything we can to protect those jobs and help those workers,” he said.
    
            There is also a problem of lost income for ships stuck in the port that are unable to leave. The ships that remain at the port are three bulk carriers, one vehicles carrier, two general cargo ships, one oil/chemical tanker, and three logistics naval vessels, according to a count from the Port of Baltimore.",CNN,28/03/2024,"['Demolition workers could open a channel for ships to move in and out of the Port of Baltimore as soon as one month after required equipment arrives on scene, according to an expert in the field familiar with ongoing discussions.', 'The expert, who spoke to CNN on condition that his name not be used, said it will likely take longer than that to remove all the debris from the Francis Scott Key Bridge that fell into the Patapsco River after one of the pillars holding up the bridge was rammed by the container ship Dali early Tuesday morning.', 'However, the expert said clearing the 1,200-foot area between the two pillars that supported the bridge’s main span will be enough to reopen the port to traffic.', 'That’s because the large cargo and passenger ships that call on the port need to stay in a channel where the Pataspco is the necessary 50 foot depth.', 'That channel is in the middle of that 1,200-foot span.', 'A heavy lift crane vessel will be on site at the Port of Baltimore later Thursday, White House director of intergovernmental affairs Tom Perez said in an interview on MSNBC.But other equipment will also be needed there, and contracts will need to be signed before demolition work can begin.', 'The first job at the site will be removing the bridge’s remains that landed on the bow of the ship, and then getting the ship itself removed, according to the expert who spoke with CNN.', 'He said removing the ship without it sinking could prove difficult in itself because its bow was impaled when it hit the support column.', 'The expert said pipelines near the bridge could make removing the bridge debris more challenging.', 'A large water line and a natural gas line both traverse the river bottom near where the bridge once stood.', 'The two lines run underneath the power lines that run parallel to where the bridge was, as close as about 200 feet from the former bridge deck.', 'How soon the channel can reopen will depend on a number of factors that experts don’t know yet because they are still examining the site.', 'It will depend on the expertise of the firms brought in to conduct the demolition.', 'According to the Maryland state government, the portsupports 15,330 direct jobs and 139,180 jobs in related services.', 'Those are jobs are on land, and does not include crews of the various ships that call on the port.', 'It is the nation’s largest destination for ocean shipments of cars and trucks and the 9th largest cargo port in the United States.', 'But no ships can call on the port until the channel is reopened.', 'President Joe Biden said on Tuesday that reopening the port is a priority.', '“We’re going to do everything we can to protect those jobs and help those workers,” he said.', 'There is also a problem of lost income for ships stuck in the port that are unable to leave.', 'The ships that remain at the port are three bulk carriers, one vehicles carrier, two general cargo ships, one oil/chemical tanker, and three logistics naval vessels, according to a count from the Port of Baltimore.']",0.0450597247265708,"“We’re going to do everything we can to protect those jobs and help those workers,” he said.",There is also a problem of lost income for ships stuck in the port that are unable to leave.,-0.8631026148796082,,There is also a problem of lost income for ships stuck in the port that are unable to leave.,2024-04-02
"She makes $20,000 a month to make 1-minute YouTube videos. Inside Google’s strategy to beat TikTok",https://edition.cnn.com/2024/03/28/tech/youtube-shorts-one-year-paying-creators/index.html,"
  Published
        9:01 AM EDT, Thu March 28, 2024
    ","YouTube says hundreds of thousands of creators are now earning a paycheck from posting short-form videos on the platform, as it ramps up its race to compete with rivals like TikTok and Instagram. It hasn’t been cheap: the Google-owned platform is shelling out tens of thousands of dollars to some of its top Shorts creators — like beauty influencer Sydney Morgan — every month.
    
            YouTube began offering creators a share of ad revenue for Shorts last year as its TikTok copycat feature struggled to stand out in the fiercely competitive landscape of online short-form video. Now, more than a quarter of the more than 3 million creators in its YouTube Partner Program are earning money on Shorts, often in addition to traditional long-form videos, the company announced in a blog post Thursday.
    
            YouTube says the fresh data to its ability to incentivize existing creators to try out a new format — and to attract new users. The Google-owned platform is banking on its deep pockets and long history of partnering with creators in its effort to continue growing Shorts.
    
            “We look at it as giving creators the tools they need to reach viewers where they are, and viewers are definitely into short-format, snackable content, in addition to all the other formats that we offer,” Amjad Hanif, YouTube’s vice president of product, told CNN in an exclusive interview alongside Vice President of Americas Tara Walpert Levy ahead of Thursday’s announcement.
    
            For YouTube, long the dominant force in online video, growing Shorts is crucial to staying relevant and maintaining its business in the face of TikTok’s popularity, as well as growing competition from Instagram, Snapchat, X and others. It still has room to grow: YouTube said Thursday that Shorts now has 70 billion average daily views, whereas Meta said last year that its short-form videos, Reels, had reached 200 billion average daily plays across Facebook and Instagram.
    
            Short-form video has the potential to be a cash cow: Meta said in July that Reels was set to bring in $10 billion in annual advertising revenue. (YouTube, which notched more than $31 billion in total ad revenue from across the platform last year, declined to share specific sales numbers for Shorts.)
    
            To bring in those advertising dollars, platforms need creators to make the content to sell ads on. YouTube says its 16-year-old Partner Program, through which it pays creators, is unique because it offers creators a portion of the ad revenue it earns, rather than paying them from a set “creator fund,” a model used by competitor platforms.
    
            “If you’re choosing to build a business, invest in the studio, or invest in a camera to shoot your next set of videos, you can’t do that if you don’t have a program you can rely on,” Hanif said, adding that reliability and transparency is what sets YouTube’s program apart for creators. “You’re able to understand how you earn,” he added. “It’s not a different set of rules that changes.”
    
            TikTok, by contrast, took heat from some creators last year for changing its rules around how it pays creators for their content.
    
            The possibility of a TikTok ban in the United States — after the House passed a bill that would require TikTok to separate from its Chinese parent company or be banned from US app stores — has also raised questions about the potential for competitor platforms to gain a bigger foothold in the short-form video space. But YouTube’s executives say they’re not counting on that.
    
            “We’ve always operated in a competitive landscape, we will always operate in a competitive landscape,” Walpert Levy said. “There’s obviously a ton of changes going on in the ecosystem around us. But our strategy remains the same.”
    
            YouTube’s investment is paying off in a big way for some creators.
    
            Morgan, the beauty creator, started posting content on Instagram and then on YouTube during the pandemic, having grown up learning makeup tricks from YouTubers who came before her.
    
            Although she started posting in 2020, Morgan said her YouTube audience really took off after the platform rolled out Shorts the following year. On the day of the feature’s launch, she posted a Short showing emoji-inspired makeup looks that racked up a “crazy” 30 million views.
    
            “The nature of short-form content is that it can be consumed so quickly, and it’s the best format to cast a wide net and pull in new viewers,” Morgan told CNN. “I use Shorts as a supplement to reach new audiences and funnel them into my long-form now.”
    
            Shorts is now Morgan’s primary income source, too, amounting to around $20,000 each month, two-thirds of her total earnings from YouTube, she said.
    
            “I make more from just YouTube Shorts (revenue) sharing in a month than I can make on other comparable platforms in a year,” she said.
    
            YouTube declined to share data around the total amounts it’s paid to creators for Shorts in the year since it added the feature to the YouTube Partner Program.
    
            Not all YouTubers are sold on Shorts. Some creators have taken to Reddit — or even posted YouTube videos — expressing frustration that Shorts are now taking up space on YouTube’s homepage and receiving promotion that could make it harder for longtime, long-form YouTubers to gain an audience.
    
            And some creators aren’t keen on making content that fits into a 60-second clip. Destin Sandlin, the creator behind the 17-year-old science education channel SmarterEveryDay, told CNN he’s avoided Shorts because he wants to delve deeply into the topics he teaches viewers about, such as how Kodak makes film or how NASA steers rockets.
    
            “If I was the CEO of YouTube, I would recognize that I posses the most democratized, amazing platform for giving people a voice that’s ever existed, and I would use that for deep, meaningful conversations,” Sandlin said, something that he said he believes is harder with the “TikTok-ification” of the platform.
    
            Sandlin said he now relies heavily on Patreon, a third-party site where viewers can make regular payments to support their favorite creators, in order to continue creating long-form, educational content without having to worry about its performance in the YouTube algorithm.
    
            Still, Hanif said that while he’s heard similar concerns from other YouTubers, he views Shorts as just another format option — and moneymaking opportunity — for creators.
    
            “As an entertainer, you’ve got to meet your viewers where they are,” Hanif said. “In some verticals, it is important to be able to reach your audience in (short-form videos) … The beauty of YouTube is, is that we give you all of those formats to reach all of those segments of your audience in a really efficient way.”",CNN,28/03/2024,"['YouTube says hundreds of thousands of creators are now earning a paycheck from posting short-form videos on the platform, as it ramps up its race to compete with rivals like TikTok and Instagram.', 'It hasn’t been cheap: the Google-owned platform is shelling out tens of thousands of dollars to some of its top Shorts creators — like beauty influencer Sydney Morgan — everymonth.', 'YouTube began offering creators a share of ad revenue for Shorts last year as its TikTok copycat feature struggled to stand out in the fiercely competitive landscape of online short-form video.', 'Now, more than a quarter of the more than 3 million creators in its YouTube Partner Program are earning money on Shorts, often in addition to traditional long-form videos, the company announced in a blog post Thursday.', 'YouTube says the fresh data to its ability to incentivize existing creators to try out a new format — and to attract new users.', 'The Google-owned platform is banking on its deep pockets and long history of partnering with creators in its effort to continue growing Shorts.', '“We look at it as giving creators the tools they need to reach viewers where they are, and viewers are definitely into short-format, snackable content, in addition to all the other formats that we offer,” Amjad Hanif, YouTube’s vice president of product, told CNN in an exclusive interview alongside Vice President of Americas Tara Walpert Levy ahead of Thursday’s announcement.', 'For YouTube, long the dominant force in online video, growing Shorts is crucial to staying relevant and maintaining its business in the face of TikTok’s popularity, as well as growing competition from Instagram, Snapchat, X and others.', 'It still has room to grow: YouTube said Thursday that Shorts now has 70 billion average daily views, whereas Meta said last year that its short-form videos, Reels, had reached 200 billion average daily plays across Facebook and Instagram.', 'Short-form video has the potential to be a cash cow: Meta said in July that Reels was set to bring in $10 billion in annual advertising revenue. (', 'YouTube, which notched more than$31 billion in total ad revenue from across the platform last year, declined to share specific sales numbers for Shorts.)', 'To bring in those advertising dollars, platforms need creators to make the content to sell ads on.', 'YouTube says its 16-year-old Partner Program, through which it pays creators, is unique because it offers creators a portion of the ad revenue it earns, rather than paying them from a set “creator fund,” a model used by competitor platforms.', '“If you’re choosing to build a business, invest in the studio, or invest in a camera to shoot your next set of videos, you can’t do that if you don’t have a program you can rely on,” Hanif said, adding that reliability and transparency is what sets YouTube’s program apart for creators. “', 'You’re able to understand how you earn,” he added. “', 'It’s not a different set of rules that changes.”', 'TikTok, by contrast, took heat from some creators last year for changing its rules around how it pays creators for their content.', 'The possibility of a TikTok ban in the United States — after the House passed a bill that would require TikTok to separate from its Chinese parent company or be banned from US app stores — has also raised questions about the potential for competitor platforms to gain a bigger foothold in the short-form video space.', 'But YouTube’s executives say they’re not counting on that.', '“We’ve always operated in a competitive landscape, we will always operate in a competitive landscape,” Walpert Levy said. “', 'There’s obviously a ton of changes going on in the ecosystem around us.', 'But our strategy remains the same.”', 'YouTube’s investment is paying off in a big way for some creators.', 'Morgan, the beauty creator, started posting content on Instagram and then on YouTube during the pandemic, having grown up learning makeup tricks from YouTubers who came before her.', 'Although she started posting in 2020, Morgan said her YouTube audience really took off after the platform rolled out Shorts the following year.', 'On the day of the feature’s launch, she posted a Short showing emoji-inspired makeup looks that racked up a “crazy” 30 million views.', '“The nature of short-form content is that it can be consumed so quickly, and it’s the best format to cast a wide net and pull in new viewers,” Morgan told CNN. “', 'I use Shorts as a supplement to reach new audiences and funnel them into my long-form now.”', 'Shorts is now Morgan’s primary income source, too, amounting to around $20,000 each month, two-thirds of her total earnings from YouTube, she said.', '“I make more from just YouTube Shorts (revenue) sharing in a month than I can make on other comparable platforms in a year,” she said.', 'YouTube declined to share data around the total amounts it’s paid to creators for Shorts in the year since it added the feature to the YouTube Partner Program.', 'Not all YouTubers are sold on Shorts.', 'Some creators have taken to Reddit —or even posted YouTube videos — expressing frustration that Shorts are now taking up space on YouTube’s homepage and receiving promotion that could make it harder for longtime, long-form YouTubers to gain an audience.', 'And some creators aren’t keen on making content that fits into a 60-second clip.', 'Destin Sandlin, the creator behind the 17-year-old science education channel SmarterEveryDay, told CNN he’s avoided Shorts because he wants to delve deeply into the topics he teaches viewers about, such as how Kodak makes film or how NASA steers rockets.', '“If I was the CEO of YouTube, I would recognize that I posses the most democratized, amazing platform for giving people a voice that’s ever existed, and I would use that for deep, meaningful conversations,” Sandlin said, something that he said he believes is harder with the “TikTok-ification” of the platform.', 'Sandlin said he now relies heavily on Patreon, a third-party site where viewers can make regular payments to support their favorite creators, in order to continue creating long-form, educational content without having to worry about its performance in the YouTube algorithm.', 'Still, Hanif said that while he’s heard similar concerns from other YouTubers, he views Shorts as just another format option — and moneymaking opportunity — for creators.', '“As an entertainer, you’ve got to meet your viewers where they are,” Hanif said. “', 'In some verticals, it is important to be able to reach your audience in (short-form videos) … The beauty of YouTube is, is that we give you all of those formats to reach all of those segments of your audience in a really efficient way.”']",0.2441438534763088,"Sandlin said he now relies heavily on Patreon, a third-party site where viewers can make regular payments to support their favorite creators, in order to continue creating long-form, educational content without having to worry about its performance in the YouTube algorithm.","“If you’re choosing to build a business, invest in the studio, or invest in a camera to shoot your next set of videos, you can’t do that if you don’t have a program you can rely on,” Hanif said, adding that reliability and transparency is what sets YouTube’s program apart for creators. “",0.3934459574520588,YouTube’s investment is paying off in a big way for some creators.,YouTube began offering creators a share of ad revenue for Shorts last year as its TikTok copycat feature struggled to stand out in the fiercely competitive landscape of online short-form video.,2024-04-02
Passport rules: 'Escorted through the airport like a criminal',https://www.bbc.co.uk/news/business-68677938,2024-03-29T22:09:13.000Z,"Disappointed holidaymakers whose EU travel plans were ruined when they were caught out by the ""10-year-passport rule"" have been speaking to the BBC. Until 2018, UK travellers could transfer up to nine months from an old passport on to a new one. But post-Brexit, EU countries will not accept passports more than 10 years old. Those who were unaware of the change were turned away by passport control. Some were able to rebook trips, but no one we spoke to was reimbursed. Jane Opher, 61, in London, said she was ""traumatised"" after being told she and her partner couldn't board their flight to Barcelona at Gatwick in February, even though they'd checked in online. ""I was just saying to my partner that I must renew my passport soon, as we walked along the bridge to get to the boarding gate. It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said. Jane, who used to live in Barcelona and was travelling to see friends, was left hundreds of pounds out of pocket after having to rearrange the trip with her partner.   The architect spent about £400 on last minute replacement flights and a fast tracked passport.  She says the issue with her passport was ""a technicality"" the airlines should be able to deal with. ""I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral.  ""As someone who used to live in Spain, I feel angry that I cannot go to Spain as easily as I used to,"" she added.   Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. ""We had no reason to believe the passport wouldn't be valid,"" she said. ""At first we thought the woman at the check-in was joking."" She said staff at Liverpool Airport ""told us this had been a ruling since Brexit and we should know better"". ""It was disappointing for us as our son had paid for half of the holiday as a Christmas present."" The couple were due to go on a cruise the following January and had all the paperwork ready to renew the passport when they got back from Majorca. How do I renew my UK passport and what is the 10-year rule? John, 73, a healthcare worker based near Portsmouth, was due to fly to Tenerife in January for a New Year break with friends. He only found out at the last minute that his wife's passport ""fell foul of the 10-year rule"". He called the rule ""ridiculous"", saying there were no warnings and zero interest from the company they booked with. ""We lost the whole lot after booking through TUI. They organise the flights and hotel. That's it. You lose the lot because you can't get on the plane. It's nothing more than a trick.  ""The total burden of this issue falls on the individual holidaymaker. The travel company have got your money, they can pay off the airline and hotel, who may be able to resell the plane tickets and the accommodation, but even if they can't, they're quids in. ""The travel company get their cut too, so there's no incentive on anyone to redress this unfair, illogical ruling,"" John said. A TUI spokesperson told the BBC they were ""sorry to hear of customers who were unable to travel with TUI as planned due the UK government passport requirements"". They added: ""Customers are given ample warning that their passports must follow the UK government's passport requirements when travelling abroad, via our website and within direct customer communications including booking confirmations."" Last April, Howard Kirrane and his wife were about to check in at the port in Southampton but his passport was not valid. They both had to take their bags off the ship and go back home to Portsmouth.  ""I contacted the ombudsman and banks to try and get money back but all they said was it was up to me to sort out my passport. That was very expensive,"" the 69-year-old said. The couple lost all of the money they had spent on their Mediterranean cruise holiday - almost £2,000.   ""I could've travelled to the US but not across the water,"" Howard added. He said he applied for a new passport the same night and it arrived two weeks later.  The confusion over passport issue dates and EU travel isn't anything new, as Jacqualyn Lee from Nottingham pointed out. In autumn 2021, the 79-year-old lost £2,000 on a cruise from Barcelona to the Canary Islands when told at the airport that her husband's passport was issued more than 10 years prior. The couple had to call off the trip and were unable to claim money from their insurance for the flights or the cruise. ""It just felt like somebody pulling a battery out of your back, you don't know how to react. I thought 'oh OK, we'll just go home then'. ""We booked another holiday straight away just to get it out of our system, what was done was done,"" she recalled. Before travelling, Jacqualyn had checked in with the cruise company and gave both her and her husband's passport details to travel agents where no issues were raised. ""I did try to get the money back but the insurers didn't want to know about it. Now that £2,000 would pay for a lot of gas and electricity for retired people like us,"" she said. A government spokesperson told the BBC: ""Following the end of the transition period on 31 December 2020, we ran an information campaign to help British travellers prepare for changes when visiting Europe, including on passport rules.  ""The government's online travel advice for EU countries sets out the requirements and is kept under constant review to ensure British travellers have accurate information to help plan their trip. We advise all customers not to book travel without a passport that meets their travel needs.""  Additional reporting by Emma Pengelly ",BBC,29/03/2024,"['Disappointed holidaymakers whose EU travel plans were ruined when they were caught out by the ""10-year-passport rule"" have been speaking to the BBC.', 'Until 2018, UK travellers could transfer up to nine months from an old passport on to a new one.', 'But post-Brexit, EU countries will not accept passports more than 10 years old.', 'Those who were unaware of the change were turned away by passport control.', 'Some were able to rebook trips, but no one we spoke to was reimbursed.', 'Jane Opher, 61, in London, said she was ""traumatised"" after being told she and her partner couldn\'t board their flight to Barcelona at Gatwick in February, even though they\'d checked in online. ""', 'I was just saying to my partner that I must renew my passport soon, as we walked along the bridge to get to the boarding gate.', 'It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said.', 'Jane, who used to live in Barcelona and was travelling to see friends, was left hundreds of pounds out of pocket after having to rearrange the trip with her partner.', 'The architect spent about £400 on last minute replacement flights and a fast tracked passport.', 'She says the issue with her passport was ""a technicality"" the airlines should be able to deal with. ""', 'I feel lucky I was going on holiday and it wasn\'t an urgent visit like a funeral. ""', 'As someone who used to live in Spain, I feel angry that I cannot go to Spain as easily as I used to,"" she added.', 'Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. ""', 'We had no reason to believe the passport wouldn\'t be valid,"" she said. ""', 'At first we thought the woman at the check-in was joking.""', 'She said staff at Liverpool Airport ""told us this had been a ruling since Brexit and we should know better"". ""', 'It was disappointing for us as our son had paid for half of the holiday as a Christmas present.""', 'The couple were due to go on a cruise the following January and had all the paperwork ready to renew the passport when they got back from Majorca.', 'How do I renew my UK passport and what is the 10-year rule?', 'John, 73, a healthcare worker based near Portsmouth, was due to fly to Tenerife in January for a New Year break with friends.', 'He only found out at the last minute that his wife\'s passport ""fell foul of the 10-year rule"".', 'He called the rule ""ridiculous"", saying there were no warnings and zero interest from the company they booked with. ""', 'We lost the whole lot after booking through TUI.', 'They organise the flights and hotel.', ""That's it."", ""You lose the lot because you can't get on the plane."", 'It\'s nothing more than a trick. ""', 'The total burden of this issue falls on the individual holidaymaker.', 'The travel company have got your money, they can pay off the airline and hotel, who may be able to resell the plane tickets and the accommodation, but even if they can\'t, they\'re quids in. ""', 'The travel company get their cut too, so there\'s no incentive on anyone to redress this unfair, illogical ruling,"" John said.', 'A TUI spokesperson told the BBC they were ""sorry to hear of customers who were unable to travel with TUI as planned due the UK government passport requirements"".', 'They added: ""Customers are given ample warning that their passports must follow the UK government\'s passport requirements when travelling abroad, via our website and within direct customer communications including booking confirmations.""', 'Last April, Howard Kirrane and his wife were about to check in at the port in Southampton but his passport was not valid.', 'They both had to take their bags off the ship and go back home to Portsmouth. ""', 'I contacted the ombudsman and banks to try and get money back but all they said was it was up to me to sort out my passport.', 'That was very expensive,"" the 69-year-old said.', 'The couple lost all of the money they had spent on their Mediterranean cruise holiday - almost £2,000. ""', 'I could\'ve travelled to the US but not across the water,"" Howard added.', 'He said he applied for a new passport the same night and it arrived two weeks later.', ""The confusion over passport issue dates and EU travel isn't anything new, as Jacqualyn Lee from Nottingham pointed out."", ""In autumn 2021, the 79-year-old lost £2,000 on a cruise from Barcelona to the Canary Islands when told at the airport that her husband's passport was issued more than 10 years prior."", 'The couple had to call off the trip and were unable to claim money from their insurance for the flights or the cruise. ""', ""It just felt like somebody pulling a battery out of your back, you don't know how to react."", 'I thought \'oh OK, we\'ll just go home then\'. ""', 'We booked another holiday straight away just to get it out of our system, what was done was done,"" she recalled.', 'Before travelling, Jacqualyn had checked in with the cruise company and gave both her and her husband\'s passport details to travel agents where no issues were raised. ""', ""I did try to get the money back but the insurers didn't want to know about it."", 'Now that £2,000 would pay for a lot of gas and electricity for retired people like us,"" she said.', 'A government spokesperson told the BBC: ""Following the end of the transition period on 31 December 2020, we ran an information campaign to help British travellers prepare for changes when visiting Europe, including on passport rules. ""', ""The government's online travel advice for EU countries sets out the requirements and is kept under constant review to ensure British travellers have accurate information to help plan their trip."", 'We advise all customers not to book travel without a passport that meets their travel needs.""', 'Additional reporting by Emma Pengelly']",-0.0451994036046414,"I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral. ""","It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said.",-0.8130881004035473,"I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral. ""","Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. """,2024-04-01
How Temu is shaking up the world of online shopping,https://www.bbc.co.uk/news/business-68563339,2024-03-19T00:09:28.000Z,"A record 123 million Americans tuned into this year's Super Bowl.  But as well as getting the nation's biggest sporting event, a blockbuster halftime performance and several camera cutaways of Taylor Swift in the crowd, they also got six 30-second commercials for Temu - a Chinese-owned e-commerce company. The shopping giant has been criticised by politicians in the UK and US - a US government investigation finding an ""extremely high risk"" that products sold on Temu could have been made with forced labour. Temu says it ""strictly prohibits"" the use of forced, penal, or child labour by all its merchants. The company, which sells everything from clothes to electronics and furniture, first launched in the US in 2022 and later in the UK and the rest of the world. Since then, it has consistently topped global app download charts, with just under 152 million Americans using it every month, according to data gathered by analyst SimilarWeb. It's ""Amazon on steroids,"" says retail analyst Neil Saunders, and with the tagline ""shop like a billionaire"" it has exploded in popularity, shipping to around 50 countries worldwide. A typical 30-second Super Bowl commercial costs around $7m (£5.5m), during this year's event Temu had six of them.  ""It's a lot of money for a very, short commercial,"" Mr Saunders says.  ""But it is seen by an enormous number of people and we know that after that commercial Temu's downloads spiked,"" he adds.  SimilarWeb data suggests individual visitors to the platform worldwide were up by nearly a quarter on the day of the Super Bowl compared with the previous Sunday, with 8.2 million people browsing the website and app. In the same period, Amazon and Ebay's visitors were down by 5% and 2% respectively.  ""They've also spent a lot of money on micro-marketing, persuading influencers to push products and to suggest buying things on the platform via social channels like TikTok and YouTube,"" says Mr Saunders.  These influencers typically have fewer than 10,000 followers according to Ines Durand, an e-commerce expert at SimilarWeb. ""Micro-influencers have strong communities, so their endorsement means a strong trust towards these products,"" she explains. Temu is owned by Chinese giant PDD Holdings - ""a monster in Chinese e-commerce,"" according to Shaun Rein, founder of the China Market Research Group.  ""Throughout China, everyone buys products on Pinduoduo, from speakers to t-shirts or socks,"" he says.  More technology of business The company consistently trades places with rival Alibaba for the top spot of most valuable Chinese firm listed on a US stock exchange. Its current worth sits at just under $150bn (£117bn). With the Chinese consumer market under its spell, PDD Holdings expanded overseas with Temu, using the same model that had ensured its previous success. According to Mr Rein, who is based in Shanghai, the firm has become a great source of pride and patriotism. ""They're proud that Chinese companies can slay the e-commerce dragons from the United States like Amazon,"" he adds.  A quick scroll through the Temu app or website will bring up anything from steel-toecap trainers to a device designed to help the elderly and pregnant women put on socks. A menagerie of manufactured goods, almost entirely produced in factories in China, Mr Rein explains. ""Temu use an amazing, system that relies on, heavy data collection at scale,"" says Ines Durand. ""They collect data on consumer trends, the most searched and clicked products, which they give to individual manufacturers."" Ms Durand says that while Amazon sells this data to manufacturers at a premium, Temu gives it to producers free of charge - information they use to ""test the market"" with a relatively small number of products.  A third of parcels that came into the US last year under a shipping loophole known as the de minimis threshold were from Temu and competitor Shein, according to a report from US Congress. Many countries - including the UK and USA have a de minimis threshold, designed to help citizens to import goods. So as Temu's goods are shipped directly from the factory floors, cutting out the middlemen, they become essentially duty-free. More regulation may be on the horizon to close up shipping loopholes, however, according to Mickey Diaz, chief operating officer at global freight company Unique Logistics.  ""The UK has already started to look at Temu with some scrutiny, including the sale of weapons that are otherwise not allowed into the UK, which were being imported because of these loopholes,"" she explains. Temu has been criticised for its supply chains too, with UK and US politicians accusing the e-commerce giant of allowing goods produced with forced labour to be sold on its site.  Last year, Alicia Kearns MP, head of the foreign affairs select committee, told the BBC she wanted greater scrutiny of the online marketplace to make sure ""consumers are not inadvertently contributing to the Uyghur genocide"". Temu says it ""strictly prohibits"" the use of forced, penal, or child labour by all its merchants.  It told the BBC anyone doing business with it must ""comply with all regulatory standards and compliance requirements"". ""Temu's merchants, suppliers, and other third parties must pay their employees and contractors on time and comply with all applicable local wage and hours laws. ""Our current standards and practices are no different from other major e-commerce platforms trusted by consumers, and allegations in this regard are completely ungrounded,"" a spokesperson added.  Despite the controversy, analysts expect further expansion for Temu. ""We'll probably see teams start to round out its offer more, perhaps pushing into some slightly higher priced products"" predicts retail analyst Neil Saunders. According to Shaun Reid, the focus will be on grabbing an even bigger slice of the market. ""For the next two to three years, their strategy is just to grow brand awareness and market share. They don't care about profits.  ""That's exactly what happened with Pinduoduo when it launched in China. They were giving incredibly cheap deals just to grab market share."" ",BBC,19/03/2024,"[""A record 123 million Americans tuned into this year's Super Bowl."", ""But as well as getting the nation's biggest sporting event, a blockbuster halftime performance and several camera cutaways of Taylor Swift in the crowd, they also got six 30-second commercials for Temu - a Chinese-owned e-commerce company."", 'The shopping giant has been criticised by politicians in the UK and US - a US government investigation finding an ""extremely high risk"" that products sold on Temu could have been made with forced labour.', 'Temu says it ""strictly prohibits"" the use of forced, penal, or child labour by all its merchants.', 'The company, which sells everything from clothes to electronics and furniture, first launched in the US in 2022 and later in the UK and the rest of the world.', 'Since then, it has consistently topped global app download charts, with just under 152 million Americans using it every month, according to data gathered by analyst SimilarWeb.', 'It\'s ""Amazon on steroids,"" says retail analyst Neil Saunders, and with the tagline ""shop like a billionaire"" it has exploded in popularity, shipping to around 50 countries worldwide.', 'A typical 30-second Super Bowl commercial costs around $7m (£5.5m), during this year\'s event Temu had six of them. ""', 'It\'s a lot of money for a very, short commercial,"" Mr Saunders says. ""', 'But it is seen by an enormous number of people and we know that after that commercial Temu\'s downloads spiked,"" he adds.', 'SimilarWeb data suggests individual visitors to the platform worldwide were up by nearly a quarter on the day of the Super Bowl compared with the previous Sunday, with 8.2 million people browsing the website and app.', 'In the same period, Amazon and Ebay\'s visitors were down by 5% and 2% respectively. ""', 'They\'ve also spent a lot of money on micro-marketing, persuading influencers to push products and to suggest buying things on the platform via social channels like TikTok and YouTube,"" says Mr Saunders.', 'These influencers typically have fewer than 10,000 followers according to Ines Durand, an e-commerce expert at SimilarWeb. ""', 'Micro-influencers have strong communities, so their endorsement means a strong trust towards these products,"" she explains.', 'Temu is owned by Chinese giant PDD Holdings - ""a monster in Chinese e-commerce,"" according to Shaun Rein, founder of the China Market Research Group. ""', 'Throughout China, everyone buys products on Pinduoduo, from speakers to t-shirts or socks,"" he says.', 'More technology of business The company consistently trades places with rival Alibaba for the top spot of most valuable Chinese firm listed on a US stock exchange.', 'Its current worth sits at just under $150bn (£117bn).', 'With the Chinese consumer market under its spell, PDD Holdings expanded overseas with Temu, using the same model that had ensured its previous success.', 'According to Mr Rein, who is based in Shanghai, the firm has become a great source of pride and patriotism. ""', 'They\'re proud that Chinese companies can slay the e-commerce dragons from the United States like Amazon,"" he adds.', 'A quick scroll through the Temu app or website will bring up anything from steel-toecap trainers to a device designed to help the elderly and pregnant women put on socks.', 'A menagerie of manufactured goods, almost entirely produced in factories in China, Mr Rein explains. ""', 'Temu use an amazing, system that relies on, heavy data collection at scale,"" says Ines Durand. ""', 'They collect data on consumer trends, the most searched and clicked products, which they give to individual manufacturers.""', 'Ms Durand says that while Amazon sells this data to manufacturers at a premium, Temu gives it to producers free of charge - information they use to ""test the market"" with a relatively small number of products.', 'A third of parcels that came into the US last year under a shipping loophole known as the de minimis threshold were from Temu and competitor Shein, according to a report from US Congress.', 'Many countries - including the UK and USA have a de minimis threshold, designed to help citizens to import goods.', ""So as Temu's goods are shipped directly from the factory floors, cutting out the middlemen, they become essentially duty-free."", 'More regulation may be on the horizon to close up shipping loopholes, however, according to Mickey Diaz, chief operating officer at global freight company Unique Logistics. ""', 'The UK has already started to look at Temu with some scrutiny, including the sale of weapons that are otherwise not allowed into the UK, which were being imported because of these loopholes,"" she explains.', 'Temu has been criticised for its supply chains too, with UK and US politicians accusing the e-commerce giant of allowing goods produced with forced labour to be sold on its site.', 'Last year, Alicia Kearns MP, head of the foreign affairs select committee, told the BBC she wanted greater scrutiny of the online marketplace to make sure ""consumers are not inadvertently contributing to the Uyghur genocide"".', 'Temu says it ""strictly prohibits"" the use of forced, penal, or child labour by all its merchants.', 'It told the BBC anyone doing business with it must ""comply with all regulatory standards and compliance requirements"". ""', 'Temu\'s merchants, suppliers, and other third parties must pay their employees and contractors on time and comply with all applicable local wage and hours laws. ""', 'Our current standards and practices are no different from other major e-commerce platforms trusted by consumers, and allegations in this regard are completely ungrounded,"" a spokesperson added.', 'Despite the controversy, analysts expect further expansion for Temu. ""', 'We\'ll probably see teams start to round out its offer more, perhaps pushing into some slightly higher priced products"" predicts retail analyst Neil Saunders.', 'According to Shaun Reid, the focus will be on grabbing an even bigger slice of the market. ""', 'For the next two to three years, their strategy is just to grow brand awareness and market share.', 'They don\'t care about profits. ""', ""That's exactly what happened with Pinduoduo when it launched in China."", 'They were giving incredibly cheap deals just to grab market share.""']",0.2590481124794851,"Micro-influencers have strong communities, so their endorsement means a strong trust towards these products,"" she explains.","The shopping giant has been criticised by politicians in the UK and US - a US government investigation finding an ""extremely high risk"" that products sold on Temu could have been made with forced labour.",0.5463065419878278,"SimilarWeb data suggests individual visitors to the platform worldwide were up by nearly a quarter on the day of the Super Bowl compared with the previous Sunday, with 8.2 million people browsing the website and app.","In the same period, Amazon and Ebay's visitors were down by 5% and 2% respectively. """,2024-04-01
Microsoft stock hits all-time high after hiring former OpenAI CEO Sam Altman,https://edition.cnn.com/2023/11/20/investing/microsoft-stock-record-high-altman-openai/index.html,"
  Updated
        4:19 PM EST, Mon November 20, 2023
    ","Microsoft stock reached a record high on Monday after the company said that Sam Altman, former chief executive of OpenAI, will join the company to head its artificial intelligence innovation leg.
    
            Shares of the tech behemoth rose 2.1% to an all-time high close of $377.44 on Monday, beating the previous record of $376.17.
    
            That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup. Microsoft is the artificial intelligence firm’s biggest stakeholder, with a $13 billion investment in the company.
    
            Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.
    
            Altman’s hiring ended days of speculation that the former chief executive could return to the firm after his dramatic firing. Emmett Shear, former CEO of Amazon-owned streaming service Twitch, will replace OpenAI chief technology officer Mira Murati as interim chief executive.
    
            Microsoft shares are up about 56% for the year. The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.
    
            Dan Ives, tech analyst at Wedbush Securities, reiterated his $425 price target for Microsoft’s stock following Altman’s and Brockman’s hires.
    
            “We view Microsoft now even in a stronger position from an AI perspective with Altman and Brockman” at the company, Ives wrote in a note on Monday.
    
            Other members of the “Magnificent Seven” saw a boost on Monday. Nvidia shares gained 2.3% to end the trading session at $504.20 ahead of its earnings due on Tuesday, notching a record-high close for the chipmaker.",CNN,20/11/2023,"['Microsoft stock reached a record high on Monday after the company said that Sam Altman, former chief executive of OpenAI, will join the company to head its artificial intelligence innovation leg.', 'Shares of the tech behemoth rose 2.1% to an all-time high close of $377.44 on Monday, beating the previous record of $376.17.', 'That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup.', 'Microsoft is the artificial intelligence firm’s biggest stakeholder, with a $13 billion investment in the company.', 'Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.', 'Altman’s hiring ended days of speculation that the former chief executive could return to the firm after his dramatic firing.', 'Emmett Shear, former CEO of Amazon-owned streaming service Twitch, will replace OpenAI chief technology officer Mira Murati as interim chief executive.', 'Microsoft shares are up about 56% for the year.', 'The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.', 'Dan Ives, tech analyst at Wedbush Securities, reiterated his $425 price target for Microsoft’s stock following Altman’s and Brockman’s hires.', '“We view Microsoft now even in a stronger position from an AI perspective with Altman and Brockman” at the company, Ives wrote in a note on Monday.', 'Other members of the “Magnificent Seven” saw a boost on Monday.', 'Nvidia shares gained 2.3% to end the trading session at $504.20 ahead of its earnings due on Tuesday, notching a record-high close for the chipmaker.']",0.3148943375907157,"The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.","Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.",0.768821742799547,Microsoft shares are up about 56% for the year.,"That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup.",2024-04-01
Google to delete billions of browser records to settle ‘Incognito’ lawsuit,https://edition.cnn.com/2024/04/01/tech/google-to-delete-data-records-to-settle-incognito-lawsuit/index.html,"
  Published
        3:29 PM EDT, Mon April 1, 2024
    ","Google will delete billions of data records as part of a settlement for a lawsuit that accused the tech giant of improperly tracking the web-browsing habits of users who thought they were browsing the internet privately.
    
            The suit was originally filed in 2020 and accused Google of misrepresenting the kind of data it collects from users who browsed the internet via “Incognito” private browsing mode in Chrome. Google agreed to settle the suit late last year, but the terms of the settlement were first disclosed in a filing on Monday.
    
            As part of the settlement, Google must delete “billions of data records” that reflect the private browsing activities of users in the class action suit, according to court documents filed Monday in San Francisco federal court.
    
            Google will also update its disclosure to inform users about what data it collects each time a user initiates a private browsing session. Google has already started implementing these changes.
    
            For the next five years, Google will also let private browsing users block third-party cookies as part of the settlement. Google also will no longer track people’s choices to browse the internet privately.
    
            David Boies, the attorney representing the consumer plaintiffs, called the settlement “a historic step in requiring honesty and accountability from dominant technology companies” in a statement to CNN on Monday.
    
            “Moreover, the settlement requires Google to delete and remediate, in unprecedented scope and scale, the data it improperly collected in the past,” Boies added.
    
            José Castañeda, a Google spokesperson, told CNN that the company is “pleased to settle this lawsuit, which we always believed was meritless.”
    
            “We never associate data with users when they use Incognito mode,” Castañeda added. “We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.”
    
            Castañeda added that the plaintiffs “originally wanted $5 billion and are receiving zero.”
    
            The terms of the settlement revealed in court filings on Monday stated that users will not receive damages as part of this settlement, but may still sue for damages individually.",CNN,01/04/2024,"['Google will delete billions of data records as part of a settlement for a lawsuit that accused the tech giant of improperly tracking the web-browsing habits of users who thought they were browsing the internet privately.', 'The suit was originally filed in 2020 and accused Google of misrepresenting the kind of data it collects from users who browsed the internet via “Incognito” private browsing mode in Chrome.', 'Google agreed to settle the suit late last year, but the terms of the settlement were first disclosed in a filing on Monday.', 'As part of the settlement, Google must delete “billions of data records” that reflect the private browsing activities of users in the class action suit, according to court documents filed Monday in San Francisco federal court.', 'Google will also update its disclosure to inform users about what data it collects each time a user initiates a private browsing session.', 'Google has already started implementing these changes.', 'For the next five years, Google will also let private browsing users block third-party cookies as part of the settlement.', 'Google also will no longer track people’s choices to browse the internet privately.', 'David Boies, the attorney representing the consumer plaintiffs, called the settlement “a historic step in requiring honesty and accountability from dominant technology companies” in a statement to CNN on Monday.', '“Moreover, the settlement requires Google to delete and remediate, in unprecedented scope and scale, the data it improperly collected in the past,” Boies added.', 'José Castañeda,a Google spokesperson, told CNN that the company is “pleased to settle this lawsuit, which we always believed was meritless.”', '“We never associate data with users when they use Incognito mode,” Castañeda added. “', 'We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.”', 'Castañeda added that the plaintiffs “originally wanted $5 billion and are receiving zero.”', 'The terms of the settlement revealed in court filings on Monday stated that users will not receive damages as part of this settlement, but may still sue for damages individually.']",0.02955537815411,We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.”,"The terms of the settlement revealed in court filings on Monday stated that users will not receive damages as part of this settlement, but may still sue for damages individually.",0.9989790618419648,"José Castañeda,a Google spokesperson, told CNN that the company is “pleased to settle this lawsuit, which we always believed was meritless.”",,2024-04-01
Trump’s media stock plunges after posting a big loss for 2023,https://edition.cnn.com/2024/04/01/media/truth-social-trump-media-stock-losses/index.html,"
  Updated
        3:27 PM EDT, Mon April 1, 2024
    ","Shares of Truth Social owner Trump Media & Technology Group plunged Monday after the company disclosed that it lost more than $58 million and generated very little revenue in 2023.
    
            The figures underscore why some experts warn Trump Media’s multibillion-dollar valuation defies logic and is reminiscent of the meme stock craze.
    
            In a regulatory filing on Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.
    
            The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.
    
            Not only that, but revenue tumbled 39% year-over-year in the fourth quarter to just $751,500. That’s not what investors want to see from any start-up, especially one valued at these levels.
    
            Shares of Trump Media tumbled 24% Monday afternoon following the new filings, though they are still up nearly 200% so far this year.
    
            Former President Donald Trump owns a commanding stake of 78.8 million shares in the newly public company. At Monday afternoon’s prices, that stake is now worth approximately about $3.8 billion. This represents a massive boost to Trump’s net worth, though it is down significantly from a peak of about $6.3 billion just last week.
    
            The losses disclosed Monday are so severe that Trump Media’s accountants warned at the time they “raise substantial doubt about its ability to continue as a going concern,” which is Wall Street for: We may not be able to stay in business. That warning echoes one made in November when accountants said Trump Media might not survive unless it soon completes its merger to go public.
    
            That long-delayed deal was completed last week, paving the way for Trump Media to receive an influx of approximately $300 million in cash. The company can now use those funds to pay down debt and, importantly, build out its infrastructure.
    
            “I believe the $300 million of cash should remove this ‘going concern’ risk,” said Matthew Kennedy, senior IPO strategist at Renaissance Capital.
    
            Michael Ohlrogge, an associate professor at NYU School of Law, told CNN in an email that it will be more telling if accounts are still giving a “going concern” warning now that the merger has been completed because the cash infusion should give the company a “decent bit more runway.”
    
            “Although it won’t take that long to burn through the cash it raised…if they keep losing it at the rate they are,” Ohlrogge said, adding that it’s possible Trump Media can raise more cash by selling additional stock.
    
            Even though Trump Media is losing money and generating scant revenue, Wall Street has valued the company by as much as $11 billion based on the stock’s closing price Friday, according to Renaissance Capital. By Monday afternoon, that valuation tumbled to about $8.8 billion
    
            While Trump Media made just $4.1 million in revenue in 2023, rival X (formerly known as Twitter) raked in more than 100 times that much — $665 million — in 2013, ahead of its initial public offering in November 2013. Twitter also generated just over $5 billion in revenue in the final year before it was taken private by Elon Musk.
    
            In fact, Truth Social’s financials are comparable to that of The Messenger, the upstart digital news outlet that imploded earlier this year. Citing an investor deck, CNBC reported in January that The Messenger posted 2023 revenue of $3.8 million and a net loss of $43 million.
    
            The problem for Trump Media is its main product — Truth Social — is shrinking.
    
            Monthly active US users on iOS and Android plunged in February to 494,000, down 51% year-over-year, according to Similarweb. By comparison, X has 75 million monthly active US users. Even Threads has more than 10 times as many users as Truth Social, according to Similarweb.
    
            “2024 is the make-or-break year for this company,” said Kennedy. “For TMTG the thing that matters now is getting in front of the cash cannon that is the 2024 presidential election. And the company does have one notable advantage. Trump-backed super PACs have raised millions. Where do you think they’ll spend their digital ad buckets?”",CNN,01/04/2024,"['Shares of Truth Social owner Trump Media & Technology Group plunged Monday after the company disclosed that it lost more than $58 million and generated very little revenue in 2023.', 'The figures underscore why some experts warn Trump Media’s multibillion-dollar valuation defies logic and is reminiscent of the meme stock craze.', 'In a regulatory filing on Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.', 'The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.', 'Not only that, but revenue tumbled 39% year-over-year in the fourth quarter to just $751,500.', 'That’s not what investors want to see from any start-up, especially one valued at these levels.', 'Shares of Trump Media tumbled 24% Monday afternoon following the new filings, though they are still up nearly 200% so far this year.', 'Former President Donald Trump owns a commanding stake of 78.8 million shares in the newly public company.', 'At Monday afternoon’s prices, that stake is now worth approximately about $3.8 billion.', 'This represents a massive boost to Trump’s net worth, though it is down significantly from a peak of about $6.3 billion just last week.', 'The losses disclosed Monday are so severe that Trump Media’s accountants warned at the time they “raise substantial doubt about its ability to continue as a going concern,” which is Wall Street for: We may not be able to stay in business.', 'That warning echoes one made in November when accountants said Trump Media might not survive unless it soon completes its merger to go public.', 'That long-delayed deal was completed last week, paving the way for Trump Media to receive an influx of approximately $300 million in cash.', 'The company can now use those funds to pay down debt and, importantly, build out its infrastructure.', '“I believe the $300 million of cash should remove this ‘going concern’ risk,” said Matthew Kennedy, senior IPO strategist at Renaissance Capital.', 'Michael Ohlrogge, an associate professor at NYU School of Law, told CNN in an email that it will be more telling if accounts are still giving a “going concern” warning now that the merger has been completed because the cash infusion should give the company a “decent bit more runway.”', '“Although it won’t take that long to burn through the cash it raised…if they keep losing it at the rate they are,” Ohlrogge said, adding that it’s possible Trump Media can raise more cash by selling additional stock.', 'Even though Trump Media is losing money and generating scant revenue, Wall Street has valued the company by as much as $11 billion based on the stock’s closing price Friday, according to Renaissance Capital.', 'By Monday afternoon, that valuation tumbled to about $8.8 billion  While Trump Media made just $4.1 million in revenue in 2023, rival X (formerly known as Twitter) raked in more than 100 times that much — $665 million —in 2013, ahead of its initial public offering in November 2013.', 'Twitter also generated just over $5 billion in revenue in the final year before it was taken private by Elon Musk.', 'In fact, Truth Social’s financials are comparable to that of The Messenger, the upstart digital news outlet that imploded earlier this year.', 'Citing an investor deck, CNBC reported in January that The Messenger posted 2023 revenue of $3.8 million and a net loss of $43 million.', 'The problem for Trump Media is its main product — Truth Social — is shrinking.', 'Monthly active US users on iOS and Android plunged in February to 494,000, down 51% year-over-year, according to Similarweb.', 'By comparison, X has 75 million monthly active US users.', 'Even Threads has more than 10 times as many users as Truth Social, according to Similarweb.', '“2024 is the make-or-break year for this company,” said Kennedy. “', 'For TMTG the thing that matters now is getting in front of the cash cannon that is the 2024 presidential election.', 'And the company does have one notable advantage.', 'Trump-backed super PACs have raised millions.', 'Where do you think they’ll spend their digital ad buckets?”']",0.0718620275045075,Trump-backed super PACs have raised millions.,"The losses disclosed Monday are so severe that Trump Media’s accountants warned at the time they “raise substantial doubt about its ability to continue as a going concern,” which is Wall Street for: We may not be able to stay in business.",-0.254569841755761,"The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.","In a regulatory filing on Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.",2024-04-01
FTC investigating TikTok over privacy and security,https://edition.cnn.com/2024/03/26/tech/ftc-tiktok-probe-privacy-and-security/index.html,"
  Updated
        8:11 PM EDT, Tue March 26, 2024
    ","The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.
    
            The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.
    
            The sources said that the FTC is probing TikTok over an alleged violation of the Children’s Online Privacy Protection rule, which requires companies to notify parents and obtain consent before collecting data from children under 13.
    
            The agency is also investigating whether TikTok violated a portion of the FTC Act that prohibits “unfair or deceptive” business practices, the sources said, in denying that TikTok user data could be accessed by individuals in China.
    
            The FTC could bring a suit against TikTok or settle with the company in the coming weeks, according to one of the sources. Politico reported news of the probe earlier.
    
            When asked about the investigation, FTC Director of Public Affairs Douglas Farrar replied: “No comment.”
    
            TikTok did not immediately respond to a request for comment.
    
            The FTC probe comes as TikTok faces an existential threat in the US. Earlier this month, a bipartisan group in the US House of Representatives voted to pass a law forcing TikTok to be sold by ByteDance or face a ban from US app stores. The bill is now before the Senate, and President Joe Biden has said he would sign it if it gets to his desk. Senate leaders, however, have indicated they are taking a deliberate approach — which could lead to delays or even potentially doom the House bill.
    
            The short-form video company, owned by Chinese firm ByteDance, has denied assertions that its app poses a national security threat to US citizens. TikTok, which does not operate in China, has said that the Chinese government has never accessed US user data.
    
            Cybersecurity experts say Chinese laws require ByteDance to cooperate with that country’s intelligence demands — a fact that, given ByteDance’s ownership of TikTok, could hypothetically put US user data at risk. To address that issue, TikTok has taken steps to store its US user data on cloud servers controlled by US tech giant Oracle and established internal protocols limiting access by non-US employees.
    
            TikTok acknowledged to Congress in 2022 that employees based in China could access US user data, following a report that year by BuzzFeed News that ByteDance employees had accessed that information on multiple occasions. TikTok CEO Shou Chew, in his first appearance before Congress last year, also acknowledged that several ByteDance employees were fired for spying on certain US journalists as part of a “misguided attempt” to hunt down leakers within the company.",CNN,26/03/2024,"['The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.', 'The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.', 'The sources said that the FTC is probing TikTok over an alleged violation of the Children’s Online Privacy Protection rule, which requires companies to notify parents and obtain consent before collecting data from children under 13.', 'The agency is also investigating whether TikTok violated a portion of the FTC Act that prohibits “unfair or deceptive” business practices, the sources said, in denying that TikTok user data could be accessed by individuals in China.', 'The FTC could bring a suit against TikTok or settle with the company in the coming weeks, according to one of the sources.', 'Politico reported news of the probe earlier.', 'When asked about the investigation, FTC Director of Public Affairs Douglas Farrar replied: “No comment.”', 'TikTok did not immediately respond to a request for comment.', 'The FTC probe comes as TikTok faces an existential threat in the US.', 'Earlier this month, a bipartisan group in the US House of Representatives voted to pass a law forcing TikTok to be sold by ByteDance or face a ban from US app stores.', 'The bill is now before the Senate, and President Joe Biden has said he would sign it if it gets to his desk.', 'Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.', 'The short-form video company, owned by Chinese firm ByteDance, has denied assertions that its app poses a national security threat to US citizens.', 'TikTok, which does not operate in China, has said that the Chinese government has never accessed US user data.', 'Cybersecurity experts say Chinese laws require ByteDance to cooperate with that country’s intelligence demands—a fact that, given ByteDance’s ownership of TikTok, could hypothetically put US user data at risk.', 'To address that issue, TikTok has taken steps to store its US user data on cloud servers controlled by US tech giant Oracle and established internal protocols limiting access by non-US employees.', 'TikTok acknowledged to Congress in 2022 that employees based in China could access US user data, following a report that year by BuzzFeed News that ByteDance employees had accessed that information on multiple occasions.', 'TikTok CEO Shou Chew, in his first appearance before Congress last year, also acknowledged that several ByteDance employees were fired for spying on certain US journalists as part of a “misguided attempt” to hunt down leakers within the company.']",-0.232320081688102,"The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.","The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.",-0.8880719542503357,,"Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.",2024-04-01
OpenAI’s wild week. How the Sam Altman story unfolded,https://edition.cnn.com/2023/11/22/tech/openai-sam-altman-chaos-explained-intl-hnk/index.html,"
  Updated
        3:32 PM EST, Wed November 22, 2023
    ","In a year of wild tech stories that has seen Elon Musk transform Twitter, cryptocurrency exchange FTX collapse and Silicon Valley Bank implode, this week’s whiplash-inducing turmoil at OpenAI is among the most captivating.
    
            Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps the most visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move. Less than five days later, he’s back as the company’s CEO, now with a board that is, in theory, more supportive of his vision.
    
            The series of extraordinary events unfolded just days after OpenAI held its first-ever developer conference, where it laid out new, commercialized versions of its technology, including the option to customize its ChatGPT AI chatbot.
    
            If you’re just catching up, here’s what you missed from a week so incredible you’d be forgiven for thinking the script could have been written by an early version of OpenAI’s ChatGPT.
    
            Around 3 p.m. ET, Altman joined a Google Meet call with most of OpenAI’s board that had been convened by fellow co-founder and OpenAI chief scientist Ilya Sutskever, during which Altman was fired and told that the news would soon be made public.
    
            Within the next half hour, the board also informed Greg Brockman, another co-founder and OpenAI president, that he would be removed from the board.
    
            Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board. The board said Mira Murati, the company’s chief technology officer, would become interim CEO.
    
            OpenAI’s strategic partners, including its biggest financial backer Microsoft, were also reportedly informed of Altman’s ouster just minutes before the board’s announcement.
    
            Hours after being fired, Altman posted on X that he “loved working with such talented people” and that he would have “more to say about what’s next later.”
    
            Brockman promptly quit. “Please don’t spend any time being concerned. We will be fine,” Brockman said in a Friday post on X. “Greater things coming soon.”
    
            A key factor in the CEO’s firing was tension between Altman, who favored developing AI more aggressively, and members of the OpenAI board, who wanted to move more cautiously, according to CNN contributor Kara Swisher, who spoke to sources knowledgeable about the unfolding events.
    
            Within 24 hours of Altman being fired, reports emerged that he and other ex-OpenAI loyalists were mulling plans for their own venture.
    
            OpenAI’s board was also reportedly having second thoughts and considering asking the ousted CEO to return.
    
            By Sunday afternoon, Altman was back at OpenAI’s headquarters — this time with a guest badge — to negotiate his potential return. Microsoft CEO Satya Nadella reportedly mediated the discussion. A 5 p.m. PT deadline was reportedly set for the board to agree to Altman’s demands, including adding a seat for Microsoft, and reinstating him as CEO.
    
            But those talks broke down.
    
            As Sunday turned into Monday, Nadella tweeted that Altman, along with Brockman, would join Microsoft to run a new AI research group. At OpenAI, the group found a new interim CEO: Emmett Shear, the former CEO of Amazon’s streaming service, Twitch. Murati would return to her role as OpenAI’s chief technology officer.
    
            In a post on X early Monday, Shear, who left his role at Twitch in March, described the chance to join OpenAI as “a once-in-a-lifetime” opportunity. He added that the company would hire an independent investigator to report on what happened in the lead-up to Altman’s firing.
    
            But OpenAI employees were not convinced. More than 500 staffers signed an open letter calling on the company’s board to resign and reinstate Altman and Brockman. They also threatened to follow the co-founders to Microsoft if their demands were not met.
    
            Altman posted on X, saying, “we have more unity and commitment and focus than ever before. we are all going to work together some way or other, and i’m so excited. one team, one mission.”
    
            The drama was far from over. The Verge reported Monday afternoon that Altman and Brockman could still return to OpenAI if the board members who fired him resign.
    
            And Nadella, speaking to CNBC, said he was “open to both options” when asked whether Altman would actually join Microsoft.
    
            “Look, that is for the OpenAI board and management and the employees to choose,” Nadella said. “We chose to explicitly partner with OpenAI and we want to continue to do so, and obviously, that depends on the people of OpenAI staying there or coming to Microsoft.”
    
            Altman was reinstated late Tuesday as OpenAI’s CEO, the company said on X.
    
            “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board,” the company said, adding that the board will be chaired by Bret Taylor, a former co-CEO of Salesforce. Former Treasury Secretary Larry Summers will also join the board, alongside existing director, Quora CEO Adam D’Angelo.
    
            “We are collaborating to figure out the details,” it said.
    
            In his own post on X, formerly Twitter, Altman wrote that he is “looking forward” to returning to OpenAI and building on the firm’s “strong partnership” with Microsoft.
    
            It’s unclear how Shear will be affected by Altman’s return. Posting on X, Shear wrote: “I am deeply pleased by this result, after (some) 72 very intense hours of work … I’m glad to have been a part of the solution.”
    
            Brockman is also returning to OpenAI, according to his post on X.
    
            Ultimately, Microsoft and Altman appear to be the big winners from the dust-up: Altman will continue leading the firm he helped to found. And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.
    
            “We are encouraged by the changes to the OpenAI board,” Nadella said on X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”",CNN,22/11/2023,"['In a year of wild tech stories that has seen Elon Musk transform Twitter, cryptocurrency exchange FTX collapse and Silicon Valley Bank implode, this week’s whiplash-inducing turmoil at OpenAI is among the most captivating.', 'Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps themost visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move.', 'Less than five days later, he’s back as the company’s CEO, now with a board that is, in theory, more supportive of his vision.', 'The series of extraordinary events unfolded just days after OpenAI held itsfirst-ever developer conference, where it laid out new, commercialized versions of its technology, including the option to customize its ChatGPT AI chatbot.', 'If you’re just catching up, here’s what you missed from a week so incredible you’d be forgiven for thinking the script could have been written by an early version of OpenAI’s ChatGPT.', 'Around 3 p.m. ET, Altman joined a Google Meet call with most of OpenAI’s board that had been convened by fellow co-founder and OpenAI chief scientistIlya Sutskever, during which Altman was fired and told that the news would soon be made public.', 'Within the next half hour, the board also informed Greg Brockman, another co-founder and OpenAI president, that he would be removed from the board.', 'Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board.', 'The board said Mira Murati, the company’s chief technology officer, would become interim CEO.', 'OpenAI’s strategic partners, including its biggest financial backer Microsoft, were also reportedly informed of Altman’s ouster just minutes before the board’s announcement.', 'Hours after being fired, Altman posted on X that he “loved working with such talented people” and that he would have “more to say about what’s next later.”', 'Brockman promptly quit. “', 'Please don’t spend any time being concerned.', 'We will be fine,” Brockmansaid in a Friday poston X. “Greater things coming soon.”', 'A key factor in the CEO’s firing wastension between Altman, who favored developing AImore aggressively, and members of the OpenAI board, who wanted to move more cautiously,according to CNN contributor Kara Swisher,who spoke to sources knowledgeable about the unfolding events.', 'Within 24 hours of Altman being fired, reports emerged that he and other ex-OpenAI loyalists were mulling plans for their own venture.', 'OpenAI’s board was also reportedly having second thoughts and considering asking the ousted CEO to return.', 'By Sunday afternoon, Altman wasback at OpenAI’s headquarters— this time with a guest badge — to negotiate his potential return.', 'Microsoft CEO Satya Nadella reportedly mediated the discussion.', 'A 5 p.m. PT deadline was reportedly set for the board to agree to Altman’s demands, including adding a seat for Microsoft, and reinstating him as CEO.', 'But those talks broke down.', 'As Sunday turned into Monday, Nadella tweeted that Altman, along with Brockman, would join Microsoft to run a new AI research group.', 'At OpenAI, the group found a new interim CEO: Emmett Shear, the former CEO of Amazon’s streaming service, Twitch.', 'Murati would return to her role as OpenAI’s chief technology officer.', 'In a post on X early Monday, Shear, who left his role at Twitch in March, described the chance to join OpenAI as “a once-in-a-lifetime” opportunity.', 'He added that the company would hire an independent investigator to report on what happened in the lead-up to Altman’s firing.', 'But OpenAI employees were not convinced.', 'More than 500 staffers signed an open letter calling on the company’s board to resign and reinstate Altman and Brockman.', 'They also threatened to follow the co-founders to Microsoft if their demands were not met.', 'Altman posted on X, saying, “we have more unity and commitment and focus than ever before.', 'we are all going to work together some way or other, and i’m so excited.', 'one team, one mission.”', 'The drama was far from over.', 'The Verge reported Monday afternoonthat Altman and Brockman could still return to OpenAI if the board members who fired him resign.', 'And Nadella, speaking to CNBC, said he was “open to both options” when asked whether Altman would actually join Microsoft.', '“Look, that is for the OpenAI board and management and the employees to choose,” Nadella said. “', 'We chose to explicitly partner with OpenAI and we want to continue to do so, and obviously, that depends on the people of OpenAI staying there or coming to Microsoft.”', 'Altmanwas reinstated late Tuesday as OpenAI’s CEO, the company said on X.  “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board,” the company said, adding that the board will be chaired by Bret Taylor, a former co-CEO of Salesforce.', 'Former Treasury SecretaryLarry Summers will also join the board, alongside existing director, Quora CEOAdam D’Angelo.', '“We are collaborating to figure out the details,” it said.', 'In his own post on X, formerly Twitter, Altmanwrotethat he is “looking forward” to returning to OpenAI and building on the firm’s “strong partnership” with Microsoft.', 'It’s unclear how Shear will be affected by Altman’s return.', 'Posting on X, Shear wrote:“I am deeply pleased by this result, after (some) 72 very intense hours of work … I’m glad to have been a part of the solution.”', 'Brockman is also returning to OpenAI, according to hispost on X.  Ultimately, Microsoft and Altman appear to be the big winners from the dust-up: Altman will continue leading the firm he helped to found.', 'And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.', '“We are encouraged by the changes to the OpenAI board,” Nadellasaidon X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”']",0.062777217389235,"“We are encouraged by the changes to the OpenAI board,” Nadellasaidon X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”","Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board.",0.5494540418897357,And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.,"Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps themost visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move.",2024-04-01
"Microsoft will now let customers worldwide buy Office without Teams, following EU antitrust concerns",https://edition.cnn.com/2024/04/01/tech/microsoft-office-teams-eu-antitrust/index.html,"
  Published
        11:43 AM EDT, Mon April 1, 2024
    ","Microsoft will no longer sell its Teams collaboration software as a bundled product with its Office 365 suite anywhere in the world, the company said Monday, in the face of antitrust concerns.
    
            The decision to separate Teams from Office globally extends a previous announcement last year affecting only the European Union. And it comes after rivals such as Salesforce’s Slack complained in 2020 that Microsoft’s practices were a form of anticompetitive self-dealing.
    
            Slack’s complaint led to a European Commission antitrust investigation of Microsoft that is still ongoing.
    
            Monday’s announcement appears aimed at allaying some of those concerns, allowing customers worldwide to buy Microsoft’s Office software without Teams included and the ability to buy Teams as a standalone product for business customers.
    
            In a statement, a Microsoft spokesperson said the move would “ensure clarity for our customers.”
    
            “We are extending the steps we took last year to unbundle Teams from M365 and O365 in the European Economic Area and Switzerland to customers globally,” the spokesperson said. “Doing so also addresses feedback from the European Commission by providing multinational companies more flexibility when they want to standardize their purchasing across geographies.”",CNN,01/04/2024,"['Microsoft will no longer sell its Teams collaboration software as a bundled product with its Office 365 suite anywhere in the world, the company said Monday, in the face of antitrust concerns.', 'The decision to separate Teams from Office globally extendsa previous announcement last year affecting only the European Union.', 'And it comes after rivals such as Salesforce’s Slackcomplained in 2020 that Microsoft’s practices were a form of anticompetitive self-dealing.', 'Slack’s complaint led to a European Commissionantitrust investigation of Microsoft that is still ongoing.', 'Monday’s announcement appears aimed at allaying some of those concerns, allowing customers worldwide to buy Microsoft’s Office software without Teams included and the ability to buy Teams as a standalone product for business customers.', 'In a statement, a Microsoft spokesperson said the move would “ensure clarity for our customers.”', '“We are extending the steps we took last year to unbundle Teams from M365 and O365 in the European Economic Area and Switzerland to customers globally,” the spokesperson said. “', 'Doing so also addresses feedback from the European Commission by providing multinational companies more flexibility when they want to standardize their purchasing across geographies.”']",0.1040516922301492,"In a statement, a Microsoft spokesperson said the move would “ensure clarity for our customers.”","Microsoft will no longer sell its Teams collaboration software as a bundled product with its Office 365 suite anywhere in the world, the company said Monday, in the face of antitrust concerns.",0.5093834549188614,Doing so also addresses feedback from the European Commission by providing multinational companies more flexibility when they want to standardize their purchasing across geographies.”,And it comes after rivals such as Salesforce’s Slackcomplained in 2020 that Microsoft’s practices were a form of anticompetitive self-dealing.,2024-04-01
Why Costco’s hot dog is still $1.50 when everything has gotten so expensive,https://edition.cnn.com/2024/03/27/economy/costco-hot-dog-inflation/index.html,"
  Updated
        10:32 AM EDT, Wed March 27, 2024
    ","Inflation has touched nearly everything these last few years — even Trader Joe’s 19-cent bananas. But Costco is holding the line on its hot dog-soda combo price.
    
            Costco’s hot dog deal, sold at its food courts, is still priced at $1.50 — exactly what it cost in 1985, before the Great Recession, the housing crisis, the pandemic and the latest bout of decades-high inflation.
    
            Since the pandemic started, prices for consumers have gone up 20% overall, according to the Bureau of Labor Statistics. In many key areas, like housing and groceries, prices have increased even more.
    
            If Costco’s hot dog deal kept pace with inflation, it would be three times as expensive today — nearly $4.50. But Costco’s $1.50 combo is a strategic decision, known as a loss-leader: The company is willing to lose money selling the hot dogs at that price — inflation be darned — so long as it helps Costco draw in and retain customers.
    
            “It’s branding,” said Scott Mushkin, a retail analyst at R5 Capital. The $1.50 deal helps create customer loyalty, he said. “It reminds customers of who Costco is.”
    
            Costco loses money selling more than 100 million hot dogs every year, but the company offsets these losses by raising prices on other goods it sells. Costco has increased prices of pizzas and other items at its food courts.
    
            But Costco has a unique business model that allows it to keep prices low: It makes almost all of its money on memberships, selling items on its warehouse floor very nearly at cost – and sometimes less.
    
            Costco’s longtime finance chief Richard Galanti, who retired this month, said in a recent interview that the $1.50 price was “probably safe for a while.”
    
            Most companies don’t have the luxury of a membership model like Costco. They can’t get by selling most of their items for very little profit — or taking a loss on products they sell 100 million of each year.
    
            Inflation has slowed considerably since it peaked at 9.1% in June of 2022. In its battle to bring down that inflation, the Federal Reserve introduced 11 aggressive rate hikes meant to crush demand and discourage spending.
    
            It’s working — overall consumer prices rose by 3.2% in February, according to the latest data from the Bureau of Labor Statistics.
    
            And while we may wish for lower prices, falling prices would actually serve as a red flag indicating that the economy is in bad shape. We’re not there yet, don’t worry.
    
            Companies have been reporting surprisingly strong earnings in recent months on the back of strong consumer spending. Even though companies – including Costco – have to raise prices (even on hot dogs in some cases), Americans continue to shell out.
    
            Consumer spending is the biggest engine powering the US economy and when people spend a lot less money employers tend to lay off workers, which can lead to even lower spending and even more layoffs. This cycle can throw the economy into a recession. Again, that’s not happening yet.
    
            “The reason prices fall is because people aren’t buying. That means we’d be in a recession,” said Gus Faucher, chief economist at PNC Financial Services.
    
            Costco’s hot dog defied inflation from the very start.
    
            Costco’s hot dog offering was born in the company’s early days. Costco added a Hebrew National stand at its second warehouse store in Portland, Oregon, shortly after it opened in 1983.
    
            To keep the price of the hot dog steady, Costco found ways to slash other costs at the food court, such as switching from 12-ounce soda cans to cheaper, 20-ounce fountain drinks.
    
            Costco sold kosher hot dogs at its food courts until 2009, but suppliers started to run low on meat. Realizing the importance of the low-priced hot dog, the chain brought production in-house and switched to its own Kirkland Signature brand. Costco now produces around 388 million non-kosher hot dogs a year at its plants for both food courts and to sell in packs.
    
            Jim Sinegal, Costco’s co-founder, once told the company’s former CEO Craig Jelinek, “If you raise the effing hot dog, I will kill you. Figure it out.”
    
            “I know it sounds crazy making a big deal about a hot dog, but we spend a lot of time on it,” Sinegal told the Seattle Times in 2009. “We’re known for that hot dog. That’s something you don’t mess with.”
    
            Last year, Costco sold more than 130 million — around $195 million worth — of hot dog-soda combos globally.",CNN,27/03/2024,"['Inflation has touched nearly everything these last few years — even Trader Joe’s 19-cent bananas.', 'But Costco is holding the line on its hot dog-soda combo price.', 'Costco’s hot dog deal, sold at its food courts, is still priced at $1.50 — exactly what it cost in 1985, before the Great Recession, the housing crisis, the pandemic and the latest bout of decades-high inflation.', 'Since the pandemic started, prices for consumers have gone up 20% overall, according to the Bureau of Labor Statistics.', 'In many key areas, like housing and groceries, prices have increased even more.', 'If Costco’s hot dog deal kept pace with inflation, it would be three times as expensive today — nearly $4.50.', 'But Costco’s $1.50 combo is a strategic decision, known as a loss-leader: The company is willing to lose money selling the hot dogs at that price — inflation be darned — so long as it helps Costco draw in and retain customers.', '“It’s branding,” said Scott Mushkin, a retail analyst at R5 Capital.', 'The $1.50 deal helps create customer loyalty, he said. “', 'It reminds customers of who Costco is.”', 'Costco loses money selling more than 100 million hot dogs every year, but the company offsets these losses by raising prices on other goods it sells.', 'Costco has increased prices of pizzas and other items at its food courts.', 'But Costco has a unique business model that allows it to keep prices low: It makes almost all of its money on memberships, selling items on its warehouse floor very nearly at cost – and sometimes less.', 'Costco’s longtime finance chief Richard Galanti, who retired this month, said in a recent interview that the $1.50 price was “probably safe for a while.”', 'Most companies don’t have the luxury of a membership model like Costco.', 'They can’t get by selling most of their items for very little profit — or taking a loss on products they sell 100 million of each year.', 'Inflation has slowed considerably since it peaked at 9.1% in June of 2022.', 'In its battle to bring down that inflation, the Federal Reserve introduced 11 aggressive rate hikes meant to crush demand and discourage spending.', 'It’s working — overall consumer prices rose by 3.2% in February, according to the latest data from the Bureau of Labor Statistics.', 'And while we may wish for lower prices, falling prices would actually serve as a red flag indicating that the economy is in bad shape.', 'We’re not there yet, don’t worry.', 'Companies have been reporting surprisingly strong earnings in recent months on the back of strong consumer spending.', 'Even though companies – including Costco – have to raise prices (even on hot dogs in some cases), Americans continue to shell out.', 'Consumer spending is the biggest engine powering the US economy and when people spend a lot less money employers tend to lay off workers, which can lead to even lower spending and even more layoffs.', 'This cycle can throw the economy into a recession.', 'Again, that’s not happening yet.', '“The reason prices fall is because people aren’t buying.', 'That means we’d be in a recession,” said Gus Faucher, chief economist at PNC Financial Services.', 'Costco’s hot dog defied inflation from the very start.', 'Costco’s hot dog offering was born in the company’s early days.', 'Costco added a Hebrew National stand at its second warehouse store in Portland, Oregon, shortly after it opened in 1983.', 'To keep the price of the hot dog steady, Costco found ways to slash other costs at the food court, such as switching from 12-ounce soda cans to cheaper, 20-ounce fountain drinks.', 'Costcosold kosher hot dogs at its food courts until 2009, but suppliers started to run low on meat.', 'Realizing the importance of the low-priced hot dog, the chain brought production in-house and switched to its own Kirkland Signature brand.', 'Costconow produces around 388 million non-kosherhot dogs a year at its plants for both food courts and to sell in packs.', 'Jim Sinegal, Costco’s co-founder, oncetold the company’s former CEO Craig Jelinek, “If you raise the effing hot dog, I will kill you.', 'Figure it out.”', '“I know it sounds crazy making a big deal about a hot dog, but we spend a lot of time on it,” Sinegal told theSeattle Timesin 2009. “', 'We’re known for that hot dog.', 'That’s something you don’t mess with.”', 'Last year, Costco sold more than 130 million — around $195 million worth — of hot dog-soda combos globally.']",-0.0734320249817243,Companies have been reporting surprisingly strong earnings in recent months on the back of strong consumer spending.,"In its battle to bring down that inflation, the Federal Reserve introduced 11 aggressive rate hikes meant to crush demand and discourage spending.",-0.2271203236146406,"It’s working — overall consumer prices rose by 3.2% in February, according to the latest data from the Bureau of Labor Statistics.",Inflation has slowed considerably since it peaked at 9.1% in June of 2022.,2024-04-01
Sam Bankman-Fried: Disgraced 'Crypto King' to be sentenced,https://www.bbc.co.uk/news/business-68560911,2024-03-28T00:00:04.000Z,"Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes. It is certain the 32-year-old will be going to jail; what is not known is how long for. The moment has revived debate about the extent of his crimes - and what punishment might fit.  His legal team have called for leniency, but prosecutors are seeking 40 to 50 years in prison. They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX. His defence team has proposed five to 6.5 years, accusing the government of adopting ""a medieval view of punishment"" by insisting on a lengthy term behind bars for a non-violent, first-time criminal. The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents - even complete strangers - trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate. ""He has shown no remorse so why would any judge show any mercy?"" said Sunil Kavuri, a British investor who had more than $2m worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court.  FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto. It attracted millions of customers, before rumours of financial trouble sparked a run on deposits.  In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments. Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case. Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed. In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence.  They said it proved that ""money has always been available"" which ""would be impossible if [FTX's] assets had disappeared into Sam's personal pockets"".  But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since.  John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court. ""Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".  Former FTX customers interviewed by the BBC said they were offended by the blithe dismissal of their problems, and urged the judge to reject calls for leniency. ""The people who are saying this are not in a position like I'm in, where you've lost everything,"" said Arush Sehgal, a 38-year-old tech entrepreneur living in Barcelona, who, with his wife, is one of the exchange's biggest individual creditors, with about $4m worth in savings in dollars and bitcoin at FTX when it collapsed.  He is one of the customers suing over the current bankruptcy plan, which he said amounted to a ""second crime"" against Bankman-Fried's customers.  Angela Chang, of Vancouver, a 36-year-old who worked in software, said she had about $250,000 deposited in dollars with FTX when it collapsed. She said she feared the harm done to FTX customers was being discounted because they were in the crypto industry. ""People think that crypto is criminal and so they have sympathy for this guy .... But I'm not a criminal,"" she said, describing how the fall of the firm threw her into depression and left her running up credit card debt. Facing a cash crunch, she ultimately sold a portion of a claim to an investor. Columbia Law professor Daniel Richman said the scale of the crime was rarely as contested as in this case. But he said decisions are often shaped more by other issues, including a judge's own impressions of the defendant, and what it would take to deter him from further crimes.  In this case, Judge Kaplan, a veteran of the court system who has presided over a slew of high profile trials involving public figures such as Donald Trump and actor Kevin Spacey, has already proven to be sceptical of Bankman-Fried's actions, revoking his bail last year after finding he was trying to intimidate other witnesses.  ""Any judge or lawyer will tell you that one of the best things the defendant can do before being sentences is really really show he's on the right path, show some remorse and show some degree of self-knowledge as to his offence,"" Prof Richman said.  ""Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.   Since the 1980s, the US has significantly increased the length of its official recommendations for jail time for white collar criminals. Though judges frequently depart from the guidelines, introducing wide variability, ""the risk of harshness is greater than in most countries"" - particularly for high-profile cases, Prof Richman said. In her own appeal to the judge, Barbara Fried, Bankman-Fried's mother and a former law professor, noted the ""punitive nature"" of the US justice system ""which makes us an extreme outlier among democracies"".  ""I have no illusions about the redemptive power of prisons,"" she wrote. ""Being consigned to prison for decades will destroy Sam as surely as would hanging him."" ",BBC,28/03/2024,"['Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes.', 'It is certain the 32-year-old will be going to jail; what is not known is how long for.', 'The moment has revived debate about the extent of his crimes - and what punishment might fit.', 'His legal team have called for leniency, but prosecutors are seeking 40 to 50 years in prison.', 'They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX.', 'His defence team has proposed five to 6.5 years, accusing the government of adopting ""a medieval view of punishment"" by insisting on a lengthy term behind bars for a non-violent, first-time criminal.', 'The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents - even complete strangers - trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate. ""', 'He has shown no remorse so why would any judge show any mercy?""', 'said Sunil Kavuri, a British investor who had more than $2m worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court.', ""FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto."", 'It attracted millions of customers, before rumours of financial trouble sparked a run on deposits.', 'In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments.', 'Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.', 'Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed.', 'In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence.', 'They said it proved that ""money has always been available"" which ""would be impossible if [FTX\'s] assets had disappeared into Sam\'s personal pockets"".', 'But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since.', 'John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court. ""', 'Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".', 'Former FTX customers interviewed by the BBC said they were offended by the blithe dismissal of their problems, and urged the judge to reject calls for leniency. ""', 'The people who are saying this are not in a position like I\'m in, where you\'ve lost everything,"" said Arush Sehgal, a 38-year-old tech entrepreneur living in Barcelona, who, with his wife, is one of the exchange\'s biggest individual creditors, with about $4m worth in savings in dollars and bitcoin at FTX when it collapsed.', 'He is one of the customers suing over the current bankruptcy plan, which he said amounted to a ""second crime"" against Bankman-Fried\'s customers.', 'Angela Chang, of Vancouver, a 36-year-old who worked in software, said she had about $250,000 deposited in dollars with FTX when it collapsed.', 'She said she feared the harm done to FTX customers was being discounted because they were in the crypto industry. ""', 'People think that crypto is criminal and so they have sympathy for this guy .... But I\'m not a criminal,"" she said, describing how the fall of the firm threw her into depression and left her running up credit card debt.', 'Facing a cash crunch, she ultimately sold a portion of a claim to an investor.', 'Columbia Law professor Daniel Richman said the scale of the crime was rarely as contested as in this case.', ""But he said decisions are often shaped more by other issues, including a judge's own impressions of the defendant, and what it would take to deter him from further crimes."", 'In this case, Judge Kaplan, a veteran of the court system who has presided over a slew of high profile trials involving public figures such as Donald Trump and actor Kevin Spacey, has already proven to be sceptical of Bankman-Fried\'s actions, revoking his bail last year after finding he was trying to intimidate other witnesses. ""', 'Any judge or lawyer will tell you that one of the best things the defendant can do before being sentences is really really show he\'s on the right path, show some remorse and show some degree of self-knowledge as to his offence,"" Prof Richman said. ""', 'Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.', 'Since the 1980s, the US has significantly increased the length of its official recommendations for jail time for white collar criminals.', 'Though judges frequently depart from the guidelines, introducing wide variability, ""the risk of harshness is greater than in most countries"" - particularly for high-profile cases, Prof Richman said.', 'In her own appeal to the judge, Barbara Fried, Bankman-Fried\'s mother and a former law professor, noted the ""punitive nature"" of the US justice system ""which makes us an extreme outlier among democracies"". ""', 'I have no illusions about the redemptive power of prisons,"" she wrote. ""', 'Being consigned to prison for decades will destroy Sam as surely as would hanging him.""']",-0.2155700859375981,"Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.","Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".",-0.2517248094081878,"Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.","FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto.",2024-04-01
AI innovator Sir Demis Hassabis: Video games can boost creativity in young,https://www.bbc.co.uk/news/business-68692950,2024-03-30T00:31:15.000Z,"Parents tearing their hair out over children spending hours gaming should instead be encouraging their creative use of tech, a recently-knighted AI millionaire has told the BBC. Sir Demis Hassabis said they should be encouraged to create and programme. The co-founder and boss of Google's DeepMind himself grew up playing chess and gaming. Google bought his firm for a reported £400m in 2014. Sir Demis told BBC Radio 4's Today that gaming helped him to become successful. ""It's important to feed the creative part, not just playing them [games],"" he said. ""You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that."" He said children will have to be ready to be very adaptable in what will be a ""very fast-changing world"", and ""just embrace that adaptability"". Sir Demis, a child chess prodigy, designed and programmed a multi-million selling game called Theme Park in his teens before going to Cambridge University. After graduating he founded a video games firm, completed a PhD in neuroscience, and then co-founded DeepMind in London in 2010, which he subsequently sold to Google. On Thursday he posted on X saying he was ""delighted"" to receive his knighthood for services to AI. He told the BBC that the knighthood was recognition of what he and his team had done to ""seed the whole AI field and the AI industry"", and recognition of their contribution to British life. He said he did not regret selling DeepMind to Google 10 years ago as he regarded it as the right company with the needed computer power to take on the firm. ""There was no capability in the UK at the time to raises the hundreds of millions of dollars that one would require to take on things globally"", he said. AI has raised concerns about its use in imitating people in ""deepfake"" videos, including using the faces and voices of real life people in AI-generated sex videos.  Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"". There are also worries that the way AI is trained using publicly available data could lead to ""algorithm bias"". This is a particular concern where it is deployed to automate decision-making, such as picking the relevant CVs for job seekers. As the AI industry rapidly develops, Prime Minister Rishi Sunak held the first AI safety summit in 2023, where he said he recognised there was ""anxiety"" about the impact new tools could have on the workplace, but said it would enhance productivity over time. At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"". Speaking to BBC business editor Simon Jack, Sir Demis said he did not see himself as someone like Robert Oppenheimer, the designer of the nuclear bomb. He said his generation of scientists had heeded ""warnings"" about the power of science and ""the risks"" involved if such power is not ""handled correctly"". He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"". The full interview with Sir Demis Hassabis, broadcast on Today, can be heard via BBC Sounds. ",BBC,30/03/2024,"['Parents tearing their hair out over children spending hours gaming should instead be encouraging their creative use of tech, a recently-knighted AI millionaire has told the BBC.', 'Sir Demis Hassabis said they should be encouraged to create and programme.', ""The co-founder and boss of Google's DeepMind himself grew up playing chess and gaming."", 'Google bought his firm for a reported £400m in 2014.', 'Sir Demis told BBC Radio 4\'s Today that gaming helped him to become successful. ""', 'It\'s important to feed the creative part, not just playing them [games],"" he said. ""', 'You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that.""', 'He said children will have to be ready to be very adaptable in what will be a ""very fast-changing world"", and ""just embrace that adaptability"".', 'Sir Demis, a child chess prodigy, designed and programmed a multi-million selling game called Theme Park in his teens before going to Cambridge University.', 'After graduating he founded a video games firm, completed a PhD in neuroscience, and then co-founded DeepMind in London in 2010, which he subsequently sold to Google.', 'On Thursday he posted on X saying he was ""delighted"" to receive his knighthood for services to AI.', 'He told the BBC that the knighthood was recognition of what he and his team had done to ""seed the whole AI field and the AI industry"", and recognition of their contribution to British life.', 'He said he did not regret selling DeepMind to Google 10 years ago as he regarded it as the right company with the needed computer power to take on the firm. ""', 'There was no capability in the UK at the time to raises the hundreds of millions of dollars that one would require to take on things globally"", he said.', 'AI has raised concerns about its use in imitating people in ""deepfake"" videos, including using the faces and voices of real life people in AI-generated sex videos.', 'Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"".', 'There are also worries that the way AI is trained using publicly available data could lead to ""algorithm bias"".', 'This is a particular concern where it is deployed to automate decision-making, such as picking the relevant CVs for job seekers.', 'As the AI industry rapidly develops, Prime Minister Rishi Sunak held the first AI safety summit in 2023, where he said he recognised there was ""anxiety"" about the impact new tools could have on the workplace, but said it would enhance productivity over time.', 'At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"".', 'Speaking to BBC business editor Simon Jack, Sir Demis said he did not see himself as someone like Robert Oppenheimer, the designer of the nuclear bomb.', 'He said his generation of scientists had heeded ""warnings"" about the power of science and ""the risks"" involved if such power is not ""handled correctly"".', 'He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"".', 'The full interview with Sir Demis Hassabis, broadcast on Today, can be heard via BBC Sounds.']",0.1414346204235683,"You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that.""","At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"".",0.2439530417323112,"He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"".","Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"".",2024-04-01
Disney and DeSantis allies end legal dispute over control of theme park,https://www.bbc.co.uk/news/world-us-canada-68675795,2024-03-27T18:00:55.000Z,"Allies of Florida Governor Ron DeSantis and Disney have reached a settlement agreement over how Walt Disney World is governed in the future. It comes after a judge ruled in January that it was legal for the state to make changes to the amusement theme park's district government. A row between the two sides has been trundling on for almost two years. It was sparked by Disney's criticism of a state law that restricted the teaching of sexuality in schools. In a meeting on Wednesday, members of the Central Florida Tourism Oversight District board approved the settlement agreement. Jeff Vahle, president of Walt Disney World Resort, said in a statement that the company was pleased that a settlement had been reached. ""This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the state,"" the Associated Press news agency quoted Mr Vahle as saying. The two sides started feuding after Disney, under pressure from its staff, criticised the Parental Rights in Education Act - dubbed the ""Don't Say Gay"" bill by critics - which bans discussion of sexual orientation and gender identity for students in Florida. In response to Disney's criticism, Mr DeSantis - who is a proponent of the law - passed legislation that stripped Disney of its self-governing authority - a power the company had for more than 50 years. The move gave more power to Mr DeSantis, who now appoints members of a board that governs the park's 25,000 acres. But before the board changed hands, Disney supporters on the board signed agreements with the company shifting control of some aspects at Disney World to the company - a move the district then sued Disney over. The company also countersued. Under Wednesday's agreement, litigation counsel Paul Huck said at the board meeting that the company recognised that the signing over of control to Disney before the board changed hands was ""null and void"".  The city-sized theme park had been operated by Disney since 1971. ",BBC,27/03/2024,"['Allies of Florida Governor Ron DeSantis and Disney have reached a settlement agreement over how Walt Disney World is governed in the future.', ""It comes after a judge ruled in January that it was legal for the state to make changes to the amusement theme park's district government."", 'A row between the two sides has been trundling on for almost two years.', ""It was sparked by Disney's criticism of a state law that restricted the teaching of sexuality in schools."", 'In a meeting on Wednesday, members of the Central Florida Tourism Oversight District board approved the settlement agreement.', 'Jeff Vahle, president of Walt Disney World Resort, said in a statement that the company was pleased that a settlement had been reached. ""', 'This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the state,"" the Associated Press news agency quoted Mr Vahle as saying.', 'The two sides started feuding after Disney, under pressure from its staff, criticised the Parental Rights in Education Act - dubbed the ""Don\'t Say Gay"" bill by critics - which bans discussion of sexual orientation and gender identity for students in Florida.', ""In response to Disney's criticism, Mr DeSantis - who is a proponent of the law - passed legislation that stripped Disney of its self-governing authority - a power the company had for more than 50 years."", ""The move gave more power to Mr DeSantis, who now appoints members of a board that governs the park's 25,000 acres."", 'But before the board changed hands, Disney supporters on the board signed agreements with the company shifting control of some aspects at Disney World to the company - a move the district then sued Disney over.', 'The company also countersued.', 'Under Wednesday\'s agreement, litigation counsel Paul Huck said at the board meeting that the company recognised that the signing over of control to Disney before the board changed hands was ""null and void"".', 'The city-sized theme park had been operated by Disney since 1971.']",0.1713182077687389,"This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the state,"" the Associated Press news agency quoted Mr Vahle as saying.","The two sides started feuding after Disney, under pressure from its staff, criticised the Parental Rights in Education Act - dubbed the ""Don't Say Gay"" bill by critics - which bans discussion of sexual orientation and gender identity for students in Florida.",0.6832387844721476,"This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the state,"" the Associated Press news agency quoted Mr Vahle as saying.","The two sides started feuding after Disney, under pressure from its staff, criticised the Parental Rights in Education Act - dubbed the ""Don't Say Gay"" bill by critics - which bans discussion of sexual orientation and gender identity for students in Florida.",2024-04-01
How to make high interest rates work for your hard-earned savings,https://edition.cnn.com/2024/03/20/success/interest-rates-savings-cash/index.html,"
  Published
        3:00 PM EDT, Wed March 20, 2024
    ","The Federal Reserve’s benchmark interest rate remains at a 23-year high. That’s thanks to the central bank’s decision Wednesday to once again hold it steady, as it has done at the policy-making committee’s past five meetings.
    
            That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).
    
            But with the Fed signaling that no rate cuts are likely until summer, it also means anyone with savings still has at least a few more months to make hay of their stash.
    
            That’s because you can still get inflation-beating interest rates that will grow any money you have set aside for emergencies, vacations, down payments or any other goal in your sights over the next several years.
    
            However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing. There are more lucrative, low-risk options out there, with rates that are still at or near their peaks. “But perhaps not for much longer,” said Ted Rossman, senior analyst at Bankrate. “If one of those fits into your financial plans, it’s best to act soon.”
    
            So, consider the following options when deciding where to park your hard-earned savings.
    
            The average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate. That average is kept low by the biggest brick-and-mortar banks like JPMorgan Chase and Bank of America, which still are offering a paltry 0.01%.
    
            By contrast, there are still FDIC-insured online banks offering inflation-beating rates of between 4.35% and 5.35% on their high-yield savings accounts. Generally speaking, these are the best vehicles in which to keep your emergency funds for quick, easy access.
    
            Choosing between an account that pays 0.52% and one that pays 5.35% can mean forfeiting hundreds of dollars in interest. “If you put $10,000 in a savings account, that’s a difference of $496 in interest earnings over the course of the year, assuming monthly compounding,” Rossman said.
    
            While the rates on high-yield savings accounts have gone down a bit in recent months, “widespread cuts in online savings account rates are unlikely until the first Fed rate cut is near,” said Ken Tumin, founder of DepositAccounts.com.
    
            As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. So make sure to check your monthly statement.
    
            Another high-return, low-risk investment that is great for money you likely won’t need to tap for a few months or even a couple of years is a certificate of deposit.
    
            You can get the best returns on CDs through a brokerage such as Schwab, E*Trade or Fidelity. That’s because you can comparison shop for CDs from any number of FDIC-insured banks and will not have to set up individual accounts with each institution.
    
            As of March 13, the average rate on a one-year CD was 1.95%, but some banks are offering as much are 5.4%.
    
            If you can get a one-year CD at, say, 5.4%, you will make $540 on a $10,000 investment.
    
            To get the greatest benefit from a CD, you have to leave the money invested for a fixed period. You can always access your principal sooner if you need to, but there may be early withdrawal penalties.
    
            As of March 20, CDs listed on Schwab.com with durations from three months up to three years were all yielding between 5.2% and 5.51%. CD rates on durations between four and 10 years ranged from 4.40% to 5.15%.
    
            Say you invest $10,000 in a one-year CD with a 5.36% APY. At the end of that period, you’d get your principal back plus $536 in interest when the CD matures, according to Bankrate’s CD calculator. If you chose a two-year CD at 5.25%, you’d bank an extra $1,078, assuming compounding interest. The same investment in a five-year CD at 5.15% would earn $2,854.
    
            “It makes sense to go long with CDs. To hedge your bets, include terms from one to five years. Starting a CD ladder will provide this mix,” Tumin said.
    
            If you don’t go through a brokerage you may get a reasonable deal from your primary bank, Tumin said.
    
            For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs. Or, at Bank of America, you can get up to 4.75% on a 7-month CD.
    
            But Tumin cautions that with any big bank CD you should take your money out at the end of the term, otherwise your bank may automatically renew it and lock you in to a much lower-yielding CD.
    
            If you don’t want to set up an online savings account at another bank, your own bank may offer you a money market deposit account that pays a higher yield than your regular checking or savings accounts.
    
            Money market accounts may have higher minimum deposit requirements than a regular savings account, but they are more liquid than a fixed-term certificate of deposit or Treasury bill, meaning they give you access to your money more quickly while still potentially giving you some of the highest yields available, said Doug Ornstein, senior manager for integrated solutions at TIAA Wealth Management.
    
            But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. As of March 19, they had an average 7-day yield of 5.14%, according to the Crane Money Fund Index, which tracks the top 100 taxable money market funds.
    
            Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC. But if you invest in a money market fund through a brokerage, your overall account is likely to be insured through the Securities Investor Protection Corp, which offers protection in the event your brokerage ever goes under.
    
            Another option for money you can leave untouched anywhere from several months to a few years is to buy short-term Treasury bills and medium-term notes, which are backed by the full faith and credit of the United States.
    
            Three- and six-month bills had yields of 5.39% and 5.33% respectively on March 20 before the Fed’s meeting ended, while nine-month and one-year bills were offering 5.19% and 5.08% respectively, according to rates posted on Schwab.com for a $25,000 investment. Rates on Treasury notes with durations from two years to 10 years ranged between 4.29% and 4.72%.
    
            If you’re someone who manages your portfolio like a hawk, you may feel comfortable buying T-bills on your own from TreasuryDirect.gov. But if you don’t, it might be easier just to buy new issues through your brokerage account or invest in a short-term bond index fund or ETF, said Andy Smith, executive director of financial planning at Edelman Financial Engines.
    
            And if you’re looking at money that will be needed in three to five years, you might consider a diversified fund of highly rated government and corporate bonds, Ornstein said. An 18-month AAA-rated corporate bond, for instance, was yielding 4.82% this week, while the three-year was at 4.49%. Meanwhile, three-year AAA-rated municipal bonds (which are issued by local governments) had a rate of 3.98%, according to Schwab.com.
    
            When deciding on the best accounts and investments for your specific goals and peace of mind, it may pay to consult a fee-only fiduciary adviser — meaning, someone who doesn’t get paid a commission to sell you a particular investment.
    
            What you’ll always want to do is build in flexibility for yourself so you can easily access cash, regardless of your timeline for key goals. “What happens if something changes and you need that down payment a lot sooner — or your parents need medical care fast?” Smith said.
    
            That means balancing your desire for great yield with a need and desire for ease of access without penalty. Translation: Don’t chase yield for yield’s sake.
    
            Think of it this way, Ornstein said: Unless you have huge sums to invest or are an institutional investor, the difference between getting a 5.1% yield versus 5% is negligible, and in fact it could even cost you more if there are penalties for taking your money out early. “Most of the time convenience is really important. Give up the 0.1%,” he advised.",CNN,20/03/2024,"['The Federal Reserve’s benchmark interest rate remains at a 23-year high.', 'That’s thanks to the central bank’s decision Wednesday to once again hold it steady, as it has done at the policy-making committee’s past five meetings.', 'That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).', 'Butwith the Fed signaling that no rate cuts are likely until summer, it also means anyone with savings still has at least a few more months to make hay of their stash.', 'That’s because you can still get inflation-beating interest rates that will grow any money you have set aside for emergencies, vacations, down payments or any other goal in your sights over the next several years.', 'However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing.', 'There are more lucrative, low-risk options out there, with rates that are still at or near their peaks. “', 'But perhaps not for much longer,” said Ted Rossman, senior analyst at Bankrate. “', 'If one of those fits into your financial plans, it’s best to act soon.”', 'So, consider the following options when deciding where to park your hard-earned savings.', 'The average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate.', 'That average is kept low by the biggest brick-and-mortar banks like JPMorgan Chase and Bank of America, which still are offering a paltry 0.01%.', 'By contrast, there are still FDIC-insured online banks offering inflation-beating rates of between 4.35% and 5.35% on their high-yield savings accounts.', 'Generally speaking, these are the best vehicles in which to keep your emergency funds for quick, easy access.', 'Choosing between an account that pays 0.52% and one that pays 5.35% can mean forfeiting hundreds of dollars in interest. “', 'If you put $10,000 in a savings account, that’s a difference of $496 in interest earnings over the course of the year, assuming monthly compounding,” Rossman said.', 'While the rates on high-yield savings accounts have gone down a bit in recent months, “widespread cuts in online savings account rates are unlikely until the first Fed rate cut is near,” said Ken Tumin, founder of DepositAccounts.com.', 'As with any bank savings rate, high-yield savings accountratescan change overnight, and the bank may not alert you when it lowers it.', 'So make sure to check your monthly statement.', 'Another high-return, low-risk investment that is great for money you likely won’t need to tap for a few months or even a couple of years is a certificate of deposit.', 'You can get the best returns on CDs through a brokerage such as Schwab, E*Trade or Fidelity.', 'That’s because you can comparison shop for CDs from any number of FDIC-insured banks and will not have to set up individual accounts with each institution.', 'As of March 13, the average rate on a one-year CD was 1.95%, but some banks are offering as much are 5.4%.', 'If you can get a one-year CD at, say, 5.4%, you will make $540 on a $10,000 investment.', 'To get the greatest benefit from a CD, you have to leave the money invested for a fixed period.', 'You can always access your principal sooner if you need to, but there may be early withdrawal penalties.', 'As of March 20, CDs listed on Schwab.com with durations from three months up to three years were all yielding between 5.2% and 5.51%.', 'CD rates on durations between four and 10 years ranged from 4.40% to 5.15%.', 'Say you invest $10,000 in a one-year CD with a 5.36%APY.', 'At the end of that period, you’d get your principal back plus $536 in interest when the CD matures, according to Bankrate’s CD calculator.', 'If you chose a two-year CD at 5.25%, you’d bank an extra $1,078, assuming compounding interest.', 'The same investment in a five-year CD at 5.15% would earn $2,854.', '“It makes sense to go long with CDs.', 'To hedge your bets, include terms from one to five years.', 'Starting a CD ladder will provide this mix,” Tumin said.', 'If you don’t go through a brokerage you may get a reasonable deal from your primary bank, Tumin said.', 'For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs.', 'Or, at Bank of America, you can get up to 4.75% on a 7-month CD.', 'But Tumin cautions that with any big bank CD you should take your money out at the end of the term, otherwise your bank may automatically renew it and lock you in to a much lower-yielding CD.', 'If you don’t want to set up an online savings account at another bank, your own bank may offer you a money market deposit account that pays a higher yield than your regular checking or savings accounts.', 'Money market accounts may have higher minimum deposit requirements than a regular savings account, but they are more liquid than a fixed-term certificate of deposit or Treasury bill, meaning they give you access to your money more quickly while still potentially giving you some of the highest yields available, said Doug Ornstein, senior manager for integrated solutions at TIAA Wealth Management.', 'But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments.', 'As of March 19, they had an average 7-day yield of 5.14%, according to the Crane Money Fund Index, which tracks the top 100 taxable money market funds.', 'Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.', 'But if you invest in a money market fund through a brokerage, your overall account is likely to be insured through the Securities Investor Protection Corp, which offers protection in the event your brokerage ever goes under.', 'Another option for money you can leave untouched anywhere from several months to a few years is to buy short-term Treasury bills and medium-term notes, which are backed by the full faith and credit of the United States.', 'Three- and six-month bills had yields of 5.39% and 5.33%respectively on March 20 before the Fed’s meeting ended, while nine-month and one-year bills were offering 5.19% and 5.08%respectively, according to rates posted on Schwab.com for a $25,000 investment.', 'Rates on Treasury notes with durations from two years to 10 years ranged between 4.29% and 4.72%.', 'If you’re someone who manages your portfolio like a hawk, you may feel comfortable buying T-bills on your own from TreasuryDirect.gov.', 'But if you don’t, it might be easier just to buy new issues through your brokerage account or invest in a short-term bond index fund or ETF, said Andy Smith, executive director of financial planning at Edelman Financial Engines.', 'And if you’re looking at money that will be needed in three to five years, you might consider a diversified fund of highly rated government and corporate bonds, Ornstein said.', 'An 18-month AAA-rated corporate bond, for instance, was yielding 4.82% this week, while the three-year was at 4.49%.', 'Meanwhile, three-year AAA-rated municipal bonds (which are issued by local governments) had a rate of 3.98%, according to Schwab.com.', 'When deciding on the best accounts and investments for your specific goals and peace of mind, it may pay to consult a fee-only fiduciary adviser — meaning, someone who doesn’t get paid a commission to sell you a particular investment.', 'What you’ll always want to do is build in flexibility for yourself so you can easily access cash, regardless of your timeline for key goals. “', 'What happens if something changes and you need that down payment a lot sooner — or your parents need medical care fast?”', 'Smith said.', 'That means balancing your desire for great yield with a need and desire for ease of access without penalty.', 'Translation: Don’t chase yield for yield’s sake.', 'Think of it this way, Ornstein said: Unless you have huge sums to invest or are an institutional investor, the difference between getting a 5.1% yield versus 5% is negligible, and in fact it could even cost you more if there are penalties for taking your money out early. “', 'Most of the time convenience is really important.', 'Give up the 0.1%,” he advised.']",0.1607169988950149,That means balancing your desire for great yield with a need and desire for ease of access without penalty.,"But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments.",0.3840321362018585,"For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs.","That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).",2024-04-01
OpenAI says it’s working on AI that mimics human voices,https://edition.cnn.com/2024/04/01/tech/openai-ai-voice-generator-tool-voice-engine/index.html,"
  Updated
        1:36 PM EDT, Mon April 1, 2024
    ","OpenAI has unveiled a new artificial intelligence tool that can mimic human voices with startling accuracy. The AI voice generator has a range of potential applications, including for accessibility services, but could also prompt concerns about misinformation and other forms of abuse.
    
            OpenAI on Friday shared samples from early tests of the tool, called Voice Engine, which uses a 15-second sample of someone speaking to generate a convincing replica of their voice. Users can then provide a paragraph of text and the tool will read it in the AI-generated voice.
    
            There are several AI-generated voices services already available to the public but, as it did with the breakout chatbot ChatGPT, OpenAI has proven particularly adept at garnering widespread adoption of AI tools.
    
            An AI-enabled text-to-voice tool could help with translation, reading assistance for children or aiding people who have lost the ability to speak, the company says. But some skeptics worry it could also fuel the creation of disinformation or make it easier to perpetrate scams.
    
            OpenAI says Voice Engine is currently being used by only a “small group of trusted partners,” including education and health technology companies, and it will use their tests to determine whether and how to allow more widespread use. Those testers have agreed not to recreate people’s voices without their explicit consent and to clearly identify to listeners that what they’re hearing is AI-generated, according to the company.
    
            “We recognize that generating speech that resembles people’s voices has serious risks, which are especially top of mind in an election year,” OpenAI said in a blog post. The company acknowledged the need for major changes as AI-generated audio becomes more widely available, although it doesn’t plan to release Voice Engine to the public immediately. For example, the company suggested phasing out voice-based authentication for bank accounts.
    
            “Any broad deployment of synthetic voice technology should be accompanied by voice authentication experiences that verify that the original speaker is knowingly adding their voice to the service and a no-go voice list that detects and prevents the creation of voices that are too similar to prominent figures,” OpenAI said.
    
            Voice Engine can use a voice sample in one language to create a replica voice that can speak in multiple other languages.
    
            Its blog post includes an example of an audio clip of a human reading a passage about friendship, alongside AI-generated audio that sounds like the same person reading the same passage in Spanish, Mandarin, German, French and Japanese. In each of the AI-generated samples, the tone and accent of the original speaker is maintained.
    
            The preview of Voice Engine comes as users await the public release of Sora, the AI-generated video tool that OpenAI teased last month. Sora can create realistic looking 60-second videos from text instructions, with the ability to serve up scenes with multiple characters, specific types of motion and elaborate background details. OpenAI’s ChatGPT can also generate images from a text prompt.
    
            Separately, OpenAI also announced on Monday it is making ChatGPT available to anyone without the need to sign up to use the service.
    
            The company noted it may use any text that’s loaded into ChatGPT to improve its models but said this can be turned off through settings even without an account. Without an account, however, users will not be able to save or review chat history or access various features, including voice conversations and custom instructions.
    
            –CNN’s Samantha Kelly contributed to this report.",CNN,01/04/2024,"['OpenAI has unveiled a new artificial intelligence tool that can mimic human voices with startling accuracy.', 'The AI voice generator has a range of potential applications, including for accessibility services, but could also prompt concerns about misinformation and other forms of abuse.', 'OpenAI on Friday shared samples from early tests of the tool, called Voice Engine, which uses a 15-second sample of someone speaking to generate a convincing replica of their voice.', 'Users can then provide a paragraph of text and the tool will read it in the AI-generated voice.', 'There are several AI-generated voices services already available to the public but, as it did with the breakout chatbot ChatGPT, OpenAI has proven particularly adept at garnering widespread adoption of AI tools.', 'An AI-enabled text-to-voice tool could help with translation, reading assistance for children or aiding people who have lost the ability to speak, the company says.', 'But some skeptics worry it could also fuel the creation of disinformation or make it easier to perpetrate scams.', 'OpenAI says Voice Engine is currently being used by onlya “small group of trusted partners,” including education and health technology companies,and it will use their tests to determine whether and how to allow more widespread use.', 'Those testers have agreed not to recreate people’s voices without their explicit consent and to clearly identify to listeners that what they’re hearing is AI-generated, according to the company.', '“We recognize that generating speech that resembles people’s voices has serious risks, which are especially top of mind in an election year,” OpenAI said in a blog post.', 'The company acknowledged the need for major changes as AI-generated audio becomes more widely available, although it doesn’t plan to release Voice Engine to the public immediately.', 'For example, the company suggested phasing out voice-based authentication for bank accounts.', '“Any broad deployment of synthetic voice technology should be accompanied by voice authentication experiences that verify that the original speaker is knowingly adding their voice to the service and a no-go voice list that detects and prevents the creation of voices that are too similar to prominent figures,” OpenAI said.', 'Voice Engine can use a voice sample in one language to create a replica voice that can speak in multiple other languages.', 'Its blog post includes an example of an audio clip of a human reading a passage about friendship, alongside AI-generated audio that sounds like the same person reading the same passage in Spanish, Mandarin, German, French and Japanese.', 'In each of the AI-generated samples, the tone and accent of the original speaker is maintained.', 'The preview of Voice Engine comes as users await the public release of Sora, the AI-generated video tool that OpenAI teased last month.', 'Sora can create realistic looking 60-second videos from text instructions, with the ability to serve up scenes with multiple characters, specific types of motion and elaborate background details.', 'OpenAI’s ChatGPT can also generate images from a text prompt.', 'Separately, OpenAI also announced on Monday it is making ChatGPT available to anyone without the need to sign up to use the service.', 'The company noted it may use any text that’s loaded into ChatGPT to improve its models but said this can be turned off through settings even without an account.', 'Without an account, however, users will not be able to save or review chat history or access various features, including voice conversations and custom instructions.', '–CNN’s Samantha Kelly contributed to this report.']",0.171617692796193,"Its blog post includes an example of an audio clip of a human reading a passage about friendship, alongside AI-generated audio that sounds like the same person reading the same passage in Spanish, Mandarin, German, French and Japanese.","The AI voice generator has a range of potential applications, including for accessibility services, but could also prompt concerns about misinformation and other forms of abuse.",-0.0134568214416503,"There are several AI-generated voices services already available to the public but, as it did with the breakout chatbot ChatGPT, OpenAI has proven particularly adept at garnering widespread adoption of AI tools.",But some skeptics worry it could also fuel the creation of disinformation or make it easier to perpetrate scams.,2024-04-01
NBC News ousts Ronna McDaniel after network’s anchors launch unprecedented on-air rebellion,https://edition.cnn.com/2024/03/26/media/nbc-news-ousts-ronna-mcdaniel/index.html,"
  Updated
        7:44 PM EDT, Tue March 26, 2024
    ","NBC News on Tuesday ousted former Republican National Committee chair Ronna McDaniel, just days after her hiring as a paid political analyst sparked intense backlash from the network’s top television anchors over McDaniel’s role in subverting the 2020 election and attacks on the press.
    
            “There is no doubt that the last several days have been difficult for the News Group,” NBCUniversal News Group President Cesar Conde said in a memo to staff. “After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor.”
    
            “I want to personally apologize to our team members who felt we let them down,” Conde continued. “While this was a collective recommendation by some members of our leadership team, I approved it and take full responsibility for it.”
    
            Ahead of the network’s decision, McDaniel spent the day Tuesday interviewing attorneys in preparation for a potential legal battle with NBC, a person familiar with the matter told CNN. Creative Artists Agency, the talent agency that brokered McDaniel’s deal with NBC, also parted ways with her, the person said.
    
            The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.
    
            McDaniel, who recently stepped down from the RNC under pressure from former President Donald Trump, was involved in attempts to overturn the results of the 2020 election.
    
            As head of the RNC, she was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead. McDaniel told the officials, regarding the certification: “Do not sign it. … We will get you attorneys.”
    
            In the years since, McDaniel continued to claim that the election had “problems” and that Biden did not legitimately win the election, fanning the flames of election denialism.
    
            NBC’s announcement Friday that it had hired McDaniel was quickly met with alarm by the network’s journalists. The revolt spilled into public view on Sunday when McDaniel appeared on “Meet the Press” with moderator Kristen Welker in her first interview since she was hired by the network. Welker disclosed that the interview had been scheduled to take place prior to NBC announcing McDaniel would become a paid contributor for the network, stating that she had no involvement in her hiring.
    
            Following the interview, Chuck Todd, NBC News’ chief political analyst, delivered a stinging on-air criticism of NBC executives for their decision to hire McDaniel, telling Welker, “I think our bosses owe you an apology for putting you in this situation.”
    
            “There’s a reason a lot of journalists at NBC News are uncomfortable with this,” Todd said, explaining that under McDaniel, the RNC engaged in “gaslighting” and “character assassination” when dealing with the news media.
    
            The following day, MSNBC hosts Mika Brzezinski and Joe Scarborough joined Todd in protesting the decision on their program “Morning Joe.”
    
            “To be clear, we believe NBC News should seek out conservative Republican voices to provide balance in their election coverage, but it should be conservative Republicans, not a person who used her position of power to be an anti-democracy election denier,” Brzezinski said. “We hope NBC will reconsider its decision. It goes without saying that she will not be a guest on ‘Morning Joe’ in her capacity as a paid contributor.”
    
            Nicolle Wallace, host of MSNBC’s “Deadline: White House,” later joined in the rebuke, saying on her program that the network’s decision to hire McDaniel was nothing short of a potential threat to democracy.
    
            “NBC News is, either wittingly or unwittingly, teaching election deniers that what they can do stretches well beyond appearing on our air and interviews to peddle lies about the sanctity and integrity of our elections,” Wallace told viewers.
    
            Rachel Maddow — the network’s biggest star — later devoted the first half-hour of her prime-time program to the controversy, saying the decision to hire McDaniel was “inexplicable.” Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.
    
            “We do not take it personally when we get attacked, when they say they want to put us on trial and execute us for treason,” she said.
    
            “And so I want to associate myself with all my colleagues at MSNBC and NBC News who have voiced loud and principled objections to our company for putting on the payroll someone who hasn’t just attacked us as journalists, but someone who is part of an ongoing project to get rid of our system of government,” she said of McDaniel. “Someone who is still trying to convince Americans that this election stuff doesn’t really work. That this last election wasn’t a real result. That American elections are fraudulent.“
    
            The on-air revolt ensnared NBC’s top leaders, including NBCUniversal News Group chair Cesar Conde, NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown, who were responsible for McDaniel’s hiring. MSNBC president Rashida Jones also did not object to the decision, people familiar with the matter said.
    
            In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”
    
            “I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “That leadership was willing to change on this, I’m grateful to them.”",CNN,26/03/2024,"['NBC News on Tuesday ousted former Republican National Committee chair Ronna McDaniel, just days after her hiring as a paid political analyst sparked intense backlash from the network’s top television anchors over McDaniel’s role in subverting the 2020 election and attacks on the press.', '“There is no doubt that the last several days have been difficult for the News Group,” NBCUniversal News Group President Cesar Conde said in a memo to staff. “', 'After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor.”', '“I want to personally apologize to our team members who felt we let them down,” Conde continued. “', 'While this was a collective recommendation by some members of our leadership team, I approved it and take full responsibility for it.”', 'Ahead of the network’s decision, McDaniel spent the day Tuesday interviewing attorneys in preparation for a potential legal battle with NBC, a person familiar with the matter told CNN.', 'Creative Artists Agency, the talent agency that brokered McDaniel’s deal with NBC, also parted ways with her, the person said.', 'The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.', 'McDaniel, who recently stepped down from the RNC under pressure from former President Donald Trump, was involved in attempts to overturn the results of the 2020 election.', 'As head of the RNC, she was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead.', 'McDanieltold the officials, regarding the certification: “Do not sign it. …', 'We will get you attorneys.”', 'In the years since, McDaniel continued to claim that the election had “problems” and that Biden did not legitimately win the election, fanning the flames of election denialism.', 'NBC’s announcement Friday that it had hired McDaniel was quickly met with alarm by the network’s journalists.', 'The revolt spilled into public view on Sunday when McDaniel appeared on “Meet the Press” with moderator Kristen Welker in her first interview since she was hired by the network.', 'Welker disclosed that the interview had been scheduled to take place prior to NBC announcing McDaniel would become a paid contributor for the network, stating that she had no involvement in her hiring.', 'Following the interview, Chuck Todd, NBC News’ chief political analyst, delivered a stinging on-air criticism of NBC executives for their decision to hire McDaniel, telling Welker, “I think our bosses owe you an apology for putting you in this situation.”', '“There’s a reason a lot of journalists at NBC News are uncomfortable with this,” Todd said, explaining that under McDaniel, the RNC engaged in “gaslighting” and “character assassination” when dealing with the news media.', 'The following day, MSNBC hosts Mika Brzezinski and Joe Scarborough joined Todd in protesting the decision on their program “Morning Joe.”', '“To be clear, we believe NBC News should seek out conservative Republican voices to provide balance in their election coverage, but it should be conservative Republicans, not a person who used her position of power to be an anti-democracy election denier,”Brzezinski said. “', 'We hope NBC will reconsider its decision.', 'It goes without saying that she will not be a guest on ‘Morning Joe’ in her capacity as a paid contributor.”', 'Nicolle Wallace, host of MSNBC’s “Deadline: White House,” later joined in the rebuke, saying on her program that the network’s decision to hire McDaniel was nothing short of a potential threat to democracy.', '“NBC News is, either wittingly or unwittingly, teaching election deniers that what they can do stretches well beyond appearing on our air and interviews to peddle lies about the sanctity and integrity of our elections,” Wallace told viewers.', 'Rachel Maddow — the network’s biggest star — later devoted the first half-hour of her prime-time program to the controversy, saying the decision to hire McDaniel was “inexplicable.”', 'Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.', '“We do not take it personally when we get attacked, when they say they want to put us on trial and execute us for treason,” she said.', '“And so I want to associate myself with all my colleagues at MSNBC and NBC News who have voiced loud and principled objections to our company for putting on the payroll someone who hasn’t just attacked us as journalists, but someone who is part of an ongoing project to get rid of our system of government,” she said of McDaniel. “', 'Someone who is still trying to convince Americans that this election stuff doesn’t really work.', 'That this last election wasn’t a real result.', 'That American elections are fraudulent.“', 'The on-air revolt ensnared NBC’s top leaders, including NBCUniversal News Group chair Cesar Conde, NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown, who were responsible for McDaniel’s hiring.', 'MSNBC president Rashida Jones also did not object to the decision, people familiar with the matter said.', 'In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”', '“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “', 'That leadership was willing to change on this, I’m grateful to them.”']",-0.0710578434549836,"In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”","Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.",-0.4204912583033244,"In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”",The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.,2024-04-01
How can I pay off my debts and what help is available?,https://www.bbc.co.uk/news/business-64291327,2023-01-16T12:06:14.000Z,"Two years of rising prices have left many people struggling to pay their bills and in debt. If you are in that position one option is to seek a debt relief order (DRO). From 6 April in England and Wales there will no longer be a £90 fee for applying for one. A DRO lets people who have got into severe difficulties start afresh. But there are other ways to tackle your debt. So what can you do if you find yourself in difficulty? First, work out how much you owe, who to, and how much you need to pay each month, says the charity Citizens Advice. Next, create a budget by adding up your income, such as your wage and any benefits you receive, then taking away the amount you need for essential living costs like food and housing. The amount left is what you have available to pay your debts. Once you have taken stock of your situation, see whether you can reduce your outgoings: you may be eligible for a reduction in your council tax or a lower tariff on your broadband or TV package for example.  You may also be able to boost your income. Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us. It is important to talk about your financial difficulties - the earlier, the better - or you may find yourself in a spiral of debt. If you think you cannot pay your debts or are feeling overwhelmed, seek support. Help is available. A trained debt adviser can talk you through the options available. Information and support is free of charge - here are some organisations who may be able to help. Identify which bills and debts are most urgent and pay them first, says debt advice charity StepChange. That will include your rent or mortgage repayments, and any other loans secured on the home. It also includes gas and electricity bills, child support and maintenance payments, council tax, income tax, VAT and other taxes, TV licence payments, court fines and payments. These are all what are known as priority debts and bills, because there can be serious consequences if you do not pay them, such as losing your home or facing court proceedings. You may have additional debts, such as credit card and store card debts, pay-day loans, buy-now-pay-later payments, overdrafts, unsecured loans and water bills. If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property. StepChange advises trying to make the minimum payments on every debt to avoid default charges, which can affect your credit rating. After that pay most towards whichever debt has the highest borrowing cost or interest rate. Your energy supplier must give you a chance to clear your debt through a payment plan - that means you agree to pay off the outstanding amount you owe, but spread out in smaller amounts over a longer period. If you don't agree a plan they can switch you onto a pre-payment mode to make sure you do not fall further into arrears. People in England and Wales who are getting debt advice can apply for a break, lasting up to 60 days, as part of the ""breathing space"" scheme. It shields them from further interest and charges to prevent them falling into a spiral of debt. If you are receiving mental health crisis treatment you can also apply for a breathing space scheme which lasts for the length of your treatment, plus another 30 days. Consultation is under way for a similar scheme in Northern Ireland. In Scotland, an alternative short-term debt relief system is known as a Statutory Moratorium and lasts for six months. If you think there is no way to pay off your outstanding debts, you may have to consider some form of personal insolvency. This should only be done after seeking advice.  Going through an insolvency process can have an impact on your personal and professional life, debt charities warn, and will affect your credit rating for up to six years. A debt relief order (DRO) is the easiest form of insolvency and is designed for people with few assets on low incomes. Your debts must not exceed £30,000 (rising to £50,000 at the end of June). If your application is accepted, some of your debts will be frozen for one year, then written off. It previously cost £90 to apply for a DRO but from 6 April it will be free if you live in England, Wales and Northern Ireland. Another option is an Individual Voluntary Arrangement (IVA). Under an IVA you make smaller payments over several years and then the rest of the debt is written off. Full bankruptcy, which is also usually completed within a year, can result in you having to sell assets such as a house or car to pay your debts. If you live in Scotland, bankruptcy is known legally as sequestration. There are three alternatives: a Debt Arrangement Scheme, a Debt Management Plan, or a Trust Deed. ",BBC,16/01/2023,"['Two years of rising prices have left many people struggling to pay their bills and in debt.', 'If you are in that position one option is to seek a debt relief order (DRO).', 'From 6 April in England and Wales there will no longer be a £90 fee for applying for one.', 'A DRO lets people who have got into severe difficulties start afresh.', 'But there are other ways to tackle your debt.', 'So what can you do if you find yourself in difficulty?', 'First, work out how much you owe, who to, and how much you need to pay each month, says the charity Citizens Advice.', 'Next, create a budget by adding up your income, such as your wage and any benefits you receive, then taking away the amount you need for essential living costs like food and housing.', 'The amount left is what you have available to pay your debts.', 'Once you have taken stock of your situation, see whether you can reduce your outgoings: you may be eligible for a reduction in your council tax or a lower tariff on your broadband or TV package for example.', 'You may also be able to boost your income.', 'Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us.', 'It is important to talk about your financial difficulties - the earlier, the better - or you may find yourself in a spiral of debt.', 'If you think you cannot pay your debts or are feeling overwhelmed, seek support.', 'Help is available.', 'A trained debt adviser can talk you through the options available.', 'Information and support is free of charge - here are some organisations who may be able to help.', 'Identify which bills and debts are most urgent and pay them first, says debt advice charity StepChange.', 'That will include your rent or mortgage repayments, and any other loans secured on the home.', 'It also includes gas and electricity bills, child support and maintenance payments, council tax, income tax, VAT and other taxes, TV licence payments, court fines and payments.', 'These are all what are known as priority debts and bills, because there can be serious consequences if you do not pay them, such as losing your home or facing court proceedings.', 'You may have additional debts, such as credit card and store card debts, pay-day loans, buy-now-pay-later payments, overdrafts, unsecured loans and water bills.', 'If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property.', 'StepChange advises trying to make the minimum payments on every debt to avoid default charges, which can affect your credit rating.', 'After that pay most towards whichever debt has the highest borrowing cost or interest rate.', 'Your energy supplier must give you a chance to clear your debt through a payment plan - that means you agree to pay off the outstanding amount you owe, but spread out in smaller amounts over a longer period.', ""If you don't agree a plan they can switch you onto a pre-payment mode to make sure you do not fall further into arrears."", 'People in England and Wales who are getting debt advice can apply for a break, lasting up to 60 days, as part of the ""breathing space"" scheme.', 'It shields them from further interest and charges to prevent them falling into a spiral of debt.', 'If you are receiving mental health crisis treatment you can also apply for a breathing space scheme which lasts for the length of your treatment, plus another 30 days.', 'Consultation is under way for a similar scheme in Northern Ireland.', 'In Scotland, an alternative short-term debt relief system is known as a Statutory Moratorium and lasts for six months.', 'If you think there is no way to pay off your outstanding debts, you may have to consider some form of personal insolvency.', 'This should only be done after seeking advice.', 'Going through an insolvency process can have an impact on your personal and professional life, debt charities warn, and will affect your credit rating for up to six years.', 'A debt relief order (DRO) is the easiest form of insolvency and is designed for people with few assets on low incomes.', 'Your debts must not exceed £30,000 (rising to £50,000 at the end of June).', 'If your application is accepted, some of your debts will be frozen for one year, then written off.', 'It previously cost £90 to apply for a DRO but from 6 April it will be free if you live in England, Wales and Northern Ireland.', 'Another option is an Individual Voluntary Arrangement (IVA).', 'Under an IVA you make smaller payments over several years and then the rest of the debt is written off.', 'Full bankruptcy, which is also usually completed within a year, can result in you having to sell assets such as a house or car to pay your debts.', 'If you live in Scotland, bankruptcy is known legally as sequestration.', 'There are three alternatives: a Debt Arrangement Scheme, a Debt Management Plan, or a Trust Deed.']",0.0708312938794804,"Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us.",Two years of rising prices have left many people struggling to pay their bills and in debt.,-0.3993595913052559,You may also be able to boost your income.,"If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property.",2024-04-01
Bilt’s March Rent Day promotion: Vote for your favorite benefit with the Bilt Bracket,https://edition.cnn.com/cnn-underscored/travel/bilt-rent-day-promotion,"
  Updated
        10:57 AM EST, Mon February 26, 2024
    ","The relatively new Bilt Mastercard® (see rates and fees) has been incredibly popular since its inception. With a top-notch loyalty program and the opportunity to earn points on rent with absolutely no transaction fees (up to 100,000 points per calendar year), it’s no surprise to see the card flourish over the past few years.
    
            And in addition to their strong program, Bilt Rewards — the loyalty program behind the Bilt Mastercard — also offers some favorable promotions throughout the year, with the most popular known as Rent Day.
    
            With Bilt’s Rent Day promotion — which runs the first of every month — all card members have the opportunity to earn double points on all purchases (excluding rent) as well as take advantage of their unique offer for the month. Bilt typically announces their promotions just a few days prior to Rent Day, and it’s something you’ll want to pay attention to.
    
            Bilt Rewards just released the March 1st edition of its monthly Rent Day promotion, and it is a unique one. Instead of Bilt announcing a single offer, all members will have the opportunity to have a say in the winning pick.
    
            A play off the March Madness bracket, the Bilt Bracket will run between now and Feb. 29, during which you can vote daily to help decide the Rent Day benefit. Various offers will go head-to-head, and like all brackets, the winner will proceed to the next round. The last standing offer will then be the Rent Day benefit on March 1.
    
            And similar to most other Rent Day promotions, the winning offer is only valid on the first day of the month (March 1, 2024, in this case).
    
            Let’s take a closer look at how this bracket will work and the Rent Day offer options.
    
            For four days straight — between Feb. 26 and Feb. 29 — Bilt members can vote for their favorite Rent Day benefit within the Bilt app or BiltRewards.com. There are 16 total offers to start with and the winners from each day will then proceed to the next round of the bracket.
    
            The last standing offer after the Feb. 29th vote will end up being the Rent Day benefit for all members to take advantage of on March 1.
    
            However, those with Gold or Platinum status with Bilt, will also receive the runner-up offer, giving select members two bonus opportunities on Rent Day.
    
            With 16 different offers, some are significantly better than others. Although, the best offer for you might truly depend on how you engage in the Bilt program. Check the Bilt app or website to see the full list of promotions you can vote on.
    
            For me, the offers that allow me to earn bonus points on specific purchases — such as bonus points at Bilt Dining restaurants — will be my top pick, but others might prefer the opportunity get bonus points by redeeming their Bilt points on rent, for example.
    
            Voting is incredible quick and can easily be completed alongside your morning coffee. Once you vote, you’ll also be given some insight on the winners with the percentage of members that picked each option thus far.
    
            On March 1st, Bilt members will also have the opportunity to redeem Bilt points for an exclusive game ticket and experience to the NCAA Men’s Sweet 16, Elite Eight and Final Four games. Tickets start at 15,000 Bilt points each for games taking place in Dallas, Detroit, Boston, Los Angeles and Phoenix.
    
            You’ll be able to snag a ticket starting at 12 p.m. EST on March 1, but those with higher Bilt status will receive priority. This is because those with Platinum status will have first access at 12 p.m. EST, Gold status members at 12:30 p.m. EST, Silver status members at 1 p.m. and everyone else at 1:30 p.m.
    
            Every month on Rent Day, Bilt also gives members with the Bilt Mastercard a chance to earn double points on all purchases (excluding rent).
    
            So, if you have a new restaurant you want to check out, flights to book or any other purchases to make, it could be worth waiting until March 1 to earn more points on your purchase. And if you’re dining at a restaurant that participates in Bilt Dining, you can increase your earnings up to a whopping 11 points per dollar. But remember, to earn Bilt points, you must use the card five times each statement period (see Rewards & Benefits).
    
            Bilt’s monthly Rent Day promotions are a great opportunity to maximize your points as well as jump on unique promotions. Let’s see which bonus offer wins this month.
    
            Learn more and apply now for the Bilt Mastercard.
    
            Find out which cards CNN Underscored Money chose as the best credit cards currently available.",CNN,26/02/2024,"['The relatively new Bilt Mastercard® (seerates and fees) has been incredibly popular since its inception.', 'With a top-notch loyalty program and the opportunity to earn points on rent with absolutely no transaction fees (up to 100,000 points per calendar year), it’s no surprise to see the card flourish over the past few years.', 'And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.', 'With Bilt’s Rent Day promotion —which runs the first of every month — all card members have the opportunity to earn double points on all purchases (excluding rent) as well as take advantage of their unique offer for the month.', 'Bilt typically announces their promotions just a few days prior to Rent Day, and it’s something you’ll want to pay attention to.', 'Bilt Rewards just released the March 1st edition of its monthly Rent Day promotion, and it is a unique one.', 'Instead of Bilt announcing a single offer, all members will have the opportunity to have a say in the winning pick.', 'A play off the March Madness bracket, the Bilt Bracket will run between now and Feb. 29, during which you can vote daily to help decide the Rent Day benefit.', 'Various offers will go head-to-head, and like all brackets, the winner will proceed to the next round.', 'The last standing offer will then be the Rent Day benefit on March 1.', 'And similar to most other Rent Day promotions, the winning offer is only valid on the first day of the month (March 1, 2024, in this case).', 'Let’s take a closer look at how this bracket will work and the Rent Day offer options.', 'For four days straight —between Feb. 26 and Feb. 29 —Bilt members can vote for their favorite Rent Day benefit within the Bilt app or BiltRewards.com.', 'There are 16 total offers to start with and the winners from each day will then proceed to the next round of the bracket.', 'The last standing offer after the Feb. 29th vote will end up being the Rent Day benefit for all members to take advantage of on March 1.', 'However, those with Gold or Platinum status with Bilt, will also receive the runner-up offer,giving select members two bonus opportunities on Rent Day.', 'With 16 different offers, some are significantly better than others.', 'Although, the best offer for you might truly depend on how you engage in the Bilt program.', 'Check the Bilt app or website to see the full list of promotions you can vote on.', 'For me, the offers that allow me to earn bonus points on specific purchases —such as bonus points at Bilt Dining restaurants —will be my top pick, but others might prefer the opportunity get bonus points by redeeming their Bilt points on rent, for example.', 'Voting is incredible quick and can easily be completed alongside your morning coffee.', 'Once you vote, you’ll also be given some insight on the winners with the percentage of members that picked each option thus far.', 'On March 1st, Bilt members will also have the opportunity to redeem Bilt points for an exclusive game ticket and experience to the NCAA Men’s Sweet 16, Elite Eight and Final Four games.', 'Tickets start at 15,000 Bilt points each for games taking place in Dallas, Detroit, Boston, Los Angeles and Phoenix.', 'You’ll be able to snag a ticket starting at 12 p.m. EST on March 1, but those with higher Bilt status will receive priority.', 'This is because those with Platinum status will have first access at 12 p.m. EST, Gold status members at 12:30 p.m. EST, Silver status members at 1 p.m. and everyone else at 1:30 p.m.  Every month on Rent Day, Bilt also gives members with the Bilt Mastercard a chance to earn double points on all purchases (excluding rent).', 'So, if you have a new restaurant you want to check out, flights to book or any other purchases to make, it could be worth waiting until March 1 to earn more points on your purchase.', 'And if you’re dining at a restaurant that participates in Bilt Dining, you can increase your earnings up to a whopping 11 points per dollar.', 'But remember, to earn Bilt points, you must use the card five times each statement period (see Rewards & Benefits).', 'Bilt’s monthly Rent Day promotions are a great opportunity to maximize your points as well as jump on unique promotions.', 'Let’s see which bonus offer wins this month.', 'Learn more and apply now for the Bilt Mastercard.', 'Find out which cards CNN Underscored Money chose as the best credit cardscurrently available.']",0.5132379666371525,"And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.",,0.9566513225436212,"And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.",,2024-04-01
"Hull funeral home inquiry: 'I spent £2,700 on a fake funeral policy'",https://www.bbc.co.uk/news/uk-england-humber-68636654,2024-03-22T15:26:00.000Z,"Buyers of funeral plans from a Hull funeral home already at the centre of a police inquiry said they have been told their policies are non-existent. Rita Goldspink and Kevin Newton paid about £2,500 each for plans bought from Legacy Independent Funeral Directors in 2018 and 2012 respectively. Each has been told separately that there is no trace of their policy on the third-party insurer's database. Legacy funeral home has been contacted for comment. Two people have been bailed in a police investigation of Legacy Independent Funeral Directors that began on 6 March, following a report of ""concern for care of the deceased"". Rachel Marshall, from Hull, said the pre-paid funeral plan for her mother, Rita Goldspink, 76, had cost £2,700 in April 2018, six months after Legacy had organised her father's funeral. After news emerged of the Humberside Police investigation, Ms Marshall said she contacted the insurer and discovered they could not find ""my mum's name on their database"". She said she was later told by the insurer that she should have received a welcome pack containing details of the plan shortly after purchase. ""My mum was absolutely devastated and I was in total shock,"" said Ms Marshall.  ""All that money is gone. ""I'm gutted and have started to realise through conversations [with others that] there are more of us with these fake policies."" Kevin Newton, 69, also from Hull, said he was ""mortified"" to learn that his pre-paid funeral plan, which had cost him £2,239, was similarly untraceable. He said when he bought the third-party policy in 2012, he had received written confirmation and a receipt from Legacy.  Shortly afterwards a pack had arrived in the post, which he had believed contained official documents about his policy. However, after his family raised concerns with him last week, Mr Newton said he had phoned the third-party insurer and was told there was no trace of the policy. His daughter Kerry, 35, said: ""It's absolutely shocking because it's a lot of money for my dad to fork out and it's not like he can [afford it] again. ""I know my dad's done it so me and my brother don't have to worry about him when the time comes. It's just devastating. ""It's unforgiveable."" Another woman from Hull, who wishes to remain anonymous, said she ""can't get [her] head round"" being told there was no record of her £2,500 pre-paid funeral plan, bought from Legacy in 2016. She said she had bought the plan after using the company to arrange the funerals of both her parents, who had died three weeks apart. She too had believed a pack she received was evidence of the third-party policy. But she discovered last week the policy did not exist, the woman said. ""Initially... all I was concerned about was my mum and dad. They're supposed to be buried together in the same grave. I hope they are but I just don't know now. I'm thinking: are they there?  ""But now - finding this policy is worthless - it's just a cherry on the icing, really. I'm completely shocked. ""I mean, I'm still more troubled about mum and dad at the moment. But I know I'll never get any answers on that."" The BBC has seen documents given to all three families who bought the plans from Legacy. It is unclear whether Legacy submitted the filled-in application forms to the insurer. In a statement, the third-party insurer, Ecclesiastical Planning Services, said: ""This is a deeply distressing incident for the families affected.  ""We are unable to comment on individual cases but we are working with families who contact us to establish if they have a plan with us."" All three families said they had ""lost trust"" in the financial sector, particularly in the funeral industry, and have called for tighter regulations. The woman said: ""I think anyone setting up a funeral business should have some sort of qualification or have been trained. And there has to be regular inspections."" Ms Marshall urged anyone who had bought a pre-paid funeral plan to ""check your policy"". ""More or less everything goes on trust,"" she said. Few details about the police investigation have been revealed but a quantity of ashes and 35 bodies were recovered from Legacy's Hessle Road premises and taken to another mortuary. The families involved have been contacted, Humberside Police have said. A 46-year-old man and a 23-year-old woman were arrested on suspicion of prevention of a lawful and decent burial, fraud by false representation and fraud by abuse of position. They have since been released on bail while police inquiries continue. The force said its dedicated helpline numbers remain open. Follow BBC East Yorkshire and Lincolnshire on Facebook, X (formerly Twitter), and Instagram. Send your story ideas to eastyorkslincs.news@bbc.co.uk Are you affected by the issues raised in this story? Share your experiences by emailing haveyoursay@bbc.co.uk Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk Please include your name, age and location with any submission.  ",BBC,22/03/2024,"['Buyers of funeral plans from a Hull funeral home already at the centre of a police inquiry said they have been told their policies are non-existent.', 'Rita Goldspink and Kevin Newton paid about £2,500 each for plans bought from Legacy Independent Funeral Directors in 2018 and 2012 respectively.', ""Each has been told separately that there is no trace of their policy on the third-party insurer's database."", 'Legacy funeral home has been contacted for comment.', 'Two people have been bailed in a police investigation of Legacy Independent Funeral Directors that began on 6 March, following a report of ""concern for care of the deceased"".', ""Rachel Marshall, from Hull, said the pre-paid funeral plan for her mother, Rita Goldspink, 76, had cost £2,700 in April 2018, six months after Legacy had organised her father's funeral."", 'After news emerged of the Humberside Police investigation, Ms Marshall said she contacted the insurer and discovered they could not find ""my mum\'s name on their database"".', 'She said she was later told by the insurer that she should have received a welcome pack containing details of the plan shortly after purchase. ""', 'My mum was absolutely devastated and I was in total shock,"" said Ms Marshall. ""', 'All that money is gone. ""', 'I\'m gutted and have started to realise through conversations [with others that] there are more of us with these fake policies.""', 'Kevin Newton, 69, also from Hull, said he was ""mortified"" to learn that his pre-paid funeral plan, which had cost him £2,239, was similarly untraceable.', 'He said when he bought the third-party policy in 2012, he had received written confirmation and a receipt from Legacy.', 'Shortly afterwards a pack had arrived in the post, which he had believed contained official documents about his policy.', 'However, after his family raised concerns with him last week, Mr Newton said he had phoned the third-party insurer and was told there was no trace of the policy.', 'His daughter Kerry, 35, said: ""It\'s absolutely shocking because it\'s a lot of money for my dad to fork out and it\'s not like he can [afford it] again. ""', ""I know my dad's done it so me and my brother don't have to worry about him when the time comes."", 'It\'s just devastating. ""', 'It\'s unforgiveable.""', 'Another woman from Hull, who wishes to remain anonymous, said she ""can\'t get [her] head round"" being told there was no record of her £2,500 pre-paid funeral plan, bought from Legacy in 2016.', 'She said she had bought the plan after using the company to arrange the funerals of both her parents, who had died three weeks apart.', 'She too had believed a pack she received was evidence of the third-party policy.', 'But she discovered last week the policy did not exist, the woman said. ""', 'Initially... all I was concerned about was my mum and dad.', ""They're supposed to be buried together in the same grave."", ""I hope they are but I just don't know now."", 'I\'m thinking: are they there? ""', ""But now - finding this policy is worthless - it's just a cherry on the icing, really."", 'I\'m completely shocked. ""', ""I mean, I'm still more troubled about mum and dad at the moment."", 'But I know I\'ll never get any answers on that.""', 'The BBC has seen documents given to all three families who bought the plans from Legacy.', 'It is unclear whether Legacy submitted the filled-in application forms to the insurer.', 'In a statement, the third-party insurer, Ecclesiastical Planning Services, said: ""This is a deeply distressing incident for the families affected. ""', 'We are unable to comment on individual cases but we are working with families who contact us to establish if they have a plan with us.""', 'All three families said they had ""lost trust"" in the financial sector, particularly in the funeral industry, and have called for tighter regulations.', 'The woman said: ""I think anyone setting up a funeral business should have some sort of qualification or have been trained.', 'And there has to be regular inspections.""', 'Ms Marshall urged anyone who had bought a pre-paid funeral plan to ""check your policy"". ""', 'More or less everything goes on trust,"" she said.', ""Few details about the police investigation have been revealed but a quantity of ashes and 35 bodies were recovered from Legacy's Hessle Road premises and taken to another mortuary."", 'The families involved have been contacted, Humberside Police have said.', 'A 46-year-old man and a 23-year-old woman were arrested on suspicion of prevention of a lawful and decent burial, fraud by false representation and fraud by abuse of position.', 'They have since been released on bail while police inquiries continue.', 'The force said its dedicated helpline numbers remain open.', 'Follow BBC East Yorkshire and Lincolnshire on Facebook, X (formerly Twitter), and Instagram.', 'Send your story ideas to eastyorkslincs.news@bbc.co.uk Are you affected by the issues raised in this story?', 'Share your experiences by emailing haveyoursay@bbc.co.uk Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk Please include your name, age and location with any submission.""]",-0.1373784424526084,Share your experiences by emailing haveyoursay@bbc.co.uk Please include a contact number if you are willing to speak to a BBC journalist.,"A 46-year-old man and a 23-year-old woman were arrested on suspicion of prevention of a lawful and decent burial, fraud by false representation and fraud by abuse of position.",-0.8656735040924766,,"All three families said they had ""lost trust"" in the financial sector, particularly in the funeral industry, and have called for tighter regulations.",2024-04-01
Baltimore bridge collapse: Insurance loss could hit $3bn,https://www.bbc.co.uk/news/world-us-canada-68688856,2024-03-28T20:18:10.000Z,"The collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said. Six people were presumed dead after a ship crashed into the bridge, and divers have recovered two bodies. Experts say the damages could cost as much as $3bn (£2.3bn).  ""I would say it's certainly going to be one of the largest marine losses in history,"" said John Neal, chief executive officer of Lloyd's of London.  ""Of that there is little or no doubt,"" Mr Neal told the BBC. ""But genuinely the good news is it's insured.""  Mr Neal said the port and the ship that crashed into the bridge are also insured.  ""So from a financial point of view, there is a process that will allow for financial compensation to be made and for the claim to be settled,"" he said.  The Maryland Department of Transportation has so far asked the Biden administration for $60m in emergency funds to help clear debris and clean up after the incident.  Addressing the bridge collapse is not the only expense, either. Until the shipping lane is reopened, experts say the incident could lead to losses of up to $15m (£11.8m) because of how vital the Baltimore port is to global commerce. Mr Neal would not offer a number for how much insurance companies may be billed for the collision, but analysts at Barclays have said the claims could cost insurance companies as much as $3bn. The analysts said damages to the bridge itself could amount to $1.2bn, while insurance companies may face fees between $350m and $700m for wrongful deaths.  Closure of one of the US' biggest ports while the bridge is repaired could also cost millions of dollars, Barclays' analysts said.  The Port of Baltimore is the 14th largest in the US. In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn, passed through Baltimore, according to data from the state of Maryland.  Experts have stressed that the closure of the port could have ripple effects on global supply chains.  President Joe Biden has said the federal government should cover the cost to rebuild the bridge. Paul Wiedefeld, secretary of the Maryland Department of Transportation, and other officials noted that resolving the bridge collapse will not be a quick process. But he promised at a press conference on Wednesday that officials were working to ""come up with a design for the replacement of that bridge as quickly as possible to get the port back up and the community back up and running"". ",BBC,28/03/2024,"['The collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said.', 'Six people were presumed dead after a ship crashed into the bridge, and divers have recovered two bodies.', 'Experts say the damages could cost as much as $3bn (£2.3bn). ""', 'I would say it\'s certainly going to be one of the largest marine losses in history,"" said John Neal, chief executive officer of Lloyd\'s of London. ""', 'Of that there is little or no doubt,"" Mr Neal told the BBC. ""', 'But genuinely the good news is it\'s insured.""', 'Mr Neal said the port and the ship that crashed into the bridge are also insured. ""', 'So from a financial point of view, there is a process that will allow for financial compensation to be made and for the claim to be settled,"" he said.', 'The Maryland Department of Transportation has so far asked the Biden administration for $60m in emergency funds to help clear debris and clean up after the incident.', 'Addressing the bridge collapse is not the only expense, either.', 'Until the shipping lane is reopened, experts say the incident could lead to losses of up to $15m (£11.8m) because of how vital the Baltimore port is to global commerce.', 'Mr Neal would not offer a number for how much insurance companies may be billed for the collision, but analysts at Barclays have said the claims could cost insurance companies as much as $3bn.', 'The analysts said damages to the bridge itself could amount to $1.2bn, while insurance companies may face fees between $350m and $700m for wrongful deaths.', ""Closure of one of the US' biggest ports while the bridge is repaired could also cost millions of dollars, Barclays' analysts said."", 'The Port of Baltimore is the 14th largest in the US.', 'In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn, passed through Baltimore, according to data from the state of Maryland.', 'Experts have stressed that the closure of the port could have ripple effects on global supply chains.', 'President Joe Biden has said the federal government should cover the cost to rebuild the bridge.', 'Paul Wiedefeld, secretary of the Maryland Department of Transportation, and other officials noted that resolving the bridge collapse will not be a quick process.', 'But he promised at a press conference on Wednesday that officials were working to ""come up with a design for the replacement of that bridge as quickly as possible to get the port back up and the community back up and running"".']",-0.0944209485662888,The Maryland Department of Transportation has so far asked the Biden administration for $60m in emergency funds to help clear debris and clean up after the incident.,"The collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said.",-0.7173685431480408,"But genuinely the good news is it's insured.""","I would say it's certainly going to be one of the largest marine losses in history,"" said John Neal, chief executive officer of Lloyd's of London. """,2024-04-01
Debt relief orders: Fee of £90 axed for poorest,https://www.bbc.co.uk/news/business-68669762,2024-03-29T00:02:13.000Z,"People on the lowest incomes will be able to apply to have their debts wiped out for free as rules change in April.  Debt Relief Orders clear existing debt on everything from council tax to energy bills and rent.  They cost £90 to apply for which charities said many people in debt could not afford. But from 6 April they will be free in England and Wales. Olu from London said being able to apply for free ""was like a light switch in a dark place for me."" After being made redundant during the pandemic, she struggled to find work and ended up trying to pay her debts through a credit card.  ""Honestly I didn't have the money to pay for anything, so that £90 was like another stumbling block for me,"" she said. ""I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said. But she said she had hope for the future again, knowing that her application will now be at the top of the pile,  In recent years DROs have been an increasingly important tool for those struggling the most. In 2023, some 31,717 DROs were granted in England and Wales - more than at any other point in the last five years.  This year has seen an even more dramatic jump in numbers. January of this year saw a 60% increase in the number of DROs granted compared with January 2023. In February, the number of DROs increased by 44% compared with the same month in 2023.  Citizen's Advice said up until now nine in 10 of the people they helped apply for a DRO had struggled to cover the £90 fee, with many being priced out of insolvency. ""It's really welcome news but it's not job done,"" said Rachel Beddow, principle policy manager at Citizens Advice. She said she was concerned debt advice organisations were not being given any extra resource to meet the extra demand they are expecting.  Jessie in Bridgnorth knows only too well how hard it is to get £90 together.  ""That doesn't seem a lot to some people but to me that's two week's worth of shopping,"" she said. After a marriage breakdown, with four children to care for, her finances got out of control. Falling behind on her council tax, energy and water bills, she regularly had to use a food bank to make sure her family had enough to eat. ""I felt like I was only just floating above the water anyway to be honest, and then when I found out how much debt I was in, that's when I started to feel like I was drowning, and it was quite scary really."" Jessie was awarded a bursary to cover the cost of the DRO, like lots of the clients who work with Christians Against Poverty.  ""It's been amazing actually being debt free,"" she said. ""I don't have to have the fear of somebody knocking on my door, or if my phone rings I'm not worried about who's going to be on the other side."" She's delighted that now that opportunity will be open to more people. ""It's a lot of money to find so it's brilliant news. It's going to change a lot of lives.""  Debt charity Christians Against Poverty say around half of their clients have taken out a DRO over the last two years. They are anticipating an 11% increase in the volumes of DROs they are processing over the coming months.  Mark Triggs is a debt coach with Christians Against Poverty in Shropshire. He said the change was important as so many more people are sliding into debt at the moment.  ""I've known lots of people who are too poor to go bust,"" he said. ""I can think of three people specifically at this moment in time who it will be manna from heaven to get their debts cleared without having to find the £90 fee."" More tips to help you manage debt ",BBC,29/03/2024,"['People on the lowest incomes will be able to apply to have their debts wiped out for free as rules change in April.', 'Debt Relief Orders clear existing debt on everything from council tax to energy bills and rent.', 'They cost £90 to apply for which charities said many people in debt could not afford.', 'But from 6 April they will be free in England and Wales.', 'Olu from London said being able to apply for free ""was like a light switch in a dark place for me.""', 'After being made redundant during the pandemic, she struggled to find work and ended up trying to pay her debts through a credit card. ""', 'Honestly I didn\'t have the money to pay for anything, so that £90 was like another stumbling block for me,"" she said. ""', 'I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said.', 'But she said she had hope for the future again, knowing that her application will now be at the top of the pile, In recent years DROs have been an increasingly important tool for those struggling the most.', 'In 2023, some 31,717 DROs were granted in England and Wales - more than at any other point in the last five years.', 'This year has seen an even more dramatic jump in numbers.', 'January of this year saw a 60% increase in the number of DROs granted compared with January 2023.', 'In February, the number of DROs increased by 44% compared with the same month in 2023.', 'Citizen\'s Advice said up until now nine in 10 of the people they helped apply for a DRO had struggled to cover the £90 fee, with many being priced out of insolvency. ""', 'It\'s really welcome news but it\'s not job done,"" said Rachel Beddow, principle policy manager at Citizens Advice.', 'She said she was concerned debt advice organisations were not being given any extra resource to meet the extra demand they are expecting.', 'Jessie in Bridgnorth knows only too well how hard it is to get £90 together. ""', 'That doesn\'t seem a lot to some people but to me that\'s two week\'s worth of shopping,"" she said.', 'After a marriage breakdown, with four children to care for, her finances got out of control.', 'Falling behind on her council tax, energy and water bills, she regularly had to use a food bank to make sure her family had enough to eat. ""', 'I felt like I was only just floating above the water anyway to be honest, and then when I found out how much debt I was in, that\'s when I started to feel like I was drowning, and it was quite scary really.""', 'Jessie was awarded a bursary to cover the cost of the DRO, like lots of the clients who work with Christians Against Poverty. ""', 'It\'s been amazing actually being debt free,"" she said. ""', 'I don\'t have to have the fear of somebody knocking on my door, or if my phone rings I\'m not worried about who\'s going to be on the other side.""', 'She\'s delighted that now that opportunity will be open to more people. ""', ""It's a lot of money to find so it's brilliant news."", 'It\'s going to change a lot of lives.""', 'Debt charity Christians Against Poverty say around half of their clients have taken out a DRO over the last two years.', 'They are anticipating an 11% increase in the volumes of DROs they are processing over the coming months.', 'Mark Triggs is a debt coach with Christians Against Poverty in Shropshire.', 'He said the change was important as so many more people are sliding into debt at the moment. ""', 'I\'ve known lots of people who are too poor to go bust,"" he said. ""', 'I can think of three people specifically at this moment in time who it will be manna from heaven to get their debts cleared without having to find the £90 fee.""', 'More tips to help you manage debt']",0.2130026665958025,"I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said.",Mark Triggs is a debt coach with Christians Against Poverty in Shropshire.,0.2527970725839788,"In February, the number of DROs increased by 44% compared with the same month in 2023.","After a marriage breakdown, with four children to care for, her finances got out of control.",2024-04-01
The wealth of the 1% just hit a record $44 trillion,https://www.cnbc.com/2024/03/28/wealth-of-the-1percent-hits-a-record-44-trillion.html,2024-03-28T20:32:39+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge. Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%. Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect."" When consumers and investors see their stock holdings soar, they feel more confident spending and taking more risk.""The wealth effect from surging stock prices is a powerful tailwind to consumer confidence, spending and broader economic growth,"" said Mark Zandi, chief economist of Moody's Analytics. ""Of course, this highlights a vulnerability of the economy if the stock market were to falter. This isn't the most likely scenario, but it is a scenario given that stocks appear richly (over) valued.""Yet, the latest report also highlights how top-heavy stock ownership remains in the U.S. According to the Fed report, the top 10% of Americans own 87% of individually held stocks and mutual funds. The top 1% own half of all individually held stocks.Economists say a rising stock market brings outsized benefits to the wealthy, mainly boosting the high end of the consumer and spending markets. The wealth of middle-class and lower-income Americans depends more on wages and home values than stocks.""Those households in the top one-third of the income distribution and who own the bulk of the stock holdings account for approximately two-thirds of consumer spending,"" Zandi said.  Liz Ann Sonders, chief investment strategist at Charles Schwab, said stocks represent a growing share of the assets of the top 1%. Stocks accounted for 37.8% of the overall share of household assets for the top 1% at the end of 2023, up from a recent low of 36.5%.Yet because the wealthy don't need to spend as much of their gains – a phenomenon known as the marginal propensity to consume – Sonders said the added stock wealth for the 1% may not have a substantial impact on the consumer economy.She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.""While the bump in stock prices might link to stronger confidence, it doesn't necessarily point to stronger spending at the higher end,"" she said.With the S&P 500 already up 10% this year, it is likely that the wealth of the upper echelon has already topped the record at the end of 2023. While inequality declined slightly in 2021 and 2022, as wages increased and housing prices surged, the wealth gap has since crept back to pre-pandemic levels.The top 1% accounted for 30% of the nation's wealth at the end of the fourth quarter, while the top 10% accounted for 67% of all wealth.Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,28/03/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.', 'The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter.', 'All of the gains came from their stock holdings.', 'The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.', 'While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.', 'The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge.', 'Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%.', 'Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect.""', 'When consumers and investors see their stock holdings soar, they feel more confident spending and taking more risk.', '""The wealth effect from surging stock prices is a powerful tailwind to consumer confidence, spending and broader economic growth,"" said Mark Zandi, chief economist of Moody\'s Analytics. ""', 'Of course, this highlights a vulnerability of the economy if the stock market were to falter.', ""This isn't the most likely scenario, but it is a scenario given that stocks appear richly (over) valued."", '""Yet, the latest report also highlights how top-heavy stock ownership remains in the U.S. According to the Fed report, the top 10% of Americans own 87% of individually held stocks and mutual funds.', 'The top 1% own half of all individually held stocks.', 'Economists say a rising stock market brings outsized benefits to the wealthy, mainly boosting the high end of the consumer and spending markets.', 'The wealth of middle-class and lower-income Americans depends more on wages and home values than stocks.', '""Those households in the top one-third of the income distribution and who own the bulk of the stock holdings account for approximately two-thirds of consumer spending,"" Zandi said.', 'Liz Ann Sonders, chief investment strategist at Charles Schwab, said stocks represent a growing share of the assets of the top 1%.', ""Stocks accounted for 37.8% of the overall share of household assets for the top 1% at the end of 2023, up from a recent low of 36.5%.Yet because the wealthy don't need to spend as much of their gains – a phenomenon known as the marginal propensity to consume – Sonders said the added stock wealth for the 1% may not have a substantial impact on the consumer economy."", 'She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.', '""While the bump in stock prices might link to stronger confidence, it doesn\'t necessarily point to stronger spending at the higher end,"" she said.', 'With the S&P 500 already up 10% this year, it is likely that the wealth of the upper echelon has already topped the record at the end of 2023.', 'While inequality declined slightly in 2021 and 2022, as wages increased and housing prices surged, the wealth gap has since crept back to pre-pandemic levels.', ""The top 1% accounted for 30% of the nation's wealth at the end of the fourth quarter, while the top 10% accounted for 67% of all wealth."", ""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.""]",0.5776866630399407,"Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect.""","Of course, this highlights a vulnerability of the economy if the stock market were to falter.",0.6448096387526568,The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge.,"She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.",2024-04-01
Opinion: The drama around Sam Altman is an urgent warning,https://edition.cnn.com/2023/11/21/opinions/sam-altman-openai-ouster-danger-filipovic/index.html,"
  Published
        9:50 AM EST, Tue November 21, 2023
    ","The biggest tech news this week is the ouster of Sam Altman from his role as CEO of OpenAI, a move that has shaken the company and the industry. Hundreds of OpenAI employees have threatened to resign. Altman has already moved on to a role at Microsoft. And OpenAI, the company behind ChatGPT, is on its third CEO in as many days.
    
            It’s all very juicy. But this drama should also be raising larger questions, far beyond one company’s internal hirings and firings, including: Who are the people making the decisions that will determine so much of our technological future? What guiding principles are they using to make those decisions? And how should other institutions – governments, non-tech industries, global alliances, regulatory bodies – reign in the worst excesses of potentially dangerous AI innovators?
    
            OpenAI was founded as a nonprofit, with an explicit mission to harness what may soon be superhuman intelligence “to benefit humanity as a whole.” But that sensibility hasn’t lasted. The company now has a multi-billion-dollar for-profit arm. They have been developing new technologies at lightning speed, and sometimes sending them out to the public before some employees believed they were ready. The company has already reportedly invented an AI technology so dangerous they will never release it – but they also won’t tell reporters or the public exactly what it is.
    
            This dynamic – a potentially dangerous technology developed at extreme speed, largely behind closed doors – is partly to blame for Altman’s firing. The OpenAI board, according to CNN’s David Goldman, worried that “the company was making the technological equivalent of a nuclear bomb, and its caretaker, Sam Altman, was moving so fast that he risked a global catastrophe.” At particular issue seemed to be Altman’s efforts to make the tools behind ChatGPT available to anyone who wanted to make their own version of the chatbot. This could be widely disastrous, some board members worried.
    
            But then they fired him without warning, and apparently without involving Microsoft, the company’s largest shareholder. Now, Altman is at the new AI group at Microsoft, and one has to wonder if the oversight and caution there will be on par with that at OpenAI, or if he’ll be handed carte blanche to push as fast and hard as he wants. And for all the justified reticence of the OpenAI board, the company has carried out much of its work in secrecy – without the public really understanding what a handful of unaccountable technologists are building, and how it is nearly guaranteed to indelibly change their lives.
    
            AI is broadly understood to have the potential to reshape vast swaths of human existence. At the very least, it seems nearly guaranteed to change how we process information, how we communicate, how we learn and how we work (and if we work). And the ramifications could be much more extreme. AI technologies have already demonstrated the ability to lie and to cover their tracks. They have already been able to suggest the design to make a virus spread more quickly. Many researchers acutely understand just how quickly these machines could develop the capacity to annihilate us, including Altman: He has a prepper’s paradise prepared in Big Sur, complete with guns and “gas masks from the Israeli Defense Force” in case AI goes off the rails and the robots go to war against humans, according to reporting in the New Yorker.
    
            But don’t worry, he told an Atlantic reporter: If AI is determined to wipe us out, “no gas mask is helping anyone.” (If you want an excellent and terrifying rundown of AI’s risks – at least those we understand right now, which are almost certainly a mere sliver of the looming perils – the Atlantic profile of Altman and his technology is worth a read).
    
            AI is very exciting technology. But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”
    
            Given the life-altering potential of AI – that even if it doesn’t kill us all, it will almost certainly change human existence in unprecedented ways at unprecedented speed – we all have a stake in how it’s being developed. And yet the development is being left to a handful of people (who seem to be largely men) in Silicon Valley, and other tech pockets around the globe. And we all have a stake in whose interests AI will serve – and right now, its development is being funded with billions of dollars by people expecting to make a huge profit.
    
            Do the interests of the public align with the interests of the shareholders to whom profit-driven, potentially tremendously lucrative-for-a-few companies are beholden? Or with the interests of tech entrepreneurs who are primarily excited about being at the forefront of the AI revolution, regardless of the potential human costs?
    
            One thing is clear: AI is coming. And how it is built and unleashed on the public matters more than perhaps any technology of the past century. It is, indeed, up there with the atom bomb in its destructive potential – except likely more difficult to regulate and control.
    
            “Regulation” does not begin to scratch the surface of what’s needed to make sure that the AI future is not a catastrophic one, especially since the development of AI is now a massive international arms race, with particularly horrific implications if bad actors develop this technology first. But regulation is, at minimum, a necessary step.
    
            So is transparency: In the US, companies have wide leverage to work behind a veil of secrecy, and much of what AI companies do is kept secret to stymy competition. But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.
    
            The Altman story is fascinating because Altman is the most powerful figure in AI technology, which in effect makes him one of the most powerful men in the world. But that should give us pause: Who is he, what power does he hold, what is he doing with it, who does he answer to, and are we comfortable with this much life-altering potential being held by a few unaccountable people?",CNN,21/11/2023,"['The biggest tech news this week is theousterof Sam Altman from his role as CEO of OpenAI, a move that has shaken the company and the industry.', 'Hundreds of OpenAI employees have threatened toresign.', 'Altman has alreadymoved onto a role at Microsoft.', 'And OpenAI, the company behind ChatGPT, is on itsthird CEOin as many days.', 'It’s all very juicy.', 'But this drama should also be raising larger questions, far beyond one company’s internal hirings and firings, including: Who are the people making the decisionsthat will determine so much of our technological future?', 'What guiding principles are they using to make those decisions?', 'And how should other institutions – governments, non-tech industries, global alliances, regulatory bodies – reign in the worst excesses of potentially dangerous AI innovators?', 'OpenAI was founded as a nonprofit, with an explicit mission to harness what may soon be superhuman intelligence “to benefit humanity as a whole.”', 'But that sensibility hasn’t lasted.', 'The company now has a multi-billion-dollar for-profit arm.', 'They have been developing new technologies at lightning speed, and sometimes sending them out to the publicbefore some employees believed they were ready.', 'The company has already reportedly invented an AI technology so dangerous they will never release it – but they alsowon’t tellreporters or the public exactly what it is.', 'This dynamic – a potentially dangerous technology developed at extreme speed, largely behind closed doors – is partly to blame for Altman’s firing.', 'The OpenAI board, according toCNN’s David Goldman, worried that “the company was making the technological equivalent of a nuclear bomb, and its caretaker, Sam Altman, was moving so fast that he risked a global catastrophe.”', 'At particular issue seemed to be Altman’s efforts to make the tools behind ChatGPT available to anyone who wanted to make their own version of the chatbot.', 'This could be widely disastrous, some board members worried.', 'But then they fired him without warning, and apparently without involving Microsoft, the company’s largest shareholder.', 'Now, Altman is at the new AI group at Microsoft, and one has to wonder if the oversight and caution there will be on par with that at OpenAI, or if he’ll be handed carte blanche to push as fast and hard as he wants.', 'And for all the justified reticence of the OpenAI board, the company has carried out much of its work in secrecy – without the public really understanding what a handful of unaccountable technologists are building, and how it is nearly guaranteed to indelibly change their lives.', 'AI is broadly understood to have the potential to reshape vast swaths of human existence.', 'At the very least, it seems nearly guaranteed to change how we process information, how we communicate, how we learn and how we work (and if we work).', 'And the ramifications could be much more extreme.', 'AI technologies have already demonstrated the abilityto lie and to cover their tracks.', 'They have already been able tosuggest the designto make a virus spread more quickly.', 'Many researchersacutely understandjust how quickly these machines could develop the capacity to annihilate us, including Altman: He has a prepper’s paradise prepared in Big Sur, complete with guns and “gas masks from the Israeli Defense Force” in case AI goes off the rails and the robots go to war against humans,according to reporting in the New Yorker.', 'But don’t worry, he told an Atlantic reporter: If AI is determined to wipe us out, “no gas mask is helping anyone.” (', 'If you want an excellent and terrifying rundown of AI’s risks – at least those we understand right now, which are almost certainly a mere sliver of the looming perils –the Atlantic profile of Altman and his technologyis worth a read).', 'AI is very exciting technology.', 'But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”', 'Given the life-altering potential of AI – that even if it doesn’t kill us all, it will almost certainly change human existence in unprecedented ways at unprecedented speed – we all have a stake in how it’s being developed.', 'And yet the development is being left to a handful of people (who seem to belargelymen) in Silicon Valley, and other tech pockets around the globe.', 'And we all have a stake in whose interests AI will serve – and right now, its development is being funded with billions of dollars by people expecting to make a huge profit.', 'Do the interests of the public align with the interests of the shareholders to whom profit-driven, potentially tremendously lucrative-for-a-few companies are beholden?', 'Or with the interests of tech entrepreneurs who are primarily excited about being at the forefront of the AI revolution, regardless of the potential human costs?', 'One thing is clear: AI is coming.', 'And how it is built and unleashed on the public matters more than perhaps any technology of the past century.', 'It is, indeed, up there with the atom bomb in its destructive potential – except likely more difficult to regulate and control.', '“Regulation” does not begin to scratch the surface of what’s needed to make sure that the AI future is not a catastrophic one, especially since the development of AI is now a massive international arms race, with particularly horrific implications if bad actors develop this technology first.', 'But regulation is, at minimum, a necessary step.', 'So is transparency: In the US, companies have wide leverage to work behind a veil of secrecy, and much of what AI companies do is kept secret to stymy competition.', 'But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.', 'The Altman story is fascinating because Altman is the most powerful figure in AI technology, which in effect makes him one of the most powerful men in the world.', 'But that should give us pause: Who is he, what power does he hold, what is he doing with it, who does he answer to, and are we comfortable with this much life-altering potential being held by a few unaccountable people?']",0.0034737194649936,"But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.","But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”",-0.2999434590339661,AI technologies have already demonstrated the abilityto lie and to cover their tracks.,"But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”",2024-04-01
What is a recession and how could it affect me?,https://www.bbc.co.uk/news/business-52986863,2020-06-12T00:47:29.000Z,"The UK economy fell into recession during the final three months of 2023, according to official figures. However, the Bank of England has since suggested that the downturn might already be over. Prime Minister Rishi Sunak said growing the economy was one of his five key priorities. The Office for National Statistics (ONS) publishes figures for the UK's Gross Domestic Product (GDP). This is the value of all the goods and services the UK produces. In normal times, a country's economy grows, GDP rises, and average incomes rise as a result. But sometimes the economy shrinks, GDP falls, and that's a sign that the economy is doing badly, which could hit people's pockets. The UK is in recession if GDP falls for two successive three-month periods - known as quarters.  The latest ONS figures confirm that the economy shrank 0.3% between October and December 2023.  That followed a 0.1% fall between July and September and means the economy went into recession at the end of 2023.  Across 2023 as a whole, the UK economy grew by 0.1%.  The government has never publicly said what measure should be used to assess the prime minister's pledge to ""grow the economy"", despite repeated requests. In private briefings, journalists were told it would be met if the economy was bigger in the fourth quarter of 2023 than in the previous quarter. The ONS figures show that it was not.  The last UK recession was in 2020, at the height of the coronavirus pandemic. It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record. The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.  Economic growth can mean more jobs are available and companies can pay more to employees and shareholders.  Higher wages and larger profits also generate money for the government through taxes.  It can choose to spend more on things like benefits and public services, or cut tax rates. When the economy shrinks and a country goes into recession, these things can go into reverse.  Some people might lose their jobs, and unemployment could rise. Graduates and school leavers could find it difficult to get their first job.  Others may find it harder to be promoted, or to get big enough pay rises to keep pace with price increases.  However, the pain of a recession is typically not felt equally across society, and inequality can increase.  Benefit recipients and those on fixed incomes are particularly likely to struggle, especially if the government decides to spend less on public services.  In a recession, the Bank of England - which is independent of government - typically cuts interest rates.  This makes it cheaper for businesses and households to borrow money which can boost spending and economic growth.   However, prices have been rising very quickly in the UK, and the Bank put interest rates up to tackle that inflation.   After 14 rate increases, the Bank has held interest rates at 5.25% four times in a row. When the economy is struggling to grow at the same time as there is high inflation, there can be a situation called ""stagflation"". This can be very difficult to solve, because the two issues require different solutions.  However in February 2024, Bank of England governor Andrew Bailey told MPs that there were ""distinct signs of an upturn"" in the economy and the latest recession may already be over. The UK has been one of the weaker members of the G7 group of the world's largest economies. The US economy grew by 3.3% in the fourth quarter of 2023, which was much better than expected.  That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies. It is also expected to outperform the rest of the G7 in 2024.  In October 2023, the International Monetary Fund (IMF) predicted that the UK would grow by just 0.6% in 2024.   The independent Office for Budget Responsibility (OBR) expects the UK economy to grow by 0.7% in 2024, but that is less than half of its earlier prediction of 1.8% growth. ",BBC,12/06/2020,"['The UK economy fell into recession during the final three months of 2023, according to official figures.', 'However, the Bank of England has since suggested that the downturn might already be over.', 'Prime Minister Rishi Sunak said growing the economy was one of his five key priorities.', ""The Office for National Statistics (ONS) publishes figures for the UK's Gross Domestic Product (GDP)."", 'This is the value of all the goods and services the UK produces.', ""In normal times, a country's economy grows, GDP rises, and average incomes rise as a result."", ""But sometimes the economy shrinks, GDP falls, and that's a sign that the economy is doing badly, which could hit people's pockets."", 'The UK is in recession if GDP falls for two successive three-month periods - known as quarters.', 'The latest ONS figures confirm that the economy shrank 0.3% between October and December 2023.', 'That followed a 0.1% fall between July and September and means the economy went into recession at the end of 2023.', 'Across 2023 as a whole, the UK economy grew by 0.1%.', 'The government has never publicly said what measure should be used to assess the prime minister\'s pledge to ""grow the economy"", despite repeated requests.', 'In private briefings, journalists were told it would be met if the economy was bigger in the fourth quarter of 2023 than in the previous quarter.', 'The ONS figures show that it was not.', 'The last UK recession was in 2020, at the height of the coronavirus pandemic.', 'It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record.', 'The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.', 'Economic growth can mean more jobs are available and companies can pay more to employees and shareholders.', 'Higher wages and larger profits also generate money for the government through taxes.', 'It can choose to spend more on things like benefits and public services, or cut tax rates.', 'When the economy shrinks and a country goes into recession, these things can go into reverse.', 'Some people might lose their jobs, and unemployment could rise.', 'Graduates and school leavers could find it difficult to get their first job.', 'Others may find it harder to be promoted, or to get big enough pay rises to keep pace with price increases.', 'However, the pain of a recession is typically not felt equally across society, and inequality can increase.', 'Benefit recipients and those on fixed incomes are particularly likely to struggle, especially if the government decides to spend less on public services.', 'In a recession, the Bank of England - which is independent of government - typically cuts interest rates.', 'This makes it cheaper for businesses and households to borrow money which can boost spending and economic growth.', 'However, prices have been rising very quickly in the UK, and the Bank put interest rates up to tackle that inflation.', 'After 14 rate increases, the Bank has held interest rates at 5.25% four times in a row.', 'When the economy is struggling to grow at the same time as there is high inflation, there can be a situation called ""stagflation"".', 'This can be very difficult to solve, because the two issues require different solutions.', 'However in February 2024, Bank of England governor Andrew Bailey told MPs that there were ""distinct signs of an upturn"" in the economy and the latest recession may already be over.', ""The UK has been one of the weaker members of the G7 group of the world's largest economies."", 'The US economy grew by 3.3% in the fourth quarter of 2023, which was much better than expected.', 'That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies.', 'It is also expected to outperform the rest of the G7 in 2024.', 'In October 2023, the International Monetary Fund (IMF) predicted that the UK would grow by just 0.6% in 2024.', 'The independent Office for Budget Responsibility (OBR) expects the UK economy to grow by 0.7% in 2024, but that is less than half of its earlier prediction of 1.8% growth.']",-0.0370619390386098,"That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies.","The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.",-0.0405489714057357,"Across 2023 as a whole, the UK economy grew by 0.1%.","It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record.",2024-04-01
China’s new factory data shows a bright start to the year,https://edition.cnn.com/2024/04/01/business/china-pmi-economy-march-hnk-intl/index.html,"
  Published
        2:12 AM EDT, Mon April 1, 2024
    ","(Beijing) — China’s manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, a private survey showed on Monday.
    
            The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month, above analysts’ forecasts of 51.0 and marking an expansion for the fifth consecutive month. The 50-point mark separates growth from contraction.
    
            The upbeat results followed recent better-than-expected export and retail sales data, suggesting a bright start to the year for the world’s second-biggest economy.
    
            Official factory data published on Sunday also entered positive territory, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence. The official purchasing managers’ index (PMI) rose to 50.8 in March from 49.1 in February, expanding for the first time in six months.
    
            Citi last week raised its forecast for China’s 2024 growth to 5.0% from 4.6%, citing “recent positive data and policy delivery.”
    
            Premier Li Qiang announced an ambitious 2024 economic growth target of around 5% at the annual meeting of China’s parliament in March.
    
            But analysts say policymakers will need to roll out more stimulus to hit that target as they will not be able to count on the weak statistical base of 2022 which flattered 2023 growth data.
    
            Expansion in manufacturers’ output and new orders accelerated last month, the PMI survey showed. External demand also picked up, pushing the gauge for new export orders to its highest level since February 2023.
    
            Businesses’ confidence towards the year-ahead rose to its highest point since April 2023 on good news such as a reduction in input costs.
    
            “A drop in raw material prices reduced production costs for manufacturers, providing leeway for them to lower prices amid fierce market competition,” said Wang Zhe, senior economist at Caixin Insight Group.
    
            However, companies were cautious about adding employees, and the relevant sub-index has remained negative since August last year.
    
            “The economy still faces headwinds with prevalent uncertainties and unfavorable factors,” said Wang.
    
            “Downward economic pressures persist, employment remains subdued, prices remain low, and insufficient effective demand has not been fundamentally resolved, underscoring the need to further boost domestic and external demand.”",CNN,01/04/2024,"['(Beijing) — China’s manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, a private survey showed on Monday.', 'The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month, above analysts’ forecasts of 51.0 and marking an expansion for the fifth consecutive month.', 'The 50-point mark separates growth from contraction.', 'The upbeat results followed recent better-than-expectedexportandretail salesdata, suggesting a bright start to the year for the world’s second-biggest economy.', 'Official factory data published on Sunday also entered positive territory, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence.', 'The official purchasing managers’ index (PMI) rose to 50.8 in March from 49.1 in February, expanding for the first time in six months.', 'Citilast week raised its forecast for China’s 2024 growth to 5.0% from 4.6%, citing “recent positive data and policy delivery.”', 'Premier Li Qiangannouncedan ambitious 2024 economic growth target of around 5% at the annual meeting of China’s parliament in March.', 'But analysts say policymakers will need to roll out more stimulus to hit that target as they will not be able to count on the weak statistical base of 2022 which flattered 2023 growth data.', 'Expansion in manufacturers’ output and new orders accelerated last month, the PMI survey showed.', 'External demand also picked up, pushing the gauge for new export orders to its highest level since February 2023.', 'Businesses’ confidence towards the year-ahead rose to its highest point since April 2023 on good news such as a reduction in input costs.', '“A drop in raw material prices reduced production costs for manufacturers, providing leeway for them to lower prices amid fierce market competition,” said Wang Zhe, senior economist at Caixin Insight Group.', 'However, companies were cautious about adding employees, and the relevant sub-index has remained negative since August last year.', '“The economy still faces headwinds with prevalent uncertainties and unfavorable factors,” said Wang.', '“Downward economic pressures persist, employment remains subdued, prices remain low, and insufficient effective demand has not been fundamentally resolved, underscoring the need to further boost domestic and external demand.”']",0.2052340983405481,"Citilast week raised its forecast for China’s 2024 growth to 5.0% from 4.6%, citing “recent positive data and policy delivery.”","However, companies were cautious about adding employees, and the relevant sub-index has remained negative since August last year.",0.4663146058718363,"The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month, above analysts’ forecasts of 51.0 and marking an expansion for the fifth consecutive month.","However, companies were cautious about adding employees, and the relevant sub-index has remained negative since August last year.",2024-04-01
One of the largest FTX creditors is trying to recoup millions for victims,https://edition.cnn.com/2024/04/01/investing/premarket-stocks-trading/index.html,"
  Published
        7:40 AM EDT, Mon April 1, 2024
    ","A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.
    
            Sam Bankman-Fried was sentenced to 25 years in prison last week for defrauding customers and investors in his failed crypto exchange FTX. He was also ordered to repay more than $11 billion, a sentence that will likely financially incapacitate him for the rest of his life.
    
            Securing compensation for victims of such white-collar crimes can drag out for years. Still, that’s what Zach Bruch is trying to do.
    
            Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers.
    
            DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency.
    
            Bruch, a veteran of the crypto world, also publicly debuted his startup crypto casino last week. MyPrize has a valuation of $140 million with investments from Dragonfly, Mechanism Capital, Arrington Capital, and a16z Scout.
    
            Before the Bell spoke with Bruch about Sam Bankman-Fried, FTX, MyPrize and the future of crypto.
    
            This interview has been edited for length and clarity. 
    
            Before the Bell: Sam Bankman Fried was sentenced to 25 years in prison last week. Do you feel like justice was served? 
    
            Zach Bruch: [More than one million] people were impacted by Sam’s actions — financially, emotionally, and otherwise. No number of years will ever make up for that. I feel for all of the creditors and am doing everything I can to help recoup what was taken from us.
    
            How did the collapse of FTX impact you? 
    
            On that day I had a massive root canal, it was multiple root canals. I came home and was in a lot of pain, I couldn’t speak. Then I get a phone call basically saying “hey, I think there are withdrawal problems on FTX, you should try to see if you can get your money out.” I immediately stumbled my way over, with a painful mouth, to my computer and tried to withdraw. Of course I could not withdraw anything.
    
            I immediately sprung into action, calling my lawyers and seeing if there was anything that could be done. But there was nothing to be done. Like any trade, I understood that there’s risks, and I knew I just had to move forward. I needed to make sure that we were going to find the best recovery possible, not just for myself, but for every single creditor. So when the Department of Justice asked me to sit on the FTX Creditors’ Committee, I knew it was something I wanted to do. I want to do whatever I can to try to make sure that we have the best recovery possible for every single creditor and see if we can make everybody whole.
    
            There’s been chatter about how Sam Bankman Fried’s defense claimed the FTX customer losses were “zero” because the estate says it’s confident it can make customers whole. How do you respond to that? 
    
            From my own perspective, the goal is to make sure that every customer gets back everything that they lost on the exchange. But no customer is going to get back the time or the agony and pain that they might have felt because, you know, it doesn’t matter what their financial situations were, they were victims. Everyone that was stolen from was a victim, and it was a terrible thing that happened.
    
            Bitcoin recently crossed the $70,000 mark, and some analysts are moving their price targets to $83,000. Is the crypto winter is officially over? What comes next? 
    
            When I think about the broader crypto markets, I’m looking a lot further ahead, not just two weeks ahead and not just six months ahead. I’ve been in this space since 2010, and I’ve seen a massive growth in this industry. I think more and more people are going to participate, more people are seeing the value in crypto and seeing the value and having exposure to the space.
    
            Tell me about your new online gambling venture – MyPrize. Are you a gambler yourself?
    
            I’m definitely a big risk taker. I’ve worked at some of the largest crypto trading desks in the world and then also started trading my own book of capital and grew to become one of the largest individual crypto traders. I’ve always been building in this risk management space. So when I was looking more broadly at the gambling and gaming industry, I saw that it’s a trillion-dollar market and less than $100 billion sits online.
    
            I knew that myself and my team could get together and really build an engaging product, because it has a lot of similarities to crypto exchanges and trading desks. You have to manage risk appropriately, you have to have user accounts, you have to think about money laundering and fraud risk and compliance. These are all things that we’ve done in very high-stigma industries like crypto. Gambling has a similar type of stigma.
    
            I think over the next three to five years, you’re going to see a lot more online gambling.
    
            The latest US inflation report showed that rising prices continue to weigh on American consumers, reports my colleague Elisabeth Buchwald.
    
            The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures price index, was up 2.5% for the 12 months that ended in February, a faster pace than January’s 2.4% rise in prices. However, it was in line with FactSet consensus estimates.
    
            Driving the increase in the annual inflation rate was a 2.3% jump last month in energy prices.
    
            The Commerce Department data released Friday means the Fed is even further from achieving its goal of 2% inflation. But Fed Chair Jerome Powell wasn’t fretting about it.
    
            The data was “pretty much in line with our expectations,” Powell said Friday at an event hosted by the San Francisco Fed. He added that it’s generally good when data aligns with the central bank’s forecasts.
    
            The latest inflation data is unlikely to shift the Fed’s plans for eventually cutting interest rates.
    
            Central bankers including Powell have signaled that achieving 2% inflation will be a bumpy path.
    
            Fed Gov. Christopher Waller emphasized that in a speech he gave earlier this week titled “There’s Still No Rush.”
    
            Recent inflation readings, he said, tell him that “it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%.”
    
            Fed officials continued to pencil in three rate cuts this year. Investors anticipate the first of those three will come in June.
    
            Six journalists working for independent media outlets in Russia were arrested in a span of just a few hours this week on the eve of the anniversary of American reporter Evan Gershkovich’s detention in the city of Yekaterinburg, report my CNN colleagues Radina Gigova, Anna Chernova and Olesya Dmitracova.
    
            The journalists include Antonina Favorskaya, who covered the late Russian opposition leader Alexey Navalny, Reporters Without Borders (RSF) said Thursday.
    
            Favorskaya, who works for the independent Russian media outlet SOTA Vision, is accused of “extremist activities” because of her coverage of Navalny and his work, the media freedom organization said in a statement.
    
            On Friday, Gershkovich marked the grim milestone of one year in Russian detention. Shortly after his arrest, the Wall Street Journal reporter was charged with espionage — an accusation vehemently denied by Gershkovich, his employer and the US government.
    
            He was the first journalist to be arrested on such charges since the Cold War, and the Russian government has yet to provide any evidence to support its claim.",CNN,01/04/2024,"['A version of this story first appeared in CNN Business’ Before the Bell newsletter.', 'Not a subscriber?', 'You can sign upright here.', 'You can listen to an audio version of the newsletter by clicking the same link.', 'Sam Bankman-Fried was sentenced to 25 years in prison last week for defrauding customers and investors in his failed crypto exchange FTX.', 'He was also ordered to repay more than $11 billion, a sentence that will likely financially incapacitate him for the rest of his life.', 'Securing compensation for victims of such white-collar crimes can drag out for years.', 'Still, that’s what Zach Bruch is trying to do.', 'Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers.', 'DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency.', 'Bruch, a veteran of the crypto world, also publicly debuted his startup crypto casino last week.', 'MyPrize has a valuation of $140 million with investments from Dragonfly, Mechanism Capital, Arrington Capital, anda16zScout.', 'Before the Bell spoke with Bruch about Sam Bankman-Fried, FTX, MyPrize and the future of crypto.', 'This interview has been edited for length and clarity.', 'Before the Bell: Sam Bankman Fried was sentenced to 25 years in prison last week.', 'Do you feel like justice was served?', 'Zach Bruch: [More than one million] people were impacted by Sam’s actions — financially, emotionally, and otherwise.', 'No number of years will ever make up for that.', 'I feel for all of the creditors and am doing everything I can to help recoup what was taken from us.', 'How did the collapse of FTX impact you?', 'On that day I had a massive root canal, it was multiple root canals.', 'I came home and was in a lot of pain, I couldn’t speak.', 'Then I get a phone call basically saying “hey, I think there are withdrawal problems on FTX, you should try to see if you can get your money out.”', 'I immediately stumbled my way over, with a painful mouth, to my computer and tried to withdraw.', 'Of course I could not withdraw anything.', 'I immediately sprung into action, calling my lawyers and seeing if there was anything that could be done.', 'But there was nothing to be done.', 'Like any trade, I understood that there’s risks, and I knew I just had to move forward.', 'I needed to make sure that we were going to find the best recovery possible, not just for myself, but for every single creditor.', 'So when the Department of Justice asked me to sit on the FTX Creditors’ Committee, I knew it was something I wanted to do.', 'I want to do whatever I can to try to make sure that we have the best recovery possible for every single creditor and see if we can make everybody whole.', 'There’s been chatter about how Sam Bankman Fried’s defense claimed the FTX customer losses were “zero” because the estate says it’s confident it can make customers whole.', 'How do you respond to that?', 'From my own perspective, the goal is to make sure that every customer gets back everything that they lost on the exchange.', 'But no customer is going to get back the time or the agony and pain that they might have felt because, you know, it doesn’t matter what their financial situations were, they were victims.', 'Everyone that was stolen from was a victim, and it was a terrible thing that happened.', 'Bitcoin recently crossed the $70,000 mark, and some analysts are moving their price targets to $83,000.', 'Is the crypto winter is officially over?', 'What comes next?', 'When I think about the broader crypto markets, I’m looking a lot further ahead, not just two weeks ahead and not just six months ahead.', 'I’ve been in this space since 2010, and I’ve seen a massive growth in this industry.', 'I think more and more people are going to participate, more people are seeing the value in crypto and seeing the value and having exposure to the space.', 'Tell me about your new online gambling venture – MyPrize.', 'Are you a gambler yourself?', 'I’m definitely a big risk taker.', 'I’ve worked at some of the largest crypto trading desks in the world and then also started trading my own book of capital and grew to become one of the largest individual crypto traders.', 'I’ve always been building in this risk management space.', 'So when I was looking more broadly at the gambling and gaming industry, I saw that it’s a trillion-dollar market and less than $100 billion sits online.', 'I knew that myself and my team could get together and really build an engaging product, because it has a lot of similarities to crypto exchanges and trading desks.', 'You have to manage risk appropriately, you have to have user accounts, you have to think about money launderingand fraud risk and compliance.', 'These are all things that we’ve done in very high-stigma industries like crypto.', 'Gambling has a similar type of stigma.', 'I think over the next three to five years, you’re going to see a lot more online gambling.', 'The latest US inflation report showed that rising prices continue to weigh on American consumers, reports my colleague Elisabeth Buchwald.', 'The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures price index, was up 2.5% for the 12 months that ended in February, a faster pace thanJanuary’s 2.4% rise in prices.', 'However, it was in line with FactSet consensus estimates.', 'Driving the increase in the annual inflation rate was a 2.3% jump last month in energy prices.', 'The Commerce Department data released Friday means the Fed is even further from achieving its goal of 2% inflation.', 'But Fed Chair Jerome Powell wasn’t fretting about it.', 'The data was “pretty much in line with our expectations,” Powell said Friday at an event hosted by the San Francisco Fed.', 'He added that it’s generally good when data aligns with the central bank’s forecasts.', 'The latest inflation data is unlikely to shift the Fed’s plans for eventually cutting interest rates.', 'Central bankers including Powell have signaled that achieving 2% inflation will be a bumpy path.', 'Fed Gov. Christopher Waller emphasized that in a speech he gave earlier this week titled “There’s Still No Rush.”', 'Recent inflation readings, he said, tell him that “it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%.”', 'Fed officials continued to pencil in three rate cuts this year.', 'Investors anticipate the first of those three will come in June.', 'Six journalists working for independent media outlets in Russia were arrested in a span of just a few hours this week on the eve of the anniversary ofAmerican reporter Evan Gershkovich’sdetention in the city of Yekaterinburg, report my CNN colleagues Radina Gigova, Anna Chernova andOlesya Dmitracova.', 'The journalists include Antonina Favorskaya, who covered the late Russian opposition leader Alexey Navalny, Reporters Without Borders (RSF) said Thursday.', 'Favorskaya, who works for the independent Russian media outlet SOTA Vision, is accused of “extremist activities” because of her coverage of Navalny and his work, the media freedom organization said in a statement.', 'On Friday, Gershkovich marked the grim milestone of one year in Russian detention.', 'Shortly after his arrest, the Wall Street Journal reporter was charged with espionage — an accusation vehemently denied by Gershkovich, his employer and the US government.', 'He was the first journalist to be arrested on such charges since the Cold War, and the Russian government has yet to provide any evidence to support its claim.']",-0.0196090092285452,I want to do whatever I can to try to make sure that we have the best recovery possible for every single creditor and see if we can make everybody whole.,"But no customer is going to get back the time or the agony and pain that they might have felt because, you know, it doesn’t matter what their financial situations were, they were victims.",0.4273939530054728,"The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures price index, was up 2.5% for the 12 months that ended in February, a faster pace thanJanuary’s 2.4% rise in prices.","The latest US inflation report showed that rising prices continue to weigh on American consumers, reports my colleague Elisabeth Buchwald.",2024-04-01
Boeing’s embattled CEO is poised to walk away with millions,https://edition.cnn.com/2024/03/26/investing/boeing-ceo-millions-nightcap/index.html,"
  Published
        6:00 PM EDT, Tue March 26, 2024
    ","The beauty of being a CEO in America is that when your company does well, you get extra money as a reward. And when your company does badly, you get extra money to encourage you to stick around and lead it through the storm. What a deal!
    
            And at some point, you get to bow out and float toward retirement on your golden parachute, which means — you guessed it — more money.
    
            That’s the dream awaiting Dave Calhoun, the CEO of Boeing, who is preparing to retire after four years at the helm, during which he failed to fix the company’s biggest problems around safety and quality control that burned its reputation with customers.
    
            By the time he steps down at the end of this year, he’ll be 67 years old and poised to collect millions of dollars on top of the many millions he’s already made as CEO.
    
            There’s a certain dark irony in Calhoun pulling the metaphorical ripcord now, while Boeing is flailing, though it’s hard to imagine a scenario in which he got to keep his job in the midst of cascading mishaps and near-disasters over the past three months.
    
            Exactly how much Calhoun will receive isn’t clear yet, as it depends on how Boeing’s stock performs. A Boeing spokesperson said that details of his compensation will be shared in company filings in the coming weeks.
    
            But we already know that Calhoun has made about $63 million over the past three years in total compensation, according to regulatory filings. That includes a $1.4 million base salary, plus millions in stock-based incentives.
    
            According to Boeing’s most recent proxy statement, Calhoun is set to walk away with about $15 million worth of stock, cash and options in retirement. But that doesn’t account for incentives along the way that could boost his potential future earnings. One estimate, according to Fortune, suggests Calhoun could walk away with $24 million, with the potential to collect $45.5 million more if Boeing’s stock goes up 37%. That gives Calhoun a pretty hefty incentive to choose his successor carefully.
    
            If history is any guide, Calhoun could have done a much worse job and still made out startlingly well.
    
            His predecessor, Dennis Muilenburg, was fired over his mishandling of Boeing’s response to two crashes that killed 346 people. And while Muilenburg was denied severance pay, he still walked away with $80 million worth of stock and other assets.
    
            Post-Muilenburg, the board tapped one of their own to take over.
    
            Calhoun, an accountant by training and a longtime Boeing director, ascended as CEO in January of 2020 with a message that Boeing would be getting back to its roots and focusing on safety and quality.
    
            The honeymoon period didn’t last long.
    
            Even as the board heaped praise on Calhoun, Boeing’s own customers started sounding off about their frustrations with the leadership.
    
            In 2022, the CEO of Ryanair said “Boeing management is running around like headless chickens,” and that executives needed an immediate “reboot, or a boot up the a**.” Around the same time, the head of aircraft leasing company Avalon said Boeing had “lost its way” and might need “fresh leadership.”
    
            Under Calhoun, labor relations at Boeing have been badly frayed. The company laid off at least 16,000 employees in response to the pandemic, and moved production of the 787 Dreamliner from its unionized plant in Washington to a non-unionized plant in South Carolina. This summer, more than 30,000 Seattle-area mechanics are set to vote on a strike authorization that could result in a work stoppage when their contract expires in September.
    
            Still, Calhoun has held on, thanks to a loyal board and a business model that makes it virtually impossible for Boeing to lose customers or go bankrupt. And once again, Boeing finds itself in a crisis, looking for a new leader to steer it to a safe landing.
    
            —CNN’s Chris Isidore contributed reporting.",CNN,26/03/2024,"['The beauty of being a CEO in America is that when your company does well, you get extra money as a reward.', 'And when your company does badly, you get extra money to encourage you to stick around and lead it through the storm.', 'What a deal!', 'And at some point, you get to bow out and float toward retirement on your golden parachute, which means — you guessed it — more money.', 'That’s the dream awaiting Dave Calhoun, the CEO of Boeing, who is preparing to retire after four years at the helm, during which he failed to fix the company’s biggest problems around safety and quality control that burned its reputation with customers.', 'By the time he steps down at the end of this year, he’ll be 67 years old and poised to collect millions of dollars on top of the many millions he’s already made as CEO.', 'There’s a certain dark irony in Calhoun pulling the metaphorical ripcord now, while Boeing is flailing, though it’s hard to imagine a scenario in which he got to keep his job in the midst of cascading mishaps and near-disasters over the past three months.', 'Exactly how much Calhoun will receive isn’t clear yet, as it depends on how Boeing’s stock performs.', 'A Boeing spokesperson said that details of his compensation will be shared in company filings in the coming weeks.', 'But we already know that Calhoun has made about $63 million over the past three years in total compensation, according to regulatory filings.', 'That includes a $1.4 million base salary, plus millions in stock-based incentives.', 'According to Boeing’s most recent proxy statement, Calhoun is set to walk away with about $15 million worth of stock, cash and options in retirement.', 'But that doesn’t account for incentives along the way that could boost his potential future earnings.', 'One estimate, according to Fortune, suggests Calhoun could walk away with $24 million, with the potential to collect $45.5 million more if Boeing’s stock goes up 37%.', 'That gives Calhoun a pretty hefty incentive to choose his successor carefully.', 'If history is any guide, Calhoun could have done a much worse job and still made out startlingly well.', 'His predecessor, Dennis Muilenburg, was fired over his mishandling of Boeing’s response to two crashes that killed 346 people.', 'And while Muilenburg was denied severance pay, he still walked away with $80 million worth of stock and other assets.', 'Post-Muilenburg, the board tapped one of their own to take over.', 'Calhoun, an accountant by training and a longtime Boeing director, ascended as CEO in January of 2020 with a message that Boeing would be getting back to its roots and focusing on safety and quality.', 'The honeymoon period didn’t last long.', 'Even as the board heaped praise on Calhoun, Boeing’s own customers started sounding off about their frustrations with the leadership.', 'In 2022, the CEO of Ryanair said “Boeing management is running around like headless chickens,” and that executives needed an immediate “reboot, or a boot up the a**.”', 'Around the same time, the head of aircraft leasing company Avalon said Boeing had “lost its way” and might need“fresh leadership.”', 'Under Calhoun, labor relations at Boeing have been badly frayed.', 'The company laid off at least 16,000 employees in response to the pandemic, and moved production of the 787 Dreamliner from its unionized plant in Washington to a non-unionized plant in South Carolina.', 'This summer, more than 30,000 Seattle-area mechanics are set to vote on a strike authorization that could result in a work stoppage when their contract expires in September.', 'Still, Calhoun has held on, thanks to a loyal board and a business model that makes it virtually impossible for Boeing to lose customers or go bankrupt.', 'And once again, Boeing finds itself in a crisis, looking for a new leader to steer it to a safe landing.', '—CNN’s Chris Isidore contributed reporting.']",0.0560960191372614,"The beauty of being a CEO in America is that when your company does well, you get extra money as a reward.","His predecessor, Dennis Muilenburg, was fired over his mishandling of Boeing’s response to two crashes that killed 346 people.",0.2734341208751385,But that doesn’t account for incentives along the way that could boost his potential future earnings.,"Under Calhoun, labor relations at Boeing have been badly frayed.",2024-04-01
Largest U.S. sportsbooks join forces to tackle problem gambling,https://www.cnbc.com/2024/03/27/largest-us-sportsbooks-join-forces-to-tackle-problem-gambling.html,2024-03-27T16:54:22+0000,"In this articleSeven of the nation's largest gaming companies are joining forces to create a trade group to promote responsible gaming, and for the first time ever, will share information about problem gamblers.The seven operators — FanDuel, DraftKings, BetMGM, Penn Entertainment, Fanatics Betting & Gaming, Hard Rock Digital and bet365 — will form the Responsible Online Gaming Association, or ROGA, the group announced Wednesday.The members account for more than 85% of the legal online betting market in the United States. Collectively they have pledged more than $20 million to fund ROGA.""I'm incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.The new group will also create an independent clearinghouse, or database, that will allow them to share key information related to protection of consumers, though the details on how it would work aren't yet clear.ROGA says it will create a certification program to assess members' responsible gaming efforts and provide an incentive for operators to participate.The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018. Thirty-eight states and Washington, D.C., now offer legal sports wagering.This year, a record number of Americans bet on the Super Bowl. Online transactions totaled nearly 15,000 per second, doubling last year's peak, according to geolocating platform GeoComply.But as gambling has become more mainstream — and as advertising for sportsbooks spans television, streaming and social feeds — so, too, have headlines involving betting scandals and sports.In recent days, Los Angeles Dodgers superstar Shohei Ohtani has found himself at the center of a $4 million betting scandal involving his interpreter and an illegal bookie. Ohtani insists he's never bet on sports. The NBA is investigating Toronto Raptors player Jontay Porter for irregularities around wagering. And U.S. Integrity, a tech firm working to combat illicit betting in college sports, flagged anomalies around the betting lines for Temple University men's basketball games.A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry. There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction.An estimated 2 million U.S. adults meet the criteria for a severe gambling problem, according to the National Council on Problem Gambling. Another 5 million to 8 million U.S. adults are considered to have a mild or moderate gambling problem.Problem gambling prompted regulatory crackdowns in Europe and especially in the United Kingdom over the last couple years, impacting sportsbooks' profitability and changing the way they conduct business.There has been a concerted effort in the United States for the gambling industry to police itself and ward off harsher regulatory frameworks.U.S. Rep. Paul Tonko of New York is introducing national legislation that would crack down on what he calls ""a public health crisis."" Tonko's ""Supporting Affordability and Fairness with Every Bet Act,"" which he introduced last week, would regulate gambling advertising, limit the number and size of deposits, and restrict how artificial intelligence is deployed to acquire customers.""Your going to have a lot more people saturated with this opportunity, with all these clever concepts of bonus bets, free bets and celebrity spokespersons,"" Tonko told CNBC.An influx of gamblers will result in a dramatic increase in the number of people struggling with addiction, he said.Some states have slapped operators with fines over gaming violations. In August, Maryland fined DraftKings $94,000 for marketing to underage players. PrizePicks reached a $15 million settlement in New York for operating illegally. In Indiana, the gaming commission fined FanDuel after eight people used illegally obtained debit cards to fund their betting accounts, causing ""great harm"" to partners on shared bank accounts, according to the Indiana Gaming Commission Chairman Milton Thompson.Some gambling insiders are skeptical of ROGA, suspicious of what they consider a marketing stunt to address a public relations problem.Caesars, which is noticeably absent from the group founding ROGA, told CNBC it's learned best practices from 35 years grappling with responsible gaming.""While we applaud all efforts to ensure online gaming is both operated and marketed in a responsible manner, we are confident in our [own] Responsible Gaming approach,"" the company said in a statement.Caesars said it's solely focused on the 21-and-older crowd and does not permit anyone younger than that to sign up for a Caesars rewards account, even in states like Rhode Island or Kentucky where 18-year-olds are permitted to wager.Many fantasy sports and social betting platforms that operate on a sweepstakes model permit players 18 and older, and many of Caesars' competitors allow 18-and-up customers to play fantasy sports. Some, too, allow sports betting in that age group in the few states that permit it.But the industry is working to better insulate its youngest and most vulnerable customers.The American Gaming Association launched last March an agreement aimed at providing college-aged students protections against the marketing and advertising of sports betting.Peter Jackson, CEO of Flutter, the parent company of FanDuel, said responsible gaming comes down to good business. Yet, he warns that as legal operators come together to improve responsible gambling, the illegal marketplace will always be willing to take wagers from problem gamblers.""I urge the state regulators to help us by clamping down on some of those black market operators,"" Jackson told CNBC.",CNBC,27/03/2024,"[""In this articleSeven of the nation's largest gaming companies are joining forces to create a trade group to promote responsible gaming, and for the first time ever, will share information about problem gamblers."", 'The seven operators — FanDuel, DraftKings, BetMGM, Penn Entertainment, Fanatics Betting & Gaming, Hard Rock Digital and bet365 — will form the Responsible Online Gaming Association, or ROGA, the group announced Wednesday.', 'The members account for more than 85% of the legal online betting market in the United States.', 'Collectively they have pledged more than $20 million to fund ROGA.""I\'m incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.', ""The new group will also create an independent clearinghouse, or database, that will allow them to share key information related to protection of consumers, though the details on how it would work aren't yet clear."", ""ROGA says it will create a certification program to assess members' responsible gaming efforts and provide an incentive for operators to participate."", 'The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018.', 'Thirty-eight states and Washington, D.C., now offer legal sports wagering.', 'This year, a record number of Americans bet on the Super Bowl.', ""Online transactions totaled nearly 15,000 per second, doubling last year's peak, according to geolocating platform GeoComply."", 'But as gambling has become more mainstream — and as advertising for sportsbooks spans television, streaming and social feeds — so, too, have headlines involving betting scandals and sports.', 'In recent days, Los Angeles Dodgers superstar Shohei Ohtani has found himself at the center of a $4 million betting scandal involving his interpreter and an illegal bookie.', ""Ohtani insists he's never bet on sports."", 'The NBA is investigating Toronto Raptors player Jontay Porter for irregularities around wagering.', ""And U.S. Integrity, a tech firm working to combat illicit betting in college sports, flagged anomalies around the betting lines for Temple University men's basketball games."", 'A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry.', ""There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction."", 'An estimated 2 million U.S. adults meet the criteria for a severe gambling problem, according to the National Council on Problem Gambling.', 'Another 5 million to 8 million U.S. adults are considered to have a mild or moderate gambling problem.', ""Problem gambling prompted regulatory crackdowns in Europe and especially in the United Kingdom over the last couple years, impacting sportsbooks' profitability and changing the way they conduct business."", 'There has been a concerted effort in the United States for the gambling industry to police itself and ward off harsher regulatory frameworks.', 'U.S. Rep. Paul Tonko of New York is introducing national legislation that would crack down on what he calls ""a public health crisis.""', 'Tonko\'s ""Supporting Affordability and Fairness with Every Bet Act,"" which he introduced last week, would regulate gambling advertising, limit the number and size of deposits, and restrict how artificial intelligence is deployed to acquire customers.', '""Your going to have a lot more people saturated with this opportunity, with all these clever concepts of bonus bets, free bets and celebrity spokespersons,"" Tonko told CNBC.An influx of gamblers will result in a dramatic increase in the number of people struggling with addiction, he said.', 'Some states have slapped operators with fines over gaming violations.', 'In August, Maryland fined DraftKings $94,000 for marketing to underage players.', 'PrizePicks reached a $15 million settlement in New York for operating illegally.', 'In Indiana, the gaming commission fined FanDuel after eight people used illegally obtained debit cards to fund their betting accounts, causing ""great harm"" to partners on shared bank accounts, according to the Indiana Gaming Commission Chairman Milton Thompson.', 'Some gambling insiders are skeptical of ROGA, suspicious of what they consider a marketing stunt to address a public relations problem.', ""Caesars, which is noticeably absent from the group founding ROGA, told CNBC it's learned best practices from 35 years grappling with responsible gaming."", '""While we applaud all efforts to ensure online gaming is both operated and marketed in a responsible manner, we are confident in our [own] Responsible Gaming approach,"" the company said in a statement.', ""Caesars said it's solely focused on the 21-and-older crowd and does not permit anyone younger than that to sign up for a Caesars rewards account, even in states like Rhode Island or Kentucky where 18-year-olds are permitted to wager."", ""Many fantasy sports and social betting platforms that operate on a sweepstakes model permit players 18 and older, and many of Caesars' competitors allow 18-and-up customers to play fantasy sports."", 'Some, too, allow sports betting in that age group in the few states that permit it.', 'But the industry is working to better insulate its youngest and most vulnerable customers.', 'The American Gaming Association launched last March an agreement aimed at providing college-aged students protections against the marketing and advertising of sports betting.', 'Peter Jackson, CEO of Flutter, the parent company of FanDuel, said responsible gaming comes down to good business.', 'Yet, he warns that as legal operators come together to improve responsible gambling, the illegal marketplace will always be willing to take wagers from problem gamblers.', '""I urge the state regulators to help us by clamping down on some of those black market operators,"" Jackson told CNBC.']",0.1957878066649391,"Collectively they have pledged more than $20 million to fund ROGA.""I'm incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.",A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry.,0.0347215784223456,"The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018.",There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction.,2024-04-01
"Here's how much people are willing to spend on weight loss drugs, according to a new survey",https://www.cnbc.com/2024/03/23/weight-loss-drug-cost-how-much-people-are-willing-to-spend.html,2024-03-23T14:11:27+0000,"In this articleDemand for weight loss drugs is booming in the U.S. despite their limited insurance coverage and roughly $1,000 monthly price tags before discounts. But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.That's according to a recent survey from Evercore ISI focused on GLP-1s, a new class of medications used to treat Type 2 diabetes and obesity. Between Jan. 24 and Feb. 20, the firm surveyed more than 600 participants who are currently taking a GLP-1, considering the therapy or have taken it in the past but no longer do. The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.GLP-1s include Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes counterpart Ozempic, along with Eli Lilly's popular weight loss treatment Zepbound and diabetes injection Mounjaro. A monthly package of a GLP-1 costs between $900 and $1,350 before insurance and other rebates. Both Novo Nordisk and Eli Lilly have savings programs that aim to reduce out-of-pocket costs for weight loss drugs, regardless of whether a patient has commercial insurance coverage. The majority — nearly 60% — of people surveyed with annual incomes of more than $250,000 said the maximum price they are willing to pay out of pocket for a GLP-1 is more than $300 per month. Only about 4% of people with annual incomes of less than $75,000 said the same thing. Of that group, 64% said the maximum price they are willing to pay out of pocket for a GLP-1 is $50 per month or less. The maximum people currently on a GLP-1 said they are willing to pay out of pocket per month was roughly in line with what they actually paid for treatment, according to the survey. The highest price respondents would accept paying skewed lower among those who used to take a GLP-1 or are thinking of taking the drug. More than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket. Nearly 75% of those who used to take one of the drugs said they spent the same amount. A small share of both groups paid more than $750 out of pocket per month for a GLP-1.The survey also asked respondents how long they stayed on the drugs.Notably, more than 80% of those who used to take a treatment were only on a therapy for 12 months or less. Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.That premature stoppage by some patients is one concern of certain insurers hesitant to cover them.Still, nearly half of people who are currently taking GLP-1s said they intend to stay on the drugs permanently. Only 10% of those thinking of taking a treatment said the same thing. Of that group, more than 70% said they intend to stay on a GLP-1 until they reach their weight loss goal.The survey also asked participants whether they would restart taking a GLP-1 if they regain weight after stopping the drug. The majority of patients across all groups — those currently on a GLP-1, thinking of it, or who used to take one — said ""yes."" Among those who used to take a GLP-1, 42% said they gained ""some"" weight back after stopping treatment. Around 13% said they gained most of it back, while 23% said they gained all of it back. Another 23% said they remained at a lower weight after stopping the drug.That weight regain is consistent with what has been observed in some clinical trials on drugs such as Wegovy and Zepbound.Another part of the survey asked participants about whether taking a GLP-1 affected their eating and drinking habits. More than 70% of respondents reporting eating less when taking a GLP-1, regardless of whether they have pre-existing conditions. That refers to other health problems, such as diabetes, asthma or high blood pressure.The survey finding is no surprise: GLP-1s work by mimicking a hormone produced in the gut to suppress a person's appetite and regulate blood sugar. Some treatments, such as Zepbound, mimic more than one gut hormone.More than half of those without preexisting conditions said they drank less alcohol when taking a GLP-1. Around 27% said the treatment had no effect on their alcohol consumption, while 22% said they abstain from drinking. A greater share — 51% — of those with preexisting conditions said they abstain from alcohol. The remainder said they consumed less alcohol when taking a GLP-1. Several studies have demonstrated that certain GLP-1s curb alcohol intake in rodents and monkeys. But more research is needed in humans.-- CNBC's Gabriel Cortés contributed to this report",CNBC,23/03/2024,"['In this articleDemand for weight loss drugs is booming in the U.S. despite their limited insurance coverage and roughly $1,000 monthly price tags before discounts.', 'But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.', ""That's according to a recent survey from Evercore ISI focused on GLP-1s, a new class of medications used to treat Type 2 diabetes and obesity."", 'Between Jan. 24 and Feb. 20, the firm surveyed more than 600 participants who are currently taking a GLP-1, considering the therapy or have taken it in the past but no longer do.', 'The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.', ""GLP-1s include Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes counterpart Ozempic, along with Eli Lilly's popular weight loss treatment Zepbound and diabetes injection Mounjaro."", 'A monthly package of a GLP-1 costs between $900 and $1,350 before insurance and other rebates.', 'Both Novo Nordisk and Eli Lilly have savings programs that aim to reduce out-of-pocket costs for weight loss drugs, regardless of whether a patient has commercial insurance coverage.', 'The majority — nearly 60% — of people surveyed with annual incomes of more than $250,000 said the maximum price they are willing to pay out of pocket for a GLP-1 is more than $300 per month.', 'Only about 4% of people with annual incomes of less than $75,000 said the same thing.', 'Of that group, 64% said the maximum price they are willing to pay out of pocket for a GLP-1 is $50 per month or less.', 'The maximum people currently on a GLP-1 said they are willing to pay out of pocket per month was roughly in line with what they actually paid for treatment, according to the survey.', 'The highest price respondents would accept paying skewed lower among those who used to take a GLP-1 or are thinking of taking the drug.', 'More than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket.', 'Nearly 75% of those who used to take one of the drugs said they spent the same amount.', 'A small share of both groups paid more than $750 out of pocket per month for a GLP-1.The survey also asked respondents how long they stayed on the drugs.', 'Notably, more than 80% of those who used to take a treatment were only on a therapy for 12 months or less.', 'Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.', 'That premature stoppage by some patients is one concern of certain insurers hesitant to cover them.', 'Still, nearly half of people who are currently taking GLP-1s said they intend to stay on the drugs permanently.', 'Only 10% of those thinking of taking a treatment said the same thing.', 'Of that group, more than 70% said they intend to stay on a GLP-1 until they reach their weight loss goal.', 'The survey also asked participants whether they would restart taking a GLP-1 if they regain weight after stopping the drug.', 'The majority of patients across all groups — those currently on a GLP-1, thinking of it, or who used to take one — said ""yes.', '""Among those who used to take a GLP-1, 42% said they gained ""some"" weight back after stopping treatment.', 'Around 13% said they gained most of it back, while 23% said they gained all of it back.', 'Another 23% said they remained at a lower weight after stopping the drug.', 'That weight regain is consistent with what has been observed in some clinical trials on drugs such as Wegovy and Zepbound.', 'Another part of the survey asked participants about whether taking a GLP-1 affected their eating and drinking habits.', 'More than 70% of respondents reporting eating less when taking a GLP-1, regardless of whether they have pre-existing conditions.', 'That refers to other health problems, such as diabetes, asthma or high blood pressure.', ""The survey finding is no surprise: GLP-1s work by mimicking a hormone produced in the gut to suppress a person's appetite and regulate blood sugar."", 'Some treatments, such as Zepbound, mimic more than one gut hormone.', 'More than half of those without preexisting conditions said they drank less alcohol when taking a GLP-1.', 'Around 27% said the treatment had no effect on their alcohol consumption, while 22% said they abstain from drinking.', 'A greater share — 51% — of those with preexisting conditions said they abstain from alcohol.', 'The remainder said they consumed less alcohol when taking a GLP-1.Several studies have demonstrated that certain GLP-1s curb alcohol intake in rodents and monkeys.', ""But more research is needed in humans.-- CNBC's Gabriel Cortés contributed to this report""]",0.0154064542037785,But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.,"Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.",0.2664940953254699,"Around 13% said they gained most of it back, while 23% said they gained all of it back.",The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.,2024-04-01
Moderna moves three vaccines into final stage trials as it works to rebound from Covid slump,https://www.cnbc.com/2024/03/27/moderna-moves-three-vaccines-into-final-stage-trials.html,2024-03-28T00:22:11+0000,"In this articleModerna has more to offer beyond its Covid vaccine.The biotech company Wednesday announced positive clinical trial data on three experimental vaccines against other viruses. The company is moving those shots to final stage studies, it said.The update brings Moderna a step closer to having multiple products on the market, which it badly needs amid plunging demand for Covid shots worldwide. The company's Covid jab is its only commercially available product.Moderna's stock has long been tied to that vaccine, with shares falling nearly 45% last year. But shares of the company closed 3% higher on Wednesday after the announcements.Moderna will chart its post-Covid future Wednesday during its fifth annual ""Vaccines Day,"" an investor event in Boston focused on the company's vaccine portfolio.That business has an estimated total addressable market of $52 billion for infectious disease shots, which includes $27 billion for respiratory vaccines and more than $25 billion for latent shots and other jabs.A category of viruses called latent viruses linger inside patients for prolonged periods without causing any symptoms but can ""reactivate"" and cause serious health complications later in their lives. They represent a huge unmet need that Moderna can address, Moderna CEO Stéphane Bancel told CNBC in an interview on Wednesday.""Once those viruses are in your body, it's in your body forever,"" he said, adding that there are no approved shots for several of the latent viruses, including some that Moderna is targeting.The company will present new clinical trial data on the three vaccines, including some against latent viruses, at the event Wednesday.Those vaccines include a shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea; a vaccine against Epstein-Barr virus, a common herpes virus that can cause contagious infections and is associated with some cancers; and a shot designed to target a virus that causes shingles and chickenpox.Moderna will also discuss other updates across its vaccine business. The company has five other shots in late-stage clinical trials and said it expects to release data on two of those jabs this year. That includes its combination vaccine against Covid and the flu and a shot against another common herpes virus called cytomegalovirus, or CMV. Among the other vaccines in late-stage development is a jab against respiratory syncytial virus, or RSV, which is expected to win regulatory approval in the U.S. in May. It also includes a new and improved version of Moderna's Covid shot. The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.Another shot in phase three trials is the company's flu vaccine.Also on Wednesday, Moderna said it recently entered into a development and commercialization funding agreement with Blackstone Life Sciences, a private equity segment of The Blackstone Group. Blackstone will fund up to $750 million to advance Moderna's flu shot program, with ""a return based on commercial milestones"" and low single-digit royalties. Bancel told CNBC the company's messenger RNA platform, used in its Covid vaccine, ""is working so well"" against other diseases. That mRNA technology works by teaching the body to produce a harmless piece of a virus, which triggers an immune response against certain diseases.""Think about the [total addressable market] Moderna is going after – we're going to be one of the most important vaccine companies in the world,"" he said.Still, it will take time before Moderna's pipeline will pay off.The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025. It expects to break even in 2026, executives said during a November earnings call.Moderna's latest shots to move into late-stage trials represent significant opportunities for the company.There is currently no approved shot to prevent norovirus, the most common cause of the stomach flu. The virus results in approximately 200,000 deaths per year and substantial health-care costs, according to Moderna. The company examined two different norovirus shot candidates in a phase one trial on more than 600 patients ages 18 to 49 and 60 to 80 in the U.S.An interim analysis showed that a single dose of a trivalent vaccine called mRNA-1403 targeting three norovirus strains triggered a strong immune response across all dose sizes. The shot also had a ""clinically acceptable"" safety profile. Moderna said it is moving that shot to a phase three trial. The market for norovirus vaccines represents a $3 billion to $6 billion annual market, according to the company. There are also no shots currently approved to prevent Epstein-Barr virus. It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.Both the virus and mono are associated with a higher risk of certain cancers. The virus also increases a patient's risk of developing multiple sclerosis by 32-fold, according to Moderna. That disease is characterized by the the immune system eating away at the protective covering of nerves.""It's a big issue for teenagers. There are sometimes kids who have to redo a year of high school or college, which is a big waste of your life,"" Bancel said. ""But it has also been associated with multiple sclerosis, which is a terrible disease affecting mostly women ... so we think we could prevent that.""Moderna has been developing two shots designed to tackle multiple conditions associated with Epstein-Barr virus. That includes a shot designed to prevent mono called mRNA-1189, which will move to a phase three study after positive early stage trial data.A phase one trial examined that vaccine in patients 12 to 30 years old in the U.S. The study found that the shot produced an immune response against mono and was overall well tolerated across all dose sizes.Moderna is developing another shot called mRNA-1195, which is designed to target multiple sclerosis and a subcategory of lymphoma in solid organ transplant patients. A phase one trial on that vaccine is fully enrolled, according to the company.Bancel said the company believes the Epstein-Barr virus will be ""a several billion dollar market.""Varicella-Zoster virus causes both chickenpox and shingles. Older adults have declining immunity against that virus, making them more vulnerable to developing painful, itchy and blister-like rashes. About 1 in 3 adults in the U.S. will develop shingles at some point in their lives, according to the Centers for Disease Control and Prevention. Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company. Additional data from that ongoing trial will be available later this year.Moderna estimates that the market for Varicella-Zoster virus could be $5 billion to $6 billion annually.",CNBC,28/03/2024,"['In this articleModerna has more to offer beyond its Covid vaccine.', 'The biotech company Wednesday announced positive clinical trial data on three experimental vaccines against other viruses.', 'The company is moving those shots to final stage studies, it said.', 'The update brings Moderna a step closer to having multiple products on the market, which it badly needs amid plunging demand for Covid shots worldwide.', ""The company's Covid jab is its only commercially available product."", ""Moderna's stock has long been tied to that vaccine, with shares falling nearly 45% last year."", 'But shares of the company closed 3% higher on Wednesday after the announcements.', 'Moderna will chart its post-Covid future Wednesday during its fifth annual ""Vaccines Day,"" an investor event in Boston focused on the company\'s vaccine portfolio.', 'That business has an estimated total addressable market of $52 billion for infectious disease shots, which includes $27 billion for respiratory vaccines and more than $25 billion for latent shots and other jabs.', 'A category of viruses called latent viruses linger inside patients for prolonged periods without causing any symptoms but can ""reactivate"" and cause serious health complications later in their lives.', 'They represent a huge unmet need that Moderna can address, Moderna CEO Stéphane Bancel told CNBC in an interview on Wednesday.', '""Once those viruses are in your body, it\'s in your body forever,"" he said, adding that there are no approved shots for several of the latent viruses, including some that Moderna is targeting.', 'The company will present new clinical trial data on the three vaccines, including some against latent viruses, at the event Wednesday.', 'Those vaccines include a shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea; a vaccine against Epstein-Barr virus, a common herpes virus that can cause contagious infections and is associated with some cancers; and a shot designed to target a virus that causes shingles and chickenpox.', 'Moderna will also discuss other updates across its vaccine business.', 'The company has five other shots in late-stage clinical trials and said it expects to release data on two of those jabs this year.', 'That includes its combination vaccine against Covid and the flu and a shot against another common herpes virus called cytomegalovirus, or CMV.Among the other vaccines in late-stage development is a jab against respiratory syncytial virus, or RSV, which is expected to win regulatory approval in the U.S. in May.', ""It also includes a new and improved version of Moderna's Covid shot."", 'The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.', ""Another shot in phase three trials is the company's flu vaccine."", 'Also on Wednesday, Moderna said it recently entered into a development and commercialization funding agreement with Blackstone Life Sciences, a private equity segment of The Blackstone Group.', 'Blackstone will fund up to $750 million to advance Moderna\'s flu shot program, with ""a return based on commercial milestones"" and low single-digit royalties.', 'Bancel told CNBC the company\'s messenger RNA platform, used in its Covid vaccine, ""is working so well"" against other diseases.', 'That mRNA technology works by teaching the body to produce a harmless piece of a virus, which triggers an immune response against certain diseases.', '""Think about the [total addressable market] Moderna is going after – we\'re going to be one of the most important vaccine companies in the world,"" he said.', ""Still, it will take time before Moderna's pipeline will pay off."", 'The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025.', 'It expects to break even in 2026, executives said during a November earnings call.', ""Moderna's latest shots to move into late-stage trials represent significant opportunities for the company."", 'There is currently no approved shot to prevent norovirus, the most common cause of the stomach flu.', 'The virus results in approximately 200,000 deaths per year and substantial health-care costs, according to Moderna.', 'The company examined two different norovirus shot candidates in a phase one trial on more than 600 patients ages 18 to 49 and 60 to 80 in the U.S.An interim analysis showed that a single dose of a trivalent vaccine called mRNA-1403 targeting three norovirus strains triggered a strong immune response across all dose sizes.', 'The shot also had a ""clinically acceptable"" safety profile.', 'Moderna said it is moving that shot to a phase three trial.', 'The market for norovirus vaccines represents a $3 billion to $6 billion annual market, according to the company.', 'There are also no shots currently approved to prevent Epstein-Barr virus.', 'It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.', 'Both the virus and mono are associated with a higher risk of certain cancers.', ""The virus also increases a patient's risk of developing multiple sclerosis by 32-fold, according to Moderna."", 'That disease is characterized by the the immune system eating away at the protective covering of nerves.', '""It\'s a big issue for teenagers.', 'There are sometimes kids who have to redo a year of high school or college, which is a big waste of your life,"" Bancel said. ""', 'But it has also been associated with multiple sclerosis, which is a terrible disease affecting mostly women ... so we think we could prevent that.', '""Moderna has been developing two shots designed to tackle multiple conditions associated with Epstein-Barr virus.', 'That includes a shot designed to prevent mono called mRNA-1189, which will move to a phase three study after positive early stage trial data.', 'A phase one trial examined that vaccine in patients 12 to 30 years old in the U.S. The study found that the shot produced an immune response against mono and was overall well tolerated across all dose sizes.', 'Moderna is developing another shot called mRNA-1195, which is designed to target multiple sclerosis and a subcategory of lymphoma in solid organ transplant patients.', 'A phase one trial on that vaccine is fully enrolled, according to the company.', 'Bancel said the company believes the Epstein-Barr virus will be ""a several billion dollar market.', '""Varicella-Zoster virus causes both chickenpox and shingles.', 'Older adults have declining immunity against that virus, making them more vulnerable to developing painful, itchy and blister-like rashes.', 'About 1 in 3 adults in the U.S. will develop shingles at some point in their lives, according to the Centers for Disease Control and Prevention.', 'Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company.', 'Additional data from that ongoing trial will be available later this year.', 'Moderna estimates that the market for Varicella-Zoster virus could be $5 billion to $6 billion annually.']",0.091342032516668,"Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company.","It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.",0.3071435153484344,"The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.",The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025.,2024-04-01
ESPN’s model is eroding. Past and present execs are split on how it can protect its dominance,https://www.cnbc.com/2024/03/21/espn-executives-talk-streaming-plans-in-cnbc-documentary.html,2024-03-21T19:22:22+0000,"In this articleDisney's ESPN is at a crossroads.For more than 40 years, the world's largest all-sports network has grown annual revenue by increasing cable subscription fees. ESPN first charged pay-TV distributors less than $1 per month per subscriber in the 1980s. In 2023, ESPN's monthly carriage fee was $9.42 per subscriber, according to data from S&P Global Market Intelligence.That business model is eroding. Since 2013, tens of millions of Americans have canceled their cable TV subscriptions, raising questions about ESPN's future in an increasingly fragmented media landscape. CNBC spoke with multiple current and former Disney and ESPN executives about the network's path ahead as part of the digital documentary ""ESPN's Fight for Dominance.""ESPN reported domestic and international revenue grew just 1% to $4.4 billion in its most recent fiscal quarter. The network can no longer rely on price increases to make up the difference as the number of cable customers declines.The company has a new two-part streaming plan to reinvigorate growth. First, this fall, Disney will make ESPN available outside the traditional cable TV bundle for the first time as part of a joint venture with Warner Bros. Discovery and Fox. The service, which does not yet have a price, will target noncable customers who want to watch sports but don't want to pay $80 or $100 a month for a full bundle of networks.Second, in fall 2025 ESPN will launch its flagship streaming service that will include everything ESPN has to offer, both live and on demand. It will include unprecedented personalization and will interact with ESPN Bet, the company's licensed online sportsbook, and fantasy sports to cater to younger fans. The product will go well beyond ESPN+, which exists as a $10.99 streaming service that doesn't include ESPN's most expensive programming, such as all of ""Monday Night Football.""""The industry is in a transition phase right now,"" ESPN Chairman Jimmy Pitaro said in an interview as part of CNBC's documentary.""We're seeing declines in the traditional ecosystem, cable and satellite universe,"" Pitaro said. ""There's a transition to digital. That is by far the biggest component of our future.""Pitaro and head of programming Roz Durant defended ESPN's growth plan to CNBC, while former Disney and ESPN executives Bob Chapek, John Skipper and Mark Shapiro noted the so-called Worldwide Leader in Sports faces multiple potential obstacles while it charts its path forward.Watch the documentary for the full story.",CNBC,21/03/2024,"[""In this articleDisney's ESPN is at a crossroads."", ""For more than 40 years, the world's largest all-sports network has grown annual revenue by increasing cable subscription fees."", 'ESPN first charged pay-TV distributors less than $1 per month per subscriber in the 1980s.', ""In 2023, ESPN's monthly carriage fee was $9.42 per subscriber, according to data from S&P Global Market Intelligence."", 'That business model is eroding.', ""Since 2013, tens of millions of Americans have canceled their cable TV subscriptions, raising questions about ESPN's future in an increasingly fragmented media landscape."", 'CNBC spoke with multiple current and former Disney and ESPN executives about the network\'s path ahead as part of the digital documentary ""ESPN\'s Fight for Dominance.', '""ESPN reported domestic and international revenue grew just 1% to $4.4 billion in its most recent fiscal quarter.', 'The network can no longer rely on price increases to make up the difference as the number of cable customers declines.', 'The company has a new two-part streaming plan to reinvigorate growth.', 'First, this fall, Disney will make ESPN available outside the traditional cable TV bundle for the first time as part of a joint venture with Warner Bros. Discovery and Fox.', ""The service, which does not yet have a price, will target noncable customers who want to watch sports but don't want to pay $80 or $100 a month for a full bundle of networks."", 'Second, in fall 2025 ESPN will launch its flagship streaming service that will include everything ESPN has to offer, both live and on demand.', ""It will include unprecedented personalization and will interact with ESPN Bet, the company's licensed online sportsbook, and fantasy sports to cater to younger fans."", 'The product will go well beyond ESPN+, which exists as a $10.99 streaming service that doesn\'t include ESPN\'s most expensive programming, such as all of ""Monday Night Football.', '""""The industry is in a transition phase right now,"" ESPN Chairman Jimmy Pitaro said in an interview as part of CNBC\'s documentary.', '""We\'re seeing declines in the traditional ecosystem, cable and satellite universe,"" Pitaro said. ""', ""There's a transition to digital."", 'That is by far the biggest component of our future.', '""Pitaro and head of programming Roz Durant defended ESPN\'s growth plan to CNBC, while former Disney and ESPN executives Bob Chapek, John Skipper and Mark Shapiro noted the so-called Worldwide Leader in Sports faces multiple potential obstacles while it charts its path forward.', 'Watch the documentary for the full story.']",0.0337630750174359,The company has a new two-part streaming plan to reinvigorate growth.,ESPN first charged pay-TV distributors less than $1 per month per subscriber in the 1980s.,0.0013536512851715,"""ESPN reported domestic and international revenue grew just 1% to $4.4 billion in its most recent fiscal quarter.","""We're seeing declines in the traditional ecosystem, cable and satellite universe,"" Pitaro said. """,2024-04-01
"Canada Goose to cut 17% of its corporate workforce, following string of retail layoffs",https://www.cnbc.com/2024/03/26/canada-goose-to-cut-17percent-of-its-corporate-workforce.html,2024-03-26T20:31:34+0000,"In this articleCanada Goose said Tuesday that it will cut about 17% of its corporate workforce, following a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending. It is not clear how many employees will be laid off. The cuts will affect staff at Canada Goose's corporate headquarters, which had about 915 employees as of April 2023, according to a securities filing. Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its ""continued growth,"" the filing says.In a statement Tuesday, CEO Dani Reiss said, ""Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels.""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.The cuts, part of the company's ongoing ""Transformation Program,"" come after what it called a ""comprehensive review"" of its organizational structure and the roles it needs to reach its goals. It expects the cuts will bring ""immediate"" cost savings and simplify its workforce, allowing it to make decisions more quickly and become more efficient. Shares of Canada Goose closed about 7% lower. In the three months that ended Dec. 31, Canada Goose saw sales grow 6% compared to the year-ago period, but the results fell short of analysts' expectations, according to LSEG, formerly known as Refinitiv. When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand. The layoffs at Canada Goose come after Nike, Macy's, Wayfair, Hasbro and Etsy all announced widespread layoffs over the past few months. In many cases, the companies were looking to focus on what they can control by becoming more efficient and focusing on profits, even as shoppers pull back on discretionary items such as clothes, shoes and toys.",CNBC,26/03/2024,"['In this articleCanada Goose said Tuesday that it will cut about 17% of its corporate workforce, following a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending.', 'It is not clear how many employees will be laid off.', ""The cuts will affect staff at Canada Goose's corporate headquarters, which had about 915 employees as of April 2023, according to a securities filing."", 'Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its ""continued growth,"" the filing says.', 'In a statement Tuesday, CEO Dani Reiss said, ""Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels.', '""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.', 'The cuts, part of the company\'s ongoing ""Transformation Program,"" come after what it called a ""comprehensive review"" of its organizational structure and the roles it needs to reach its goals.', 'It expects the cuts will bring ""immediate"" cost savings and simplify its workforce, allowing it to make decisions more quickly and become more efficient.', 'Shares of Canada Goose closed about 7% lower.', ""In the three months that ended Dec. 31, Canada Goose saw sales grow 6% compared to the year-ago period, but the results fell short of analysts' expectations, according to LSEG, formerly known as Refinitiv."", 'When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.', 'Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand.', ""The layoffs at Canada Goose come after Nike, Macy's, Wayfair, Hasbro and Etsy all announced widespread layoffs over the past few months."", 'In many cases, the companies were looking to focus on what they can control by becoming more efficient and focusing on profits, even as shoppers pull back on discretionary items such as clothes, shoes and toys.']",0.1798259420435697,"""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.","Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand.",0.0681341886520385,"""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.","When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.",2024-04-01
Fisker shares halted as EV company navigates uncertain future,https://edition.cnn.com/2024/03/25/cars/fisker-shares-halted-ev-company-uncertain-future/index.html,"
  Updated
        5:01 PM EDT, Tue March 26, 2024
    ","Shares of Fisker, a California-based electric vehicle startup, were halted Monday. This comes after the company warned, in an earnings report in March, that it might not have enough cash to survive the year.
    
            Later in the day, the New York Stock Exchange announced it planned to delist Fisker’s stock due to “abnormally low” price levels. That delisting will mean the company must offer to buy back bonds that are currently due in 2026 and to immediately pay off other debts due in 2025, according to a filing the company made with the Securities and Exchange Commission.
    
            “We do not currently have sufficient cash reserves or financing sources sufficient to satisfy all amounts due under the 2026 Notes or the 2025 Notes, and as a result, such events could have a material adverse effect on our business, results of operations and financial condition,” Fisker said in its filing.
    
            Fisker’s shares traded for as much as $28 in February of 2021, valuing the company at just under $8 billion, but its shares now currently trade for less than 10 cents per share, reducing the EV car maker’s total market capitalization to less than $50 million
    
            Fisker had also previously said it was in talks with a major, established automaker but, those talks have fallen apart without a deal, according to a regulatory filing Fisker made Monday. The company’s troubles are another sign of the headwinds and speed bumps for the burgeoning EV industry.
    
            Reuters had reported it was in talks with Nissan, citing unnamed sources familiar with the discussions. Those talks centered on Fisker’s planned electric pickup, the Alaska, according to the report.
    
            Fisker was founded by its chief executive officer, auto designer Henrik Fisker, in 2016. Its sole product, the Fisker Ocean electric SUV, was produced in Austria under contract by third-party manufacturer Magna Steyr. Last year, 10,000 SUVs were produced but, in its earnings report, the company said only about half had been delivered to customers.
    
            Henrik Fisker had expected that outsourcing manufacturing to Magna, a company that also builds cars for Mercedes, BMW, Jaguar and others, would reduce the companies risks because it wouldn’t have to invest in its own manufacturing facilities.
    
            Fisker had also announced plans to produce a small, affordable EV called the Pear. Foxconn, the Taiwanese electronics company best known for manufacturing Apple’s iPhones, had been in discussions to produce the Pear at a Foxconn-owned factory in Ohio. Those talks never came to fruition.
    
            And more bad news has been mounting for the company recently. The Ocean was the subject of a scathing review by American YouTube tech personality Marques Brownlee. The video was titled, “This is the Worst Car I’ve Ever Reviewed.”
    
            “Do not buy this version of the Fisker Ocean,” reads the video’s description. Brownlee’s video has racked up more than 4.5 million views so far, and it sent Fisker’s stock price plunging after its release.
    
            Consumer Reports also recently published its own review of the Ocean panning its ride quality and software although the reviewers did like its cargo space, rear seat legroom and large glass moonroof.
    
            Henrik Fisker admitted, in an interview with the industry newspaper Automotive News, that the Ocean had quality problems. He blamed the issues on software from various suppliers that worked poorly together. He said the problems were being addressed through software updates.
    
            But, besides its own quality issues, Fisker had to deal with much greater competition from established automakers than had existed when the company was established. Now, besides Tesla, companies like Hyundai, Kia, Ford and General Motors offer electric SUVs that are substantially similar to the Ocean and without the risks of dealing with an unknown startup.",CNN,26/03/2024,"['Shares of Fisker, a California-based electric vehicle startup, were halted Monday.', 'This comes after the company warned, in an earnings report in March, that it might not have enough cash to survive the year.', 'Later in the day, the New York Stock Exchange announced it planned to delist Fisker’s stock due to “abnormally low” price levels.', 'That delisting will mean the company must offer to buy back bonds that are currently due in 2026 and to immediately pay off other debts due in 2025, according to a filing the company made with the Securities and Exchange Commission.', '“We do not currently have sufficient cash reserves or financing sources sufficient to satisfy all amounts due under the 2026 Notes or the 2025 Notes, and as a result, such events could have a material adverse effect on our business, results of operations and financial condition,” Fisker said in its filing.', 'Fisker’s shares traded for as much as $28 in February of 2021, valuing the company at just under $8 billion, but its shares now currently trade for less than 10 cents per share, reducing the EV car maker’s total market capitalization to less than $50 million  Fisker had also previously said it was in talks with a major, established automaker but, those talks have fallen apart without a deal, according to a regulatory filing Fisker made Monday.', 'The company’s troubles are another sign of the headwinds and speed bumps for the burgeoning EV industry.', 'Reuters had reported it was in talks with Nissan, citing unnamed sources familiar with the discussions.', 'Those talks centered on Fisker’s planned electric pickup, the Alaska, according to the report.', 'Fisker was founded by its chief executive officer, auto designer Henrik Fisker, in 2016.', 'Its sole product, the Fisker Ocean electric SUV, was produced in Austria under contract by third-party manufacturer Magna Steyr.', 'Last year, 10,000 SUVs were produced but, in its earnings report, the company said only about half had been delivered to customers.', 'Henrik Fisker had expected that outsourcing manufacturing to Magna, a company that also builds cars for Mercedes, BMW, Jaguar and others, would reduce the companies risks because it wouldn’t have to invest in its own manufacturing facilities.', 'Fisker had also announced plans to produce a small, affordable EV called the Pear.', 'Foxconn, the Taiwanese electronics company best known for manufacturing Apple’s iPhones, had been in discussions to produce the Pear at a Foxconn-owned factory in Ohio.', 'Those talks never came to fruition.', 'And more bad news has been mounting for the company recently.', 'The Ocean was the subject of a scathing review by American YouTube tech personality Marques Brownlee.', 'The video wastitled, “This is the Worst Car I’ve Ever Reviewed.”', '“Do not buy this version of the Fisker Ocean,” reads the video’s description.', 'Brownlee’s video has racked up more than 4.5 million views so far, and it sent Fisker’s stock price plunging after its release.', 'Consumer Reports also recently published its own review of the Ocean panning its ride quality and software although the reviewers did like its cargo space, rear seat legroom and large glass moonroof.', 'Henrik Fisker admitted, in an interview with the industry newspaper Automotive News, that the Ocean had quality problems.', 'He blamed the issues on software from various suppliers that worked poorly together.', 'He said the problems were being addressed through software updates.', 'But, besides its own quality issues, Fisker had to deal with much greater competition from established automakers than had existed when the company was established.', 'Now, besides Tesla, companies like Hyundai, Kia, Ford and General Motors offer electric SUVs that are substantially similar to the Ocean and without the risks of dealing with an unknown startup.']",-0.030175502610655,"Foxconn, the Taiwanese electronics company best known for manufacturing Apple’s iPhones, had been in discussions to produce the Pear at a Foxconn-owned factory in Ohio.","The video wastitled, “This is the Worst Car I’ve Ever Reviewed.”",-0.7807632522149519,"Henrik Fisker had expected that outsourcing manufacturing to Magna, a company that also builds cars for Mercedes, BMW, Jaguar and others, would reduce the companies risks because it wouldn’t have to invest in its own manufacturing facilities.",The company’s troubles are another sign of the headwinds and speed bumps for the burgeoning EV industry.,2024-04-01
"Macy's hasn't closed 150 stores yet. But Target, Kohl's CEOs already smell opportunity",https://www.cnbc.com/2024/04/01/macys-store-closures-target-kohls-tjx-could-benefit.html,2024-04-01T17:57:40+0000,"In this articleMacy's hasn't yet shut the approximately 150 stores it plans to close. But retail competitors already smell opportunity.In recent interviews with CNBC, Target CEO Brian Cornell and Kohl's CEO Tom Kingsbury said the department store's decision to shrink its footprint gives them a chance to increase their own sales.Off-price chain T.J. Maxx could pick up more business, too, since it carries similar merchandise and has stores near Macy's locations that might shut, according to Jefferies.And many other retail names, including off-price chain Ross and department store rivals like Nordstrom could benefit from the closures, too. Those companies already count many of Macy's shoppers as their customers, according to an analysis of credit card data by Earnest Analytics.Facing lackluster sales and pressure to improve its business, Macy's announced in late February that it would close more than a quarter of its an approximately 500 namesake stores. With the wave of closures, the department store will join a list of retailers that have shrunk in size and created a void for other brands to swoop in. Those include Bed Bath & Beyond, which closed all of its stores after filing for bankruptcy, or others like J.C. Penney, a department store that is a fraction of its former size.Macy's closures could put as much as $2 billion of market share up for grabs. The department store's net sales were $23.1 billion in the most recent fiscal year, and it said the 150 stores that it's closing account for less than 10% of sales.Yet Macy's, for its part, has said closing the underperforming stores will help it focus on driving higher sales at other locations. Macy's CEO Tony Spring said the company will open more locations of its higher-end department store Bloomingdale's and beauty chain Bluemercury, which have both outperformed the company's namesake chain. The closures will also free up capital to invest in its better-performing namesake stores.Macy's has not yet said which locations will close and when exactly they will shutter, but said 50 stores will close by early 2025. The move will have implications for shopping malls, too, since Macy's will close giant stores that are mall anchors.Department stores have been losing market share for years as shoppers have chosen to shop at strip malls or online instead, said Corey Tarlowe, a retail analyst at equity research firm Jefferies. Beneficiaries have ranged widely from big-box stores like Target to specialty players like Abercrombie & Fitch, which has opened stores in major cities like New York.In an interview with CNBC in March, Target CEO Cornell said the retailer has gotten a leg up from other closures before. For example, he said, some of its stores are in former Toys R Us locations.Off-price retailers, in particular, have posed a major competitive threat to department stores — and been the big winners from their struggles, Tarlowe said. They sell a lot of discretionary merchandise like clothes, handbags and shoes, too, but often in more convenient locations and for a better price.""It's kind of like the new department store in effect, but it's much smaller,"" he said. ""They sell similar brands and similar products, but for 40% to 70% of the cost.""With Macy's broad closures, TJX Cos.-owned T.J. Maxx, which includes its namesake stores, Marshalls and Home Goods, is especially well positioned. About 63% of Macy's stores have a T.J. Maxx or Marshalls within a one-mile radius, according to an analysis by Jefferies.Off-price stores also draw a similar customer, which tends to be more affluent. About 47% of Macy's shoppers have an annual household income of more than $100,000, compared with about 50% of shoppers who go to TJX-owned stores, Jefferies found. Only about 30% of Burlington shoppers and about 34% of Ross customers have an annual household income of more than $100,000, which may mean they have less overlap with Macy's shoppers.""I used to see Toyota Camrys in parking lots at a T.J. Maxx and now I see BMWs, I see Mercedes, I'll see Porsches,"" Tarlowe said.He added that TJX stores are easier for shoppers to get to, with roughly 2,500 locations in the U.S. That is a much larger footprint than Macy's, which will have approximately 350 namesake stores after the closures.Other rivals also have a high overlap with Macy's customer base, which could position them well.About a third of Macy's customers also shopped at Kohl's during the prior 12 months, according to a late March credit card data analysis by Earnest Analytics. That was only surpassed by T.J. Maxx, which had 37% of Macy's customers shop at its brands over the same period.In a recent interview with CNBC, Kohl's CEO Kingsbury described Macy's closures as a chance for the company to grow. He also said Kohl's is the largest department store in the country with 1,174 stores, but has quality locations.""The beauty of Kohl's is the fact that our stores are located in strip centers,"" he said in an interview at Shoptalk, a retail conference in Las Vegas, in March. ""It's really a big deal. So we can bring the department store concept to the strip centers where you know a lot of the successful companies are located overall.""Yet Kohl's faces similar struggles as Macy's, as it grapples with softer discretionary spending and challenges with attracting a younger customer. Like Macy's, it also projected that comparable sales, which takes out the impact of stores openings and closures, may not grow or will only rise modestly in the year ahead.Macy's has also been trying to take a page from its competitors' books. It's opening up to 30 smaller stores in strip centers. And at many of its department store locations, it has added Backstage, an off-price shop inside of the bigger store.But in the places where Macy's is leaving a void, Target may also be poised to open stores or gain customers. The Minneapolis-based company said last month that it plans to build more than 300 new stores over the next decade. It already has more than 1,950 stores across the U.S.Speaking to CNBC, Cornell did not say if the big-box retailer will open more stores near shuttered Macy's. But, he added, it's watching closely.""We're always looking at the local market, the opportunities and we think there's still going to be displacement within retail for years to come,"" he said. ""And with our capability and financial position, we can be one of the players that continues to lean in and take share and growth.""",CNBC,01/04/2024,"[""In this articleMacy's hasn't yet shut the approximately 150 stores it plans to close."", 'But retail competitors already smell opportunity.', ""In recent interviews with CNBC, Target CEO Brian Cornell and Kohl's CEO Tom Kingsbury said the department store's decision to shrink its footprint gives them a chance to increase their own sales."", ""Off-price chain T.J. Maxx could pick up more business, too, since it carries similar merchandise and has stores near Macy's locations that might shut, according to Jefferies."", 'And many other retail names, including off-price chain Ross and department store rivals like Nordstrom could benefit from the closures, too.', ""Those companies already count many of Macy's shoppers as their customers, according to an analysis of credit card data by Earnest Analytics."", ""Facing lackluster sales and pressure to improve its business, Macy's announced in late February that it would close more than a quarter of its an approximately 500 namesake stores."", 'With the wave of closures, the department store will join a list of retailers that have shrunk in size and created a void for other brands to swoop in.', 'Those include Bed Bath & Beyond, which closed all of its stores after filing for bankruptcy, or others like J.C. Penney, a department store that is a fraction of its former size.', ""Macy's closures could put as much as $2 billion of market share up for grabs."", ""The department store's net sales were $23.1 billion in the most recent fiscal year, and it said the 150 stores that it's closing account for less than 10% of sales."", ""Yet Macy's, for its part, has said closing the underperforming stores will help it focus on driving higher sales at other locations."", ""Macy's CEO Tony Spring said the company will open more locations of its higher-end department store Bloomingdale's and beauty chain Bluemercury, which have both outperformed the company's namesake chain."", 'The closures will also free up capital to invest in its better-performing namesake stores.', ""Macy's has not yet said which locations will close and when exactly they will shutter, but said 50 stores will close by early 2025."", ""The move will have implications for shopping malls, too, since Macy's will close giant stores that are mall anchors."", 'Department stores have been losing market share for years as shoppers have chosen to shop at strip malls or online instead, said Corey Tarlowe, a retail analyst at equity research firm Jefferies.', 'Beneficiaries have ranged widely from big-box stores like Target to specialty players like Abercrombie & Fitch, which has opened stores in major cities like New York.', 'In an interview with CNBC in March, Target CEO Cornell said the retailer has gotten a leg up from other closures before.', 'For example, he said, some of its stores are in former Toys R Us locations.', 'Off-price retailers, in particular, have posed a major competitive threat to department stores — and been the big winners from their struggles, Tarlowe said.', 'They sell a lot of discretionary merchandise like clothes, handbags and shoes, too, but often in more convenient locations and for a better price.', '""It\'s kind of like the new department store in effect, but it\'s much smaller,"" he said. ""', 'They sell similar brands and similar products, but for 40% to 70% of the cost.', '""With Macy\'s broad closures, TJX Cos.-owned T.J. Maxx, which includes its namesake stores, Marshalls and Home Goods, is especially well positioned.', ""About 63% of Macy's stores have a T.J. Maxx or Marshalls within a one-mile radius, according to an analysis by Jefferies."", 'Off-price stores also draw a similar customer, which tends to be more affluent.', ""About 47% of Macy's shoppers have an annual household income of more than $100,000, compared with about 50% of shoppers who go to TJX-owned stores, Jefferies found."", ""Only about 30% of Burlington shoppers and about 34% of Ross customers have an annual household income of more than $100,000, which may mean they have less overlap with Macy's shoppers."", '""I used to see Toyota Camrys in parking lots at a T.J. Maxx and now I see BMWs, I see Mercedes, I\'ll see Porsches,"" Tarlowe said.', ""He added that TJX stores are easier for shoppers to get to, with roughly 2,500 locations in the U.S. That is a much larger footprint than Macy's, which will have approximately 350 namesake stores after the closures."", ""Other rivals also have a high overlap with Macy's customer base, which could position them well."", ""About a third of Macy's customers also shopped at Kohl'sduring the prior 12 months,according toa late Marchcredit card dataanalysis byEarnest Analytics."", ""That was only surpassed by T.J. Maxx, which had 37% of Macy's customers shop at its brands over the same period."", ""In a recent interview with CNBC, Kohl's CEO Kingsbury described Macy's closures as a chance for the company to grow."", ""He also said Kohl's is the largest department store in the country with 1,174 stores, but has quality locations."", '""The beauty of Kohl\'s is the fact that our stores are located in strip centers,"" he said in an interview at Shoptalk, a retail conference in Las Vegas, in March. ""', ""It's really a big deal."", 'So we can bring the department store concept to the strip centers where you know a lot of the successful companies are located overall.', '""Yet Kohl\'s faces similar struggles as Macy\'s, as it grapples with softer discretionary spending and challenges with attracting a younger customer.', ""Like Macy's, it also projected that comparable sales, which takes out the impact of stores openings and closures, may not grow or will only rise modestly in the year ahead."", ""Macy's has also been trying to take a page from its competitors' books."", ""It's opening up to 30 smaller stores in strip centers."", 'And at many of its department store locations, it has added Backstage, an off-price shop inside of the bigger store.', ""But in the places where Macy's is leaving a void, Target may also be poised to open stores or gain customers."", 'The Minneapolis-based company said last month that it plans to build more than 300 new stores over the next decade.', ""It already has more than 1,950 stores across the U.S.Speaking to CNBC, Cornell did not say if the big-box retailer will open more stores near shuttered Macy's."", ""But, he added, it's watching closely."", '""We\'re always looking at the local market, the opportunities and we think there\'s still going to be displacement within retail for years to come,"" he said. ""', 'And with our capability and financial position, we can be one of the players that continues to lean in and take share and growth.""']",0.2388109269979753,"Beneficiaries have ranged widely from big-box stores like Target to specialty players like Abercrombie & Fitch, which has opened stores in major cities like New York.","Off-price retailers, in particular, have posed a major competitive threat to department stores — and been the big winners from their struggles, Tarlowe said.",0.6432930982631185,"Macy's CEO Tony Spring said the company will open more locations of its higher-end department store Bloomingdale's and beauty chain Bluemercury, which have both outperformed the company's namesake chain.","Facing lackluster sales and pressure to improve its business, Macy's announced in late February that it would close more than a quarter of its an approximately 500 namesake stores.",2024-04-01
How Dana Walden could defy critics and become Disney's first female CEO,https://www.cnbc.com/2024/04/01/disney-ceo-race-dana-walden-could-defy-critics-and-make-history.html,2024-04-01T19:56:39+0000,"In this articleIn 1994, a captain of the media and entertainment industry saw something in Dana Walden that made him think she was capable of a bigger role.Thirty years later, that may happen again.That first time, the executive was Peter Chernin, then president of 20th Century Fox Filmed Entertainment and later president and chief operating officer of Rupert Murdoch's News Corp. Chernin plucked Walden from Fox's corporate communications division and gave her a job in TV.In 2024, the executive is Bob Iger, Disney's CEO, and the position he's considering Walden for is that of his successor, according to people familiar with the process. The appointment would make Walden the first female CEO of the Walt Disney Co. in its 100-year history.Just a year into her early career at 20th Century Fox, working in publicity, Walden delivered a presentation at a company retreat in Santa Barbara, California. She was determined to leave a lasting impression on Chernin, now chairman and CEO of investment firm The Chernin Group, after several encounters in which he'd never remembered her.To get his attention, Walden decided to be bold. She told Fox executives, including Chernin, that they weren't being aggressive enough to secure top talent. Fox needed to take bigger swings to generate relationships and land shows that could make it to syndication, Walden argued. A spokesperson for Walden confirmed the details of the presentation.When the retreat ended, Chernin called Peter Roth, then president of 20th Century Fox Television, who later ran Warner Bros.' TV division.""The next day she was in my office, and we gave her a job in programming,"" Roth said in an interview.That set Walden on a career course correction that's led her to the doorstep of becoming Iger's successor.Walden, co-chair of Disney Entertainment, is competing internally with Disney Experiences Chairman Josh D'Amaro, ESPN Chairman Jimmy Pitaro, and Alan Bergman, who is Entertainment co-chair with Walden, to be named the next CEO of Disney, said the people familiar, who asked not to be named because the discussions are private.Iger plans to name a successor and then stick around at Disney to teach that person the job before departing at the end of 2026, CNBC reported in September. He's fighting to maintain control of Disney's future against a threat from Trian Partners' Nelson Peltz.Peltz has argued he should help spearhead a successor search, considering Iger has pushed back his retirement five times and returned to the job after Bob Chapek, named CEO in 2020, was fired in 2022. Peltz has claimed the Disney board can't be trusted to handle succession. Disney shareholders will vote on Peltz's candidacy to the board at its annual meeting Wednesday.Several executives at Disney privately told CNBC they believe Walden, 59, is the favorite to land the top job, though they have no inside knowledge of the process, and their proximity to Walden may skew their perception. Her relationship with Iger (she lives just blocks from his house in Brentwood, California), her track record of success as a TV executive, her trust among Disney board members, and the symbolism about what it would mean to have a female executive all work in her favor.""She's the single best talent exec to come out of TV in the last 20 years,"" Chernin said in an interview.""She would be an outstanding CEO,"" Roth added. ""Absolutely outstanding.""Walden declined to comment for this story. More than 20 colleagues and friends spoke with CNBC about her strengths, faults and the perceived likelihood she will take over for Iger.Allies of Walden's told CNBC she won't even discuss succession with them (though many said they tease her about it), choosing to focus on the job of running Disney Entertainment with Bergman that she's tasked with today.She faces stiff competition in the other Disney division heads. Walden has spent the last three decades focused on producing TV hits. She hasn't had the same range of responsibilities as Pitaro, who has run the company's sports media empire since 2018. And she has no experience running parks and resorts, which Iger and the board may decide is more essential to Disney's future than a TV business with hazy financial prospects in the streaming era.Six former colleagues — all of whom worked closely with Walden — privately questioned her business acumen in interviews with CNBC.""There are people that are in creative positions that rise to a level of management who figure out what a P&L [profit and loss] statement is, what a balance sheet is, what quarterly earnings are,"" said one of the people, who asked to remain anonymous to speak candidly. ""Dana doesn't really bother with any of that.""A second former coworker said Walden's profile simply doesn't translate to becoming the Disney CEO — a job that involves close investor interaction, geopolitical deals for parks and resorts, and strategic thinking around acquisition and investment.""She'll be eaten up by real investors,"" said the person, who likewise requested anonymity. ""Does she have the necessary depth of business knowledge? She can learn, but you can't have someone teach you decades of finance, business and tactics in a year or two.""Walden supporters dismissed those concerns as either simply incorrect or an example of persistent stereotypes against female executives. Walden has met with many institutional investors through her years at Disney, according to people familiar with the matter.""There's something about looking at female execs where questions are asked that would never be asked of men,"" said Jennifer Salke, the head of Amazon Studios and a former colleague of Walden's. ""Can they scale? Can a creative person be a business leader? I find that to be a huge bugaboo. She's in charge of billions of dollars of assets, but she's not capable of being a business leader?""Walden defenders brush off criticism from ex-Disney colleagues as the remnants of a grudge against Fox employees who came over as part of Disney's $71 billion acquisition of Fox's entertainment assets in 2019, or perhaps as part of an ulterior motive to diminish her CEO prospects in favor of their own preferred candidates.""At some point, everyone running anything was something before that,"" Chernin said. ""Anybody they choose will have never been the Disney CEO prior to that.""Chernin and Walden both began their careers in public relations, making them two of a small club of TV executives who started that way — former HBO head Richard Plepler is another exception. Chernin saw Walden's background as a strength, rather than a weakness.""She knows nothing is more important to a studio than talent relationships,"" said Craig Hunegs, who worked closely with Walden when he was president of Disney TV Studios from 2019 to 2021.Walden's entire life has ties to Hollywood. She grew up modestly in Studio City, a neighborhood of Los Angeles, and attended the private Westlake School for Girls (a predecessor of the coed Harvard-Westlake School), where she became friendly with Carol Burnett's daughter Carrie Hamilton.Walden's parents made connections in the entertainment industry from their time living in Las Vegas, where her mother was a background dancer who performed with George Burns, among other artists. Her father became a member of The Friars Club, famous for its Dean Martin celebrity roasts, and established friendships with entertainers including Martin and Buddy Hackett. Walden spent her childhood years with celebrities as family friends, attending dinner parties and occasionally celebrating holidays at their homes. She went on to marry a member of the entertainment industry, producer Matt Walden, in 1995; they have two daughters, now in their 20s.After graduating from the University of Southern California, Walden took a job working for public relations firm Bender, Goldman & Helper, starting out as a receptionist and an assistant. Within four years, she'd become a vice president.At Bender, she represented ""The Arsenio Hall Show"" on behalf of her client Paramount. The show poached Walden to come work as head of marketing for Hall's production company. Less than a year later, Lucie Sulhany, president of Paramount Domestic Television, took a job as a high-ranking Fox TV executive. She asked Walden to come along and work in publicity, and Walden joined her with an eye toward eventually making TV shows.At Fox, Walden and fellow TV executive Gary Newman jointly began running the studio business — the engine of the company that makes series both for itself and other networks. Starting in 1999, they kept that position for the next 15 years until they were promoted to run all of Fox Broadcasting in 2014.A former attorney, Newman began his partnership with Walden handling many of the business issues, while Walden developed a reputation for winning over creative talent and having impeccable taste for both dramas and comedies.""People used to joke we were work spouses,"" Newman said in an interview. ""She was very good at the job very quickly. It's just a combination of being smart, being really fast, being curious, being fearless.""Over time, Walden mastered the business side of TV, according to Newman and others who have worked with her.""The difference between Dana in the beginning of our partnership, when she leaned on her creative background, and where she was a few years later was night and day,"" Newman said. ""She picked up what she needed to pick up about business. I had a surgery at one point — the responsibility fell on Dana to be in there for me. That included being in charge of the business side of things.""Newman recounted one difficult negotiation over a Fox-produced show with CBS. It was the day before CBS would announce its fall schedule, and it wasn't clear if the broadcast network would pick up the series. CBS gave Newman and Walden a midnight deadline to revise a deal on its terms or it would cancel the show. Walden told Newman that CBS was bluffing, realizing the show was the linchpin for other programming that day. She persuaded Fox to simply ignore the deadline. The next day, CBS included the series, proving Walden right.""I don't know if she plays poker, but she'd be a great poker player,"" Newman said.Fox's studio began churning out hits, including ""24,"" ""Homeland,"" ""How I Met Your Mother,"" ""Sons of Anarchy,"" ""Modern Family,"" ""This is Us,"" ""New Girl,"" ""Bob's Burgers,"" and mini-empires created by Seth MacFarlane (""Family Guy,"" ""American Dad,"" ""The Cleveland Show"") and Ryan Murphy (""Nip/Tuck,"" ""Glee,"" ""American Horror Story,"" ""9-1-1"").Walden began making lasting relationships with TV showrunners and producers who have repeatedly worked with her, including MacFarlane, Murphy, ""Modern Family"" co-creator Steve Levitan and ""This is Us"" creator Dan Fogelman. She earned a reputation for her creative notes on scripts, particularly on shaping ""24,"" an unusually constructed drama that ran from 2001 to 2014 and earned critical praise for its storytelling techniques, according to Rick Rosen, a partner and head of TV of the talent agency WME .""People felt her notes and constructive criticisms helped move that show forward,"" recounted Rosen, who represented Howard Gordon, at one time the ""24"" showrunner. ""She helped get it unstuck.""Walden's taste, her discipline around getting talent to deliver on budget, and her honesty about what's working and what isn't have set her apart from other executives, according to Levitan.""Hollywood is a business of relationships,"" Levitan said. ""What you can't teach somebody is how to inspire people. She is whip smart. If there is a subject that she needs to take a deep dive on, she's going to be an expert in that subject before you know it.""Disney's acquisition of Fox moved Walden to a new company with a new culture. Iger called Walden on the day of the deal's announcement in December 2017 to let her know he wanted her to come to Disney, according to people familiar with the matter. Newman planned to stay at Fox; he ultimately exited the company in 2018.Walden hoped she'd run Disney's TV unit as a direct report to Iger, according to people familiar with her thinking at the time. But Iger wanted Peter Rice, Walden's boss at Fox, for the top job. Passed over, Walden considered walking away from both Disney and the studio she helped build for other opportunities, the people said.Still, she had a strong relationship with Rice, who ultimately persuaded her to stay despite her disappointment. Walden eventually took Rice's job when Disney fired him in 2022 after Chapek and some members of the Disney board concluded he wasn't a team player, specifically noting that he'd privately criticized the company's messaging around Florida's controversial ""Don't Say Gay"" legislation, according to people familiar with the matter. Chapek told Rice he wasn't a culture fit despite years of Rice receiving positive feedback, the people said. A Disney spokesman and Rice declined to comment.""The conversations around selling a series — licensing fees, profit participation, residuals — or discussions about budgets, and how many guest stars we can sign, or which platform a series should air on ... all of that I've done directly with Dana,"" said Rich Appel, the executive producer and co-showrunner of ""Family Guy."" ""No disrespect to Gary [Newman], but for the past few years, it's only been Dana.""At Disney, Walden has hit several home runs, including FX's ""The Bear,"" Hulu's ""The Dropout"" and ""Only Murders in the Building,"" and ABC's ""Abbott Elementary."" She has heavily invested in marketing children's show ""Bluey,"" which in 2024 has spent time as the most-watched show on all streaming services. She has also focused on building up Disney+'s family programming with originals including ""Percy Jackson and the Olympians,"" ""Spidey and His Amazing Friends"" and ""Goosebumps.""Still, critics say it's easy to cherry-pick the successes and ignore the failures. One Disney insider said that grading Walden's performance honestly would require a robust analysis of all the shows she's greenlit.The last time Iger chose a successor, it didn't go well. As outlined by CNBC in 2023, the relationship between Chapek and Iger, who remained Disney's executive chairman until the end of 2021, fell apart, and the Disney board ultimately fired Chapek and brought Iger back less than three years later.Iger returned as CEO in part to right the wrong he believed he made by selecting Chapek as his successor, according to people familiar with his thinking. If he's looking for the anti-Chapek candidate, Walden fits the description.Chapek climbed the corporate ladder at Disney for 30 years by showcasing his business and finance chops. He studied microbiology at Indiana University and got his MBA from Michigan State University. He developed expertise in the minute details of Disney's parks and resorts, such as how specific hotel discounts could affect park attendance and the price elasticity of seasonal ticket rate adjustments.But he had almost no Hollywood relationships. Without a foundation of trust, ""The Town,"" as Hollywood is known, turned on Chapek. Agents, producers and showrunners blamed him for Disney's forceful public rebuke of A-list star Scarlett Johansson in a Covid pandemic-related contract dispute and for bungling the company's response to ""Don't Say Gay,"" as CNBC reported in 2023.Walden's resume sets her up as Chapek's inverse: a Disney outsider whose Hollywood ties are among the best in the industry. In the latter months of Chapek's tenure as CEO, as CNBC reported, Disney communications head Kristina Schake began setting up meetings for Chapek with Hollywood's power players — at Walden's house.A potential handover from Iger to Walden would also look very different from the Iger-Chapek transition, predicted United Talent Agency Vice Chairman Jay Sures, a close friend of Walden's. Chapek saw Iger as a threat to his power, according to people familiar with his thinking at the time. Walden would stay close to Iger for as long as possible, Sures said.""When Bob Chapek got the job, he couldn't wait for Bob Iger to leave. If Dana ever got the job, she's gonna dread the day Bob Iger leaves,"" Sures said. ""She values the skill and leadership he brings. She knows a good thing when she sees it.""If Walden were appointed CEO, she would be the first woman to run the century-old company. Some close to Iger say he would look fondly on being the person to help break the glass ceiling.Amazon's Salke said she's had several discussions over the years with Walden about how to survive in the male-dominated entertainment world. It requires a deftness of character and ability to avoid enemies, said Salke.""I watched 'Barbie,'"" said Salke, referencing the Greta Gerwig-created hit 2023 movie that skewers elements of modern patriarchy. ""That speech from America Ferrera's character [Gloria], it's true. You have to be likable but not too likable. If you're too likable, that's seen as threatening to men.""While Walden has crossed a bridge to become close friends with a number of her professional colleagues (she's the godmother of Murphy's children), she is attuned to her image in ways male executives don't have to worry about, according to people familiar with her personality.Even when the attention is nonthreatening, Walden is aware that her appearance may be judged as readily as her business performance, the people said.""When I first met her, the writers would see Dana walk by from time to time, and we used to call her 'Why Miss Jones,'"" Levitan said. ""Because she'd wear these glasses. So it was like in old Hollywood movies, when an actress would take off her glasses and one of the characters would say, 'Why, Miss Jones! You're beautiful!'""Levitan later became close friends with Walden and praised her professionalism. Of note, he cited last year's cancellation of ""Reboot,"" a show he created for Hulu.""I don't agree with the decision that was made there, and I don't agree that it got a fair shake,"" Levitan said. ""But Dana and I talked about it. She took me through her reasons. And it's a genuine conversation. There's a reason people are pretty effusive about the way Dana handles herself. It's because she genuinely goes out of her way to treat people with decency.""Walden and her team have a reputation for sending birthday gifts to Hollywood's movers and shakers and bottles of champagne to them when their shows premiere. Supporters view it as relationship-building. Critics said her actions sometimes border on corporate largesse.Walden herself has joked that she was ""raised by wolves"" at Fox, and that she's had to consciously adjust to the more toned-down Disney culture over the last five years, according to people familiar with her thinking.She's also had to toe a line between stereotype and successful executive. Of the 20 people interviewed for this story, nearly every one of them called Walden ""direct"" and ""demanding.""""Sharp elbows, right?"" Salke said, anticipating the hackneyed criticism of female leaders. ""So many times Dana and I have been the only women in the room. Can she be demanding and hold people to a high bar? Yes. But men come on in, and the first thing they do is fire people, and no one bats an eye.""Walden's champions noted that every successful executive is demanding of excellence, and said her directness is a major strength that separates her from many other TV executives.""She can be 'business' tough,"" said WME's Rosen. ""Nobody likes to deliver bad news. A show is canceled, or it's over budget, or this project didn't work. But she's not harsh. You feel like she's coming from a place of optimism — let's figure out where we go from here.""While the Disney board will have the ultimate say on the company's next CEO, Iger will likely be the real decision-maker, given his history at the company, status among board members, and knowledge of the job.""The importance of the succession process cannot be overstated, and as the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition,"" Iger said in a statement in 2023 when he renewed his contract as CEO to the end of 2026.Even if Iger agrees with some of Walden's critics about whether her strengths will specifically fit the top job at Disney, it's possible his recollection of his own experience being selected as CEO in 2005 could influence his decision. ""Go back and look at the articles that were written about Bob Iger,"" Sures said. ""I was friends with Bob then. It was a lot of 'empty suit' — a good-looking, tall guy who never had any experience in the movie business and never did anything in M&A [mergers and acquisitions] before in his life. Nineteen years later, he's one of the greatest, if not the greatest CEO the entertainment business has ever seen.""""The same things are being said about Dana now,"" Sures said.Iger and the board's selection for a successor may ultimately come down to the direction they envision for Disney.D'Amaro could be the choice if they decide the parks are the most important part of the company's future. Pitaro seems logical if ESPN and its upcoming digital transformation are seen as an essential part of Disney's future, as opposed to its past. Either Walden or Bergman could be the choice if creative taste and relationships trump all, though Bergman's recent troubles with Disney's film division may be a knock against them.Still, Chernin said it's a mistake to view Disney so simply. The magic of the company is how all the parts interact with each other, rather than emphasizing one unit over all others, he said.""The business is changing so rapidly. That company is going to change so much,"" Chernin said. ""Someone is going to have to imagine what a media company of the future looks like. Bob [Iger] is going through that right now. He's actively spending every day thinking that through. The most important part of that company is ongoing relationships with customers.""WATCH: Carolyn Everson, Disney board member, discusses the question of succession.",CNBC,01/04/2024,"['In this articleIn 1994, a captain of the media and entertainment industry saw something in Dana Walden that made him think she was capable of a bigger role.', 'Thirty years later, that may happen again.', ""That first time, the executive was Peter Chernin, then president of 20th Century Fox Filmed Entertainment and later president and chief operating officer of Rupert Murdoch'sNews Corp. Chernin plucked Walden from Fox's corporate communications division and gave her a job in TV.In 2024, the executive is Bob Iger, Disney's CEO, and the position he's considering Walden for is that of his successor, according to people familiar with the process."", 'The appointment would make Walden the first female CEO of the Walt Disney Co. in its 100-year history.', 'Just a year into her early career at 20th Century Fox, working in publicity, Walden delivered a presentation at a company retreat in Santa Barbara, California.', ""She was determined to leave a lasting impression on Chernin, now chairman and CEO of investment firmThe Chernin Group, after several encounters in which he'd never remembered her."", 'To get his attention, Walden decided to be bold.', ""She told Fox executives, including Chernin, that they weren't being aggressive enough to secure top talent."", 'Fox needed to take bigger swings to generate relationships and land shows that could make it to syndication, Walden argued.', 'A spokesperson for Walden confirmed the details of the presentation.', ""When the retreat ended, Chernin called Peter Roth, then president of 20th Century Fox Television, who later ran Warner Bros.' TV division."", '""The next day she was in my office, and we gave her a job in programming,"" Roth said in an interview.', ""That set Walden on a career course correction that's led her to the doorstep of becoming Iger's successor."", ""Walden, co-chair of Disney Entertainment, is competing internally with Disney Experiences Chairman Josh D'Amaro, ESPN Chairman Jimmy Pitaro, and Alan Bergman, who is Entertainment co-chair with Walden, to be named the next CEO of Disney, said the people familiar, who asked not to be named because the discussions are private."", 'Iger plans to name a successor and then stick around at Disney to teach that person the job before departing at the end of 2026, CNBC reported in September.', ""He's fighting to maintain control of Disney's future against a threat from Trian Partners' Nelson Peltz."", 'Peltz has argued he should help spearhead a successor search, considering Iger has pushed back his retirement five times and returned to the job after Bob Chapek, named CEO in 2020, was fired in 2022.', ""Peltz has claimed the Disney board can't be trusted to handle succession."", ""Disney shareholders will vote on Peltz's candidacy to the board at its annual meeting Wednesday."", 'Several executives at Disney privately told CNBC they believe Walden, 59, is the favorite to land the top job, though they have no inside knowledge of the process, and their proximity to Walden may skew their perception.', 'Her relationship with Iger (she lives just blocks from his house in Brentwood, California), her track record of success as a TV executive, her trust among Disney board members, and the symbolism about what it would mean to have a female executive all work in her favor.', '""She\'s the single best talent exec to come out of TV in the last 20 years,"" Chernin said in an interview.', '""She would be an outstanding CEO,"" Roth added. ""', 'Absolutely outstanding.', '""Walden declined to comment for this story.', 'More than 20 colleagues and friends spoke with CNBC about her strengths, faults and the perceived likelihood she will take over for Iger.', ""Allies of Walden's told CNBC she won't even discuss succession with them (though many said they tease her about it), choosing to focus on the job of running Disney Entertainment with Bergman that she's tasked with today."", 'She faces stiff competition in the other Disney division heads.', 'Walden has spent the last three decades focused on producing TV hits.', ""She hasn't had the same range of responsibilities as Pitaro, who has run the company's sports media empire since 2018."", ""And she has no experience running parks and resorts, which Iger and the board may decide is more essential to Disney's future than a TV business with hazy financial prospects in the streaming era."", 'Six former colleagues — all of whom worked closely with Walden — privately questioned her business acumen in interviews with CNBC.""There are people that are in creative positions that rise to a level of management who figure out what a P&L [profit and loss] statement is, what a balance sheet is, what quarterly earnings are,"" said one of the people, who asked to remain anonymous to speak candidly. ""', ""Dana doesn't really bother with any of that."", '""A second former coworker said Walden\'s profile simply doesn\'t translate to becoming the Disney CEO — a job that involves close investor interaction, geopolitical deals for parks and resorts, and strategic thinking around acquisition and investment.', '""She\'ll be eaten up by real investors,"" said the person, who likewise requested anonymity. ""', 'Does she have the necessary depth of business knowledge?', ""She can learn, but you can't have someone teach you decades of finance, business and tactics in a year or two."", '""Walden supporters dismissed those concerns as either simply incorrect or an example of persistent stereotypes against female executives.', 'Walden has met with many institutional investors through her years at Disney, according to people familiar with the matter.', '""There\'s something about looking at female execs where questions are asked that would never be asked of men,"" said Jennifer Salke, the head of Amazon Studios and a former colleague of Walden\'s. ""', 'Can they scale?', 'Can a creative person be a business leader?', 'I find that to be a huge bugaboo.', 'She\'s in charge of billions of dollars of assets, but she\'s not capable of being a business leader?""Walden defenders brush off criticism from ex-Disney colleagues as the remnants of a grudge against Fox employees who came over as part of Disney\'s $71 billion acquisition of Fox\'s entertainment assets in 2019, or perhaps as part of an ulterior motive to diminish her CEO prospects in favor of their own preferred candidates.', '""At some point, everyone running anything was something before that,"" Chernin said. ""', 'Anybody they choose will have never been the Disney CEO prior to that.', '""Chernin and Walden both began their careers in public relations, making them two of a small club of TV executives who started that way — former HBO head Richard Plepler is another exception.', ""Chernin saw Walden's background as a strength, rather than a weakness."", '""She knows nothing is more important to a studio than talent relationships,"" said Craig Hunegs, who worked closely with Walden when he was president of Disney TV Studios from 2019 to 2021.Walden\'s entire life has ties to Hollywood.', ""She grew up modestly in Studio City, a neighborhood of Los Angeles, and attended the private Westlake School for Girls (a predecessor of the coed Harvard-Westlake School), where she became friendly with Carol Burnett's daughter Carrie Hamilton."", ""Walden's parents made connections in the entertainment industry from their time living in Las Vegas, where her mother was a background dancer who performed with George Burns, among other artists."", 'Her father became a member of The Friars Club, famous for its Dean Martin celebrity roasts, and established friendships with entertainers including Martin and Buddy Hackett.', 'Walden spent her childhood years with celebrities as family friends, attending dinner parties and occasionally celebrating holidays at their homes.', 'She went on to marry a member of the entertainment industry, producer Matt Walden, in 1995; they have two daughters, now in their 20s.', 'After graduating from the University of Southern California, Walden took a job working for public relations firm Bender,Goldman& Helper, starting out as a receptionist and an assistant.', ""Within four years, she'd become a vice president."", 'At Bender, she represented ""The Arsenio Hall Show"" on behalf of her client Paramount.', ""The show poached Walden to come work as head of marketing for Hall's production company."", 'Less than a year later, Lucie Sulhany, president of Paramount Domestic Television, took a job as a high-ranking Fox TV executive.', 'She asked Walden to come along and work in publicity, and Walden joined her with an eye toward eventually making TV shows.', 'At Fox, Walden and fellow TV executive Gary Newman jointly began running the studio business — the engine of the company that makes series both for itself and other networks.', 'Starting in 1999, they kept that position for the next 15 years until they were promoted to run all of Fox Broadcasting in 2014.A former attorney, Newman began his partnership with Walden handling many of the business issues, while Walden developed a reputation for winning over creative talent and having impeccable taste for both dramas and comedies.', '""People used to joke we were work spouses,"" Newman said in an interview. ""', 'She was very good at the job very quickly.', ""It's just a combination of being smart, being really fast, being curious, being fearless."", '""Over time, Walden mastered the business side of TV, according to Newman and others who have worked with her.', '""The difference between Dana in the beginning of our partnership, when she leaned on her creative background, and where she was a few years later was night and day,"" Newman said. ""', 'She picked up what she needed to pick up about business.', 'I had a surgery at one point — the responsibility fell on Dana to be in there for me.', 'That included being in charge of the business side of things.', '""Newman recounted one difficult negotiation over a Fox-produced show with CBS.', ""It was the day before CBS would announce its fall schedule, and it wasn't clear if the broadcast network would pick up the series."", 'CBS gave Newman and Walden a midnight deadline to revise a deal on its terms or it would cancel the show.', 'Walden told Newman that CBS was bluffing, realizing the show was the linchpin for other programming that day.', 'She persuaded Fox to simply ignore the deadline.', 'The next day, CBS included the series, proving Walden right.', '""I don\'t know if she plays poker, but she\'d be a great poker player,"" Newman said.', 'Fox\'s studio began churning out hits, including ""24,"" ""Homeland,"" ""How I Met Your Mother,"" ""Sons of Anarchy,"" ""Modern Family,"" ""This is Us,"" ""New Girl,"" ""Bob\'s Burgers,"" and mini-empires created by Seth MacFarlane (""Family Guy,"" ""American Dad,"" ""The Cleveland Show"") and Ryan Murphy (""Nip/Tuck,"" ""Glee,"" ""American Horror Story,"" ""9-1-1"").Walden began making lasting relationships with TV showrunners and producers who have repeatedly worked with her, including MacFarlane, Murphy, ""Modern Family"" co-creator Steve Levitan and ""This is Us"" creator Dan Fogelman.', 'She earned a reputation for her creative notes on scripts, particularly on shaping ""24,"" an unusually constructed drama that ran from 2001 to 2014 and earned critical praise for its storytelling techniques, according to Rick Rosen, a partner and head of TV of the talent agency WME .""People felt her notes and constructive criticisms helped move that show forward,"" recounted Rosen, who represented Howard Gordon, at one time the ""24"" showrunner. ""', 'She helped get it unstuck.', '""Walden\'s taste, her discipline around getting talent to deliver on budget, and her honesty about what\'s working and what isn\'t have set her apart from other executives, according to Levitan.', '""Hollywood is a business of relationships,"" Levitan said. ""', ""What you can't teach somebody is how to inspire people."", 'She is whip smart.', ""If there is a subject that she needs to take a deep dive on, she's going to be an expert in that subject before you know it."", '""Disney\'s acquisition of Fox moved Walden to a new company with a new culture.', ""Iger called Walden on the day of the deal's announcement in December 2017 to let her know he wanted her to come to Disney, according to people familiar with the matter."", ""Newman planned to stay at Fox; he ultimately exited the company in 2018.Walden hoped she'd run Disney's TV unit as a direct report to Iger, according to people familiar with her thinking at the time."", ""But Iger wanted Peter Rice, Walden's boss at Fox, for the top job."", 'Passed over, Walden considered walking away from both Disney and the studio she helped build for other opportunities, the people said.', 'Still, she had a strong relationship with Rice, who ultimately persuaded her to stay despite her disappointment.', 'Walden eventually took Rice\'s job when Disney fired him in 2022 after Chapek and some members of the Disney board concluded he wasn\'t a team player, specifically noting that he\'d privately criticized the company\'s messaging around Florida\'s controversial ""Don\'t Say Gay"" legislation, according to people familiar with the matter.', ""Chapek told Rice he wasn't a culture fit despite years of Rice receiving positive feedback, the people said."", 'A Disney spokesman and Rice declined to comment.', '""The conversations around selling a series — licensing fees, profit participation, residuals — or discussions about budgets, and how many guest stars we can sign, or which platform a series should air on ... all of that I\'ve done directly with Dana,"" said Rich Appel, the executive producer and co-showrunner of ""Family Guy."" ""', ""No disrespect to Gary [Newman], but for the past few years, it's only been Dana."", '""At Disney, Walden has hit several home runs, including FX\'s ""The Bear,"" Hulu\'s ""The Dropout"" and ""Only Murders in the Building,"" and ABC\'s ""Abbott Elementary.""', 'She has heavily invested in marketing children\'s show ""Bluey,"" which in 2024 has spent time as the most-watched show on all streaming services.', 'She has also focused on building up Disney+\'s family programming with originals including ""Percy Jackson and the Olympians,"" ""Spidey and His Amazing Friends"" and ""Goosebumps.', '""Still, critics say it\'s easy to cherry-pick the successes and ignore the failures.', ""One Disney insider said that grading Walden's performance honestly would require a robust analysis of all the shows she's greenlit."", ""The last time Iger chose a successor, it didn't go well."", ""As outlined by CNBC in 2023, the relationship between Chapek and Iger, who remained Disney's executive chairman until the end of 2021, fell apart, and the Disney board ultimately fired Chapek and brought Iger back less than three years later."", 'Iger returned as CEO in part to right the wrong he believed he made by selecting Chapek as his successor, according to people familiar with his thinking.', ""If he's looking for the anti-Chapek candidate, Walden fits the description."", 'Chapek climbed the corporate ladder at Disney for 30 years by showcasing his business and finance chops.', 'He studied microbiology at Indiana University and got his MBA from Michigan State University.', ""He developed expertise in the minute details of Disney's parks and resorts, such as how specific hotel discounts could affect park attendance and the price elasticity of seasonal ticket rate adjustments."", 'But he had almost no Hollywood relationships.', 'Without a foundation of trust, ""The Town,"" as Hollywood is known, turned on Chapek.', 'Agents, producers and showrunners blamed him for Disney\'s forceful public rebuke of A-list star Scarlett Johansson in a Covid pandemic-related contract dispute and for bungling the company\'s response to ""Don\'t Say Gay,"" as CNBC reported in 2023.Walden\'s resume sets her up as Chapek\'s inverse: a Disney outsider whose Hollywood ties are among the best in the industry.', ""In the latter months of Chapek's tenure as CEO, as CNBC reported, Disney communications head Kristina Schake began setting up meetings for Chapek with Hollywood's power players — at Walden's house."", ""A potential handover from Iger to Walden would also look very different from the Iger-Chapek transition, predicted United Talent Agency Vice Chairman Jay Sures, a close friend of Walden's."", 'Chapek saw Iger as a threat to his power, according to people familiar with his thinking at the time.', 'Walden would stay close to Iger for as long as possible, Sures said.', '""When Bob Chapek got the job, he couldn\'t wait for Bob Iger to leave.', 'If Dana ever got the job, she\'s gonna dread the day Bob Iger leaves,"" Sures said. ""', 'She values the skill and leadership he brings.', 'She knows a good thing when she sees it.', '""If Walden were appointed CEO, she would be the first woman to run the century-old company.', 'Some close to Iger say he would look fondly on being the person to help break the glass ceiling.', ""Amazon's Salke said she's had several discussions over the years with Walden about how to survive in the male-dominated entertainment world."", 'It requires a deftness of character and ability to avoid enemies, said Salke.', '""I watched \'Barbie,\'"" said Salke, referencing the Greta Gerwig-created hit 2023 movie that skewers elements of modern patriarchy. ""', ""That speech from America Ferrera's character [Gloria], it's true."", 'You have to be likable but not too likable.', ""If you're too likable, that's seen as threatening to men."", '""While Walden has crossed a bridge to become close friends with a number of her professional colleagues (she\'s the godmother of Murphy\'s children), she is attuned to her image in ways male executives don\'t have to worry about, according to people familiar with her personality.', 'Even when the attention is nonthreatening, Walden is aware that her appearance may be judged as readily as her business performance, the people said.', '""When I first met her, the writers would see Dana walk by from time to time, and we used to call her \'Why Miss Jones,\'"" Levitan said. ""', ""Because she'd wear these glasses."", ""So it was like in old Hollywood movies, when an actress would take off her glasses and one of the characters would say, 'Why, Miss Jones!"", 'You\'re beautiful!\'""Levitan later became close friends with Walden and praised her professionalism.', 'Of note, he cited last year\'s cancellation of ""Reboot,"" a show he created for Hulu.', '""I don\'t agree with the decision that was made there, and I don\'t agree that it got a fair shake,"" Levitan said. ""', 'But Dana and I talked about it.', 'She took me through her reasons.', ""And it's a genuine conversation."", ""There's a reason people are pretty effusive about the way Dana handles herself."", ""It's because she genuinely goes out of her way to treat people with decency."", '""Walden and her team have a reputation for sending birthday gifts to Hollywood\'s movers and shakers and bottles of champagne to them when their shows premiere.', 'Supporters view it as relationship-building.', 'Critics said her actions sometimes border on corporate largesse.', 'Walden herself has joked that she was ""raised by wolves"" at Fox, and that she\'s had to consciously adjust to the more toned-down Disney culture over the last five years, according to people familiar with her thinking.', ""She's also had to toe a line between stereotype and successful executive."", 'Of the 20 people interviewed for this story, nearly every one of them called Walden ""direct"" and ""demanding.', '""""Sharp elbows, right?""', 'Salke said, anticipating the hackneyed criticism of female leaders. ""', 'So many times Dana and I have been the only women in the room.', 'Can she be demanding and hold people to a high bar?', 'Yes.', 'But men come on in, and the first thing they do is fire people, and no one bats an eye.', '""Walden\'s champions noted that every successful executive is demanding of excellence, and said her directness is a major strength that separates her from many other TV executives.', '""She can be \'business\' tough,"" said WME\'s Rosen. ""', 'Nobody likes to deliver bad news.', ""A show is canceled, or it's over budget, or this project didn't work."", ""But she's not harsh."", ""You feel like she's coming from a place of optimism — let's figure out where we go from here."", '""While the Disney board will have the ultimate say on the company\'s next CEO, Iger will likely be the real decision-maker, given his history at the company, status among board members, and knowledge of the job.', '""The importance of the succession process cannot be overstated, and as the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition,"" Iger said in a statement in 2023 when he renewed his contract as CEO to the end of 2026.Even if Iger agrees with some of Walden\'s critics about whether her strengths will specifically fit the top job at Disney, it\'s possible his recollection of his own experience being selected as CEO in 2005 could influence his decision.', '""Go back and look at the articles that were written about Bob Iger,"" Sures said. ""', 'I was friends with Bob then.', ""It was a lot of 'empty suit' — a good-looking, tall guy who never had any experience in the movie business and never did anything in M&A [mergers and acquisitions] before in his life."", ""Nineteen years later, he's one of the greatest, if not the greatest CEO the entertainment business has ever seen."", '""""The same things are being said about Dana now,"" Sures said.', ""Iger and the board's selection for a successor may ultimately come down to the direction they envision for Disney."", ""D'Amaro could be the choice if they decide the parks are the most important part of the company's future."", ""Pitaro seems logical if ESPN and its upcoming digital transformation are seen as an essential part of Disney's future, as opposed to its past."", ""Either Walden or Bergman could be the choice if creative taste and relationships trump all, though Bergman's recent troubles with Disney's film division may be a knock against them."", ""Still, Chernin said it's a mistake to view Disney so simply."", 'The magic of the company is how all the parts interact with each other, rather than emphasizing one unit over all others, he said.', '""The business is changing so rapidly.', 'That company is going to change so much,"" Chernin said. ""', 'Someone is going to have to imagine what a media company of the future looks like.', 'Bob [Iger] is going through that right now.', ""He's actively spending every day thinking that through."", 'The most important part of that company is ongoing relationships with customers.', '""WATCH: Carolyn Everson, Disney board member, discusses the question of succession.']",0.1767351564273119,"""The importance of the succession process cannot be overstated, and as the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition,"" Iger said in a statement in 2023 when he renewed his contract as CEO to the end of 2026.Even if Iger agrees with some of Walden's critics about whether her strengths will specifically fit the top job at Disney, it's possible his recollection of his own experience being selected as CEO in 2005 could influence his decision.","Walden eventually took Rice's job when Disney fired him in 2022 after Chapek and some members of the Disney board concluded he wasn't a team player, specifically noting that he'd privately criticized the company's messaging around Florida's controversial ""Don't Say Gay"" legislation, according to people familiar with the matter.",0.073489362001419,"Still, she had a strong relationship with Rice, who ultimately persuaded her to stay despite her disappointment.","The last time Iger chose a successor, it didn't go well.",2024-04-01
Minimum wage rise gives boost to 2.7 million lowest-paid,https://www.bbc.co.uk/news/business-68678814,2024-03-31T23:00:28.000Z,"The minimum wage set by the government, known as the National Living Wage, is increasing by more than £1 for the first time, providing a boost for 2.7 million low-paid workers. The main wage rate is rising from £10.42 to £11.44 an hour and will apply to workers over 21 rather than over 23. Younger workers will also see a rise in the rates that apply to them. However, some businesses say the higher labour costs will make it harder for them to keep prices down. The changes mean:  Samuel, who works at Grindsmith coffee house in Salford, is one of those who will benefit from the increase. The 26-year-old says before the pay hike he was left with about £400 at the end of the month after rent and bills were paid, but felt he was being left ""shorter and shorter"" each time. ""Maybe for a month you'll be like 'oh, I've got money this month' but next month will be a bit of a rough one,"" Samuel says. He says the increase in the minimum wage will make up for the way prices have been rising, and help him afford more than just the essentials. When setting the minimum wage, the government is guided by proposals from the Low Pay Commission. The rising cost of living prompted the independent commission to recommend a bigger rise in the minimum wage.  The government accepted the recommendation, saying it meant the Conservatives' target to ""end low pay"", by lifting the minimum wage to two-thirds of average earnings, had now been met. However, Samuel's employer, Peter Gibson, the director and co-founder of Grindsmith, says businesses are under strain from the rise in wage costs. An increase for the lowest paid means he has to boost wages for other staff to maintain a differential, he says. ""With such a large increase this time, the minimum wage is now catching up to what we would pay our supervisors, so there must be some inflation in their wages as well. ""So for us, as a small business, it's not just a pay increase for minimum wage [workers], it's a pay increase across the company,"" Mr Gibson says. To manage the rise in costs, the company will consider increasing prices and cutting staff hours, he adds. ""Our hand's being forced,"" he says. ""It's not to make the company more money, it's to make the exact same amount of money, at the end, but with higher prices."" Business and trade minister Kevin Hollinrake conceded that rising wages meant rising costs for firms. ""We should never forget that private sector businesses shoulder the biggest burden in terms of paying the minimum wage,"" he told the BBC.""But it is really good news for 2.7 million people."" The Resolution Foundation, an independent think-tank, says the minimum wage increase represented a rise of 7.8% in real terms - once inflation was taken into account - and a 9.8% rise in cash terms. It says pay inequality had fallen significantly since 1999 when the minimum wage was introduced, making it ""the single most successful economic policy in a generation"". Are you affected by the issues raised in this story? Share your experiences by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/03/2024,"['The minimum wage set by the government, known as the National Living Wage, is increasing by more than £1 for the first time, providing a boost for 2.7 million low-paid workers.', 'The main wage rate is rising from £10.42 to £11.44 an hour and will apply to workers over 21 rather than over 23.', 'Younger workers will also see a rise in the rates that apply to them.', 'However, some businesses say the higher labour costs will make it harder for them to keep prices down.', 'The changes mean: Samuel, who works at Grindsmith coffee house in Salford, is one of those who will benefit from the increase.', 'The 26-year-old says before the pay hike he was left with about £400 at the end of the month after rent and bills were paid, but felt he was being left ""shorter and shorter"" each time. ""', 'Maybe for a month you\'ll be like \'oh, I\'ve got money this month\' but next month will be a bit of a rough one,"" Samuel says.', 'He says the increase in the minimum wage will make up for the way prices have been rising, and help him afford more than just the essentials.', 'When setting the minimum wage, the government is guided by proposals from the Low Pay Commission.', 'The rising cost of living prompted the independent commission to recommend a bigger rise in the minimum wage.', 'The government accepted the recommendation, saying it meant the Conservatives\' target to ""end low pay"", by lifting the minimum wage to two-thirds of average earnings, had now been met.', ""However, Samuel's employer, Peter Gibson, the director and co-founder of Grindsmith, says businesses are under strain from the rise in wage costs."", 'An increase for the lowest paid means he has to boost wages for other staff to maintain a differential, he says. ""', 'With such a large increase this time, the minimum wage is now catching up to what we would pay our supervisors, so there must be some inflation in their wages as well. ""', 'So for us, as a small business, it\'s not just a pay increase for minimum wage [workers], it\'s a pay increase across the company,"" Mr Gibson says.', 'To manage the rise in costs, the company will consider increasing prices and cutting staff hours, he adds. ""', 'Our hand\'s being forced,"" he says. ""', 'It\'s not to make the company more money, it\'s to make the exact same amount of money, at the end, but with higher prices.""', 'Business and trade minister Kevin Hollinrake conceded that rising wages meant rising costs for firms. ""', 'We should never forget that private sector businesses shoulder the biggest burden in terms of paying the minimum wage,"" he told the BBC.""But it is really good news for 2.7 million people.""', 'The Resolution Foundation, an independent think-tank, says the minimum wage increase represented a rise of 7.8% in real terms - once inflation was taken into account - and a 9.8% rise in cash terms.', 'It says pay inequality had fallen significantly since 1999 when the minimum wage was introduced, making it ""the single most successful economic policy in a generation"".', 'Are you affected by the issues raised in this story?', 'Share your experiences by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.1614124140408722,"The changes mean: Samuel, who works at Grindsmith coffee house in Salford, is one of those who will benefit from the increase.","When setting the minimum wage, the government is guided by proposals from the Low Pay Commission.",0.4229144068325267,"It says pay inequality had fallen significantly since 1999 when the minimum wage was introduced, making it ""the single most successful economic policy in a generation"".","Business and trade minister Kevin Hollinrake conceded that rising wages meant rising costs for firms. """,2024-04-01
Chrysler parent Stellantis laying off 400 salaried U.S. workers due to 'unprecedented uncertainties',https://www.cnbc.com/2024/03/22/chrysler-parent-stellantis-laying-off-400-salaried-us-workers.html,2024-03-22T17:41:18+0000,"In this articleDETROIT — Stellantis is laying off roughly 400 salaried employees in the U.S. in its engineering, technology and software units to cut costs as the automaker faces what it calls challenging market conditions.Stellantis on Friday said the layoffs would affect about 2% of employees in those units ""after rigorous organizational reviews."" Stellantis employed 11,800 U.S. salaried employees as of the end of last year.The cuts are effective March 31.""As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,"" the company said in an emailed statement.A spokeswoman for the automaker declined to discuss the exact number of employees who are being laid off. A source familiar with the actions confirmed it at about 400 workers, a number first reported Friday by The Wall Street Journal.The layoffs occurred during a ""mandatory remote work day"" for U.S. salaried, nonunion employees in Stellantis' engineering and technology organization, according to an internal announcement confirmed by two sources who were not authorized to speak about the actions.The action is the latest by Stellantis CEO Carlos Tavares to cut costs through layoffs, buyouts and other methods since the company was established through a merger of Fiat Chrysler and French automaker PSA Groupe in 2021.The cuts are part of a push to achieve Stellantis' ""Dare Forward 2030"" strategic plan that aims to increase profits and double the automaker's revenue to 300 billion euros, or $335 billion, by then, among other targets.""While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive and our Dare Forward 2030 strategic plan,"" the company said.",CNBC,22/03/2024,"['In this articleDETROIT — Stellantis is laying off roughly 400 salaried employees in the U.S. in its engineering, technology and software units to cut costs as the automaker faces what it calls challenging market conditions.', 'Stellantis on Friday said the layoffs would affect about 2% of employees in those units ""after rigorous organizational reviews.""', 'Stellantis employed 11,800 U.S. salaried employees as of the end of last year.', 'The cuts are effective March 31.""As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,"" the company said in an emailed statement.', 'A spokeswoman for the automaker declined to discuss the exact number of employees who are being laid off.', 'A source familiar with the actions confirmed it at about 400 workers, a number first reported Friday by The Wall Street Journal.', 'The layoffs occurred during a ""mandatory remote work day"" for U.S. salaried, nonunion employees in Stellantis\' engineering and technology organization, according to an internal announcement confirmed by two sources who were not authorized to speak about the actions.', 'The action is the latest by Stellantis CEO Carlos Tavares to cut costs through layoffs, buyouts and other methods since the company was established through a merger of Fiat Chrysler and French automaker PSA Groupe in 2021.The cuts are part of a push to achieve Stellantis\' ""Dare Forward 2030"" strategic plan that aims to increase profits and double the automaker\'s revenue to 300 billion euros, or $335 billion, by then, among other targets.', '""While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive and our Dare Forward 2030 strategic plan,"" the company said.']",0.1415057079365687,"The cuts are effective March 31.""As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,"" the company said in an emailed statement.","Stellantis on Friday said the layoffs would affect about 2% of employees in those units ""after rigorous organizational reviews.""",0.5079136937856674,"""While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive and our Dare Forward 2030 strategic plan,"" the company said.","In this articleDETROIT — Stellantis is laying off roughly 400 salaried employees in the U.S. in its engineering, technology and software units to cut costs as the automaker faces what it calls challenging market conditions.",2024-04-01
Home Depot is acquiring specialty distributor SRS for $18.25 billion in huge bet on growing pro sales,https://www.cnbc.com/2024/03/28/home-depot-acquiring-srs-distribution-for-18point25-billion-to-grow-pro-sales.html,2024-03-28T14:44:53+0000,"In this articleHome Depot on Thursday said it is acquiring SRS Distribution in an $18.25 billion deal, the latest and largest sign of its ambitions to drive sales by winning more business from contractors, roofers and other home professionals.The home improvement retailer expects the acquisition to close this fiscal year, which ends in late January. It said it will finance the deal through cash on hand and debt.Home Depot already draws half of its business from pros, while the other half comes from do-it-yourself customers. With the deal, the Atlanta-based company is making yet another push to gain the customers who tackle complex and lucrative construction jobs, particularly as homeowners pull back on DIY projects. That was one of the priorities that Home Depot leaders laid out for this year. It's also why the company has been opening a growing network of distribution centers that can stock large quantities of items that pros need, such as lumber or shingles, and deliver them directly to a job site.The acquisition is the largest in Home Depot's history.In an interview with CNBC, CEO Ted Decker described the deal as ""a complementary accelerator"" to its efforts to attract more pros. He said the deal increases Home Depot's total addressable market by $50 billion.SRS Distribution sells supplies to professionals in the landscaping, pool and roofing businesses. It's owned by two private equity firms, Leonard Green & Partners and Berkshire Partners.The McKinney, Texas-based company has approximately 11,000 employees and 760 branches across 47 states. It also has a fleet of 4,000 delivery trucks and a dedicated salesforce that caters to the home pros, Decker said.The acquisition adds to other recent deals that the retailer has made in the pro space. They include the approximately $8 billion acquisition of HD Supply, a national distributor of maintenance, repair and operations products in the multifamily and hospitality markets, in 2020. Last year, it also made two other acquisitions for undisclosed amounts: International Designs Group, which owns Construction Resources, a distributor of surfaces, appliances and other products that sells to home pros; and Temco, an appliance delivery and installation company.Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions.""With the separate customer base, different channels, different purchase occasions, we feel good that this will go through,"" he said.The acquisition is expected to be dilutive to Home Depot's earnings per share due to amortization, but accretive in terms of cash earnings per share in the first year after the deal closes.Home Depot has leaned into the pro business as its growth stagnates. The retailer, a major beneficiary of pandemic trends, has dealt with moderating sales as consumers take on fewer home projects and spend more on grocery bills and experiences. Over the past few quarters, customers have bought fewer big-ticket items and tackled smaller, less pricey projects. Decker said last month on an earnings call that Home Depot would focus on opening new stores, attracting more pro sales and trying to make customers' shopping experience more seamless.Home Depot plans to open a dozen new stores during the fiscal year. It recently announced it will open four distribution centers that help support sales to pros. The acquisition comes after the home improvement retailer said last month that it expects slower sales trends to continue. It said it anticipates total sales for the full year will grow about 1%, including an additional week in the fiscal year. Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January. It has about 465,000 employees. As of Wednesday's close, shares of Home Depot are up about 11% this year. That's slightly ahead of the 10% gains of the S&P 500. Home Depot's stock closed at $385.89 on Wednesday, bringing its market value to about $382 billion.",CNBC,28/03/2024,"['In this articleHome Depot on Thursday said it is acquiring SRS Distribution in an $18.25 billion deal, the latest and largest sign of its ambitions to drive sales by winning more business from contractors, roofers and other home professionals.', 'The home improvement retailer expects the acquisition to close this fiscal year, which ends in late January.', 'It said it will finance the deal through cash on hand and debt.', 'Home Depot already draws half of its business from pros, while the other half comes from do-it-yourself customers.', 'With the deal, the Atlanta-based company is making yet another push to gain the customers who tackle complex and lucrative construction jobs, particularly as homeowners pull back on DIY projects.', 'That was one of the priorities that Home Depot leaders laid out for this year.', ""It's also why the company has been opening a growing network of distribution centers that can stock large quantities of items that pros need, such as lumber or shingles, and deliver them directly to a job site."", ""The acquisition is the largest in Home Depot's history."", 'In an interview with CNBC, CEO Ted Decker described the deal as ""a complementary accelerator"" to its efforts to attract more pros.', ""He said the deal increases Home Depot's total addressable market by $50 billion."", 'SRS Distribution sells supplies to professionals in the landscaping, pool and roofing businesses.', ""It's owned by two private equity firms, Leonard Green & Partners and Berkshire Partners."", 'The McKinney, Texas-based company has approximately 11,000 employees and 760 branches across 47 states.', 'It also has a fleet of 4,000 delivery trucks and a dedicated salesforce that caters to the home pros, Decker said.', 'The acquisition adds to other recent deals that the retailer has made in the pro space.', 'They include the approximately $8 billion acquisition of HD Supply, a national distributor of maintenance, repair and operations products in the multifamily and hospitality markets, in 2020.', 'Last year, it also made two other acquisitions for undisclosed amounts:International Designs Group, which owns Construction Resources, a distributor of surfaces, appliances and other products that sells to home pros; and Temco, an appliance delivery and installation company.', ""Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions."", '""With the separate customer base, different channels, different purchase occasions, we feel good that this will go through,"" he said.', ""The acquisition is expected to be dilutive to Home Depot's earnings per share due to amortization, but accretive in terms of cash earnings per share in the first year after the deal closes."", 'Home Depot has leaned into the pro business as its growth stagnates.', 'The retailer, a major beneficiary of pandemic trends, has dealt with moderating sales as consumers take on fewer home projects and spend more on grocery bills and experiences.', 'Over the past few quarters, customers have bought fewer big-ticket items and tackled smaller, less pricey projects.', ""Decker said last month on an earnings call that Home Depot would focus on opening new stores, attracting more pro sales and trying to make customers' shopping experience more seamless."", 'Home Depot plans to open a dozen new stores during the fiscal year.', 'It recently announced it will open four distribution centers that help support sales to pros.', 'The acquisition comes after the home improvement retailer said last month that it expects slower sales trends to continue.', 'It said it anticipates total sales for the full year will grow about 1%, including an additional week in the fiscal year.', 'Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.', 'It has about 465,000 employees.', ""As of Wednesday's close, shares of Home Depot are up about 11% this year."", ""That's slightly ahead of the 10% gains of the S&P 500."", ""Home Depot's stock closed at $385.89 on Wednesday, bringing its market value to about $382 billion.""]",0.2337286943129077,"Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions.","Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.",0.5671585641409221,"As of Wednesday's close, shares of Home Depot are up about 11% this year.","Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.",2024-04-01
"Toyota could introduce electric, plug-in Tacoma and Tundra pickups",https://www.cnbc.com/2024/03/28/toyota-weighing-electric-plug-in-tacoma-and-tundra-pickups.html,2024-03-28T20:44:55+0000,"In this articleNEW YORK — Toyota Motor is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups.Jack Hollis, executive vice president of Toyota Motor North America, said the Japanese automaker is assessing its options to determine what makes the most sense based on expected customer demand and tightening federal emissions and fuel economy regulations.""I do think there's room to grow our entire truck footprint. Whether it be Tundra, Tacoma or something else in addition to the lineup,"" Hollis told CNBC on Tuesday during the New York Auto Forum conference. ""Whether that's a compact or something else, I think it's important for us to continue to see what the customers are looking for.""Toyota has previously discussed a broad lineup of battery-electric vehicles, or BEVs, including a midsize pickup model like the segment-leading Tacoma. The latest conversations have introduced the potential for plug-in hybrid vehicles, or PHEVs.Toyota earlier this year said it would invest $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market. The automaker's Thailand president this week confirmed Toyota will produce a BEV of its small Hilux pickup for global markets, according to Reuters.Hollis said the electric Hilux is ""very cool."" He declined to speculate whether Toyota could bring that vehicle to the U.S.He confirmed, however, that the company is ""looking into both"" BEV and PHEV versions of the Tacoma and full-size Tundra. The Tundra was last redesigned for the 2022 model year, followed by Tacoma last year.""We're in the evaluation of both. There are reasons why a BEV can work and there's a reason why PHEV can work,"" he said, in posing the question, ""What's the best mix of those based upon each of those two trucks or even for 4Runner or Sequoia [SUVs]?""There are currently five all-electric pickup trucks on sale in the U.S., but they remain priced more so as luxury vehicles than mass-market models. Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.There are not any plug-in hybrid electric pickups currently on sale in the U.S. Stellantis' Ram brand is expected to release an ""extended-range"" plug-in vehicle with an electric generator powering an engine later this year.Toyota is one of several automakers reassessing its product portfolio amid slower-than-excepted adoption of EVs, and in light of the Biden administration's revised emissions rules that aim to better take into account hybrid and plug-in hybrid electric vehicles.José Muñoz, Hyundai president and global chief operating officer, told CNBC on Wednesday the company is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia.""Everything is on the table,"" Muñoz said. ""We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""",CNBC,28/03/2024,"['In this articleNEW YORK — Toyota Motor is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups.', 'Jack Hollis, executive vice president of Toyota Motor North America, said the Japanese automaker is assessing its options to determine what makes the most sense based on expected customer demand and tightening federal emissions and fuel economy regulations.', '""I do think there\'s room to grow our entire truck footprint.', 'Whether it be Tundra, Tacoma or something else in addition to the lineup,"" Hollis told CNBC on Tuesday during the New York Auto Forum conference. ""', ""Whether that's a compact or something else, I think it's important for us to continue to see what the customers are looking for."", '""Toyota has previously discussed a broad lineup of battery-electric vehicles, or BEVs, including a midsize pickup model like the segment-leading Tacoma.', 'The latest conversations have introduced the potential for plug-in hybrid vehicles, or PHEVs.', 'Toyota earlier this year said it would invest $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market.', ""The automaker's Thailand president this week confirmed Toyota will produce a BEV of its small Hilux pickup for global markets, according to Reuters."", 'Hollis said the electric Hilux is ""very cool.""', 'He declined to speculate whether Toyota could bring that vehicle to the U.S.He confirmed, however, that the company is ""looking into both"" BEV and PHEV versions of the Tacoma and full-size Tundra.', 'The Tundra was last redesigned for the 2022 model year, followed by Tacoma last year.', '""We\'re in the evaluation of both.', 'There are reasons why a BEV can work and there\'s a reason why PHEV can work,"" he said, in posing the question, ""What\'s the best mix of those based upon each of those two trucks or even for 4Runner or Sequoia [SUVs]?""There are currently five all-electric pickup trucks on sale in the U.S., but they remain priced more so as luxury vehicles than mass-market models.', 'Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.', 'There are not any plug-in hybrid electric pickups currently on sale in the U.S. Stellantis\' Ram brand is expected to release an ""extended-range"" plug-in vehicle with an electric generator powering an engine later this year.', ""Toyota is one of several automakers reassessing its product portfolio amidslower-than-exceptedadoption of EVs, and in light of the Biden administration'srevised emissionsrules that aim to better take into account hybrid and plug-in hybrid electric vehicles."", 'José Muñoz, Hyundai president and global chief operating officer, told CNBC on Wednesday the company is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia.', '""Everything is on the table,"" Muñoz said. ""', 'We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""']",0.092498307930648,"Toyota is one of several automakers reassessing its product portfolio amidslower-than-exceptedadoption of EVs, and in light of the Biden administration'srevised emissionsrules that aim to better take into account hybrid and plug-in hybrid electric vehicles.",,0.041712000966072,"""I do think there's room to grow our entire truck footprint.","Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.",2024-04-01
"Walgreens tops quarterly revenue estimates, but narrows profit outlook in 'challenging' economy",https://www.cnbc.com/2024/03/28/walgreens-wba-earnings-q2-2024.html,2024-03-28T14:52:26+0000,"In this articleWalgreens on Thursday reported fiscal second-quarter sales that beat Wall Street's expectations, but lowered the high end of its full-year adjusted earnings outlook in part due to a ""challenging"" retail environment in the U.S.The company also posted a steep net loss for the quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in primary-care provider VillageMD. Walgreens has closed 140 VillageMD clinics amid financial woes for the business, which it sees as critical to its ongoing push to transform from a major drugstore chain into a large health-care company.But Walgreens does not believe the VillageMD charge ""will have a significant impact on our financial position, or our ability to invest across businesses going forward,"" Walgreens global CFO Manmohan Mahajan said during an earnings call Thursday.The results come as Walgreens' new CEO, Tim Wentworth, works to slash costs and steer the company out of a rough spot with a slate of new executives. Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment. In a release Thursday, the company said it is confident it will meet its goal of saving $1 billion during fiscal 2024 through its ongoing cost-cutting program. Walgreens has laid off employees, closed unprofitable stores and used artificial intelligence to make its supply chain more efficient, among other efforts.Here's what Walgreens reported for the quarter, compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Walgreens narrowed its fiscal 2024 adjusted earnings guidance to between $3.20 and $3.35 per share. That compares with the company's previous outlook of $3.20 to $3.50 per share. Analysts surveyed by LSEG expect full-year adjusted earnings of $3.24 per share.Walgreens said the new guidance reflects the hurdles facing retailers in the U.S. and an early wind-down of its sales-leaseback program. It also takes into account lower earnings due to Walgreens' forward sale of shares of drug distributor Cencora, formerly known as AmerisourceBergen.The company said a stronger performance in its pharmacy services segment and a lower adjusted effective tax rate helped to offset the factors dragging on its earnings. But Mahajan said Walgreens expects the current economic backdrop will ""continue to negatively impact our U.S. retail sales in the short term.""Wentworth noted on the call that the company is ""exploring innovative ways to boost profitability and growth"" in its retail pharmacy division, such as through new pharmacy reimbursement models.The company did not give a new revenue forecast for the fiscal year. Walgreens has not provided that guidance since October, when it said it sees $141 billion to $145 billion in sales. The company reported a net loss of $5.91 billion, or $6.85 per share, for the quarter. That compares with a net income of $703 million, or 81 cents per share, for the same period a year ago. aExcluding certain items, including the $5.8 billion non-cash charge related VillageMD, adjusted earnings per share were $1.20 for the quarter.The company booked sales of $37.05 billion in the quarter, a roughly 6% jump from the same period a year ago. The company said that increase reflects sales growth across its three business segments. But Walgreens' U.S. health-care division stood out as sales jumped about 33% in the fiscal second quarter compared with the same period a year ago. Revenue for the segment came in at $2.18 billion.The company said the higher sales reflect VillageMD's acquisition of multispecialty care provider Summit Health and growth across all businesses in the segment on a pro-forma basis.VillageMD sales grew 20% due to same-clinic growth, among other factors. Sales from the segment's specialty pharmacy company, Shields Health Solutions, grew 13%, due to new contracts and expansions of current partnerships.Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.Meanwhile, Walgreens' U.S. retail pharmacy segment generated $28.86 billion in sales in the fiscal second quarter, an increase of almost 5% from the same period last year.That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products. Walgreens said pharmacy sales for the quarter rose 8.2% compared with the year-ago quarter. Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company's vaccine portfolio.Total prescriptions filled in the quarter including immunizations totaled 305.7 million, a more than 2% increase from the same period a year ago. Retail sales for the quarter fell 4.5% from the prior-year quarter, and comparable retail sales declined 4.3%. The company pointed to a challenging retail environment and a weaker respiratory season, among other factors. Walgreens' international segment, which operates more than 3,000 retail stores abroad, posted $6.02 billion in sales in the fiscal second quarter. That's an increase of more than 6% from the year-ago period. The company said sales from its U.K. subsidiary, Boots, grew 3%.When asked on the call about Eli Lilly's new direct-to-consumer website aimed at expanding access to its weight loss drug Zepbound, Wentworth did not comment on the program specifically.But he noted that the company is a ""natural partner"" for pharmaceutical companies that may ""want to go directly to patients for a particular product, where the normal supply chain, reimbursement model, et cetera isn't working effectively.""As an example, Wenworth pointed to GLP-1s, a new class of weight loss and diabetes drugs that includes Zepbound. Those drugs must be taken chronically but carry hefty price tags, which can be a hurdle for both patients and insurance plans and other payers.Walgreens is ""uniquely positioned"" to distribute drugs and serve as a ""clinically aligned partner"" that can help patients navigate their treatment safely, according to Wentworth.",CNBC,28/03/2024,"['In this articleWalgreens on Thursday reported fiscal second-quarter sales that beat Wall Street\'s expectations, but lowered the high end of its full-year adjusted earnings outlook in part due to a ""challenging"" retail environment in the U.S.The company also posted a steep net loss for the quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in primary-care providerVillageMD.', 'Walgreens has closed 140 VillageMD clinics amid financial woes for the business, which it sees as critical to its ongoing push to transform from a major drugstore chain into a large health-care company.', 'But Walgreens does not believe the VillageMD charge ""will have a significant impact on our financial position, or our ability to invest across businesses going forward,"" Walgreens global CFO Manmohan Mahajan said during an earnings call Thursday.', ""The results come as Walgreens' new CEO, Tim Wentworth, works to slash costs and steer the company out of a rough spot with a slate of new executives."", 'Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment.', 'In a release Thursday, the company said it is confident it will meet its goal of saving $1 billion during fiscal 2024 through its ongoing cost-cutting program.', 'Walgreens has laid off employees, closed unprofitable stores and used artificial intelligence to make its supply chain more efficient, among other efforts.', ""Here's what Walgreens reported for the quarter, compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Walgreens narrowed its fiscal 2024 adjusted earnings guidance to between $3.20 and $3.35 per share."", ""That compares with the company's previous outlook of $3.20 to $3.50 per share."", 'Analysts surveyed by LSEG expect full-year adjusted earnings of $3.24 per share.', 'Walgreens said the new guidance reflects the hurdles facing retailers in the U.S. and an early wind-down of its sales-leaseback program.', ""It also takes into account lower earnings due to Walgreens' forward sale of shares of drug distributor Cencora, formerly known as AmerisourceBergen."", 'The company said a stronger performance in its pharmacy services segment and a lower adjusted effective tax rate helped to offset the factors dragging on its earnings.', 'But Mahajan said Walgreens expects the current economic backdrop will ""continue to negatively impact our U.S. retail sales in the short term.', '""Wentworth noted on the call that the company is ""exploring innovative ways to boost profitability and growth"" in its retail pharmacy division, such as through new pharmacy reimbursement models.', 'The company did not give a new revenue forecast for the fiscal year.', 'Walgreens has not provided that guidance since October, when it said it sees $141 billion to $145 billion in sales.', 'The company reported a net loss of $5.91 billion, or $6.85 per share, for the quarter.', 'That compares with a net income of $703 million, or 81 cents per share, for the same period a year ago.', 'aExcluding certain items, including the $5.8 billion non-cash charge related VillageMD, adjusted earnings per share were $1.20 for the quarter.', 'The company booked sales of $37.05 billion in the quarter, a roughly 6% jump from the same period a year ago.', 'The company said that increase reflects sales growth across its three business segments.', ""But Walgreens' U.S. health-care division stood out as sales jumped about 33% in the fiscal second quarter compared with the same period a year ago."", 'Revenue for the segment came in at $2.18 billion.', ""The company said the higher sales reflect VillageMD's acquisition of multispecialty care provider Summit Health and growth across all businesses in the segment on a pro-forma basis."", 'VillageMD sales grew 20% due to same-clinic growth, among other factors.', ""Sales from the segment's specialty pharmacy company, Shields Health Solutions, grew 13%, due to new contracts and expansions of current partnerships."", 'Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.', ""Meanwhile, Walgreens' U.S. retail pharmacy segment generated $28.86 billion in sales in the fiscal second quarter, an increase of almost 5%from the same period last year."", 'That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.', 'Walgreens said pharmacy sales for the quarter rose 8.2% compared with the year-ago quarter.', 'Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company\'s vaccine portfolio.', 'Total prescriptions filled in the quarter including immunizations totaled 305.7 million, a more than 2% increase from the same period a year ago.', 'Retail sales for the quarter fell 4.5% from the prior-year quarter, and comparable retail sales declined 4.3%.', 'The company pointed to a challenging retail environment and a weaker respiratory season, among other factors.', ""Walgreens' international segment, which operates more than 3,000 retail stores abroad, posted $6.02 billion in sales in the fiscal second quarter."", ""That's an increase of more than 6% from the year-ago period."", ""The company said sales from its U.K. subsidiary, Boots, grew 3%.When asked on the call about Eli Lilly's new direct-to-consumer website aimed at expanding access to its weight loss drug Zepbound, Wentworth did not comment on the program specifically."", 'But he noted that the company is a ""natural partner"" for pharmaceutical companies that may ""want to go directly to patients for a particular product, where the normal supply chain, reimbursement model, et cetera isn\'t working effectively.', '""As an example, Wenworth pointed to GLP-1s, a new class of weight loss and diabetes drugs that includes Zepbound.', 'Those drugs must be taken chronically but carry hefty price tags, which can be a hurdle for both patients and insurance plans and other payers.', 'Walgreens is ""uniquely positioned"" to distribute drugs and serve as a ""clinically aligned partner"" that can help patients navigate their treatment safely, according to Wentworth.']",0.2392783246676357,"That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.","Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.",0.3645550685544168,"Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company's vaccine portfolio.","Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment.",2024-04-01
'We need someone to fix Boeing.' Here's who could replace Calhoun as the troubled plane maker's CEO,https://www.cnbc.com/2024/03/26/boeing-ceo-who-could-replace-calhoun.html,2024-03-26T14:28:20+0000,"In this articleHelp wanted at Boeing.CEO Dave Calhoun on Monday announced he is stepping down from the aerospace giant's top post at year's end as the company struggles with a safety and production quality crisis tied to its bestselling airplane, the 737 Max. Boeing said it will begin a search for Calhoun's replacement.Boeing also announced Monday it's replacing board Chair Larry Kellner and the chief executive of its all-important commercial airplanes unit, Stan Deal.Calhoun told CNBC on Monday that the decision to retire was ""100%"" his own and that he would be involved in finding his successor. His departure isn't much of a surprise given the struggles of the last few months.Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft.""We need someone to fix Boeing,"" one major airline executive, who wasn't authorized to speak to the media, told CNBC after Boeing announced the management shake-up Monday. ""They unequivocally needed a change.""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.Executives at Boeing's customers told CNBC they want the company's new leader to have manufacturing acumen, expertise in the highly regulated and technical world of aviation, and, perhaps most difficult of all, the ability to rally Boeing's employees and ensure a culture of safety, consistency and innovation.""This is going to be a challenging role to fill. You're going to need someone with a huge amount of energy and commitment,"" said John Plueger, CEO of Air Lease, a major buyer of Boeing planes that leases them to airlines. ""You don't want somebody for two years. You want someone at the head of the ship for as long as possible.""The next boss at Boeing will have to contend not just with the company's internal struggles but lost market share to rival Airbus. Meanwhile, China has been pushing ahead with building its own commercial aircraft.""I want somebody who knows how to handle a big, long-cycled business like ours,"" Calhoun told CNBC in an interview Monday while announcing his departure. ""It's not just the production of the airplane. It's the development of the next airplane. Our next lead is going to develop ... the next airplane for the Boeing company.""Financial analysts applauded the amount of time Boeing is giving itself to find Calhoun's replacement. Four-year Boeing board member Steve Mollenkopf, an ex-Qualcomm CEO who will take over as independent chairman of the board, will lead the search.""It provides leadership continuity, which a knee-jerk change would not, and CEO Dave Calhoun clearly is on board with the need to bolster safety,"" said TD Cowen analyst Cai von Rumohr, in a note Monday.While Boeing didn't comment on its top candidates, here's who some aviation experts say could potentially lead Boeing:General Electric CEO Larry Culp is ""probably at the top of the list for a Boeing CEO,"" said Richard Aboulafia, managing director at AeroDynamic Advisory, an aviation consulting firm.Culp is set to head the aviation unit of GE that is about to spin off, a company that makes and overhauls engines that power both Boeing and rival Airbus planes. Culp has led a turnaround for the conglomerate and oversaw the split of the company.""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked. We're trying to support them in every possible way.""But Culp is focusing on GE's aerospace unit as a stand-alone company, a GE spokesperson said in response to questions about a potential future for him at Boeing.Pat Shanahan, the interim CEO of Spirit AeroSystems, is another possibility, Aboulafia said.A three-decade Boeing veteran, Shanahan was appointed last October to head the Boeing supplier, which makes fuselages for the company's 737 Max and other parts, as Spirit dealt with its own quality problems that have spilled over to Boeing.Boeing is in talks to buy Spirit, bringing the fuselage manufacturer back in-house after spinning it off almost two decades ago. A reunion could naturally slot Shanahan in as chief executive of the merged company.""Mr. Shanahan remains solely focused on driving a zero-defects culture across all aspects of Spirit AeroSystems,"" Spirit spokesman Joe Buccino told CNBC on Monday.Aboulafia also mentioned Carrier Chairman and CEO David Gitlin, who serves on Boeing's board.Gitlin has experience in aviation, previously working as president and chief operating officer at Collins Aerospace. Aviation experts have said said someone with a strong background in manufacturing and operations would be needed.Carrier did not respond to a request for comment.Stephanie Pope, who was recently promoted to chief operating officer after serving as head of Boeing's global services unit, is the most obvious internal option to succeed Calhoun. (Former Boeing CFO Greg Smith retired from the company in 2021. He was also seen as a possible successor.)But Pope will take over from Deal, who is retiring from his post as head of Boeing's commercial airplane division. And one aviation executive questioned why Boeing wouldn't have announced her appointment on Monday if she were the choice.The ""management changes are geared to institutionalize a priority on safety throughout the company by bringing in new blood,"" TD Cowen's von Rumohr wrote.— CNBC's Phil LeBeau contributed to this report.",CNBC,26/03/2024,"['In this articleHelp wanted at Boeing.', ""CEO Dave Calhoun on Monday announced he is stepping down from the aerospace giant's top post at year's end as the company struggles with a safety and production quality crisis tied to its bestselling airplane, the 737 Max."", ""Boeing said it will begin a search for Calhoun's replacement."", ""Boeing also announced Monday it's replacing board Chair Larry Kellner and the chief executive of its all-important commercial airplanes unit, Stan Deal."", 'Calhoun told CNBC on Monday that the decision to retire was ""100%"" his own and that he would be involved in finding his successor.', ""His departure isn't much of a surprise given the struggles of the last few months."", ""Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft."", '""We need someone to fix Boeing,"" one major airline executive, whowasn\'tauthorized to speak to the media, told CNBC after Boeing announced the management shake-up Monday. ""', 'They unequivocally needed a change.', '""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.', ""Executives at Boeing's customers told CNBC they want the company's new leader to have manufacturing acumen, expertise in the highly regulated and technical world of aviation, and, perhaps most difficult of all, the ability to rally Boeing's employees and ensure a culture of safety, consistency and innovation."", '""This is going to be a challenging role to fill.', 'You\'re going to need someone with a huge amount of energy and commitment,"" said John Plueger, CEO of Air Lease, a major buyer of Boeing planes that leases them to airlines. ""', ""You don't want somebody for two years."", 'You want someone at the head of the ship for as long as possible.', '""The next boss at Boeing will have to contend not just with the company\'s internal struggles but lost market share to rival Airbus.', 'Meanwhile, China has been pushing ahead with building its own commercial aircraft.', '""I want somebody who knows how to handle a big, long-cycled business like ours,"" Calhoun told CNBC in an interview Monday while announcing his departure. ""', ""It's not just the production of the airplane."", ""It's the development of the next airplane."", 'Our next lead is going to develop ... the next airplane for the Boeing company.', '""Financial analysts applauded the amount of time Boeing is giving itself to find Calhoun\'s replacement.', 'Four-year Boeing board member Steve Mollenkopf, an ex-QualcommCEO who will take over as independent chairman of the board, will lead the search.', '""It provides leadership continuity, which a knee-jerk change would not, and CEO Dave Calhoun clearly is on board with the need to bolster safety,"" said TD Cowen analyst Cai von Rumohr, in a note Monday.', 'While Boeing didn\'t comment on its top candidates,here\'s who some aviation experts say could potentially lead Boeing:General Electric CEO Larry Culp is ""probably at the top of the list for a Boeing CEO,"" said Richard Aboulafia, managing director at AeroDynamic Advisory, an aviation consulting firm.', 'Culp is set to head the aviation unit of GE that is about to spin off, a company that makes and overhauls engines that power both Boeing and rival Airbus planes.', 'Culp has led a turnaround for the conglomerate and oversaw the split of the company.', '""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""', ""Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked."", ""We're trying to support them in every possible way."", '""But Culp is focusing on GE\'s aerospace unit as a stand-alone company, a GE spokesperson said in response to questions about a potential future for him at Boeing.', 'Pat Shanahan, the interim CEO of Spirit AeroSystems, is another possibility, Aboulafia said.', ""A three-decade Boeing veteran, Shanahan was appointed last October to head the Boeing supplier, which makes fuselages for the company's 737 Max and other parts, as Spirit dealt with its own quality problems that have spilled over to Boeing."", 'Boeing is in talks to buy Spirit, bringing the fuselage manufacturer back in-house after spinning it off almost two decades ago.', 'A reunion could naturally slot Shanahan in as chief executive of the merged company.', '""Mr.', 'Shanahan remains solely focused on driving a zero-defects culture across all aspects of Spirit AeroSystems,"" Spirit spokesman Joe Buccino told CNBC on Monday.', ""Aboulafia also mentioned Carrier Chairman and CEO David Gitlin, who serves on Boeing's board."", 'Gitlin has experience in aviation, previously working as president and chief operating officer at Collins Aerospace.', 'Aviation experts have said said someone with a strong background in manufacturing and operations would be needed.', 'Carrier did not respond to a request for comment.', ""Stephanie Pope, who was recently promoted to chief operating officer after serving as head of Boeing's global services unit, is the most obvious internal option to succeed Calhoun. ("", 'Former Boeing CFO Greg Smith retired from the company in 2021.', ""He was also seen as a possible successor.)But Pope will take over from Deal, who is retiring from his post as head of Boeing's commercial airplane division."", ""And one aviation executive questioned why Boeing wouldn't have announced her appointment on Monday if she were the choice."", 'The ""management changes are geared to institutionalize a priority on safety throughout the company by bringing in new blood,"" TD Cowen\'s von Rumohr wrote.—', ""CNBC's Phil LeBeau contributed to this report.""]",0.1067049956915602,"Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked.","""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.",0.0447759303179654,"""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""","Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft.",2024-04-01
1 in every 13 bridges in America is in ‘poor’ condition. Thousands could collapse from a collision,https://edition.cnn.com/2024/03/30/business/americas-bridges-climate-infrastructure/index.html,"
  Published
        6:30 AM EDT, Sat March 30, 2024
    ","A container ship colliding into the Francis Scott Key Bridge in Baltimore is drawing attention to potential vulnerabilities among some of America’s more than 600,000 bridges.
    
            The Key Bridge stood for 47 years, and in that time it never received the sort of jolt that anyone could have thought would bring it down. But when the Dali, a ship weighing more than 100,000 tons, smashed into it, the bridge tumbled in less than a minute. While such a catastrophic collapse might not have been entirely predictable, bridge collapses as the result of collisions aren’t entirely unheard of, and this one may have been avoidable.
    
            Recent federal safety inspections of the Key Bridge found it to be in “fair” condition, and Maryland’s governor said the bridge was “fully up to code.” But thousands of US bridges are in bad shape.
    
            In America, 46,000 bridges have aging structures and are in “poor” condition, and 17,000 are at risk of collapse from a single hit, according to the American Society of Civil Engineers and the federal government.
    
            Extreme weather events, increasingly heavy trucks and collisions from larger container ships pose significant risks to US bridges, engineers and other infrastructure experts say.
    
            States inspect US highway bridges at least once every two years and classify them “good,” “fair” or “poor.” A bridge found to be in poor condition has some structural elements of the bridge in a state of “advanced deterioration.”
    
            Around 46,100 of the 617,000 bridges across the United States, or 7.5% of all bridges, are considered structurally deficient and are in poor condition, according to the American Society of Civil Engineers’ most recent infrastructure report card released in 2021. 178 million trips are taken across these structurally deficient bridges every day.
    
            While structurally deficient bridges are not inherently unsafe, they require substantial investment to maintain, the organization says. They are at higher risk for closures or weight restrictions.
    
            The good news is that the number of structurally deficient bridges has dropped in recent years, according to the group. But the bad news is that the rate of spending on improvements has slowed. A recent estimate for the nation’s backlog of bridge repairs was $125 billion.
    
            The $1.2 trillion federal infrastructure law that passed in 2021, which includes $110 billion for roads, bridges and major infrastructure projects, could help pay for some bridge improvements.
    
            Many of the country’s older bridges are vulnerable to extreme weather events, such as earthquakes, hurricanes or elevated heat.
    
            Nearly 21,000 bridges were found to be susceptible to having their foundations threatened during extreme weather events, according to the American Society of Civil Engineers’ 2021 report.
    
            Earthquakes are also a significant threat to bridges.
    
            The seismic resilience of the US highway system has improved in recent decades thanks to investments in new, more resilient infrastructure and the retrofitting of existing structures, a 2016 report from the Congressional Research Service found.
    
            Still, not every highway has been retrofitted, and there is not yet a way to build infrastructure in a way that is both cost effective and which can withstand the most intense earthquakes, the report said.
    
            Additionally, bridges are strained by trucks that are heavier than those the bridges were originally designed for.
    
            These heavier trucks, which can surpass 40-ton loads, threaten to over-stress bridge elements, cause metal fatigue and cracking, and decrease bridges’ lifespans, the American Society of Civil Engineers’ report said.
    
            Aging infrastructure, extreme weather and bigger vehicles aren’t the only concerns.
    
            More than 17,000 bridges are vulnerable to collapse from a single hit, known as a “fracture critical” bridge. That means that if they are struck with enough force in just the right spot, a big section or the entire bridge could collapse.
    
            The Key Bridge was “fracture critical,” the National Transportation Safety Board said Wednesday.
    
            There is an urgent need to improve or protect old bridges to guard against larger and larger modern vessels, experts say. The Dali, which slammed into the Key Bridge Tuesday, was 984 feet long — nearly twice the length of the ships used when the bridge was built during the 1970s.
    
            Between 1960 and 2015, 35 major bridges across the planet collapsed because of ship or barge collisions, resulting in 342 deaths, according to a 2018 report from the World Association for Waterborne Transport Infrastructure.
    
            During the first three months of this year, the Key Bridge collapsed in Baltimore, a bridge in southern China was sliced in half, and parts of a bridge were cut through in Argentina after large commercial ships collided with them.
    
            “Ships have gotten bigger, and container ports are focused on deepening their cargo. While we are encouraging bigger containers, we need to protect bridges in these one-off situations,” Ananth Prasad, president of the Florida Transportation Builders’ Association, told CNN.
    
            To minimize the potential of ships bringing down bridges, bridges need to be built with what are known as redundancies— protections around bridges’ danger points.
    
            These include “dolphins” — structures rooted in the seabed or riverbed, extending above the water, typically made from timber or steel — or “fenders” — structures that move objects away from vulnerable points on the bridge to deflect some of the force if there is an impact.
    
            Adding these counter-protections, Prasad said, is quicker and more cost effective than building a new bridge.
    
            “We may need to look at the protection systems around bridge columns in light of bigger ships,” he said.
    
            CNN’s Jessie Yeung, Curt Devine, Casey Tolan and Isabelle Chapman contributed to this article.",CNN,30/03/2024,"['A container ship colliding into the Francis Scott Key Bridge in Baltimore is drawing attention to potential vulnerabilities among some of America’s more than 600,000 bridges.', 'The Key Bridge stood for 47 years, and in that time it never received the sort of jolt that anyone could have thought would bring it down.', 'But when the Dali, a ship weighing more than 100,000 tons, smashed into it, the bridge tumbled in less than a minute.', 'While such a catastrophic collapse might not have been entirely predictable, bridge collapses as the result of collisions aren’t entirely unheard of, and this one may have been avoidable.', 'Recent federal safety inspections of the Key Bridge found it to be in “fair” condition, and Maryland’s governor said the bridge was “fully up to code.”', 'But thousands of US bridges are in bad shape.', 'In America, 46,000 bridges have aging structures and are in “poor” condition, and 17,000 are at risk of collapse from a single hit, according to the American Society of Civil Engineers and the federal government.', 'Extreme weather events, increasingly heavy trucks and collisions from larger container ships pose significant risks to US bridges, engineers and other infrastructure experts say.', 'States inspect US highway bridges at least once every two years and classify them “good,” “fair” or “poor.”', 'A bridge found to be in poor condition has some structural elements of the bridge in a state of “advanced deterioration.”', 'Around 46,100 of the 617,000 bridges across the United States, or 7.5% of all bridges, are considered structurally deficient and are in poor condition, according to the American Society of Civil Engineers’ most recent infrastructure report card released in 2021.', '178 million trips are taken across these structurally deficient bridges every day.', 'While structurally deficient bridges are not inherently unsafe, they require substantial investment to maintain, the organization says.', 'They are at higher risk for closures or weight restrictions.', 'The good news is that the number of structurally deficient bridges has dropped in recent years, according to the group.', 'But the bad news is that the rate of spending on improvements has slowed.', 'A recent estimate for the nation’s backlog of bridge repairs was $125 billion.', 'The $1.2 trillion federal infrastructure law that passed in 2021, which includes $110 billion forroads, bridges and major infrastructure projects, could help pay for some bridge improvements.', 'Many of the country’s older bridges are vulnerable to extreme weather events, such as earthquakes, hurricanes or elevated heat.', 'Nearly 21,000 bridges were found to be susceptible to having their foundations threatened during extreme weather events, according to the American Society of Civil Engineers’ 2021 report.', 'Earthquakes are also a significant threat to bridges.', 'The seismic resilience of the US highway system has improved in recent decades thanks to investments in new, more resilient infrastructure and the retrofitting of existing structures, a 2016 report from the Congressional Research Service found.', 'Still, not every highway has been retrofitted, and there is not yet a way to build infrastructure in a way that is both cost effective and which can withstand the most intense earthquakes, the report said.', 'Additionally, bridges are strained by trucks that are heavier than those the bridges were originally designed for.', 'These heavier trucks, which can surpass 40-ton loads, threaten to over-stress bridge elements, cause metal fatigue and cracking, and decrease bridges’ lifespans, the American Society of Civil Engineers’ report said.', 'Aging infrastructure, extreme weather and bigger vehicles aren’t the only concerns.', 'More than 17,000 bridges are vulnerable to collapse from a single hit, known as a “fracture critical” bridge.', 'That means that if they are struck with enough force in just the right spot, a big section or the entire bridge could collapse.', 'The Key Bridge was “fracture critical,” the National Transportation Safety Board said Wednesday.', 'There is an urgent need to improve or protect old bridges to guard against larger and larger modern vessels, experts say.', 'The Dali, which slammed into the Key Bridge Tuesday, was 984 feet long — nearly twice the length of the ships used when the bridge was built during the 1970s.', 'Between 1960 and 2015, 35 major bridges across the planet collapsed because of ship or barge collisions, resulting in 342 deaths, according toa 2018 reportfrom the World Association for Waterborne Transport Infrastructure.', 'During the first three months of this year, the Key Bridge collapsed in Baltimore, a bridge in southern China was sliced in half, and parts of a bridge were cut through in Argentina after large commercial ships collided with them.', '“Ships have gotten bigger, and container ports are focused on deepening their cargo.', 'While we are encouraging bigger containers, we need to protect bridges in these one-off situations,” Ananth Prasad, president of the Florida Transportation Builders’ Association, told CNN.', 'To minimize the potential of ships bringing down bridges, bridges need to be built with what are known as redundancies— protections around bridges’ danger points.', 'These include “dolphins” — structures rooted in the seabed or riverbed, extending above the water, typically made from timber or steel — or “fenders” — structures that move objects away from vulnerable points on the bridge to deflect some of the force if there is an impact.', 'Adding these counter-protections, Prasad said, is quicker and more cost effective than building a new bridge.', '“We may need to look at the protection systems around bridge columns in light of bigger ships,” he said.', 'CNN’s Jessie Yeung, Curt Devine, Casey Tolan and Isabelle Chapman contributed to this article.']",-0.0861176980714079,"There is an urgent need to improve or protect old bridges to guard against larger and larger modern vessels, experts say.","While such a catastrophic collapse might not have been entirely predictable, bridge collapses as the result of collisions aren’t entirely unheard of, and this one may have been avoidable.",-0.3203322321176529,"The seismic resilience of the US highway system has improved in recent decades thanks to investments in new, more resilient infrastructure and the retrofitting of existing structures, a 2016 report from the Congressional Research Service found.","Between 1960 and 2015, 35 major bridges across the planet collapsed because of ship or barge collisions, resulting in 342 deaths, according toa 2018 reportfrom the World Association for Waterborne Transport Infrastructure.",2024-04-01
The U.S. is the top country for millionaires and billionaires,https://www.cnbc.com/2024/03/22/the-us-is-the-top-country-for-millionaires-and-billionaires.html,2024-03-22T16:57:55+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The U.S. has rapidly overwhelmed China as the world's top spot for millionaires and billionaires, according a new report.  There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to the 2024 USA Wealth Report from Henley & Partners and New World Wealth.Over the past five years, the population of millionaires in the U.S. has grown 35%, nearly twice as fast as China's. The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018.The divergence grows even more at the top of the wealth ladder. The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352. The U.S. has about 788 billionaires to China's 305.""The USA remains the world's undisputed leader in private wealth creation and accumulation,"" according to the report.Dominic Volek, group head of private clients at Henley, said the strict Covid lockdowns in China coupled with increases in its government intervention in the private sector have slowed the growth in wealth creation.""China has certainly slowed a lot due to these elements and the U.S. has benefited,"" he said.The shift from China to the U.S. is also reflected in wealth migration patterns. A net 13,500 Chinese millionaires left China in 2023, marking a new record. The U.S. had a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to the Henley report.""The USA remains a top draw for wealthy tech entrepreneurs and engineers, especially from Asia, Europe, and the UK,"" the report said. America's leadership in wealth creation is spilling over into spending and investing. A report from UBS and Art Basel finds that the U.S. is the leader in global art sales, accounting for 42% of sales by value. The U.S. also leads the world in sales of the highest-priced works.Bain now predicts that China will account for only 35% to 40% of global luxury goods consumption by 2030, up only slightly from current levels. Overall luxury spending in China is about 40% below where it was in 2019, according to Bain. Luxury sales in the U.S. last year totaled $80 billion, to China’s $52 billion, Bain found.While analysts and economists say China will still be a major source of luxury and wealth growth in the coming years, the U.S. has become both the dominant market and source of growth for the high-net-worth economy.""The wealth creation opportunities in the U.S. are second to none globally,"" Volek said.Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,22/03/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', ""The U.S. has rapidly overwhelmed China as the world's top spot for millionaires and billionaires, according a new report."", 'There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to the 2024 USA Wealth Report from Henley & Partners and New World Wealth.', ""Over the past five years, the population of millionaires in the U.S. has grown 35%, nearly twice as fast as China's."", ""The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018.The divergence grows even more at the top of the wealth ladder."", ""The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352."", 'The U.S. has about 788 billionaires to China\'s 305.""The USA remains the world\'s undisputed leader in private wealth creation and accumulation,"" according to the report.', 'Dominic Volek, group head of private clients at Henley, said the strict Covid lockdowns in China coupled with increases in its government intervention in the private sector have slowed the growth in wealth creation.', '""China has certainly slowed a lot due to these elements and the U.S. has benefited,"" he said.', 'The shift from China to the U.S. is also reflected in wealth migration patterns.', 'A net 13,500 Chinese millionaires left China in 2023, marking a new record.', 'The U.S. had a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to the Henley report.', '""The USA remains a top draw for wealthy tech entrepreneurs and engineers, especially from Asia, Europe, and the UK,"" the report said.', ""America's leadership in wealth creation is spilling over into spending and investing."", 'A report from UBS and Art Basel finds that the U.S. is the leader in global art sales, accounting for 42% of sales by value.', 'The U.S. also leads the world in sales of the highest-priced works.', 'Bain now predicts that China will account for only 35% to 40% of global luxury goods consumption by 2030, up only slightly from current levels.', 'Overall luxury spending in China is about 40% below where it was in 2019, according to Bain.', 'Luxury sales in the U.S. last year totaled $80 billion, to China’s $52 billion, Bain found.', 'While analysts and economists say China will still be a major source of luxury and wealth growth in the coming years, the U.S. has become both the dominant market and source of growth for the high-net-worth economy.', '""The wealth creation opportunities in the U.S. are second to none globally,"" Volek said.', ""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.""]",0.3810456003682411,"There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to the 2024 USA Wealth Report from Henley & Partners and New World Wealth.",,0.5784277379512787,"The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018.The divergence grows even more at the top of the wealth ladder.","Overall luxury spending in China is about 40% below where it was in 2019, according to Bain.",2024-04-01
Easter travel warning as millions set to hit roads,https://www.bbc.co.uk/news/business-68673728,2024-03-28T00:02:33.000Z,"Drivers are being warned to expect long delays as millions of Britons set off on Easter getaway trips, with Thursday afternoon set to be the busiest. Meanwhile, airports and airlines expect numbers over the bank holiday weekend and school holidays to return to pre-pandemic levels. And rail passengers are advised to plan ahead because of engineering works. Strong winds are forecast for the south of England, forcing the closure of a number of tourist attractions. Elsewhere in the UK, spells of dry and fairly sunny weather are expected, though the low pressure is likely to mean clouds and downpours, with snow already falling in Devon. Motoring company RAC warned journeys on popular routes could take twice as long as the bank holiday weekend coincides with the start of the Easter holidays.  A survey by RAC and Transport analysis company Inrix suggested 14 million Easter getaway trips are expected to be made.  Inrix predict Thursday afternoon will see the worst congestion.  ""With Easter falling earlier than usual at the start of the school holidays, it could be carmageddon for holidaymakers,"" an RAC breakdown spokesperson said.  In particular, journeys on the M25, between the M23 for Gatwick the M1 in Hertfordshire, are expected to take over two hours - twice the usual time.  The M5 southbound between Bristol and Taunton is also likely to be congested.  Meanwhile, tourist board Visit England said 11 million people in the UK are planning an overnight trip this Easter.  Airports and airlines are expecting big numbers, in some cases above 2019 levels. Manchester Airport said it was preparing for about 320,000 passengers this weekend, 8% more than the equivalent last year. Glasgow Airport said it would have extra staff in place during ""three exceptionally busy weekends ahead"". Low-cost airline Easyjet is predicting its busiest ever Easter weekend. Travellers may have to also contend with the weather, however. Ryanair issued a warning to travellers on Thursday morning that high winds could disrupt air travel from London. Network Rail is urging people to check their journey details before they travel.  There will be disruption on some rail routes over the bank holiday as some major routes close due to engineering work.  London Euston, one of the UK's busiest railway stations, will be closed between Good Friday and Easter Monday - except for London Overground trains. It is because Network Rail engineering works between London and Milton Keynes will close part of the West Coast Main Line.  There will be replacement buses on this stretch. Avanti West Coast will operate a revised service on its network. There is more information about other changes to train services around the country on the National Rail website. The weather has also affected train travel with Great Western Railway (GWR) warning of disruption after flooding at Chipping Sodbury in south Gloucestershire forced a track line to close on Thursday.  French authorities at Dover have stepped up border monitoring following the Moscow concert hall attack. Drivers are being advised to plan ahead and leave extra time.  Around 20,000 cars are expected to travel through the port between Thursday and Easter Sunday.  People heading to the Channel Tunnel at the Port of Dover will find the traffic management system Operation Brock in place on the M20.  At peak times over the next few days, Dover has told coach operators that even with the right resources in place at the border, wait times could be up to 2.5 hours.  Eurotunnel told the BBC it was putting on extra shuttles and staff to cope with expected high numbers.  The Easter break is likely to begin with some less-than-preferable weather before calming down through the weekend, says BBC Weather presenter Chris Fawkes. Overnight rain turned to snow in parts of southwest England and Wales, giving a wintry start to Thursday. Europe is contending with Storm Nelson, which was named by Spanish forecasters, the winds of which are due to be felt in England's south. Gusts are likely to reach up to 80mph in France on Thursday, and up to 65mph Portugal, where waves up to 11 metres high will pummel the coast. Similar wind speeds may be felt in England's most exposed coastal locations, but are more likely to be around the 50mph mark in towns and villages. High winds have forced a number of tourist attractions to close early, including London's Kew Gardens, parts of Kensington Gardens, a number of National Trust properties in the south west and Dartmoor Zoo. By Good Friday the UK is set to see a mix of sunshine and showers with the potential for some heavy rain and hail, though temperatures will remain close to average. Throughout Saturday and Sunday, some showers are expected, though these are unlikely to be as widespread, and slightly warmer temperatures will mean pockets of sunshine will feel quite pleasant. By Monday wet and windy weather is likely to lash England and Wales, but Scotland and Northern Ireland look to remain pleasant with sunny spells. What are your travel plans for Easter? Email haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,28/03/2024,"['Drivers are being warned to expect long delays as millions of Britons set off on Easter getaway trips, with Thursday afternoon set to be the busiest.', 'Meanwhile, airports and airlines expect numbers over the bank holiday weekend and school holidays to return to pre-pandemic levels.', 'And rail passengers are advised to plan ahead because of engineering works.', 'Strong winds are forecast for the south of England, forcing the closure of a number of tourist attractions.', 'Elsewhere in the UK, spells of dry and fairly sunny weather are expected, though the low pressure is likely to mean clouds and downpours, with snow already falling in Devon.', 'Motoring company RAC warned journeys on popular routes could take twice as long as the bank holiday weekend coincides with the start of the Easter holidays.', 'A survey by RAC and Transport analysis company Inrix suggested 14 million Easter getaway trips are expected to be made.', 'Inrix predict Thursday afternoon will see the worst congestion. ""', 'With Easter falling earlier than usual at the start of the school holidays, it could be carmageddon for holidaymakers,"" an RAC breakdown spokesperson said.', 'In particular, journeys on the M25, between the M23 for Gatwick the M1 in Hertfordshire, are expected to take over two hours - twice the usual time.', 'The M5 southbound between Bristol and Taunton is also likely to be congested.', 'Meanwhile, tourist board Visit England said 11 million people in the UK are planning an overnight trip this Easter.', 'Airports and airlines are expecting big numbers, in some cases above 2019 levels.', 'Manchester Airport said it was preparing for about 320,000 passengers this weekend, 8% more than the equivalent last year.', 'Glasgow Airport said it would have extra staff in place during ""three exceptionally busy weekends ahead"".', 'Low-cost airline Easyjet is predicting its busiest ever Easter weekend.', 'Travellers may have to also contend with the weather, however.', 'Ryanair issued a warning to travellers on Thursday morning that high winds could disrupt air travel from London.', 'Network Rail is urging people to check their journey details before they travel.', 'There will be disruption on some rail routes over the bank holiday as some major routes close due to engineering work.', ""London Euston, one of the UK's busiest railway stations, will be closed between Good Friday and Easter Monday - except for London Overground trains."", 'It is because Network Rail engineering works between London and Milton Keynes will close part of the West Coast Main Line.', 'There will be replacement buses on this stretch.', 'Avanti West Coast will operate a revised service on its network.', 'There is more information about other changes to train services around the country on the National Rail website.', 'The weather has also affected train travel with Great Western Railway (GWR) warning of disruption after flooding at Chipping Sodbury in south Gloucestershire forced a track line to close on Thursday.', 'French authorities at Dover have stepped up border monitoring following the Moscow concert hall attack.', 'Drivers are being advised to plan ahead and leave extra time.', 'Around 20,000 cars are expected to travel through the port between Thursday and Easter Sunday.', 'People heading to the Channel Tunnel at the Port of Dover will find the traffic management system Operation Brock in place on the M20.', 'At peak times over the next few days, Dover has told coach operators that even with the right resources in place at the border, wait times could be up to 2.5 hours.', 'Eurotunnel told the BBC it was putting on extra shuttles and staff to cope with expected high numbers.', 'The Easter break is likely to begin with some less-than-preferable weather before calming down through the weekend, says BBC Weather presenter Chris Fawkes.', 'Overnight rain turned to snow in parts of southwest England and Wales, giving a wintry start to Thursday.', ""Europe is contending with Storm Nelson, which was named by Spanish forecasters, the winds of which are due to be felt in England's south."", 'Gusts are likely to reach up to 80mph in France on Thursday, and up to 65mph Portugal, where waves up to 11 metres high will pummel the coast.', ""Similar wind speeds may be felt in England's most exposed coastal locations, but are more likely to be around the 50mph mark in towns and villages."", ""High winds have forced a number of tourist attractions to close early, including London's Kew Gardens, parts of Kensington Gardens, a number of National Trust properties in the south west and Dartmoor Zoo."", 'By Good Friday the UK is set to see a mix of sunshine and showers with the potential for some heavy rain and hail, though temperatures will remain close to average.', 'Throughout Saturday and Sunday, some showers are expected, though these are unlikely to be as widespread, and slightly warmer temperatures will mean pockets of sunshine will feel quite pleasant.', 'By Monday wet and windy weather is likely to lash England and Wales, but Scotland and Northern Ireland look to remain pleasant with sunny spells.', 'What are your travel plans for Easter?', 'Email haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.096933593478194,"By Monday wet and windy weather is likely to lash England and Wales, but Scotland and Northern Ireland look to remain pleasant with sunny spells.","Inrix predict Thursday afternoon will see the worst congestion. """,-0.3549583024448818,"Airports and airlines are expecting big numbers, in some cases above 2019 levels.",The weather has also affected train travel with Great Western Railway (GWR) warning of disruption after flooding at Chipping Sodbury in south Gloucestershire forced a track line to close on Thursday.,2024-04-01
"NBC hires former RNC chair Ronna McDaniel, who has demonized the press and refused to acknowledge Biden was fairly elected",https://edition.cnn.com/2024/03/22/media/ronna-mcdaniel-nbc/index.html,"
  Published
        1:53 PM EDT, Fri March 22, 2024
    ","NBC News on Friday announced that it had hired Ronna McDaniel, the former Republican National Committee chair who has repeatedly attacked the network and its journalists, assailed the news media as “fake news” and promoted false claims around the 2020 vote, as an on-air commentator ahead of the 2024 presidential election.
    
            “It couldn’t be a more important moment to have a voice like Ronna’s on the team,” Carrie Budoff Brown, senior vice president of politics at NBC News, said in a memo to staff.
    
            McDaniel exited the RNC earlier this month after leading the organization since 2016.
    
            During her time as chair, McDaniel repeatedly attacked the press, which has become increasingly popular in Republican circles over the last several years as Donald Trump demonizes journalists and news institutions.
    
            McDaniel echoed many such attacks, labeling the press as “fake news” and calling the media “corrupt.” At times, she even targeted NBC News and MSNBC with dishonest attacks.
    
            In 2019, for instance, McDaniel accused Richard Engel, NBC News’ chief foreign correspondent, of “actively cheering for an economic downturn.”
    
            “How can NBC let him keep his job when he’s made his bias so clear?” McDaniel asked.
    
            McDaniel has a lengthier history attacking the progressive cable news channel MSNBC, which she will appear on in her new role. In recent years, she has repeatedly attacked the channel for “spreading lies” and blasted those she described as the network’s “primetime propagandists.”
    
            An NBC spokesperson did not respond to requests for comment about her attacks on the news media and NBC.
    
            In her role as RNC chief, McDaniel also fanned the flames of election denialism after the 2020 presidential contest.
    
            McDaniel was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead. McDaniel told the officials, regarding the certification: “Do not sign it. … We will get you attorneys.”
    
            The Michigan Department of State’s office condemned her claims of supposed voter fraud in the wake of the election, stating they had “no merit.” The state’s “elections were conducted fairly, effectively and transparently and are an accurate reflection of the will of Michigan voters,” it said in a detailed fact check posted online.
    
            In an interview with CNN’s Chris Wallace last year, McDaniel defended her claims of voting “irregularity” in the election.
    
            “I think saying that there were problems with 2020 is very real. I don’t think that’s election denying,” McDaniel told Wallace. “I’m from Wayne County. We had a woman send a note saying I’m being told to backdate ballots. We had to look into that. That’s deeply concerning. When you have friends who are poll-watching and being kicked out, that’s deeply concerning. We have every right to look at that.”
    
            In the interview, Wallace pressed McDaniel if she believed Biden legitimately won the election.
    
            “I think there were lots of problems with 2020. Ultimately, he won the election but there were lots of problems with the 2020 election,” she said. “But I don’t think he won it fair. I don’t. I’m not going to say that.”
    
            NBC’s hiring of McDaniel, however, plays into a recent trend at the network’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.
    
            Earlier this month, CNBC hosted Trump for a lengthy phone interview in which the network’s anchors allowed him to peddle lies and conspiracy theories on air without scrutiny.
    
            MSNBC has even started carrying Trump’s remarks live on television, a practice that the network boasted for years it would not do. Star host Rachel Maddow, who has said carrying Trump’s lies on the air is dangerous, even objected to the network broadcasting a recent speech from the presumptive Republican nominee, calling it “irresponsible.”",CNN,22/03/2024,"['NBC News on Friday announced that it had hired Ronna McDaniel, the former Republican National Committee chair who has repeatedlyattacked the network and its journalists,assailed thenewsmedia as “fake news” and promoted false claims around the 2020vote,as an on-air commentatorahead of the 2024 presidential election.', '“It couldn’t be a more important moment to have a voice like Ronna’s on the team,” Carrie Budoff Brown, senior vice president of politics at NBC News, said in a memoto staff.', 'McDaniel exited the RNC earlier this month after leading the organization since 2016.', 'During her time as chair, McDaniel repeatedly attacked the press, which has become increasingly popular in Republican circles over the last several years as Donald Trump demonizes journalists and news institutions.', 'McDaniel echoed many such attacks, labeling the press as “fake news” and calling the media “corrupt.”', 'At times, she even targeted NBC Newsand MSNBCwith dishonest attacks.', 'In 2019, for instance, McDaniel accused Richard Engel, NBC News’ chief foreign correspondent, of “actively cheering for an economic downturn.”', '“How can NBC let him keep his job when he’s made his bias so clear?”', 'McDaniel asked.', 'McDaniel has a lengthier history attacking the progressive cable news channel MSNBC, which she will appear on in her new role.', 'In recent years, she has repeatedly attacked the channel for “spreading lies” and blasted those she described as the network’s “primetime propagandists.”', 'An NBC spokesperson did not respond to requests for comment about her attacks on the news media and NBC.', 'In her role as RNC chief, McDaniel also fanned the flames of election denialism after the 2020 presidential contest.', 'McDaniel was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead.', 'McDanieltold the officials, regarding the certification: “Do not sign it. …', 'We will get you attorneys.”', 'The Michigan Department of State’s office condemned her claims of supposed voter fraud in the wake of the election, stating they had “no merit.', '”The state’s “elections were conducted fairly, effectively and transparently and are an accurate reflection of the will of Michigan voters,” it said in adetailed fact checkposted online.', 'In an interview with CNN’s Chris Wallace last year, McDaniel defended her claims of voting “irregularity” in the election.', '“I think saying that there were problems with 2020 is very real.', 'I don’t think that’s election denying,” McDaniel told Wallace. “', 'I’m from Wayne County.', 'We had a woman send a note saying I’m being told to backdate ballots.', 'We had to look into that.', 'That’s deeply concerning.', 'When you have friends who are poll-watching and being kicked out, that’s deeply concerning.', 'We have every right to look at that.”', 'In the interview,Wallace pressed McDaniel if she believed Biden legitimately won the election.', '“I think there were lots of problems with 2020.', 'Ultimately, he won the electionbut there were lots of problems with the 2020 election,” she said. “', 'But I don’t think he won it fair.', 'I don’t.', 'I’m not going to say that.”', 'NBC’s hiring of McDaniel, however, plays into a recent trend at thenetwork’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.', 'Earlier this month, CNBC hosted Trump for a lengthy phone interview in which the network’s anchors allowed him to peddle lies and conspiracy theories on airwithout scrutiny.', 'MSNBC has even started carrying Trump’s remarks live on television, a practice that the network boasted for years it would not do.', 'Star host Rachel Maddow, who has said carrying Trump’s lieson the airis dangerous, even objected to the network broadcasting a recent speech from the presumptive Republican nominee, calling it “irresponsible.”']",-0.069193576701305,But I don’t think he won it fair.,"At times, she even targeted NBC Newsand MSNBCwith dishonest attacks.",-0.2803102334340413,"NBC’s hiring of McDaniel, however, plays into a recent trend at thenetwork’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.",“I think there were lots of problems with 2020.,2024-04-01
Temu U-turns on terms of cash 'giveaway' offer,https://www.bbc.co.uk/news/technology-68675652,2024-03-29T00:03:57.000Z,"Chinese e-retailer Temu has significantly changed the terms of a cash giveaway after customers expressed concerns.  Participants in the promotion - which has gone viral on social media - receive up to £50, but had to agree to permanently hand over considerable amounts of personal data. Previously, Temu had said these were ""standard terms and conditions"". But now it says it has ""tweaked"" those terms because they were ""overly broad"". Data watchdog the Information Commissioner's Office, which had been looking into concerns about Temu's offer, said it would ""continue to consider the concerns raised"". The Chinese-owned online marketplace launched in the US in 2022 and the UK last year. It has been described as ""Amazon on steroids"" by retail experts and is known for selling goods at extremely cheap prices, using the slogan ""shop like a billionaire"". But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.  The firm's giveaway gives new users 24 hours to sign up other people using a shareable link so each receive a cash reward of between £40 and £50 - paid to their PayPal accounts - or in Temu store credit. Existing Temu account holders can also participate, but appear to have to reach a higher threshold for such rewards. Thousands of users eager to cash in on the promotion have been seen posting links across social media sites. But it has also been the subject of memes and posts scrutinising the rules. The section receiving the most scrutiny states that ""except to the extent prohibited by applicable law"", participants give the company consent to use and publish their ""photo, name, likeness, voice, opinions, statements, biographical information, and/or hometown and state"" for advertising or promotional purposes. It adds this can take place in any media worldwide and ""in perpetuity"" - meaning with no fixed end date. One such post on X (formerly Twitter) with screengrabs of the campaign's usage and publicity rules has been viewed more than two million times, according to the platform's metrics. A number of other X users claimed the rules would allow Temu to sell their data or even create deepfake adverts - though those claims were strenuously denied by the retailer. But now, the fast growing, Chinese-owned retailer has changed those rules, saying ""some participants"" in the cash offer had ""expressed concern"". It said it had ""tweaked"" the terms and conditions ""to make it clear that we only ever use username and profile pictures in this promotion for referral functionality and winner announcements"". ""The previous terms and conditions were overly broad and inadvertently included promotional uses that Temu does not engage in,"" it added. ""Customer trust and satisfaction is at the heart of Temu, and we do not and will not sell customer data."" This is a U-turn compared with previous statements from the company. Previously, a Temu spokesperson had said giveaways were commonplace across many firms and different industries, and cited its e-commerce rival Shein as an example of a firm running promotions with ""nearly identical terms and conditions"". ""If these standard terms and conditions for run-of-the-mill promotional activities are newsworthy, then we urge you to be fair and report on their use by other companies instead of singling out Temu,"" the spokesperson had said. Experts had also raised concerns about the terms of the promotion. ""Giving away permission for Temu to use your 'voice' and 'biographical information' will understandably concern its customers,"" said Lisa Webb, Which? consumer law expert.  ""These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash."" She had added that ""while Temu isn't the first platform to excessively hoover up data, there are definite question marks over whether requesting permission for personal data to be used 'worldwide' is proportionate in any circumstances"". Jonathan Kirsop, data protection partner at law firm Pinsent Mason, had told BBC News it was not a wording he had seen used commonly before and the activity implied may have been ""problematic"". The previous terms could have fallen foul of UK data protection rules, which require user consent to be freely given, specific and able to be withdrawn in order for it to be relied upon as a reason for data processing. ""While not always prohibited, making the provision of services conditional on a consent to the use of personal data will often be unlawful on the basis the user may not be considered to have a free choice in delivering that consent, particularly where the data concerned is sensitive, such as biometric data,"" he said. The use of voice data - which is considered biometric data under the UK's General Data Protection Regulation (GDPR) - has a higher threshold for lawful use and consent in the UK because it carries greater risks, he added.  The data regulator, the Information Commissioner's Office, had previously said it was ""aware of reports about Temu"" and was ""considering the concerns raised."" In a fresh comment, made after Temu altered the terms and conditions, the data watchdog said: ""Organisations must be clear and transparent about how and why they collect and use people's personal information, and ensure people can make a fully informed decision as to whether to hand over their data."" ""We are aware of reports about Temu, and subsequent updates to the terms and conditions, and continue to consider the concerns raised."" Awais Rashid, professor of cyber security at the University of Bristol, had told BBC News that apps collecting a lot of data - often more than they actually need from users - had become commonplace. He said this, as well as cash incentives or long, sometimes ""indecipherable"" privacy policies and terms, can make the decision more difficult and imbalanced when deciding whether or not we as individuals should part with our data to use a service. ""Whenever there is such a deal being offered we must always look at: what is the consequence of this, and how much of our data is going to be collected, how it is going to be used, and are we comfortable with that?"" he said. Have you signed up to this offer from Temu? Share your thoughts by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,29/03/2024,"['Chinese e-retailer Temu has significantly changed the terms of a cash giveaway after customers expressed concerns.', 'Participants in the promotion - which has gone viral on social media - receive up to £50, but had to agree to permanently hand over considerable amounts of personal data.', 'Previously, Temu had said these were ""standard terms and conditions"".', 'But now it says it has ""tweaked"" those terms because they were ""overly broad"".', 'Data watchdog the Information Commissioner\'s Office, which had been looking into concerns about Temu\'s offer, said it would ""continue to consider the concerns raised"".', 'The Chinese-owned online marketplace launched in the US in 2022 and the UK last year.', 'It has been described as ""Amazon on steroids"" by retail experts and is known for selling goods at extremely cheap prices, using the slogan ""shop like a billionaire"".', 'But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.', ""The firm's giveaway gives new users 24 hours to sign up other people using a shareable link so each receive a cash reward of between £40 and £50 - paid to their PayPal accounts - or in Temu store credit."", 'Existing Temu account holders can also participate, but appear to have to reach a higher threshold for such rewards.', 'Thousands of users eager to cash in on the promotion have been seen posting links across social media sites.', 'But it has also been the subject of memes and posts scrutinising the rules.', 'The section receiving the most scrutiny states that ""except to the extent prohibited by applicable law"", participants give the company consent to use and publish their ""photo, name, likeness, voice, opinions, statements, biographical information, and/or hometown and state"" for advertising or promotional purposes.', 'It adds this can take place in any media worldwide and ""in perpetuity"" - meaning with no fixed end date.', ""One such post on X (formerly Twitter) with screengrabs of the campaign's usage and publicity rules has been viewed more than two million times, according to the platform's metrics."", 'A number of other X users claimed the rules would allow Temu to sell their data or even create deepfake adverts - though those claims were strenuously denied by the retailer.', 'But now, the fast growing, Chinese-owned retailer has changed those rules, saying ""some participants"" in the cash offer had ""expressed concern"".', 'It said it had ""tweaked"" the terms and conditions ""to make it clear that we only ever use username and profile pictures in this promotion for referral functionality and winner announcements"". ""', 'The previous terms and conditions were overly broad and inadvertently included promotional uses that Temu does not engage in,"" it added. ""', 'Customer trust and satisfaction is at the heart of Temu, and we do not and will not sell customer data.""', 'This is a U-turn compared with previous statements from the company.', 'Previously, a Temu spokesperson had said giveaways were commonplace across many firms and different industries, and cited its e-commerce rival Shein as an example of a firm running promotions with ""nearly identical terms and conditions"". ""', 'If these standard terms and conditions for run-of-the-mill promotional activities are newsworthy, then we urge you to be fair and report on their use by other companies instead of singling out Temu,"" the spokesperson had said.', 'Experts had also raised concerns about the terms of the promotion. ""', 'Giving away permission for Temu to use your \'voice\' and \'biographical information\' will understandably concern its customers,"" said Lisa Webb, Which?', 'consumer law expert. ""', 'These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash.""', 'She had added that ""while Temu isn\'t the first platform to excessively hoover up data, there are definite question marks over whether requesting permission for personal data to be used \'worldwide\' is proportionate in any circumstances"".', 'Jonathan Kirsop, data protection partner at law firm Pinsent Mason, had told BBC News it was not a wording he had seen used commonly before and the activity implied may have been ""problematic"".', 'The previous terms could have fallen foul of UK data protection rules, which require user consent to be freely given, specific and able to be withdrawn in order for it to be relied upon as a reason for data processing. ""', 'While not always prohibited, making the provision of services conditional on a consent to the use of personal data will often be unlawful on the basis the user may not be considered to have a free choice in delivering that consent, particularly where the data concerned is sensitive, such as biometric data,"" he said.', ""The use of voice data - which is considered biometric data under the UK's General Data Protection Regulation (GDPR) - has a higher threshold for lawful use and consent in the UK because it carries greater risks, he added."", 'The data regulator, the Information Commissioner\'s Office, had previously said it was ""aware of reports about Temu"" and was ""considering the concerns raised.""', 'In a fresh comment, made after Temu altered the terms and conditions, the data watchdog said: ""Organisations must be clear and transparent about how and why they collect and use people\'s personal information, and ensure people can make a fully informed decision as to whether to hand over their data."" ""', 'We are aware of reports about Temu, and subsequent updates to the terms and conditions, and continue to consider the concerns raised.""', 'Awais Rashid, professor of cyber security at the University of Bristol, had told BBC News that apps collecting a lot of data - often more than they actually need from users - had become commonplace.', 'He said this, as well as cash incentives or long, sometimes ""indecipherable"" privacy policies and terms, can make the decision more difficult and imbalanced when deciding whether or not we as individuals should part with our data to use a service. ""', 'Whenever there is such a deal being offered we must always look at: what is the consequence of this, and how much of our data is going to be collected, how it is going to be used, and are we comfortable with that?""', 'he said.', 'Have you signed up to this offer from Temu?', 'Share your thoughts by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.2145968663408954,"These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash.""","But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.",-0.9265289372868007,,"But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.",2024-04-01
It’s back: Targeted Amex card holders can get up to 30% off at Amazon,https://edition.cnn.com/cnn-underscored/deals/amazon-amex-discount-promotion,"
  
        11:21 AM EST, Wed February 14, 2024
    ","Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities. While that’s true, there’s another lesser-known use for them — redeeming them for purchases at Amazon. Right now, you may be eligible for an Amazon promotion where you can save big on Amazon purchases by redeeming as little as one Amex point.
    
            Targeted American Express card members can save as much as 30% on their next Amazon purchase, for up to $30 in savings when you use Amex points to pay for at least a portion of your purchase at checkout. However, your offer may be higher or lower.
    
            This offer is set to expire on June 30, 2024, so even if you aren’t in the market to shop at Amazon right now, you have some time to take advantage of the savings. That said, Amazon also states it will deactivate the offer after 24,167 customers have redeemed it.
    
            With many Amazon discounted offers, scoring the deal can be a little complicated. But we’re going to take you through it step by step to make sure you’re getting as much of a discount as possible when you’re shopping at Amazon.
    
            To start, you must have an American Express card that earns Membership Rewards points. Amex cards that earn other types of rewards, such as cash back or airline miles, won’t work. But there are plenty of Amex cards that earn Membership Rewards points — a small sampling of them is at the end of this story.
    
            Next, you’ll need to link your Amazon and American Express accounts. Add your American Express card as a payment method in your Amazon account, if you haven’t already. Then look for the option to enroll in “Shop with Points” under the “Your Account” tab, and click the “Enroll” button for the Amex card you just added.
    
            Once your accounts are connected, you’ll need to activate the offer by clicking on this link. Remember, this is a targeted promotion, so not everyone will be eligible for it — you could be targeted for any one of the offers or none of them. When you click on the link, if you see a message that you’re not eligible, then you’re unfortunately not targeted for this particular promotion.
    
            But even if you’re not targeted, don’t give up hope. If you just enrolled in “Shop with Points,” you may need to wait 24 hours for Amazon’s records to refresh before knowing if you’re targeted, so check back in a day or so.
    
            If you’re eligible, activate the offer by clicking on the “Activate now” button — the enrollment page will indicate your particular discount. You can then shop at Amazon as you normally would, though only products sold and shipped by Amazon are eligible for these discounts. Additionally, Amazon gift cards are excluded, though other third-party retailer gift cards sold by Amazon might be eligible.
    
            But wait! There’s one more step. When you’re ready to check out, you’ll want to make sure to select your linked American Express card as your payment method. Then you’ll need to use at least 1 point to pay for your purchase for the discount to apply.
    
            When paying with Amex Membership Rewards points at Amazon, 1 point equals 0.7 cents. That’s not the best value you can get for Amex points. Frequent flyer website The Points Guy values Membership Rewards points as high as 2 cents each when redeemed for travel.
    
            However, it’s important to note that you don’t have to pay for your entire Amazon purchase with points to get these discounts. In fact, you can use just 1 point and pay for the rest with your Amex card, and you’ll still see the discount applied to your order. However, some accounts might see that you need to redeem slightly more points — 714 to be exact — to receive the savings, so make sure to check the terms of your exact offer.
    
            To pay with the minimum number of points required, enter $0.01 in the points section at checkout, which will apply just 1 point to your payment, You can use any number of points you want, but if you don’t make this change, Amazon may automatically apply the maximum number of points to cover the entire purchase, so you’ll want to make sure to update the amount before you place the order.
    
            Once you’ve applied at least 1 point to your payment, you’ll see the discount added to your order. The discount will apply on every order you place through June 30 until you hit the total maximum in savings — which will depend on your particular offer.
    
            Let’s take a look at some examples of how you can apply this discount to your upcoming Amazon purchases, even if you don’t need anything from Amazon right at the moment.
    
            With airlines having regular delays and cancellations over the last year, placing an Apple AirTag on your luggage can be a great way to track the location of your belongings. An Apple AirTag 4 Pack is currently priced at $78.99 before taxes and shipping, but if you’re targeted for the 30% off American Express offer, that’ll bring the pack down to $55.30, or around $13.83 per AirTag before tax.
    
            Or, if you’re hoping to pick up a set of new Apple AirPods Pro 2, right now Amazon is selling them for $189.99. But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.
    
            Even if you aren’t eligible for any of these particular Amex promotions, offers like this typically resurface many times throughout the year, so keep on checking back.
    
            Amazon often runs similar promotions for other credit cards, so check out our guides to discounts for Chase and Discover card holders to see what’s available. You might also find that even if you aren’t eligible now for one of these offers, you could magically become targeted in a few weeks, so keep on checking the link to see if you’ve been granted access.
    
            Amazon has been eagerly offers some lucrative promotions over the last few years, so keep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.
    
            Also, make sure you read our guide to the best credit cards for Amazon to be sure you’re using the right card when you buy at Amazon.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,14/02/2024,"['Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities.', 'While that’s true, there’s another lesser-known use for them — redeeming them for purchases at Amazon.', 'Right now, you may be eligible for anAmazonpromotion where you can save big on Amazon purchases by redeeming as little as one Amex point.', 'Targeted American Express card members cansave as much as 30% on their next Amazon purchase, for up to $30 in savings when you use Amex points to pay for at least a portion of your purchase at checkout.', 'However, your offer may be higher or lower.', 'This offer is set to expire on June 30, 2024, so even if you aren’t in the market to shop at Amazon right now, you have some time to take advantage of the savings.', 'That said, Amazon also states it will deactivate the offer after 24,167 customers have redeemed it.', 'With many Amazon discounted offers, scoring the deal can be a little complicated.', 'But we’re going to take you through it step by step to make sure you’re getting as much of a discount as possible when you’re shopping atAmazon.', 'To start, you must have an American Express card that earns Membership Rewards points.', 'Amex cards that earn other types of rewards, such as cash back or airline miles, won’t work.', 'But there are plenty of Amex cards that earn Membership Rewards points — a small sampling of them is at the end of this story.', 'Next, you’ll need tolink your Amazon and American Express accounts.', 'Add your American Express card as a payment method in your Amazon account, if you haven’t already.', 'Then look for the option toenroll in “Shop with Points”under the “Your Account” tab, and click the “Enroll” button for the Amex card you just added.', 'Once your accounts are connected, you’ll need to activate the offer byclicking on this link.', 'Remember, this is a targeted promotion, so not everyone will be eligible for it — you could be targeted for any one of the offers or none of them.', 'When you click on the link, if you see a message that you’re not eligible, then you’re unfortunately not targeted for this particular promotion.', 'But even if you’re not targeted, don’t give up hope.', 'If you just enrolled in “Shop with Points,” you may need to wait 24 hours for Amazon’s records to refresh before knowing if you’re targeted, so check back in a day or so.', 'If you’re eligible, activate the offer byclicking on the “Activate now” button— the enrollment page will indicate your particular discount.', 'You can thenshop at Amazonas you normally would, though only products sold and shipped by Amazon are eligible for these discounts.', 'Additionally, Amazon gift cards are excluded, though otherthird-party retailer gift cardssold by Amazon might be eligible.', 'But wait!', 'There’s one more step.', 'When you’re ready to check out, you’ll want to make sure to select your linked American Express card as your payment method.', 'Then you’ll need to use at least 1 point to pay for your purchase for the discount to apply.', 'When paying with Amex Membership Rewards points at Amazon, 1 point equals 0.7 cents.', 'That’s not the best value you can get for Amex points.', 'Frequent flyer websiteThe Points Guyvalues Membership Rewards points as high as 2 cents each when redeemed for travel.', 'However, it’s important to note that you don’t have to pay for your entireAmazonpurchase with points to get these discounts.', 'In fact,you can use just 1 point and pay for the rest with your Amex card, and you’ll still see the discount applied to your order.', 'However, some accounts might see that you need to redeem slightly more points —714 to be exact —to receive the savings, so make sure to check the terms of your exact offer.', 'To pay with the minimum number of points required, enter $0.01 in the points section at checkout, which will apply just 1 point to your payment, You can use any number of points you want, but if you don’t make this change,Amazonmay automatically apply the maximum number of points to cover the entire purchase, so you’ll want to make sure to update the amount before you place the order.', 'Once you’ve applied at least 1 point to your payment, you’ll see the discount added to your order.', 'The discount will apply on every order you place through June 30 until you hit the total maximum in savings —which will depend on your particular offer.', 'Let’s take a look at some examples of how you can apply this discount to your upcomingAmazonpurchases, even if you don’t need anything from Amazon right at the moment.', 'With airlines having regular delays and cancellations over the last year, placing an Apple AirTag on your luggage can be a great way to track the location of your belongings.', 'An Apple AirTag 4 Pack is currently priced at $78.99 before taxes and shipping, but if you’re targeted for the 30% off American Express offer, that’ll bring the pack down to $55.30, or around $13.83 per AirTag before tax.', 'Or, if you’re hoping to pick up a set of new Apple AirPods Pro 2, right now Amazon is selling them for $189.99.', 'But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.', 'Even if you aren’t eligible for any of these particular Amex promotions, offers like this typically resurface many times throughout the year, so keep on checking back.', 'Amazon often runs similar promotions for other credit cards, so check out our guides to discounts for Chase and Discover card holders to see what’s available.', 'You might also find that even if you aren’t eligible now for one of these offers, you could magically become targeted in a few weeks, so keep on checking the link to see if you’ve been granted access.', 'Amazon has been eagerly offers some lucrative promotions over the last few years, sokeep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.', 'Also, make sure you read our guide to thebest credit cards for Amazonto be sure you’re using the right card when you buy at Amazon.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.2766683229921542,Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities.,That’s not the best value you can get for Amex points.,-0.0578338623046875,"Amazon has been eagerly offers some lucrative promotions over the last few years, sokeep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.",But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.,2024-04-01
‘I want to help people fly – and keep them safe’,https://www.bbc.co.uk/news/business-68489226,2024-03-22T00:15:02.000Z,"Student Pooja Umashankar clearly remembers when she first felt the roar of an aircraft taking off. She was 10 years old and travelling from Sri Lanka to the UK with her family. Through the window near her seat, she could see hundreds of tiny lights on the ground below.  ""It's just a piece of metal,"" she remembers marvelling, ""And it's flying now."" Today, a decade and a half later, Miss Umashankar has returned from Sri Lanka to study aircraft maintenance engineering at the University of South Wales. ""I knew that I wanted to do something that nobody had ever done in my town,"" she says. The aviation industry can't find enough people like Miss Umashankar. For years, airlines and engineering firms have struggled to hire maintenance engineers, and there is now a global shortage numbering in the tens of thousands.  This is a huge problem not least because aviation is expected to balloon in the coming decades. Industry estimates suggest that roughly 700,000 engineers will have to enter the profession between now and 2040 in order to satisfy demand.  Plus, after Boeing's recent 737 Max 9 door blowout - currently the subject of an investigation - engineers have been in especially high demand to perform increased checks on 737 Max aircraft of various models.  And trade association ADS says there are 10,000 vacancies in total across the UK's aerospace, defence, security and space industries. Miss Umashankar, who is now nearing the end of her three-year degree, says she wants to be a part of the solution. ""What motivates me is to… help people travel,"" she says. ""I want to help them fly - while being safe."" She says she has especially enjoyed working with electronics during her course but was not able to find an on-the-job training placement. However, Miss Umashankar has now started applying for full-time positions. She hopes to work for an employer that will treat her with respect and provide further training.  Not many of her colleagues will be women, she knows. But that does not deter her: ""There's such a shortage of female engineers in this field, I just feel that maybe I should be one of them."" Redressing the severe gender imbalance in the industry could help tackle the shortage, some observers say. In the UK, fewer than 10% of aerospace and aviation engineers are women. The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University. Only 2.8% of US aircraft technicians are women. ""I don't think that there are enough women that are involved in the industry to act as mentors,"" she says. Multiple engineering firms contacted by the BBC declined to specify whether they were short of aviation technicians at present, or to what extent. AAR Corporation, however, says it has raised salaries and launched a programme to help US military veterans join the workforce. More than 60 such candidates have been hired since 2019, the firm notes. ST Engineering has started a mentorship programme in Singapore and is in talks to set up a training academy in the US. Meanwhile, Lufthansa Technik is working to attract more women into the industry. ""Large-scale recruitment of apprentices is still ongoing,"" a spokeswoman adds. The current focus on training is significant, says Daniel Olufisan, training director and principal consultant at Wing Engineering, which works in the aviation industry. It is partly down to the fact that fewer aircraft engineers these days are ex-military and, therefore, not as many people with hands-on experience are entering maintenance roles, he suggests. Another key reason for the shortage is that a high number of engineers in their 60s are now retiring from the profession. Aircraft maintenance is not as glamorous as it once was, suggests Robert Mann, an industry analyst and consultant at RW Mann & Company: ""Some of the benefits that then came with working for an airline, flying on staff passes for example, just aren't there anymore."" He stresses that a dearth of engineers is no excuse to cut corners on safety. ""This is not a test flying business, this is a consumer service,"" he says. Last year, manufacturer Airbus set a target of hiring 13,000 new employees, many of whom were engineers, though in Airbus's case most were destined to work on new aircraft designs rather than maintenance. A spokeswoman confirms that the company exceeded its target and also succeeded in hiring a large proportion of engineers (25% of the total). ""It does become harder and harder to source talented professional engineers,"" acknowledges Mark Crompton, global head of employment marketing. He adds that outreach to children of school age could help encourage them to consider the career. More technology of business Airbus, like many firms, is increasing apprenticeship and internship positions to help, too. The number of such posts at Airbus climbed by 25% in 2023. But the industry as a whole is having to face up to the impact aviation is having on climate change and even more engineers are needed to develop cleaner aircraft, explains Mr Crompton. Nadeem Bandali is an aircraft maintenance engineer at Gatwick Airport. He says that when young people ask him about his job, he shows them videos of the kind of work he does to illustrate how practical it is. ""It's purely mechanical, fixing aircraft, troubleshooting aircraft systems,"" he explains.  As an example, just a few weeks ago, he and his colleagues were tasked with locating a fault in a long sensor wire that runs through the fuselage and wings of an A320. It took a few hours, but they found it and fixed it.  He is aware of the engineer shortage but says, ""I don't think safety is an issue at the moment."" Keeping planes in the air, without incident, is a worthwhile endeavour for Miss Umashankar. ""Aircraft,"" she says, ""connect the whole world into one."" ",BBC,22/03/2024,"['Student Pooja Umashankar clearly remembers when she first felt the roar of an aircraft taking off.', 'She was 10 years old and travelling from Sri Lanka to the UK with her family.', 'Through the window near her seat, she could see hundreds of tiny lights on the ground below. ""', 'It\'s just a piece of metal,"" she remembers marvelling, ""And it\'s flying now.""', 'Today, a decade and a half later, Miss Umashankar has returned from Sri Lanka to study aircraft maintenance engineering at the University of South Wales. ""', 'I knew that I wanted to do something that nobody had ever done in my town,"" she says.', ""The aviation industry can't find enough people like Miss Umashankar."", 'For years, airlines and engineering firms have struggled to hire maintenance engineers, and there is now a global shortage numbering in the tens of thousands.', 'This is a huge problem not least because aviation is expected to balloon in the coming decades.', 'Industry estimates suggest that roughly 700,000 engineers will have to enter the profession between now and 2040 in order to satisfy demand.', ""Plus, after Boeing's recent 737 Max 9 door blowout - currently the subject of an investigation - engineers have been in especially high demand to perform increased checks on 737 Max aircraft of various models."", ""And trade association ADS says there are 10,000 vacancies in total across the UK's aerospace, defence, security and space industries."", 'Miss Umashankar, who is now nearing the end of her three-year degree, says she wants to be a part of the solution. ""', 'What motivates me is to… help people travel,"" she says. ""', 'I want to help them fly - while being safe.""', 'She says she has especially enjoyed working with electronics during her course but was not able to find an on-the-job training placement.', 'However, Miss Umashankar has now started applying for full-time positions.', 'She hopes to work for an employer that will treat her with respect and provide further training.', 'Not many of her colleagues will be women, she knows.', 'But that does not deter her: ""There\'s such a shortage of female engineers in this field, I just feel that maybe I should be one of them.""', 'Redressing the severe gender imbalance in the industry could help tackle the shortage, some observers say.', 'In the UK, fewer than 10% of aerospace and aviation engineers are women.', 'The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University.', 'Only 2.8% of US aircraft technicians are women. ""', 'I don\'t think that there are enough women that are involved in the industry to act as mentors,"" she says.', 'Multiple engineering firms contacted by the BBC declined to specify whether they were short of aviation technicians at present, or to what extent.', 'AAR Corporation, however, says it has raised salaries and launched a programme to help US military veterans join the workforce.', 'More than 60 such candidates have been hired since 2019, the firm notes.', 'ST Engineering has started a mentorship programme in Singapore and is in talks to set up a training academy in the US.', 'Meanwhile, Lufthansa Technik is working to attract more women into the industry. ""', 'Large-scale recruitment of apprentices is still ongoing,"" a spokeswoman adds.', 'The current focus on training is significant, says Daniel Olufisan, training director and principal consultant at Wing Engineering, which works in the aviation industry.', 'It is partly down to the fact that fewer aircraft engineers these days are ex-military and, therefore, not as many people with hands-on experience are entering maintenance roles, he suggests.', 'Another key reason for the shortage is that a high number of engineers in their 60s are now retiring from the profession.', 'Aircraft maintenance is not as glamorous as it once was, suggests Robert Mann, an industry analyst and consultant at RW Mann & Company: ""Some of the benefits that then came with working for an airline, flying on staff passes for example, just aren\'t there anymore.""', 'He stresses that a dearth of engineers is no excuse to cut corners on safety. ""', 'This is not a test flying business, this is a consumer service,"" he says.', ""Last year, manufacturer Airbus set a target of hiring 13,000 new employees, many of whom were engineers, though in Airbus's case most were destined to work on new aircraft designs rather than maintenance."", 'A spokeswoman confirms that the company exceeded its target and also succeeded in hiring a large proportion of engineers (25% of the total). ""', 'It does become harder and harder to source talented professional engineers,"" acknowledges Mark Crompton, global head of employment marketing.', 'He adds that outreach to children of school age could help encourage them to consider the career.', 'More technology of business Airbus, like many firms, is increasing apprenticeship and internship positions to help, too.', 'The number of such posts at Airbus climbed by 25% in 2023.', 'But the industry as a whole is having to face up to the impact aviation is having on climate change and even more engineers are needed to develop cleaner aircraft, explains Mr Crompton.', 'Nadeem Bandali is an aircraft maintenance engineer at Gatwick Airport.', 'He says that when young people ask him about his job, he shows them videos of the kind of work he does to illustrate how practical it is. ""', 'It\'s purely mechanical, fixing aircraft, troubleshooting aircraft systems,"" he explains.', 'As an example, just a few weeks ago, he and his colleagues were tasked with locating a fault in a long sensor wire that runs through the fuselage and wings of an A320.', 'It took a few hours, but they found it and fixed it.', 'He is aware of the engineer shortage but says, ""I don\'t think safety is an issue at the moment.""', 'Keeping planes in the air, without incident, is a worthwhile endeavour for Miss Umashankar. ""', 'Aircraft,"" she says, ""connect the whole world into one.""']",0.1132175272645693,She hopes to work for an employer that will treat her with respect and provide further training.,"He stresses that a dearth of engineers is no excuse to cut corners on safety. """,0.1862073948508814,The number of such posts at Airbus climbed by 25% in 2023.,"The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University.",2024-04-01
India's army of gold refiners face new competition,https://www.bbc.co.uk/news/business-68596195,2024-03-28T23:19:19.000Z,"Refining gold has a long history in the family of Satish Pratap Salunke. Following in the footsteps of his father and grandfather, he and his business collect scrap gold from jewellers, melt it down and sell it back to the jewellers in the form of gold bars. He has two refineries, one in Kochi in the southern state of Kerala and the other in Tiruchirappalli in Tamil Nadu. Relatives have refineries elsewhere in the south of India. ""Every day my refiners on an average melt two to three kilograms of gold,"" he says. Almost every town in India will have at least one small refinery similar to those run by Mr Salunke. It is known as the ""unorganised"" refining sector, which distinguishes it from big refiners who make gold bars and coins from imported, unrefined gold. It is estimated that, in total, Indian households hold a massive 25,000 tonnes of gold, and some of that is always available for sale, particularly when the price of gold is high or the economy is bad and people want to raise some cash. Jewellers may process returned gold themselves but will often use small refiners who will make the gold back into bars. Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash.  ""Most jewellers prefer buying gold from us, as we are based in every city with small units. A jeweller can take back his refined gold in a few hours, not like big refiners who will take days to refine the recycled gold."" According to the World Gold Council, of the 900 tonnes of gold refined in India in 2023, 117 came from recycled sources. But that recycling market is being eyed up by India's big industrial gold refiners.  They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré. Between 2013 and 2021, India's large-scale refiners increased their capacity from 300 to 1,800 tonnes of gold a year. But it is difficult for them to import enough unrefined gold to keep their refineries running. In fact, less than 50% of their refining capacity is used, according to Harshad Ajmera, secretary of the Association of Gold Refiners and Mints. So big refiners have been opening scrap collection centres in big cities, hoping to scoop up unwanted gold and turn it into high-quality bars. ""At present most of the recycling of gold is done by the unorganised sector [small refiners] - that has to change,"" says Mr Ajmera. More technology of business He wants India to become a global hub for gold refining, which would mean importing more unrefined gold and for the big firms to take over more of the gold recycling. ""Switzerland is the world's largest gold refining centre and transit hub. We want India also to be in the same position,"" says Mr Ajmera. CGR Metalloys is one of India's leading gold refiners, refining about 150 tonnes of gold a year. Like the other big players, it has the latest equipment for gold smelting and refining, which it says is better for the environment and can guarantee the purity of its gold to extremely high levels.  ""The refined bullion is analysed to the highest levels of accuracy, on various methods of gold assaying,"" says James Jose, managing director at CGR. It has opened three gold recycling centres in the state of Kerala. ""Indian refineries have a huge capacity... we have huge overheads. So setting up collection centres will increase the flow of scrap gold. This will help increase my output by 30% to 40%,"" says Mr Jose. In recent years, the government has become more involved in the refining industry. In 2020 the Bureau of Indian Standards (BIS) introduced a range of standards for gold bars including purity, weight, markings and dimensions. BIS-approved refiners can sell their bars to the commodity markets. ""The industry is gradually shifting towards greater organisation and efficiency, led by established refineries licensed by the Bureau of Indian Standards, which is setting trusted benchmarks for refined gold products, which will make India a global hub,"" says Somasundaram PR, the chief executive of the World Gold Council India. Some figures suggest that smaller refiners are losing ground. According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%. The moves made by big recycling firms do not concern Mr Salunke much - he says he knows his customers. ""Local jewellers are not willing to pay a recycling cost which is too much beyond what we charge,"" he says. And, like other smaller refiners, Mr Salunke has also been investing in modern refining technology. They are moving away from using nitric acid to purify gold, instead switching to Aqua Regia, which is less polluting.  ""The gold recycled by us is as pure as gold recycled by an organised refinery,"" says Mr Salunke. ""Now we have a testing facility to check the purity, so it would be wrong to say we cannot refine gold into its purest form."" ",BBC,28/03/2024,"['Refining gold has a long history in the family of Satish Pratap Salunke.', 'Following in the footsteps of his father and grandfather, he and his business collect scrap gold from jewellers, melt it down and sell it back to the jewellers in the form of gold bars.', 'He has two refineries, one in Kochi in the southern state of Kerala and the other in Tiruchirappalli in Tamil Nadu.', 'Relatives have refineries elsewhere in the south of India. ""', 'Every day my refiners on an average melt two to three kilograms of gold,"" he says.', 'Almost every town in India will have at least one small refinery similar to those run by Mr Salunke.', 'It is known as the ""unorganised"" refining sector, which distinguishes it from big refiners who make gold bars and coins from imported, unrefined gold.', 'It is estimated that, in total, Indian households hold a massive 25,000 tonnes of gold, and some of that is always available for sale, particularly when the price of gold is high or the economy is bad and people want to raise some cash.', 'Jewellers may process returned gold themselves but will often use small refiners who will make the gold back into bars.', 'Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash. ""', 'Most jewellers prefer buying gold from us, as we are based in every city with small units.', 'A jeweller can take back his refined gold in a few hours, not like big refiners who will take days to refine the recycled gold.""', 'According to the World Gold Council, of the 900 tonnes of gold refined in India in 2023, 117 came from recycled sources.', ""But that recycling market is being eyed up by India's big industrial gold refiners."", 'They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré.', ""Between 2013 and 2021, India's large-scale refiners increased their capacity from 300 to 1,800 tonnes of gold a year."", 'But it is difficult for them to import enough unrefined gold to keep their refineries running.', 'In fact, less than 50% of their refining capacity is used, according to Harshad Ajmera, secretary of the Association of Gold Refiners and Mints.', 'So big refiners have been opening scrap collection centres in big cities, hoping to scoop up unwanted gold and turn it into high-quality bars. ""', 'At present most of the recycling of gold is done by the unorganised sector [small refiners] - that has to change,"" says Mr Ajmera.', 'More technology of business He wants India to become a global hub for gold refining, which would mean importing more unrefined gold and for the big firms to take over more of the gold recycling. ""', ""Switzerland is the world's largest gold refining centre and transit hub."", 'We want India also to be in the same position,"" says Mr Ajmera.', ""CGR Metalloys is one of India's leading gold refiners, refining about 150 tonnes of gold a year."", 'Like the other big players, it has the latest equipment for gold smelting and refining, which it says is better for the environment and can guarantee the purity of its gold to extremely high levels. ""', 'The refined bullion is analysed to the highest levels of accuracy, on various methods of gold assaying,"" says James Jose, managing director at CGR.', 'It has opened three gold recycling centres in the state of Kerala. ""', 'Indian refineries have a huge capacity... we have huge overheads.', 'So setting up collection centres will increase the flow of scrap gold.', 'This will help increase my output by 30% to 40%,"" says Mr Jose.', 'In recent years, the government has become more involved in the refining industry.', 'In 2020 the Bureau of Indian Standards (BIS) introduced a range of standards for gold bars including purity, weight, markings and dimensions.', 'BIS-approved refiners can sell their bars to the commodity markets. ""', 'The industry is gradually shifting towards greater organisation and efficiency, led by established refineries licensed by the Bureau of Indian Standards, which is setting trusted benchmarks for refined gold products, which will make India a global hub,"" says Somasundaram PR, the chief executive of the World Gold Council India.', 'Some figures suggest that smaller refiners are losing ground.', 'According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%.', 'The moves made by big recycling firms do not concern Mr Salunke much - he says he knows his customers. ""', 'Local jewellers are not willing to pay a recycling cost which is too much beyond what we charge,"" he says.', 'And, like other smaller refiners, Mr Salunke has also been investing in modern refining technology.', 'They are moving away from using nitric acid to purify gold, instead switching to Aqua Regia, which is less polluting. ""', 'The gold recycled by us is as pure as gold recycled by an organised refinery,"" says Mr Salunke. ""', 'Now we have a testing facility to check the purity, so it would be wrong to say we cannot refine gold into its purest form.""']",0.0799652359830087,"Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash. """,But it is difficult for them to import enough unrefined gold to keep their refineries running.,0.5293743080563016,"They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré.","According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%.",2024-04-01
"United asks pilots to take unpaid time off, citing Boeing's delayed aircraft",https://www.cnbc.com/2024/04/01/united-asks-pilots-to-take-unpaid-time-off-citing-boeing-delays.html,2024-04-01T17:38:46+0000,"In this articleUnited Airlines is asking pilots to take unpaid time off next month, citing late-arriving aircraft from Boeing, according to a note sent to pilots.It's another example of how Boeing's customers say the manufacturer's production problems and safety crisis are impacting their growth plans. The offer comes after United and other airlines in recent years have clamored for more pilots when the Covid-19 pandemic travel slump ended and demand surged.""Due to recent changes to our Boeing deliveries, the remaining 2024 forecast block hours for United have been significantly reduced,"" the United chapter of the Air Line Pilots Association, the pilots' union, said in a note to members Friday. ""While the delivery issues surround our 787 and 737 fleets, the impact will affect other fleets as well.""United confirmed the request for voluntary, unpaid time off. The airline previously said it would pause pilot hiring this spring because of aircraft arriving late from Boeing, CNBC reported last month.The union said it expects United to offer more time off ""for the summer bid periods and potentially into the fall.""United was contracted to receive 43 Boeing 737 Max 8 planes and 34 Max 9 models this year, but now expects to receive 37 and 19, respectively, according to a company filing in February. It had expected Boeing would also hand over 80 Max 10s this year and 71 next year. That model hasn't yet been certified by the Federal Aviation Administration, and the airline removed them from the delivery schedule because it is ""unable to accurately forecast the expected delivery period,"" it said in the filing.United CEO Scott Kirby has been among the most vocal about the production problems and delivery delays at Boeing, including most recently the crisis stemming from a door plug that blew out of a nearly new Boeing 737 Max 9 operated by an Alaska Airlines flight that was at about 16,000 feet.Other airlines bosses have also grown frustrated with the delivery delays resulting from Boeing's manufacturing issues.Southwest Airlines last month said it was reevaluating its 2024 financial guidance, citing fewer Boeing deliveries, and has paused pilot and flight attendant hiring, while Alaska Airlines said its 2024 capacity estimates are ""in flux due to uncertainty around the timing of aircraft deliveries as a result of increased Federal Aviation Administration and Department of Justice scrutiny on Boeing and its operations.""Boeing declined to comment.Boeing CEO Dave Calhoun last week announced he would leave at the end of the year as part of a broad leadership shake-up, which included the departures of the board chairman and the head of Boeing's commercial airplanes unit.",CNBC,01/04/2024,"['In this articleUnited Airlines is asking pilots to take unpaid time off next month, citing late-arriving aircraft from Boeing, according to a note sent to pilots.', ""It's another example of how Boeing's customers say the manufacturer's production problems and safety crisis are impacting their growth plans."", 'The offer comes after United and other airlines in recent years have clamored for more pilots when the Covid-19 pandemic travel slump ended and demand surged.', '""Due to recent changes to our Boeing deliveries, the remaining 2024 forecast block hours for United have been significantly reduced,"" the United chapter of the Air Line Pilots Association, the pilots\' union, said in a note to members Friday. ""', 'While the delivery issues surround our 787 and 737 fleets, the impact will affect other fleets as well.', '""United confirmed the request for voluntary, unpaid time off.', 'The airline previously said it would pause pilot hiring this spring because of aircraft arriving late from Boeing, CNBC reported last month.', 'The union said it expects United to offer more time off ""for the summer bid periods and potentially into the fall.', '""United was contracted to receive 43 Boeing 737 Max 8 planes and 34 Max 9 models this year, but now expects to receive 37 and 19, respectively, according to a company filing in February.', 'It had expected Boeing would also hand over 80 Max 10s this year and 71 next year.', 'That model hasn\'t yet been certified by the Federal Aviation Administration, and the airline removed them from the delivery schedule because it is ""unable to accurately forecast the expected delivery period,"" it said in the filing.', 'United CEO Scott Kirby has been among the most vocal about the production problems and delivery delays at Boeing, including most recently the crisis stemming from a door plug that blew out of a nearly new Boeing 737 Max 9 operated by an Alaska Airlines flight that was at about 16,000 feet.', ""Other airlines bosses have also grown frustrated with the delivery delays resulting from Boeing's manufacturing issues."", 'Southwest Airlines last month said it was reevaluating its 2024 financial guidance,citing fewer Boeing deliveries,and has paused pilot and flight attendant hiring, while Alaska Airlines said its 2024 capacity estimates are ""in flux due to uncertainty around the timing of aircraft deliveries as a result of increased Federal Aviation Administration and Department of Justice scrutiny on Boeing and its operations.', '""Boeing declined to comment.', ""Boeing CEO Dave Calhoun last week announced he would leave at the end of the year as part of a broad leadership shake-up, which included the departures of the board chairman and the head of Boeing's commercial airplanes unit.""]",0.1051115936683381,"""United was contracted to receive 43 Boeing 737 Max 8 planes and 34 Max 9 models this year, but now expects to receive 37 and 19, respectively, according to a company filing in February.","United CEO Scott Kirby has been among the most vocal about the production problems and delivery delays at Boeing, including most recently the crisis stemming from a door plug that blew out of a nearly new Boeing 737 Max 9 operated by an Alaska Airlines flight that was at about 16,000 feet.",-0.7247092988755968,The offer comes after United and other airlines in recent years have clamored for more pilots when the Covid-19 pandemic travel slump ended and demand surged.,It's another example of how Boeing's customers say the manufacturer's production problems and safety crisis are impacting their growth plans.,2024-04-01
Boeing CEO to step down in broad management shake-up as 737 Max crisis weighs on aerospace giant,https://www.cnbc.com/2024/03/25/boeing-ceo-board-chair-commercial-head-out-737-max-crisis.html,2024-03-26T11:44:51+0000,"In this articleBoeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shake-up for the embattled aerospace giant.Larry Kellner, chairman of the board, will not stand for reelection at Boeing's annual meeting in May, Boeing said Monday. He will be succeeded as chair by Steve Mollenkopf, who has been a Boeing director since 2020 and is a former CEO of Qualcomm. Mollenkopf will lead the board in picking a new CEO, Boeing said.And Stan Deal, president and chief executive of Boeing's commercial airplanes unit, is leaving the company effective immediately. Moving into his job is Stephanie Pope, who recently became Boeing's chief operating officer after previously running Boeing Global Services.The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes. Scrutiny intensified after a Jan. 5 accident, when a door plug blew out of a nearly new Boeing 737 Max 9 minutes into an Alaska Airlines flight.""As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing,"" Calhoun wrote to employees on Monday. ""We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company.""The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years,"" he wrote.Calhoun told CNBC in an interview Monday that the decision to resign was ""100%"" his own.""We have another mountain to climb,"" Calhoun said. ""Let's not avoid the call for action. Let's not avoid the changes that we have to make in our factory. Let's not avoid the need to slow down a bit and let the supply chain catch up.""Calhoun, a more than decade-long board member at Boeing, took the top job in January 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes. In 2021, Boeing's board extended the CEO's mandatory retirement age from 65 to 70, a vote of confidence in Calhoun, who turns 67 next month.For months Calhoun has promised investors, airline customers and the general public that Boeing will get its myriad quality struggles under control. The Federal Aviation Administration has stepped up oversight of Boeing, and agency Administrator Mike Whitaker after the Alaska Airlines accident said Boeing will be barred from increasing 737 production until the FAA is satisfied with the company's quality control.Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans. CEOs of some of the company's largest customers, including United Airlines, Southwest Airlines and American Airlines have publicly complained about the delays.Ryanair, Boeing's largest airline customer in Europe, said in a statement Monday it welcomes the management changes.""Stan Deal has done a great sales job for Boeing for many years, but he's not the person to turn around the operation in Seattle, and that's where most of the problems have been in recent years,"" Ryanair CEO Michael O'Leary said in a video posted to social media platform X.United's CEO, Scott Kirby, earlier this month said he urged Boeing to stop making yet-to-be-certified Max 10 planes for the company because it wasn't clear when the FAA would clear those aircraft to fly.Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes. The meetings were to include Kellner and one or more other board members. Those meetings will go ahead with Mollenkopf, according to people familiar with the matter.Also last week, Boeing Chief Financial Officer Brian West said at an industry conference that Boeing would burn more cash than expected because of limited 737 Max production.Boeing's stock added 1.4% on Monday after the announcements. Its shares are down more than 26% so far this year.",CNBC,26/03/2024,"['In this articleBoeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shake-up for the embattled aerospace giant.', ""Larry Kellner, chairman of the board, will not stand for reelection at Boeing's annual meeting in May, Boeing said Monday."", 'He will be succeeded as chair by Steve Mollenkopf, who has been a Boeing director since 2020 and is a former CEO of Qualcomm.', 'Mollenkopf will lead the board in picking a new CEO, Boeing said.', ""And Stan Deal, president and chief executive of Boeing's commercial airplanes unit, is leaving the company effective immediately."", ""Moving into his job is Stephanie Pope, who recently became Boeing's chief operating officer after previously running Boeing Global Services."", 'The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes.', 'Scrutiny intensified after a Jan. 5 accident, when a door plug blew out of a nearly new Boeing 737 Max 9 minutes into an Alaska Airlines flight.', '""As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing,"" Calhoun wrote to employees on Monday. ""', 'We must continue to respond to this accident with humility and complete transparency.', 'We also must inculcate a total commitment to safety and quality at every level of our company.', '""The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years,"" he wrote.', 'Calhoun told CNBC in an interview Monday that the decision to resign was ""100%"" his own.', '""We have another mountain to climb,"" Calhoun said. ""', ""Let's not avoid the call for action."", ""Let's not avoid the changes that we have to make in our factory."", ""Let's not avoid the need to slow down a bit and let the supply chain catch up."", '""Calhoun, a more than decade-long board member at Boeing, took the top job in January 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes.', ""In 2021, Boeing's board extended the CEO's mandatory retirement age from 65 to 70, a vote of confidence in Calhoun, who turns 67 next month."", 'For months Calhoun has promised investors, airline customers and the general public that Boeing will get its myriad quality struggles under control.', ""The Federal Aviation Administration has stepped up oversight of Boeing, and agency Administrator Mike Whitaker after the Alaska Airlines accident said Boeing will be barred from increasing 737 production until the FAA is satisfied with the company's quality control."", ""Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans."", ""CEOs of some of the company's largest customers, including United Airlines, Southwest Airlines and American Airlines have publicly complained about the delays."", ""Ryanair, Boeing's largest airline customer in Europe, said in a statement Monday it welcomes the management changes."", '""Stan Deal has done a great sales job for Boeing for many years, but he\'s not the person to turn around the operation in Seattle, and that\'s where most of the problems have been in recent years,"" Ryanair CEO Michael O\'Leary said in a video posted to social media platform X.United\'s CEO, Scott Kirby, earlier this month said he urged Boeing to stop making yet-to-be-certified Max 10 planes for the company because it wasn\'t clear when the FAA would clear those aircraft to fly.', 'Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes.', 'The meetings were to include Kellner and one or more other board members.', 'Those meetings will go ahead with Mollenkopf, according to people familiar with the matter.', 'Also last week, Boeing Chief Financial Officer Brian West said at an industry conference that Boeing would burn more cash than expected because of limited 737 Max production.', ""Boeing's stock added 1.4% on Monday after the announcements."", 'Its shares are down more than 26% so far this year.']",0.0524294792326706,We also must inculcate a total commitment to safety and quality at every level of our company.,"Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes.",-0.1909587581952413,Boeing's stock added 1.4% on Monday after the announcements.,Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans.,2024-04-01
"Novo Nordisk's $1,000 diabetes drug Ozempic can be made for less than $5 a month, study suggests",https://www.cnbc.com/2024/03/27/novo-nordisk-ozempic-can-be-made-for-less-than-5-a-month-study.html,2024-03-27T20:41:02+0000,"The blockbuster diabetes drug Ozempic could be manufactured for less than $5 a month, even as Novo Nordisk charges close to $1,000 per month for the injection in the U.S. before insurance, a study released Wednesday suggests.The study, from researchers at Yale University, King's College Hospital in London and the nonprofit Doctors Without Borders, raises more questions about the hefty price tag of the top-selling diabetes treatment and similar drugs for weight loss, which are all part of a new class of treatments called GLP-1s.Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs. The study also comes after years of political pressure on Novo Nordisk and other drugmakers to slash high costs of diabetes care, especially insulin. Ozempic can generally be produced for less than various forms of insulin, according to the study published in JAMA Network Open. Researchers found that a month's supply of the treatment could be manufactured for an estimated 89 cents to $4.73. They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices."" Novo Nordisk's list price for a monthly package of Ozempic is $935.77 before insurance and other rebates. The findings suggest that GLP-1s ""can likely be manufactured for prices far below current prices, enabling wider access,"" the researchers concluded. In a statement on Wednesday, Novo Nordisk declined to provide production costs for Ozempic and its weight loss drug counterpart Wegovy. But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.It also said 75% of its gross earnings go to rebates and discounts to ensure patients have access to its products. The company also said out-of-pocket costs for Ozempic depend on a patient's insurance coverage. Patients with private or commercial coverage for Ozempic can access a savings card and pay as little as $25 for a one-month, two-month or three-month supply of the treatment for up to 24 months. Separate research from the University of Liverpool and other researchers has found that Wegovy could be produced for $40 a month.A survey released this month from Evercore ISI found that more than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket. Nearly 75% of respondents who used to take one of the drugs said they spent the same amount.",CNBC,27/03/2024,"['The blockbuster diabetes drug Ozempic could be manufactured for less than $5 a month, even as Novo Nordisk charges close to $1,000 per month for the injection in the U.S. before insurance, a study released Wednesday suggests.', ""The study, from researchers at Yale University, King's College Hospital in London and the nonprofit Doctors Without Borders, raises more questions about the hefty price tag of the top-selling diabetes treatment and similar drugs for weight loss, which are all part of a new class of treatments called GLP-1s."", 'Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs.', 'The study also comes after years of political pressure on Novo Nordisk and other drugmakers to slash high costs of diabetes care, especially insulin.', 'Ozempic can generally be produced for less than various forms of insulin, according to the study published in JAMA Network Open.', ""Researchers found that a month's supply of the treatment could be manufactured for an estimated 89 cents to $4.73."", 'They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices.', '""Novo Nordisk\'s list price for a monthly package of Ozempic is $935.77 before insurance and other rebates.', 'The findings suggest that GLP-1s ""can likely be manufactured for prices far below current prices, enabling wider access,"" the researchers concluded.', 'In a statement on Wednesday, Novo Nordisk declined to provide production costs for Ozempic and its weight loss drug counterpart Wegovy.', 'But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.', 'It also said 75% of its gross earnings go to rebates and discounts to ensure patients have access to its products.', ""The company also said out-of-pocket costs for Ozempic depend on a patient's insurance coverage."", 'Patients with private or commercial coverage for Ozempic can access a savings card and pay as little as $25 for a one-month, two-month or three-month supply of the treatment for up to 24 months.', 'Separate research from the University of Liverpool and other researchers has found that Wegovy could be produced for $40 a month.', 'A survey released this month from Evercore ISI found that more than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket.', 'Nearly 75% of respondents who used to take one of the drugs said they spent the same amount.']",0.0084798000529251,"They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices.","Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs.",0.9920660704374312,"But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.",,2024-04-01
Hyundai considering hybrid vehicle production at $7.6 billion Georgia EV plant,https://www.cnbc.com/2024/03/27/hyundai-may-add-hybrid-production-to-7point6-billion-georgia-plant-.html,2024-03-27T20:40:18+0000,"In this articleNEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday.José Muñoz, Hyundai president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles.  ""We are now getting ready for a ramp-up on electric vehicles and then we are evaluating if we need to maybe add some additional technologies into the plan depending on the market evaluation,"" Muñoz said on the sidelines of the New York International Auto Show.The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers.  ""Everything is on the table,"" Muñoz said. ""We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas engine, hybrid and plug-in hybrid electric vehicle.""I think the PHEV is a key strategic topic for us. We've been one of the pioneers on PHEV and I think we want to take advantage of that,"" Muñoz said. ""But hybrid is very important … our hybrid production in growing. There's a high demand for it. So you're going to see an increase in the mix of hybrids in Hyundai as well.""",CNBC,27/03/2024,"['In this articleNEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday.', 'José Muñoz, Hyundai president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles. ""', 'We are now getting ready for a ramp-up on electric vehicles and then we are evaluating if we need to maybe add some additional technologies into the plan depending on the market evaluation,"" Muñoz said on the sidelines of the New York International Auto Show.', 'The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.', 'Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers. ""', 'Everything is on the table,"" Muñoz said. ""', 'We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.', '""Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas engine, hybrid and plug-in hybrid electric vehicle.', '""I think the PHEV is a key strategic topic for us.', 'We\'ve been one of the pioneers on PHEV and I think we want to take advantage of that,"" Muñoz said. ""', 'But hybrid is very important … our hybrid production in growing.', ""There's a high demand for it."", 'So you\'re going to see an increase in the mix of hybrids in Hyundai as well.""']",0.2229048408775856,"Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers. """,,0.4889906793832779,"So you're going to see an increase in the mix of hybrids in Hyundai as well.""","The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.",2024-04-01
Nelson Peltz withholds votes from Disney CEO Bob Iger in proxy battle,https://www.cnbc.com/2024/03/25/nelson-peltz-withholds-votes-from-disney-ceo-bob-iger-in-proxy-battle.html,2024-03-25T14:22:59+0000,"In this articleNelson Peltz's Trian Fund Management withheld its votes from Walt Disney CEO Bob Iger when voting its shares in the bitter proxy battle the asset management firm is waging against the entertainment giant, according to sources who monitor the situation.The move is hardly shocking, given the acrimonious nature of the battle.However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board.In recent weeks, Disney has stepped up its attacks on Trian and Peltz. ""Correcting Trian's Fact With Fiction"" was the headline of a recent investor presentation from Disney, over a picture of Pinocchio with a growing nose.""Disney is stupid because I'm not trying to fire Bob Iger, I want to help him,"" Peltz recently told the Financial Times. ""We don't fire CEOs.""When asked for comment, a Trian spokesperson directed CNBC to a press release repeating its proxy recommendations and stating that Trian supports Iger as a candidate for the board and as CEO.Withholding its votes from Iger, however, is hardly a supportive move of his leadership, and it raises questions about how toxic of an environment the boardroom would be if Peltz is elected to the Disney board next month.Disney has nominated a slate of 12 directors, including Iger. Trian is officially recommending shareholders vote for Peltz and former Disney Chief Financial Officer Jay Rasulo and to withhold votes for Disney nominees Maria Elena Lagomasino and Michael Froman, who are current board members.Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle. The Disney board meeting will be held April 3, and Trian could change its vote between now and then.",CNBC,25/03/2024,"[""In this articleNelson Peltz's Trian Fund Management withheld its votes from Walt Disney CEO Bob Iger when voting its shares in the bitter proxy battle the asset management firm is waging against the entertainment giant, according to sources who monitor the situation."", 'The move is hardly shocking, given the acrimonious nature of the battle.', ""However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board."", 'In recent weeks, Disney has stepped up its attacks on Trian and Peltz. ""', 'Correcting Trian\'s Fact With Fiction"" was the headline of a recent investor presentation from Disney, over a picture of Pinocchio with a growing nose.', '""Disney is stupid because I\'m not trying to fire Bob Iger, I want to help him,"" Peltz recently told the Financial Times. ""', ""We don't fire CEOs."", '""When asked for comment, a Trian spokesperson directed CNBC to a press release repeating its proxy recommendations and stating that Trian supports Iger as a candidate for the board and as CEO.Withholding its votes from Iger, however, is hardly a supportive move of his leadership, and it raises questions about how toxic of an environment the boardroom would be if Peltz is elected to the Disney board next month.', 'Disney has nominated a slate of 12 directors, including Iger.', 'Trian is officially recommending shareholders vote for Peltz and former Disney Chief Financial Officer Jay Rasulo and to withhold votes for Disney nominees Maria Elena Lagomasino and Michael Froman, who are current board members.', 'Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle.', 'The Disney board meeting will be held April 3, and Trian could change its vote between now and then.']",0.0365678119739758,"Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle.","The move is hardly shocking, given the acrimonious nature of the battle.",-0.8371050159136454,,"However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board.",2024-04-01
Your complete guide to earning and redeeming points in the Citi ThankYou Rewards program,https://edition.cnn.com/cnn-underscored/travel/citi-thankyou-points-rewards,"
  Updated
        12:10 PM EST, Wed January 10, 2024
    ","The Citi ThankYou Rewards program has evolved over the past decade and is now a formidable competitor with established programs like American Express Membership Rewards and Chase Ultimate Rewards. Citi’s got a relatively small portfolio of quality credit cards and a rewarding program to boot. In fact, its credit cards offer some of the most generous category bonuses in exchange for reasonable annual fees.
    
            When it comes to redeeming your hard-earned points, Citi has an impressive transfer partner list that makes it possible to maximize your rewards for travel bookings. And if you don’t want to learn the ins and outs of various loyalty programs, Citi also gives you the option to use points for statement credits and direct travel bookings.
    
            If you’re curious about how the Citi ThankYou program works, here’s everything you need to know about how to get the most out of the program for travel.
    
            You can earn Citi ThankYou points in numerous ways. The easiest is through credit card sign-up bonuses, which range depending on the card. But that’s not the only way to earn points in this program. Between checking account bonuses and authorized user incentives, there are many ways to earn ThankYou points beyond credit cards.
    
            Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards. The issuer’s credit cards are generally split into two categories: traditional ThankYou points-earning cards and cash back cards. However, recently, Citi made a change to its program that now sees its cash back credit cards earning ThankYou Rewards points, which can also be redeemed for traditional cash back.
    
            Citi has two cards that earn ThankYou points directly. These cards are ideal for maximizing rewards on everyday purchases, with the Citi Premier® Card and Citi Rewards+® Card specifically offering significant bonuses in those everyday categories.
    
            As mentioned, there are also a number of other traditional cash back credit cards in the Citi portfolio that allow you to boost your earnings. They can be incredibly valuable, considering the Citi® Double Cash Card earns 2% on everything. By adding this card to your wallet, you’ll earn a minimum of 2 ThankYou points per dollar spent on all purchases that aren’t eligible for the bonus categories on the Citi Premier or Rewards+ cards.
    
            Considering Citi’s cash back cards have no annual fees, adding one to your wallet could make a lot of sense. You’ll enhance your point earning across the board without additional annual fees.
    
            By combining the Citi cards you have in your wallet, you can maximize your earnings and ensure you continue to work your way toward your next redemption.
    
            Adding an authorized user can help you earn more Citi points in two ways: bonus points for adding someone and for all of their purchases. First, you’ll sometimes get bonus points just for adding someone to your account. Citi frequently sends out authorized user bonuses to targeted card holders. These bonuses are typically around 2,500 bonus points but can vary.
    
            Secondly, you’ll earn Citi ThankYou points based on all the spending your authorized user puts on their card. Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as an authorized user on your account. Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.
    
            If you’d like to earn even more ThankYou points, you can do so with a checking account. That’s because Citi offers several checking accounts that earn ThankYou points as a benefit: The Citigold, Citi Priority, Citi Private Bank and Citibank Account. With these accounts, you can earn up to 1,600 points per month on everyday banking activities. The exact number of ThankYou points you’ll earn depends on your account type and qualifying activities. Generally, Citigold, Citi Priority and Citi Private Bank accounts earn the most points.
    
            Sharing points is a great way to consolidate existing points with a significant other or family member. Citi ThankYou is one of the few programs that allows members to share points free of charge. The only stipulation is that you can only share points with someone who has a Citi ThankYou card, and Citi Custom Cash card holders are not eligible.
    
            It’s worth noting that shared points expire 90 days after receipt. So you shouldn’t transfer points unless you or the person you’re sending them to has an immediate use for them. Also, note that you can’t send or receive more than 100,000 points per calendar year.
    
            Once you’ve earned a slew of Citi ThankYou points comes the fun part of redeeming them. And thankfully, Citi offers many different ways for you to redeem your ThankYou points. You’ll get the most bang for your buck by redeeming points for travel, though that’s certainly not the only option.
    
            Here’s a look at your Citi ThankYou travel redemption options and how they work.
    
            Transferring points will get you the most value from your Citi ThankYou points. Citi has 18 airline and hotel partners, most of which you can transfer points to at a 1-to-1 ratio — however, that ratio can vary. You can redeem them for stays at all-inclusive resorts, international business-class tickets, domestic award flights and more. But keep in mind that not all airline and hotel loyalty programs are equal.
    
            Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are. Like with the Chase Ultimate Rewards program, Capital One miles and American Express Membership Rewards program, you’ll need to link your accounts with each of the transfer partners, and you’ll also need to search for award availability with the airline of your choice before transferring any points.
    
            If you’re interested in transferring your Citi ThankYou points to a travel partner, these are your 18 options as well as the transfer rate.
    
            By transferring Citi ThankYou points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming travel rewards, you’ll just have to pay the taxes and fees on a ticket. As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.
    
            Keep in mind that the most obvious airline choice may not always be your best option. Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs. For example, Delta Air Lines and Air France/KLM are both members of the SkyTeam alliance, meaning you can transfer your Citi ThankYou points to Flying Blue and redeem for flights operated by Delta Air Lines.
    
            Citi’s airline partners will get you the most value for your points, especially if you redeem them for business- and first-class travel. That being said, Citi’s airline partners offer several sweet spot awards. These heavily discounted awards will save you points on travel and make earning ThankYou points worthwhile. Some of these sweet spots awards that will get you maximum value for your ThankYou points include the following:
    
            Generally speaking, you’ll get the most value out of your Citi ThankYou points by transferring them to airline or hotel partners. But that may not always make sense for all card holders — and it’s not your only option.
    
            Citi ThankYou points are worth 1 cent each when you use them to book travel through the Citi ThankYou portal. That’s significantly less than the value you’ll get from transfer partner redemptions. While transferring points is the best way to maximize your ThankYou points, doing so isn’t always possible. If that’s the case — or if you’re not interested in researching award availability — redeeming at a fixed value for travel via the ThankYou portal is a decent option.
    
            Citi offers several fixed redemption options where you’ll redeem your points at 1 cent per point. This is ideal for folks who would rather leverage points for daily expenses than travel bookings. While redeeming points this way isn’t advisable, as you won’t get as much value out of each point, you should use them however they suit you best.
    
            For example, if you have no travel plans in the foreseeable future but mounting expenses at home, then redeeming your ThankYou points for mortgage or student loan payments might make sense. Here are some additional ways you can redeem your ThankYou points:
    
            Generally speaking, if you’re looking to get the most value out of your Citi ThankYou points, your worst option is when redeeming for a fixed value. However, if you’re willing to sacrifice the value of your points and instead want to save some cash, it could be a solid option. Ultimately, every card holder’s goals for their points will be different, but it’s good that you have options with ThankYou points.
    
            Citi ThankYou points are worth about 1.7 cents each when you redeem them for travel through transfer partners, according to frequent flyer website The Points Guy. The exact amount varies depending on the cabin and destination you’re flying to. Generally speaking, you’ll get the most value by redeeming points for international business- and first-class flights. While 1.7 cents per point isn’t guaranteed for all redemptions, it’s a number you should aim for if you want to redeem ThankYou points for maximum value.
    
            Aside from travel redemptions, you can use ThankYou points for mortgage payments, student loans, statement credits or charitable contributions, and they’re worth 1 cent apiece.
    
            Citi ThankYou points are an incredibly valuable currency and can help you meet your most aspirational travel goals. Whether you’re using points for domestic or international travel, Citi’s wide selection of transfer partners offers terrific redemption value. Between a good credit card selection, top-notch travel partners and flexibility in use, Citi ThankYou points are definitely worth adding to your points portfolio.
    
            Looking for a new travel credit card? Check out CNN Underscored’s list of the best credit cards currently available.
    
            Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
    
            Note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.",CNN,10/01/2024,"['The Citi ThankYou Rewards program has evolved over the past decade and is now a formidable competitor with established programs like American Express Membership Rewards and Chase Ultimate Rewards.', 'Citi’s got a relatively small portfolio of quality credit cards and a rewarding program to boot.', 'In fact, its credit cards offer some of the most generous category bonuses in exchange for reasonable annual fees.', 'When it comes to redeeming your hard-earned points, Citi has an impressive transfer partner list that makes it possible to maximize your rewards for travel bookings.', 'And if you don’t want to learn the ins and outs of various loyalty programs, Citi also gives you the option to use points for statement credits and direct travel bookings.', 'If you’re curious about how the Citi ThankYou program works, here’s everything you need to know about how to get the most out of the program for travel.', 'You can earn Citi ThankYou points in numerous ways.', 'The easiest is through credit card sign-up bonuses, which range depending on the card.', 'But that’s not the only way to earn points in this program.', 'Between checking account bonuses and authorized user incentives, there are many ways to earn ThankYou points beyond credit cards.', 'Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards.', 'The issuer’s credit cards are generally split into two categories: traditional ThankYou points-earning cards andcash back cards.', 'However, recently, Citi made a change to its program that now sees its cash back credit cards earning ThankYou Rewards points, which can also be redeemed for traditional cash back.', 'Citi has two cards that earn ThankYou points directly.', 'These cards are ideal for maximizing rewards on everyday purchases, with the Citi Premier® Card and Citi Rewards+® Card specifically offering significant bonuses in those everyday categories.', 'As mentioned, there are also a number of other traditionalcash back credit cardsin the Citi portfolio that allow you to boost your earnings.', 'They can be incredibly valuable, considering the Citi® Double Cash Card earns 2% on everything.', 'By adding this card to your wallet, you’ll earn a minimum of 2 ThankYou points per dollar spent on all purchases that aren’t eligible for the bonus categories on the Citi Premier or Rewards+ cards.', 'Considering Citi’s cash back cards have no annual fees, adding one to your wallet could make a lot of sense.', 'You’ll enhance your point earning across the board without additional annual fees.', 'By combining the Citi cards you have in your wallet, you can maximize your earnings and ensure you continue to work your way toward your next redemption.', 'Adding an authorized user can help you earn more Citi points in two ways: bonus points for adding someone and for all of their purchases.', 'First, you’ll sometimes get bonus points just for adding someone to your account.', 'Citi frequently sends out authorized user bonuses to targeted card holders.', 'These bonuses are typically around 2,500 bonus points but can vary.', 'Secondly, you’ll earn Citi ThankYou points based on all the spending your authorized user puts on their card.', 'Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as anauthorized useron your account.', 'Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.', 'If you’d like to earn even more ThankYou points, you can do so with a checking account.', 'That’s because Citi offers several checking accounts that earn ThankYou points as a benefit: The Citigold, Citi Priority, Citi Private Bank and Citibank Account.', 'With these accounts, you can earn up to 1,600 points per month on everyday banking activities.', 'The exact number of ThankYou points you’ll earn depends on your account type and qualifying activities.', 'Generally, Citigold, Citi Priority and Citi Private Bank accounts earn the most points.', 'Sharing points is a great way to consolidate existing points with a significant other or family member.', 'Citi ThankYou is one of the few programs that allows members to share points free of charge.', 'The only stipulation is that you can only share points with someone who has a Citi ThankYou card, and Citi Custom Cash card holders are not eligible.', 'It’s worth noting that shared points expire 90 days after receipt.', 'So you shouldn’t transfer points unless you or the person you’re sending them to has an immediate use for them.', 'Also, note that you can’t send or receive more than 100,000 points per calendar year.', 'Once you’ve earned a slew of Citi ThankYou points comes the fun part of redeeming them.', 'And thankfully, Citi offers many different ways for you to redeem your ThankYou points.', 'You’ll get the most bang for your buck by redeeming points for travel, though that’s certainly not the only option.', 'Here’s a look at your Citi ThankYou travel redemption options and how they work.', 'Transferring points will get you the most value from your Citi ThankYou points.', 'Citi has 18 airline and hotel partners, most of which you can transfer points to at a 1-to-1 ratio — however, that ratio can vary.', 'You can redeem them for stays atall-inclusive resorts,international business-class tickets, domestic award flights and more.', 'But keep in mind that not all airline and hotel loyalty programs are equal.', 'Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are.', 'Like with the Chase Ultimate Rewards program, Capital One miles andAmerican Express Membership Rewards program, you’ll need to link your accounts with each of the transfer partners, and you’ll also need to search for award availability with the airline of your choice before transferring any points.', 'If you’re interested in transferring your Citi ThankYou points to a travel partner, these are your 18 options as well as the transfer rate.', 'By transferring Citi ThankYou points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming travel rewards, you’ll just have to pay the taxes and fees on a ticket.', 'As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.', 'Keep in mind that the most obvious airline choice may not always be your best option.', 'Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs.', 'For example, Delta Air Lines and Air France/KLM are both members of the SkyTeam alliance, meaning you can transfer your Citi ThankYou points to Flying Blue and redeem for flights operated by Delta Air Lines.', 'Citi’s airline partners will get you the most value for your points, especially if you redeem them for business- and first-class travel.', 'That being said, Citi’s airline partners offer several sweet spot awards.', 'These heavily discounted awards will save you points on travel and make earning ThankYou points worthwhile.', 'Some of these sweet spots awards that will get you maximum value for your ThankYou points include the following:  Generally speaking, you’ll get the most value out of your Citi ThankYou points by transferring them to airline or hotel partners.', 'But that may not always make sense for all card holders — and it’s not your only option.', 'Citi ThankYou points are worth 1 cent each when you use them to book travel through the Citi ThankYou portal.', 'That’s significantly less than the value you’ll get from transfer partner redemptions.', 'While transferring points is the best way to maximize your ThankYou points, doing so isn’t always possible.', 'If that’s the case — or if you’re not interested in researching award availability — redeeming at a fixed value for travel via the ThankYou portal is a decent option.', 'Citi offers several fixed redemption options where you’ll redeem your points at 1 cent per point.', 'This is ideal for folks who would rather leverage points for daily expenses than travel bookings.', 'While redeeming points this way isn’t advisable, as you won’t get as much value out of each point, you should use them however they suit you best.', 'For example, if you have no travel plans in the foreseeable future but mounting expenses at home, then redeeming your ThankYou points for mortgage or student loan payments might make sense.', 'Here are some additional ways you can redeem your ThankYou points:  Generally speaking, if you’re looking to get the most value out of your Citi ThankYou points, your worst option is when redeeming for a fixed value.', 'However, if you’re willing to sacrifice the value of your points and instead want to save some cash, it could be a solid option.', 'Ultimately, every card holder’s goals for their points will be different, but it’s good that you have options with ThankYou points.', 'Citi ThankYou points are worth about 1.7 cents each when you redeem them for travel through transfer partners, according to frequent flyer website The Points Guy.', 'The exact amount varies depending on the cabin and destination you’re flying to.', 'Generally speaking, you’ll get the most value by redeeming points for international business- and first-class flights.', 'While 1.7 cents per point isn’t guaranteed for all redemptions, it’s a number you should aim for if you want to redeem ThankYou points for maximum value.', 'Aside from travel redemptions, you can use ThankYou points for mortgage payments, student loans, statement credits or charitable contributions, and they’re worth 1 cent apiece.', 'Citi ThankYou points are an incredibly valuable currency and can help you meet your most aspirational travel goals.', 'Whether you’re using points for domestic or international travel, Citi’s wide selection of transfer partners offers terrific redemption value.', 'Between a good credit card selection, top-notch travel partners and flexibility in use, Citi ThankYou points are definitely worth adding to your points portfolio.', 'Looking for a new travel credit card?', 'Check out CNN Underscored’s list of thebest credit cardscurrently available.', 'Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.', 'Note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.']",0.419572580688158,"Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards.","Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.",0.8711563621958097,"As mentioned, there are also a number of other traditionalcash back credit cardsin the Citi portfolio that allow you to boost your earnings.",That’s significantly less than the value you’ll get from transfer partner redemptions.,2024-04-01
Why lab-grown diamond sales are surging,https://edition.cnn.com/2022/04/27/business/diamonds-manmade-demand/index.html,"
  Published
        7:49 AM EDT, Wed April 27, 2022
    ","It’s proposal season, and engagements are on the rise. So are factory-made diamond sales.
    
            Not that you’d know the difference. Man-made diamonds look the same as naturally occurring ones. The only noticeable difference is the price tag.
    
            “The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.
    
            He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.
    
            Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings. 
    
            “The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said. Too late. “It’s actually happening.” 
    
            Why are consumers flocking to man-made diamonds? Cost is the most obvious reason. The average retail price of the most popular one carat round man-made diamond for an engagement ring in March was $2,318, Golan said.
    
            “This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said. Plus, the lower cost allows couples to buy a bigger stone.
    
            “A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan. “Natural diamonds were formed over 800 million to three billion years and there isn’t an infinite supply of them.” 
    
            This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.
    
            The sanctions directly target Alrosa, partly owned by the Russian government, which the US government identified as the world’s largest diamond mining company, accounting for 28% of global diamond output.
    
            Man-made diamonds are also becoming popular as consumers are more aware and educated about them, said Dan Moran, a third-generation diamond expert and owner of LA-based fine jeweler Concierge Diamonds. Moran said the typical buyer of man-made diamonds is typically younger than 40 and very budget conscious.
    
            Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.
    
            Among Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot.
    
            Although its slice is growing, the market share for man-made diamonds remains relatively small.
    
            Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan. 
    
            Some major jewelry retailers are driving the effort to take man-made diamonds mainstream. In 2021, the world’s largest jewelry company, Pandora
            
                (PANDY), made a major shift by announcing it would stop using mined diamonds and would swap to lab-created diamonds in its jewelry. 
    
            Pandora said it’s instituting the change as part of an effort to sell sustainable jewelry, and also because consumers increasingly are asking for it.
    
            Signet,
            
                (SIG) the largest jewelry company in the United States (which owns Zales, Kay Jewelers and Jared chains) called out the popularity of lab diamond jewelry in its March earnings call with analysts.
    
            Calling it a “fast-growing category” in its jewelry portfolio, Signet CEO Virginia Drosos told analysts that lab-created diamonds are among the big jewelry trends she expects this year. 
    
            The company said it has expanded its man-made bridal jewelry selection in both its Zales and Kay Jewelers stores in response to the increased demand. 
    
            Fine jewelry brand Charles and Colvard, which makes lab-created diamonds, said consumers don’t just want to look good with the jewelry they are wearing, they also want to feel good about it.
    
            “As the momentum for conscious consumerism grows, the surge towards lab grown diamonds isn’t surprising,” said Don O’Connell, president and CEO of Charles & Colvard. “[Consumers] want to know the origins of their stones and be reassured they’re conflict-free. They’re embracing the choice to purchase a piece of fine jewelry that aligns with their values.”
    
            Lab-grown diamond brand VRAI said the pandemic, too, has sparked attention and action toward social and environmental issues. It said consumers are being more thoughtful and reassessing their purchasing habits, as well as the companies and industries they are supporting.
    
            There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value. 
    
            So while you may not be able to tell a natural diamond from a factory made variety, someone with a trained eye can, said Golan. Once a stone is identified as a factory diamond, even though you paid a lot less for it, you also won’t get much for it. 
    
            But the value of a ring isn’t just monetary.
    
            “As a professional in the industry, I am asked all the time by people about what I think about a ring they have,” said Moran, of Concierge Jewelers. “I always say, if you love it, be happy with it. An engagement ring is a symbol of commitment and enduring love.”",CNN,27/04/2022,"['It’s proposal season, and engagements are on the rise.', 'So are factory-made diamond sales.', 'Not that you’d know the difference.', 'Man-made diamonds look the same as naturally occurring ones.', 'The only noticeable difference is the price tag.', '“The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.', 'He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.', 'Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings.', '“The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said.', 'Too late. “', 'It’s actually happening.”', 'Why are consumers flocking to man-made diamonds?', 'Cost is the most obvious reason.', 'The average retail price of the most popular one carat round man-made diamond for an engagement ring in March was $2,318, Golan said.', '“This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said.', 'Plus, the lower cost allows couples to buy a bigger stone.', '“A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan. “', 'Natural diamonds were formed over 800 million to three billion years and there isn’t an infinite supply of them.”', 'This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.', 'The sanctions directly target Alrosa, partly owned by the Russian government, which the US government identified as the world’s largest diamond mining company, accounting for 28% of global diamond output.', 'Man-made diamonds are also becoming popular as consumers are more aware and educated about them, said Dan Moran, a third-generation diamond expert and owner of LA-based fine jeweler Concierge Diamonds.', 'Moran said the typical buyer of man-made diamonds is typically younger than 40 and very budget conscious.', 'Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.', 'Among Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot.', 'Although its slice is growing, the market share for man-made diamonds remains relatively small.', 'Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan.', 'Some major jewelry retailers are driving the effort to take man-made diamonds mainstream.', 'In 2021, the world’s largest jewelry company, Pandora  (PANDY), made a major shift by announcing it would stop using mined diamonds and would swap to lab-created diamonds in its jewelry.', 'Pandora said it’s instituting the change as part of an effort to sell sustainable jewelry, and also because consumers increasingly are asking for it.', 'Signet,  (SIG) the largest jewelry company in the United States (which owns Zales, Kay Jewelers and Jared chains) called out the popularity of lab diamond jewelry in its March earnings call with analysts.', 'Calling it a “fast-growing category” in its jewelry portfolio, Signet CEO Virginia Drosos told analysts that lab-created diamonds are among the big jewelry trends she expects this year.', 'The company said it has expanded its man-made bridal jewelry selection in both its Zales and Kay Jewelers stores in response to the increased demand.', 'Fine jewelry brand Charles and Colvard, which makes lab-created diamonds, said consumers don’t just want to look good with the jewelry they are wearing, they also want to feel good about it.', '“As the momentum for conscious consumerism grows, the surge towards lab grown diamonds isn’t surprising,” said Don O’Connell, president and CEO of Charles & Colvard. “[', 'Consumers] want to know the origins of their stones and be reassured they’re conflict-free.', 'They’re embracing the choice to purchase a piece of fine jewelry that aligns with their values.”', 'Lab-grown diamond brand VRAI said the pandemic, too, has sparked attention and action toward social and environmental issues.', 'It said consumers are being more thoughtful and reassessing their purchasing habits, as well as the companies and industries they are supporting.', 'There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value.', 'So while you may not be able to tell a natural diamond from a factory made variety, someone with a trained eye can, said Golan.', 'Once a stone is identified as a factory diamond, even though you paid a lot less for it, you also won’t get much for it.', 'But the value of a ring isn’t just monetary.', '“As a professional in the industry, I am asked all the time by people about what I think about a ring they have,” said Moran, of Concierge Jewelers. “', 'I always say, if you love it, be happy with it.', 'An engagement ring is a symbol of commitment and enduring love.”']",0.3714494325159568,"He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.",Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.,0.8542834222316742,"Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan.","This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.",2024-04-01
"Hyundai’s Genesis reveals all-electric SUV concept, the Neolun",https://www.cnbc.com/2024/03/26/hyundais-genesis-previews-all-electric-suv-concept-the-neolun.html,2024-03-26T17:29:29+0000,"NEW YORK – Hyundai's Genesis is previewing the future of the growingly prominent luxury brand with a new large all-electric concept vehicle called the Neolun.The full-size SUV features a sleek exterior design illuminated by long horizontal headlights and taillights reminiscent of the brand's current EVs, though more modern.The interior of the Neolun – derived from the Greek ""neo,"" or new, and the Latin ""luna,"" which means moon – is minimalistic compared with many recent concepts that include door-to-door screens. The SUV features a large central screen with physical buttons below it and a control panel and knob to the right of the driver.The vehicle's front seats can swivel to face the rear passengers for lounge seating.""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.Automakers routinely use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand. The vehicles are not meant to be sold to consumers.The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022. Genesis, which became its own brand in 2015, outsold more established luxury rival Infiniti and expects sales to continue to grow this year.""Our standalone retail footprint is rapidly expanding, and the brand continues to achieve record-breaking sales results in the United States,"" Tedros Mengiste, vice president of sales operations for Genesis Motor America, said in a release last week.Genesis also revealed another concept called the GV60 Magma Concept, a high-performance variant of its compact EV crossover.The brand said it aims to develop a high-performance Magma model for each production vehicle in the existing lineup.The concept vehicles were revealed Monday night ahead of their public debuts this week at the New York International Auto Show.",CNBC,26/03/2024,"[""NEW YORK – Hyundai's Genesis is previewing the future of the growingly prominent luxury brand with a new large all-electric concept vehicle called the Neolun."", ""The full-size SUV features a sleek exterior design illuminated by long horizontal headlights and taillights reminiscent of the brand's current EVs, though more modern."", 'The interior of the Neolun – derived from the Greek ""neo,"" or new, and the Latin ""luna,"" which means moon – is minimalistic compared with many recent concepts that include door-to-door screens.', 'The SUV features a large central screen with physical buttons below it and a control panel and knob to the right of the driver.', ""The vehicle's front seats can swivel to face the rear passengers for lounge seating."", '""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.', 'Automakers routinely use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand.', 'The vehicles are not meant to be sold to consumers.', ""The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022."", 'Genesis, which became its own brand in 2015, outsold more established luxury rival Infiniti and expects sales to continue to grow this year.', '""Our standalone retail footprint is rapidly expanding, and the brand continues to achieve record-breaking sales results in the United States,"" Tedros Mengiste, vice president of sales operations for Genesis Motor America, said in a release last week.', 'Genesis also revealed another concept called the GV60 Magma Concept, a high-performance variant of its compact EV crossover.', 'The brand said itaims to develop a high-performance Magma model for each production vehicle in the existing lineup.', 'The concept vehicles were revealed Monday night ahead of their public debuts this week at the New York International Auto Show.']",0.1497590928936046,"""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.",,0.9996995329856871,"The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022.",,2024-04-01
Judge’s stern rebuke of Elon Musk’s X gives researchers fresh hope,https://edition.cnn.com/2024/03/26/tech/judges-stern-rebuke-of-elon-musks-x-gives-researchers-fresh-hope/index.html,"
  Published
        1:17 PM EDT, Tue March 26, 2024
    ","A federal judge’s decision this week reprimanding Elon Musk’s X will have reverberating effects on efforts to hold influential online platforms accountable, legal experts and advocacy groups say.
    
            On Monday, District Judge Charles Breyer dismissed and excoriated a lawsuit by X against online watchdog group Center for Countering Digital Hate as an attempt to silence the non-profit group for sounding alarms about hate speech on the platform.
    
            Breyer wrote in Monday’s order that the lawsuit was “unabashedly” about “punishing” reports written by CCDH, which X had accused of campaigning to drive away its advertisers. Breyer held that the reports were “unquestionably” protected by the group’s free speech rights.
    
            Now, that decision could embolden other research groups and Musk critics who have faced legal threats from the billionaire.
    
            The CCDH case — in the US District Court for the Northern District of California — has been widely viewed as a bellwether for research and accountability on X, where Musk has restored the accounts of previously banned White supremacists and spreaders of misinformation and where Musk himself has amplified various conspiracy theories.
    
            And CCDH is not the only organization that has faced attacks by self-proclaimed “free speech absolutist” Musk after criticizing or raising concerns about his platform.
    
            “This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.
    
            “Society needs reliable and ethical research into social media platforms, and often that research relies on being able to study publicly available posts,” Abdo said.
    
            X said it plans to appeal Breyer’s decision.
    
            In his first year as owner of X, formerly known as Twitter, Musk threatened legal action against the Anti-Defamation League for defamation, as well as against Microsoft and Meta for allegedly improper data and trade secret access, respectively. None of those threats ever amounted to real lawsuits.
    
            He did, however, sue the progressive media watchdog Media Matters over its analysis highlighting antisemitic and pro-Nazi content on X, alleging that the group’s testing methodology was not representative of how real users experience the site and that the report was designed to drive away advertisers. Legal experts have described that case as “weak” on the merits and as a “bogus” attempt to chill criticism of X.
    
            This week’s court decision may be only a temporary setback in Musk’s wider plan to stifle criticism, said Media Matters CEO Angelo Carusone. Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.
    
            The states of Texas and Missouri each announced probes into Media Matters following X’s lawsuit against the group, to which Musk responded, “Great!”
    
            As recently as Monday, Missouri Attorney General Andrew Bailey filed a petition in state court seeking to compel Media Matters’ cooperation with his investigation. The filing came a week after he appeared with Musk in a live event on X — which Carusone said shows how Musk hopes to deputize the power of government to silence his critics.
    
            “They have every reason to do it,” Carusone said of the AGs’ investigations. “They get the political benefits, they get the attention. There doesn’t seem to be any cost to them yet. And if they are successful at developing this new playbook, this new terrain, legally, then it’s going to pave the way for them to just use this tool and tactic over and over and over again.”
    
            A representative for X did not immediately respond to a request for comment about Carusone’s claims.
    
            Researchers from non-profits and academic institutions have had a harder time studying X since Musk’s takeover in 2022. Academics need large samples of posts, shares, likes and other data to study social media trends in mis- and disinformation, public health, elections and other key topics. But one of Musk’s first changes at X was to put access to platform data behind a steep paywall.
    
            Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year — were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.
    
            The change may have forced some researchers to rely more heavily on first-person observational data to draw conclusions about user behavior on X. Groups like CCDH have also used automated “scraping” of publicly viewable content from X rather than paying the company for data directly, a tactic that helped give rise to X’s initial lawsuit.
    
            Efforts by X and other social media companies to limit research transparency makes them less accountable to the public at best and, at worst, could mask malicious behavior, said David Karpf, an associate professor in the School of Media and Public Affairs at George Washington University.
    
            “We need independent research to have any real measure of what’s going on at X/Twitter. Musk is only ever going to release data that makes his company look good,” Karpf said. “These platforms are too big and too vital to the spread of information to be left unmonitored.”
    
            “This is an election year,” Karpf added, “and the platforms are taking steps to make it harder to monitor how their services are used for malignant ends.”
    
            Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.
    
            “The guardrails for democracy are hanging by a thread and we have dwindling insights into platform practices as researchers face lawsuits, congressional subpoenas and other scare tactics,” said Nora Benavidez, senior counsel and director of digital rights at Free Press.
    
            Ultimately, Benavidez called the ruling “a reminder that platform accountability is essential and will inevitably prevail when up against bullies like Musk who try to silence us.”",CNN,26/03/2024,"['A federal judge’s decision this week reprimanding Elon Musk’s X will have reverberating effects on efforts to hold influential online platforms accountable, legal experts and advocacy groups say.', 'On Monday, District Judge Charles Breyer dismissed and excoriated a lawsuit by X against online watchdog group Center for Countering Digital Hate as an attempt to silence the non-profit group for sounding alarms about hate speech on the platform.', 'Breyer wrote in Monday’s order that the lawsuit was “unabashedly” about “punishing” reports written by CCDH, which X had accused of campaigning to drive away its advertisers.', 'Breyer held that the reports were “unquestionably” protected by the group’s free speech rights.', 'Now, that decision could embolden other research groups and Musk critics who have faced legal threats from the billionaire.', 'The CCDH case — in the US District Court for the Northern District of California —has been widely viewed as a bellwether for research and accountability on X, where Musk has restored the accounts of previously banned White supremacists and spreaders of misinformation and where Musk himself has amplified various conspiracy theories.', 'And CCDH is not the only organization that has faced attacks by self-proclaimed “free speech absolutist” Musk after criticizing or raising concerns about his platform.', '“This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.', '“Society needs reliable and ethical research into social media platforms, and often that research relies on being able to study publicly available posts,” Abdo said.', 'X said it plans to appeal Breyer’s decision.', 'In his first year as owner of X, formerly known as Twitter, Musk threatened legal action against the Anti-Defamation League for defamation, as well as against Microsoft and Meta for allegedly improper data and trade secret access, respectively.', 'None of those threats ever amounted to real lawsuits.', 'He did, however, sue the progressive media watchdog Media Matters over itsanalysishighlighting antisemitic and pro-Nazi content on X, alleging that the group’s testing methodology was not representative of how real users experience the site and that the report was designed to drive away advertisers.', 'Legal experts have described that case as “weak” on the merits and as a “bogus” attempt to chill criticism of X.  This week’s court decision may be only a temporary setback in Musk’s wider plan to stifle criticism, said Media Matters CEO Angelo Carusone.', 'Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.', 'The states of Texas and Missouri each announced probes into Media Matters following X’s lawsuit against the group, to which Musk responded, “Great!”', 'As recently as Monday, Missouri Attorney General Andrew Bailey filed a petition in state court seeking to compel Media Matters’ cooperation with his investigation.', 'The filing came a week after he appeared with Musk in a live event on X — which Carusone said shows how Musk hopes to deputize the power of government to silence his critics.', '“They have every reason to do it,” Carusone said of the AGs’ investigations. “', 'They get the political benefits, they get the attention.', 'There doesn’t seem to be any cost to them yet.', 'And if they are successful at developing this new playbook, this new terrain, legally, then it’s going to pave the way for them to just use this tool and tactic over and over and over again.”', 'A representative for X did not immediately respond to a request for comment about Carusone’s claims.', 'Researchers from non-profits and academic institutions have had a harder time studying X since Musk’s takeover in 2022.', 'Academics need large samples of posts, shares, likes and other data to study social media trends in mis- and disinformation, public health, elections and other key topics.', 'But one of Musk’s first changes at X was to put access to platform data behind a steep paywall.', 'Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year —were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.', 'The change may have forced some researchers to rely more heavily on first-person observational data to draw conclusions about user behavior on X. Groups like CCDH have also used automated “scraping” of publicly viewable content from X rather than paying the company for data directly, a tactic that helped give rise to X’s initial lawsuit.', 'Efforts by X and other social media companies to limit research transparency makes them less accountable to the public at best and, at worst, could mask malicious behavior, said David Karpf, an associate professor in the School of Media and Public Affairs at George Washington University.', '“We need independent research to have any real measure of what’s going on at X/Twitter.', 'Musk is only ever going to release data that makes his company look good,” Karpf said. “', 'These platforms are too big and too vital to the spread of information to be left unmonitored.”', '“This is an election year,” Karpf added, “and the platforms are taking steps to make it harder to monitor how their services are used for malignant ends.”', 'Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.', '“The guardrails for democracy are hanging by a thread and we have dwindling insights into platform practices as researchers face lawsuits, congressional subpoenas and other scare tactics,” said Nora Benavidez, senior counsel and director of digital rights at Free Press.', 'Ultimately, Benavidez called the ruling “a reminder that platform accountability is essential and will inevitably prevail when up against bullies like Musk who try to silence us.”']",0.0427064270235155,"Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.","“This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.",-0.3806278450148446,"Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.","Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year —were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.",2024-04-01
Medicare can now cover certain weight loss drugs in a big step for patients,https://www.cnbc.com/2024/03/21/medicare-can-cover-weight-loss-drugs-if-used-for-added-health-benefit.html,2024-03-21T19:51:11+0000,"In this articleMedicare can start covering certain weight loss drugs for the first time — as long as they are approved for an added health benefit, the Centers for Medicare and Medicaid Services said Thursday.That opens the door for broader coverage of some highly popular weight loss medications such as Novo Nordisk's Wegovy, which is now approved in the U.S. for heart health. Those treatments have skyrocketed in demand over the past year despite their hefty price tags and spotty insurance coverage.Under the new CMS guidance, Medicare Part D plans can cover obesity treatments that receive Food and Drug Administration approval for an additional health benefit. Medicare prescription drug plans administered by private insurers, known as Part D, currently cannot cover those drugs for weight loss alone.The agency's guidance means Medicare patients could soon get coverage for Wegovy, as long as they have obesity and a history of heart disease and are prescribed the treatment to reduce their risk of heart attacks and strokes. Earlier this month, the Food and Drug Administration approved Wegovy for that purpose.The guidance also will open the door to future coverage of other weight loss medications, many of which are being tested for additional health conditions.Drugmakers such as Novo Nordisk, which also makes the diabetes drug Ozempic, and Eli Lilly are studying their weight loss medicines as treatments for fatty liver disease, chronic kidney disease, sleep apnea and more. To be covered, those drugs would need to return late-stage trial results and then be submitted for FDA approval for those uses.Wegovy is part of a class of drugs called GLP-1s which mimic a hormone produced in the gut to suppress a person's appetite and help regulate blood sugar. Coverage for those treatments when used for weight loss is a mixed bag. Roughly 110 million American adults are living with obesity and approximately 50 million of them have insurance coverage for weight loss drugs, a spokesperson for Novo Nordisk said in a statement last week.Some of the nation's largest insurers, such as CVS Health's Aetna, also cover the treatments.But many employers don't. An October survey of more than 200 companies by the International Foundation of Employee Benefit Plans, or IFEBP, found only 27% provided coverage for GLP-1s for weight loss, compared with the 76% that covered those drugs for diabetes. Notably, 13% of employers indicated they were considering coverage for weight loss.A provision of a 2003 law established that Medicare Part D plans can't cover drugs used for weight loss, but the program does cover obesity screening, behavioral counseling and bariatric surgery. A group of bipartisan lawmakers have introduced legislation that would eliminate the provision, but its fate in Congress is far from certain.A CMS spokesperson told CNBC last week that Medicaid programs would be required to cover Wegovy specifically for its new cardiovascular use. By law, Medicaid must cover nearly all FDA-approved medications, but weight loss treatments are among a small group of drugs that can be excluded from coverage. Around 1 in 5 state Medicaid programs currently cover GLP-1 drugs for weight loss.",CNBC,21/03/2024,"['In this articleMedicare can start covering certain weight loss drugs for the first time — as long as they are approved for an added health benefit, the Centers for Medicare and Medicaid Services said Thursday.', ""That opens the door for broader coverage of some highly popular weight loss medications such as Novo Nordisk's Wegovy, which is now approved in the U.S. for heart health."", 'Those treatments have skyrocketed in demand over the past year despite their hefty price tags and spotty insurance coverage.', 'Under the new CMS guidance, Medicare Part D plans can cover obesity treatments that receive Food and Drug Administration approval for an additional health benefit.', 'Medicare prescription drug plans administered by private insurers, known as Part D, currently cannot cover those drugs for weight loss alone.', ""The agency's guidance means Medicare patients could soon get coverage for Wegovy, as long as they have obesity and a history of heart disease and are prescribed the treatment to reduce their risk of heart attacks and strokes."", 'Earlier this month, the Food and Drug Administration approved Wegovy for that purpose.', 'The guidance also will open the door to future coverage of other weight loss medications, many of which are being tested for additional health conditions.', 'Drugmakers such as Novo Nordisk, which also makes the diabetes drug Ozempic, and Eli Lilly are studying their weight loss medicines as treatments for fatty liver disease, chronic kidney disease, sleep apnea and more.', 'To be covered, those drugs would need to return late-stage trial results and then be submitted for FDA approval for those uses.', ""Wegovy is part of a class of drugs called GLP-1s which mimic a hormone produced in the gut to suppress a person's appetite and help regulate blood sugar."", 'Coverage for those treatments when used for weight loss is a mixed bag.', 'Roughly 110 million American adults are living with obesity and approximately 50 million of them have insurance coverage for weight loss drugs, a spokesperson for Novo Nordisk said in a statement last week.', ""Some of the nation's largest insurers, such asCVS Health'sAetna, also cover the treatments."", ""But many employers don't."", 'An Octobersurveyof more than 200 companies by the International Foundation of Employee Benefit Plans, or IFEBP, found only 27% provided coverage for GLP-1s for weight loss, compared with the 76% that covered those drugs for diabetes.', 'Notably, 13% of employers indicated they were considering coverage for weight loss.', ""A provision of a2003 lawestablished that Medicare Part D plans can't cover drugs used for weight loss, but the program does cover obesity screening, behavioral counseling and bariatric surgery."", 'A group of bipartisan lawmakers have introducedlegislationthat would eliminate the provision, but its fate in Congress is far from certain.', 'A CMS spokesperson told CNBC last week that Medicaid programs would be required to cover Wegovy specifically for its new cardiovascular use.', 'Bylaw, Medicaid must cover nearly all FDA-approved medications, but weight loss treatments are among a small group of drugs that can be excluded from coverage.', 'Around 1 in 5 state Medicaid programscurrently coverGLP-1 drugs for weight loss.']",-0.0074441399614407,"Under the new CMS guidance, Medicare Part D plans can cover obesity treatments that receive Food and Drug Administration approval for an additional health benefit.","Bylaw, Medicaid must cover nearly all FDA-approved medications, but weight loss treatments are among a small group of drugs that can be excluded from coverage.",0.9951892097791036,Those treatments have skyrocketed in demand over the past year despite their hefty price tags and spotty insurance coverage.,,2024-04-01
Amgen wants in on the booming weight loss drug market — and it's taking a different approach,https://www.cnbc.com/2024/03/24/amgen-aims-to-enter-weight-loss-drug-market-with-a-new-approach.html,2024-03-25T17:03:02+0000,"In this articleAmgen is taking a new approach as it tries to stand out in a crowded field of drugmakers racing to develop the next blockbuster weight loss drug.The biotech company is testing an injectable treatment that helps people lose weight differently from the existing injections from Novo Nordisk and Eli Lilly, and other obesity medicines in development. Amgen's treatment, called MariTide, also appears to help patients keep weight off after they stop taking it.  The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market. It's too early to say how competitive Amgen will be in the budding weight loss drug space, which Novo Nordisk and Eli Lilly have so far dominated.Some analysts expect the market could be worth $100 billion by the end of the decade, potentially leaving room for new competitors to enter. Goldman Sachs also projects that between 10 million and 70 million Americans will be taking weight loss drugs by 2028.The available data on Amgen's injectable drug is promising, but it's from a small, early-stage clinical trial. The Thousand Oaks, California-based company also is developing an oral medicine and other treatments for obesity, but has disclosed few details about them. Investors and health experts will likely get a better idea of Amgen's prospects later this year: The drugmaker expects to release initial data from an ongoing mid-stage trial on MariTide, along with phase one data on its obesity pill. It's also unclear whether Amgen's treatments will be cheaper than the existing weight loss drugs, which cost around $1,000 per month.Wegovy from Novo Nordisk and Zepbound from Eli Lilly lead a new class of obesity treatments that has drawn unrelenting patient demand — and investor interest — despite their hefty price tags and limited insurance coverage. Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.  Amgen's drug offers a new twist on weight loss. Much like Wegovy and Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which suppresses appetite like GLP-1 but may also improve how the body breaks down sugar and fat.Amgen's decision to tamp down rather than boost GIP activity is based on genetics research suggesting that blocking the receptor is linked to lower fat mass and body weight, company executives have said. That appears to contradict how Zepbound works. Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial.But Amgen's MartiTide also was effective in a small, early-stage study. Patients given the highest dose of Amgen's drug — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published last month in the journal Nature Metabolism. There's a broader debate among researchers about why both approaches – blocking and activating GIP – are effective at promoting weight loss. One theory is that repeatedly activating the GIP receptor, as Zepbound does, ultimately causes the body to ""self-regulate"" itself and make sure there isn't too much GIP activity, said Dr. Caroline Apovian, a director of the Center for Weight Management and Wellness at Brigham and Women's Hospital.That decreases GIP activity overall, which is thought to essentially mimic what Amgen's drug achieves when it blocks the GIP receptor. But Apovian cautioned that ""none of this is proven"" and more data is needed.Amgen's treatment may be better at helping people maintain weight loss than competitors, even though patients take it less frequently, early-stage trial data suggests.Amgen's study enrolled 110 patients with obesity but not diabetes. Patients in one group were randomly assigned to receive a single dose of the drug and were followed for 150 days, while a second group was given a dose every four weeks for three months. Patients who received a single shot of the highest dose of MariTide lost up to 8.2% of their body weight after 92 days. That suggests a single injection of the drug has a prolonged weight loss effect, according to the study authors. In the group that received multiple doses of the drug, patients appeared to maintain their maximum weight loss until around two months after their last dose. Their body weight started to slowly return after that. Still, their weight was as much as 11.2% lower five months after they received the last dose. ""We think meaningful weight loss is already 5%. If you take Amgen's drug, lose 14.5%, stop the drug and still have 11.2% weight loss after a few months, that's significant,"" said Dr. Holly Lofton, director of the Weight Management Program at NYU Langone Health and an obesity medicine physician. But she pointed out the need to study the treatment in a larger group of people. The sustained weight loss in Amgen's study appears to contrast with results seen in clinical trials on Zepbound and Wegovy. Patients in those studies saw their weight rebound sooner after stopping the injections. The frequency of Amgen's drug also sets it apart. Those on Wegovy or Zepbound have to take doses weekly, compared with the once-monthly MariTide. Amgen's trial used monthly dosing in part because patients saw sustained weight loss whether they had a single injection or multiple shots of the company's drug, according to the study authors. Amgen's treatment also can stay in the body for much longer than current therapies like Wegovy and Zepbound because it includes a monoclonal antibody, the authors added. Amgen's MariTide ""has that advantage where it's just going to last a lot longer. Even if you give a high dose, you're still going to have drug exposure in the body for a month or two months, so that clearly shows you don't need to take it every week,"" William Blair & Company analyst Matt Phipps told CNBC.Phipps said people typically don't want to get injections often, so some patients could prefer a monthly shot like Amgen's MariTide for a disease that will likely require chronic treatment. But he noted that a patient's choice may also depend on whether the level of weight loss and side effects of Amgen's drug end up being on par with those of the existing weekly injections. Amgen's ongoing phase two trial is exploring whether patients can take its drug even less frequently than once a month. Amgen's longer-term phase two study on nearly 600 patients will provide more clarity on how competitive MariTide will be against Wegovy and Zepbound. The company is exploring which dose strength and schedule is best for patients. It expects to release initial trial results later this year. Some analysts have said the phase two trial could help address several questions, including how well patients tolerate the treatment at different dose regimens.The 52-week study is testing 11 different patient groups at a variety of dosing levels and regimens. That includes starting some patients at a lower dose of a drug and gradually increasing it until they reach a higher target dose. That dose escalation could help reduce side effects that some patients experienced after taking their first dose of MariTide in the phase one trial, according to Phipps.In that trial, the safety and side effects of Amgen's drug were similar to other GLP-1 medications. Nausea and vomiting were the most commonly reported side effects, and typically lasted for about 72 hours. Four out of eight patients in a group receiving the highest dose of the treatment withdrew before getting a second shot after reporting mild gastrointestinal issues, according to the study. But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month. ""It's a little early to jump to the conclusion that the drug won't be tolerated by patients based on this phase one data,"" William Blair & Company's Phipps said.Another part of Amgen's phase two trial will also examine weight loss beyond 52 weeks, which will provide a clearer picture of how long the drug is effective.",CNBC,25/03/2024,"['In this articleAmgen is taking a new approach as it tries to stand out in a crowded field of drugmakers racing to develop the next blockbuster weight loss drug.', 'The biotech company is testing an injectable treatment that helps people lose weight differently from the existing injections from Novo Nordisk and Eli Lilly, and other obesity medicines in development.', ""Amgen's treatment, called MariTide, also appears to help patients keep weight off after they stop taking it."", 'The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market.', ""It's too early to say how competitive Amgen will be in the budding weight loss drug space, which Novo Nordisk and Eli Lilly have so far dominated."", 'Some analysts expect the market could be worth $100 billion by the end of the decade, potentially leaving room for new competitors to enter.', ""Goldman Sachs also projects that between 10 million and 70 million Americans will be taking weight loss drugs by 2028.The available data on Amgen's injectable drug is promising, but it's from a small, early-stage clinical trial."", 'The Thousand Oaks, California-based company also is developing an oral medicine and other treatments for obesity, but has disclosed few details about them.', ""Investors and health experts will likely get a better idea of Amgen's prospects later this year: The drugmaker expects to release initial data from an ongoing mid-stage trial on MariTide, along with phase one data on its obesity pill."", ""It's also unclear whether Amgen's treatments will be cheaper than the existing weight loss drugs, which cost around $1,000 per month."", 'Wegovy from Novo Nordisk and Zepbound from Eli Lilly lead a new class of obesity treatments that has drawn unrelenting patient demand — and investor interest — despite their hefty price tags and limited insurance coverage.', 'Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.', ""Amgen's drug offers a new twist on weight loss."", ""Much like Wegovy and Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which suppresses appetite like GLP-1 but may also improve how the body breaks down sugar and fat.', ""Amgen's decision to tamp down rather than boost GIP activity is based on genetics research suggesting that blocking the receptor is linked to lower fat mass and body weight, company executives have said."", 'That appears to contradict how Zepbound works.', ""Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial."", ""But Amgen's MartiTide also was effective in a small, early-stage study."", ""Patients given the highest dose of Amgen's drug — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published last month in the journal Nature Metabolism."", ""There's a broader debate among researchers about why both approaches – blocking and activating GIP – are effective at promoting weight loss."", 'One theory is that repeatedly activating the GIP receptor, as Zepbound does, ultimately causes the body to ""self-regulate"" itself and make sure there isn\'t too much GIP activity, said Dr. Caroline Apovian, a director of the Center for Weight Management and Wellness at Brigham and Women\'s Hospital.', ""That decreases GIP activity overall, which is thought to essentially mimic what Amgen's drug achieves when it blocks the GIP receptor."", 'But Apovian cautioned that ""none of this is proven"" and more data is needed.', ""Amgen's treatment may be better at helping people maintain weight loss than competitors, even though patients take it less frequently, early-stage trial data suggests."", ""Amgen's study enrolled 110 patients with obesity but not diabetes."", 'Patients in one group were randomly assigned to receive a single dose of the drug and were followed for 150 days, while a second group was given a dose every four weeks for three months.', 'Patients who received a single shot of the highest dose of MariTide lost up to 8.2% of their body weight after 92 days.', 'That suggests a single injection of the drug has a prolonged weight loss effect, according to the study authors.', 'In the group that received multiple doses of the drug, patients appeared to maintain their maximum weight loss until around two months after their last dose.', 'Their body weight started to slowly return after that.', 'Still, their weight was as much as 11.2% lower five months after they received the last dose.', '""We think meaningful weight loss is already 5%.', 'If you take Amgen\'s drug, lose 14.5%, stop the drug and still have 11.2% weight loss after a few months, that\'s significant,"" said Dr. Holly Lofton, director of the Weight Management Program at NYU Langone Health and an obesity medicine physician.', 'But she pointed out the need to study the treatment in a larger group of people.', ""The sustained weight loss in Amgen's study appears to contrast with results seen in clinical trials on Zepbound and Wegovy."", 'Patients in those studies saw their weight rebound sooner after stopping the injections.', ""The frequency of Amgen's drug also sets it apart."", 'Those on Wegovy or Zepbound have to take doses weekly, compared with the once-monthly MariTide.', ""Amgen's trial used monthly dosing in part because patients saw sustained weight loss whether they had a single injection or multiple shots of the company's drug, according to the study authors."", ""Amgen's treatment also can stay in the body for much longer than current therapies like Wegovy and Zepbound because it includes a monoclonal antibody, the authors added."", 'Amgen\'s MariTide ""has that advantage where it\'s just going to last a lot longer.', 'Even if you give a high dose, you\'re still going to have drug exposure in the body for a month or two months, so that clearly shows you don\'t need to take it every week,"" William Blair & Company analyst Matt Phipps told CNBC.Phipps said people typically don\'t want to get injections often, so some patients could prefer a monthly shot like Amgen\'s MariTide for a disease that will likely require chronic treatment.', ""But he noted that a patient's choice may also depend on whether the level of weight loss and side effects of Amgen's drug end up being on par with those of the existing weekly injections."", ""Amgen's ongoing phase two trial is exploring whether patients can take its drug even less frequently than once a month."", ""Amgen's longer-term phase two study on nearly 600 patients will provide more clarity on how competitive MariTide will be against Wegovy and Zepbound."", 'The company is exploring which dose strength and schedule is best for patients.', 'It expects to release initial trial results later this year.', 'Some analysts have said the phase two trial could help address several questions, including how well patients tolerate the treatment at different dose regimens.', 'The 52-week study is testing 11 different patient groups at a variety of dosing levels and regimens.', 'That includes starting some patients at a lower dose of a drug and gradually increasing it until they reach a higher target dose.', 'That dose escalation could help reduce side effects that some patients experienced after taking their first dose of MariTide in the phase one trial, according to Phipps.', ""In that trial, the safety and side effects of Amgen's drug were similar to other GLP-1 medications."", 'Nausea and vomiting were the most commonly reported side effects, and typically lasted for about 72 hours.', 'Four out of eight patients in a group receiving the highest dose of the treatment withdrew before getting a second shot after reporting mild gastrointestinal issues, according to the study.', 'But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month.', '""It\'s a little early to jump to the conclusion that the drug won\'t be tolerated by patients based on this phase one data,"" William Blair & Company\'s Phipps said.', ""Another part of Amgen's phase two trial will also examine weight loss beyond 52 weeks, which will provide a clearer picture of how long the drug is effective.""]",0.0559512895439434,The company is exploring which dose strength and schedule is best for patients.,"But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month.",0.7454101455708345,Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial.,"Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.",2024-04-01
Here is how much household income you’ll need to afford the median-priced home in every US state,https://edition.cnn.com/2024/04/01/success/home-prices-by-state-income-us-map-dg/index.html,"
  Updated
        2:48 PM EDT, Mon April 1, 2024
    ","For anyone looking to buy a new home, high mortgage rates, high home prices and a shrunken housing supply have made the whole process challenging to say the least.
    
            Now a new analysis from Bankrate.com released Monday finds that in nearly half of US states, buyers will need a six-figure household income just to afford a median-priced home in their state if they’re planning to get a mortgage. (The median is the price at which half of homes for sale in an area are more expensive and half are less expensive.)
    
            Back in January 2020, a six-figure income was needed in only six states and the District of Columbia.
    
            Assuming you make a 20% down payment and get a 30-year fixed-rate mortgage at the average 52-week rate, this map shows you how much household income Bankrate’s analysis found you’ll need to afford the median-priced home in your state.
    
            Keep in mind the study only considered the costs of securing a manageable mortgage payment (which includes principal, interest, property taxes and property insurance). “Manageable” means it won’t exceed 28% of your gross household income. The analysis did not factor in closing costs or the costs one incurs as a homeowner after you get the keys to your new house.
    
            It’s worth noting, too, that the median price of a home in a given state won’t necessarily reflect the median price in the part of the state you’re seeking to buy.",CNN,01/04/2024,"['For anyone looking to buy a new home, high mortgage rates, high home prices and a shrunken housing supply have made the whole process challenging to say the least.', 'Now a new analysis from Bankrate.com released Monday finds that in nearly half of US states, buyers will need a six-figure household income just to afford a median-priced home in their state if they’re planning to get a mortgage. (', 'The median is the price at which half of homes for sale in an area are more expensive and half are less expensive.)', 'Back in January 2020, a six-figure income was needed in only six states and the District of Columbia.', 'Assuming you make a 20% down payment and get a 30-year fixed-rate mortgage at the average 52-week rate, this map shows you how much household income Bankrate’s analysis found you’ll need to afford the median-priced home in your state.', 'Keep in mind the study only considered the costs of securing a manageable mortgage payment (which includes principal, interest, property taxes and property insurance). “', 'Manageable” means it won’t exceed 28% of your gross household income.', 'The analysis did not factor in closing costs or the costs one incurs as a homeowner after you get the keys to your new house.', 'It’s worth noting, too, that the median price of a home in a given state won’t necessarily reflect the median price in the part of the state you’re seeking to buy.']",0.0612600116562488,"Keep in mind the study only considered the costs of securing a manageable mortgage payment (which includes principal, interest, property taxes and property insurance). “",Manageable” means it won’t exceed 28% of your gross household income.,-0.9971983432769777,,"For anyone looking to buy a new home, high mortgage rates, high home prices and a shrunken housing supply have made the whole process challenging to say the least.",2024-04-01
Everyone got duped by Sam Bankman-Fried's big gamble,https://www.bbc.co.uk/news/world-us-canada-67302950,2023-11-03T11:14:42.000Z,"Sam Bankman-Fried has been sentenced to 25 years for stealing billions of dollars from customers of his cryptocurrency exchange FTX. It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady.  On 7 November 2022, as his empire began its dizzying, irrevocable collapse, Bankman-Fried did what he always did: he weighed the odds.  Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried's crypto exchange, spooking customers into a multi-billion dollar bank run.  In an online chat, Bankman-Fried consulted two of his top deputies. ""To be clear you think the tweet is net bad?"" he asked them.  They considered their options. Was it possible that his rival would walk back the criticism? Was it probable that that would stem the bleeding? ""Fairly unlikely,"" Bankman-Fried wrote. Bankman-Fried faces decades in prison after guilty verdict It was the kind of calculus Bankman-Fried had been making for years, the quick equations friends said he used in nearly every situation - mulling a break-up, assessing a risky trade.  For a while, that approach seemed to work. As the boy-wonder of crypto, Bankman-Fried got rich faster than almost anyone in history, amassing an estimated $26bn in personal wealth, countless magazine covers and sweeping political influence. The flameout was even faster.  The tweet was, as discussed, net bad. Billions gushed out of the platform in less than five days. When it was all over, more than $8bn in customer funds were missing and the company was bankrupt. Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering. Over four weeks of trial, two contradictory stories emerged. In one, the former mogul was a brilliant but hapless savant, whose mistakes as CEO allowed for massive fraud to be carried out under his nose. In the other, supported by former members of his inner circle, Bankman-Fried syphoned billions of dollars of customer money, banking on the odds he'd never be caught.  Both tellings reveal how tightly the fortunes of FTX were tied to the image of its founder, whose oddball magnetism drew former presidents, celebrities, and corporate titans into his orbit and his multi-billion dollar gamble.  Bankman-Fried wasn't shy about it: he wanted to get rich. But, to hear him tell it, he wanted to make all those billions just to give them away.  An overachieving child born to two overachieving parents, Bankman-Fried and his younger brother were taught at an early age about utilitarianism, a doctrine holding that the most ethical choice is the one that does the most good for the most people.   As a student at MIT, Bankman-Fried went to a talk by Will MacAskill, a 25-year-old doctoral student at Oxford and founder of effective altruism, a utilitarian-tinged philosophy that uses maths to figure out how individuals can maximise their philanthropic impact.  To do the most good, Mr MacAskill told him, Bankman-Fried could take his considerable intellect to lucrative Wall Street, and donate most of his salary to important causes.  Bankman-Fried was sold. In 2014, he took his degree straight to Jane Street, a high-frequency trading firm, and reportedly gave away about half of his income to worthy causes.  Three years later, Bankman-Fried found an industry that could make him even richer than typical trading: crypto.  At the age of 25, he founded Alameda Research, a crypto investment firm, after noticing that prices of Bitcoin varied considerably in different countries. The arbitrage trading earned Alameda a reported $20m in just three weeks.  In 2019, he founded FTX, then a Hong Kong-based crypto exchange for international investors. Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.  Within months, daily trading volume on FTX had reached $300m. By 2021, he had debuted on the Forbes 400, the magazine's annual list of the richest Americans, with a fortune of $22.5bn.  Some have attributed his remarkable success to an unusually high tolerance for risk, a willingness to chance devastating consequences for a big reward.  ""He would be happy to flip a coin, if it came up tails and the world was destroyed,"" his ex-girlfriend and former CEO of Alameda Research Caroline Ellison said at trial. ""As long as if it came up heads the world would be more than twice as good.""  According to internal accounts, life at FTX could sometimes resemble a grown-up maths camp, filled with a selection of brilliant misfits and led by the perpetually rumpled Bankman-Fried.  ""He was super disorganised, he was always in cargo shorts, he was always sloppy,"" a former FTX employee told the BBC. ""He would walk around the office in bare feet."" Those at the top were a tight-knit group who sometimes blindly listened to Sam, the employee said. ""It could be cult-like.""  Natalie Tien, who handled public relations and Bankman-Fried's schedule at FTX for more than two years, said he was charismatic to the point that the company sometimes felt ""toxic"". ""We just trusted him 100%,"" she told the BBC. ""To a degree that we kind of worried [about] speaking up for ourselves."" It wasn't only people inside the company that were enthralled. Appearing side-by-side with Bill Clinton, Tony Blair, Gisele Bundchen and Katy Perry in shorts and ill-fitting T-shirts, he became an ambassador of sorts for the crypto industry as whole, just as it began to reach new heights.  Part of the mystique was that Bankman-Fried seemed to eschew the level of luxury his earnings could have afforded. He didn't own a yacht, his defence attorneys said at trial. He drove a beat-up Toyota Corolla. Meanwhile, he testified before Congress arguing for more regulation of the crypto market, setting him apart from many of his peers. ""In a weird way, he seemed kind of like the grown-up in the crypto world,"" said Zeke Faux, an investigative journalist and author of Number Go Up: Inside Crypto's Wild Rise and Staggering Fall. And, of course, there was his stated ultimate objective: Bankman-Fried was going to give it all away.  ""It was a great story, everybody loved it,"" said Mr Faux. ""People loved it in Congress, the VCs loved it, the bankers loved it.""  ""The problem with his story is that it was not true,"" he said.  In September of 2022, the venture capital firm Sequoia Capital ran a breathless profile of Bankman-Fried in its magazine. At the time, FTX was valued at $32bn.  In the since-deleted piece entitled FTX's SBF Has a Savior Complex, and Maybe You Should Too, author Adam Fisher described Bankman-Fried's efforts to maximise his wealth in order to maximise his impact on the world. It involved a risk, Fisher wrote. ""But the math couldn't be clearer."" ""To do the most good for the world,"" he said, ""SBF needed to find a path on which he'd be a coin toss away from going totally bust."" A month-and-a-half later, industry news site CoinDesk published a bombshell report alleging that Alameda had over half its $15bn portfolio in FTT - the crypto token printed by FTX. The disclosure raised questions about the actual value of Alameda's holdings, and the apparent conflict of interest between Alameda and FTX - ostensibly independent companies.  Then came that announcement on 6 November from industry rival, Binance CEO Changpeng Zhao, known as CZ, who said he would dump his own sizable stores of FTT.  On 11 November, the implosion of FTX was complete, the story of crypto's prodigy gone with it.  For some observers of the crypto boom, and Bankman-Fried's meteoric rise to power, the fall was not unexpected. As FTX rose to prominence, the actor Ben McKenzie, best known for his role on the television show the OC, emerged as one of the country's most vocal crypto sceptics.  In July 2022, Bankman-Fried agreed to sit down for an interview with Mr McKenzie for a book the actor was writing, titled Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.  In a cramped Manhattan hotel room, in an encounter that Mr McKenzie described as ""probably the strangest hour of my life"", Bankman-Fried tried to pitch the actor on crypto - and Sam Bankman-Fried - as a force for good in the world. ""I think he marketed himself to me as a version of his public persona, which at the time was the California wunderkind, billionaire philanthropist,"" Mr McKenzie said. It was an image that even Mr McKenzie had bought into, to an extent, he said. Until they began talking, that is. ""He had trouble just giving me straight answers to basic questions, one of which was, what does crypto currency do?"" the actor said.  Over four weeks of trial in Manhattan, Bankman-Fried's attorneys painted their client as a math nerd who was overwhelmed by his expanding empire. On the stand, now in a suit, with his hair cut short, Bankman-Fried directed some of the blame at Ms Ellison, who had pleaded guilty to fraud, for failing to ""hedge"" bets to better protect Alameda from a downturn in the market, as he had instructed her to do.  The prosecution, in turn, painted Bankman-Fried as someone whose boundless aspiration went hand-in-hand with a hubris that led Bankman-Fried to play the odds with his company.  ""The defendant was gambling with customer money,"" prosecutor Nicolas Roos argued.  Bankman-Fried's courtroom downfall was aided by former members of his inner circle, including Ms Ellison, who acted as chief executive of Alameda, as well as college roommates Adam Yedida and Gary Wang, and Nishad Singh, a childhood friend of Bankman-Fried's younger brother. They testified that while promising to safeguard customer funds and clean up the industry, Bankman-Fried was directing them to commit fraud, opening up a back door between Alameda and FTX so he could use FTX as a personal piggybank. The money fuelled his rise, as he splashed out on property, billions in investments and some $100m in political donations - not to mention helping to cover billions in debts owed by Alameda. His physical appearance, too, was contrived, Ms Ellison testified - his messy hair and cheap car deemed ""better for his image"", because it made him look more authentic than a typical trader. But that down-to-earth image belied his intense ambition, she said. ""He thought there was a 5% chance he would become president someday,"" Ms Ellison said at trial. ""Of the United States."" While many have watched the trial as a sort of comeuppance, former FTX employee Natalie Tien has looked to it for closure, and is one of the few former employees to attend the trial regularly.  On the one hand, it was a relief to realise that her own doubts and questions about some things - like extravagant spending on celebrity sponsorships - had been justified. The last time she communicated with her former boss, in December 2022, he had just been released on bail and sent her a music video of Eminem, rapping ""Without Me"" to celebrate. But the 33-year-old also felt some parts of the story - especially around his schedule and his use of private jets - were being taken ""out of context"". ""He did lie and he took the money, yes, but I don't think it's because he was greedy,"" she said. ""Because I actually saw him every day wearing crappy old T-shirts with no shoes and driving a shitty car."" ""It was not an act,"" she said.  Bankman-Fried now faces up to 110 years in prison, and an indelible reputation as one of the greatest fraudsters in US history. Lawyers working on the bankruptcy case have said they have recovered more than $7bn in missing money. ""I think it says more about us than it does about him,"" Mr McKenzie said.  ""He got so far, I think, in many ways because of his lineage, because he is the son of Stanford professors, because he did go to MIT, because he worked on Wall Street. The myth of Sam Bankman-Fried grew in relation to the myth of crypto itself, right?"" You can watch Panorama's The Downfall of the Crypto King on BBC iPlayer (UK only) With additional reporting from James Clayton ",BBC,03/11/2023,"['Sam Bankman-Fried has been sentenced to 25 years for stealing billions of dollars from customers of his cryptocurrency exchange FTX.', ""It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady."", 'On 7 November 2022, as his empire began its dizzying, irrevocable collapse, Bankman-Fried did what he always did: he weighed the odds.', ""Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried's crypto exchange, spooking customers into a multi-billion dollar bank run."", 'In an online chat, Bankman-Fried consulted two of his top deputies. ""', 'To be clear you think the tweet is net bad?""', 'he asked them.', 'They considered their options.', 'Was it possible that his rival would walk back the criticism?', 'Was it probable that that would stem the bleeding? ""', 'Fairly unlikely,"" Bankman-Fried wrote.', 'Bankman-Fried faces decades in prison after guilty verdict It was the kind of calculus Bankman-Fried had been making for years, the quick equations friends said he used in nearly every situation - mulling a break-up, assessing a risky trade.', 'For a while, that approach seemed to work.', 'As the boy-wonder of crypto, Bankman-Fried got rich faster than almost anyone in history, amassing an estimated $26bn in personal wealth, countless magazine covers and sweeping political influence.', 'The flameout was even faster.', 'The tweet was, as discussed, net bad.', 'Billions gushed out of the platform in less than five days.', 'When it was all over, more than $8bn in customer funds were missing and the company was bankrupt.', 'Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering.', 'Over four weeks of trial, two contradictory stories emerged.', 'In one, the former mogul was a brilliant but hapless savant, whose mistakes as CEO allowed for massive fraud to be carried out under his nose.', ""In the other, supported by former members of his inner circle, Bankman-Fried syphoned billions of dollars of customer money, banking on the odds he'd never be caught."", 'Both tellings reveal how tightly the fortunes of FTX were tied to the image of its founder, whose oddball magnetism drew former presidents, celebrities, and corporate titans into his orbit and his multi-billion dollar gamble.', ""Bankman-Fried wasn't shy about it: he wanted to get rich."", 'But, to hear him tell it, he wanted to make all those billions just to give them away.', 'An overachieving child born to two overachieving parents, Bankman-Fried and his younger brother were taught at an early age about utilitarianism, a doctrine holding that the most ethical choice is the one that does the most good for the most people.', 'As a student at MIT, Bankman-Fried went to a talk by Will MacAskill, a 25-year-old doctoral student at Oxford and founder of effective altruism, a utilitarian-tinged philosophy that uses maths to figure out how individuals can maximise their philanthropic impact.', 'To do the most good, Mr MacAskill told him, Bankman-Fried could take his considerable intellect to lucrative Wall Street, and donate most of his salary to important causes.', 'Bankman-Fried was sold.', 'In 2014, he took his degree straight to Jane Street, a high-frequency trading firm, and reportedly gave away about half of his income to worthy causes.', 'Three years later, Bankman-Fried found an industry that could make him even richer than typical trading: crypto.', 'At the age of 25, he founded Alameda Research, a crypto investment firm, after noticing that prices of Bitcoin varied considerably in different countries.', 'The arbitrage trading earned Alameda a reported $20m in just three weeks.', 'In 2019, he founded FTX, then a Hong Kong-based crypto exchange for international investors.', 'Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.', ""Within months, daily trading volume on FTX had reached $300m. By 2021, he had debuted on the Forbes 400, the magazine's annual list of the richest Americans, with a fortune of $22.5bn."", 'Some have attributed his remarkable success to an unusually high tolerance for risk, a willingness to chance devastating consequences for a big reward. ""', 'He would be happy to flip a coin, if it came up tails and the world was destroyed,"" his ex-girlfriend and former CEO of Alameda Research Caroline Ellison said at trial. ""', 'As long as if it came up heads the world would be more than twice as good.""', 'According to internal accounts, life at FTX could sometimes resemble a grown-up maths camp, filled with a selection of brilliant misfits and led by the perpetually rumpled Bankman-Fried. ""', 'He was super disorganised, he was always in cargo shorts, he was always sloppy,"" a former FTX employee told the BBC. ""', 'He would walk around the office in bare feet.""', 'Those at the top were a tight-knit group who sometimes blindly listened to Sam, the employee said. ""', 'It could be cult-like.""', 'Natalie Tien, who handled public relations and Bankman-Fried\'s schedule at FTX for more than two years, said he was charismatic to the point that the company sometimes felt ""toxic"". ""', 'We just trusted him 100%,"" she told the BBC. ""', 'To a degree that we kind of worried [about] speaking up for ourselves.""', ""It wasn't only people inside the company that were enthralled."", 'Appearing side-by-side with Bill Clinton, Tony Blair, Gisele Bundchen and Katy Perry in shorts and ill-fitting T-shirts, he became an ambassador of sorts for the crypto industry as whole, just as it began to reach new heights.', 'Part of the mystique was that Bankman-Fried seemed to eschew the level of luxury his earnings could have afforded.', ""He didn't own a yacht, his defence attorneys said at trial."", 'He drove a beat-up Toyota Corolla.', 'Meanwhile, he testified before Congress arguing for more regulation of the crypto market, setting him apart from many of his peers. ""', 'In a weird way, he seemed kind of like the grown-up in the crypto world,"" said Zeke Faux, an investigative journalist and author of Number Go Up: Inside Crypto\'s Wild Rise and Staggering Fall.', 'And, of course, there was his stated ultimate objective: Bankman-Fried was going to give it all away. ""', 'It was a great story, everybody loved it,"" said Mr Faux. ""', 'People loved it in Congress, the VCs loved it, the bankers loved it."" ""', 'The problem with his story is that it was not true,"" he said.', 'In September of 2022, the venture capital firm Sequoia Capital ran a breathless profile of Bankman-Fried in its magazine.', 'At the time, FTX was valued at $32bn.', ""In the since-deleted piece entitled FTX's SBF Has a Savior Complex, and Maybe You Should Too, author Adam Fisher described Bankman-Fried's efforts to maximise his wealth in order to maximise his impact on the world."", 'It involved a risk, Fisher wrote. ""', 'But the math couldn\'t be clearer."" ""', 'To do the most good for the world,"" he said, ""SBF needed to find a path on which he\'d be a coin toss away from going totally bust.""', 'A month-and-a-half later, industry news site CoinDesk published a bombshell report alleging that Alameda had over half its $15bn portfolio in FTT - the crypto token printed by FTX.', ""The disclosure raised questions about the actual value of Alameda's holdings, and the apparent conflict of interest between Alameda and FTX - ostensibly independent companies."", 'Then came that announcement on 6 November from industry rival, Binance CEO Changpeng Zhao, known as CZ, who said he would dump his own sizable stores of FTT.', ""On 11 November, the implosion of FTX was complete, the story of crypto's prodigy gone with it."", ""For some observers of the crypto boom, and Bankman-Fried's meteoric rise to power, the fall was not unexpected."", ""As FTX rose to prominence, the actor Ben McKenzie, best known for his role on the television show the OC, emerged as one of the country's most vocal crypto sceptics."", 'In July 2022, Bankman-Fried agreed to sit down for an interview with Mr McKenzie for a book the actor was writing, titled Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.', 'In a cramped Manhattan hotel room, in an encounter that Mr McKenzie described as ""probably the strangest hour of my life"", Bankman-Fried tried to pitch the actor on crypto - and Sam Bankman-Fried - as a force for good in the world. ""', 'I think he marketed himself to me as a version of his public persona, which at the time was the California wunderkind, billionaire philanthropist,"" Mr McKenzie said.', 'It was an image that even Mr McKenzie had bought into, to an extent, he said.', 'Until they began talking, that is. ""', 'He had trouble just giving me straight answers to basic questions, one of which was, what does crypto currency do?""', 'the actor said.', ""Over four weeks of trial in Manhattan, Bankman-Fried's attorneys painted their client as a math nerd who was overwhelmed by his expanding empire."", 'On the stand, now in a suit, with his hair cut short, Bankman-Fried directed some of the blame at Ms Ellison, who had pleaded guilty to fraud, for failing to ""hedge"" bets to better protect Alameda from a downturn in the market, as he had instructed her to do.', 'The prosecution, in turn, painted Bankman-Fried as someone whose boundless aspiration went hand-in-hand with a hubris that led Bankman-Fried to play the odds with his company. ""', 'The defendant was gambling with customer money,"" prosecutor Nicolas Roos argued.', ""Bankman-Fried's courtroom downfall was aided by former members of his inner circle, including Ms Ellison, who acted as chief executive of Alameda, as well as college roommates Adam Yedida and Gary Wang, and Nishad Singh, a childhood friend of Bankman-Fried's younger brother."", 'They testified that while promising to safeguard customer funds and clean up the industry, Bankman-Fried was directing them to commit fraud, opening up a back door between Alameda and FTX so he could use FTX as a personal piggybank.', 'The money fuelled his rise, as he splashed out on property, billions in investments and some $100m in political donations - not to mention helping to cover billions in debts owed by Alameda.', 'His physical appearance, too, was contrived, Ms Ellison testified - his messy hair and cheap car deemed ""better for his image"", because it made him look more authentic than a typical trader.', 'But that down-to-earth image belied his intense ambition, she said. ""', 'He thought there was a 5% chance he would become president someday,"" Ms Ellison said at trial. ""', 'Of the United States.""', 'While many have watched the trial as a sort of comeuppance, former FTX employee Natalie Tien has looked to it for closure, and is one of the few former employees to attend the trial regularly.', 'On the one hand, it was a relief to realise that her own doubts and questions about some things - like extravagant spending on celebrity sponsorships - had been justified.', 'The last time she communicated with her former boss, in December 2022, he had just been released on bail and sent her a music video of Eminem, rapping ""Without Me"" to celebrate.', 'But the 33-year-old also felt some parts of the story - especially around his schedule and his use of private jets - were being taken ""out of context"". ""', 'He did lie and he took the money, yes, but I don\'t think it\'s because he was greedy,"" she said. ""', 'Because I actually saw him every day wearing crappy old T-shirts with no shoes and driving a shitty car."" ""', 'It was not an act,"" she said.', 'Bankman-Fried now faces up to 110 years in prison, and an indelible reputation as one of the greatest fraudsters in US history.', 'Lawyers working on the bankruptcy case have said they have recovered more than $7bn in missing money. ""', 'I think it says more about us than it does about him,"" Mr McKenzie said. ""', 'He got so far, I think, in many ways because of his lineage, because he is the son of Stanford professors, because he did go to MIT, because he worked on Wall Street.', 'The myth of Sam Bankman-Fried grew in relation to the myth of crypto itself, right?""', ""You can watch Panorama's The Downfall of the Crypto King on BBC iPlayer (UK only) With additional reporting from James Clayton""]",0.0933476610366481,"People loved it in Congress, the VCs loved it, the bankers loved it."" ""","Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering.",-0.0221978939812758,"Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.","It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady.",2024-04-01
Viking Therapeutics stock jumps more than 15% on promising weight loss pill data,https://www.cnbc.com/2024/03/26/viking-therapeutics-weight-loss-pill-shows-positive-study-results.html,2024-03-26T20:27:20+0000,"In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.The study results add to the excitement around the drugmaker's prospects in the budding weight loss drug market.Viking is one of several small biotech companies hoping to compete with Novo Nordisk and Eli Lilly in the space, which analysts say could grow into a $100 billion market by the end of the decade. Some analysts view Viking as a particularly strong potential player, or takeover target for a larger company. Based on Tuesday's results, Viking plans to start a phase two trial of its weight loss pill later this year. The once-a-day tablet is an oral version of the company's experimental weight loss injection, which showed encouraging results in a mid-stage trial last month. Optimism about Viking's potential in the market has sent its shares flying 345% higher this year.The phase one trial for the pill followed more than 40 patients with obesity for around a month. Those people took different dose sizes of the drug or received a placebo.Viking said patients who received the pill once a day lost up to 5.3% of their weight on average, or up to 3.3% more than those who took a placebo, at 28 days. Up to 57% of patients who received Viking's pill lost at least 5% of their body weight. Meanwhile, no people who took the placebo shed that much weight, the company said. Notably, those who received higher doses of the experimental pill appeared to maintain or add to their weight loss at 34 days in the study, six days after their last dose of the drug. Weight loss for those patients ranged up to 3.6% higher than those who received a placebo. Viking CEO Brian Lian said during a conference call Tuesday that it's unclear ""how durable"" the weight loss is. Still, he noted that the sustained weight loss seen in the trial may be encouraging to patients who might miss a dose because they are traveling or don't have access to their medication. ""I think that's an encouraging sign that you don't necessarily have to take it every day,"" he said.In a release, Viking said it believes that treating patients beyond 28 days may provide ""further reductions in body weight."" The company also said the trial suggested the pill is safe and tolerable to take. The majority of side effects that patients experienced after starting the oral drug were mild in severity. The majority of gastrointestinal events that patients experienced were mild. Gastrointestinal side effects, such as nausea and vomiting, are commonly seen across all weight loss and diabetes treatments.But people who received Viking's pill did not report vomiting. Patients who took the placebo also reported diarrhea more frequently than those treated with the oral drug, the company said.Analysts have compared Viking's weight loss injection to Eli Lilly's injectable drug Zepbound because both drugs imitate two naturally produced gut hormones called GLP-1 and GIP.GLP-1 helps reduce food intake and appetite. GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.Meanwhile, Novo Nordisk's weight loss injection Wegovy only targets GLP-1.",CNBC,26/03/2024,"['In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.', ""The study results add to the excitement around the drugmaker's prospects in the budding weight loss drug market."", 'Viking is one of several small biotech companies hoping to compete with Novo Nordisk and Eli Lilly in the space, which analysts say could grow into a $100 billion market by the end of the decade.', 'Some analysts view Viking as a particularly strong potential player, or takeover target for a larger company.', ""Based on Tuesday's results, Viking plans to start a phase two trial of its weight loss pill later this year."", ""The once-a-day tablet is an oral version of the company's experimental weight loss injection, which showed encouraging results in a mid-stage trial last month."", ""Optimism about Viking's potential in the market has sent its shares flying 345% higher this year."", 'The phase one trial for the pill followed more than 40 patients with obesity for around a month.', 'Those people took different dose sizes of the drug or received a placebo.', 'Viking said patients who received the pill once a day lost up to 5.3% of their weight on average, or up to 3.3% more than those who took a placebo, at 28 days.', ""Up to 57% of patients who received Viking's pill lost at least 5% of their body weight."", 'Meanwhile, no people who took the placebo shed that much weight, the company said.', 'Notably, those who received higher doses of the experimental pill appeared to maintain or add to their weight loss at 34 days in the study, six days after their last dose of the drug.', 'Weight loss for those patients ranged up to 3.6% higher than those who received a placebo.', 'Viking CEO Brian Lian said during a conference call Tuesday that it\'s unclear ""how durable"" the weight loss is.', ""Still, he noted that the sustained weight loss seen in the trial may be encouraging to patients who might miss a dose because they are traveling or don't have access to their medication."", '""I think that\'s an encouraging sign that you don\'t necessarily have to take it every day,"" he said.', 'In a release, Viking said it believes that treating patients beyond 28 days may provide ""further reductions in body weight.', '""The company also said the trial suggested the pill is safe and tolerable to take.', 'The majority of side effects that patients experienced after starting the oral drug were mild in severity.', 'The majority of gastrointestinal events that patients experienced were mild.', 'Gastrointestinal side effects, such as nausea and vomiting, are commonly seen across all weight loss and diabetes treatments.', ""But people who received Viking's pill did not report vomiting."", 'Patients who took the placebo also reported diarrhea more frequently than those treated with the oral drug, the company said.', ""Analysts have compared Viking's weight loss injection to Eli Lilly's injectable drug Zepbound because both drugs imitate two naturally produced gut hormones called GLP-1 and GIP.GLP-1 helps reduce food intake and appetite."", 'GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.', ""Meanwhile, Novo Nordisk's weight loss injection Wegovy only targets GLP-1.""]",0.0570222720908987,Optimism about Viking's potential in the market has sent its shares flying 345% higher this year.,"Viking CEO Brian Lian said during a conference call Tuesday that it's unclear ""how durable"" the weight loss is.",0.6855462690194448,In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.,Weight loss for those patients ranged up to 3.6% higher than those who received a placebo.,2024-04-01
Seven bills going up and one going down in April,https://www.bbc.co.uk/news/business-68666795,2024-03-29T22:07:53.000Z,"Rises in some bills in the coming days mean many households will see their already tight budgets stretched further - but not all costs are going up. Cuts to national insurance and increases in the amount people receive in benefits take effect in early April. But regular bills like council tax and water are going up so experts say family budgets need careful attention. New mum Rachel Aitken said: ""I never have thought I'd be looking so intensely at my bills."" ""It is a real pressure point, squeezed time,"" added Ms Aitken from Southport. She is on maternity leave after her daughter was born eight months ago, so her family is relying on her husband's income until she returns to work in July. ""I'm shopping very mindfully because our baby is growing into bigger clothes fast."" Here are some of the changes taking effect in the coming days, and the help that is available. Most broadband and mobile phone providers are currently introducing mid-contract price rises of up to 8.8%. This is generally based on the inflation rate last December, plus an additional charge. While this is allowed under current rules, the approach is expected to be banned by regulators later in the year. Consumer group Which? has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive. It follows rises of up to 17.3% a year ago. Companies say they have been clear and transparent about price rises. Cheaper social tariffs are available for some people on benefits. Customers can check if they are beyond the end of a contract - by texting ""Info"" to 85075 for free on a mobile - at which point they can shop around for a better deal without a fee. The average annual water and sewerage bill will rise by 6% in England and Wales, up £27 to £473. In Scotland, water and waste charges will go up by 8.8%, a rise of £36. Actual individual bills can differ significantly owing to regional variations and usage levels for those on a meter. In England and Wales, Wessex Water and Anglian Water are at the top end of the scale, with average bills set to increase to £548 and £529 respectively, while Northumbrian customers will see the lowest average bills of £422. Water firms have been facing intense scrutiny after the dumping of sewage into rivers. Charities say there are ways of bringing bills down - from usage to help for those on benefits. The WaterSure scheme in England and Wales helps some people with their bills. Council tax, or the equivalent rating system, will rise in most areas - although a freeze is now expected across the whole of Scotland. Local authorities collect the tax to pay for services such as rubbish collection, street lighting and libraries. Authorities in England with social care duties can raise council tax by up to 4.99%, without triggering a referendum. Others can increase it by up to 2.99%. Some can increase bills by more than 5%, with government permission, such as Birmingham where council tax will rise by 21% in two years. Proposed increases vary from 5% to 16% in Wales, and between 4% and nearly 10% in domestic rates in Northern Ireland. There is a freeze until 2025 in Scotland. although two councils had threatened to defy the national policy. In general, some households - such as people living alone, those with disabilities, or student properties - can receive discounts. Various other fees and charges are rising in April. They include the cost of the TV licence fee, which will go up by 6.6% to £169.50, after being frozen for two years.  It is free for for any household where someone is aged over 75 and also receives the means-tested pension credit. Anyone who is registered blind, or lives with someone who is sight-impaired - can get a 50% discount. Vehicle tax is also rising, with the annual flat rate for a car registered on or after 1 April 2017 going up by £10. The amount due depends on the type of vehicle, when it was registered and when type of fuel is used. NHS dental charges in England will increase by 4%, which means a standard check-up will cost £1 more, at £26.80. Some people are eligible for free dental care, such as when pregnant. The annual energy bill for a household using a typical amount of gas and electricity will fall to £1,690, which is the lowest for two years. Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill. The regulator's price cap affects 29 million households in England, Wales and Scotland. Rules are different in Northern Ireland, where prices are also falling. The cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more. But the fixed standing charges element of the bill is rising, and the fee varies depending on the region where you live. Some people may find they can get help with bills by claiming the benefits to which they are entitled. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice and charities Entitledto and Turn2us. ",BBC,29/03/2024,"['Rises in some bills in the coming days mean many households will see their already tight budgets stretched further - but not all costs are going up.', 'Cuts to national insurance and increases in the amount people receive in benefits take effect in early April.', 'But regular bills like council tax and water are going up so experts say family budgets need careful attention.', 'New mum Rachel Aitken said: ""I never have thought I\'d be looking so intensely at my bills."" ""', 'It is a real pressure point, squeezed time,"" added Ms Aitken from Southport.', 'She is on maternity leave after her daughter was born eight months ago, so her family is relying on her husband\'s income until she returns to work in July. ""', 'I\'m shopping very mindfully because our baby is growing into bigger clothes fast.""', 'Here are some of the changes taking effect in the coming days, and the help that is available.', 'Most broadband and mobile phone providers are currently introducing mid-contract price rises of up to 8.8%.', 'This is generally based on the inflation rate last December, plus an additional charge.', 'While this is allowed under current rules, the approach is expected to be banned by regulators later in the year.', 'Consumer group Which?', 'has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive.', 'It follows rises of up to 17.3% a year ago.', 'Companies say they have been clear and transparent about price rises.', 'Cheaper social tariffs are available for some people on benefits.', 'Customers can check if they are beyond the end of a contract - by texting ""Info"" to 85075 for free on a mobile - at which point they can shop around for a better deal without a fee.', 'The average annual water and sewerage bill will rise by 6% in England and Wales, up £27 to £473.', 'In Scotland, water and waste charges will go up by 8.8%, a rise of £36.', 'Actual individual bills can differ significantly owing to regional variations and usage levels for those on a meter.', 'In England and Wales, Wessex Water and Anglian Water are at the top end of the scale, with average bills set to increase to £548 and £529 respectively, while Northumbrian customers will see the lowest average bills of £422.', 'Water firms have been facing intense scrutiny after the dumping of sewage into rivers.', 'Charities say there are ways of bringing bills down - from usage to help for those on benefits.', 'The WaterSure scheme in England and Wales helps some people with their bills.', 'Council tax, or the equivalent rating system, will rise in most areas - although a freeze is now expected across the whole of Scotland.', 'Local authorities collect the tax to pay for services such as rubbish collection, street lighting and libraries.', 'Authorities in England with social care duties can raise council tax by up to 4.99%, without triggering a referendum.', 'Others can increase it by up to 2.99%.', 'Some can increase bills by more than 5%, with government permission, such as Birmingham where council tax will rise by 21% in two years.', 'Proposed increases vary from 5% to 16% in Wales, and between 4% and nearly 10% in domestic rates in Northern Ireland.', 'There is a freeze until 2025 in Scotland.', 'although two councils had threatened to defy the national policy.', 'In general, some households - such as people living alone, those with disabilities, or student properties - can receive discounts.', 'Various other fees and charges are rising in April.', 'They include the cost of the TV licence fee, which will go up by 6.6% to £169.50, after being frozen for two years.', 'It is free for for any household where someone is aged over 75 and also receives the means-tested pension credit.', 'Anyone who is registered blind, or lives with someone who is sight-impaired - can get a 50% discount.', 'Vehicle tax is also rising, with the annual flat rate for a car registered on or after 1 April 2017 going up by £10.', 'The amount due depends on the type of vehicle, when it was registered and when type of fuel is used.', 'NHS dental charges in England will increase by 4%, which means a standard check-up will cost £1 more, at £26.80.', 'Some people are eligible for free dental care, such as when pregnant.', 'The annual energy bill for a household using a typical amount of gas and electricity will fall to £1,690, which is the lowest for two years.', ""Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill."", ""The regulator's price cap affects 29 million households in England, Wales and Scotland."", 'Rules are different in Northern Ireland, where prices are also falling.', 'The cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more.', 'But the fixed standing charges element of the bill is rising, and the fee varies depending on the region where you live.', 'Some people may find they can get help with bills by claiming the benefits to which they are entitled.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice and charities Entitledto and Turn2us.']",0.076992114290542,Charities say there are ways of bringing bills down - from usage to help for those on benefits.,"has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive.",0.1391705896543419,It follows rises of up to 17.3% a year ago.,"Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill.",2024-04-01
California fast-food workers are now making $20 an hour. Other businesses might have to catch up,https://www.cnbc.com/2024/04/01/california-fast-food-minimum-wage-other-business-may-raise-pay.html,2024-04-01T15:46:56+0000,"As fast-food chains in California start to pay their workers a higher minimum wage, other business owners across the state are watching to see whether they will have to raise their own pay to compete.Starting Monday, fast-food workers in California at chains with more than 60 national locations earn $20 an hour, higher than the state's broader minimum wage of $16 per hour. The new pay floor stems from a state law passed in September, which also establishes a nine-person council that will determine future wage hikes and suggest other guidelines for labor conditions for the industry. There are more than half a million fast-food workers in the state, Gov. Gavin Newsom said when signing the bill into law.Some affected chains have responded to the mandated wage hike by slashing their workforces and hiking their menu prices. Franchisees for pizza chains Papa John's, Round Table and Pizza Hut laid off drivers ahead of the deadline. McDonald's, Wingstop and Chipotle Mexican Grill are among the chains that have said they'll pass on the higher labor costs to their customers by making their menu items more expensive.""The consequences are business owners — franchisees who are not large companies, despite what the political supporters of this law have said — these are small businesses and they're facing now mandated higher costs. And those costs are going to get passed on to the customer and will likely result in fewer jobs,"" Matthew Haller, president and CEO of franchisee advocacy group the International Franchise Association, told CNBC.The law won't directly touch other restaurants in California — small coffee chains, mom-and-pop diners and upscale steakhouses — but they still could have to adjust their pay as they compete for the same employees. And industries that rely on hourly workers, such as retail and hospitality, may also face pressure to match their wages or risk losing their employees.""I think we are going to see spillover effects within food service, but beyond that, we should expect to see spillover effects to other industries that are competing for this talent,"" Daniel Zhao, lead economist for career site Glassdoor, told CNBC.The law takes effect as job growth has slowed in the most populous U.S. state. California's unemployment rate was 5.3% in February, outpacing the U.S. rate of 3.9%, according to the Bureau of Labor Statistics.While the new fast-food minimum wage is among the highest in the U.S., California employers are used to paying more for their labor. Roughly three dozen California cities and counties have local minimum wages higher than the state pay floor of $16 an hour.Even when it is not mandated, restaurants usually find themselves paying more than the minimum wage to attract hourly workers. For years, the industry has struggled with a labor crunch as teens seek out internships instead of restaurant jobs and older workers decamp for other industries with better working conditions and benefits.The average wage for hourly food service workers in California before the law took effect was $17.89 an hour, according to self-reported Glassdoor data from Oct. 1 to March 28. But only 22% of the state's hourly restaurant workers were making at least $20 an hour in that time.The pay hike will have a bigger effect on fast-food restaurants in areas with lower costs of living, such as Fresno, according to Zhao. In major metropolitan areas, the gap between prior pay rates and the new minimum wage is likely smaller.For example, at Andytown Coffee Roasters in San Francisco, non-tipped employees already make more than $20 an hour, according to owner and CEO Lauren Crabbe. She said she's ""personally thrilled"" that fast-food workers for large chains will earn a higher wage in California, though she thinks the legislature missed an opportunity to target giants in other industries, such as retail.""If a multinational company making millions in profit cannot afford to pay the people making their product and serving their customers at least $20 [an hour] in 2024, then they do not have a viable business model,"" Crabbe said.The chief executive of the Cheesecake Factory isn't sweating the wage hike, either. As a full-service restaurant chain, the company won't be obligated to pay its California workers $20 an hour. But CEO Matthew Clark said on the company's earnings call in February that the chain's tipped positions already make much more, and he believes that's the case for fast-food workers, too.""Many of the California [quick-service restaurant] urban locations are already paying $19 and $20,"" he said. ""We believe that's partly why they agreed to do it in the first place.""Businesses outside the restaurant industry are also eyeing the wage increase for fast-food workers.Jennifer B. Perez runs Growing Roots in Long Beach. The company has 13 employees and has been in business since 2002, designing, installing and maintaining indoor plants for commercial and residential clients.Perez monitors hikes in industries outside her own to remain competitive. She gave workers raises this year ahead of the fast-food hike. Workers without experience are making $19 an hour, she said, on the lowest end of her pay scale and more than $2 above the local minimum. They also have paid time off, and health, vision and dental insurance.""It's a ripple effect, because I'm not part of that industry,"" Perez told CNBC of the fast-food increase. ""I'm always over minimum wage, but since that keeps increasing and increasing, and it's a 25% increase from $16 to $20, it's definitely something to think about.""Like many business owners, Perez has to consider how inflation affects both her company's labor costs and her clients' budgets.""Most small businesses can't just do a straight 25% increase across the board, or price increases across the board,"" she said.From start to finish, the California law, which was backed by the Service Employees International Union, has been controversial.The restaurant industry fought back against the initial incarnation, which Newsom signed into law in 2022, by gathering enough signatures for a referendum to make California voters decide on the matter. The SEIU responded by backing a bill that would impose joint-employer liability on franchised businesses, holding franchisors like McDonald's responsible for labor infractions committed by their franchisees. The two sides came to a deal in September, resulting in the new law and doing away with the joint-employer provisions.Newsom came under fire in February after Bloomberg reported that a carve-out for restaurants that bake their own bread on premise benefited the governor's donor Greg Flynn, owner of the Panera Bread franchisee Flynn Restaurant Group. Newsom's office denied the story and said that Panera would be required to pay its workers at least $20 an hour. Flynn later said that all his California locations will raise their pre-tip wages to $20 an hour or higher, effective Monday.After one contentious victory, the SEIU is gearing up for more fights for similar raises for fast-food workers in other states. SEIU President Mary Kay Henry told CNBC that New York, Washington and Illinois are all potential battlegrounds.  ""It's taken us 10 years to get to this table. And [the workers] feel like they're going to have a voice on the job that they've never been able to experience before,"" Henry said.California will test how the sector-specific minimum wage affects workers, their employers and the broader labor market. Fast-food chains, industry experts and economists will be watching to see if the gloomy predictions for job losses come to pass — or if higher pay comes with benefits even for the businesses dispensing the wages.Glassdoor's Zhao said the $20 wage could lure back some of the workers who left their restaurant jobs to work at an Amazon warehouse or to drive for Uber. Plus, those fast-food workers will now have more money in their pocket.""Folks who are earning more money can also spend more money that gets re-injected into the economy,"" he said.",CNBC,01/04/2024,"['As fast-food chains in California start to pay their workers a higher minimum wage, other business owners across the state are watching to see whether they will have to raise their own pay to compete.', ""Starting Monday, fast-food workers in California at chains with more than 60 national locations earn $20 an hour, higher than the state's broader minimum wage of $16 per hour."", 'The new pay floor stems from a state law passed in September, which also establishes a nine-person council that will determine future wage hikes and suggest other guidelines for labor conditions for the industry.', 'There are more than half a million fast-food workers in the state, Gov. Gavin Newsom said when signing the bill into law.', 'Some affected chains have responded to the mandated wage hike by slashing their workforces and hiking their menu prices.', ""Franchisees for pizza chains Papa John's, Round Table and Pizza Hut laid off drivers ahead of the deadline."", ""McDonald's, Wingstop and Chipotle Mexican Grill are among the chains that have said they'll pass on the higher labor costs to their customers by making their menu items more expensive."", '""The consequences are business owners — franchisees who are not large companies, despite what the political supporters of this law have said — these are small businesses and they\'re facing now mandated higher costs.', 'And those costs are going to get passed on to the customer and will likely result in fewer jobs,"" Matthew Haller, president and CEO of franchisee advocacy group the International Franchise Association, told CNBC.The law won\'t directly touch other restaurants in California — small coffee chains, mom-and-pop diners and upscale steakhouses — but they still could have to adjust their pay as they compete for the same employees.', 'And industries that rely on hourly workers, such as retail and hospitality, may also face pressure to match their wages or risk losing their employees.', '""I think we are going to see spillover effects within food service, but beyond that, we should expect to see spillover effects to other industries that are competing for this talent,"" Daniel Zhao, lead economist for career site Glassdoor, told CNBC.The law takes effect as job growth has slowed in the most populous U.S. state.', ""California's unemployment rate was 5.3% in February, outpacing the U.S. rate of 3.9%, according to the Bureau of Labor Statistics."", 'While the new fast-food minimum wage is among the highest in the U.S., California employers are used to paying more for their labor.', 'Roughly three dozen California cities and counties have local minimum wages higher than the state pay floor of $16 an hour.', 'Even when it is not mandated, restaurants usually find themselves paying more than the minimum wage to attract hourly workers.', 'For years, the industry has struggled with a labor crunch as teens seek out internships instead of restaurant jobs and older workers decamp for other industries with better working conditions and benefits.', 'The average wage for hourly food service workers in California before the law took effect was $17.89 an hour, according to self-reported Glassdoor data from Oct. 1 to March 28.', ""But only 22% of the state's hourly restaurant workers were making at least $20 an hour in that time."", 'The pay hike will have a bigger effect on fast-food restaurants in areas with lower costs of living, such as Fresno, according to Zhao.', 'In major metropolitan areas, the gap between prior pay rates and the new minimum wage is likely smaller.', 'For example, at Andytown Coffee Roasters in San Francisco, non-tipped employees already make more than $20 an hour, according to owner and CEO Lauren Crabbe.', 'She said she\'s ""personally thrilled"" that fast-food workers for large chains will earn a higher wage in California, though she thinks the legislature missed an opportunity to target giants in other industries, such as retail.', '""If a multinational company making millions in profit cannot afford to pay the people making their product and serving their customers at least $20 [an hour] in 2024, then they do not have a viable business model,"" Crabbe said.', ""The chief executive of the Cheesecake Factory isn't sweating the wage hike, either."", ""As a full-service restaurant chain, the company won't be obligated to pay its California workers $20 an hour."", ""But CEO Matthew Clark said on the company's earnings call in February that the chain's tipped positions already make much more, and he believes that's the case for fast-food workers, too."", '""Many of the California [quick-service restaurant] urban locations are already paying $19 and $20,"" he said. ""', ""We believe that's partly why they agreed to do it in the first place."", '""Businesses outside the restaurant industry are also eyeing the wage increase for fast-food workers.', 'Jennifer B. Perez runs Growing Roots in Long Beach.', 'The company has 13 employees and has been in business since 2002, designing, installing and maintaining indoor plants for commercial and residential clients.', 'Perez monitors hikes in industries outside her own to remain competitive.', 'She gave workers raises this year ahead of the fast-food hike.', 'Workers without experience are making $19 an hour, she said, on the lowest end of her pay scale and more than $2 above the local minimum.', 'They also have paid time off, and health, vision and dental insurance.', '""It\'s a ripple effect, because I\'m not part of that industry,"" Perez told CNBC of the fast-food increase. ""', ""I'm always over minimum wage, but since that keeps increasing and increasing, and it's a 25% increase from $16 to $20, it's definitely something to think about."", '""Like many business owners, Perez has to consider how inflation affects both her company\'s labor costs and her clients\' budgets.', '""Most small businesses can\'t just do a straight 25% increase across the board, or price increases across the board,"" she said.', 'From start to finish, the California law, which was backed by the Service Employees International Union, has been controversial.', 'The restaurant industry fought back against the initial incarnation, which Newsom signed into law in 2022, by gathering enough signatures for a referendum to make California voters decide on the matter.', ""The SEIU responded by backing a bill that would impose joint-employer liability on franchised businesses, holding franchisors like McDonald's responsible for labor infractions committed by their franchisees."", 'The two sides came to a deal in September, resulting in the new law and doing away with the joint-employer provisions.', ""Newsom came under fire in February after Bloomberg reported that a carve-out for restaurants that bake their own bread on premise benefited the governor's donor Greg Flynn, owner of the Panera Bread franchisee Flynn Restaurant Group."", ""Newsom's office denied the story and said that Panera would be required to pay its workers at least $20 an hour."", 'Flynn later said that all his California locations will raise their pre-tip wages to $20 an hour or higher, effective Monday.', 'After one contentious victory, the SEIU is gearing up for more fights for similar raises for fast-food workers in other states.', 'SEIU President Mary Kay Henry told CNBC that New York, Washington and Illinois are all potential battlegrounds. ""', ""It's taken us 10 years to get to this table."", 'And [the workers] feel like they\'re going to have a voice on the job that they\'ve never been able to experience before,"" Henry said.', 'California will test how the sector-specific minimum wage affects workers, their employers and the broader labor market.', 'Fast-food chains, industry experts and economists will be watching to see if the gloomy predictions for job losses come to pass — or if higher pay comes with benefits even for the businesses dispensing the wages.', ""Glassdoor's Zhao said the $20 wage could lure back some of the workers who left their restaurant jobs to work at an Amazon warehouse or to drive for Uber."", 'Plus, those fast-food workers will now have more money in their pocket.', '""Folks who are earning more money can also spend more money that gets re-injected into the economy,"" he said.']",0.0382769886408306,"""I think we are going to see spillover effects within food service, but beyond that, we should expect to see spillover effects to other industries that are competing for this talent,"" Daniel Zhao, lead economist for career site Glassdoor, told CNBC.The law takes effect as job growth has slowed in the most populous U.S. state.","And industries that rely on hourly workers, such as retail and hospitality, may also face pressure to match their wages or risk losing their employees.",0.3082459219570818,"She said she's ""personally thrilled"" that fast-food workers for large chains will earn a higher wage in California, though she thinks the legislature missed an opportunity to target giants in other industries, such as retail.","For years, the industry has struggled with a labor crunch as teens seek out internships instead of restaurant jobs and older workers decamp for other industries with better working conditions and benefits.",2024-04-01
McDonald's to sell Krispy Kreme doughnuts nationwide by the end of 2026,https://www.cnbc.com/2024/03/26/mcdonalds-to-sell-krispy-kreme-doughnuts-nationwide-by-end-of-2026.html,2024-03-26T20:22:10+0000,"In this articleMcDonald's is planning to sell Krispy Kreme doughnuts at its restaurants nationwide by the end of 2026, the chains announced Tuesday.The rollout will start in the second half of this year, but it will take roughly two and a half years as Krispy Kreme more than doubles its distribution to satisfy the partnership. For the duration of the agreement, McDonald's will be the exclusive fast-food partner for Krispy Kreme in the U.S.Shares of Krispy Kreme soared 39% on Tuesday. The stock was earlier on track for its best day ever.The doughnut chain uses a ""hub and spoke"" model that lets it make and distribute its treats efficiently. Production hubs, which are either stores or doughnut factories, send off freshly made doughnuts every day to retail locations such as grocery stores and gas stations.The partnership with McDonald's is a major opportunity for Krispy Kreme to expand its reach. It delivers its doughnuts to 6,800 third-party stores, as of Dec. 31. McDonald's has roughly 13,500 restaurants in the U.S. and plans to open 900 new locations nationwide by 2027.""We think we can service about 6,000 restaurants with our existing infrastructure, mostly doughnut shops, which have excess capacity,"" Krispy Kreme CEO Josh Charlesworth told CNBC.Krispy Kreme has also been expanding its capacity so it can deliver fresh doughnuts to the roughly 7,500 McDonald's restaurants that it can't currently reach.While McDonald's is the primary reason the company is expanding its distribution so quickly, Charlesworth said Krispy Kreme will also be using the opportunity to land in grocery and convenience stores that prefer national suppliers.""That means that the overall efficiency and productivity of our distribution network will significantly improve over time, not just because of all those local deliveries,"" he said.Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell. The extra demand from McDonald's and other new customers means its production lines can churn out higher volume with few additional costs.""Overall, therefore, it makes our system more profitable to grow the deliver fresh daily channel, and McDonald's is an accelerator of that,"" Charlesworth said.The two chains' relationship started about a year and a half ago, when McDonald's began selling Krispy Kreme doughnuts at nine restaurants as a test. Months later, the pilot had expanded to roughly 160 restaurants across Louisville and Lexington, Kentucky. Those initial restaurants will keep selling the doughnuts during the national rollout.Demand from McDonald's customers during the tests exceeded both chains' expectations, according to Charlesworth.For McDonald's, the addition of Krispy Kreme doughnuts helps bolster its bakery and breakfast offerings. The burger chain has been leaning into coffee, a common drink pairing for doughnuts, but trimming other bakery items such as cinnamon rolls from its menu.McDonald's customers will be able to order the original glazed, chocolate iced with sprinkles and chocolate iced cream-filled doughnuts, either individually or in packs of six. The restaurants will sell the doughnuts all day.In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations. The chain's doughnuts can currently be found in more than 14,100 stores across 39 countries.Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion. As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales.Similar concerns have weighed on McDonald's, although its stock has risen 2% in the past year as consumers trade down to its cheap food and drinks. The company has a market value of $201 billion.",CNBC,26/03/2024,"[""In this articleMcDonald's is planning to sell Krispy Kreme doughnuts at its restaurants nationwide by the end of 2026, the chains announced Tuesday."", 'The rollout will start in the second half of this year, but it will take roughly two and a half years as Krispy Kreme more than doubles its distribution to satisfy the partnership.', ""For the duration of the agreement, McDonald's will be the exclusive fast-food partner for Krispy Kreme in the U.S.Shares of Krispy Kreme soared 39% on Tuesday."", 'The stock was earlier on track for its best day ever.', 'The doughnut chain uses a ""hub and spoke"" model that lets it make and distribute its treats efficiently.', 'Production hubs, which are either stores or doughnut factories, send off freshly made doughnuts every day to retail locations such as grocery stores and gas stations.', ""The partnership with McDonald's is a major opportunity for Krispy Kreme to expand its reach."", 'It delivers its doughnuts to 6,800 third-party stores, as of Dec. 31.', 'McDonald\'s has roughly 13,500 restaurants in the U.S. and plans to open 900 new locations nationwide by 2027.""We think we can service about 6,000 restaurants with our existing infrastructure, mostly doughnut shops, which have excess capacity,"" Krispy Kreme CEO Josh Charlesworth told CNBC.Krispy Kreme has also been expanding its capacity so it can deliver fresh doughnuts to the roughly 7,500 McDonald\'s restaurants that it can\'t currently reach.', ""While McDonald's is the primary reason the company is expanding its distribution so quickly, Charlesworth said Krispy Kreme will also be using the opportunity to land in grocery and convenience stores that prefer national suppliers."", '""That means that the overall efficiency and productivity of our distribution network will significantly improve over time, not just because of all those local deliveries,"" he said.', ""Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell."", ""The extra demand from McDonald's and other new customers means its production lines can churn out higher volume with few additional costs."", '""Overall, therefore, it makes our system more profitable to grow the deliver fresh daily channel, and McDonald\'s is an accelerator of that,"" Charlesworth said.', ""The two chains' relationship started about a year and a half ago, when McDonald's began selling Krispy Kreme doughnuts at nine restaurants as a test."", 'Months later, the pilot hadexpandedto roughly 160 restaurants across Louisville and Lexington, Kentucky.', 'Those initial restaurants will keep selling the doughnuts during the national rollout.', ""Demand from McDonald's customers during the tests exceeded both chains' expectations, according to Charlesworth."", ""For McDonald's, the addition of Krispy Kreme doughnuts helps bolster its bakery and breakfast offerings."", 'The burger chain has been leaning into coffee, a common drink pairing for doughnuts, but trimming other bakery items such as cinnamon rolls from its menu.', ""McDonald's customers will be able to order the original glazed, chocolate iced with sprinkles and chocolate iced cream-filled doughnuts, either individually or in packs of six."", 'The restaurants will sell the doughnuts all day.', 'In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations.', ""The chain's doughnuts can currently be found in more than 14,100 stores across 39 countries."", 'Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion.', ""As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales."", ""Similar concerns have weighed on McDonald's, although its stock has risen 2% in the past year as consumers trade down to its cheap food and drinks."", 'The company has a market value of $201 billion.']",0.2322509842203297,"Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell.","As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales.",0.7299659132957459,"In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations.","Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion.",2024-04-01
"Former Disney CEO Bob Chapek breaks silence, says there's no strategic need for ESPN partners",https://www.cnbc.com/2024/03/21/ex-disney-ceo-bob-chapek-says-espn-doesnt-need-strategic-partners.html,2024-03-21T17:11:47+0000,"In this articleIn his first public comments since Disney fired him as CEO in November 2022, Bob Chapek told CNBC he sees no reason for Disney-owned ESPN to add minority partners.""Strategically, I don't really see a benefit in bringing on yet another minority partner into ESPN,"" Chapek said as part of the CNBC documentary ""ESPN's Fight for Dominance,"" which chronicles the network's digital strategy, published Thursday.Disney CEO Bob Iger told CNBC's David Faber in July that he'd consider selling a minority stake in ESPN to strengthen the sports network's content or technology as it plans a new direct-to-consumer offering, which he later said would launch by fall 2025.The company hasn't yet announced a deal to sell a stake in ESPN. CNBC reported in August that the network had held talks with the major American professional sports leagues, including the National Football League and the National Basketball Association, about potential partnerships or investments.Disney owns 80% of ESPN and Hearst owns the other 20%, a structure that's been in place since 1996. By searching for a partner, Disney wants to enhance the content, distribution and marketing of the direct-to-consumer ESPN, which hasn't yet been priced, Iger said during Disney's August quarterly earnings call.Striking a partnership with one of the professional sports leagues could help secure future live rights, though it may irritate other media companies that bid against Disney for packages of games. Bringing on a technology or telecommunications company such as Verizon or Apple could give ESPN broader distribution options by reaching larger customer bases.Still, it's unclear selling equity in ESPN is needed to strike an arrangement. ESPN President Jimmy Pitaro, who also spoke with CNBC as part of the documentary, downplayed the need for the sports network to sell a stake in its business to build a partnership with a league or another company.""It's not about equity,"" Pitaro said. ""It's not about these partners taking an ownership interest in ESPN. That is something, as Bob [Iger] has said, that we are very much open to, but this is about partnership and accelerating the launch or the adoption of ESPN flagship.""Chapek's remarks are his first public statements since Disney's board fired him and brought back Iger as CEO about 16 months ago. He and Iger, who had stayed on as Disney's executive chairman, had a strained relationship that got progressively worse through Chapek's tenure as CEO, which ran nearly three years from 2020 to 2022, as documented by CNBC in September. Chapek declined to comment on anything other than ESPN's future for the CNBC documentary.While Chapek said he didn't agree with the need to bring on a partner for strategic reasons, he did acknowledge Disney might do it to bring in cash to pay for Comcast's one-third stake in Hulu, which Disney has committed to buy for at least $8.6 billion.""There's already one minority strategic partner in Hearst. So this would be bringing on a second minority strategic partner,"" Chapek said. ""Obviously, the benefit of doing that is that you make available some cash. And given some of the conversation that's been happening between Comcast and Disney in terms of needing to buy the final share of Hulu to make it wholly owned by the Disney company, it's possible that maybe that cash itself is what they're after.""Chapek also discussed the vision he had as CEO of turning ESPN into a centralized hub to direct consumers to where a game is streaming, no matter which company owns the rights to air it — a concept CNBC first reported in March 2023.""If I'm on my Apple TV and I want to watch a movie, I have no idea whether it's on Prime or Netflix or Disney+ or Hulu or wherever it's at,"" Chapek said. ""The way I find out is I go to Apple TV, I plug in the movie that I'm looking to watch, and they direct me exactly to where that movie is. And then they connect me seamlessly without me then having to exit and go to another app to go find the show on that app. I think ESPN should be that source for a central clearinghouse.""Adding one-stop navigation can help ESPN become the first place sports fans go to when they want to watch a game, even if Disney doesn't own the rights to certain sports, Chapek said.""How do you make yourself indispensable to the sports viewer so that they stay on with you as you evolve over to a streaming world? I think solving that problem would be one big way to do it,"" Chapek said.WATCH: Bob Chapek discusses ESPN's future",CNBC,21/03/2024,"['In this articleIn his first public comments since Disney fired him as CEO in November 2022, Bob Chapek told CNBC he sees no reason for Disney-owned ESPN to add minority partners.', '""Strategically, I don\'t really see a benefit in bringing on yet another minority partner into ESPN,"" Chapek said as part of the CNBC documentary ""ESPN\'s Fight for Dominance,"" which chronicles the network\'s digital strategy, published Thursday.', ""Disney CEO Bob Iger told CNBC's David Faber in July that he'd consider selling a minority stake in ESPN to strengthen the sports network's content or technology as it plans a new direct-to-consumer offering, which he later said would launch by fall 2025.The company hasn't yet announced a deal to sell a stake in ESPN."", 'CNBC reported in August that the network had held talks with the major American professional sports leagues, including the National Football League and the National Basketball Association, about potential partnerships or investments.', ""Disney owns 80% of ESPN and Hearst owns the other 20%, a structure that's been in place since 1996."", ""By searching for a partner, Disney wants to enhance the content, distribution and marketing of the direct-to-consumer ESPN, which hasn't yet been priced, Iger said during Disney's August quarterly earnings call."", 'Striking a partnership with one of the professional sports leagues could help secure future live rights, though it may irritate other media companies that bid against Disney for packages of games.', 'Bringing on a technology or telecommunications company such as Verizon or Apple could give ESPN broader distribution options by reaching larger customer bases.', ""Still, it's unclear selling equity in ESPN is needed to strike an arrangement."", 'ESPN President Jimmy Pitaro, who also spoke with CNBC as part of the documentary, downplayed the need for the sports network to sell a stake in its business to build a partnership with a league or another company.', '""It\'s not about equity,"" Pitaro said. ""', ""It's not about these partners taking an ownership interest in ESPN."", 'That is something, as Bob [Iger] has said, that we are very much open to, but this is about partnership and accelerating the launch or the adoption of ESPN flagship.', '""Chapek\'s remarks are his first public statements since Disney\'s board fired him and brought back Iger as CEO about 16 months ago.', ""He and Iger, who had stayed on as Disney's executive chairman, had a strained relationship that got progressively worse through Chapek's tenure as CEO, which ran nearly three years from 2020 to 2022, as documented by CNBC in September."", ""Chapek declined to comment on anything other than ESPN's future for the CNBC documentary."", ""While Chapek said he didn't agree with the need to bring on a partner for strategic reasons, he did acknowledge Disney might do it to bring in cash to pay for Comcast's one-third stake in Hulu, which Disney has committed to buy for at least $8.6 billion."", '""There\'s already one minority strategic partner in Hearst.', 'So this would be bringing on a second minority strategic partner,"" Chapek said. ""', 'Obviously, the benefit of doing that is that you make available some cash.', ""And given some of the conversation that's been happening between Comcast and Disney in terms of needing to buy the final share of Hulu to make it wholly owned by the Disney company, it's possible that maybe that cash itself is what they're after."", '""Chapek also discussed the vision he had as CEO of turning ESPN into a centralized hub to direct consumers to where a game is streaming, no matter which company owns the rights to air it — a concept CNBC first reported in March 2023.""If I\'m on my Apple TV and I want to watch a movie, I have no idea whether it\'s on Prime or Netflix or Disney+ or Hulu or wherever it\'s at,"" Chapek said. ""', ""The way I find out is I go to Apple TV, I plug in the movie that I'm looking to watch, and they direct me exactly to where that movie is."", 'And then they connect me seamlessly without me then having to exit and go to another app to go find the show on that app.', 'I think ESPN should be that source for a central clearinghouse.', '""Adding one-stop navigation can help ESPN become the first place sports fans go to when they want to watch a game, even if Disney doesn\'t own the rights to certain sports, Chapek said.', '""How do you make yourself indispensable to the sports viewer so that they stay on with you as you evolve over to a streaming world?', 'I think solving that problem would be one big way to do it,"" Chapek said.', ""WATCH: Bob Chapek discusses ESPN's future""]",0.0292013742260279,"While Chapek said he didn't agree with the need to bring on a partner for strategic reasons, he did acknowledge Disney might do it to bring in cash to pay for Comcast's one-third stake in Hulu, which Disney has committed to buy for at least $8.6 billion.","In this articleIn his first public comments since Disney fired him as CEO in November 2022, Bob Chapek told CNBC he sees no reason for Disney-owned ESPN to add minority partners.",0.6626346806685129,"Striking a partnership with one of the professional sports leagues could help secure future live rights, though it may irritate other media companies that bid against Disney for packages of games.","He and Iger, who had stayed on as Disney's executive chairman, had a strained relationship that got progressively worse through Chapek's tenure as CEO, which ran nearly three years from 2020 to 2022, as documented by CNBC in September.",2024-04-01
Vacation home co-ownership platform Pacaso expands to lower-priced listings,https://www.cnbc.com/2024/03/26/vacation-home-co-ownership-site-pacaso-adds-lower-priced-listings.html,2024-03-26T12:32:23+0000,"Luxury vacation home co-ownership platform Pacaso is attempting to appeal to the masses, as it grows its business during a pricey and competitive phase of the housing market.The company, which launched in 2020 with multimillion-dollar homes listed for co-ownership, is now introducing thousands more listings with share prices starting as low as $200,000. Previously, shares had been closer to half a million dollars, or higher.Pacaso lists shares of vacation homes, generally an eighth but sometimes larger shares, and then facilitates the purchase, including financing if necessary. It also furnishes and manages the home, divvying up the owners' time in the home through an app. It takes fees for both the purchase and the management.""You can afford a lot more home when you buy one eighth or one quarter of it when compared to purchasing the whole thing, and we're living in an environment right now where housing affordability is a problem,"" said Austin Allison, co-founder and CEO of Pacaso. ""Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams.""Unlike timeshares in resorts, where consumers buy the time, not the property, Pacaso owners can benefit from the home's value, which usually goes up over time.""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously. So the Pacaso shares generally track with the underlying real estate,"" said Allison.Wealthier buyers have been scooping up ski homes in Colorado and beach homes in Hawaii, paying hundreds of thousands of dollars for their shares. Pacaso takes a hefty fee — between 10% and 15% of the value of the home on the front end — associated with aggregating the group of owners, facilitating the transaction, and setting up the co-ownership structure.Pacaso reached more than $1 billion in revenue last year, the company said.The company has, however, seen some backlash from communities that liken it to an Airbnb on steroids. There is even a website dedicated to fighting the company, called ""Stop Pacaso Now.""Residents of Sonoma, California, passed an ordinance prohibiting Pacaso from operating in that city. In St. Helena, California, which prohibits timeshares, Pacaso reached a settlement that protects its four homes already there, but the company is not allowed to expand to other properties.""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. ""Our approach is to work with policymakers and educate them on the facts and benefits. Our belief is that over time this will prevail. It hasn't worked in Sonoma yet and a small handful of communities who have passed ordinances to resist the model.""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model. Roughly one-fifth of primary homebuyers last year purchased with either a friend or relative, according to real estate site Zillow.""People are now using co-ownership as a way to be able to afford houses that they otherwise wouldn't be able to afford. So, it's not just happening in the vacation home space,"" said Allison.",CNBC,26/03/2024,"['Luxury vacation home co-ownership platform Pacaso is attempting to appeal to the masses, as it grows its business during a pricey and competitive phase of the housing market.', 'The company, which launched in 2020 with multimillion-dollar homes listed for co-ownership, is now introducing thousands more listings with share prices starting as low as $200,000.', 'Previously, shares had been closer to half a million dollars, or higher.', 'Pacaso lists shares of vacation homes, generally an eighth but sometimes larger shares, and then facilitates the purchase, including financing if necessary.', ""It also furnishes and manages the home, divvying up the owners' time in the home through an app."", 'It takes fees for both the purchase and the management.', '""You can afford a lot more home when you buy one eighth or one quarter of it when compared to purchasing the whole thing, and we\'re living in an environment right now where housing affordability is a problem,"" said Austin Allison, co-founder and CEO of Pacaso. ""', ""Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams."", '""Unlike timeshares in resorts, where consumers buy the time, not the property, Pacaso owners can benefit from the home\'s value, which usually goes up over time.', '""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously.', 'So the Pacaso shares generally track with the underlying real estate,"" said Allison.', 'Wealthier buyers have been scooping up ski homes in Colorado and beach homes in Hawaii, paying hundreds of thousands of dollars for their shares.', 'Pacaso takes a hefty fee — between 10% and 15% of the value of the home on the front end — associated with aggregating the group of owners, facilitating the transaction, and setting up the co-ownership structure.', 'Pacaso reached more than $1 billion in revenue last year, the company said.', 'The company has, however, seen some backlash from communities that liken it to an Airbnb on steroids.', 'There is even a website dedicated to fighting the company, called ""Stop Pacaso Now.', '""Residents of Sonoma, California, passed an ordinance prohibiting Pacaso from operating in that city.', 'In St. Helena, California, which prohibits timeshares, Pacaso reached a settlement that protects its four homes already there, but the company is not allowed to expand to other properties.', '""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. ""', 'Our approach is to work with policymakers and educate them on the facts and benefits.', 'Our belief is that over time this will prevail.', ""It hasn't worked in Sonoma yet and a small handful of communities who have passed ordinances to resist the model."", '""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model.', 'Roughly one-fifth of primary homebuyers last year purchased with either a friend or relative, according to real estate site Zillow.', '""People are now using co-ownership as a way to be able to afford houses that they otherwise wouldn\'t be able to afford.', 'So, it\'s not just happening in the vacation home space,"" said Allison.']",0.1709373374093423,"""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model.","""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. """,0.5203466150495741,"""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously.","Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams.",2024-04-01
Fanatics fires back at DraftKings' claims of corporate espionage in bitter legal battle,https://www.cnbc.com/2024/03/22/fanatics-fires-back-at-draftkings-claims-of-corporate-espionage.html,2024-03-22T12:57:12+0000,"In this articleSports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics' hiring of a top DraftKings executive.In a legal brief filed late Thursday in U.S. District Court in Massachusetts, Fanatics accuses DraftKings of distorting reality and character assassination of its former senior vice president of business development, Michael Hermalyn.In February, Hermalyn accepted a position as the president of Fanatics VIP and head of Fanatics' Los Angeles office. He reports directly to CEO Michael Rubin.DraftKings is suing Hermalyn in federal court, arguing he downloaded confidential company documents and tried to recruit other employees away from DraftKings.Fanatics alleges in its filing that DraftKings has a ""culture of retribution"" and is making an example of Hermalyn to instill fear in other ""DK employees looking to jump ship.""By its count, 186 DraftKings employees have applied to work at Fanatics since the company announced in 2021 it would launch a sportsbook, according to the filing.In the rapidly expanding sports gambling industry, Fanatics is the newcomer, late to the game but backed by billionaire Rubin and an enviable database of customers who buy team jerseys and ball caps online or sports memorabilia through its collectibles business.DraftKings ranks No. 2 in sports betting market share, behind FanDuel, which is owned by Flutter. But those two leaders dominate, with roughly 80% market share between them.And the competition is fierce — with even well-known gambling brands like Caesars and BetMGM fighting for customers' dollars. They're investing in technology to improve their apps, individualize marketing and promotions, and make deposits and withdrawals easier. Much of that is proprietary.But sports gamblers are notoriously promiscuous. They chase promotions or the best odds and many have more than one betting app downloaded on their phones.The most valuable customers, the VIPs, work with casino or sportsbook hosts, who build relationships and try to engender loyalty.DraftKings alleges Hermalyn reached out to one of DraftKings' most valuable customers to alert him that Hermalyn would be leaving his employer.""The evidence against Mr. Hermalyn is open-and-shut. He stole valuable trade secrets, destroyed evidence to cover his tracks and then lied about it all,"" said Orin Snyder, an attorney with Gibson Dunn representing DraftKings, in a statement to CNBC on Thursday.In a brief filed March 14, DraftKings details what it describes as corporate espionage. Fanatics, it insists, is trying to steal its VIPs, its valuable employees and its strategy to clone DraftKings' business.Fanatics in its response vehemently denies those allegations, and says DraftKings is intentionally distorting reality and engaging in character assassination.""To be clear, this is not a case in which an employee was hired to move a book of business from one company to another: Fanatics already has 100 million customers in the U.S., each of DK and Fanatics have tens of thousands of VIP customers, and it is well known that many if not all those customers overlap,"" the company said in its filing.DraftKings had petitioned the court to keep Hermalyn from working for Fanatics. The judge declined that petition but issued a temporary restraining order to keep Hermalyn from soliciting clients or employees from his former employer.",CNBC,22/03/2024,"[""In this articleSports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics' hiring of a top DraftKings executive."", 'In a legal brief filed late Thursday in U.S. District Court in Massachusetts, Fanatics accuses DraftKings of distorting reality and character assassination of its former senior vice president of business development, Michael Hermalyn.', ""In February, Hermalyn accepted a position as the president of Fanatics VIP and head of Fanatics' Los Angeles office."", 'He reports directly to CEO Michael Rubin.', 'DraftKings is suing Hermalyn in federal court, arguing he downloaded confidential company documents and tried to recruit other employees away from DraftKings.', 'Fanatics alleges in its filing that DraftKings has a ""culture of retribution"" and is making an example of Hermalyn to instill fear in other ""DK employees looking to jump ship.', '""By its count, 186 DraftKings employees have applied to work at Fanatics since the company announced in 2021 it would launch a sportsbook, according to the filing.', 'In the rapidly expanding sports gambling industry, Fanatics is the newcomer, late to the game but backed by billionaire Rubin and an enviable database of customers who buy team jerseys and ball caps online or sports memorabilia through its collectibles business.', 'DraftKings ranks No.', '2 in sports betting market share, behind FanDuel, which is owned by Flutter.', 'But those two leaders dominate, with roughly 80% market share between them.', ""And the competition is fierce — with even well-known gambling brands like Caesars and BetMGM fighting for customers' dollars."", ""They're investing in technology to improve their apps, individualize marketing and promotions, and make deposits and withdrawals easier."", 'Much of that is proprietary.', 'But sports gamblers are notoriously promiscuous.', 'They chase promotions or the best odds and many have more than one betting app downloaded on their phones.', 'The most valuable customers, the VIPs, work with casino or sportsbook hosts, who build relationships and try to engender loyalty.', ""DraftKings alleges Hermalyn reached out to one of DraftKings' most valuable customers to alert him that Hermalyn would be leaving his employer."", '""The evidence against Mr. Hermalyn is open-and-shut.', 'He stole valuable trade secrets, destroyed evidence to cover his tracks and then lied about it all,"" said Orin Snyder, an attorney with Gibson Dunn representing DraftKings, in a statement to CNBC on Thursday.', 'In a brief filed March 14, DraftKings details what it describes as corporate espionage.', ""Fanatics, it insists, is trying to steal its VIPs, its valuable employees and its strategy to clone DraftKings' business."", 'Fanatics in its response vehemently denies those allegations, and says DraftKings is intentionally distorting reality and engaging in character assassination.', '""To be clear, this is not a case in which an employee was hired to move a book of business from one company to another: Fanatics already has 100 million customers in the U.S., each of DK and Fanatics have tens of thousands of VIP customers, and it is well known that many if not all those customers overlap,"" the company said in its filing.', 'DraftKings had petitioned the court to keep Hermalyn from working for Fanatics.', 'The judge declined that petition but issued a temporary restraining order to keep Hermalyn from soliciting clients or employees from his former employer.']",0.052403567887878,"""To be clear, this is not a case in which an employee was hired to move a book of business from one company to another: Fanatics already has 100 million customers in the U.S., each of DK and Fanatics have tens of thousands of VIP customers, and it is well known that many if not all those customers overlap,"" the company said in its filing.","In a legal brief filed late Thursday in U.S. District Court in Massachusetts, Fanatics accuses DraftKings of distorting reality and character assassination of its former senior vice president of business development, Michael Hermalyn.",0.0735168606042862,"They're investing in technology to improve their apps, individualize marketing and promotions, and make deposits and withdrawals easier.",In this articleSports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics' hiring of a top DraftKings executive.,2024-04-01
What’s open and closed on Easter Day 2024?,https://edition.cnn.com/2024/03/30/business/easter-day-open-closed-stores/index.html,"
  Published
        2:00 PM EDT, Sat March 30, 2024
    ","The Easter Bunny is hopping into town on Sunday, but that also means some businesses will be closed for last minute errands.
    
            On Easter Sunday, Christians celebrate the resurrection of Jesus Christ on the third day after his crucifixion. It is also the end of the 40-day penance period, Lent. Good Friday marks the day Jesus died on the cross, and is celebrated the Friday before Easter.
    
            This year, Easter Sunday will fall on March 31.
    
            Though Easter isn’t a federal holiday, it’s a popular one for many Americans — trade association National Retail Federation found that consumer spending is expected to reach $22.4 billion this Easter.
    
            Here’s what’s open and closed on Easter Sunday 2024.
    
            Target, Macy’s and Best Buy stores will be closed on Sunday. Warehouse clubs Costco and Sam’s Club will also be closed.
    
            Most Kroger stores and the grocery stores under its umbrella will be open on Easter, the company said. Shoppers should confirm with local grocers before heading to the store on Sunday, however.
    
            Walmart will also be open.
    
            TJ Maxx, Marshalls, HomeGoods, Sierra and Homesense stores will be closed on Easter.
    
            Most banks are closed on Sunday already. Markets are also closed on the weekends and the New York Stock Exchange and Nasdaq will not be trading, but will trade on Monday as usual.
    
            Since it’s a Sunday, United States Postal Service won’t be delivering mail.
    
            There will be no UPS pickup or delivery service, and UPS Store locations may be closed but Express Critical will be available.
    
            Most FedEx services also won’t be available, though FedEx Office will be open on modified hours and Custom Critical will be available.",CNN,30/03/2024,"['The Easter Bunny is hopping into town on Sunday, but that also means some businesses will be closed for last minute errands.', 'On Easter Sunday, Christians celebrate the resurrection of Jesus Christ on the third day after his crucifixion.', 'It is also the end of the 40-day penance period, Lent.', 'Good Friday marks the day Jesus died on the cross, and is celebrated the Friday before Easter.', 'This year, Easter Sunday will fall on March 31.', 'Though Easter isn’t a federal holiday, it’s a popular one for many Americans — trade association National Retail Federation found that consumer spending is expected to reach $22.4 billion this Easter.', 'Here’s what’s open and closed on Easter Sunday 2024.', 'Target, Macy’s and Best Buy stores will be closed on Sunday.', 'Warehouse clubs Costco and Sam’s Club will also be closed.', 'Most Kroger stores and the grocery stores under its umbrella will be open on Easter, the company said.', 'Shoppers should confirm with local grocers before heading to the store on Sunday, however.', 'Walmart will also be open.', 'TJ Maxx, Marshalls, HomeGoods, Sierra and Homesense stores will be closed on Easter.', 'Most banks are closed on Sunday already.', 'Markets are also closed on the weekends and the New York Stock Exchange and Nasdaq will not be trading, but will trade on Monday as usual.', 'Since it’s a Sunday, United States Postal Service won’t be delivering mail.', 'There will be no UPS pickup or delivery service, and UPS Store locations may be closed but Express Critical will be available.', 'Most FedEx services also won’t be available, though FedEx Office will be open on modified hours and Custom Critical will be available.']",0.1056570230971449,"Though Easter isn’t a federal holiday, it’s a popular one for many Americans — trade association National Retail Federation found that consumer spending is expected to reach $22.4 billion this Easter.","There will be no UPS pickup or delivery service, and UPS Store locations may be closed but Express Critical will be available.",0.9986351132392884,"Though Easter isn’t a federal holiday, it’s a popular one for many Americans — trade association National Retail Federation found that consumer spending is expected to reach $22.4 billion this Easter.",,2024-04-01
Nigeria Binance dispute: British-Kenyan executive Nadeem Anjarwalla escapes from custody,https://www.bbc.co.uk/news/world-africa-68656119,2024-03-25T14:52:21.000Z,"An executive of the cryptocurrency firm Binance has escaped from custody in Nigeria, the authorities there say. Nadeem Anjarwalla, a British-Kenyan dual national, was arrested in February with his US colleague Tigran Gambaryan. Their detention came as the Nigerian authorities investigated alleged wrongdoing by Binance. Nigeria said that Mr Anjarwalla fled the country with a ""smuggled passport"", but a family source has said he had left by ""by lawful means"". The country is now ""working with Interpol for an international arrest warrant on the suspect"", the Office of the National Security Adviser (ONSA) said in a statement. Binance has not commented on the accusations it has been facing. ""We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.  Mr Anjarwalla, the company's Africa regional manager, and Mr Gambaryan, in charge of financial crime compliance at the firm, were arrested on 26 February after attending meetings in Nigeria's capital, Abuja, to which they had been invited by the government. The authorities reportedly demanded that they name Nigerians trading on their platform.  A court granted the Economic and Financial Crimes Commission's request to detain the two executives for 14 days, but their continued detention was not authorised by the court and they were being held ""unlawfully"", a source close to the families told the BBC. They were due to appear again in court early next month.  ""The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,"" the ONSA said. Nigerian media are reporting that Mr Anjarwalla asked the guards at a guest house where he was being held to allow him to go to the mosque last Friday but never returned. The authorities had reportedly confiscated his British passport but the whereabouts of his Kenyan passport were unknown. Mr Gambaryan remains in custody. Meanwhile, the Nigerian authorities have formally filed tax evasion charges against Binance at the High Court in Abuja, and named Mr Anjarwalla among the respondents. The Federal Inland Revenue Service is accusing the cryptocurrency platform of non-payment of value added tax, company income tax, failure to file tax returns and complicity in aiding customers to evade taxes through its platform.  Binance has not made a statement on these charges. Last month, the Nigerian authorities clamped down on cryptocurrency firms in general over allegations they were being used for money laundering and financing terrorism.  The country's central bank alleged that over $26bn (£20.6bn) worth of transactions had passed through Binance with untraceable sources.  It accused the platforms of fixing exchange rates and currency speculation leading to the free-fall of the naira, the local currency, and ordered the firm to pay a fine of $10bn.  Binance is understood to be one of the most popular cryptocurrency platforms in Nigeria. Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation. ",BBC,25/03/2024,"['An executive of the cryptocurrency firm Binance has escaped from custody in Nigeria, the authorities there say.', 'Nadeem Anjarwalla, a British-Kenyan dual national, was arrested in February with his US colleague Tigran Gambaryan.', 'Their detention came as the Nigerian authorities investigated alleged wrongdoing by Binance.', 'Nigeria said that Mr Anjarwalla fled the country with a ""smuggled passport"", but a family source has said he had left by ""by lawful means"".', 'The country is now ""working with Interpol for an international arrest warrant on the suspect"", the Office of the National Security Adviser (ONSA) said in a statement.', 'Binance has not commented on the accusations it has been facing. ""', 'We were made aware that Nadeem is no longer in Nigerian custody.', 'Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.', ""Mr Anjarwalla, the company's Africa regional manager, and Mr Gambaryan, in charge of financial crime compliance at the firm, were arrested on 26 February after attending meetings in Nigeria's capital, Abuja, to which they had been invited by the government."", 'The authorities reportedly demanded that they name Nigerians trading on their platform.', 'A court granted the Economic and Financial Crimes Commission\'s request to detain the two executives for 14 days, but their continued detention was not authorised by the court and they were being held ""unlawfully"", a source close to the families told the BBC.', 'They were due to appear again in court early next month. ""', 'The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,"" the ONSA said.', 'Nigerian media are reporting that Mr Anjarwalla asked the guards at a guest house where he was being held to allow him to go to the mosque last Friday but never returned.', 'The authorities had reportedly confiscated his British passport but the whereabouts of his Kenyan passport were unknown.', 'Mr Gambaryan remains in custody.', 'Meanwhile, the Nigerian authorities have formally filed tax evasion charges against Binance at the High Court in Abuja, and named Mr Anjarwalla among the respondents.', 'The Federal Inland Revenue Service is accusing the cryptocurrency platform of non-payment of value added tax, company income tax, failure to file tax returns and complicity in aiding customers to evade taxes through its platform.', 'Binance has not made a statement on these charges.', 'Last month, the Nigerian authorities clamped down on cryptocurrency firms in general over allegations they were being used for money laundering and financing terrorism.', ""The country's central bank alleged that over $26bn (£20.6bn) worth of transactions had passed through Binance with untraceable sources."", 'It accused the platforms of fixing exchange rates and currency speculation leading to the free-fall of the naira, the local currency, and ordered the firm to pay a fine of $10bn.', 'Binance is understood to be one of the most popular cryptocurrency platforms in Nigeria.', ""Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.""]",-0.1973722181344786,"Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.","Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.",-0.9894911050796508,,"Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.",2024-04-01
Your ultimate guide to the American Express Membership Rewards program,https://edition.cnn.com/cnn-underscored/travel/american-express-membership-rewards-guide,"
  Updated
        1:03 PM EDT, Mon April 1, 2024
    ","American Express Membership Rewards are among the most valuable travel rewards points out there. That’s primarily because they fall into the category of “transferable rewards,” meaning you’re not tied down to a single airline or hotel program with which you can redeem them.
    
            In other words, you’re not just earning points that can transfer to Delta SkyMiles, but they can also transfer to any of the other 16 airlines in the Membership Rewards portfolio.
    
            Having Membership Rewards points gives you options, and that’s always a good thing. If you’re ready to give your rewards portfolio a boost, here’s everything you need to know about earning and redeeming Amex Membership Rewards.
    
            You can earn Membership Rewards points in various ways. Some require little effort, while others involve a heavier lift. It’s a good idea to take advantage of all the options out there in order to maximize your earnings. Here’s a look at how to earn Membership Rewards most efficiently.
    
            The primary way to earn Amex points is through credit cards that earn Membership Rewards. Amex has an extensive lineup of personal and business cards offering generous welcome bonuses and recurring benefits to help you earn maximum points.
    
            These include well-known cards like The Platinum Card® from American Express and the American Express® Gold Card. With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance. Here’s a look at the current welcome bonus offers on personal credit cards that earn Membership Rewards.
    
            Keep in mind, too, that many of these cards carry an annual fee:
    
            All information about the Amex EveryDay Credit Card, Amex EveryDay Preferred Credit Card and the American Express Green Card has been collected independently by CNN Underscored.
    
            Similarly, American Express offers a suite of business credit cards.
    
            All information about the Business Green Rewards Card from American Express has been collected independently by CNN Underscored.
    
            Keep in mind that several of these cards also carry an annual fee:
    
            Beyond the welcome bonus offers available, American Express makes it easy to earn Membership Rewards through category bonuses. If you spend a lot on groceries, it may be worth considering the Amex Gold card to earn 4 points per dollar spent at US supermarkets (on up to $25,000 in purchases per year).
    
            If you travel often, the Amex Platinum card is a great option for earning 5 points per dollar spent on eligible bookings made directly with an airline or with Amex Travel. Plus, you’ll have access to airport lounges, like American Express Centurion Lounges and Delta Sky Clubs, among others.
    
            When applying for American Express cards, be sure to take note of the application rules. For example, you can’t earn an Amex welcome bonus more than once (with a few exceptions), and you generally won’t be approved for more than two cards every 90 days. Before applying for a credit card, it’s important to do your research.
    
            As mentioned before, American Express makes it manageable to earn bonus points long after the welcome bonus offer. One of those ways is by adding an authorized user to your Amex card, which will occasionally earn you bonus points.
    
             Aside from the special promotions where Amex will offer you bonus points for adding an authorized user, doing so can also help you double up your point earnings. That’s because you’ll not only earn points per dollar spent on your purchases, but you’ll also earn rewards on the authorized user’s purchases.
    
            Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as an authorized user on your account. Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder. Choose carefully who you add to your account, and you can earn extra Amex points without lifting a finger.
    
            If you’ve picked up an American Express credit card, earned the welcome bonus offer and think others would enjoy doing the same, you can get rewarded for spreading the word to family and friends.
    
            American Express offers bonuses to current card holders when you refer someone and they are approved for an eligible card. You can earn up to 20,000 points per successful approval, though the exact bonus varies by card.
    
            To find out your card’s current referral bonus, head over to the Amex referral site. You’ll see referral bonuses based on your card. Simply enter your friend’s name and email address for each card you want to refer and they’ll get an email, inviting them to apply for the card. You can also copy the referral link on the page and share that with your friends and family directly.
    
            Referrals are a lucrative way to earn Amex Membership Rewards points for recommending credit cards to your friends and family. Keep in mind there is a limit to how many friends you can refer in a year.
    
            Booking travel with American Express is rewarding, too — you can earn bonus points on your credit card, plus you can often get additional perks and rewards. For example, with the Amex Platinum, you’ll get 5 points per dollar spent on hotels booked through Amex Travel.
    
            As an added incentive, you’ll receive perks like free breakfast for two, room upgrades when available and hotel credits to use at the spa or onsite restaurant just by booking with Fine Hotels & Resorts or the Hotel Collection. In general, booking travel through American Express pays off in more ways than one.
    
            Card holders can also utilize one of the most underrated benefits of having an Amex card: Amex Offers. With Amex Offers, card holders can earn statement credits or bonus points at select retailers. In other words, it’s the perfect opportunity to save some cash or earn bonus points for purchases you were already planning on making.
    
            To find and take advantage of Amex Offers, you’ll need to log in to your account. From there, scroll to the bottom of the page to the Amex Offers & Benefits section of the page. Be sure to click “View All” to load all of your eligible offers, and also be sure to select “Add to Card” in order to activate your Amex Offer. From there, you’ll be eligible to earn the bonus points or cash savings that come as part of each Amex Offer — so long as you use the registered card to make your purchase. Amex Offers are a massive perk of Amex cards that can save you money or earn you bonus points on purchases you were already planning to make.
    
            Thanks to a partnership with American Express, you can turn your Rakuten cash back rewards into Membership Rewards. It’s a great way to earn Membership Rewards points on regular purchases, without much added effort.
    
            If you already have a Rakuten account, you can easily switch your earning preference to Membership Rewards. Simply log into your account and follow these steps:
    
            After this, rewards get transferred to your Membership Rewards account quarterly.
    
            Now, for the fun part! Once you’ve earned Membership Rewards points, it’s time to put them to good use. Amex gives you several options to redeem points, but the best option is travel. You can choose between statement credits for travel bookings or transferring them to airline or hotel partners.
    
            Here’s a closer look at your options and how they work.
    
            American Express has 20 airline and hotel transfer partners — in other words, the Amex points you’ve earned can be transferred to any of the 20 hotel and airline partners. The best way to redeem Membership Rewards for maximum value is through airline transfers. But keep in mind that not all airline loyalty programs are equal.
    
            Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are. With each of the partners, you’ll need to link your accounts, and you’ll also need to search for award availability with the airline of your choice before transferring any points.
    
            If you’re looking to transfer your Amex Membership Rewards points, these are the 20 airline and hotel partner options, as well as the transfer rate.
    
            It’s worth noting that Amex occasionally runs transfer promotions for certain airlines or hotels. So, at times, you can get more points in return than the standard transfer rate listed above. Bonuses like these can increase the value of your points by enabling you to book sought-after award tickets for substantially less.
    
            By transferring Amex Membership Rewards points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming points and miles, you’ll just have to pay the taxes and fees on a ticket. As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.
    
            Keep in mind that the most obvious airline choice may not always be your best option. Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs. For example, British Airways and American Airlines are both members of the Oneworld alliance, meaning you can transfer your Amex Membership Rewards points to British Airways Executive Club and redeem for flights operated by American Airlines.
    
            Because of the vast number of airline transfer partners, your options are virtually endless for where your Membership Rewards points can take you. But, some redemptions are better than others — particularly when it comes to award sweet spots.
    
            Some examples of these sweet spot awards using your Amex Membership Rewards points include the following:
    
            Generally speaking, you’ll get the most value out of your Amex Membership Rewards points by transferring them to airline partners. But that may not always make sense for all card holders — and it’s not your only option.
    
            If figuring out transfer partner options and award charts sounds daunting, you can also use your Membership Rewards for fixed redemptions. This includes using points for statement credits, travel bookings via Amex Travel, charitable donations, online shopping and gift cards.
    
            Using points for statement credits toward qualifying purchases isn’t a great use of your points because you’ll only get 0.6 cents per point in value. If you’re looking to maximize the value of your Amex points, this isn’t the best route to take.
    
            You’ll get slightly more value by redeeming your Membership Rewards for travel bookings. By doing so, you’ll get 1 cent per point toward airfare and 0.7 cents per point toward car rentals, hotels, cruises and vacation bookings. Business Platinum card holders also get a 35% rebate when redeeming points for flight bookings through Amex Travel.
    
            If you choose to redeem your points for gift cards, you’ll get 1 cent per point in value. However, if you use Pay With Points (valid with Amazon, Best Buy, Boxed, Dell and GrubHub and others), you’ll get a value of just 0.5 cents to 1 cent each (depending on the Amex card) — one of the lowest-value options out there.
    
            Generally speaking, you should try to extract as much value as possible out of your Amex Membership Rewards points. However, that’s not always the case for everyone. You may want to save a few dollars here or there on a purchase you’re making online. Ultimately, we love Membership Rewards points so much because you have the option to use them however you like — whether for travel, Amazon purchases, gift cards and more.
    
            When it comes to the worth of your Membership Rewards points, it ultimately comes down to how you use them. The value you can get ranges from about 0.6 cents each to about 2 cents each. Frequent flyer website The Points Guy values Amex Membership Rewards points at 2 cents apiece.
    
            Amex offers 0.6 cents per point in value when you use points for statement credits. Meanwhile, travel bookings will get you a somewhat higher 1 cent per point. The highest value comes from transferring points to airline and hotel partners, as detailed above. Convert your points to airline miles and you can get 2 cents or more in value on premium award redemptions.
    
            American Express Membership Rewards points are some of the most versatile and valuable out there. By earning them, you give yourself the option to save money on travel, buying gift cards, Amazon purchases and so much more. Ultimately, it’s the flexibility that makes having an Amex credit card so rewarding.
    
            Click here for rates and fees of the Amex Platinum card.Click here for rates and fees of the Amex Gold card.Click here for rates and fees of the Amex Business Platinum card.Click here for rates and fees of the Amex Business Gold card.Click here for rates and fees of the Amex Blue Business Plus card.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,01/04/2024,"['American Express Membership Rewards are among the most valuable travel rewards points out there.', 'That’s primarily because they fall into the category of “transferable rewards,” meaning you’re not tied down to a single airline or hotel program with which you can redeem them.', 'In other words, you’re not just earning points that can transfer to Delta SkyMiles, but they can also transfer to any of the other 16 airlines in the Membership Rewards portfolio.', 'Having Membership Rewards points gives you options, and that’s always a good thing.', 'If you’re ready to give your rewards portfolio a boost, here’s everything you need to know about earning and redeeming Amex Membership Rewards.', 'You can earn Membership Rewards points in various ways.', 'Some require little effort, while others involve a heavier lift.', 'It’s a good idea to take advantage of all the options out there in order to maximize your earnings.', 'Here’s a look at how to earn Membership Rewards most efficiently.', 'The primary way to earn Amex points is through credit cards that earn Membership Rewards.', 'Amex has an extensive lineup of personal and business cards offering generous welcome bonuses and recurring benefits to help you earn maximum points.', 'These include well-known cards like The Platinum Card® from American Express and the American Express® Gold Card.', 'With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance.', 'Here’s a look at the current welcome bonus offers on personal credit cards that earn Membership Rewards.', 'Keep in mind, too, that many of these cards carry an annual fee:  All information about the Amex EveryDay Credit Card, Amex EveryDay Preferred Credit Card and the American Express Green Card has been collected independently by CNN Underscored.', 'Similarly, American Express offers a suite of business credit cards.', 'All information about the Business Green Rewards Card from American Express has been collected independently by CNN Underscored.', 'Keep in mind that several of these cards also carry an annual fee:  Beyond the welcome bonus offers available, American Express makes it easy to earn Membership Rewards through category bonuses.', 'If you spend a lot on groceries, it may be worth considering the Amex Gold card to earn 4 points per dollar spent at US supermarkets (on up to $25,000 in purchases per year).', 'If you travel often, the Amex Platinum card is a great option for earning 5 points per dollar spent on eligible bookings made directly with an airline or with Amex Travel.', 'Plus, you’ll have access to airport lounges, like American Express Centurion Lounges and Delta Sky Clubs, among others.', 'When applying for American Express cards, be sure to take note of the application rules.', 'For example, you can’t earn an Amex welcome bonus more than once (with a few exceptions), and you generally won’t be approved for more than two cards every 90 days.', 'Before applying for a credit card, it’s important to do your research.', 'As mentioned before, American Express makes it manageable to earn bonus points long after the welcome bonus offer.', 'One of those ways is by adding an authorized user to your Amex card, which will occasionally earn you bonus points.', 'Aside from the special promotions where Amex will offer you bonus points for adding an authorized user, doing so can also help you double up your point earnings.', 'That’s because you’ll not only earn points per dollar spent on your purchases, but you’ll also earn rewards on the authorized user’s purchases.', 'Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as an authorized user on your account.', 'Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.', 'Choose carefully who you add to your account, and you can earn extra Amex points without lifting a finger.', 'If you’ve picked up an American Express credit card, earned the welcome bonus offer and think others would enjoy doing the same, you can get rewarded for spreading the word to family and friends.', 'American Express offers bonuses to current card holders when you refer someone and they are approved for an eligible card.', 'You can earn up to 20,000 points per successful approval, though the exact bonus varies by card.', 'To find out your card’s current referral bonus, head over to the Amex referral site.', 'You’ll see referral bonuses based on your card.', 'Simply enter your friend’s name and email address for each card you want to refer and they’ll get an email, inviting them to apply for the card.', 'You can also copy the referral link on the page and share that with your friends and family directly.', 'Referrals are a lucrative way to earn Amex Membership Rewards points for recommending credit cards to your friends and family.', 'Keep in mind there is a limit to how many friends you can refer in a year.', 'Booking travel with American Express is rewarding, too — you can earn bonus points on your credit card, plus you can often get additional perks and rewards.', 'For example, with the Amex Platinum, you’ll get 5 points per dollar spent on hotels booked through Amex Travel.', 'As an added incentive, you’ll receive perks like free breakfast for two, room upgrades when available and hotel credits to use at the spa or onsite restaurant just by booking with Fine Hotels & Resorts or the Hotel Collection.', 'In general, booking travel through American Express pays off in more ways than one.', 'Card holders can also utilize one of the most underrated benefits of having an Amex card: Amex Offers.', 'With Amex Offers, card holders can earn statement credits or bonus points at select retailers.', 'In other words, it’s the perfect opportunity to save some cash or earn bonus points for purchases you were already planning on making.', 'To find and take advantage of Amex Offers, you’ll need to log in to your account.', 'From there, scroll to the bottom of the page to the Amex Offers & Benefits section of the page.', 'Be sure to click “View All” to load all of your eligible offers, and also be sure to select “Add to Card” in order to activate your Amex Offer.', 'From there, you’ll be eligible to earn the bonus points or cash savings that come as part of each Amex Offer — so long as you use the registered card to make your purchase.', 'Amex Offers are a massive perk of Amex cards that can save you money or earn you bonus points on purchases you were already planning to make.', 'Thanks to a partnership with American Express, you can turn your Rakuten cash back rewards into Membership Rewards.', 'It’s a great way to earn Membership Rewards points on regular purchases, without much added effort.', 'If you already have a Rakuten account, you can easily switch your earning preference to Membership Rewards.', 'Simply log into your account and follow these steps:  After this, rewards get transferred to your Membership Rewards account quarterly.', 'Now, for the fun part!', 'Once you’ve earned Membership Rewards points, it’s time to put them to good use.', 'Amex gives you several options to redeem points, but the best option is travel.', 'You can choose between statement credits for travel bookings or transferring them to airline or hotel partners.', 'Here’s a closer look at your options and how they work.', 'American Express has 20 airline and hotel transfer partners — in other words, the Amex points you’ve earned can be transferred to any of the 20 hotel and airline partners.', 'The best way to redeem Membership Rewards for maximum value is through airline transfers.', 'But keep in mind that not all airline loyalty programs are equal.', 'Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are.', 'With each of the partners, you’ll need to link your accounts, and you’ll also need to search for award availability with the airline of your choice before transferring any points.', 'If you’re looking to transfer your Amex Membership Rewards points, these are the 20 airline and hotel partner options, as well as the transfer rate.', 'It’s worth noting that Amex occasionally runs transfer promotions for certain airlines or hotels.', 'So, at times, you can get more points in return than the standard transfer rate listed above.', 'Bonuses like these can increase the value of your points by enabling you to book sought-after award tickets for substantially less.', 'By transferring Amex Membership Rewards points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming points and miles, you’ll just have to pay the taxes and fees on a ticket.', 'As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.', 'Keep in mind that the most obvious airline choice may not always be your best option.', 'Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs.', 'For example, British Airways and American Airlines are both members of the Oneworld alliance, meaning you can transfer your Amex Membership Rewards points to British Airways Executive Club and redeem for flights operated by American Airlines.', 'Because of the vast number of airline transfer partners, your options are virtually endless for where your Membership Rewards points can take you.', 'But, some redemptions are better than others — particularly when it comes to award sweet spots.', 'Some examples of these sweet spot awards using your Amex Membership Rewards points include the following:  Generally speaking, you’ll get the most value out of your Amex Membership Rewards points by transferring them to airline partners.', 'But that may not always make sense for all card holders — and it’s not your only option.', 'If figuring out transfer partner options and award charts sounds daunting, you can also use your Membership Rewards for fixed redemptions.', 'This includes using points for statement credits, travel bookings via Amex Travel, charitable donations, online shopping and gift cards.', 'Using points for statement credits toward qualifying purchases isn’t a great use of your points because you’ll only get 0.6 cents per point in value.', 'If you’re looking to maximize the value of your Amex points, this isn’t the best route to take.', 'You’ll get slightly more value by redeeming your Membership Rewards for travel bookings.', 'By doing so, you’ll get 1 cent per point toward airfare and 0.7 cents per point toward car rentals, hotels, cruises and vacation bookings.', 'Business Platinum card holders also get a 35% rebate when redeeming points for flight bookings through Amex Travel.', 'If you choose to redeem your points for gift cards, you’ll get 1 cent per point in value.', 'However, if you use Pay With Points (valid with Amazon, Best Buy, Boxed, Dell and GrubHub and others), you’ll get a value of just 0.5 cents to 1 cent each (depending on the Amex card) — one of the lowest-value options out there.', 'Generally speaking, you should try to extract as much value as possible out of your Amex Membership Rewards points.', 'However, that’s not always the case for everyone.', 'You may want to save a few dollars here or there on a purchase you’re making online.', 'Ultimately, we love Membership Rewards points so much because you have the option to use them however you like — whether for travel, Amazon purchases, gift cards and more.', 'When it comes to the worth of your Membership Rewards points, it ultimately comes down to how you use them.', 'The value you can get ranges from about 0.6 cents each to about 2 cents each.', 'Frequent flyer website The Points Guy values Amex Membership Rewards points at 2 cents apiece.', 'Amex offers 0.6 cents per point in value when you use points for statement credits.', 'Meanwhile, travel bookings will get you a somewhat higher 1 cent per point.', 'The highest value comes from transferring points to airline and hotel partners, as detailed above.', 'Convert your points to airline miles and you can get 2 cents or more in value on premium award redemptions.', 'American Express Membership Rewards points are some of the most versatile and valuable out there.', 'By earning them, you give yourself the option to save money on travel, buying gift cards, Amazon purchases and so much more.', 'Ultimately, it’s the flexibility that makes having an Amex credit card so rewarding.', 'Click here for rates and fees of the Amex Platinum card.', 'Click here for rates and fees of the Amex Gold card.', 'Click here for rates and fees of the Amex Business Platinum card.', 'Click here for rates and fees of the Amex Business Gold card.', 'Click here for rates and fees of the Amex Blue Business Plus card.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.5246481979610982,"If you’ve picked up an American Express credit card, earned the welcome bonus offer and think others would enjoy doing the same, you can get rewarded for spreading the word to family and friends.",But keep in mind that not all airline loyalty programs are equal.,0.96224285364151,"With a single welcome bonus offer, you can give a pretty substantial boost to your Membership Rewards points balance.",,2024-04-01
US scientists are leaving academia. That’s bad news for drug companies,https://edition.cnn.com/2024/04/01/business/scientists-drug-companies-academia/index.html,"
  Updated
        2:49 PM EDT, Mon April 1, 2024
    ","Scientists in the United States, especially those in the biomedical fields, are increasingly leaving the world of academia for better-paying industry jobs amid stagnant federal funding and low wages.
    
            It’s a troubling sign for the future of US-based medical research and development at pharmaceutical and biotech companies, which rely on the experimental science housed at universities to develop cutting-edge commercial products.
    
            According to the National Institutes of Health, the number of postdoctoral fellows supported by NIH grants has been steadily falling for more than 20 years, with a significant dip after 2020. The number of postdocs in the biological and biomedical fields has declined 9% between 2018 and 2022, and those in health-related fields have fallen by 8%, according to a survey published on March 20 by the National Science Foundation.
    
            The problem is that postdocs are a critical component of the research and development workforce.
    
            “Science postdocs perform the science,” Donna Ginther, an economist who studies the science labor market at the University of Kansas, told CNN. “They’re actually in the lab doing the work, so they make very important contributions to new scientific discovery.”
    
            Those contributions are part of a long game. Biomedical companies take scientific contributions and, over time, aggregate them into a commercial product. Building on the discovery of mRNA in the 1960’s, the technology behind an mRNA vaccine for humans was in development for decades before the Covid-19 vaccine was first administered in 2020.
    
            “It takes a long time from that first discovery to turn it into a product,” said Ginther.
    
            In 2005, researchers learned that RNA could have immense therapeutic potential, but “found there was no interest” in this discovery, Nobel Prize-winning biochemist Dr. Katalin Kariko told Wired Magazine in 2020.
    
            By using that technology to develop their mRNA vaccines for Covid-19, pharmaceutical companies like Pfizer and Moderna made a windfall in profits. Between 2020 and 2021, Pfizer saw its revenue nearly double. In the same period, Moderna’s total revenue skyrocketed from $803 million to $18.5 billion, astounding growth the company said was “primarily due to commercial sales of (the) COVID-19 vaccine.”
    
            Ginther said most biotech and biomedical companies aren’t concerned with funding basic science like universities.
    
            “Most corporations are publicly traded, and they’re always looking at the bottom line,” she said. “That’s how they make money is through commercialization: they have a product, which they then patent and sell.”
    
            Interestingly, the number of graduate students — those pursuing master’s degrees and PhDs — in biomedical fields has grown by 22% between 2018 and 2022, according to the NSF survey. And the number of predoctoral students funded by NIH fellowships has increased steadily since 1998.
    
            Experts say these students are increasingly seeking out better paying industry jobs. Unlike academic positions, these roles don’t require postdoctoral research experience.
    
            “There’s no economic benefit (to doing a postdoctoral fellowship),” said Ginther. “If you spend four to six years in a postdoc and then jump into the industry, your starting salary is the same as if we would have just entered into industry automatically.”
    
            The pay gap between academia and industry is also astronomical, which has the added effect of making corporate jobs much more financially attractive to students.
    
            The NIH determines stipend amounts for US citizens in postdoctoral programs. The stipend for a first-year postdoc is roughly $56,000 per year, with marginal yearly wage increases. But in biotech, postdocs and PhD graduates can easily crack six figures.
    
            Ginther served on an advisory committee to the NIH in December, where she and colleagues recommended the NIH increase their stipend amounts by 34% to $70,000 per year.
    
            “The NIH was waiting for its budget and that budget was passed a week ago, so I’m sure they’re having discussions about it right now,” she said. Ginther noted that the federal budget granted to the NIH was flat for fiscal year 2024, which “in a time with rising prices is actually a cut.”
    
            The NIH told CNN on Monday that it is still considering the recommendations and the feasibility of implementing them.
    
            Experts warn that the building blocks of life-saving scientific innovation may slowly erode. A new study from the World Health Organization found that Covid-19 vaccines saved the lives on 1.4 million people in Europe alone, reducing deaths by 57%. Healthcare experts estimate that in the 103 years insulin has been available to treat diabetes, the medication has saved tens of millions of lives. A lack of funding and meaningful wage increases for a critical part of the science workforce can hinder these medical discoveries across a range of public health battlefronts, from cancer to Alzheimer’s to the next pandemic.",CNN,01/04/2024,"['Scientists in the United States, especially those in the biomedical fields, are increasingly leaving the world of academia for better-paying industry jobs amid stagnant federal funding and low wages.', 'It’s a troubling sign for the future of US-based medical research and development at pharmaceutical and biotech companies, which rely on the experimental science housed at universities to develop cutting-edge commercial products.', 'According to the National Institutes of Health, the number of postdoctoral fellows supported by NIH grants has been steadily falling for more than 20 years, with a significant dip after 2020.', 'The number of postdocs in the biological and biomedical fields has declined 9% between 2018 and 2022, and those in health-related fields have fallen by 8%, according to a survey published on March 20 by the National Science Foundation.', 'The problem is that postdocs are a critical component of the research and development workforce.', '“Science postdocs perform the science,” Donna Ginther, an economist who studies the science labor market at the University of Kansas, told CNN. “', 'They’re actually in the lab doing the work, so they make very important contributions to new scientific discovery.”', 'Those contributions are part of a long game.', 'Biomedical companies take scientific contributions and, over time, aggregate them into a commercial product.', 'Building on the discovery of mRNA in the 1960’s, the technology behind an mRNA vaccine for humans was in development for decades before the Covid-19 vaccine was first administered in 2020.', '“It takes a long time from that first discovery to turn it into a product,” said Ginther.', 'In 2005, researchers learned that RNA could have immense therapeutic potential, but “found there was no interest” in this discovery, Nobel Prize-winning biochemist Dr. Katalin Kariko told Wired Magazine in 2020.', 'By using that technology to develop their mRNA vaccines for Covid-19, pharmaceutical companies like Pfizer and Moderna made a windfall in profits.', 'Between 2020 and 2021, Pfizer saw its revenue nearly double.', 'In the same period, Moderna’s total revenue skyrocketed from $803 million to $18.5 billion, astounding growth the company said was “primarily due to commercial sales of (the) COVID-19 vaccine.”', 'Ginther said most biotech and biomedical companies aren’t concerned with funding basic science like universities.', '“Most corporations are publicly traded, and they’re always looking at the bottom line,” she said. “', 'That’s how they make money is through commercialization: they have a product, which they then patent and sell.”', 'Interestingly, the number of graduate students — those pursuing master’s degrees and PhDs — in biomedical fields has grown by 22% between 2018 and 2022, according to the NSF survey.', 'And the number of predoctoral students funded by NIH fellowships has increased steadily since 1998.', 'Experts say these students are increasingly seeking out better paying industry jobs.', 'Unlike academic positions, these roles don’t require postdoctoral research experience.', '“There’s no economic benefit (to doing a postdoctoral fellowship),” said Ginther. “', 'If you spend four to six years in a postdoc and then jump into the industry, your starting salary is the same as if we would have just entered into industry automatically.”', 'The pay gap between academia and industry is also astronomical, which has the added effect of making corporate jobs much more financially attractive to students.', 'The NIH determines stipend amounts for US citizens in postdoctoral programs.', 'The stipend for a first-year postdoc is roughly $56,000 per year, with marginal yearly wage increases.', 'But in biotech, postdocs and PhD graduates can easily crack six figures.', 'Ginther served on an advisory committee to the NIH in December, where she and colleagues recommended the NIH increase their stipend amounts by 34% to $70,000 per year.', '“The NIH was waiting for its budget and that budget was passed a week ago, so I’m sure they’re having discussions about it right now,” she said.', 'Ginther noted that the federal budget granted to the NIH was flat for fiscal year 2024, which “in a time with rising prices is actually a cut.”', 'The NIH told CNN on Monday that it is still considering the recommendations and the feasibility of implementing them.', 'Experts warn that the building blocks of life-saving scientific innovation may slowly erode.', 'A new study from the World Health Organization found that Covid-19 vaccines saved the lives on 1.4 million people in Europe alone, reducing deaths by 57%.', 'Healthcare experts estimate that in the 103 years insulin has been available to treat diabetes, the medication has saved tens of millions of lives.', 'A lack of funding and meaningful wage increases for a critical part of the science workforce can hinder these medical discoveries across a range of public health battlefronts, from cancer to Alzheimer’s to the next pandemic.']",0.1599729731923301,"In 2005, researchers learned that RNA could have immense therapeutic potential, but “found there was no interest” in this discovery, Nobel Prize-winning biochemist Dr. Katalin Kariko told Wired Magazine in 2020.","A lack of funding and meaningful wage increases for a critical part of the science workforce can hinder these medical discoveries across a range of public health battlefronts, from cancer to Alzheimer’s to the next pandemic.",0.0489416498886911,"Between 2020 and 2021, Pfizer saw its revenue nearly double.","The number of postdocs in the biological and biomedical fields has declined 9% between 2018 and 2022, and those in health-related fields have fallen by 8%, according to a survey published on March 20 by the National Science Foundation.",2024-04-01
New post-Brexit tariff to apply to UK cars going to Canada,https://www.bbc.co.uk/news/business-68688486,2024-03-28T18:01:21.000Z,"From Monday, any cars the UK exports to Canada will face an additional 6% tariff, or tax. The change comes after a post-Brexit agreement to continue EU trading terms expired without a new deal. The new tariffs are determined by whether the UK products exported to Canada use EU parts and materials. Limits, which had been waived, will now apply, meaning that certain exports, including cars, will not qualify for zero-tariff trade.  In 2023, 1.3% of British-built cars were exported to Canada, making it the UK's eighth largest market, according to the Society of Motor Manufacturers and Traders (SMMT), which represents the UK car industry. The car industry has expressed its concern, especially as there appears no timetable for a resumption of discussions.  The tariff was ""disappointing"", said Mike Hawes from SMMT, adding that manufacturers ""can only do so much"" to mitigate the higher costs for consumers which will result from the tariff. ""Given Canada's importance as a market for UK automotive exports, and the detriment this tariff will have on Canadian consumers, we urge all parties to be pragmatic, to resume negotiations on an upgraded trade deal,"" Mr Hawes added. These so-called ""rules of origin"" considerations also matter in the chemicals industry.  There is a wider disagreement between the UK and Canada over punitive tariffs on UK exports of cheese and the refusal of the UK to allow imports of Canadian hormone-treated beef. As a result of the disagreement, the trade secretary pulled the plug on wider free trade deal talks with Canada. Trade secretary Kemi Badenoch met her Canadian counterpart at a trade summit in February, and officials continued discussions recently without a breakthrough. A UK government source said it was a shame that Canada could not see that ""now, more than ever"" it was vital for allies to work together. ""Sadly, Canada has shown no willingness to agree an extension,"" they said. ""There's only so long you can bang your head against a brick wall when the other side isn't willing to find solutions."" Canadian farmers have lobbied the government in Ottawa to veto the ratification of the UK's membership of the trans-Pacific trade deal, the CPTPP. But Canada does appear to be pushing ahead with UK accession. However, with both the UK and Canada in the run-up to elections, it could be some time before the spat is settled. A spokesperson for the Department for Business and Trade said: ""Canada's decision not to roll over these rules of origin will increase the cost of trade and hurt businesses on both sides of the Atlantic.  ""The UK Government remains ready to work with Canada to find a solution that works for both countries, but we won't accept rowing back on the current terms"". ",BBC,28/03/2024,"['From Monday, any cars the UK exports to Canada will face an additional 6% tariff, or tax.', 'The change comes after a post-Brexit agreement to continue EU trading terms expired without a new deal.', 'The new tariffs are determined by whether the UK products exported to Canada use EU parts and materials.', 'Limits, which had been waived, will now apply, meaning that certain exports, including cars, will not qualify for zero-tariff trade.', ""In 2023, 1.3% of British-built cars were exported to Canada, making it the UK's eighth largest market, according to the Society of Motor Manufacturers and Traders (SMMT), which represents the UK car industry."", 'The car industry has expressed its concern, especially as there appears no timetable for a resumption of discussions.', 'The tariff was ""disappointing"", said Mike Hawes from SMMT, adding that manufacturers ""can only do so much"" to mitigate the higher costs for consumers which will result from the tariff. ""', 'Given Canada\'s importance as a market for UK automotive exports, and the detriment this tariff will have on Canadian consumers, we urge all parties to be pragmatic, to resume negotiations on an upgraded trade deal,"" Mr Hawes added.', 'These so-called ""rules of origin"" considerations also matter in the chemicals industry.', 'There is a wider disagreement between the UK and Canada over punitive tariffs on UK exports of cheese and the refusal of the UK to allow imports of Canadian hormone-treated beef.', 'As a result of the disagreement, the trade secretary pulled the plug on wider free trade deal talks with Canada.', 'Trade secretary Kemi Badenoch met her Canadian counterpart at a trade summit in February, and officials continued discussions recently without a breakthrough.', 'A UK government source said it was a shame that Canada could not see that ""now, more than ever"" it was vital for allies to work together. ""', 'Sadly, Canada has shown no willingness to agree an extension,"" they said. ""', 'There\'s only so long you can bang your head against a brick wall when the other side isn\'t willing to find solutions.""', ""Canadian farmers have lobbied the government in Ottawa to veto the ratification of the UK's membership of the trans-Pacific trade deal, the CPTPP."", 'But Canada does appear to be pushing ahead with UK accession.', 'However, with both the UK and Canada in the run-up to elections, it could be some time before the spat is settled.', 'A spokesperson for the Department for Business and Trade said: ""Canada\'s decision not to roll over these rules of origin will increase the cost of trade and hurt businesses on both sides of the Atlantic. ""', 'The UK Government remains ready to work with Canada to find a solution that works for both countries, but we won\'t accept rowing back on the current terms"".']",0.0429397220316586,"The UK Government remains ready to work with Canada to find a solution that works for both countries, but we won't accept rowing back on the current terms"".",There is a wider disagreement between the UK and Canada over punitive tariffs on UK exports of cheese and the refusal of the UK to allow imports of Canadian hormone-treated beef.,-0.1235244529587882,"The tariff was ""disappointing"", said Mike Hawes from SMMT, adding that manufacturers ""can only do so much"" to mitigate the higher costs for consumers which will result from the tariff. ""","A spokesperson for the Department for Business and Trade said: ""Canada's decision not to roll over these rules of origin will increase the cost of trade and hurt businesses on both sides of the Atlantic. """,2024-04-01
Xiaomi: Electric car buyers told they face six-month wait,https://www.bbc.co.uk/news/business-68705711,2024-04-01T05:41:28.000Z,"Just days after Chinese smartphone maker Xiaomi launched its first electric vehicle (EV), buyers have been told they may have to wait up to six months for their car to be delivered. Screen grabs on Chinese social media show the firm advising buyers it could take 27 weeks to deliver the SU7 Max. The company previously said pre-orders had hit 88,898 within 24 hours of it starting to take orders on Thursday. Xiaomi did not immediately respond to a BBC request for comment. The technology giant, which is the third-largest seller of smartphones in the world with a market share of about 12%, is taking on EV rivals including Tesla and BYD in the world's biggest market for cars. The standard SU7 model is priced at 215,900 yuan ($29,872; £23,663) and the Max version costs 299,900 yuan. The starting price in China for Tesla's Model 3 is 245,900 yuan.  The SU7, which has drawn comparisons with Porsche's Taycan and Panamera models, has a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km. As part of its campaign to promote the SU7, Xiaomi also released special versions of the car called the Founder's Edition, that come with free gifts, such as fridges. On Sunday, the technology giant's chief executive Lei Jun said in a Weibo post that it would open a second round of sales for the Founder's Edition. The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers. Xiaomi's EVs are made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year. But the move comes as sales growth of EVs has slowed globally, triggering a price war. Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices. In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV. Last week, BYD posted record annual profits but said growth had slowed towards the end of last year. Shanghai-based electric car maker Nio also lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens. American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 this week. Shares in Tesla fell by almost 30% in the first quarter. Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years. ",BBC,01/04/2024,"['Just days after Chinese smartphone maker Xiaomi launched its first electric vehicle (EV), buyers have been told they may have to wait up to six months for their car to be delivered.', 'Screen grabs on Chinese social media show the firm advising buyers it could take 27 weeks to deliver the SU7 Max.', 'The company previously said pre-orders had hit 88,898 within 24 hours of it starting to take orders on Thursday.', 'Xiaomi did not immediately respond to a BBC request for comment.', ""The technology giant, which is the third-largest seller of smartphones in the world with a market share of about 12%, is taking on EV rivals including Tesla and BYD in the world's biggest market for cars."", 'The standard SU7 model is priced at 215,900 yuan ($29,872; £23,663) and the Max version costs 299,900 yuan.', ""The starting price in China for Tesla's Model 3 is 245,900 yuan."", ""The SU7, which has drawn comparisons with Porsche's Taycan and Panamera models, has a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km."", ""As part of its campaign to promote the SU7, Xiaomi also released special versions of the car called the Founder's Edition, that come with free gifts, such as fridges."", ""On Sunday, the technology giant's chief executive Lei Jun said in a Weibo post that it would open a second round of sales for the Founder's Edition."", ""The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers."", ""Xiaomi's EVs are made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year."", 'But the move comes as sales growth of EVs has slowed globally, triggering a price war.', ""Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices."", 'In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV.', 'Last week, BYD posted record annual profits but said growth had slowed towards the end of last year.', ""Shanghai-based electric car maker Nio also lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens."", 'American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 this week.', 'Shares in Tesla fell by almost 30% in the first quarter.', 'Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years.']",0.0923975256083016,"As part of its campaign to promote the SU7, Xiaomi also released special versions of the car called the Founder's Edition, that come with free gifts, such as fridges.","The SU7, which has drawn comparisons with Porsche's Taycan and Panamera models, has a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km.",-0.4355936901909964,"Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices.","But the move comes as sales growth of EVs has slowed globally, triggering a price war.",2024-04-01
Fed Chair Jerome Powell signals rate cuts aren’t imminent,https://edition.cnn.com/2024/03/29/business/jerome-powell-interest-rates-federal-reserve/index.html,"
  Published
        2:39 PM EDT, Fri March 29, 2024
    ","The Federal Reserve has been keen on paying attention to investors’ expectations on interest rates. But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet.
    
            That’s the message Fed Chair Jerome Powell delivered on Friday.
    
            “We don’t need to be in a hurry to cut,” he said, adding that strong employment data is buying the central bank more time to wait until inflation gets closer to 2%.
    
            Hours before Powell spoke at an event hosted by the San Francisco Fed, the central bank’s preferred inflation gauge — the Personal Consumption Expenditures price index — was released.
    
            The index ticked up last month to 2.5% on an annual basis, moving further from the Fed’s 2% target. Powell wasn’t fretting about it though, saying that it was “pretty much in line with our expectations.”
    
            The increase in inflation last month is a marked improvement from a year ago, when prices were rising twice as fast as they are now. Still, Powell raised concerns about cutting rates too early.
    
            “If we reduce rates too soon, there’s a chance that inflation would pop back and we’d have to come back in and that would be very disruptive (to the economy),” he said.
    
            He also acknowledged the risks of leaving rates where they are now. If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.
    
            That’s not materializing at the moment. “This is an economy that doesn’t feel like it’s suffering from the current level of rates,” Powell said.
    
            Like Powell, several Fed officials have conveyed they’re more concerned about cutting too soon than prolonging the status quo. Atlanta Fed President Raphael Bostic, currently a voting member on the Fed’s rate-setting committee, recently went as far as to suggest the central bank should only cut rates once this year because of the inflationary risks.
    
            Ultimately, Powell said he doesn’t see rates falling to their pre-pandemic levels of around 2% in the foreseeable future. By comparison, the Fed is currently targeting a range of 5.25% to 5.5%, a 23-year high.
    
            Powell’s term at the Fed expires in two years. At that point, it remains to be seen who will be in the Oval Office.
    
            If former President Donald Trump, the presumptive Republican nominee, wins the election, he’s signaled he would replace Powell. If President Joe Biden — who nominated Powell — is reelected, there’s no guarantee that the Fed chair would want to extend his tenure with a third four-year term.
    
            Ultimately, Powell hopes the Fed will continue to maintain its independence and be a place “that transcends politics” especially “divisive politics.” Powell said that if the Fed’s independence from elected lawmakers is blurred, it will be hard — if not impossible — for it to achieve its mandated mission of price stability and maximum employment.
    
            “I feel accountable and responsible for the institution and delivering it to the next generation of leaders,” Powell said.",CNN,29/03/2024,"['The Federal Reserve has been keen on paying attention to investors’ expectations on interest rates.', 'But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet.', 'That’s the message Fed Chair Jerome Powell delivered on Friday.', '“We don’t need to be in a hurry to cut,” he said, adding that strong employment data is buying the central bank more time to wait until inflation gets closer to 2%.', 'Hours before Powell spoke at an event hosted by the San Francisco Fed, the central bank’s preferred inflation gauge — the Personal Consumption Expenditures price index — was released.', 'The index ticked up last month to 2.5% on an annual basis, moving further from the Fed’s 2% target.', 'Powell wasn’t fretting about it though, saying that it was “pretty much in line with our expectations.”', 'The increase in inflation last month is a marked improvement from a year ago, when prices were rising twice as fast as they are now.', 'Still, Powell raised concerns about cutting rates too early.', '“If we reduce rates too soon, there’s a chance that inflation would pop back and we’d have to come back in and that would be very disruptive (to the economy),” he said.', 'He also acknowledged the risks of leaving rates where they are now.', 'If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.', 'That’s not materializing at the moment. “', 'This is an economy that doesn’t feel like it’s suffering from the current level of rates,” Powell said.', 'Like Powell, several Fed officials have conveyed they’re more concerned about cutting too soon than prolonging the status quo.', 'Atlanta Fed President Raphael Bostic, currently a voting member on the Fed’s rate-setting committee, recently went as far as to suggest the central bank should only cut rates once this year because of the inflationary risks.', 'Ultimately, Powell said he doesn’t see rates falling to their pre-pandemic levels of around 2% in the foreseeable future.', 'By comparison, the Fed is currently targeting a range of 5.25% to 5.5%, a 23-year high.', 'Powell’s term at the Fed expires in two years.', 'At that point, it remains to be seen who will be in the Oval Office.', 'If former President Donald Trump, the presumptive Republican nominee, wins the election, he’s signaled he would replace Powell.', 'If President Joe Biden — who nominated Powell — is reelected, there’s no guarantee that the Fed chair would want to extend his tenure with a third four-year term.', 'Ultimately, Powell hopes the Fed will continue to maintain its independence and be a place “that transcends politics” especially “divisive politics.”', 'Powell said that if the Fed’s independence from elected lawmakers is blurred, it will be hard — if not impossible — for it to achieve its mandated mission of price stability and maximum employment.', '“I feel accountable and responsible for the institution and delivering it to the next generation of leaders,” Powell said.']",0.073359436303638,The Federal Reserve has been keen on paying attention to investors’ expectations on interest rates.,"If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.",-0.0154206644405018,"The index ticked up last month to 2.5% on an annual basis, moving further from the Fed’s 2% target.","If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.",2024-04-01
Powerball jackpot soars to $1 billion for Monday night’s drawing,https://edition.cnn.com/2024/03/31/business/nearly-usd1-billion-prize-in-monday-night-powerball-jackpot/index.html,"
  Updated
        12:12 PM EDT, Mon April 1, 2024
    ","This is not an April Fool’s Day joke. Monday night’s Powerball drawing has skyrocketed to $1 billion.
    
            This is only the fifth advertised Powerball jackpot to reach $1 billion, lottery officials said.
    
            The deadline to buy tickets for today’s drawing varies depending on where you buy, but it’s typically one to two hours before the drawing takes place at 10:59 p.m. ET.
    
            A winner who snags the billion-dollar prize can choose the annuitized option, with payments spread out over 29 years, or the lump-sum option of $483.8 million. Taxes must be paid either way.
    
            It’s been three months since anyone won a Powerball jackpot. That lucky player in Michigan snagged an $842.4 million prize on January 1.
    
            The overall odds of winning a Powerball prize in any amount are 1 in 24.9. The odds of winning the jackpot are 1 in 292.2 million.
    
            If you do miraculously hit the jackpot, try to stay sane with some smart planning.",CNN,01/04/2024,"['This is not an April Fool’s Day joke.', 'Monday night’s Powerball drawing has skyrocketed to $1 billion.', 'This is only the fifth advertised Powerball jackpot to reach $1 billion, lottery officials said.', 'The deadline to buy tickets for today’s drawing varies depending on where you buy, but it’s typically one to two hours before the drawing takes place at 10:59 p.m. ET.', 'A winner who snags the billion-dollar prize can choose the annuitized option, with payments spread out over 29 years, or the lump-sum option of $483.8 million.', 'Taxes must be paid either way.', 'It’s been three months since anyone won a Powerball jackpot.', 'That lucky player in Michigan snagged an $842.4 million prize on January 1.', 'The overall odds of winning a Powerball prize in any amount are 1 in 24.9.', 'The odds of winning the jackpot are 1 in 292.2 million.', 'If you do miraculously hit the jackpot, try to stay sanewith some smart planning.']",0.398153622748863,"A winner who snags the billion-dollar prize can choose the annuitized option, with payments spread out over 29 years, or the lump-sum option of $483.8 million.",,0.9991887509822844,Monday night’s Powerball drawing has skyrocketed to $1 billion.,,2024-04-01
Fallen 'Crypto King' Sam Bankman-Fried gets 25 years for fraud,https://www.bbc.co.uk/news/business-68677487,2024-03-28T16:12:40.000Z,"Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.  The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022. He was found to have stolen billions from customers ahead of the failure. Bankman-Fried's legal team will appeal against his conviction. A message from his parents shared with the BBC by a representative for Bankman-Fried said: ""We are heartbroken and will continue to fight for our son."" Earlier, the 32-year-old said in court he knew ""a lot of people"" felt ""really let down"". ""I'm sorry about that. I'm sorry about what happened at every stage,"" he said, speaking quietly and clearly ahead of his sentencing.  FTX was one of the world's largest crypto exchanges before its demise, turning Bankman-Fried into a business celebrity and attracting millions of customers who used the platform to buy and trade cryptocurrency.  Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes.  He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had taken more than $8bn (£6.3bn) from customers, and used the money to buy property, make political donations and put toward other investments. Before reading the sentence on Thursday, Judge Lewis Kaplan provided a harsh assessment of Bankman-Fried's behaviour, saying he had lied during his testimony at trial when he claimed he was unaware until the last minute that his companies were taking money entrusted to them for safe-keeping by customers and using it for other purposes.  ""He knew it was wrong. He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught but he's not going to admit a thing,"" the judge said. Though Bankman-Fried had made ""protestations of sorrow"" about customer losses, he had uttered ""never a word of remorse for the commission of terrible crimes"", he added.  While 25 years constitutes a serious prison sentence, it is far less than the more than 100 years Bankman-Fried could have received under official government guidelines. Federal prosecutors in New York this month told the judge such a long term was not necessary. But they requested at least 40 years, arguing that Bankman-Fried had committed a massive fraud, while showing ""brazen disrespect"" for the law. Bankman-Fried's team had argued for a lighter sentence of roughly five to 6.5 years.  They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court.  ""The victims want their money back and they should get it,"" his lawyer, Marc Mukasey, argued in court on Thursday morning. ""Sentence him to work hard and give it all away."" Former federal prosecutor Mitchell Epner, now a lawyer at Rottenberg Lipman Rich, said he was ""very surprised"" by the ruling, noting that Bankman-Fried could potentially be released from prison in about 13 years. But Jennifer Taub, a law professor at Western New England University and expert on white-collar crime, said she thought the length of the sentence was appropriate. ""It is the right balance between how old he is and what is the purpose of deterrence,"" she said. In his sentencing remarks, Judge Kaplan said what could amount to a life sentence was unnecessary but that Bankman-Fried must receive a punishment sufficient to prevent him from committing future crimes. ""There is a risk that this man will be in a position to do something very bad in the future and it's not a trivial risk, not a trivial risk at all,"" he said.  He also ordered Bankman-Fried to forfeit $11bn that can be used to compensate victims.  The government has already seized some of those assets, such as shares Bankman-Fried owned in Robinhood, the trading app which raised more than $600m when they were sold last year.  Bankman-Fried showed little visible reaction to the ruling.  Bankman-Fried has admitted to mistakes of mismanagement, but maintained that he was acting in good faith. In his comments ahead of the sentencing, he stuck to his story that FTX had the holdings to repay customers at the time of its collapse and said he did not think that reasons behind customer suffering had been ""properly told"". ""They've been failed by more people than I can count"" including himself, he said, speaking of the exchange's customers. ""It's been excruciating to watch."" Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks.  ""They all built something really beautiful, they threw themselves into it and then I threw it all away,"" he added. ""It haunts me every day."" Dozens of people, including former FTX customers, family, friends of his parents and complete strangers, had submitted letters to the court, trying to sway the outcome. Louis Dorigny of California, who had been an FTX customer said it was a ""bittersweet moment for creditors"".  ""I don't wish jail time on anybody, and 25 years is a very, very long time to be in prison, but it does nothing to compensate the victims for the loss of their cryptocurrency,"" he said.  Samuel Hapak, chief executive of crypto trading fund Wincent, whose firm represented 200 investors with millions of dollars at FTX when it entered bankruptcy, told the BBC that he thought the ruling was ""fair"". ""Twenty-five years is a lot and I believe that this sounds like a reasonable signal to the industry that it needs to step up the game,"" he said. Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.  He said he was also taking into account concerns raised by his lawyers and parents that Bankman-Fried's social awkwardness stemming from autism spectrum disorder would make him vulnerable in prison. Bankman-Fried's case has been closely watched by other crypto executives and firms facing charges. But he is not the first player in the industry to be sentenced.  Karl Sebastian Greenwood, who worked with ""Cryptoqueen"" Ruja Ignatova, was sentenced to 20 years in prison last year for his role convincing millions of people to invest more than $4bn in a fraudulent currency, OneCoin. His case also drew comparisons to Bernie Madoff, who was setenced to 150 years in prison after being found guilty of a $64bn Ponzi scheme.  Former federal prosecutor Marc Litt, who worked on the the case against Madoff and is now a lawyer at Wachtel Missry, said he saw big differences between the two fraudsters, noting Madoff was older when sentenced, had committed his crimes over several decades, stolen from people he knew well and had no one step forward to testify to his character. ""The court implicitly took those sorts of differences into consideration and I believe that the resulting lower sentence was both warranted and is unlikely to be disturbed on appeal,"" he said.  ",BBC,28/03/2024,"['Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.', ""The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022."", 'He was found to have stolen billions from customers ahead of the failure.', ""Bankman-Fried's legal team will appeal against his conviction."", 'A message from his parents shared with the BBC by a representative for Bankman-Fried said: ""We are heartbroken and will continue to fight for our son.""', 'Earlier, the 32-year-old said in court he knew ""a lot of people"" felt ""really let down"". ""', ""I'm sorry about that."", 'I\'m sorry about what happened at every stage,"" he said, speaking quietly and clearly ahead of his sentencing.', ""FTX was one of the world's largest crypto exchanges before its demise, turning Bankman-Fried into a business celebrity and attracting millions of customers who used the platform to buy and trade cryptocurrency."", ""Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes."", 'He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had taken more than $8bn (£6.3bn) from customers, and used the money to buy property, make political donations and put toward other investments.', 'Before reading the sentence on Thursday, Judge Lewis Kaplan provided a harsh assessment of Bankman-Fried\'s behaviour, saying he had lied during his testimony at trial when he claimed he was unaware until the last minute that his companies were taking money entrusted to them for safe-keeping by customers and using it for other purposes. ""', 'He knew it was wrong.', 'He knew it was criminal.', 'He regrets that he made a very bad bet about the likelihood of getting caught but he\'s not going to admit a thing,"" the judge said.', 'Though Bankman-Fried had made ""protestations of sorrow"" about customer losses, he had uttered ""never a word of remorse for the commission of terrible crimes"", he added.', 'While 25 years constitutes a serious prison sentence, it is far less than the more than 100 years Bankman-Fried could have received under official government guidelines.', 'Federal prosecutors in New York this month told the judge such a long term was not necessary.', 'But they requested at least 40 years, arguing that Bankman-Fried had committed a massive fraud, while showing ""brazen disrespect"" for the law.', ""Bankman-Fried's team had argued for a lighter sentence of roughly five to 6.5 years."", 'They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court. ""', 'The victims want their money back and they should get it,"" his lawyer, Marc Mukasey, argued in court on Thursday morning. ""', 'Sentence him to work hard and give it all away.""', 'Former federal prosecutor Mitchell Epner, now a lawyer at Rottenberg Lipman Rich, said he was ""very surprised"" by the ruling, noting that Bankman-Fried could potentially be released from prison in about 13 years.', 'But Jennifer Taub, a law professor at Western New England University and expert on white-collar crime, said she thought the length of the sentence was appropriate. ""', 'It is the right balance between how old he is and what is the purpose of deterrence,"" she said.', 'In his sentencing remarks, Judge Kaplan said what could amount to a life sentence was unnecessary but that Bankman-Fried must receive a punishment sufficient to prevent him from committing future crimes. ""', 'There is a risk that this man will be in a position to do something very bad in the future and it\'s not a trivial risk, not a trivial risk at all,"" he said.', 'He also ordered Bankman-Fried to forfeit $11bn that can be used to compensate victims.', 'The government has already seized some of those assets, such as shares Bankman-Fried owned in Robinhood, the trading app which raised more than $600m when they were sold last year.', 'Bankman-Fried showed little visible reaction to the ruling.', 'Bankman-Fried has admitted to mistakes of mismanagement, but maintained that he was acting in good faith.', 'In his comments ahead of the sentencing, he stuck to his story that FTX had the holdings to repay customers at the time of its collapse and said he did not think that reasons behind customer suffering had been ""properly told"". ""', 'They\'ve been failed by more people than I can count"" including himself, he said, speaking of the exchange\'s customers. ""', 'It\'s been excruciating to watch.""', 'Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks. ""', 'They all built something really beautiful, they threw themselves into it and then I threw it all away,"" he added. ""', 'It haunts me every day.""', 'Dozens of people, including former FTX customers, family, friends of his parents and complete strangers, had submitted letters to the court, trying to sway the outcome.', 'Louis Dorigny of California, who had been an FTX customer said it was a ""bittersweet moment for creditors"". ""', 'I don\'t wish jail time on anybody, and 25 years is a very, very long time to be in prison, but it does nothing to compensate the victims for the loss of their cryptocurrency,"" he said.', 'Samuel Hapak, chief executive of crypto trading fund Wincent, whose firm represented 200 investors with millions of dollars at FTX when it entered bankruptcy, told the BBC that he thought the ruling was ""fair"". ""', 'Twenty-five years is a lot and I believe that this sounds like a reasonable signal to the industry that it needs to step up the game,"" he said.', 'Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.', ""He said he was also taking into account concerns raised by his lawyers and parents that Bankman-Fried's social awkwardness stemming from autism spectrum disorder would make him vulnerable in prison."", ""Bankman-Fried's case has been closely watched by other crypto executives and firms facing charges."", 'But he is not the first player in the industry to be sentenced.', 'Karl Sebastian Greenwood, who worked with ""Cryptoqueen"" Ruja Ignatova, was sentenced to 20 years in prison last year for his role convincing millions of people to invest more than $4bn in a fraudulent currency, OneCoin.', 'His case also drew comparisons to Bernie Madoff, who was setenced to 150 years in prison after being found guilty of a $64bn Ponzi scheme.', 'Former federal prosecutor Marc Litt, who worked on the the case against Madoff and is now a lawyer at Wachtel Missry, said he saw big differences between the two fraudsters, noting Madoff was older when sentenced, had committed his crimes over several decades, stolen from people he knew well and had no one step forward to testify to his character. ""', 'The court implicitly took those sorts of differences into consideration and I believe that the resulting lower sentence was both warranted and is unlikely to be disturbed on appeal,"" he said.']",-0.2778604803875567,"Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks. """,Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.,-0.2853164209259881,"They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court. ""","Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes.",2024-04-01
NBC News boss Cesar Conde faces backlash from his network’s anchors over ‘inexplicable’ decision to hire ex-RNC chair Ronna McDaniel,https://edition.cnn.com/2024/03/26/media/nbc-news-cesar-conde-ronna-mcdaniel-backlash/index.html,"
  Published
        8:05 AM EDT, Tue March 26, 2024
    ","Cesar Conde has a decision to make — and it’s not an especially difficult one.
    
            The NBCUniversal News Group chair is facing a torrent of backlash from his own staff after greenlighting the hire of former Republican National Committee chair Ronna McDaniel as a paid network contributor.
    
            Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.” And they’re not doing it via anonymous comments to the press. They’re doing it on the record on NBCU’s own air. Chuck Todd broke the dam on Sunday’s “Meet the Press” with a set of candid comments about the hiring, and Rachel Maddow capped the flood of backlash Monday night with a blistering 30-minute monologue eviscerating the network’s leadership for the “inexplicable” move.
    
            Suffice to say, NBCU News Group is in unprecedented territory. Never has a network’s C-suite ever been so thoroughly flogged by its most high-profile stars in such no holds barred fashion. Saying that Conde simply has a crisis on his hands would be a contender for understatement of the year. It’s a five-alarm fire at NBCU News Group, and one of Conde’s own making.
    
            While NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown were most directly responsible for McDaniel’s hiring, a decision that MSNBC boss Rashida Jones did not object to it at the time, the buck ultimately stops with Conde, who hold the real power at the Peacock Network. McDaniel’s hiring could not have happened without Conde’s blessing.
    
            It does not take a brilliant political mind with prescient foresight to understand that hiring McDaniel would ignite a firestorm of outrage — from both within 30 Rock and outside it. Conde, someone who ostensibly supports American democracy, should have rejected McDaniel’s hiring on the grounds that NBCU News Group could not put someone on its payroll who tried to subvert the 2020 vote.
    
            As so many of NBCU’s staffers have underscored, the objection to McDaniel is not that she is a Republican. It’s not even that she is a Donald Trump-supporting Republican. It’s that she was an active participant in the plot to overthrow the last presidential election. That is not to even mention McDaniel’s years of demonizing the press, smearing the journalists who work at NBC News and MSNBC as she sought to destroy the credibility of the organization that she ran to after being chased out of the RNC.
    
            The notion put forward by NBC that it needed to hire McDaniel to bring its viewers “an insider’s perspective on national politics and the future of the Republican Party” is absurd. If that’s the case, the network should move to hire free agents like Tucker Carlson or Candace Owens. They too have their hands on the pulse of the Republican Party. In fact, they represent much more of where the GOP stands today than McDaniel. So, using NBC’s logic, why not hire them? (Spoiler: News organizations rightfully have established basic standards for paid contributors. Asking that your employees have a commitment to democracy, to the truth, and to basic decency is not a big ask.)
    
            But even if Conde has no allegiance to basic democratic principles, which this hire calls into question, given that he is known to be a political player who cares deeply about his own image in the press, he should have been wise enough to foresee that hiring McDaniel would be an ill-conceived move. How this did not occur to Conde is unfathomable and shows a tremendous lack of judgment.
    
            Even more bizarre is Conde’s management, or lack thereof, since the controversy erupted. It was clear early on that his employees at NBC News and MSNBC did not support McDaniel’s hiring. If that was not evident on Friday, it was clear as day on Sunday after “Meet the Press.” The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.
    
            At that point, the writing should have been on the wall for Conde — as it was for every other media executive that I have spoken with over the last 24 hours. It is evident that McDaniel has no real future as an NBC analyst and the decision to bring her on as a contributor will have to be reversed. After all, which NBC or MSNBC program is going to invite her on after all of this?
    
            The only real question for Conde after the Sunday morning scolding should have been how he chose to back out of the deal in the least painful way possible. To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.
    
            But no such announcement came.
    
            Instead, Conde has allowed the mess to spiral absolutely out of control. MSNBC’s top stars hammered the network’s leadership throughout the day Monday over the hire. NBC News’ Guild blasted Conde, saying in a statement that under him the company had quietly laid off employees over the last month and instead chosen to “prioritize an election denier over its reporters.” The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.
    
            All the while, Conde has remained silent. I asked his spokesperson, Stephen Labaton, on Monday whether the NBCU News Group boss had any comment on the situation. Does he have any regret? I didn’t get an on-the-record response. Suffice to say, however, that what Conde does moving forward will say a lot about his character and commitment to democratic values. It will also say a lot about the NBCU News Group and what type of organization it is.
    
            In her biting monologue on Monday night, however, Maddow did offer Conde a way out of this mess.
    
            “Mistakes will be made,” Maddow said.”But our resilience as a democracy is going to be recognizing when decisions are bad ones and reversing those bad decisions. Hearing legitimate criticism, responding to it, and correcting course. Not digging in. Not blaming others. Take a minute. Acknowledge that maybe it wasn’t the right call.”
    
            “It is a sign of strength, not weakness, to acknowledge when you are wrong,” Maddow added. “It is a sign of strength. And our country needs us to be strong now.”",CNN,26/03/2024,"['Cesar Conde has a decision to make — and it’s not an especially difficult one.', 'The NBCUniversal News Group chair is facing a torrent of backlash from his own staff after greenlighting the hire of former Republican National Committee chair Ronna McDaniel as a paid network contributor.', 'Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.”', 'And they’re not doing it via anonymous comments to the press.', 'They’re doing it on the record on NBCU’s own air.', 'Chuck Todd broke the dam on Sunday’s “Meet the Press” with a set of candid comments about the hiring, and Rachel Maddow capped the flood of backlash Monday night with a blistering 30-minute monologue eviscerating the network’s leadership for the “inexplicable” move.', 'Suffice to say, NBCU News Group is in unprecedented territory.', 'Never has a network’s C-suite ever been so thoroughly flogged by its most high-profile stars in such no holds barred fashion.', 'Saying that Conde simply has a crisis on his hands would be a contender for understatement of the year.', 'It’s a five-alarm fire at NBCU News Group, and one of Conde’s own making.', 'While NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown were most directly responsible for McDaniel’s hiring, a decision that MSNBC boss Rashida Jones did not object to it at the time, the buck ultimately stops with Conde, who hold the real power at the Peacock Network.', 'McDaniel’s hiring could not have happened without Conde’s blessing.', 'It does not take a brilliant political mind with prescient foresight to understand that hiring McDaniel would ignite a firestorm of outrage — from both within 30 Rock and outside it.', 'Conde, someone who ostensibly supports American democracy, should have rejected McDaniel’s hiring on the grounds that NBCU News Group could not put someone on its payroll who tried to subvert the 2020 vote.', 'As so many of NBCU’s staffers have underscored, the objection to McDaniel is not that she is a Republican.', 'It’s not even that she is a Donald Trump-supporting Republican.', 'It’s that she was an active participant in the plot to overthrow the last presidential election.', 'That is not to even mention McDaniel’s years of demonizing the press, smearing the journalists who work at NBC News and MSNBC as she sought to destroy the credibility of the organization that she ran to after being chased out of the RNC.', 'The notion put forward by NBC that it needed to hire McDaniel to bring its viewers “an insider’s perspective on national politics and the future of the Republican Party” is absurd.', 'If that’s the case, the network should move to hire free agents like Tucker Carlson or Candace Owens.', 'They too have their hands on the pulse of the Republican Party.', 'In fact, they represent much more of where the GOP stands today than McDaniel.', 'So, using NBC’s logic, why not hire them? (', 'Spoiler: News organizations rightfully have established basic standards for paid contributors.', 'Asking that your employees have a commitment to democracy, to the truth, and to basic decency is not a big ask.)', 'But even if Conde has no allegiance to basic democratic principles, which this hire calls into question, given that he is known to be a political player who cares deeply about his own image in the press, he should have been wise enough to foresee that hiring McDaniel would be an ill-conceived move.', 'How this did not occur to Conde is unfathomable and shows a tremendous lack of judgment.', 'Even more bizarre is Conde’s management, or lack thereof, since the controversy erupted.', 'It was clear early on that his employees at NBC News and MSNBC did not support McDaniel’s hiring.', 'If that was not evident on Friday, it was clear as day on Sunday after “Meet the Press.”', 'The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.', 'At that point, the writing should have been on the wall for Conde — as it was for every other media executive that I have spoken with over the last 24 hours.', 'It is evident that McDaniel has no real future as an NBC analyst and the decision to bring her on as a contributor will have to be reversed.', 'After all, which NBC or MSNBC program is going to invite her on after all of this?', 'The only real question for Conde after the Sunday morning scolding should have been how he chose to back out of the deal in the least painful way possible.', 'To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.', 'But no such announcement came.', 'Instead, Conde has allowed the mess to spiral absolutely out of control.', 'MSNBC’s top stars hammered the network’s leadership throughout the day Monday over the hire.', 'NBC News’ Guild blasted Conde, saying in a statement that under him the company had quietly laid off employees over the last month and instead chosen to “prioritize an election denier over its reporters.”', 'The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.', 'All the while, Conde has remained silent.', 'I asked his spokesperson, Stephen Labaton, on Monday whether the NBCU News Group boss had any comment on the situation.', 'Does he have any regret?', 'I didn’t get an on-the-record response.', 'Suffice to say, however, that what Conde does moving forward will say a lot about his character and commitment to democratic values.', 'It will also say a lot about the NBCU News Group and what type of organization it is.', 'In her biting monologue on Monday night, however, Maddow did offer Conde a way out of this mess.', '“Mistakes will be made,” Maddow said.', '”But our resilience as a democracy is going to be recognizing when decisions are bad ones and reversing those bad decisions.', 'Hearing legitimate criticism, responding to it, and correcting course.', 'Not digging in.', 'Not blaming others.', 'Take a minute.', 'Acknowledge that maybe it wasn’t the right call.”', '“It is a sign of strength, not weakness, to acknowledge when you are wrong,” Maddow added. “', 'It is a sign of strength.', 'And our country needs us to be strong now.”']",-0.032955005531589,"Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.”",The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.,-0.501803499001723,"To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.","The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.",2024-04-01
Lessons for Baltimore: How Minneapolis recovered from its I-35W bridge collapse 17 years ago,https://edition.cnn.com/2024/03/27/economy/minneapolis-bridge-collapse-baltimore-lessons/index.html,"
  Updated
        6:42 AM EDT, Wed March 27, 2024
    ","The collapse of the the Francis Scott Key Bridge in Baltimore on Tuesday is unfortunately not the first deadly collapse of a major interstate bridge in the US. But the response to a bridge failure in Minneapolis 17 years ago, one of the most catastrophic bridge failures in recent memory, could serve as a roadmap for Baltimore moving forward.
    
            On August 1, 2007, when cars were bumper to bumper in evening rush hour traffic along Interstate 35W in Minneapolis, the heavily trafficked, eight-lane bridge that spanned the Mississippi River suddenly failed and collapsed into the river and railyard below. Thirteen people were killed, and nearly 150 more were injured.
    
            In addition to the tragic loss of lives and the immediate damage, the collapse of the I-35W bridge cut off a major transportation artery for the Twin Cities. About 140,000 cars a day traversed the I-35W bridge that once stood more than 100 feet above the Mighty Mississippi.
    
            The loss of the I-35W bridge was initially estimated to sap $113,000 per day (about $17 million total in 2007 and $43 million in 2008) from the state’s economic output, according to projections from the state of Minnesota. Concern swelled about how traffic would snarl elsewhere in the state.
    
            The enormous traffic jams did not emerge as expected, and it took only 13 months for a brand new bridge to be built.
    
            “The economic impact was orders of magnitude less than people had feared,” Christopher Phelan, an economics professor at the University of Minnesota, told CNN.
    
            “There was a lot of almost instant adaptability.”
    
            In the days and weeks that followed, the Minnesota Department of Transportation (MnDOT) restriped several of the major highways and neighboring interstates to turn the shoulders into driving lanes, he said.
    
            The City of Lakes, by its nature also a city of bridges, and MnDOT immediately inspected the bracket plates on every truss bridge in the state and established a program to repair and replace any and all structurally deficient bridges within 10 years, MnDOT Commissioner Nancy Daubenberger told NPR 2017, on the 10th anniversary of the collapse.
    
            The federal government moved swiftly as well: The House of Representatives and the US Senate voted unanimously for $250 million in emergency funding for Minnesota, and the bill was signed into law by President George W. Bush on August 6, just days after the collapse.
    
            By mid-September, MnDOT had enlisted one firm to both design and build the replacement bridge, which was ultimately completed far faster and cheaper than projected.
    
            The I-35W Saint Anthony Falls Bridge was opened in mid-September 2008, a startlingly fast turnaround by infrastructure standards.
    
            On Tuesday night, the I-35W bridge was lit in the colors of the Maryland state flag.
    
            US bridges can take several years to be built, with some construction projects taking much longer.
    
            “We see things that are taking 10 years to build that would have taken a year 50 years ago,” Phelan said. “Those things that are causing it to take 10 years instead of a year are not laws of nature. Those are laws of humans that can be set aside — and they have been set aside — for emergencies.”
    
            On Tuesday, Minnesota Gov. Tim Walz made a post on social media site X calling the news of the collapse “heart-wrenching” and added that “as we pray for the people of Maryland, we’re offering any resources they may need as they grapple with this tragedy.”
    
            It’s not a complete apples to apples comparison between the I-35W bridge and the Key Bridge. The Key Bridge had about 22% of the daily traffic of the I-35W Mississippi River Bridge; however, the Minneapolis bridge was about 22% the length of the truss bridge in Baltimore.
    
            Additionally, the Key Bridge’s collapse closed the nation’s ninth-busiest port.
    
            “And that’s going to last until the salvage companies can come and clear that channel,” Ryan Petersen, chief executive officer of logistics technology firm Flexport, told CNN in an interview. “It could be weeks, it could be months before they’re able to open up the channel again and make it safe for ships to continue serving the Port of Baltimore.”
    
            Ships will be re-routed, as will the daily commutes, the commercial traffic and those who used the bridge for non-work trips, said civil engineer and author David Levinson, a former University of Minnesota professor who researched the I-35W bridge.
    
            “One of the things that we saw with the 35W bridge is that we lost 140,000 trips per day on that bridge,” said Levinson, who is now a professor of transport engineering at the University of Sydney in Australia. “And we looked at the counts on all the other bridges, and they only increased by 90,000, which means about 50,000 trips, they vanished into the ether … they either were not made or they went to different destinations.”
    
            Five months after the bridge collapsed, several small businesses closed up shop, citing diminished customer traffic, the Minneapolis Star-Tribune wrote at the time. The collapse was declared a federal disaster, allowing for businesses to get low-interest loans, but there were very few takers.
    
            Some business owners at the time said they didn’t want to take on the debt for operations that were no longer economically viable.
    
            However, the full extent of evaluating the business impact was muddled by another disaster: the broader financial crisis that would result in the Great Recession, Levinson said.
    
            The I-35W bridge failure and collapse resulted in an estimated economic loss of $71,000 to $220,000 per day, depending on how drivers adjusted their trips, Levinson and fellow professor Feng Xie wrote in a 2011 study that was published in the Transportation Planning and Technology journal.
    
            Levinson and Xie also found that MnDOT’s quick implementation of major traffic restoration projects had the potential to save the “road-users” $9,500 to $17,500 per day.
    
            “This translates into a benefit-cost ratio of 2.0-9.0, suggesting these projects are highly beneficial in an economic sense,” Levinson and Xie wrote.
    
            In the immediate aftermath of the Key Bridge collapse, Levinson told CNN that this event should hopefully bring attention to vulnerabilities of critical pieces of infrastructure.
    
            “This kind of thing, I suspect, is not going to be the last one,” he said. “We need to be thinking about ways of defending against this, not just in terms of random events, but in terms of intentional events.”",CNN,27/03/2024,"['The collapse of the the Francis Scott Key Bridge in Baltimore on Tuesday is unfortunately not the first deadly collapse of a major interstate bridge in the US.', 'But the response to a bridge failure in Minneapolis 17 years ago, one of the most catastrophic bridge failures in recent memory, could serve as a roadmap for Baltimore moving forward.', 'On August 1, 2007, when cars were bumper to bumper in evening rush hour traffic along Interstate 35W in Minneapolis, the heavily trafficked, eight-lane bridge that spanned the Mississippi River suddenly failed and collapsed into the river and railyard below.', 'Thirteen people were killed, and nearly 150 more were injured.', 'In addition to the tragic loss of lives and the immediate damage, the collapse of the I-35W bridge cut off a major transportation artery for the Twin Cities.', 'About 140,000 cars a day traversed the I-35W bridge that once stood more than 100 feet above the Mighty Mississippi.', 'The loss of the I-35W bridge was initially estimated to sap $113,000 per day (about $17 million total in 2007 and $43 million in 2008) from the state’s economic output, according to projections from the state of Minnesota.', 'Concern swelled about how traffic would snarl elsewhere in the state.', 'The enormous traffic jams did not emerge as expected, and it took only 13 months for a brand new bridge to be built.', '“The economic impact was orders of magnitude less than people had feared,” Christopher Phelan, an economics professor at the University of Minnesota, told CNN.', '“There was a lot of almost instant adaptability.”', 'In the days and weeks that followed, the Minnesota Department of Transportation (MnDOT) restriped several of the major highways and neighboring interstates to turn the shoulders into driving lanes, he said.', 'The City of Lakes, by its nature also a city of bridges, and MnDOT immediately inspected the bracket plates on every truss bridge in the state and established a program to repair and replace any and all structurally deficient bridges within 10 years, MnDOT Commissioner Nancy Daubenberger told NPR 2017, on the 10th anniversary of the collapse.', 'The federal government moved swiftly as well: The House of Representatives and the US Senate voted unanimously for $250 million in emergency funding for Minnesota, and the bill was signed into law by President George W. Bush on August 6, just days after the collapse.', 'By mid-September, MnDOT had enlisted one firm to both design and build the replacement bridge, which was ultimately completed far faster and cheaper than projected.', 'The I-35W Saint Anthony Falls Bridge was opened in mid-September 2008, a startlingly fast turnaround by infrastructure standards.', 'On Tuesday night, the I-35W bridge was lit in the colors of the Maryland state flag.', 'US bridges can take several years to be built, with some construction projects taking much longer.', '“We see things that are taking 10 years to build that would have taken a year 50 years ago,” Phelan said. “', 'Those things that are causing it to take 10 years instead of a year are not laws of nature.', 'Those are laws of humans that can be set aside — and they have been set aside — for emergencies.”', 'On Tuesday, Minnesota Gov. Tim Walz made a post on social media site X calling the news of the collapse “heart-wrenching” and added that “as we pray for the people of Maryland, we’re offering any resources they may need as they grapple with this tragedy.”', 'It’s not a complete apples to apples comparison between the I-35W bridge and the Key Bridge.', 'The Key Bridge had about 22% of the daily traffic of the I-35W Mississippi River Bridge; however, the Minneapolis bridge was about 22% the length of the truss bridge in Baltimore.', 'Additionally, the Key Bridge’s collapse closed the nation’s ninth-busiest port.', '“And that’s going to last until the salvage companies can come and clear that channel,” Ryan Petersen, chief executive officer of logistics technology firm Flexport, told CNN in an interview. “', 'It could be weeks, it could be months before they’re able to open up the channel again and make it safe for ships to continue serving the Port of Baltimore.”', 'Ships will be re-routed, as will the daily commutes, the commercial traffic and those who used the bridge for non-work trips, said civil engineer and author David Levinson, a former University of Minnesota professor who researched the I-35W bridge.', '“One of the things that we saw with the 35W bridge is that we lost 140,000 trips per day on that bridge,” said Levinson, who is now a professor of transport engineering at the University of Sydney in Australia. “', 'And we looked at the counts on all the other bridges, and they only increased by 90,000, which means about 50,000 trips, they vanished into the ether … they either were not made or they went to different destinations.”', 'Five months after the bridge collapsed, several small businesses closed up shop, citing diminished customer traffic, the Minneapolis Star-Tribune wrote at the time.', 'The collapse was declared a federal disaster, allowing for businesses to get low-interest loans, but there were very few takers.', 'Some business owners at the time said they didn’t want to take on the debt for operations that were no longer economically viable.', 'However, the full extent of evaluating the business impact was muddled by another disaster: the broader financial crisis that would result in the Great Recession, Levinson said.', 'The I-35W bridge failure and collapse resulted in an estimated economic loss of $71,000 to $220,000 per day, depending on how drivers adjusted their trips, Levinson and fellow professor Feng Xie wrote in a 2011 study that was published in the Transportation Planning and Technology journal.', 'Levinson and Xie also found that MnDOT’s quick implementation of major traffic restoration projects had the potential to save the “road-users” $9,500 to $17,500 per day.', '“This translates into a benefit-cost ratio of 2.0-9.0, suggesting these projects are highly beneficial in an economic sense,” Levinson and Xie wrote.', 'In the immediate aftermath of the Key Bridge collapse, Levinson told CNN that this event should hopefully bring attention to vulnerabilities of critical pieces of infrastructure.', '“This kind of thing, I suspect, is not going to be the last one,” he said. “', 'We need to be thinking about ways of defending against this, not just in terms of random events, but in terms of intentional events.”']",-0.2069684694944497,"“This translates into a benefit-cost ratio of 2.0-9.0, suggesting these projects are highly beneficial in an economic sense,” Levinson and Xie wrote.","But the response to a bridge failure in Minneapolis 17 years ago, one of the most catastrophic bridge failures in recent memory, could serve as a roadmap for Baltimore moving forward.",-0.1533745807759902,"“This translates into a benefit-cost ratio of 2.0-9.0, suggesting these projects are highly beneficial in an economic sense,” Levinson and Xie wrote.","The I-35W bridge failure and collapse resulted in an estimated economic loss of $71,000 to $220,000 per day, depending on how drivers adjusted their trips, Levinson and fellow professor Feng Xie wrote in a 2011 study that was published in the Transportation Planning and Technology journal.",2024-04-01
Airlines are roaring back in places you might not expect,https://www.bbc.co.uk/news/business-68573429,2024-03-29T00:44:48.000Z,"When India's Tata Group bought the country's national airline, it was welcomed as something of a miracle.  Air India had been mired in debt and under-funded state management for decades. No-one wanted even a piece of the iconic but loss-making carrier. But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened. They were right. The rebound is well and truly under way and air travel is off to a roaring start in 2024. There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike. But it is a different story on the other side of the world in Asia. ""If we look at the size of the opportunity in India, it's already the world's most populous country,"" Air India's chief executive Campbell Wilson told the BBC at a recent aviation event in Singapore. ""It has the geographic advantage... connecting regions of the world together. And it is a hugely underserved market."" By 2042, India's domestic aviation market is expected to be five times the size it was in 2019, with Indians taking around 685 million trips every year, according to plane maker Airbus. That would make the South Asian nation one of the world's fastest-growing civil aviation markets, and third after China and the United States.  It is not just India. By the middle of the century, Indonesia, which now ranks 13th globally in passenger numbers, is predicted to jump to the fourth spot, analysts say. Air travel is also expected to boom in the Philippines, Thailand and Vietnam in the coming decades. They are all emerging economies with young, growing populations that can afford to spend on travel. And it is showing: global air traffic jumped by 16% over the last year. But in Asia, the increase was almost twice as much, according to industry figures. Governments in these places are also investing in infrastructure to improve connectivity, which is essential in vast archipelagos like Indonesia and the Philippines. China, of course, is an obvious market - despite its currently sluggish economy, its travellers have emerged from zero-Covid rules to return to holidaying. Beijing is now offering visa-free travel to citizens of certain countries and some nations, like Thailand and Singapore, are reciprocating. ""We are pleased that people are beginning to travel out of China. It is probably one of the last countries to come back big in travel,"" says Glenn Fogel, chief executive of online travel agency Booking.com. But airlines are looking for alternative markets because of China's slowing economy, the uncertainty of doing business there and a fall in consumer spending. Enter the Philippines. ""Asia is a very exciting place to be - the Philippines is one of the most exciting places to be. Great opportunity there,"" says Michael Szucs, chief executive of the Philippine budget carrier Cebu Pacific.  The airline struggled through the pandemic without government support. And like many competitors around the world, it is also facing groundings over faulty Pratt & Whitney engines.  But it has seen a revival in the last two years, expanding and cornering more than half of its domestic market. A new Philippine government is also helping - it is privatising the international airport in Manila and plans to add runways throughout the archipelago to receive larger and more aircraft. Mr Szucs has high hopes for the country of around 115 million people, where per capita spending is rising: ""We've got an increasingly educated population that is relatively young, it's growing, with an increasing propensity to travel."" India, on the other hand, is a trickier market to conquer. Air India faces a stiff domestic rival in Indigo, and a daunting challenge in matching Emirates and Qatar Airways, which regularly rank among the world's best airlines. But the successful salt-to-software conglomerate Tata has started to turn the ailing carrier around. The company has already spent millions of dollars investing in new planes, new branding and restructuring old and inefficient systems. Now it wants to consolidate its five airlines - three Air India subsidiaries, and two joint ventures, Air Asia India and Vistara (with Singapore Airlines). The goal: a highly regarded airline for international flyers, and a reliable low-cost option for domestic passengers. Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s. He believes winning the international market is key but will need ""connecting more cities around the world nonstop with India"" - and that will involve starting more routes and, of course, buying more aircraft. The company has already gone on a buying spree. It ordered more than 200 Boeing Max 8 and Max 10s in one of the largest airline deals in aviation history. But the Max family of planes is under scrutiny since a door plug blew off a 737 Max 9 plane mid-flight in the US, sparking concerns about the already delayed Max 10 model. This was after two deadly crashes in 2018 and 2019 because of flawed flight control software. The crisis at Boeing over its safety record has also seen the resignation of its chief executive Dave Calhoun.  ""When we have concerns, we raise it at the highest levels, including with Boeing,"" Mr Campbell said.  Mr Wilson sees Air India's future in turning India into a global transit hub, much like Dubai or Singapore. That might be a challenge given that some long-haul routes, especially to Europe, are yet to be reinstated after the pandemic.Meanwhile, travellers in these countries are choosing to fly within East and South East Asia, driving up air traffic in the region. But that could also be an opportunity for Air India, and for Delhi given that some South East Asian capitals are lagging behind other international aviation hubs like Singapore, Hong Kong and Dubai. The industry, however, is upbeat because the pandemic is over, people are flying again and economies are bouncing back. ""The fact is people like to travel,"" Mr Fogel said. ""As long as economies are growing, we know that travel is going to grow a little bit faster. And our job is to try and get a bigger part of that growing pie."" ",BBC,29/03/2024,"[""When India's Tata Group bought the country's national airline, it was welcomed as something of a miracle."", 'Air India had been mired in debt and under-funded state management for decades.', 'No-one wanted even a piece of the iconic but loss-making carrier.', 'But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened.', 'They were right.', 'The rebound is well and truly under way and air travel is off to a roaring start in 2024.', 'There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike.', 'But it is a different story on the other side of the world in Asia. ""', 'If we look at the size of the opportunity in India, it\'s already the world\'s most populous country,"" Air India\'s chief executive Campbell Wilson told the BBC at a recent aviation event in Singapore. ""', 'It has the geographic advantage... connecting regions of the world together.', 'And it is a hugely underserved market.""', ""By 2042, India's domestic aviation market is expected to be five times the size it was in 2019, with Indians taking around 685 million trips every year, according to plane maker Airbus."", ""That would make the South Asian nation one of the world's fastest-growing civil aviation markets, and third after China and the United States."", 'It is not just India.', 'By the middle of the century, Indonesia, which now ranks 13th globally in passenger numbers, is predicted to jump to the fourth spot, analysts say.', 'Air travel is also expected to boom in the Philippines, Thailand and Vietnam in the coming decades.', 'They are all emerging economies with young, growing populations that can afford to spend on travel.', 'And it is showing: global air traffic jumped by 16% over the last year.', 'But in Asia, the increase was almost twice as much, according to industry figures.', 'Governments in these places are also investing in infrastructure to improve connectivity, which is essential in vast archipelagos like Indonesia and the Philippines.', 'China, of course, is an obvious market - despite its currently sluggish economy, its travellers have emerged from zero-Covid rules to return to holidaying.', 'Beijing is now offering visa-free travel to citizens of certain countries and some nations, like Thailand and Singapore, are reciprocating. ""', 'We are pleased that people are beginning to travel out of China.', 'It is probably one of the last countries to come back big in travel,"" says Glenn Fogel, chief executive of online travel agency Booking.com.', ""But airlines are looking for alternative markets because of China's slowing economy, the uncertainty of doing business there and a fall in consumer spending."", 'Enter the Philippines. ""', 'Asia is a very exciting place to be - the Philippines is one of the most exciting places to be.', 'Great opportunity there,"" says Michael Szucs, chief executive of the Philippine budget carrier Cebu Pacific.', 'The airline struggled through the pandemic without government support.', 'And like many competitors around the world, it is also facing groundings over faulty Pratt & Whitney engines.', 'But it has seen a revival in the last two years, expanding and cornering more than half of its domestic market.', 'A new Philippine government is also helping - it is privatising the international airport in Manila and plans to add runways throughout the archipelago to receive larger and more aircraft.', 'Mr Szucs has high hopes for the country of around 115 million people, where per capita spending is rising: ""We\'ve got an increasingly educated population that is relatively young, it\'s growing, with an increasing propensity to travel.""', 'India, on the other hand, is a trickier market to conquer.', ""Air India faces a stiff domestic rival in Indigo, and a daunting challenge in matching Emirates and Qatar Airways, which regularly rank among the world's best airlines."", 'But the successful salt-to-software conglomerate Tata has started to turn the ailing carrier around.', 'The company has already spent millions of dollars investing in new planes, new branding and restructuring old and inefficient systems.', 'Now it wants to consolidate its five airlines - three Air India subsidiaries, and two joint ventures, Air Asia India and Vistara (with Singapore Airlines).', 'The goal: a highly regarded airline for international flyers, and a reliable low-cost option for domestic passengers.', ""Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s."", 'He believes winning the international market is key but will need ""connecting more cities around the world nonstop with India"" - and that will involve starting more routes and, of course, buying more aircraft.', 'The company has already gone on a buying spree.', 'It ordered more than 200 Boeing Max 8 and Max 10s in one of the largest airline deals in aviation history.', 'But the Max family of planes is under scrutiny since a door plug blew off a 737 Max 9 plane mid-flight in the US, sparking concerns about the already delayed Max 10 model.', 'This was after two deadly crashes in 2018 and 2019 because of flawed flight control software.', 'The crisis at Boeing over its safety record has also seen the resignation of its chief executive Dave Calhoun. ""', 'When we have concerns, we raise it at the highest levels, including with Boeing,"" Mr Campbell said.', ""Mr Wilson sees Air India's future in turning India into a global transit hub, much like Dubai or Singapore."", 'That might be a challenge given that some long-haul routes, especially to Europe, are yet to be reinstated after the pandemic.', 'Meanwhile, travellers in these countries are choosing to fly within East and South East Asia, driving up air traffic in the region.', 'But that could also be an opportunity for Air India, and for Delhi given that some South East Asian capitals are lagging behind other international aviation hubs like Singapore, Hong Kong and Dubai.', 'The industry, however, is upbeat because the pandemic is over, people are flying again and economies are bouncing back. ""', 'The fact is people like to travel,"" Mr Fogel said. ""', 'As long as economies are growing, we know that travel is going to grow a little bit faster.', 'And our job is to try and get a bigger part of that growing pie.""']",0.1502218964280805,"Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s.","But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened.",0.434835198852751,And it is showing: global air traffic jumped by 16% over the last year.,"There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike.",2024-04-01
Energy bills lowest for two years under new price cap,https://www.bbc.co.uk/news/business-68674244,2024-03-31T23:00:24.000Z,"Energy prices have now fallen to their lowest level for two years, but experts are urging people to stick to savings habits because bills remain expensive. The annual bill for a household using a typical amount of gas and electricity has dropped by £238, to £1,690, under regulator Ofgem's latest price cap. But energy saving tips, such as using songs to time four-minute showers, should be maintained, advisers say. The fixed standing charge element of bills has risen from Monday. Ofgem's latest quarterly price cap has now come into force. It affects 29 million households in England, Wales and Scotland. Rules are different in Northern Ireland, where prices are also falling. The price cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more. Specifically, in England, Wales and Scotland: It means energy prices are now at their lowest level since Russia's full-scale invasion of Ukraine in February 2022. However, even after the fall, bills remain well above pre-pandemic levels while some financial support from the government has expired. It means continued pressure on the household finances for Caz Aubrey, who kept her energy use down as much as possible during the winter months. ""I only turned the heating on when I had visitors over the winter,"" the 52-year-old said. ""It was jumpers, blankets, one of those big snoods, or just getting up and moving around."" She also used warm hubs, but found she still had ""to rob Peter to pay Paul during some months"" in order to cover rent and other household bills. ""I had to work out what was more urgent, I had to prioritise. Some months I can't pay all that I should be paying, but it should all work out as long as you are open and honest with people.  ""I'm not the only person who is struggling, but hopefully - fingers crossed - [bills] will start to come down now, which will make it more manageable."" Customers owe a collective £3bn to suppliers, mainly as a result of the pressure created by many months of high energy costs, despite the government's energy support and cost-of-living payments. The vast majority of people pay by direct debit, with payments smoothed out over the year. However, those who pay via prepayment meter - so pay for energy as they use it - would have benefitted more had the latest cut come over the winter. Either way, experts are urging people to follow Mrs Aubrey's example and maintain good energy-saving habits during the coming months.  Sarah Osborn delivers workshops across the south-east of England on energy saving, information about grants, and digital skills on behalf of not-for-profit Social Enterprise Kent. ""We estimate we can roughly save a two-bedroom household £270 a year with practical tips,"" said Mrs Osborn, after a meeting at the BeChange centre in the former mining community of Aylesham. ""We've had people living in real fuel poverty, who don't have mains gas and are airing small items of clothes on hot water bottles, so for them to be more empowered about energy use and potentially getting a grant is great.""  Sarah Osborn has shared three tips to keep on top of energy use during the warmer months Read more here if you are struggling to pay energy bills Those on traditional meters are being encouraged to take a reading now, and regularly, to ensure suppliers' records are up-to-date and bills are accurate. Energy firms should have already contacted customers to inform them of the new prices now coming into force.  Forecasts by the energy consultancy Cornwall Insight suggest energy bills could fall again in the summer, before edging back up in the winter. If correct, it would mean a household using a typical amount of energy would pay an annual bill of about £1,631 from October. Ofgem recently launched early discussions about changing how the energy price cap is calculated. The current system was only ever designed to be temporary. It said the market was changing as increasing numbers of consumers altered the way they consumed energy and began using electric vehicles, heat pumps and solar panels. Among the options is a new ""dynamic"" price cap which would need to be flexible for tariffs that allowed price differences if appliances switched on when there is lower demand for energy such as in the night, or when there is more supply from renewables such as when the wind blows. It is impossible to say at this stage how prices would change compared with now for different households if this, or other, ideas are adopted.  Are you affected by the issues raised in this story? Share your experiences by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/03/2024,"['Energy prices have now fallen to their lowest level for two years, but experts are urging people to stick to savings habits because bills remain expensive.', ""The annual bill for a household using a typical amount of gas and electricity has dropped by £238, to £1,690, under regulator Ofgem's latest price cap."", 'But energy saving tips, such as using songs to time four-minute showers, should be maintained, advisers say.', 'The fixed standing charge element of bills has risen from Monday.', ""Ofgem's latest quarterly price cap has now come into force."", 'It affects 29 million households in England, Wales and Scotland.', 'Rules are different in Northern Ireland, where prices are also falling.', 'The price cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more.', ""Specifically, in England, Wales and Scotland: It means energy prices are now at their lowest level since Russia's full-scale invasion of Ukraine in February 2022."", 'However, even after the fall, bills remain well above pre-pandemic levels while some financial support from the government has expired.', 'It means continued pressure on the household finances for Caz Aubrey, who kept her energy use down as much as possible during the winter months. ""', 'I only turned the heating on when I had visitors over the winter,"" the 52-year-old said. ""', 'It was jumpers, blankets, one of those big snoods, or just getting up and moving around.""', 'She also used warm hubs, but found she still had ""to rob Peter to pay Paul during some months"" in order to cover rent and other household bills. ""', 'I had to work out what was more urgent, I had to prioritise.', 'Some months I can\'t pay all that I should be paying, but it should all work out as long as you are open and honest with people. ""', 'I\'m not the only person who is struggling, but hopefully - fingers crossed - [bills] will start to come down now, which will make it more manageable.""', ""Customers owe a collective £3bn to suppliers, mainly as a result of the pressure created by many months of high energy costs, despite the government's energy support and cost-of-living payments."", 'The vast majority of people pay by direct debit, with payments smoothed out over the year.', 'However, those who pay via prepayment meter - so pay for energy as they use it - would have benefitted more had the latest cut come over the winter.', ""Either way, experts are urging people to follow Mrs Aubrey's example and maintain good energy-saving habits during the coming months."", 'Sarah Osborn delivers workshops across the south-east of England on energy saving, information about grants, and digital skills on behalf of not-for-profit Social Enterprise Kent. ""', 'We estimate we can roughly save a two-bedroom household £270 a year with practical tips,"" said Mrs Osborn, after a meeting at the BeChange centre in the former mining community of Aylesham. ""', 'We\'ve had people living in real fuel poverty, who don\'t have mains gas and are airing small items of clothes on hot water bottles, so for them to be more empowered about energy use and potentially getting a grant is great.""', ""Sarah Osborn has shared three tips to keep on top of energy use during the warmer months Read more here if you are struggling to pay energy bills Those on traditional meters are being encouraged to take a reading now, and regularly, to ensure suppliers' records are up-to-date and bills are accurate."", 'Energy firms should have already contacted customers to inform them of the new prices now coming into force.', 'Forecasts by the energy consultancy Cornwall Insight suggest energy bills could fall again in the summer, before edging back up in the winter.', 'If correct, it would mean a household using a typical amount of energy would pay an annual bill of about £1,631 from October.', 'Ofgem recently launched early discussions about changing how the energy price cap is calculated.', 'The current system was only ever designed to be temporary.', 'It said the market was changing as increasing numbers of consumers altered the way they consumed energy and began using electric vehicles, heat pumps and solar panels.', 'Among the options is a new ""dynamic"" price cap which would need to be flexible for tariffs that allowed price differences if appliances switched on when there is lower demand for energy such as in the night, or when there is more supply from renewables such as when the wind blows.', 'It is impossible to say at this stage how prices would change compared with now for different households if this, or other, ideas are adopted.', 'Are you affected by the issues raised in this story?', 'Share your experiences by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.2080069003100938,"Sarah Osborn has shared three tips to keep on top of energy use during the warmer months Read more here if you are struggling to pay energy bills Those on traditional meters are being encouraged to take a reading now, and regularly, to ensure suppliers' records are up-to-date and bills are accurate.","She also used warm hubs, but found she still had ""to rob Peter to pay Paul during some months"" in order to cover rent and other household bills. """,0.3360620737075805,"We estimate we can roughly save a two-bedroom household £270 a year with practical tips,"" said Mrs Osborn, after a meeting at the BeChange centre in the former mining community of Aylesham. ""","It means continued pressure on the household finances for Caz Aubrey, who kept her energy use down as much as possible during the winter months. """,2024-04-01
Why a small China-made EV has global auto execs and politicians on edge,https://www.cnbc.com/2024/03/22/byd-seagull-ev-puts-global-auto-execs-politicians-on-edge.html,2024-03-26T18:44:16+0000,"In this articleLIVONIA, Mich. – A small electric vehicle is having a big impact on the global automotive industry.It's not the EV itself that's making waves but its price — and its potential to disrupt domestic auto industries around the world.The China-built BYD Seagull, a small all-electric hatchback, starts at just 69,800 yuan (or less than $10,000), and reportedly banks a profit for the increasingly influential Chinese automaker.That latter point — EV profits where U.S. automakers have mostly failed to turn any — combined with the expansion of Chinese automakers into Europe, Latin America and elsewhere has automotive executives and politicians, from Detroit and Texas to Germany and Japan, on edge.The Seagull could be a ""clarion call for the rest of the auto industry,"" said Terry Woychowski, a former General Motors executive who now serves as president of automotive at engineering consulting firm Caresoft Global. ""It's a significant event.""Though the Seagull isn't yet sold on U.S. soil, BYD is expanding its vehicles globally, and some believe it's only a matter of time before more China-made vehicles arrive in the U.S.There's fear among global automakers that Chinese rivals like the Warren Buffett-backed BYD could flood their markets, undercutting domestic production and vehicle prices to the detriment of their own auto industries.""The introduction of cheap Chinese autos — which are so inexpensive because they are backed with the power and funding of the Chinese government — to the American market could end up being an extinction-level event for the U.S. auto sector,"" the Alliance for American Manufacturing, a U.S. manufacturing advocacy group, said in a report last month.BYD sold 1.57 million battery EVs last year, up from just 130,970 all-electric vehicles in 2020. That sales growth was enough to surpass Tesla to become the world's largest producer of electric vehicles in late 2023.The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will ""demolish"" global rivals without trade barriers.Bernstein reports BYD's growth, including sales of non-EVs, has come by shipping more vehicles outside China: Overseas markets accounted for about 10% of BYD's more than 3 million sales last year, doubling that share from the beginning of the year.BYD did not respond for a request for comment.Driving the Seagull is no different than driving the Chevrolet Bolt, Nissan Leaf or BMW i3. It accelerates quickly. It's quiet. It has nice-looking screens and a mix of plastic and soft touch points, including sporty and comfortable seats.The Seagull, also known as the BYD Dolphin Mini in Latin America, is slightly smaller than GM's now-discontinued Chevrolet Bolt EV.Its reported range of up to roughly 190 miles on a single charge (or 250 miles for certain models), is below that of many EVs on sale today in the U.S. but in line with many first-generation all-electric vehicles. The vehicle's top speed of about 80 mph and just 74 horsepower dwindle in comparison with most EVs currently on sale in the U.S.But its primary differences come in the construction, batteries and sourcing of parts, according to Caresoft.The consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. The Livonia, Michigan-based company, with several offices across the globe, has torn down and benchmarked more than 30 China-built EVs from the likes of BYD, Nio, XPENG and others.Caresoft digitally and physically analyzes every part of a vehicle, from bolts and latches to seats, motors and battery casings. It then determines how its clients – mainly automakers and suppliers – can improve efficiencies and cut costs in their products.Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability.""What they did do is done very well,"" Woychowski said. ""It's efficiently done.""For the price it's a well-equipped vehicle. (BYD even lowered the starting price of the vehicle by 5% earlier this month, down from a roughly $11,000 price earlier this year.)Despite the cheap price, the company still makes ""some money"" on the Seagull or at a minimum breaks even, Caresoft CEO Mathew Vachaparampil said during an automotive conference hosted by the Chicago Federal Reserve in January.For BYD to sell the Seagull in the U.S., it would have to meet U.S. federal vehicle requirements that would add additional costs to the car. But the EV could likely still arrive on U.S. shores for tens of thousands of dollars cheaper than the current average price of an EV in the U.S., which Cox Automotive reports is more than $52,000.BYD last month announced it would begin selling the Seagull/Dolphin Mini EV in Mexico for 358,800 pesos (or about $20,990).BYD has found success in its battery technology; internal sourcing, also known as vertical integration; and production of parts, according to Caresoft. Most notable is BYD's development of lower-cost battery technologies that are far cheaper to manufacture than lithium-ion batteries commonly used in U.S. EVs.BYD, which stands for Build Your Dreams, first pioneered its ""Blade"" battery technologies in smartphones and has since grown into one of China's most well-known automakers.Its focus on vehicle efficiencies is reminiscent of U.S. EV leader Tesla, which has likewise been able to drive down the cost of its vehicles over the years.Traditional automakers are only now attempting to emulate some of Tesla's processes such as its gigacasting manufacturing process and vertical integration of crucial parts such as motors, batteries and other components. Tesla is also quick to adapt.The Tesla Model 3, for example, no longer has a floor. Instead, the car's highly protected battery case takes the place of a traditional vehicle body at the base. That type of change, enacted at Tesla over the last several years, wouldn't typically take place at a traditional automaker until a full redesign of a vehicle.BYD is similarly quick to adapt. The company has quickly rolled out new and updated products. It's also rapidly established manufacturing, as it has its eyes set on factories in Thailand, Brazil, Indonesia, Hungary, Uzbekistan and, potentially, Mexico.Add in other advantages such as government support, lower labor costs and rising production capacity, and the company poses a growing threat to global counterparts.BYD's rise comes at a precarious time for global auto industry dynamics.While China's automakers expand, America's traditional automakers have shrunk in both their domestic market and China.Their decline in the U.S. has come with the arrival of Japanese automakers such as Toyota Motor, Nissan Motor and Honda Motor, as well as, more recently, South Korean auto giant Hyundai Motor and its Kia unit.The so-called Big Three U.S. automakers — GM, Ford and Chrysler, now owned by Stellantis — have watched their U.S. market share deteriorate from 75% in 1984 to about 40% in 2023, according to industry data.Politicians in the U.S., concerned about their local auto industries, have taken aim at Chinese imports and lawmakers in Europe have launched a probe into the rise of China-made EVs.""We are very concerned about China bigfooting our industry in the United States even as we are building up now this incredible backbone of manufacturing,"" Energy Secretary Jennifer Granholm said March 6 during a discussion panel at an Axios event.Republican Sen. Marco Rubio of Florida has proposed sharply boosting tariffs on Chinese vehicle imports by $20,000 per vehicle to stop the country ""from flooding U.S. auto markets.""Currently, Chinese-built EVs are subject to a 27.5% tariff when imported into the U.S. That includes a 2.5% tariff that generally applies to imported cars plus an additional 25% tariff introduced by the Trump administration in 2018 on China-made vehicles.Chinese automakers could still build in Mexico, though, and import vehicles to the U.S. from there through the USMCA, formerly the North American Free Trade Agreement, or NAFTA.However, former President Donald Trump – the front-runner among Republicans in the 2024 presidential race – on Saturday suggested instituting a 100% tariff on cars made in Mexico by Chinese companies, should he be elected to a second term.""What we've seen over time is automotive manufacturers eventually enter all the markets that matter … Ultimately the Chinese will come to the U.S.,"" said Marin Gjaja, chief operating officer for Ford's EV unit, during a recent interview with CNBC.Gjaja said while Ford can't control regulations or Chinese expansion, it can ""get really, really competitive on the technologies that customers want"" and get more efficient to win customers.To compete with Chinese brands such as BYD, Woychowski contends traditional automakers must learn, unlearn and change quickly.He said companies such as the Detroit automakers each have a century of procedures, standards and other workflows that they must rethink to better compete against Chinese automakers before vehicles such as the BYD Seagull land on U.S. shores.""You have to learn. You have to unlearn and you have to do it quickly,"" he said. ""Because you've been doing something for 100 years, doesn't mean you should keep doing it. It's no longer appropriate.""– CNBC's Evelyn Cheng and Dylan Butts contributed to this report.",CNBC,26/03/2024,"['In this articleLIVONIA, Mich. – A small electric vehicle is having a big impact on the global automotive industry.', ""It's not the EV itself that's making waves but its price — and its potential to disrupt domestic auto industries around the world."", 'The China-built BYD Seagull, a small all-electric hatchback, starts at just 69,800 yuan (or less than $10,000), and reportedly banks a profit for the increasingly influential Chinese automaker.', 'That latter point — EV profits where U.S. automakers have mostly failed to turn any — combined with the expansion of Chinese automakers into Europe, Latin America and elsewhere has automotive executives and politicians, from Detroit and Texas to Germany and Japan, on edge.', 'The Seagull could be a ""clarion call for the rest of the auto industry,"" said Terry Woychowski, a former General Motors executive who now serves as president of automotive at engineering consulting firm Caresoft Global. ""', ""It's a significant event."", '""Though the Seagull isn\'t yet sold on U.S. soil, BYD is expanding its vehicles globally, and some believe it\'s only a matter of time before more China-made vehicles arrive in the U.S.There\'s fear among global automakers that Chinese rivals like the Warren Buffett-backed BYD could flood their markets, undercutting domestic production and vehicle prices to the detriment of their own auto industries.', '""The introduction of cheap Chinese autos — which are so inexpensive because they are backed with the power and funding of the Chinese government — to the American market could end up being an extinction-level event for the U.S. auto sector,"" the Alliance for American Manufacturing, a U.S. manufacturing advocacy group, said in a report last month.', 'BYD sold 1.57 million battery EVs last year, up from just 130,970 all-electric vehicles in 2020.', 'That sales growth was enough to surpass Tesla to become the world\'s largest producer of electric vehicles in late 2023.The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will ""demolish"" global rivals without trade barriers.', ""Bernstein reports BYD's growth, including sales of non-EVs, has come by shipping more vehicles outside China: Overseas markets accounted for about 10% of BYD's more than 3 million sales last year, doubling that share from the beginning of the year."", 'BYD did not respond for a request for comment.', 'Driving the Seagull is no different than driving the Chevrolet Bolt, Nissan Leaf or BMW i3.', 'It accelerates quickly.', ""It's quiet."", 'It has nice-looking screens and a mix of plastic and soft touch points, including sporty and comfortable seats.', ""The Seagull, also known as the BYD Dolphin Mini in Latin America, is slightly smaller than GM's now-discontinued Chevrolet Bolt EV.Its reported range of up to roughly 190 miles on a single charge (or 250 miles for certain models), is below that of many EVs on sale today in the U.S. but in line with many first-generation all-electric vehicles."", ""The vehicle's top speed of about 80 mph and just 74 horsepower dwindle in comparison with most EVs currently on sale in the U.S.But its primary differences come in the construction, batteries and sourcing of parts, according to Caresoft."", 'The consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers.', 'The Livonia, Michigan-based company, with several offices across the globe, has torn down and benchmarked more than 30 China-built EVs from the likes of BYD, Nio, XPENG and others.', 'Caresoft digitally and physically analyzes every part of a vehicle, from bolts and latches to seats, motors and battery casings.', 'It then determines how its clients – mainly automakers and suppliers – can improve efficiencies and cut costs in their products.', 'Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability.', '""What they did do is done very well,"" Woychowski said. ""', ""It's efficiently done."", '""For the price it\'s a well-equipped vehicle. (', 'BYD even lowered the starting price of the vehicle by 5% earlier this month, down from a roughly $11,000 price earlier this year.)Despite the cheap price, the company still makes ""some money"" on the Seagull or at a minimum breaks even, Caresoft CEO Mathew Vachaparampil said during an automotive conference hosted by the Chicago Federal Reserve in January.', 'For BYD to sell the Seagull in the U.S., it would have to meet U.S. federal vehicle requirements that would add additional costs to the car.', 'But the EV could likely still arrive on U.S. shores for tens of thousands of dollars cheaper than the current average price of an EV in the U.S., which Cox Automotive reports is more than $52,000.BYD last month announced it would begin selling the Seagull/Dolphin Mini EV in Mexico for 358,800 pesos (or about $20,990).BYD has found success in its battery technology; internal sourcing, also known as vertical integration; and production of parts, according to Caresoft.', ""Most notable is BYD's development of lower-cost battery technologies that are far cheaper to manufacture than lithium-ion batteries commonly used in U.S. EVs."", 'BYD, which stands for Build Your Dreams, first pioneered its ""Blade"" battery technologies in smartphones and has since grown into one of China\'s most well-known automakers.', 'Its focus on vehicle efficiencies is reminiscent of U.S. EV leader Tesla, which has likewise been able to drive down the cost of its vehicles over the years.', ""Traditional automakers are only now attempting to emulate some of Tesla's processes such as its gigacasting manufacturing process and vertical integration of crucial parts such as motors, batteries and other components."", 'Tesla is also quick to adapt.', 'The Tesla Model 3, for example, no longer has a floor.', ""Instead, the car's highly protected battery case takes the place of a traditional vehicle body at the base."", ""That type of change, enacted at Tesla over the last several years, wouldn't typically take place at a traditional automaker until a full redesign of a vehicle."", 'BYD is similarly quick to adapt.', 'The company has quickly rolled out new and updated products.', ""It's also rapidly established manufacturing, as it has its eyes set on factories in Thailand, Brazil, Indonesia, Hungary, Uzbekistan and, potentially, Mexico."", 'Add in other advantages such as government support, lower labor costs and rising production capacity, and the company poses a growing threat to global counterparts.', ""BYD's rise comes at a precarious time for global auto industry dynamics."", ""While China's automakers expand, America's traditional automakers have shrunk in both their domestic market and China."", 'Their decline in the U.S. has come with the arrival of Japanese automakers such as Toyota Motor, Nissan Motor and Honda Motor, as well as, more recently, South Korean auto giant Hyundai Motor and its Kia unit.', 'The so-called Big Three U.S. automakers — GM, Ford and Chrysler, now owned by Stellantis — have watched their U.S. market share deteriorate from 75% in 1984 to about 40% in 2023, according to industry data.', 'Politicians in the U.S., concerned about their local auto industries, have taken aim at Chinese imports and lawmakers in Europe have launched a probe into the rise of China-made EVs.', '""We are very concerned about China bigfooting our industry in the United States even as we are building up now this incredible backbone of manufacturing,"" Energy Secretary Jennifer Granholm said March 6 during a discussion panel at an Axios event.', 'Republican Sen. Marco Rubio of Florida has proposed sharply boosting tariffs on Chinese vehicle imports by $20,000 per vehicle to stop the country ""from flooding U.S. auto markets.', '""Currently, Chinese-built EVs are subject to a 27.5% tariff when imported into the U.S. That includes a 2.5% tariff that generally applies to imported cars plus an additional 25% tariff introduced by the Trump administration in 2018 on China-made vehicles.', 'Chinese automakers could still build in Mexico, though, and import vehicles to the U.S. from there through the USMCA, formerly the North American Free Trade Agreement, or NAFTA.However, former President Donald Trump – the front-runner among Republicans in the 2024 presidential race – on Saturday suggested instituting a 100% tariff on cars made in Mexicoby Chinese companies,should he be elected to a second term.', '""What we\'ve seen over time is automotive manufacturers eventually enter all the markets that matter … Ultimately the Chinese will come to the U.S.,"" said Marin Gjaja, chief operating officer for Ford\'s EV unit, during a recent interview with CNBC.Gjaja said while Ford can\'t control regulations or Chinese expansion, it can ""get really, really competitive on the technologies that customers want"" and get more efficient to win customers.', 'To compete with Chinese brands such as BYD, Woychowski contends traditional automakers must learn, unlearn and change quickly.', 'He said companies such as the Detroit automakers each have a century of procedures, standards and other workflows that they must rethink to better compete against Chinese automakers before vehicles such as the BYD Seagull land on U.S. shores.', '""You have to learn.', 'You have to unlearn and you have to do it quickly,"" he said. ""', ""Because you've been doing something for 100 years, doesn't mean you should keep doing it."", 'It\'s no longer appropriate.""–', ""CNBC's Evelyn Cheng and Dylan Butts contributed to this report.""]",0.1525936062031991,"""What we've seen over time is automotive manufacturers eventually enter all the markets that matter … Ultimately the Chinese will come to the U.S.,"" said Marin Gjaja, chief operating officer for Ford's EV unit, during a recent interview with CNBC.Gjaja said while Ford can't control regulations or Chinese expansion, it can ""get really, really competitive on the technologies that customers want"" and get more efficient to win customers.","Their decline in the U.S. has come with the arrival of Japanese automakers such as Toyota Motor, Nissan Motor and Honda Motor, as well as, more recently, South Korean auto giant Hyundai Motor and its Kia unit.",0.2553900833483095,"BYD sold 1.57 million battery EVs last year, up from just 130,970 all-electric vehicles in 2020.","The so-called Big Three U.S. automakers — GM, Ford and Chrysler, now owned by Stellantis — have watched their U.S. market share deteriorate from 75% in 1984 to about 40% in 2023, according to industry data.",2024-04-01
"NBC cut ties with Ronna McDaniel after extraordinary pressure, but its problems aren’t over",https://edition.cnn.com/2024/03/27/media/nbc-ronna-mcdaniel-problems-are-not-over/index.html,"
  Updated
        8:16 AM EDT, Wed March 27, 2024
    ","Only 80 hours elapsed between NBC News announcing Ronna McDaniel as a paid contributor and the network ousting her from that very role. But for the leadership at NBC Universal News Group, those were 80 painful hours.
    
            On Tuesday evening, following another full day in which the media rumor mill churned at warp speed, NBCU News Group boss Cesar Conde sent staff a memo, notifying his troops that he had reversed his decision to welcome the former Republican National Committee chair to “the team.”
    
            “After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor,” Conde said, adding that he wanted to “personally apologize to our team members who felt we let them down.”
    
            Conde had no real choice. The embattled NBCU boss, who I’m told dealt with the crisis from an unknown location outside of 30 Rock, was facing an unprecedented rebellion from his most high-profile stars, who one by one went on the air and excoriated leadership’s decision to hire McDaniel. The only aspect of Conde’s note that was surprising was the fact that it came 48 hours late, allowing what started off as a crisis to fester and balloon into one of the worst corporate public relations calamities in recent memory.
    
            “What a sh*t show!” a media executive exclaimed to me Tuesday shortly after Conde relieved McDaniel of her NBC News credentials.
    
            In his note, Conde said he took “full responsibility” for McDaniel’s hire. But, he also did point the finger, telling staffers that hiring her was “a collective recommendation by some members of our leadership team.” Indeed, multiple people familiar with the matter have told me that the infighting among NBC executives over who was at fault for the disaster has reached a fever pitch, with various factions of the NBCU News Group assigning blame to others.
    
            Regardless of who is to blame, the entire affair made clear who is actually in control of the company — and it’s not Conde & Co. Despite the NBCU C-suite digging their heels in the sand as they resisted dumping McDaniel for days, they were ultimately forced to succumb to pressure from their talent. As a second media executive commented to me, it is now “very clear who is in charge” after the “weak leadership was put on full display.”
    
            “Has Cesar lost the room?” wondered a third media executive.
    
            While the Peacock family argues over who was really at fault, the company is facing a fresh public relations mess. Led by Donald Trump, right-wing personalities are already assailing the network as being overrun with intolerant woke leftists.
    
            “These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.
    
            Ari Fleischer, who served as press secretary under President George W. Bush, wrote on X: “What NBC is saying is if you’re for Trump, you don’t belong. Good. Let NBC be for Democrats only.”
    
            Of course, that narrative is intellectually dishonest. The objection to McDaniel from both within and outside of NBCU was not that she is a Republican. It wasn’t even that she was a Trump-supporting Republican. No, the objection stemmed from the fact that McDaniel was an active participant in the plot to subvert the 2020 vote. And, in addition to that disgraceful history, she had a lengthy track record smearing NBC News and MSNBC.
    
            Nevertheless, NBCU will now have to contend with such dishonest attacks being leveled by the right, which will follow them in the days, months, and even years to come. As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.
    
            NBCU will also have to grapple with McDaniel, who spent the last 24 hours or so interviewing lawyers as she gears up for a possible legal fight with the network, according to a person familiar with the matter. The rift between McDaniel and NBCU had grown to such an extent by Tuesday that she was not informed by network brass that she had been dismissed, I’m told. Instead, McDaniel learned of her ouster in press reports.
    
            While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars. Shortly after Conde sent out his memo, Rachel Maddow appeared on Joy Reid’s show, where the two lauded Conde for reversing course.
    
            “I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “That leadership was willing to change on this, I’m grateful to them.”",CNN,27/03/2024,"['Only 80 hours elapsed between NBC News announcing Ronna McDaniel as a paid contributor and the network ousting her from that very role.', 'But for the leadership at NBC Universal News Group, those were 80painful hours.', 'On Tuesday evening, following another full day in which the media rumor mill churned at warp speed, NBCU News Group boss Cesar Conde sent staff a memo, notifying his troops that he had reversed his decision to welcome the former Republican National Committee chair to “the team.”', '“After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor,” Conde said, adding that he wanted to “personally apologize to our team members who felt we let them down.”', 'Conde had no real choice.', 'The embattled NBCU boss, who I’m told dealt with the crisis from an unknown location outside of 30 Rock, was facing an unprecedented rebellion from his most high-profile stars, who one by one went on the air and excoriated leadership’s decision to hire McDaniel.', 'The only aspect of Conde’s note that was surprising was the fact that it came 48 hours late, allowing what started off as a crisis to fester and balloon into one of the worst corporate public relations calamities in recent memory.', '“What a sh*t show!”', 'a media executive exclaimed to me Tuesday shortly after Conde relieved McDaniel of her NBC News credentials.', 'In his note, Conde said he took “full responsibility” for McDaniel’s hire.', 'But, he also did point the finger, telling staffers that hiring her was “a collective recommendation by some members of our leadership team.”', 'Indeed, multiple people familiar with the matter have told me that the infighting among NBC executives over who was at fault for the disaster has reached a fever pitch, with various factions of the NBCU News Group assigning blame to others.', 'Regardless of who is to blame, the entire affair made clear who is actually in control of the company — and it’s not Conde & Co. Despite the NBCU C-suite digging their heels in the sand as they resisted dumping McDaniel for days, they were ultimately forced to succumb to pressure from their talent.', 'As a second media executive commented to me, it is now “very clear who is in charge” after the “weak leadership was put on full display.”', '“Has Cesar lost the room?”', 'wondered a third media executive.', 'While the Peacock family argues over who was really at fault, the company is facing a fresh public relations mess.', 'Led by Donald Trump, right-wing personalities are already assailing the network as being overrun with intolerant woke leftists.', '“These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.', 'Ari Fleischer, who served as press secretary under President George W. Bush, wrote on X: “What NBC is saying is if you’re for Trump, you don’t belong.', 'Good.', 'Let NBC be for Democrats only.”', 'Of course, that narrative is intellectually dishonest.', 'The objection to McDaniel from both within and outside of NBCU was not that she is a Republican.', 'It wasn’t even that she was a Trump-supporting Republican.', 'No, the objection stemmed from the fact that McDaniel was an active participant in the plot to subvert the 2020 vote.', 'And, in addition to that disgraceful history, she had a lengthy track record smearing NBC News and MSNBC.', 'Nevertheless, NBCU will now have to contend with such dishonest attacks being leveled by the right, which will follow them in the days, months, and even years to come.', 'As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.', 'NBCU will also have to grapple with McDaniel, who spent the last 24 hours or so interviewing lawyers as she gears up for a possible legal fight with the network, according to a person familiar with the matter.', 'The rift between McDaniel and NBCU had grown to such an extent by Tuesday that she was not informed by network brass that she had been dismissed, I’m told.', 'Instead, McDaniel learned of her ouster in press reports.', 'While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars.', 'Shortly after Conde sent out his memo, Rachel Maddow appeared on Joy Reid’s show, where the two lauded Conde for reversing course.', '“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “', 'That leadership was willing to change on this, I’m grateful to them.”']",-0.0743400881523301,"“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “","“These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.",-0.3914039839397777,"While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars.","As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.",2024-04-01
AT&T says personal data from 73 million current and former account holders leaked onto dark web,https://edition.cnn.com/2024/03/30/tech/att-data-leak/index.html,"
  Published
        2:33 PM EDT, Sat March 30, 2024
    ","AT&T has launched an investigation into the source of a data leak that includes personal information of 73 million current and former customers.
    
            In a news release Saturday morning, the telecommunications giant said the data was “released on the dark web approximately two weeks ago,” and contains information such as account holders’ Social Security numbers.
    
            “It is not yet known whether the data … originated from AT&T or one of its vendors,” the company added. “Currently, AT&T does not have evidence of unauthorized access to its systems resulting in exfiltration of the data set.”
    
            The data seems to have been from 2019 or earlier. The leak does not appear to contain financial information or specifics about call history, according to AT&T. The company said the leak shows approximately 7.6 million current account holders and 65.4 million former account holders were affected.
    
            AT&T said it is reaching out to customers and asking them to reset their account passcodes. It is also urging customers to remain alert about changes to their accounts or credit reports, adding AT&T “will be offering credit monitoring at our expense where applicable.”
    
            The company was alerted of a potential leak about two weeks ago. News of the leak was first posted by X account vx-underground on March 17.
    
            At the time, AT&T told CNN: “We have no indications of a compromise of our systems. We determined in 2021 that the information offered on this online forum did not appear to have come from our systems. We believe and are working to confirm that the data set discussed today is the same dataset that has been recycled several times on this forum.”",CNN,30/03/2024,"['AT&T has launched an investigation into the source of a data leak that includes personal information of 73 million current and former customers.', 'In a news release Saturday morning, the telecommunications giant said the data was “released on the dark web approximately two weeks ago,” and contains information such as account holders’ Social Security numbers.', '“It is not yet known whether the data … originated from AT&T or one of its vendors,” the company added. “', 'Currently, AT&T does not have evidence of unauthorized access to its systems resulting in exfiltration of the data set.”', 'The data seems to have been from 2019 or earlier.', 'The leak does not appear to contain financial information or specifics about call history, according to AT&T. The company said the leak shows approximately 7.6 million current account holders and 65.4 million former account holders were affected.', 'AT&T said it is reaching out to customers and asking them to reset their account passcodes.', 'It is also urging customers to remain alert about changes to their accounts or credit reports, adding AT&T “will be offering credit monitoring at our expense where applicable.”', 'The company was alerted of a potential leak about two weeks ago.', 'News of the leak was first posted by X account vx-underground on March 17.', 'At the time, AT&T told CNN: “We have no indications of a compromise of our systems.', 'We determined in 2021 that the information offered on this online forum did not appear to have come from our systems.', 'We believe and are working to confirm that the data set discussed today is the same dataset that has been recycled several times on this forum.”']",-0.0176242359557698,"It is also urging customers to remain alert about changes to their accounts or credit reports, adding AT&T “will be offering credit monitoring at our expense where applicable.”","The leak does not appear to contain financial information or specifics about call history, according to AT&T. The company said the leak shows approximately 7.6 million current account holders and 65.4 million former account holders were affected.",,,,2024-04-01
Google to delete records from Incognito tracking,https://www.bbc.co.uk/news/business-68709119,2024-04-01T17:53:53.000Z,"Google has agreed to delete billions of records and submit to some restrictions on its power to track users, under the terms of a proposed legal settlement. The deal aims to resolve a class action lawsuit brought in the US in 2020, which had accused the tech giant of invading people's privacy by collecting user data even when they were browsing in ""private mode"". The suit had sought $5bn in damages.  Google is supporting the deal, though it disputes the claims. It has already made changes in response to the lawsuit. The data deletion will also apply outside of the United States. In January, shortly after the two sides announced plans to settle the case, the company updated its disclosures to make it clear that it still tracked user data even when users opted to search privately or using its ""Incognito"" setting. That mode provides some increased privacy because it does not save the browsing activity to the machine being used.  That same month, the firm said it was starting to trial a feature that would automatically block third-party cookies, which help track user activity, for all Google Chrome users. It had made that block automatic for Incognito users shortly after the lawsuit was filed in 2020 and has agreed to ensure that limit is in place for five years, according to the terms of the settlement deal, filed on Monday in federal court in San Francisco.  On Monday, Google also agreed to delete ""hundreds of billions"" of private browsing data records it had collected, the court filing said. ""We are pleased to settle this lawsuit, which we always believed was meritless,"" Google spokesman Jorge Castaneda said in a statement, noting that the company would not be paying any damages.  ""We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.""  Google is still facing lawsuits from individuals over privacy violations, which could lead to financial penalties. Lawyer David Boies of Boies Schiller Flexner LLP, who represented users in the fight, called the deal an ""historic step in requiring honesty and accountability from dominant technology companies"".  The lawsuit had claimed that despite its suggestions to the contrary, Google had tracked users' activity even when they set the Google Chrome browser to ""Incognito"" mode and other browsers to ""private mode"". The legal battle revealed documents in which Google employees described Incognito as ""effectively a lie"" and ""a confusing mess"", according to Monday's court filing.  Last year, Judge Yvonne Rogers rejected Google's bid to have the case dismissed, saying she could not agree that users consented to allowing Google to collect information on their browsing activity. The deal will now go to the court for approval.  The settlement comes as big tech firms are facing increased scrutiny of their practices in the US and beyond. In the US, Google and its parent company Alphabet are facing two separate monopoly cases brought by the federal government.  It has also recently settled a number of other suits.  It paid nearly $400m (£318m) in 2022 to settle claims brought by US states that it tracked the location of users who had opted out of location services on their devices. In December 2023, it also agreed to a $700m (£557m) settlement to resolve a lawsuit brought by a group of US states that had accused it of quashing competition to its Play Store on Android devices. ",BBC,01/04/2024,"['Google has agreed to delete billions of records and submit to some restrictions on its power to track users, under the terms of a proposed legal settlement.', 'The deal aims to resolve a class action lawsuit brought in the US in 2020, which had accused the tech giant of invading people\'s privacy by collecting user data even when they were browsing in ""private mode"".', 'The suit had sought $5bn in damages.', 'Google is supporting the deal, though it disputes the claims.', 'It has already made changes in response to the lawsuit.', 'The data deletion will also apply outside of the United States.', 'In January, shortly after the two sides announced plans to settle the case, the company updated its disclosures to make it clear that it still tracked user data even when users opted to search privately or using its ""Incognito"" setting.', 'That mode provides some increased privacy because it does not save the browsing activity to the machine being used.', 'That same month, the firm said it was starting to trial a feature that would automatically block third-party cookies, which help track user activity, for all Google Chrome users.', 'It had made that block automatic for Incognito users shortly after the lawsuit was filed in 2020 and has agreed to ensure that limit is in place for five years, according to the terms of the settlement deal, filed on Monday in federal court in San Francisco.', 'On Monday, Google also agreed to delete ""hundreds of billions"" of private browsing data records it had collected, the court filing said. ""', 'We are pleased to settle this lawsuit, which we always believed was meritless,"" Google spokesman Jorge Castaneda said in a statement, noting that the company would not be paying any damages. ""', 'We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.""', 'Google is still facing lawsuits from individuals over privacy violations, which could lead to financial penalties.', 'Lawyer David Boies of Boies Schiller Flexner LLP, who represented users in the fight, called the deal an ""historic step in requiring honesty and accountability from dominant technology companies"".', 'The lawsuit had claimed that despite its suggestions to the contrary, Google had tracked users\' activity even when they set the Google Chrome browser to ""Incognito"" mode and other browsers to ""private mode"".', 'The legal battle revealed documents in which Google employees described Incognito as ""effectively a lie"" and ""a confusing mess"", according to Monday\'s court filing.', ""Last year, Judge Yvonne Rogers rejected Google's bid to have the case dismissed, saying she could not agree that users consented to allowing Google to collect information on their browsing activity."", 'The deal will now go to the court for approval.', 'The settlement comes as big tech firms are facing increased scrutiny of their practices in the US and beyond.', 'In the US, Google and its parent company Alphabet are facing two separate monopoly cases brought by the federal government.', 'It has also recently settled a number of other suits.', 'It paid nearly $400m (£318m) in 2022 to settle claims brought by US states that it tracked the location of users who had opted out of location services on their devices.', 'In December 2023, it also agreed to a $700m (£557m) settlement to resolve a lawsuit brought by a group of US states that had accused it of quashing competition to its Play Store on Android devices.']",0.0403854624107324,"We are happy to delete old technical data that was never associated with an individual and was never used for any form of personalization.""","Last year, Judge Yvonne Rogers rejected Google's bid to have the case dismissed, saying she could not agree that users consented to allowing Google to collect information on their browsing activity.",0.5751322995532643,"In December 2023, it also agreed to a $700m (£557m) settlement to resolve a lawsuit brought by a group of US states that had accused it of quashing competition to its Play Store on Android devices.","Google is still facing lawsuits from individuals over privacy violations, which could lead to financial penalties.",2024-04-01
Powerball jackpot swells to an estimated $975 million after no grand prize winners Saturday,https://edition.cnn.com/2024/03/30/business/powerball-saturday-drawing-lottery-jackpot/index.html,"
  Updated
        12:28 AM EDT, Sun March 31, 2024
    ","With no one winning the Powerball jackpot Saturday, the grand prize for Monday’s drawing grew closer to the billion-dollar mark, according to the lottery.
    
            Saturday’s winning numbers were: 33, 13, 50, 12, 52 with a Powerball of 23.
    
            The estimated $975 million Powerball jackpot in play Monday jumped from $935 million after no tickets matched all six numbers in Saturday night’s drawing.
    
            A jackpot winner in Monday’s drawing can choose to receive the money in annuitized payments or take a lump sum estimated at $471.7 million.
    
            While the jackpot wasn’t won in the drawing on Saturday, four tickets won $1 million each by matching the first five numbers. Those tickets were sold in Illinois, Louisiana, Michigan and Pennsylvania, according to the Powerball website.
    
            Powerball’s grand prize was last won in January, when a ticket in Michigan scored a $842.4 million jackpot. Since then, 38 consecutive drawings have taken place without a jackpot winner, according to Powerball.
    
            The largest Powerball jackpot – and the largest US lottery prize – ever won was $2.04 billion by a ticket purchased in California in November 2022, according to the lottery.
    
            Ranking second through fourth are $1.765 billion (one ticket in California; 2023); $1.586 billion (three tickets, 2016); and $1.08 billion (one ticket in California, 2023).
    
            Winning the Powerball jackpot means a ticket matched all five white balls plus the red Powerball. The odds of winning any prize in a Powerball drawing are 1 in 24.9, and the odds of winning the jackpot are 1 in 292.2 million, according to the lottery.
    
            Powerball tickets cost $2 per play and are sold in 45 states, the District of Columbia, Puerto Rico and the US Virgin Islands. Drawings are held Mondays, Wednesdays and Saturdays at 10:59 p.m. ET in Tallahassee, Florida.",CNN,31/03/2024,"['With no one winning thePowerball jackpot Saturday,the grand prize for Monday’s drawing grew closer to the billion-dollar mark, according tothe lottery.', 'Saturday’s winning numbers were: 33, 13, 50, 12, 52 with a Powerball of 23.', 'The estimated $975 million Powerball jackpot in play Monday jumped from $935 million after no tickets matched all six numbers in Saturday night’s drawing.', 'A jackpot winner in Monday’s drawing can choose to receive the money in annuitized payments or take a lump sum estimated at $471.7 million.', 'While the jackpot wasn’t won in the drawing on Saturday, four tickets won $1 million each by matching the first five numbers.', 'Those tickets were sold in Illinois, Louisiana, Michigan and Pennsylvania, according to thePowerball website.', 'Powerball’s grand prize was last won in January, when a ticket in Michigan scored a $842.4 million jackpot.', 'Since then, 38 consecutive drawings have taken place without a jackpot winner, according toPowerball.', 'The largest Powerball jackpot – and the largest US lottery prize – ever won was$2.04 billionby a ticket purchased in California in November 2022, according to the lottery.', 'Ranking second through fourth are $1.765 billion (one ticket in California; 2023); $1.586 billion (three tickets, 2016); and $1.08 billion (one ticket in California, 2023).', 'Winning the Powerball jackpot means a ticket matched all five white balls plus the red Powerball.', 'The odds of winning any prize in a Powerball drawing are 1 in 24.9, and the odds of winning the jackpot are 1 in 292.2 million, according to the lottery.', 'Powerball tickets cost $2 per play and are sold in 45 states, the District of Columbia, Puerto Rico and the US Virgin Islands.', 'Drawings are held Mondays, Wednesdays and Saturdays at 10:59 p.m. ET in Tallahassee, Florida.']",0.4094887064885834,"The odds of winning any prize in a Powerball drawing are 1 in 24.9, and the odds of winning the jackpot are 1 in 292.2 million, according to the lottery.","Since then, 38 consecutive drawings have taken place without a jackpot winner, according toPowerball.",0.999611645936966,The estimated $975 million Powerball jackpot in play Monday jumped from $935 million after no tickets matched all six numbers in Saturday night’s drawing.,,2024-04-01
Thames Water boss says bills need to rise by 40%,https://www.bbc.co.uk/news/business-68682198,2024-03-28T07:23:24.000Z,"The boss of Thames Water has told the BBC customer bills need to rise by 40% by 2030 to pay for improvements. ""That is the price customers have to pay for the investment in our infrastructure that's needed,"" he said. The firm is in a race to find extra cash after its investors said they would not give the struggling water giant more money unless bills rise.  The regulator, whose approval is needed for any price rises, has so far pushed back on substantial bill increases. Sources close to Ofwat say it plans to ""stick to its guns"" and won't raise bills to address shareholder problems. Fears emerged last year that the UK's largest water company Thames could collapse due to its huge debts. Regardless of what happens, water supplies will continue as normal. Chris Weston said he wanted to ""reassure our customers that it is very much business as usual for Thames Water"". The firm was ""quite a long way off"" from nationalisation and ""a lot that has to happen"" beforehand.  However, he said it was ""eventually possible"". ""Even if that were to happen, the services will continue to be provided,"" he said. ""There will still be clean drinking water, and we will still deal with all the waste that has to be dealt with."" Thames Water drew up a turnaround plan last summer which asked for bills to rise over the next five years. Investors were due to pump in almost £4bn into the business over the next two years, but have withheld the first payment - due at the end of March - saying its turnaround plan is ""uninvestible"". The government has previously said it is ready to take over Thames Water in the event that it collapses. It serves 15 million households, mostly across London and parts of southern England. The regulator insists that even without the additional capital, the Thames Water operating company will not need to be nationalised immediately as it is still generating enough money to keep it going day-to-day for up to 18 months. However, at some point Thames will need to raise new money to finance the huge programme of investment that is needed and if the current shareholders - which include domestic and foreign pension funds as well as wealth funds from China and Abu Dhabi - won't inject cash, then Thames will need to find new ones. Sources close to the current owners say that unless Thames can pay a return - few people will find it an attractive investment. It is not unusual for investors to try to put pressure on the regulator, which is in the process of deciding how much water companies will be able to charge customers from 2025 to 2030. However, the BBC understands that some investors, who stand to lose significant amounts if the firm is nationalised, don't think regulators will let the firm raise prices enough to make Thames Water a prospect for further investment. Mr Weston said that Thames Water was planning to come up with a plan that is acceptable to investors - who want higher returns - and Ofwat - which said it had to be ""fair to bill payers"". ""It is a balancing act,"" Mr Weston said. Ofwat wants the company to clean up its act when it comes to the environment, and improve customer service. Levelling Up Secretary Michael Gove said ""the answer is not to hit consumers"" and that ""leadership of Thames Water has been a disgrace"". He said successive management teams at Thames Water had ""taken advantage"" of customers by ""taking out profits and not investing"". But Labour said it was the government which had ""weakened regulation allowing water companies to get massively in debt while the sewerage system crumbled and illegal sewage dumping hit record levels"". The GMB union said investors were trying to ""blackmail"" customers and Ofwat so bills can ""rocket"". Thames Water is heavily indebted, with a large proportion of its £14.7bn debt pile having been run up when it was owned by Macquarie, an Australian infrastructure bank. Interest payments on its debt have also sharply increased. Macquarie has said that it invested billions of pounds in upgrading Thames's water and sewerage infrastructure while it owned the company. But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders. Along with many UK water firms, Thames Water has been in the spotlight for pumping sewage into rivers. Between 2020 and the end of last year, it discharged at least 72 billion litres of sewage into the Thames. Ofwat said safeguards were in place to ensure that services to customers were protected ""regardless of issues faced by shareholders of Thames Water"". ""The company must now pursue all options to seek further equity for the business to turn around the performance of the company for customers.  ""We also need to see companies deliver the performance that customers expect and that they are run in a way that meets customers' expectations,"" it added. ",BBC,28/03/2024,"['The boss of Thames Water has told the BBC customer bills need to rise by 40% by 2030 to pay for improvements. ""', 'That is the price customers have to pay for the investment in our infrastructure that\'s needed,"" he said.', 'The firm is in a race to find extra cash after its investors said they would not give the struggling water giant more money unless bills rise.', 'The regulator, whose approval is needed for any price rises, has so far pushed back on substantial bill increases.', 'Sources close to Ofwat say it plans to ""stick to its guns"" and won\'t raise bills to address shareholder problems.', ""Fears emerged last year that the UK's largest water company Thames could collapse due to its huge debts."", 'Regardless of what happens, water supplies will continue as normal.', 'Chris Weston said he wanted to ""reassure our customers that it is very much business as usual for Thames Water"".', 'The firm was ""quite a long way off"" from nationalisation and ""a lot that has to happen"" beforehand.', 'However, he said it was ""eventually possible"". ""', 'Even if that were to happen, the services will continue to be provided,"" he said. ""', 'There will still be clean drinking water, and we will still deal with all the waste that has to be dealt with.""', 'Thames Water drew up a turnaround plan last summer which asked for bills to rise over the next five years.', 'Investors were due to pump in almost £4bn into the business over the next two years, but have withheld the first payment - due at the end of March - saying its turnaround plan is ""uninvestible"".', 'The government has previously said it is ready to take over Thames Water in the event that it collapses.', 'It serves 15 million households, mostly across London and parts of southern England.', 'The regulator insists that even without the additional capital, the Thames Water operating company will not need to be nationalised immediately as it is still generating enough money to keep it going day-to-day for up to 18 months.', ""However, at some point Thames will need to raise new money to finance the huge programme of investment that is needed and if the current shareholders - which include domestic and foreign pension funds as well as wealth funds from China and Abu Dhabi - won't inject cash, then Thames will need to find new ones."", 'Sources close to the current owners say that unless Thames can pay a return - few people will find it an attractive investment.', 'It is not unusual for investors to try to put pressure on the regulator, which is in the process of deciding how much water companies will be able to charge customers from 2025 to 2030.', ""However, the BBC understands that some investors, who stand to lose significant amounts if the firm is nationalised, don't think regulators will let the firm raise prices enough to make Thames Water a prospect for further investment."", 'Mr Weston said that Thames Water was planning to come up with a plan that is acceptable to investors - who want higher returns - and Ofwat - which said it had to be ""fair to bill payers"". ""', 'It is a balancing act,"" Mr Weston said.', 'Ofwat wants the company to clean up its act when it comes to the environment, and improve customer service.', 'Levelling Up Secretary Michael Gove said ""the answer is not to hit consumers"" and that ""leadership of Thames Water has been a disgrace"".', 'He said successive management teams at Thames Water had ""taken advantage"" of customers by ""taking out profits and not investing"".', 'But Labour said it was the government which had ""weakened regulation allowing water companies to get massively in debt while the sewerage system crumbled and illegal sewage dumping hit record levels"".', 'The GMB union said investors were trying to ""blackmail"" customers and Ofwat so bills can ""rocket"".', 'Thames Water is heavily indebted, with a large proportion of its £14.7bn debt pile having been run up when it was owned by Macquarie, an Australian infrastructure bank.', 'Interest payments on its debt have also sharply increased.', ""Macquarie has said that it invested billions of pounds in upgrading Thames's water and sewerage infrastructure while it owned the company."", ""But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders."", 'Along with many UK water firms, Thames Water has been in the spotlight for pumping sewage into rivers.', 'Between 2020 and the end of last year, it discharged at least 72 billion litres of sewage into the Thames.', 'Ofwat said safeguards were in place to ensure that services to customers were protected ""regardless of issues faced by shareholders of Thames Water"". ""', 'The company must now pursue all options to seek further equity for the business to turn around the performance of the company for customers. ""', 'We also need to see companies deliver the performance that customers expect and that they are run in a way that meets customers\' expectations,"" it added.']",0.0794612556129573,"Ofwat said safeguards were in place to ensure that services to customers were protected ""regardless of issues faced by shareholders of Thames Water"". ""","But Labour said it was the government which had ""weakened regulation allowing water companies to get massively in debt while the sewerage system crumbled and illegal sewage dumping hit record levels"".",-0.0862574542269987,"He said successive management teams at Thames Water had ""taken advantage"" of customers by ""taking out profits and not investing"".","But Labour said it was the government which had ""weakened regulation allowing water companies to get massively in debt while the sewerage system crumbled and illegal sewage dumping hit record levels"".",2024-04-01
The home insurance market is crumbling. These owners are paying the price,https://edition.cnn.com/2024/03/29/economy/home-insurance-prices-climate-change/index.html,"
  Updated
        2:48 PM EDT, Fri March 29, 2024
    ","The home insurance market is crumbling in New Orleans, leaving Alfredo Herrera with few options for coverage — and skyrocketing insurance premiums.
    
            Herrera, 35, works in finance for a local bank. He bought his 900-square-foot home in New Orleans’ Mid-City neighborhood in 2020 for $270,000, and lives there with his partner.
    
            In 2022, he paid $1,600 a year for home insurance. But last July, his insurer canceled his coverage, saying it was leaving Louisiana.
    
            In the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem.
    
            But as climate change increases the frequency and severity of extreme weather, insurers — especially those in areas most impacted by floods and fires — are raising their premiums, or pulling out altogether, impacting the affordability and availability of home and fire insurance.
    
            Herrera shopped around for a new plan, but he struggled to find a policy. Louisiana Citizens, the insurer of last resort for property owners in the state, was out of the question. It would have cost more than $7,000 annually.
    
            Herrera eventually found a policy with a small company in the state that charged him $4,930 annually — a 208% increase from what he paid in 2022.
    
            “It’s a very difficult situation,” he said. He never imagined that when he bought his home, private insurance options would be this limited and the last resort insurer would be so expensive.
    
            “We’re against the wall,” Herrera said. “There’s no competition.”
    
            Herrera’s insurance story is common in Louisiana and other places across the country at increasingly higher risk for extreme weather.
    
            There were a record 28 weather and climate disasters with losses totaling over $1 billion last year in America, according to the National Oceanic and Atmospheric Administration. By comparison, between 1980 and 2023, the typical annual average for these events was 8.5.
    
            A Louisiana State University survey last year found that 17% of Louisiana homeowners reported their provider canceled their policy. Sixty-three percent of policyholders said the cost of their insurance coverage increased from the prior year, the survey found.
    
            There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association.
    
            The main drivers are the higher costs insurers face, including from more severe storms; higher replacement costs; and re-insurance, the type of insurance used by insurers to limit their risks. These are passed on to consumers. So even if a homeowner doesn’t live in a high-risk area, that owner is likely paying a higher premium to cover people in the riskiest places.
    
            In 2023, Neil Fernandes paid $1,700 a year for Farmers Insurance coverage for his home in Santa Clarita, California, where the 42-year-old software engineer lives with his wife and child.
    
            But last year, Farmers said it was raising his premium to $3,200. When he asked why, Farmers cited rising costs and increased fire hazards in the state. Fernandes said the fire hazards around his home haven’t changed and he lives a quarter mile from a fire station.
    
            He started shopping around for other policies, but he found limited options.
    
            Frustrated by the lack of choices, he switched to AAA home insurance for $2,880 a year.
    
            He and his family have had to change their lifestyle to cover the increase. He’s driving less to save on car insurance. They aren’t eating out as much, or traveling, and are putting off home improvement upgrades.
    
            Fernandes is challenging AAA’s assessment of his home insurance value, which he said is over-estimated.
    
            AAA did not comment to CNN.
    
            And he worries about more home insurance price shocks in the future, something he did not anticipate when he bought his home.
    
            “As a home owner, I always worry about things like paying taxes for good schools and community upkeep,” he said. “Now I have to worry about insurance coverage.”
    
            In some places most exposed to climate change, insurers have stopped issuing policies.
    
            In May, State Farm, the largest home insurer in California, announced it would pause issuing policies in that state, citing wildfire risks. Farmers Insurance deemed it too risky to continue insuring homes in Florida and pulled out of the market there entirely.
    
            On March 20, State Farm said it would not renew 72,000 home insurance policies in California, representing just over 2% of the company’s policies in the state. The company cited “inflation, catastrophe exposure [and] reinsurance costs” among the reasons.
    
            More people are being driven to the state-supported “insurer of last resort,” where they typically have to pay more money for a narrower policy. 
    
            More states are looking to start state-backed insurance providers as companies pull out.
    
            In Florida, Citizens Property Insurance has seen the number of policies it has issued rise about 50% in the last year alone to 1.3 million — equal to 16% of the market and far more than any national insurer writes in the state.
    
            The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters.
    
            But climate change isn’t the only factor driving up costs. Insurance companies also point to the rising cost of replacing homes, as inflation for building supplies and labor has soared.
    
            The insurance industry says that rebuilding and replacement costs surged 55% between 2019 and 2022. Costs have since fallen, however. And reinsurance has gone up between 30% and 40% after years of losses in the industry, according to Matthew Carletti, an insurance industry analyst for JMP Securities.
    
            Homeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance. But for those who have paid off their home or bought it with cash, the high additional costs of homeowners insurance and the challenge of getting it can lead some to take their chances without it.
    
            Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. That’s about 7.4% of all homeowners in the country, and amounts to about $1.6 trillion of unprotected value.
    
            CFA warned that the problem of uninsured homes is likely to get worse in coming years unless major investments in climate change adaptation and stronger oversight of the insurance industry are made.
    
            Diana Troxell and her husband are not sure how they will pay for their 250% annual premium increase for their manufactured home in rural Cottonwood, California. Right now, they are getting help from family to pay for groceries and gas.
    
            Troxell, 76, works seasonally as a face painter at the county fair. She and her husband rely primarily on Social Security to scrape by.
    
            They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.
    
            But Foremost last year told them their policy would not be renewed due to wildfire exposure.
    
            “We went into a shock mode,” she said. “We couldn’t figure out what to do.”
    
            They looked to sell their home and rent in California, but they couldn’t afford it.
    
            With no other insurance options available, they turned to California FAIR Plan, a state program for residents and businesses who can’t obtain insurance through a regular insurance company. In 2021, the FAIR Plan accounted for 3% of the state’s policies in 2021, nearly double the share from 2018.
    
            Now they are paying about $6,660 a year through the FAIR plan.
    
            “We’re in ‘how are we going to do this’ mode?” she said. “We’re living month to month.”
    
            CNN’s Ella Nilsen contributed to this article.",CNN,29/03/2024,"['The home insurance market is crumbling in New Orleans, leaving Alfredo Herrera with few options for coverage — and skyrocketing insurance premiums.', 'Herrera, 35, works in finance for a local bank.', 'He bought his 900-square-foot home in New Orleans’ Mid-City neighborhood in 2020 for $270,000, and lives there with his partner.', 'In 2022, he paid $1,600 a year for home insurance.', 'But last July, his insurer canceled his coverage, saying it was leaving Louisiana.', 'In the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem.', 'But as climate change increases the frequency and severity of extreme weather, insurers —especially those in areas most impacted byfloodsand fires —are raising their premiums, or pulling out altogether,impacting the affordability and availability ofhome and fire insurance.', 'Herrera shopped around for a new plan, but he struggled to find a policy.', 'Louisiana Citizens, the insurer of last resort for property owners in the state, was out of the question.', 'It would have cost more than $7,000 annually.', 'Herrera eventually found a policy with a small company in the state that charged him $4,930 annually — a 208% increase from what he paid in 2022.', '“It’s a very difficult situation,” he said.', 'He never imagined that when he bought his home, private insurance options would be this limited and the last resort insurer would be so expensive.', '“We’re against the wall,” Herrera said. “', 'There’s no competition.”', 'Herrera’s insurance story is common in Louisiana and other places across the country at increasingly higher risk for extreme weather.', 'There were a record 28 weather and climate disasters with losses totaling over $1 billion last year in America,according to the National Oceanic and Atmospheric Administration.', 'By comparison, between 1980 and 2023, the typical annual average for these events was 8.5.', 'A Louisiana State University survey last year found that 17% of Louisiana homeowners reported their provider canceled their policy.', 'Sixty-three percent of policyholders said the cost of their insurance coverage increased from the prior year, the survey found.', 'There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association.', 'The main drivers are the higher costs insurers face, including from more severe storms; higher replacement costs; and re-insurance, the type of insurance used by insurers to limit their risks.', 'These are passed on to consumers.', 'So even if a homeowner doesn’t live in a high-risk area, that owner is likely paying a higher premium to cover people in the riskiest places.', 'In 2023, Neil Fernandes paid $1,700 a year for Farmers Insurance coverage for his home in Santa Clarita, California, where the 42-year-old software engineer lives with his wife and child.', 'But last year, Farmers said it was raising his premium to $3,200.', 'When he asked why, Farmers cited rising costs and increased fire hazards in the state.', 'Fernandes said the fire hazards around his home haven’t changed and he lives a quarter mile from a fire station.', 'He started shopping around for other policies, but he found limited options.', 'Frustrated by the lack of choices, he switched to AAA home insurance for $2,880 a year.', 'He and his family have had to change their lifestyle to cover the increase.', 'He’s driving less to save on car insurance.', 'They aren’t eating out as much, or traveling, and are putting off home improvement upgrades.', 'Fernandes is challenging AAA’s assessment of his home insurance value, which he said is over-estimated.', 'AAA did not comment to CNN.', 'And he worries about more home insurance price shocks in the future, something he did not anticipate when he bought his home.', '“As a home owner, I always worry about things like paying taxes for good schools and community upkeep,” he said. “', 'Now I have to worry about insurance coverage.”', 'In some places most exposed to climate change, insurers have stopped issuing policies.', 'In May, State Farm, the largest home insurer in California, announced it would pause issuing policies in that state, citing wildfire risks.', 'Farmers Insurance deemed it too risky to continue insuring homes in Florida and pulled out of the market there entirely.', 'On March 20, State Farm said it would not renew 72,000 home insurance policies in California, representing just over 2% of the company’s policies in the state.', 'The company cited “inflation, catastrophe exposure [and] reinsurance costs” among the reasons.', 'More people are being driven to the state-supported “insurer of last resort,” where they typically have to pay more money for a narrower policy.', 'More states are looking to start state-backed insurance providers as companies pull out.', 'In Florida, Citizens Property Insurance has seen the number of policies it has issued rise about 50% in the last year alone to 1.3 million — equal to 16% of the market and far more than any national insurer writes in the state.', 'The US Senate Budget Committee is launching an investigation intowhetherFlorida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters.', 'But climate change isn’t the only factor driving up costs.', 'Insurance companies also point to the rising cost of replacing homes, as inflation for building supplies and labor has soared.', 'The insurance industry says that rebuilding and replacement costs surged 55% between 2019 and 2022.', 'Costs have since fallen, however.', 'And reinsurance has gone up between 30% and 40% after years of losses in the industry, according to Matthew Carletti, an insurance industry analyst for JMP Securities.', 'Homeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance.', 'But for those who have paid off their home or bought it with cash, the high additional costs of homeowners insurance and the challenge of getting it can lead some to take their chances without it.', 'Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America.', 'That’s about 7.4% of all homeowners in the country, and amounts to about $1.6 trillion of unprotected value.', 'CFA warned that the problem of uninsured homes is likely to get worse in coming years unless major investments in climate change adaptation and stronger oversight of the insurance industry are made.', 'Diana Troxell and her husband are not sure how they will pay for their 250% annual premium increase for their manufactured home in rural Cottonwood, California.', 'Right now, they are getting help from family to pay for groceries and gas.', 'Troxell, 76, works seasonally as a face painter at the county fair.', 'She and her husband rely primarily on Social Security to scrape by.', 'They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.', 'But Foremost last year told them their policy would not be renewed due to wildfire exposure.', '“We went into a shock mode,” she said. “', 'We couldn’t figure out what to do.”', 'They looked to sell their home and rent in California, but they couldn’t afford it.', 'With no other insurance options available, they turned to California FAIR Plan, a state program for residents and businesses who can’t obtain insurance through a regular insurance company.', 'In 2021, the FAIR Plan accounted for 3% of the state’s policies in 2021, nearly double the share from 2018.', 'Now they are paying about $6,660 a year through the FAIR plan.', '“We’re in ‘how are we going to do this’ mode?”', 'she said. “', 'We’re living month to month.”', 'CNN’s Ella Nilsen contributed to this article.']",-0.0690198957186037,"In 2021, the FAIR Plan accounted for 3% of the state’s policies in 2021, nearly double the share from 2018.","There were a record 28 weather and climate disasters with losses totaling over $1 billion last year in America,according to the National Oceanic and Atmospheric Administration.",-0.3159443587064743,"And reinsurance has gone up between 30% and 40% after years of losses in the industry, according to Matthew Carletti, an insurance industry analyst for JMP Securities.",CFA warned that the problem of uninsured homes is likely to get worse in coming years unless major investments in climate change adaptation and stronger oversight of the insurance industry are made.,2024-04-01
3 ways Apple’s monopoly lawsuit could change the iPhone experience for fans,https://edition.cnn.com/2024/03/26/tech/apples-iphone-changes-lawsuit/index.html,"
  Published
        6:30 AM EDT, Tue March 26, 2024
    ","When Apple launched its first Mac computer in 1984, with its iconic Mac smiley-face “hello” greeting, it wanted to differentiate itself in the fledgling PC market. The Mac was approachable with its friendly, innovative design – Apple’s way of setting the Mac apart in the confusing PC landscape.
    
            That consumer-friendly mantra still exists today, with Apple carefully curating an easy-breezy yet controlled user experience across its products, including the billions of iPhones used around the world.
    
            But the Biden administration believes Apple took that too far. On Thursday, the Department of Justice sued Apple for illegally monopolizing the smartphone market. In a press conference, the government provided a long list of how Apple has allegedly squashed competition with restrictive app store terms, high fees and its “walled-garden” approach, restricting how third-party companies interact with its brands and services.
    
            The company denied the lawsuit’s allegations and said it plans to fight them. Apple added that the lawsuit could empower the government “to take a heavy hand in designing people’s technology.”
    
            But if successful, the lawsuit could ripple across Apple’s products and services. Although the suit could take years to play out, here’s a closer look what it may eventually mean for iPhone users:
    
            If found liable, the company could be forced to change a number of things.
    
            One such change is how iPhone users could get greater access to “super apps” that have been largely restricted before. The term refers to one-stop-shop apps that allow for messaging, ordering food, payment processing and other capabilities all within one platform.
    
             According to Dipanjan Chatterjee, a principal analyst at market research firm Forrester, super apps most threaten Apple’s preeminence in the lives of its customers.
    
            “An offering like WeChat, dubbed China’s everything app, can provide an alternative to the Apple ecosystem for people to communicate, bank, share memories, talk to businesses and more,” he said. “What Apple fears most is becoming irrelevant to its customers.”
    
            At the same time, super apps like WeChat are created by larger companies and could, therefore, put some smaller companies at a disadvantage. And the concept hasn’t been welcomed much in the US anyway.
    
            The US government, however, could argue that lack of interest may be due to Apple’s high share of the smartphone market and its resistance to offer super apps in its store, Chatterjee said.
    
            Apple may also be required to offer more support for cross-platform messaging, an issue the company previously said it’s already working on.
    
            The company lets iPhone users send high-quality photos and videos to one another, but similar texts to Android phones are slower and grainy. It also maintains those messages in green bubbles, creating a kind of class divide, critics argue.
    
            In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap. Apple’s move to add support for the standard called RCS (rich communication services) is intended to roll out later this year. RCS is considered the replacement to alternatives such as SMS, or short messaging service, and can work over both Wi-Fi and mobile data.
    
            The change followed pressure from both regulators and competitors to more seamlessly work across operating systems. The European Union’s Digital Markets Act, for example, requires companies to make their key services interoperable between platforms. The US government could require the same.
    
            Another likely change is how hardware from other companies, such as smartwatches, will interact with the Apple range of devices and software, including the iPhone and Apple’s services like Fitness+. The company has also required Apple Watch users to own iOS devices as a way to keep them locked into its existing ecosystem.
    
            Chatterjee said making this change would have both positives and negatives.
    
            “The net result would reside somewhere along the spectrum of access to more and cheaper options but also the devaluation of the customer experience that is so highly prized by Apple’s customers,” he said.
    
            The Biden administration has also taken issue with Apple’s lack of support for mobile cloud services. Loosening this could allow users to access games and other cloud-based apps without having to pay for pricey hardware.
    
            The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating. Although the Biden administration will have to prove these harms, some critics say any potential changes Apple could make will negatively impact the user experience.
    
            David McQueen, a research director at ABI Research, said he recognizes that the content and applications market should be open, and Apple needs to avoid monopolistic advantages that can restrict competition, push up prices or block innovation. But Apple’s success stems in part to its tight grip on its products and services, keeping things intuitive and seamless.
    
            “If Apple is forced to comply, it could potentially spell the end to the provision of this consistent and unified user experience, although by the same token, consumers will be open to a greater choice of apps and services, helping more developers and providers,” McQueen said.
    
            Chatterjee noted some people are drawn to the Apple family of products precisely because of the carefully managed ecosystem’s ease of use. Apple may have to work that much harder to preserve the integrity of its experience, but any changes probably won’t be enough to make customers to leave and go elsewhere.
    
            “The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.
    
            But he added those currently outside of the Apple ecosystem will likely benefit by “plugging in opportunistically without having to go all in with Apple.”",CNN,26/03/2024,"['When Apple launched its first Mac computer in 1984, with its iconic Mac smiley-face “hello” greeting, it wanted to differentiate itself in the fledgling PC market.', 'The Mac was approachable with its friendly, innovative design – Apple’s way of setting the Mac apart in the confusing PC landscape.', 'That consumer-friendly mantra still exists today, with Apple carefully curating an easy-breezy yet controlled user experience across its products, including the billions of iPhones used around the world.', 'But the Biden administration believes Apple took that too far.', 'On Thursday, the Department of Justice sued Apple for illegally monopolizing the smartphone market.', 'In a press conference, the government provided a long list of how Apple has allegedly squashed competition with restrictive app store terms, high fees and its “walled-garden” approach, restricting how third-party companies interact with its brands and services.', 'The company denied the lawsuit’s allegations and said it plans to fight them.', 'Apple added that the lawsuit could empower the government “to take a heavy hand in designing people’s technology.”', 'But if successful, the lawsuit could ripple across Apple’s products and services.', 'Although the suit could take years to play out, here’s a closer look what it may eventually mean for iPhone users:  If found liable, the company could be forced to change a number of things.', 'One such change is how iPhone users could get greater access to “super apps” that have been largely restricted before.', 'The term refers to one-stop-shop apps that allow for messaging, ordering food, payment processing and other capabilities all within one platform.', 'According to Dipanjan Chatterjee, a principal analyst at market research firm Forrester, super apps most threaten Apple’s preeminence in the lives of its customers.', '“An offering like WeChat, dubbed China’s everything app, can provide an alternative to the Apple ecosystem for people to communicate, bank, share memories, talk to businesses and more,” he said.', '“What Apple fears most is becoming irrelevant to its customers.”', 'At the same time, super apps like WeChat are created by larger companies and could, therefore, put some smaller companies at a disadvantage.', 'And the concept hasn’t been welcomed much in the US anyway.', 'The US government, however, could argue that lack of interest may be due to Apple’s high share of the smartphone market and its resistance to offer super apps in its store, Chatterjee said.', 'Apple may also be required to offer more support for cross-platform messaging, an issue the company previously said it’s already working on.', 'The company lets iPhone users send high-quality photos and videos to one another, but similar texts to Android phones are slower and grainy.', 'It also maintains those messages in green bubbles, creating a kind of class divide, critics argue.', 'In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap.', 'Apple’s move to add support for the standard called RCS (rich communication services) is intended to roll out later this year.', 'RCS is considered the replacement to alternatives such as SMS, or short messaging service, and can work over both Wi-Fi and mobile data.', 'The change followed pressure from both regulators and competitors to more seamlessly work across operating systems.', 'The European Union’s Digital Markets Act, for example, requires companies to make their key services interoperable between platforms.', 'The US government could require the same.', 'Another likely change is how hardware from other companies, such as smartwatches, will interact with the Apple range of devices and software, including the iPhone and Apple’s services like Fitness+.', 'The company has also required Apple Watch users to own iOS devices as a way to keep them locked into its existing ecosystem.', 'Chatterjee said making this change would have both positives and negatives.', '“The net result would reside somewhere along the spectrum of access to more and cheaper options but also the devaluation of the customer experience that is so highly prized by Apple’s customers,” he said.', 'The Biden administration has also taken issue with Apple’s lack of support for mobile cloud services.', 'Loosening this could allow users to access games and other cloud-based apps without having to pay for pricey hardware.', 'The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating.', 'Although the Biden administration will have to prove these harms, some critics say any potential changes Apple could make will negatively impact the user experience.', 'David McQueen, a research director at ABI Research, said he recognizes that the content and applications market should be open, and Apple needs to avoid monopolistic advantages that can restrict competition, push up prices or block innovation.', 'But Apple’s success stems in part to its tight grip on its products and services, keeping things intuitive and seamless.', '“If Apple is forced to comply, it could potentially spell the end to the provision of this consistent and unified user experience, although by the same token, consumers will be open to a greater choice of apps and services, helping more developers and providers,” McQueen said.', 'Chatterjee noted some people are drawn to the Apple family of products precisely because of the carefully managed ecosystem’s ease of use.', 'Apple may have to work that much harder to preserve the integrity of its experience, but any changes probably won’t be enough to make customers to leave and go elsewhere.', '“The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.', 'But he added those currently outside of the Apple ecosystem will likely benefit by “plugging in opportunistically without having to go all in with Apple.”']",0.2470050112228104,"In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap.",The company denied the lawsuit’s allegations and said it plans to fight them.,-0.151834836602211,"“The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.","The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating.",2024-04-01
Xiaomi: Chinese smartphone giant takes on Tesla,https://www.bbc.co.uk/news/business-68672192,2024-03-28T03:54:12.000Z,"Chinese smartphone maker Xiaomi has launched its first electric vehicle (EV) and started taking orders. At the event the technology giant's chief executive Lei Jun said the standard SU7 model would be priced at 215,900 yuan ($29,872; £23,663) and the Max version would cost 299,900 yuan. The firm says it got over 50,000 orders within the first 27 minutes of sales. Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war. The move sees the technology giant taking on EV rivals including Tesla and BYD. The starting price in China for Tesla's Model 3 is 245,900 yuan. Mr Lei also said the SU7 would have a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km. The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers. Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint. The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche's Taycan and Panamera sports car models. It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year. ""While getting this far is itself quite an achievement, the ultimate achievement would be to demonstrate that there is a consumer market for Xiaomi as a smart EVs brand,"" Bill Russo of Automobility told the BBC. In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV. Mr Russo added that Xiaomi's entry into the car market reflected its confidence ""in the relevancy for their brand"" in China while Apple did not see enough potential in the EV market outside of China. Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years. ""The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy.  ""For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""  The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying. Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices. The world's biggest car market is already crowded so Xiaomi is one of the few new prospective entrants to gain approval from authorities as officials try to curb a flood of new players. Earlier this week, BYD posted record annual profits but said growth had slowed towards the end of last year. Shanghai-based electric car maker Nio on Wednesday lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens. American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 next week. At the same time, governments around the world are pushing back against imports of foreign-made EVs. On Tuesday, Beijing initiated dispute settlement proceedings against the US at the World Trade Organization to contest ""discriminatory subsidies"" under the US Inflation Reduction Act. Meanwhile, the European Union has launched an investigation into whether Chinese government subsidies have helped the country's electric car makers undercut European-made models. ",BBC,28/03/2024,"['Chinese smartphone maker Xiaomi has launched its first electric vehicle (EV) and started taking orders.', ""At the event the technology giant's chief executive Lei Jun said the standard SU7 model would be priced at 215,900 yuan ($29,872; £23,663) and the Max version would cost 299,900 yuan."", 'The firm says it got over 50,000 orders within the first 27 minutes of sales.', ""Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war."", 'The move sees the technology giant taking on EV rivals including Tesla and BYD.', ""The starting price in China for Tesla's Model 3 is 245,900 yuan."", ""Mr Lei also said the SU7 would have a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km."", ""The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers."", 'Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint.', ""The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche's Taycan and Panamera sports car models."", 'It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year. ""', 'While getting this far is itself quite an achievement, the ultimate achievement would be to demonstrate that there is a consumer market for Xiaomi as a smart EVs brand,"" Bill Russo of Automobility told the BBC.', 'In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV.', 'Mr Russo added that Xiaomi\'s entry into the car market reflected its confidence ""in the relevancy for their brand"" in China while Apple did not see enough potential in the EV market outside of China.', 'Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years. ""', 'The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy. ""', 'For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""', ""The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying."", ""Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices."", ""The world's biggest car market is already crowded so Xiaomi is one of the few new prospective entrants to gain approval from authorities as officials try to curb a flood of new players."", 'Earlier this week, BYD posted record annual profits but said growth had slowed towards the end of last year.', ""Shanghai-based electric car maker Nio on Wednesday lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens."", 'American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 next week.', 'At the same time, governments around the world are pushing back against imports of foreign-made EVs.', 'On Tuesday, Beijing initiated dispute settlement proceedings against the US at the World Trade Organization to contest ""discriminatory subsidies"" under the US Inflation Reduction Act.', ""Meanwhile, the European Union has launched an investigation into whether Chinese government subsidies have helped the country's electric car makers undercut European-made models.""]",0.1208081090282865,"The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy. """,The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying.,-0.0024405292102268,"For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""","Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war.",2024-04-01
The Realtors settlement is already changing the way some Americans buy and sell homes,https://edition.cnn.com/2024/03/30/economy/nar-settlement-home-buyers-and-sellers/index.html,"
  Updated
        2:00 PM EDT, Sat March 30, 2024
    ","The seismic settlement announced by the National Association of Realtors earlier this month has not yet been approved, but it is already sending shockwaves through the real estate industry.
    
            The mere prospect of a future settlement has already caused some Americans to change their behavior when buying and selling their homes. Some prospective homebuyers said they plan to restart their housing search after the new rules are in place in hopes of finding lower home prices, while some homesellers aren’t waiting for the new rules to take effect in July to lower — or even eliminate — the commission they offer to buyers’ agents.
    
            Housing experts say the $418 million settlement will effectively demolish the current real estate business model, in which home sellers pay both their agent and their buyers’ agent, which critics say inflated housing prices.
    
            If approved by a judge, the settlement comes with new rules for Realtors.
    
            “This is unchartered territory,” said Debra Dobbs, a Realtor in Chicago, of the potential new rules.
    
            The new rules could help lower home prices, experts say.
    
            That’s what Jeremy Cannon, a 34-year-old teacher in Corona, California, hopes.
    
            Last year, Cannon and his wife tried to buy their first home, putting in offers for multiple properties.
    
            “All of our offers got denied because other people were bidding higher than us,” Cannon said. “We were already trying to bid above asking price for pretty much every place.”
    
            At the time, Cannon decided to hit pause on his dream of owning a home. But, to Cannon, the new rules established by the NAR settlement could potentially clear what felt like an intractable hurdle for him: the high cost of housing.
    
            Sales commissions, traditionally shared between a buyers’ agent and the agent who lists a home on the market, are usually between 5% and 6% of a home’s selling price. The median price of a home in the US is $417,000, according to census data, meaning the average seller could be paying more than $25,000 in brokerage fees.
    
            Groups of sellers brought lawsuits against the NAR for this practice, alleging it was a violation of antitrust laws.
    
            Under the proposed settlement terms, sellers’ agents will no longer be required to offer to share their commission with buyers’ agents, uncoupling commissions from home prices and opening the door to a more competitive housing market.
    
            Many experts believe commission costs have been baked into home listings prices. Lower commissions could mean lower home prices.
    
            “I think it could be helpful,” Cannon said. “I hope it might be cheaper and bring the prices of houses down more.”
    
            He now plans to restart his home search this summer.
    
            A price drop would be a much-needed reprieve for Cannon and others looking to buy a home: the median sales price of a new house has surged 21% since January 2020, according to census data.
    
            The new rules also require agents to enter into written agreements with their buyers. Many agents plan to stipulate that if a home seller does not agree to pay their commission, their buyer is on the hook for that money.
    
            But Cannon said if buying a home becomes more affordable, he would be willing to pay out-of-pocket for an agent, as long as it is “someone who has my interests in mind.”
    
            Matt Hanley, a 49-year-old who works in insurance in Minnesota, has lived in his home since 2007. He was reacquainted with how real estate transactions work when he recently purchased a new home.
    
            “We were confused,” he said. “I’m like ‘wow, I’m surprised the seller has to pay my agent’s commission.’ It seemed like a conflict of interest.”
    
            Hanley now plans to list his home in April. After the NAR settlement was announced, though, he changed course: Instead of offering to pay a commission that would be split between his agent and his future buyers’ agent, he asked his agent to write “0%—negotiable” as the buyers’ agent commission on his home’s listing page.
    
            “Why wait for the settlement? This is common knowledge now,” Hanley said. “I’m going to try to be at the start of this bell curve.”
    
            Hanley’s experiment may be premature, though. The new rules will prohibit agents’ compensation from being included on centralized listing portals, which some critics say led agents to push more expensive properties on customers. But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.
    
            But Hanley pointed to favorable conditions in his market as a reason that he believes buyers may still consider purchasing his home, even if they have to pay their realtor out-of-pocket.
    
            “We’ve got everything going for us. We have no inventory in our area and we’re selling at peak time, so we said, ‘Let’s try it,’” he said. “If someone really wants it, they’re going to come up with their buyers’ fee.”
    
            “They should be reporting to their agents, we should be reporting to ours,” he added.
    
            Mariya Letdin, an associate professor of business at Florida State University, said this settlement has helped raise awareness that people have a right to negotiate. Even so, Letdin said it’s possible that the status quo is maintained.
    
            “It’s up to the consumers on both the seller side and the buyer side to bring this to wide use,” she said. “I think it will take more than just a ruling. I think it will take consumers advocating for themselves and not being passive.”
    
            “They now have a legally protected voice, and they should use it if we want to see change happen,” Letdin said.",CNN,30/03/2024,"['The seismic settlement announced by the National Association of Realtors earlier this month has not yet been approved, but it is already sending shockwaves through the real estate industry.', 'The mere prospect of a future settlement has already caused some Americans to change their behavior when buying and selling their homes.', 'Some prospective homebuyers said they plan to restart their housing search after the new rules are in place in hopes of finding lower home prices, while some homesellers aren’t waiting for the new rules to take effect in July to lower — or even eliminate —the commission they offer to buyers’ agents.', 'Housing experts say the $418 million settlement will effectively demolish the current real estate business model, in which home sellers pay both their agent and their buyers’ agent, which critics say inflated housing prices.', 'If approved by a judge, the settlement comes with new rules for Realtors.', '“This is unchartered territory,” said Debra Dobbs, a Realtor in Chicago, of the potential new rules.', 'The new rules could help lower home prices, experts say.', 'That’s what Jeremy Cannon, a 34-year-old teacher in Corona, California, hopes.', 'Last year, Cannon and his wife tried to buy their first home, putting in offers for multiple properties.', '“All of our offers got denied because other people were bidding higher than us,” Cannon said. “', 'We were already trying to bid above asking price for pretty much every place.”', 'At the time, Cannon decided to hit pause on his dream of owning a home.', 'But, to Cannon, the new rules established by the NAR settlement could potentially clear what felt like an intractable hurdle for him: the high cost of housing.', 'Sales commissions, traditionally shared between a buyers’ agent and the agent who lists a home on the market, are usually between 5% and 6% of a home’s selling price.', 'The median price of a home in the US is $417,000, according to census data, meaning the average seller could be paying more than $25,000 in brokerage fees.', 'Groups ofsellers brought lawsuitsagainst the NAR for this practice, alleging it was a violation of antitrust laws.', 'Under the proposed settlement terms, sellers’ agents will no longer be required to offer to share their commission with buyers’ agents, uncoupling commissions from home prices and opening the door to a more competitive housing market.', 'Many experts believe commission costs have been baked into home listings prices.', 'Lower commissions could mean lower home prices.', '“I think it could be helpful,” Cannon said. “', 'I hope it might be cheaper and bring the prices of houses down more.”', 'He now plans to restart his home search this summer.', 'A price drop would be a much-needed reprieve for Cannon and others looking to buy a home: the median sales price of a new house has surged 21% since January 2020, according to census data.', 'The new rules also require agents to enter into written agreements with their buyers.', 'Many agents plan to stipulate that if a home seller does not agree to pay their commission, their buyer is on the hook for that money.', 'But Cannon said if buying a home becomes more affordable, he would be willing to pay out-of-pocket for an agent, as long as it is “someone who has my interests in mind.”', 'Matt Hanley, a 49-year-old who works in insurance in Minnesota, has lived in his home since 2007.', 'He was reacquainted with how real estate transactions work when he recently purchased a new home.', '“We were confused,” he said. “', 'I’m like ‘wow, I’m surprised the seller has to pay my agent’s commission.’', 'It seemed like a conflict of interest.”', 'Hanley now plans to list his home in April.', 'After the NAR settlement was announced, though, he changed course: Instead of offering to pay a commission that would be split between his agent and his future buyers’ agent, he asked his agent to write “0%—negotiable” as the buyers’ agent commission on his home’s listing page.', '“Why wait for the settlement?', 'This is common knowledge now,” Hanley said. “', 'I’m going to try to be at the start of this bell curve.”', 'Hanley’s experiment may be premature, though.', 'The new rules will prohibit agents’ compensation from being included on centralized listing portals, which some critics say led agents to push more expensive properties on customers.', 'But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.', 'But Hanley pointed to favorable conditions in his market as a reason that he believes buyers may still consider purchasing his home, even if they have to pay their realtor out-of-pocket.', '“We’ve got everything going for us.', 'We have no inventory in our area and we’re selling at peak time, so we said, ‘Let’s try it,’” he said. “', 'If someone really wants it, they’re going to come up with their buyers’ fee.”', '“They should be reporting to their agents, we should be reporting to ours,” he added.', 'Mariya Letdin, an associate professor of business at Florida State University, said this settlement has helped raise awareness that people have a right to negotiate.', 'Even so, Letdin said it’s possible that the status quo is maintained.', '“It’s up to the consumers on both the seller side and the buyer side to bring this to wide use,” she said. “', 'I think it will take more than just a ruling.', 'I think it will take consumers advocating for themselves and not being passive.”', '“They now have a legally protected voice, and they should use it if we want to see change happen,” Letdin said.']",0.0751832408163895,"I’m like ‘wow, I’m surprised the seller has to pay my agent’s commission.’",Lower commissions could mean lower home prices.,0.2547443784200228,"A price drop would be a much-needed reprieve for Cannon and others looking to buy a home: the median sales price of a new house has surged 21% since January 2020, according to census data.","But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.",2024-04-01
"In these 22 states, you need a six-figure income to afford a typical home, analysis finds",https://edition.cnn.com/2024/03/31/success/home-affordability-median-price-income/index.html,"
  Updated
        8:38 AM EDT, Mon April 1, 2024
    ","Buying an affordable home in the United States has gotten a lot harder for many people since 2020.
    
            A new analysis from Bankrate.com finds that in 22 states and Washington, DC, buyers need a six-figure household income to comfortably afford a typical median-priced home.
    
            That’s a lot more than in January 2020, when Bankrate found buyers needed a six-figure income in just six states and the District of Columbia.
    
            “Homes have become less affordable because home price appreciation has so far outpaced wage growth,” said Jeff Ostrowski, a Bankrate analyst. “Why have home prices gone up so quickly? Blame supply and demand.”
    
            There has been less housing supply to meet buyer demand both because there is less homebuilding, he said, and because of the “lock-in effect” of higher mortgage rates and home prices. These factors make existing homeowners reluctant to sell because it will cost them more to buy a new house.
    
            Of course, how one defines “affordability” can vary widely and is very particular to buyers’ financial circumstance – not just their income but their savings and whether they’re carrying a lot of other debt or own other properties. And it also matters whether someone has enough money left over after buying a home to afford its upkeep on top of all their other bills.
    
            The Bankrate.com analysis made some prudent assumptions, assessing affordability strictly from the perspective of the mortgage payments (which include principal, interest, property taxes and property insurance). But it didn’t factor in closing costs, which vary widely based on the lender, the loan type and the location of a home. And it didn’t factor in home maintenance costs and the cost of non-housing items.
    
            Specifically, the analysis assumed buyers make a 20% down payment and take out a 30-year fixed rate mortgage at the 52-week average interest rate. It also assumed their mortgage payments don’t exceed 28% of their annual gross income.
    
            Based on that, Bankrate calculated that in the United States – where the overall median home price is $402,343, according to Redfin – “aspiring homebuyers must earn $110,841 annually to afford a median-priced home.” (A median sales price in an area is the price at which half of the homes for sale are priced higher and half are priced lower.)
    
            Of course, while national averages – or state averages, for that matter – can offer a broad take on trends in housing affordability, they don’t tell you much about the neighborhood you’re looking in, since real estate values are always about “location, location, location.”
    
            People buying on the West Coast and in the Northeast need the highest household incomes to afford a typical home, Bankrate found. The top 5 places are: California (where an income of $197,051 is needed); Hawaii ($185,829); District of Columbia ($167,871); Massachusetts ($162,471); and Washington State ($156,814).
    
            The other states where a six-figure income is needed are: Arizona ($110,271); Colorado ($152,229); Connecticut ($119,614); Florida ($114,771); Idaho ($114,386); Maine ($102,557); Maryland ($108,257); Montana ($131,357); Nevada ($111,557); New Hampshire ($130,329); New Jersey ($152,186); New York ($148,286); Oregon ($129,129); Rhode Island ($132,343); Texas ($100,629); Utah ($133,886); Vermont ($114,471); and Virginia ($106,971).
    
            By contrast, states in the South and Midwest require the lowest levels of income to snag a median-priced home: Mississippi ($63,043); Ohio ($64,071); Arkansas ($64,714); Indiana ($65,143); and Kentucky ($65,186).
    
            Six-figure incomes aside, sometimes the measure of how affordability changes over time can be seen in how much more income you need to buy the average home today than yesterday.
    
            Compared to 2020, income needs jumped the most in Montana (up 77.7%); Utah (up 70.3%); Tennessee (up 70.1%), South Carolina (up 67.3%) and Arizona (up 65.3%).
    
            “The Sun Belt has become less affordable amid the influx of new homebuyers in those areas in the past few years,” Ostrowski said. “That trend has been going on for decades, and it has intensified.”
    
            But, he added, there are still some deals to be had in the Rust Belt and the Midwest. For instance, Bankrate found that the income needed to buy a median-priced home rose the least in North Dakota (up 9.2%); Illinois (up 27.2%); and Kansas (up 29.3%).
    
            The complete Bankrate analysis can be found here.",CNN,01/04/2024,"['Buying an affordable home in the United States has gotten a lot harder for many people since 2020.', 'A new analysis from Bankrate.com finds that in 22 states and Washington, DC, buyers need a six-figure household income to comfortably afford a typical median-priced home.', 'That’s a lot more than in January 2020, when Bankrate found buyers needed a six-figure income in just six states and the District of Columbia.', '“Homes have become less affordable because home price appreciation has so far outpaced wage growth,” said Jeff Ostrowski, a Bankrate analyst. “', 'Why have home prices gone up so quickly?', 'Blame supply and demand.”', 'There has been less housing supply to meet buyer demand both because there is less homebuilding, he said, and because of the “lock-in effect” of higher mortgage rates and home prices.', 'These factors make existing homeowners reluctant to sell because it will cost them more to buy a new house.', 'Of course, how one defines “affordability” can vary widely and is very particular to buyers’ financial circumstance – not just their income but their savings and whether they’re carrying a lot of other debt or own other properties.', 'And it also matters whether someone has enough money left over after buying a home to afford its upkeep on top of all their other bills.', 'The Bankrate.com analysis made some prudent assumptions, assessing affordability strictly from the perspective of the mortgage payments (which include principal, interest, property taxes and property insurance).', 'But it didn’t factor in closing costs, which vary widely based on the lender, the loan type and the location of a home.', 'And it didn’t factor in home maintenance costs and the cost of non-housing items.', 'Specifically, the analysis assumed buyers make a 20% down payment and take out a 30-year fixed rate mortgage at the 52-week average interest rate.', 'It also assumed their mortgage payments don’t exceed 28% of their annual gross income.', 'Based on that, Bankrate calculated that in the United States – where the overall median home price is $402,343, according to Redfin – “aspiring homebuyers must earn $110,841 annually to afford a median-priced home.” (', 'A median sales price in an area is the price at which half of the homes for sale are priced higher and half are priced lower.)', 'Of course, while national averages – or state averages, for that matter – can offer a broad take on trends in housing affordability, they don’t tell you much about the neighborhood you’re looking in, since real estate values are always about “location, location, location.”', 'People buying on the West Coast and in the Northeast need the highest household incomes to afford a typical home, Bankrate found.', 'The top 5 places are: California (where an income of $197,051 is needed); Hawaii ($185,829); District of Columbia ($167,871); Massachusetts ($162,471); and Washington State ($156,814).', 'The other states where a six-figure income is needed are: Arizona ($110,271); Colorado ($152,229); Connecticut ($119,614); Florida ($114,771); Idaho ($114,386); Maine ($102,557); Maryland ($108,257); Montana ($131,357); Nevada ($111,557); New Hampshire ($130,329); New Jersey ($152,186); New York ($148,286); Oregon ($129,129); Rhode Island ($132,343); Texas ($100,629); Utah ($133,886); Vermont ($114,471); and Virginia ($106,971).', 'By contrast, states in the South and Midwest require the lowest levels of income to snag a median-priced home: Mississippi ($63,043); Ohio ($64,071); Arkansas ($64,714); Indiana ($65,143); and Kentucky ($65,186).', 'Six-figure incomes aside, sometimes the measure of how affordability changes over time can be seen in how much more income you need to buy the average home today than yesterday.', 'Compared to 2020, income needs jumped the most in Montana (up 77.7%); Utah (up 70.3%); Tennessee (up 70.1%), South Carolina (up 67.3%) and Arizona (up 65.3%).', '“The Sun Belt has become less affordable amid the influx of new homebuyers in those areas in the past few years,” Ostrowski said. “', 'That trend has been going on for decades, and it has intensified.”', 'But, he added, there are still some deals to be had in the Rust Belt and the Midwest.', 'For instance, Bankrate found that the income needed to buy a median-priced home rose the least in North Dakota (up 9.2%); Illinois (up 27.2%); and Kansas (up 29.3%).', 'The complete Bankrate analysis can be found here.']",0.043671649227556,"“Homes have become less affordable because home price appreciation has so far outpaced wage growth,” said Jeff Ostrowski, a Bankrate analyst. “","Of course, how one defines “affordability” can vary widely and is very particular to buyers’ financial circumstance – not just their income but their savings and whether they’re carrying a lot of other debt or own other properties.",-0.0105427503585815,"For instance, Bankrate found that the income needed to buy a median-priced home rose the least in North Dakota (up 9.2%); Illinois (up 27.2%); and Kansas (up 29.3%).","“The Sun Belt has become less affordable amid the influx of new homebuyers in those areas in the past few years,” Ostrowski said. “",2024-04-01
Germany fans banned from buying number 44 kits over Nazi symbolism,https://www.bbc.co.uk/news/world-europe-68708981,2024-04-01T15:08:19.000Z,"Adidas has banned football fans from buying German football kits customised with the number 44, after media raised its resemblance to the symbol used by World War Two-era Nazi SS units.  ""We will block personalisation of the jerseys,"" an Adidas spokesman said. SS units were the most responsible for crimes against humanity committed by the Nazis. The newly released kit has also caused controversy with its choice of pink for the away colours.   The issue was first raised by historian Michael König, who said the design of the kits was ""very questionable"".  The SS rune was designed in 1929 for use by the Nazi units. Members of the SS ranged from Gestapo agents to concentration camp guards. SS duties included administering death camps where millions of Jews and others were put to death. Adidas spokesman Oliver Brüggen denied that the kit's resemblance to the Nazi symbols was intentional.  ""We as a company are committed to opposing xenophobia, anti-Semitism, violence and hatred in every form,"" he said. Adidas separately told the BBC that the German Football Association (DFB) and its partners had designed the numbers on the shirts. In a post on X/Twitter, the DFB said the shirt designs had been submitted to UEFA for review during the design process and that ""none of the parties involved saw any proximity to Nazi symbolism"". They added that an alternative design for the number 4 would be developed. The same kit has met additional controversy for its choice of bright pink as the away colour. Supporters say the colour represents the country's diversity. But critics claim it is untraditional and has been introduced in order to raise money for the DFB.  Adidas has manufactured German jerseys since the 1950s.  But a decision by the DFB to drop German company Adidas in favour of American giant Nike as the manufacturer of German football kits from 2027 has been blasted for lacking ""patriotism"" by Economy Minister Robert Habeck.  Germany will host this year's European Football Championship, which will be held in 10 different cities. ",BBC,01/04/2024,"['Adidas has banned football fans from buying German football kits customised with the number 44, after media raised its resemblance to the symbol used by World War Two-era Nazi SS units. ""', 'We will block personalisation of the jerseys,"" an Adidas spokesman said.', 'SS units were the most responsible for crimes against humanity committed by the Nazis.', 'The newly released kit has also caused controversy with its choice of pink for the away colours.', 'The issue was first raised by historian Michael König, who said the design of the kits was ""very questionable"".', 'The SS rune was designed in 1929 for use by the Nazi units.', 'Members of the SS ranged from Gestapo agents to concentration camp guards.', 'SS duties included administering death camps where millions of Jews and others were put to death.', 'Adidas spokesman Oliver Brüggen denied that the kit\'s resemblance to the Nazi symbols was intentional. ""', 'We as a company are committed to opposing xenophobia, anti-Semitism, violence and hatred in every form,"" he said.', 'Adidas separately told the BBC that the German Football Association (DFB) and its partners had designed the numbers on the shirts.', 'In a post on X/Twitter, the DFB said the shirt designs had been submitted to UEFA for review during the design process and that ""none of the parties involved saw any proximity to Nazi symbolism"".', 'They added that an alternative design for the number 4 would be developed.', 'The same kit has met additional controversy for its choice of bright pink as the away colour.', ""Supporters say the colour represents the country's diversity."", 'But critics claim it is untraditional and has been introduced in order to raise money for the DFB.', 'Adidas has manufactured German jerseys since the 1950s.', 'But a decision by the DFB to drop German company Adidas in favour of American giant Nike as the manufacturer of German football kits from 2027 has been blasted for lacking ""patriotism"" by Economy Minister Robert Habeck.', ""Germany will host this year's European Football Championship, which will be held in 10 different cities.""]",-0.1137494351588001,SS units were the most responsible for crimes against humanity committed by the Nazis.,"We as a company are committed to opposing xenophobia, anti-Semitism, violence and hatred in every form,"" he said.",-0.950197676817576,,"But a decision by the DFB to drop German company Adidas in favour of American giant Nike as the manufacturer of German football kits from 2027 has been blasted for lacking ""patriotism"" by Economy Minister Robert Habeck.",2024-04-01
Top soccer clubs are using an AI-powered app to scout future stars,https://edition.cnn.com/2024/03/01/tech/aiscout-app-soccer-scouting-spc-intl/index.html,"
  Published
        7:14 AM EST, Fri March 1, 2024
    ","A London-based technology company is looking to “democratize” talent-identification and scouting in soccer using a mobile app.
    
            Free to download and available globally, the aiScout app allows aspiring soccer stars to enter virtual trials for professional clubs by uploading self-recorded footage of themselves completing a series of drills. It offers 75 exercises, designed to test a range of skills, with videos showing users how to complete them.
    
            Performances are automatically scored by artificial intelligence (AI) technology. The data can then be accessed by clubs, allowing their scouts to peruse scores for viable talent, honing their search with a variety of filters; from age and gender to position on the pitch.
    
            The app currently has two English Premier League (EPL) partners, Chelsea and Burnley, and clubs can tailor their in-app trials to meet specific needs and set their own benchmarks by having their academy players complete the same drills.
    
            “We’re putting that data up front to make better use of [the scouts’] time,” said Richard Felton-Thomas, chief operating officer of ai.io, the company behind the app.
    
            “To say [to scouts], ‘Go over to this place today because there’s three players in that game that are all actually beating your Chelsea standard’ — that’s going to be the best use of your time.’”
    
            It already appears to be working for some. Ben Greenwood had never had a trial with a professional club until he downloaded the app in 2019. After uploading footage of himself, the 17-year-old landed a trial with Chelsea, becoming the first user of the app to get a trial with a pro club. He signed a contract with EPL team Bournemouth in 2021.
    
            Having beta-tested in with players spanning 125 countries, Greenwood among them, 135 players have been trialed or signed by pro clubs or national teams through the app — which fully launched in September 2023 — according to Felton-Thomas.
    
            Just over 100,000 players make up the current database, but with over 100 clubs lined up to join Chelsea and Burnley, as well as a multi-year partnership with Major League Soccer in the US announced last May, Felton-Thomas projects user numbers to surge into the millions as the operation ramps up this year.
    
            Felton-Thomas said the “lion’s share” of its income comes from charging clubs a license fee to run the platform. Annual fees vary depending on the size of the club and the tools they require, ranging from six figures for “tier one” sides like Chelsea, to thousands of pounds for clubs lower down the footballing pyramid.
    
            The use of smart technology in sport continues to expand, including AI commentary tools and wearable tech for elite athletes. The global market for sports analytics, valued at $2.7 billion in 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.
    
            Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry? For Felton-Thomas, new technologies can co-exist with traditional methods.
    
            “It’s more about evolution than revolution,” Felton-Thomas explained.
    
            “We can’t tell you when that player’s actually in that match, how does he deal with adversity? What happens when he’s 2-0 down? What happens when someone’s shouting at him? What happens when he’s just made a massive mistake?”
    
            “We’ve got the ability to just augment real people to do their jobs better and faster, which then gives an opportunity to the player through the AI, but you’re still actually just connecting them to the human on the other side, which is the club and the scout.”
    
            While football remains ai.io’s primary focus, the company is looking into opportunities in other sports to launch in the coming years. Further ahead, it may branch out beyond sports.
    
            “You think about the notion that you can be at home and analyze your movements, and how this could spin into health care, physical assessments for military disciplines and emergency services,” Felton-Thomas told CNN.",CNN,01/03/2024,"['A London-based technology company is looking to “democratize” talent-identification and scouting in soccer using a mobile app.', 'Free to download and available globally, the aiScout app allows aspiring soccer stars to enter virtual trials for professional clubs by uploading self-recorded footage of themselves completing a series of drills.', 'It offers 75 exercises, designed to test a range of skills, with videos showing users how to complete them.', 'Performances are automatically scored by artificial intelligence (AI) technology.', 'The data can then be accessed by clubs, allowing their scouts to peruse scores for viable talent, honing their search with a variety of filters; from age and gender to position on the pitch.', 'The app currently has two English Premier League (EPL) partners, Chelsea and Burnley, and clubs can tailor their in-app trials to meet specific needs and set their own benchmarks by having their academy players complete the same drills.', '“We’re putting that data up front to make better use of [the scouts’] time,” said Richard Felton-Thomas, chief operating officer of ai.io, the company behind the app.', '“To say [to scouts], ‘Go over to this place today because there’s three players in that game that are all actually beating your Chelsea standard’ — that’s going to be the best use of your time.’”', 'It already appears to be working for some.', 'Ben Greenwood had never had a trial with a professional club until he downloaded the app in 2019.', 'After uploading footage of himself, the 17-year-old landed a trial with Chelsea, becoming the first user of the app to get a trial with a pro club.', 'He signed a contractwith EPL team Bournemouthin 2021.', 'Having beta-tested in with players spanning 125 countries, Greenwood among them, 135 players have been trialed or signed by pro clubs or national teams through the app — which fully launched in September 2023 — according to Felton-Thomas.', 'Just over 100,000 players make up the current database, but with over 100 clubs lined up to join Chelsea and Burnley, as well as a multi-year partnership with Major League Soccer in the US announced last May, Felton-Thomas projects user numbers to surge into the millions as the operation ramps up this year.', 'Felton-Thomas said the “lion’s share” of its income comes from charging clubs a license fee to run the platform.', 'Annual fees vary depending on the size of the club and the tools they require, ranging from six figures for “tier one” sides like Chelsea, to thousands of pounds for clubs lower down the footballing pyramid.', 'The use of smart technology in sport continues to expand, includingAI commentary tools and wearable tech for elite athletes.', 'The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.', 'Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry?', 'For Felton-Thomas, new technologies can co-exist with traditional methods.', '“It’s more about evolution than revolution,” Felton-Thomas explained.', '“We can’t tell you when that player’s actually in that match, how does he deal with adversity?', 'What happens when he’s 2-0 down?', 'What happens when someone’s shouting at him?', 'What happens when he’s just made a massive mistake?”', '“We’ve got the ability to just augment real people to do their jobs better and faster, which then gives an opportunity to the player through the AI, but you’re still actually just connecting them to the human on the other side, which is the club and the scout.”', 'While football remains ai.io’s primary focus, the company is looking into opportunities in other sports to launch in the coming years.', 'Further ahead, it may branch out beyond sports.', '“You think about the notion that you can be at home and analyze your movements, and how this could spin into health care, physical assessments for military disciplines and emergency services,” Felton-Thomas told CNN.']",0.2022322827681825,"The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.","“We can’t tell you when that player’s actually in that match, how does he deal with adversity?",0.6922526104109628,"The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.",Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry?,2024-04-01
Apple announces its annual developers conference is set for June 10,https://edition.cnn.com/2024/03/26/tech/apple-annual-developers-conference-june-10/index.html,"
  Updated
        2:20 PM EDT, Tue March 26, 2024
    ","Apple announced its annual Worldwide Developer Conference will kick off on June 10, when the company is expected to show off its latest AI advancements.
    
            The conference, which is widely anticipated each year as a major showcase for Apple software news, will run Monday, June 10 through Friday, June 14.
    
            Although last year’s WWDC focused on the unveiling of the Vision Pro mixed reality headset, which launched in stores in February, this year is expected to turn to Apple’s AI efforts. The company is reportedly interested in licensing and building Google’s Gemini AI engine, which includes chatbots and other AI tools, into upcoming iPhones and its iOS 18 features.
    
            As more tech companies pour billions of dollars into the development and rollout of artificial intelligence, Apple has largely been left out of the conversation, with many other tech companies making big strides in the space. A partnership with Google would catapult Apple into the growing AI arms race.
    
            Apple researchers also recently said they’ve developed a family of multimodal models — which refers to an AI system that can interpret and generate different types of data, such as text and images at the same time — called MM1. A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.
    
            In a press release on Tuesday, the company said WWDC 2024 will also share software updates coming to the iPhone, iPad, Mac, Apple Watch, Apple TV and Vision Pro headset.",CNN,26/03/2024,"['Apple announced its annual Worldwide Developer Conference will kick off on June 10, when the company is expected to show off its latest AI advancements.', 'The conference, which is widely anticipated each year as a major showcase for Apple software news, will run Monday, June 10 through Friday, June 14.', 'Although last year’s WWDC focused on the unveiling of the Vision Pro mixed reality headset, which launched in stores in February, this year is expected to turn to Apple’s AI efforts.', 'The company is reportedly interested in licensing and building Google’s Gemini AI engine, which includes chatbots and other AI tools, into upcoming iPhones and its iOS 18 features.', 'As more tech companies pour billions of dollars into the development and rollout of artificial intelligence, Apple has largely been left out of the conversation, with many other tech companies making big strides in the space.', 'A partnership with Google would catapult Apple into the growing AI arms race.', 'Apple researchers also recently said they’ve developed a family of multimodal models — which refers to an AI system that can interpret and generate different types of data, such as text and images at the same time — called MM1.', 'A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.', 'In a press release on Tuesday, the company said WWDC 2024 will also share software updates coming to the iPhone, iPad, Mac, Apple Watch, Apple TV and Vision Pro headset.']",0.3259092919755588,A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.,,0.9975101351737976,A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.,,2024-04-01
Evan Gershkovich has spent a year behind bars. The Wall Street Journal’s top editor hopes it will be his last,https://edition.cnn.com/2024/03/29/media/evan-gershkovich-wall-street-journal-emma-tucker/index.html,"
  Updated
        3:32 PM EDT, Fri March 29, 2024
    ","Editor’s Note: A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here.
    
            Emma Tucker is hopeful that by next year Evan Gershkovich will be free.
    
            The Wall Street Journal boss, who spoke with me by phone this week, said that she believes “there are enough pieces in place” and “enough goodwill for that to happen.” Tucker, however, acknowledged that the U.S. is dealing with an unpredictable regime in Russia, making it difficult to offer a precise timeframe for when Gershkovich will be released.
    
            “But my expectation and sincere hope is that this time next year, he will not be imprisoned in Russia,” Tucker said.
    
            Tucker’s remarks come as Friday marks the one-year anniversary of Gershkovich being detained by the Vladimir Putin-led country. The accredited Journal reporter was arrested last March while reporting from the Russian city of Yekaterinburg and has since been held at the notorious Lefortovo prison in Moscow. His imprisonment, which has been vociferously denounced by free press advocates across the world, has been repeatedly extended as he awaits trial.
    
            While Gershkovich sits in a Russian cell, his colleagues at The Journal have done everything in their power to keep his story alive in the press. This week, the newspaper marked the one-year anniversary, raising awareness by holding a read-a-thon, “Swim for Evan” events, and several global runs. On Friday, it led a social media storm where people are encouraged to raise awareness of his case by posting online with the ”#IStandWithEvan” hashtag.
    
            The Wall Street Journal also made a big statement on the print edition of its Friday newspaper, intentionally leaving a large section of its front page blank to represent the missing journalism from Gershkovich.
    
            “A year in Russian prison. A year of stolen stories, stolen joys, stolen memories. The crime: journalism,” the paper states above the blank section.
    
            Alongside it, The Journal featured dispatches on Gershkovich and spotlight the destructive consequences of authoritarian regimes.
    
            “What people can do is keep Evan front of mind because that keeps the pressure up on the governments involved, that this is a situation that is completely outrageous and needs to be resolved,” Tucker told me.
    
            “But the other thing I would say is, I think that it is really important for all of us … to remind people how important a free press is,” Tucker added. “I think it’s something that sometimes gets taken for granted.”
    
            Tucker said that Gershkovich’s detention has not changed The Journal’s editorial stance on Russia, given the paper’s lengthy record of tough reporting on the country’s oppressive government. But she said it has certainly influenced her and the newspaper in other ways.
    
            “It’s heightened the need to speak out not just about Evan and his particular plight, but the wider assault on the ability of journalists to be able to do their jobs,” Tucker said. “It’s also made us think very hard about, not that we weren’t before, but you think about all your journalists in dangerous situations. Something like this does focus the mind.”
    
            While reality-dwelling free press advocates have condemned Putin for his crackdown on journalism, some popular right-wing media personalities like Tucker Carlson have praised the authoritarian state in recent months. Carlson, in particular, visited Russia earlier this year and sat for a chummy interview with Putin. While he did press the Russian authoritarian on Gershkovich’s case, he left room for the possibility that The Journal reporter broke the law (it goes without saying that Carlson’s remarks didn’t play well in The Journal newsroom, given that reporting is not a crime). And Carlson recorded a series of propaganda-like videos in Moscow, glorifying the country.
    
            Asked about the disturbing trend of right-wing media figures extolling Russia as something of a utopia, all while Gershkovich sits in a Russian cell for the crime of reporting from the country, Tucker acknowledged its “unusual” nature and said it underscored the need for accurate reporting from the region.
    
            “What goes through my head is that it’s our job at The Journal to double down on good reporting about what’s actually happening there,” Tucker told me, describing reporting from Putin’s Russia as “really bloody hard these days” but as important as ever.
    
            “That’s where we have to put our energy,” Tucker added. “We can’t be worrying about what others are doing.”
    
            As Gershkovich awaits the day that he can walk out of prison and embrace his family and friends, Tucker told me he remains “resilient” and is doing his best to remain in positive spirits. But Tucker noted that she doesn’t think “anyone after a year in a Moscow prison designed to hold political prisoners is going to be in a terribly good frame of mind.”
    
            “I think a lot of what you see, and his parents acknowledge this, he is protecting them,” Tucker said. “He knows that this is a terrible ordeal for them.”
    
            “And when he puts on a good front, it’s partly to make his parents feel better,” Tucker added. “He knows that his mom and his dad are pouring over images of him … and I think he knows that. And because he is the kind of person he is, he is trying to protect them.”",CNN,29/03/2024,"['Editor’s Note:A version of this article first appeared in the “Reliable Sources” newsletter.', 'Sign up for the daily digest chronicling the evolving media landscape here.', 'Emma Tucker is hopeful that by next year Evan Gershkovich will be free.', 'The Wall Street Journalboss, who spoke with me by phone this week, said that she believes “there are enough pieces in place” and “enough goodwill for that to happen.”', 'Tucker, however, acknowledged that the U.S. is dealing with an unpredictable regime in Russia, making it difficult to offer a precise timeframe for when Gershkovich will be released.', '“But my expectation and sincere hope is that this time next year, he will not be imprisoned in Russia,” Tucker said.', 'Tucker’s remarks come as Friday marks the one-year anniversary of Gershkovich being detained by theVladimir Putin-led country.', 'The accredited Journal reporter was arrested last March while reporting from the Russian city ofYekaterinburg and hassince been held at the notoriousLefortovoprison inMoscow.', 'His imprisonment, which has been vociferously denounced by free press advocates across the world, has been repeatedly extended as he awaits trial.', 'While Gershkovich sits in a Russian cell, his colleagues at The Journal have done everything in their power to keep his story alive in the press.', 'This week, the newspaper marked the one-year anniversary, raising awareness by holding a read-a-thon, “Swim for Evan” events, and several global runs.', 'On Friday, it led a social media storm where people are encouraged to raise awareness of his case by posting online with the”#IStandWithEvan”hashtag.', 'The Wall Street Journal also made a big statement on the print edition of its Friday newspaper, intentionally leaving a large section of its front page blank to represent the missing journalism from Gershkovich.', '“A year in Russian prison.', 'A year of stolen stories, stolen joys, stolen memories.', 'The crime: journalism,” the paper states above the blank section.', 'Alongside it, The Journal featured dispatches on Gershkovich and spotlight the destructive consequences of authoritarian regimes.', '“What people can do is keep Evan front of mind because that keeps the pressure up on the governments involved, that this is a situation that is completely outrageous and needs to be resolved,” Tucker told me.', '“But the other thing I would say is, I think that it is really important for all of us … to remind people how important a free press is,” Tucker added. “', 'I think it’s something that sometimes gets taken for granted.”', 'Tucker said that Gershkovich’s detention has not changed The Journal’s editorial stance on Russia, given the paper’s lengthy record of tough reporting on the country’s oppressive government.', 'But she said it has certainly influenced her and the newspaper in other ways.', '“It’s heightened the need to speak out not just about Evan and his particular plight, but the wider assault on the ability of journalists to be able to do their jobs,” Tucker said. “', 'It’s also made us think very hard about, not that we weren’t before, but you think about all your journalists in dangerous situations.', 'Something like this does focus the mind.”', 'While reality-dwelling free press advocates have condemned Putin for his crackdown on journalism, some popular right-wing media personalities likeTucker Carlsonhave praised the authoritarian state in recent months.', 'Carlson, in particular, visited Russia earlier this year and sat for a chummy interview with Putin.', 'While he did press the Russian authoritarian on Gershkovich’s case, he left room for the possibility that The Journal reporter broke the law (it goes without saying that Carlson’s remarks didn’t play well in The Journal newsroom, given that reporting is not a crime).', 'And Carlson recorded a series of propaganda-like videos in Moscow, glorifying the country.', 'Asked about the disturbing trend of right-wing media figures extolling Russia as something of a utopia, all while Gershkovich sits in a Russian cell for the crime of reporting from the country, Tucker acknowledged its “unusual” nature and said it underscored the need for accurate reporting from the region.', '“What goes through my head is that it’s our job at The Journal to double down on good reporting about what’s actually happening there,” Tucker told me, describing reporting from Putin’s Russia as “really bloody hard these days” but as important as ever.', '“That’s where we have to put our energy,” Tucker added. “', 'We can’t be worrying about what others are doing.”', 'As Gershkovich awaits the day that he can walk out of prison and embrace his family and friends, Tucker told me he remains “resilient” and is doing his best to remain in positive spirits.', 'But Tucker noted that she doesn’t think “anyone after a year in a Moscow prison designed to hold political prisoners is going to be in a terribly good frame of mind.”', '“I think a lot of what you see, and his parents acknowledge this, he is protecting them,” Tucker said. “', 'He knows that this is a terrible ordeal for them.”', '“And when he puts on a good front, it’s partly to make his parents feel better,” Tucker added. “', 'He knows that his mom and his dad are pouring over images of him … and I think he knows that.', 'And because he is the kind of person he is, he is trying to protect them.”']",0.0165933746349157,"“But my expectation and sincere hope is that this time next year, he will not be imprisoned in Russia,” Tucker said.",But Tucker noted that she doesn’t think “anyone after a year in a Moscow prison designed to hold political prisoners is going to be in a terribly good frame of mind.”,0.2027956247329712,"“And when he puts on a good front, it’s partly to make his parents feel better,” Tucker added. “","While he did press the Russian authoritarian on Gershkovich’s case, he left room for the possibility that The Journal reporter broke the law (it goes without saying that Carlson’s remarks didn’t play well in The Journal newsroom, given that reporting is not a crime).",2024-04-01
Digital humans: the relatable face of artificial intelligence?,https://edition.cnn.com/business/digital-humans-ai-dj-dex-spc/index.html,"
  Published
        5:33 AM EDT, Tue March 19, 2024
    ","Scrolling through the Instagram account of DJ and aspiring model Dex you’ll see her wearing new outfits, performing at shows around the world and chatting to her thousands of followers about her hobbies.
    
            However, it’s clear that there is something different about Dex; she’s an entirely virtual “digital human,” designed by a startup in the UK.
    
            For her performances, Dex is displayed on a video screen or as a holographic projection, with her mixes created by humans. She is animated using Unreal Engine — a 3D modeling software widely used in video games — combined with motion-capture. Generative artificial intelligence allows her to remember information and respond to questions, using a voice also generated by AI.
    
            “She’s probably one of the only digital humans in the performance space that you can have a conversation and interact with,” says Denise Harris, CCO of startup Sum Vivas. “You can ask her anything. She is a genius about music.”
    
            Last month, Dex performed at Digital Fashion Weeks in New York, Paris and Milan, and she has modeled outfits by Prada and Louis Vuitton at digital fashion events.
    
            For Liverpool-based Sum Vivas she’s a “showpiece” for more practical applications. The company is now developing digital humans that can “listen” to people’s questions and converse in real time. “Shellie” can provide product information as an avatar on company websites, while “Arif” is set to direct passengers and answer questions as a multilingual concierge on screens at airports.
    
            According to CEO and founder Rob Sims, digital humans can help bridge the gap between AI technology and people. “What we’ve found is when people start working with and conversing with a digital human, they very quickly suspend disbelief,” Sims tells CNN. “It becomes natural.”
    
            Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.
    
            Record levels of investment into generative AI have followed, with over $21 billion poured into the industry during the first nine months of last year, according to data insights company Pitchbook. In March 2023, Google launched Bard (recently renamed Gemini) and around the same time Anthropic released its AI assistant Claude. As generative AI chatbots become increasingly ubiquitous, Sum Vivas is one of several companies looking to make them more human.
    
            US and New Zealand-based UneeQ has developed animated conversational “digital humans” that can be used as virtual sales reps and customer service agents on company websites, and this month it debuted Sama 2.0, an animated cabin crew member that answers questions on Qatar Airways’ website and app.
    
            Microsoft recently announced that users of its Azure software would be able to create lifelike avatars capable of turning text prompts into animated speech. However, there are widespread concerns about the impact AI could have on the job market. 
    
            “When we rely on automated tools, what skills are we losing in the process?” asks Jennifer Ding, senior researcher at the Alan Turing Institute, the UK’s national institute for data science and artificial intelligence. “In some ways, we think of AI as something that’s helping us or augmenting our work,” she says. “However, alongside, this fear of replacement is bubbling up more and more.”
    
            Harris, however, points to new opportunities within digital human design and development. “Every scenario that we found, we’re creating jobs and working in harmony with people rather than taking away jobs,” she says.
    
            “Digital humans, first and foremost, should work with other human colleagues,” adds Sims. “We’ll move into a stage where digital humans will start to become just another member of the team, with added benefits for that team, and obviously the customers they serve.”",CNN,19/03/2024,"['Scrolling through the Instagram account of DJ and aspiring model Dex you’ll see her wearing new outfits, performing at shows around the world and chatting to her thousands of followers about her hobbies.', 'However, it’s clear that there is something different about Dex; she’s an entirely virtual “digital human,” designed by a startup in the UK.', 'For her performances, Dex is displayed on a video screen or as a holographic projection, with her mixes created by humans.', 'She is animated using Unreal Engine — a 3D modeling software widely used in video games — combined with motion-capture.', 'Generative artificial intelligence allows her to remember information and respond to questions, using a voice also generated by AI.', '“She’s probably one of the only digital humans in the performance space that you can have a conversation and interact with,” says Denise Harris, CCO of startup Sum Vivas. “', 'You can ask her anything.', 'She is a genius about music.”', 'Last month, Dex performed at Digital Fashion Weeks in New York, Paris and Milan, and she has modeled outfits by Prada and Louis Vuitton at digital fashion events.', 'For Liverpool-based Sum Vivas she’s a “showpiece” for more practical applications.', 'The company is now developing digital humans that can “listen” to people’s questions and converse in real time. “', 'Shellie” can provide product information as an avatar on company websites, while “Arif” is set to direct passengers and answer questions as a multilingual concierge on screens at airports.', 'According to CEO and founder Rob Sims, digital humans can help bridge the gap between AI technology and people. “', 'What we’ve found is when people start working with and conversing with a digital human, they very quickly suspend disbelief,” Sims tells CNN. “', 'It becomes natural.”', 'Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.', 'Record levels of investment into generative AI have followed, with over $21 billion poured into the industry during the first nine months of last year, according to data insights company Pitchbook.', 'In March 2023, Google launched Bard (recently renamed Gemini) and around the same time Anthropic released its AI assistant Claude.', 'As generative AI chatbots become increasingly ubiquitous, Sum Vivas is one of several companies looking to make them more human.', 'US and New Zealand-based UneeQ has developed animated conversational “digital humans” that can be used as virtual sales reps and customer service agents on company websites, and this month it debuted Sama 2.0, an animated cabin crew member that answers questions on Qatar Airways’ website and app.', 'Microsoft recently announced that users of its Azure software would be able to create lifelike avatars capable of turning text prompts into animated speech.', 'However, there are widespread concerns about the impact AI could have on the job market.', '“When we rely on automated tools, what skills are we losing in the process?”', 'asks Jennifer Ding, senior researcher at the Alan Turing Institute, the UK’s national institute for data science and artificial intelligence. “', 'In some ways, we think of AI as something that’s helping us or augmenting our work,” she says. “', 'However, alongside, this fear of replacement is bubbling up more and more.”', 'Harris, however, points to new opportunities within digital human design and development. “', 'Every scenario that we found, we’re creating jobs and working in harmony with people rather than taking away jobs,” she says.', '“Digital humans, first and foremost, should work with other human colleagues,” adds Sims. “', 'We’ll move into a stage where digital humans will start to become just another member of the team, with added benefits for that team, and obviously the customers they serve.”']",0.1214444180579973,"Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.","However, alongside, this fear of replacement is bubbling up more and more.”",0.2107266932725906,"Harris, however, points to new opportunities within digital human design and development. “","However, there are widespread concerns about the impact AI could have on the job market.",2024-04-01
Why do we toss coins into fountains?,https://edition.cnn.com/2024/03/30/business/why-its-custom-to-throw-coins-into-fountains/index.html,"
  Published
        12:01 PM EDT, Sat March 30, 2024
    ","All over the world, and for centuries, people have thrown coins into fountains, wishing wells and rivers for good luck.
    
            It’s a tradition widely depicted in movies, ranging from Disney’s “Snow White and the Seven Dwarfs” to the 1954 film “Three Coins in the Fountain”; and in the lyrics of viral modern songs such as “Call Me Maybe.”
    
            Throwing coins into fountains is a practice many people have grown up seeing and a superstition many have participated in. A trip to Rome is not complete without a coin toss backward into the Trevi for the promise of one day returning to the city. Some fountains collect thousands, or even millions, of dollars worth of coins each year.
    
            So why do people do this and what happens to all of that money?
    
            Although its origin is unknown, the custom dates back to Roman-British and Celtic mythology. The idea stems from people leaving a monetary offering to spirits or supernatural forces that exist in nature. It has long been believed that spiritual entities reside in or transit through water because it’s a cleansing element necessary for life.
    
            One of the oldest examples of a wishing well resides in England’s Northumberland County in England where people made offerings to the goddess Coventina. Thousands of coins were found within the well from eras between the first and fifth centuries, according to researchers at the UC Irvine, proving people have been throwing coins for generations.
    
            Bill Maurer, an anthropologist and the dean at the University of California Irvine’s School of Social Sciences, said many cultures previously used offerings such as food, special stones, carved artifacts and herbs. But with the invention of coinage in what is now modern-day Turkey between 500 BCE and 600 BCE, people largely switched to money.
    
            Coins often have images, texts and symbols particularly suited for rituals. If someone believes in another worldly power, and they want it to do something for them, offering up a coin is considered a serious recognition for the higher power, Maurer said.
    
            “It’s not so much about the payment, but how the coin itself has a quasi-magical property people think comes with it,” he said. “It has a connection of sovereignty and represents a token of authority.”
    
            Some cultures over the years have prioritized one metal over others in their offerings, such as silver, but Maurer said the monetary amount doesn’t typically make a difference. “It’s more about the idea of a sacrifice. The Gods are not capitalists.”
    
            The tradition has evolved over time, even beyond water. Nowadays, Stefan Krmnicek — an anthropologist from the University of Tuebingen in Germany who studies coinage throughout history — said documented cases in East Asia show where people have thrown coins into the airplane turbines as good luck charms while boarding. (In 2017, an 80-year-old woman delayed a flight in Shanghai for five hours when a coin she tossed as a prayer ended up in the engine.)
    
            People have flocked to other well-known wells and waters throughout history, including the Well of Pen Rhys in Oxford, which is said to have water with healing powers and the coins may sometimes land with prayers attached. Centuries ago, people placed coins into the wood of boats for good luck, too.
    
            The superstition also crosses cultures and income levels: Even at Sotheby’s Auction House, art buyers sometimes leave coins at the base of statues of Ganesha, the elephant-headed deity of good fortune and overcoming obstacles.
    
            Some well-known fountains can collect thousands of dollars in coins each year. According to an NBC report from 2016, the Trevi Fountain accumulated about $1.5 million in coins that year. (The organization that collects these coins did not respond to CNN’s request for updated figures.)
    
            In the classic children’s novel “From the Mixed-Up Files of Mrs. Basil E. Frankweiler,” two runaway children secretly living at The Metropolitan Museum of Art in New York City live on the coins they collect from its fountains each night. They were, perhaps, collecting a small fortune.
    
            Private fountains can bring in big money, too. A spokesperson for the Mall of America in Minneapolis told CNN the fountains collect about $25,000 each year. Thousands of dollars reportedly accumulate annually in other fountains, including those across Disney Parks and Las Vegas casinos.
    
            NBC reported a Catholic non-profit receives the coins from the Trevi Fountain after Rome city workers collect them each night; they are distributed to charities. Meanwhile, non-profits can apply to receive the money from the fountain donations at the Mall of America.
    
            Other times, however, the coins just stay there in the fountains — perhaps keeping the wish alive?
    
            And bypassers “don’t really want to collect them,” Maurer said. “Sometimes they are donated to charity but people are usually not keeping the money; that would be considered bad form.”",CNN,30/03/2024,"['All over the world, and for centuries, people have thrown coins into fountains, wishing wells and rivers for good luck.', 'It’s a tradition widely depicted in movies, ranging from Disney’s “Snow White and the Seven Dwarfs” to the 1954 film “Three Coins in the Fountain”; and in the lyrics of viral modern songs such as “Call Me Maybe.”', 'Throwing coins into fountains is a practice many people have grown up seeing and a superstition many have participated in.', 'A trip to Rome is not complete without a coin toss backward into the Trevi for the promise of one day returning to the city.', 'Some fountains collect thousands, or even millions, of dollars worth of coins each year.', 'So why do people do this and what happens to all of that money?', 'Although its origin is unknown, the custom dates back to Roman-British and Celtic mythology.', 'The idea stems from people leaving a monetary offering to spirits or supernatural forces that exist in nature.', 'It has long been believed that spiritual entities reside in or transit through water because it’s a cleansing element necessary for life.', 'One of the oldest examples of a wishing well resides in England’s Northumberland County in England where people made offerings to the goddess Coventina.', 'Thousands of coins were found within the well from eras between the first and fifth centuries, according to researchers at the UC Irvine, proving people have been throwing coins for generations.', 'Bill Maurer, an anthropologist and the dean at the University of California Irvine’s School of Social Sciences, said many cultures previously used offerings such as food, special stones, carved artifacts and herbs.', 'But with the invention of coinage in what is now modern-day Turkey between 500 BCE and 600 BCE, people largely switched to money.', 'Coins often have images, texts and symbols particularly suited for rituals.', 'If someone believes in another worldly power, and they want it to do something for them, offering up a coin is considered a serious recognition for the higher power, Maurer said.', '“It’s not so much about the payment, but how the coin itself has a quasi-magical property people think comes with it,” he said. “', 'It has a connection of sovereignty and represents a token of authority.”', 'Some cultures over the years have prioritized one metal over others in their offerings, such as silver, but Maurer said the monetary amount doesn’t typically make a difference. “', 'It’s more about the idea of a sacrifice.', 'The Gods are not capitalists.”', 'The tradition has evolved over time, even beyond water.', 'Nowadays, Stefan Krmnicek — an anthropologist from the University of Tuebingen in Germany who studies coinage throughout history — said documented cases in East Asia show where people have thrown coins into the airplane turbines as good luck charms while boarding. (', 'In 2017, an 80-year-old woman delayed a flight in Shanghai for five hours when a coin she tossed as a prayer ended up in the engine.)', 'People have flocked to other well-known wells and waters throughout history, including the Well of Pen Rhys in Oxford, which is said to have water with healing powers and the coins may sometimes land with prayers attached.', 'Centuries ago, people placed coins into the wood of boats for good luck, too.', 'The superstition also crosses cultures and income levels: Even at Sotheby’s Auction House, art buyers sometimes leave coins at the base of statues of Ganesha, the elephant-headed deity of good fortune and overcoming obstacles.', 'Some well-known fountains can collect thousands of dollars in coins each year.', 'According to an NBC report from 2016, the Trevi Fountain accumulated about $1.5 million in coins that year. (', 'The organization that collects these coins did not respond to CNN’s request for updated figures.)', 'In the classic children’s novel “From the Mixed-Up Files of Mrs. Basil E. Frankweiler,” two runaway children secretly living at The Metropolitan Museum of Art in New York City live on the coins they collect from its fountains each night.', 'They were, perhaps, collecting a small fortune.', 'Private fountains can bring in big money, too.', 'A spokesperson for the Mall of America in Minneapolis told CNN the fountains collect about $25,000 each year.', 'Thousands of dollars reportedly accumulate annually in other fountains, including those across Disney Parks and Las Vegas casinos.', 'NBC reported a Catholic non-profit receives the coins from the Trevi Fountain after Rome city workers collect them each night; they are distributed to charities.', 'Meanwhile, non-profits can apply to receive the money from the fountain donations at the Mall of America.', 'Other times, however, the coins just stay there in the fountains — perhaps keeping the wish alive?', 'And bypassers “don’t really want to collect them,” Maurer said. “', 'Sometimes they are donated to charity but people are usually not keeping the money; that would be considered bad form.”']",0.1674618265667952,"All over the world, and for centuries, people have thrown coins into fountains, wishing wells and rivers for good luck.",Sometimes they are donated to charity but people are usually not keeping the money; that would be considered bad form.”,0.0055631697177886,"Private fountains can bring in big money, too.","In 2017, an 80-year-old woman delayed a flight in Shanghai for five hours when a coin she tossed as a prayer ended up in the engine.)",2024-04-01
Chair Powell says the Fed isn’t more tolerant of higher inflation. Some economists disagree,https://edition.cnn.com/2024/03/31/business/stocks-week-ahead-powell-inflation/index.html,"
  Published
        7:30 AM EDT, Sun March 31, 2024
    ","US inflation is down considerably from the 40-year highs reached in the summer of 2022. But it remains above the official 2% target set by the Federal Reserve.
    
            At their latest policy meeting earlier this month, officials revised up their economic projections for growth and inflation, while affirming their expectations of cutting interest rates this year. Some economists interpreted that as a sign that the Fed is now more tolerant of higher inflation.
    
            Central bankers repeatedly emphasize how important it is to get inflation under control, often mentioning the toll it takes on all Americans, especially those living paycheck to paycheck. After jacking up interest rates to a 23-year high, the Fed has made a lot of progress, but the final stretch is proving difficult, or “bumpy,” as Fed Chair Jerome Powell likes to describe it.
    
            Consumers prices were up 2.5% in February from a year earlier, according to the Fed’s favorite inflation gauge, which was released Friday. That’s a notch higher than January’s 2.4% annual rise and reflects Powell’s aforementioned bump.
    
            Powell pushed back on the perception that the central bank has grown more comfortable with inflation being higher for longer than expected in his post-meeting news conference.
    
            “No, it doesn’t mean that,” Powell said. “We did mark up our growth forecast, and so have many other forecasters, so the economy is performing well, and the inflation data came in a little bit higher as a separate matter and I think that caused people to write up their inflation [projections].”
    
            “We’re strongly committed to bringing inflation down to 2% over time,” Powell added. “Markets believe we will achieve that goal and they should believe that because that’s what will happen over time.”
    
            Powell continued to signal that “it will likely be appropriate to begin dialing back policy restraint at some point this year,” if the economy evolves as expected.
    
            Economist Mohamed El-Erian wrote in an opinion article in the Financial Times that the Fed was taking a risk by signaling it would cut rates even as it believes inflation could rise in the near term.
    
            “It is not often that you see a reputable central bank revise up its inflation and growth projections and yet strengthen a dovish tilt to its policy stance,” he said.
    
            Before the Bell spoke with Lydia Boussour, senior economist at EY-Parthenon, about the Fed’s perception of inflation.
    
            This interview has been edited for length and clarity.
    
            What do the latest economic projections from Fed officials say about the central bank’s perception of inflation?
    
            Lydia Boussour: The latest projections show that the Fed is willing to be a little bit more patient to achieve their goal. and my sense coming out of this month’s meeting was that Fed Chair Powell wants to get this easing cycle going sooner rather than later.
    
            They revised growth to show a stronger economy and they lifted inflation, too, but not as much. To me, that was a sign that they believe there’s more room for non-inflationary growth, so they’re just embracing this supply-side story that we’ve seen in the US economy.
    
            What’s allowing the Fed to be patient or more tolerant of higher inflation?
    
            They’re willing to essentially look through some of the bumpiness in the inflation data at the beginning of the year. We saw some stalling in January and February, but overall, the Fed believes that the disinflationary conditions that have been in place for some time will remain in place.
    
            We have this re-balancing in the labor market that’s ongoing, you’re seeing job growth remain solid, slower labor demand and a rebound in labor force participation. Companies are seeing less pricing power in this more fragile demand environment, and I think that’s important because consumers are still spending, but they’re being more cautious because of the fatigue that we’re seeing in the economy. Overall, their base case is that inflation is going to continue to move lower, and that sometime this year, they’re going to be able to start cutting rates.
    
            What’s helped drive this noninflationary growth that we may continue to see?
    
            What has surprised many is the fact that the supply side of the economy has responded more than anticipated. Supply-chain conditions have normalized significantly, and that helps keep goods inflation in check. The second factor is productivity growth, which I think is a really important piece of the inflation story because if companies are able to generate productivity gains, they’re not going to be so inclined to pass on higher costs on to the consumers.
    
            The third factor is the fact that we’ve seen a rebound in immigration and a rebound in the labor supply. That has helped loosen the labor market, which was very tight a few years ago, so all of these factors have really allowed for the economy to continue to move at a decent pace and that’s happening at the same time as inflation has been falling.
    
            In its largest acquisition ever, Home Depot is expanding its business targeting professional contractors and builders as the home fixer-upper market stalls, my colleague Nathaniel Meyersohn reports.
    
            Home Depot announced Thursday that it is spending $18.3 billion to buy SRS Distribution, a huge building-projects supplier that counts professional roofers, landscapers and pool contractors as its primary customers. SRS, which will operate independently, Home Depot noted, has 760 warehouses and more than 4,000 trucks to deliver its goods.
    
            Home Depot, the nation’s fifth-largest retailer, currently gets around half of its sales from housing professionals, who spend more at stores than do-it-yourself homeowners purchasing lawn mowers and power tools. Both Home Depot and Lowe’s have been trying to win more pro customers.
    
            Read more here.
    
            Monday: S&P Global and the Institute for Supply Management release March surveys gauging economic activity in the US manufacturing sector.
    
            Tuesday: Earnings from Cal-Maine Foods and Dave & Buster’s Entertainment. The US Labor Department releases February data on job openings, hires, quits and layoffs. The US Commerce Department releases February data on new orders for manufactured goods.
    
            Wednesday: Earnings from Levi Strauss and Tupperware. The European Union’s statistics agency releases March inflation figures. ADP releases its March employment report. S&P Global and the Institute for Supply Management release March surveys gauging economic activity in the US services sector. Fed Chair Jerome Powell participates in a forum at Stanford University.
    
            Thursday: The US Commerce Department releases trade flow data for February. The US Labor Department reports the number of new applications for jobless benefits in the week ended March 30.
    
            Friday: The US Labor Department releases March data gauging the job market, including monthly payroll growth, wage gains and the unemployment rate.",CNN,31/03/2024,"['US inflation is down considerably from the 40-year highs reached in the summer of 2022.', 'But it remains above the official 2% target set by the Federal Reserve.', 'At their latest policy meeting earlier this month, officials revised up their economic projections for growth and inflation, while affirming their expectations of cutting interest rates this year.', 'Some economists interpreted that as a sign that the Fed is now more tolerant of higher inflation.', 'Central bankers repeatedly emphasize how important it is to get inflation under control, often mentioning the toll it takes on all Americans, especially those living paycheck to paycheck.', 'After jacking up interest rates to a 23-year high, the Fed has made a lot of progress, but the final stretch is proving difficult, or “bumpy,” as Fed Chair Jerome Powell likes to describe it.', 'Consumers prices were up 2.5% in February from a year earlier, according to the Fed’s favorite inflation gauge, which was released Friday.', 'That’s a notch higher than January’s 2.4% annual rise and reflects Powell’s aforementioned bump.', 'Powell pushed back on the perception that the central bank has grown more comfortable with inflation being higher for longer than expected in his post-meeting news conference.', '“No, it doesn’t mean that,” Powell said. “', 'We did mark up our growth forecast, and so have many other forecasters, so the economy is performing well, and the inflation data came in a little bit higher as a separate matter and I think that caused people to write up their inflation [projections].”', '“We’re strongly committed to bringing inflation down to 2% over time,” Powell added. “', 'Markets believe we will achieve that goal and they should believe that because that’s what will happen over time.”', 'Powell continued to signal that “it will likely be appropriate to begin dialing back policy restraint at some point this year,” if the economy evolves as expected.', 'Economist Mohamed El-Erian wrote in an opinion article in the Financial Times that the Fed was taking a risk by signaling it would cut rates even as it believes inflation could rise in the near term.', '“It is not often that you see a reputable central bank revise up its inflation and growth projections and yet strengthen a dovish tilt to its policy stance,” he said.', 'Before the Bell spoke with Lydia Boussour, senior economist at EY-Parthenon, about the Fed’s perception of inflation.', 'This interview has been edited for length and clarity.', 'What do the latest economic projections from Fed officials say about the central bank’s perception of inflation?', 'Lydia Boussour:The latest projections show that the Fed is willing to be a little bit more patient to achieve their goal.', 'and my sense coming out of this month’s meeting was that Fed Chair Powell wants to get this easing cycle going sooner rather than later.', 'They revised growth to show a stronger economy and they lifted inflation, too, but not as much.', 'To me, that was a sign that they believe there’s more room for non-inflationary growth, so they’re just embracing this supply-side story that we’ve seen in the US economy.', 'What’s allowing the Fed to be patient or more tolerant of higher inflation?', 'They’re willing to essentially look through some of the bumpiness in the inflation data at the beginning of the year.', 'We saw some stalling in January and February, but overall, the Fed believes that the disinflationary conditions that have been in place for some time will remain in place.', 'We have this re-balancing in the labor market that’s ongoing, you’re seeing job growth remain solid, slower labor demand and a rebound in labor force participation.', 'Companies are seeing less pricing power in this more fragile demand environment, and I think that’s important because consumers are still spending, but they’re being more cautious because of the fatigue that we’re seeing in the economy.', 'Overall, their base case is that inflation is going to continue to move lower, and that sometime this year, they’re going to be able to start cutting rates.', 'What’s helped drive this noninflationary growth that we may continue to see?', 'What has surprised many is the fact that the supply side of the economy has responded more than anticipated.', 'Supply-chain conditions have normalized significantly, and that helps keep goods inflation in check.', 'The second factor is productivity growth, which I think is a really important piece of the inflation story because if companies are able to generate productivity gains, they’re not going to be so inclined to pass on higher costs on to the consumers.', 'The third factor is the fact that we’ve seen a rebound in immigration and a rebound in the labor supply.', 'That has helped loosen the labor market, which was very tight a few years ago, so all of these factors have really allowed for the economy to continue to move at a decent pace and that’s happening at the same time as inflation has been falling.', 'In its largest acquisition ever, Home Depot is expanding its business targeting professional contractors and builders as the home fixer-upper market stalls, my colleague Nathaniel Meyersohn reports.', 'Home Depotannounced Thursday that it is spending $18.3 billion to buy SRS Distribution, a huge building-projects supplier that counts professional roofers, landscapers and pool contractors as its primary customers.', 'SRS, which will operate independently, Home Depot noted, has 760 warehouses and more than 4,000 trucks to deliver its goods.', 'Home Depot, the nation’s fifth-largest retailer, currently gets around half of its sales from housing professionals, who spend more at stores than do-it-yourself homeowners purchasing lawn mowers and power tools.', 'Both Home Depot and Lowe’s have been trying to win more pro customers.', 'Read more here.', 'Monday: S&P Global and the Institute for Supply Management release March surveys gauging economic activity in the US manufacturing sector.', 'Tuesday: Earnings from Cal-Maine Foods and Dave & Buster’s Entertainment.', 'The US Labor Department releases February data on job openings, hires, quits and layoffs.', 'The US Commerce Department releases February data on new orders for manufactured goods.', 'Wednesday: Earnings from Levi Strauss and Tupperware.', 'The European Union’s statistics agency releases March inflation figures.', 'ADP releases its March employment report.', 'S&P Global and the Institute for Supply Management release March surveys gauging economic activity in the US services sector.', 'Fed Chair Jerome Powell participates in a forum at Stanford University.', 'Thursday: The US Commerce Department releases trade flow data for February.', 'The US Labor Department reports the number of new applications for jobless benefits in the week ended March 30.', 'Friday: The US Labor Department releases March data gauging the job market, including monthly payroll growth, wage gains and the unemployment rate.']",0.1596467406936168,"The second factor is productivity growth, which I think is a really important piece of the inflation story because if companies are able to generate productivity gains, they’re not going to be so inclined to pass on higher costs on to the consumers.","Companies are seeing less pricing power in this more fragile demand environment, and I think that’s important because consumers are still spending, but they’re being more cautious because of the fatigue that we’re seeing in the economy.",0.5763009868819138,"Consumers prices were up 2.5% in February from a year earlier, according to the Fed’s favorite inflation gauge, which was released Friday.",US inflation is down considerably from the 40-year highs reached in the summer of 2022.,2024-04-01
The Chevrolet Corvette is officially going electric,https://edition.cnn.com/2022/04/25/business/electric-hybrid-corvette/index.html,"
  Updated
        12:22 PM EDT, Mon April 25, 2022
    ","General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning. 
    
            Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “We will offer an electrified Corvette as early as next year,” he wrote. An accompanying video the company posted to Twitter showed what appeared to be a hybrid Corvette, and in another first, showed the front wheels spinning and throwing snow as if being powered. All Corvettes produced by the company previously have been rear-wheel-drive only.
    
            While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.
    
            “Electrified” is an auto industry term encompassing everything from hybrid to fully electric vehicles, and anything with an electric motor can count as “electrified.” It has long been rumored that the current generation of the Corvette, the first with its gasoline engine mounted behind the seats instead of in the front, could be built with a hybrid system. Reuss has also previously hinted there would be electrified variants of the car.
    
            Various companies are working on electric sports cars. Most all-electric vehicles in production so far have been four-door sedans and SUVs, as the need for batteries lends itself to larger and heavier vehicles. Tesla’s first car, the Lotus Elise-based Tesla Roadster, was an electric sports car, but the second-generation of Tesla Roadster, originally unveiled as a prototype in 2017, has yet to go into production.
    
            Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle. Lamborghini has been working on plug-in hybrid sports cars, though.
    
            To date, the Corvette is only available in the base Stingray version with 6.2-liter V8 engine producing up to 495 horsepower. A 670 horsepower Corvette Z06 with a 5.5-liter V8 was unveiled last fall. The previous generation of the Corvette included included a 755-horsepower ZR1 version. Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.
    
            Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines. Ferrari’s most powerful sports cars are hybrids, for instance.  
    
            GM has said it plans to produce only zero-emission vehicles, meaning fully electric or powered by hydrogen fuel cells, by 2035.",CNN,25/04/2022,"['General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning.', 'Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “', 'We will offer an electrified Corvette as early as next year,” he wrote.', 'An accompanying video the company posted to Twitter showed what appeared to be a hybrid Corvette, and in another first, showed the front wheels spinning and throwing snow as if being powered.', 'All Corvettes produced by the company previously have been rear-wheel-drive only.', 'While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.', '“Electrified” is an auto industry term encompassing everything from hybrid to fully electric vehicles, and anything with an electric motor can count as “electrified.”', 'It has long been rumored that the current generation of the Corvette, the first with its gasoline engine mounted behind the seats instead of in the front, could be built with a hybrid system.', 'Reuss has also previously hinted there would be electrified variants of the car.', 'Various companies are working on electric sports cars.', 'Most all-electric vehicles in production so far have been four-door sedans and SUVs, as the need for batteries lends itself to larger and heavier vehicles.', 'Tesla’s first car, the Lotus Elise-based Tesla Roadster, was an electric sports car, but the second-generation of Tesla Roadster, originally unveiled as a prototype in 2017, has yet to go into production.', 'Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle.', 'Lamborghini has been working on plug-in hybrid sports cars, though.', 'To date, the Corvette is only available in the base Stingray version with 6.2-liter V8 engine producing up to 495 horsepower.', 'A 670 horsepower Corvette Z06 with a 5.5-liter V8 was unveiled last fall.', 'The previous generation of the Corvette included included a 755-horsepower ZR1 version.', 'Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.', 'Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines.', 'Ferrari’s most powerful sports cars are hybrids, for instance.', 'GM has said it plans to produce only zero-emission vehicles, meaning fully electric or powered by hydrogen fuel cells, by 2035.']",0.0521320736918344,Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.,"While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.",0.3646015524864197,"Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines.","Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle.",2024-04-01
"US tax returns are due in two weeks, but millions of people have some extra time to file",https://edition.cnn.com/2024/04/01/success/us-tax-returns-are-due-in-two-weeks-except-for-millions-of-people/index.html,"
  Published
        6:00 AM EDT, Mon April 1, 2024
    ","If you haven’t sent in your 2023 income tax return yet, you have until April 15 to do so. Unless, that is, you’re among the millions of people who, for different reasons, are granted more time to file later this year.
    
            That includes those who file for an automatic six-month extension by April 15. Taxpayers who choose this option don’t need to give the IRS any explanation as to why they want an extension. But keep in mind, that extension only gives you more time to file your federal income tax return. You still must pay all your taxes owed for 2023 by the April 15 deadline. Otherwise, you may be hit with a failure-to-pay penalty. So, if you’re in this group and think you still owe the IRS money for last year, estimate how much and send in your payment by the 15th.
    
            The next large group of people who don’t have to file by Tax Day are those who live or do business in a locality that was declared a federal disaster area in 2023. If you’re in this group, you’re automatically granted an extension to file as well as an extension to pay what you owe, with no action required on your part. Specific deadlines, however, will differ by location, so check this list if you think you’re affected.
    
            And the last group of folks with more time are those who live in Maine and Massachusetts, which observe Patriots’ Day on April 15. For the roughly 4.4 million households in those states, the tax filing and payment deadline will be April 17. The same goes for those living in Washington, D.C., due to the district’s observance of Emancipation Day on April 16.
    
            The IRS has already received more than 80 million income tax returns for 2023, according to its most recent figures released Friday. But that is only about half of the total returns it is still expecting to be filed.
    
            If your return is among them, whatever your deadline, here are just a few other things to keep in mind as you prepare your 2023 taxes.
    
            There are some very simple things to keep in mind so that your return will be error-free and quickly processed by the IRS.
    
            Among them, check your return from last year. It will be a good reminder of all the documents you’ll need to fill out this year’s return. And tally up all the big changes that occurred in your life in 2023 that may affect your tax situation overall (e.g. got married or divorced, had a new baby, sold a property, made a mint on Bitcoin, etc.).
    
            “Taxpayers should collect all key documents, including Forms W-2 and 1099, as well as any supporting paperwork for tax deductions or credits such as educational credits or mortgage interest payments. Additionally, having the previous year’s tax return accessible is advisable as it may be required,” the IRS advises.
    
            And before submitting your return, check that everything from the spelling of your name, your Social Security number and your filing status are correct, as well as your bank routing and account numbers if you’re electing to receive a refund by direct deposit.
    
            Remember all that talk in Congress about a bipartisan tax bill that would include a provision expanding the 2023 child tax credit for many families? Well, that has yet to materialize and may not anytime soon, if at all.
    
            Should something eventually pass, however, that includes a retroactive expansion of the credit, the IRS has said it would make the change on the 2023 tax returns of those who are eligible and have already filed.
    
            While 2023 may be in the rearview mirror, you still may be able to sneak in a quick deduction by April 15 to help reduce your 2023 tax liability.
    
            If you have not maxed out your contributions to a traditional IRA. For 2023, you’re allowed to contribute up to $6,500 (or $7,500 if you were 50 or older). Those contributions may be deductible as well if you don’t have access to a workplace retirement plan and your income falls below a certain threshold. If you do have access to a workplace retirement plan, you may get a partial deduction, again depending on your income.
    
            Here is the nitty-gritty breakdown on those income thresholds.
    
            The Justice Department last week echoed what the IRS has said frequently: Avoid using “unscrupulous” tax preparers. The DOJ noted in a release that letting a swindler prepare your return may leave you saddled with penalties and interest on unpaid taxes.
    
            One telltale sign you’re dealing with a scammer? They promise you outsized refunds that seem too good to be true, said Deputy Assistant Attorney General David Hubber of the DOJ’s Tax Division. “If your tax preparer asks you to sign a blank return, refuses to sign your return as your preparer or fails to give you a copy of your return, consult the IRS’s website to make sure that you are not exposing yourself to trouble,” Hubber said.
    
            The IRS further warns taxpayers not to fall for abusive tax avoidance schemes or any of a number of other scam efforts by tax preparers and
    
            The average refund as of March 22 was $3,081, according to IRS statistics. 
    
            The majority of tax filers get a refund from the IRS every year, and they typically receive their money within 21 days of filing. If you’re expecting money back and haven’t yet, you can track its progress through the IRS tool Where’s My Refund.
    
            You might be owed an old refund, too. If you didn’t file a return for 2020, you have until May 17 to do so. According to the IRS, more than $1 billion in refunds await those who didn’t file for that first tax year of the pandemic. The median estimate refund amounts differ by state (see the IRS table here) but they range from a low of $761 in Idaho to a high of $1,031 in Pennsylvania.
    
            Besides a refund, the IRS further notes low- and moderate-income earners also may be eligible to receive the Earned Income Tax Credit. The EITC was worth up to $6,660 in 2020 for those with qualifying children.
    
            If you don’t file your 2020 return by May 17, you will forfeit any money owed to you.
    
            And if you do file and are owed a refund, it may be withheld if you have yet to file your 2021 or 2022 returns. The agency also notes that “any refund amount for 2020 will be applied to amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or other past due federal debts, such as student loans.”",CNN,01/04/2024,"['If you haven’t sent in your 2023 income tax return yet, you have until April 15 to do so.', 'Unless, that is, you’re among the millions of people who, for different reasons, are granted more time to file later this year.', 'That includes those who file for an automatic six-month extension by April 15.', 'Taxpayers who choose this option don’t need to give the IRS any explanation as to why they want an extension.', 'But keep in mind, that extension only gives you more time to file your federal income tax return.', 'You still must pay all your taxes owed for 2023 by the April 15 deadline.', 'Otherwise, you may be hit with a failure-to-pay penalty.', 'So, if you’re in this group and think you still owe the IRS money for last year, estimate how much and send in your payment by the 15th.', 'The next large group of people who don’t have to file by Tax Day are those who live or do business in a locality that was declared a federal disaster area in 2023.', 'If you’re in this group, you’re automatically granted an extension to file as well as an extension to pay what you owe, with no action required on your part.', 'Specific deadlines, however, will differ by location, so check this list if you think you’re affected.', 'And the last group of folks with more time are those who live in Maine and Massachusetts, which observe Patriots’ Day on April 15.', 'For the roughly 4.4 million households in those states, the tax filing and payment deadline will be April 17.', 'The same goes for those living in Washington, D.C., due to the district’s observance of Emancipation Day on April 16.', 'The IRS has already received more than 80 million income tax returns for 2023, according to its most recent figures released Friday.', 'But that is only about half of the total returns it is still expecting to be filed.', 'If your return is among them, whatever your deadline, here are just a few other things to keep in mind as you prepare your 2023 taxes.', 'There are some very simple things to keep in mind so that your return will be error-free and quickly processed by the IRS.', 'Among them, check your return from last year.', 'It will be a good reminder of all the documents you’ll need to fill out this year’s return.', 'And tally up all the big changes that occurred in your life in 2023 that may affect your tax situation overall (e.g. got married or divorced, had a new baby, sold a property, made a mint on Bitcoin, etc.).', '“Taxpayers should collect all key documents, includingForms W-2 and 1099, as well as any supporting paperwork for tax deductions or credits such as educational credits or mortgage interest payments.', 'Additionally, having the previous year’s tax return accessible is advisable as it may be required,” the IRS advises.', 'And before submitting your return, check that everything from the spelling of your name, your Social Security number and your filing status are correct, as well as your bank routing and account numbers if you’re electing to receive a refund by direct deposit.', 'Remember all that talk in Congress about a bipartisan tax bill that would include a provision expanding the 2023 child tax credit for many families?', 'Well, that has yet to materialize and may not anytime soon, if at all.', 'Should something eventually pass, however, that includes a retroactive expansion of the credit, the IRS has said it would make the change on the 2023 tax returns of those who are eligible and have already filed.', 'While 2023 may be in the rearview mirror, you still may be able to sneak in a quick deduction by April 15 to help reduce your 2023 tax liability.', 'If you have not maxed out your contributions to a traditional IRA.', 'For 2023, you’re allowed to contribute up to $6,500 (or $7,500 if you were 50 or older).', 'Those contributions may be deductible as well if you don’t have access to a workplace retirement plan and your income falls below a certain threshold.', 'If you do have access to a workplace retirement plan, you may get a partial deduction, again depending on your income.', 'Here is the nitty-gritty breakdown on those income thresholds.', 'The Justice Department last week echoed what the IRS has said frequently: Avoid using “unscrupulous” tax preparers.', 'The DOJ noted in a release that letting a swindler prepare your return may leave you saddled with penalties and interest on unpaid taxes.', 'One telltale sign you’re dealing with a scammer?', 'They promise you outsized refunds that seem too good to be true, said Deputy Assistant Attorney General David Hubber of the DOJ’s Tax Division. “', 'If your tax preparer asks you to sign a blank return, refuses to sign your return as your preparer or fails to give you a copy of your return, consult the IRS’s website to make sure that you are not exposing yourself to trouble,” Hubber said.', 'The IRS further warns taxpayers not to fall for abusive tax avoidance schemes or any of a number of other scam efforts by tax preparers and  The average refund as of March 22 was $3,081, according to IRS statistics.', 'The majority of tax filers get a refund from the IRS every year, and they typically receive their money within 21 days of filing.', 'If you’re expecting money back and haven’t yet, you can track its progress through the IRS tool Where’s My Refund.', 'You might be owed an old refund, too.', 'If you didn’t file a return for 2020, you have until May 17 to do so.', 'According to the IRS, more than $1 billion in refunds await those who didn’t file for that first tax year of the pandemic.', 'The median estimate refund amounts differ by state (see the IRS table here) but they range from a low of $761 in Idaho to a high of $1,031 in Pennsylvania.', 'Besides a refund, the IRS further notes low- and moderate-income earners also may be eligible to receive the Earned Income Tax Credit.', 'The EITC was worth up to $6,660 in 2020 for those with qualifying children.', 'If you don’t file your 2020 return by May 17, you will forfeit any money owed to you.', 'And if you do file and are owed a refund, it may be withheld if you have yet to file your 2021 or 2022 returns.', 'The agency also notes that “any refund amount for 2020 will be applied to amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or other past due federal debts, such as student loans.”']",0.0811888384963764,"“Taxpayers should collect all key documents, includingForms W-2 and 1099, as well as any supporting paperwork for tax deductions or credits such as educational credits or mortgage interest payments.","The IRS further warns taxpayers not to fall for abusive tax avoidance schemes or any of a number of other scam efforts by tax preparers and  The average refund as of March 22 was $3,081, according to IRS statistics.",-0.5289332509040833,"While 2023 may be in the rearview mirror, you still may be able to sneak in a quick deduction by April 15 to help reduce your 2023 tax liability.",The DOJ noted in a release that letting a swindler prepare your return may leave you saddled with penalties and interest on unpaid taxes.,2024-04-01
Warren Buffett’s favorite market indicator is flashing red,https://edition.cnn.com/2024/03/27/investing/premarket-stocks-trading/index.html,"
  Published
        7:47 AM EDT, Wed March 27, 2024
    ","A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.
    
            The “Buffett Indicator” is flashing red.
    
            In 2001, Warren Buffett came up with what he called in Fortune Magazine “probably the best single measure of where [stock] valuations stand at any given moment.”
    
            Today that barometer has soared to a two-year high, signaling that a market retreat could be coming.
    
            What’s happening: Widely known as the “Buffett Indicator,” it measures the size of the US stock market against the size of the economy by taking the total value of all publicly traded companies (measured using the Wilshire 5000 index) and dividing that by the last quarterly estimate for gross domestic product.
    
            The resulting ratio is supposed to tell us how fairly priced stocks are by providing a simple gauge of whether the market is overvalued or undervalued relative to economic output. If the stock market is growing a lot faster than the economy, that could be a sign of a bubble.
    
            Buffett’s Berkshire Hathaway says that a reading of 100% is fair, if it’s closer to 70% stocks are at a bargain price, and if it’s anywhere near the 200% mark, investors are “playing with fire.”
    
            The indicator is currently sitting near a two-year high, at nearly 190%.
    
            The last time the indicator was this high was in 2022, when it hit 211% and the S&P 500 dropped by 19% over the next year.
    
            Bubble territory: Markets have surged higher this year as investor enthusiasm over artificial intelligence stocks have sent chipmakers like Nvidia to all-time highs.
    
            Wall Street is also betting that there will be three interest rate cuts by the Federal Reserve this year, and investors have been preemptively celebrating.
    
            But some analysts are ringing the alarm. They’re worried that AI fervor is misguided. Plus, two Fed officials have forecast no interest rate cuts at all this year.
    
            “My impression is that investors are presently enjoying the double-top of the most extreme speculative bubble in US financial history,” legendary investor John Hussman wrote in a recent note. Hussman predicted the 2000 and 2008 market crashes.
    
            Former Treasury Secretary Larry Summers also fretted over markets last week. “I certainly think we’re at least at the foothills of bubbles,” he said on Bloomberg.
    
            Louis Navellier of Navellier & Associates thinks US markets are in a melt-up that’s being widely ignored by investors. “The market continues to march relentlessly higher and no one is willing to call a top,” he said in a note.
    
            The S&P 500 has surged more than 10% since January, and last week it surpassed Goldman Sachs’ year-end target of 5,200. Analysts at the bank now say there’s a scenario where it could rise an additional 15% to 6,000 by the end of the year.
    
            “As always, there are a lot fewer questions about why the market is up than there are when it trades down,” said Navellier.
    
            Yes, but: The so-called Buffett Indicator is not without flaw. It ignores how much money companies make abroad and doesn’t consider how interest rates might change a company’s valuation. Buffett himself has conceded that the very simple metric has its limitations.
    
            And while markets are frothy, they’re not exactly bubbling.
    
            “This is not hype,” JPMorgan Chase CEO Jamie Dimon told CNBC last month about a potential AI bubble. “When we had the internet bubble the first time around… that was hype. This is not hype. It’s real,” he said. “People are deploying [AI] at different speeds, but it will handle a tremendous amount of stuff.”
    
            The froth appears to be settling — about 23% of S&P 500 companies made a new 52-week high last week, and the equal-weighted S&P 500 is up by nearly 25% since its October 2023 low. That makes this market more “believa-bull,” quipped Kevin Gordon, senior investment strategist at Charles Schwab.
    
            But, he told CNN, “we continue to think the market is vulnerable to a looming negative catalyst — particularly on the earnings front — given both attitudinal and behavioral sentiment metrics are in extreme optimism territory.”
    
            The last trading day of the quarter falls on Thursday, and earnings reports begin in early April.
    
            Two of the world’s largest credit card networks, Visa and Mastercard, as well as the banks that issue cards with them, have agreed to settle a decades-long antitrust case brought upon by merchants, reports my colleague Elisabeth Buchwald.
    
            The settlement is set to lower swipe fees merchants pay when customers make purchases using their Visa or Mastercard by $30 billion over five years, according to a press release announcing the settlement Tuesday morning.
    
            The settlement, which only applies to US merchants, is the result of a lawsuit filed in 2005. However, nothing is considered finalized until it receives approval from the US District Court for the Eastern District of New York. Even then, the case can also be appealed in what could be a lengthy battle.
    
            Typically, swipe fees cost merchants 2% of the total transaction a customer makes — but can be as much as 4% for some premium rewards cards, according to the National Retail Federation. The settlement would lower those fees by at least 0.04 percentage point for a minimum of three years.
    
            For the first time in almost 30 years, part of Donald Trump’s business empire has gone public. Trading started with a bang, but the frenzy eased considerably by the closing bell, with shares ending well off their highs of the day, reports CNN’s Matt Egan.
    
            Trump Media & Technology Group, the owner of struggling social media platform Truth Social, began its long-delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.”
    
            The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility. Trump Media shares stabilized around $70 before fizzling. By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day.
    
            The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users.
    
            “This is a very unusual situation. The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years.
    
            Ritter said the closest parallel would be GameStop, AMC and other so-called meme stocks that skyrocketed during Covid-19 as an army of retail traders piled in. He said Trump Media is likely worth somewhere around $2 a share — nowhere near its closing stock price of $58.",CNN,27/03/2024,"['A version of this story first appeared in CNN Business’ Before the Bell newsletter.', 'Not a subscriber?', 'You can sign upright here.', 'You can listen to an audio version of the newsletter by clicking the same link.', 'The “Buffett Indicator” is flashing red.', 'In 2001, Warren Buffett came up with what he called in Fortune Magazine “probably the best single measure of where [stock] valuations stand at any given moment.”', 'Today that barometer has soared to a two-year high, signaling that a market retreat could be coming.', 'What’s happening: Widely known as the “Buffett Indicator,” it measures the size of the US stock market against the size of the economy by taking the total value of all publicly traded companies (measured using the Wilshire 5000 index) and dividing that by the last quarterly estimate for gross domestic product.', 'The resulting ratio is supposed to tell us how fairly priced stocks are by providing a simple gauge of whether the market is overvalued or undervalued relative to economic output.', 'If the stock market is growing a lot faster than the economy, that could be a sign of a bubble.', 'Buffett’s Berkshire Hathaway says that a reading of 100% is fair, if it’s closer to 70% stocks are at a bargain price, and if it’s anywhere near the 200% mark, investors are “playing with fire.”', 'The indicator is currently sitting near a two-year high, at nearly 190%.', 'The last time the indicator was this high was in 2022, when it hit 211% and the S&P 500 dropped by 19% over the next year.', 'Bubble territory: Markets have surged higher this year as investor enthusiasm over artificial intelligence stocks have sent chipmakers like Nvidia to all-time highs.', 'Wall Street is also betting that there will be three interest rate cuts by the Federal Reserve this year, and investors have been preemptively celebrating.', 'But some analysts are ringing the alarm.', 'They’re worried that AI fervor is misguided.', 'Plus, two Fed officials have forecast no interest rate cuts at all this year.', '“My impression is that investors are presently enjoying the double-top of the most extreme speculative bubble in US financial history,” legendary investor John Hussman wrote in a recent note.', 'Hussman predicted the 2000 and 2008 market crashes.', 'Former Treasury Secretary Larry Summers also fretted over markets last week. “', 'I certainly think we’re at least at the foothills of bubbles,” he said on Bloomberg.', 'Louis Navellier of Navellier & Associates thinks US markets are in a melt-up that’s being widely ignored by investors. “', 'The market continues to march relentlessly higher and no one is willing to call a top,” he said in a note.', 'The S&P 500 has surged more than 10% since January, and last week it surpassed Goldman Sachs’ year-end target of 5,200.', 'Analysts at the bank now say there’s a scenario where it could rise an additional 15% to 6,000 by the end of the year.', '“As always, there are a lot fewer questions about why the market is up than there are when it trades down,” said Navellier.', 'Yes, but: The so-called Buffett Indicator is not without flaw.', 'It ignores how much money companies make abroad and doesn’t consider how interest rates might change a company’s valuation.', 'Buffett himself has conceded that the very simple metric has its limitations.', 'And while markets are frothy, they’re not exactly bubbling.', '“This is not hype,” JPMorgan Chase CEO Jamie Dimon told CNBC last month about a potential AI bubble. “', 'When we had the internet bubble the first time around… that was hype.', 'This is not hype.', 'It’s real,” he said. “', 'People are deploying [AI] at different speeds, but it will handle a tremendous amount of stuff.”', 'The froth appears to be settling — about 23% of S&P 500 companies made a new 52-week high last week, and the equal-weighted S&P 500 is up by nearly 25% since its October 2023 low.', 'That makes this market more “believa-bull,” quipped Kevin Gordon, senior investment strategist at Charles Schwab.', 'But, he told CNN, “we continue to think the market is vulnerable to a looming negative catalyst — particularly on the earnings front — given both attitudinal and behavioral sentiment metrics are in extreme optimism territory.”', 'The last trading day of the quarter falls on Thursday, and earnings reports begin in early April.', 'Two of the world’s largest credit card networks, Visa and Mastercard, as well as the banks that issue cards with them, have agreed to settle a decades-long antitrust case brought upon by merchants, reports my colleague Elisabeth Buchwald.', 'The settlement is set to lower swipe fees merchants pay when customers make purchases using their Visa or Mastercard by $30 billion over five years, according to a press release announcing the settlement Tuesday morning.', 'The settlement, which only applies to US merchants, is the result of a lawsuit filed in 2005.', 'However, nothing is considered finalized until it receives approval from the US District Court for the Eastern District of New York.', 'Even then, the case can also be appealed in what could be a lengthy battle.', 'Typically, swipe fees cost merchants 2% of the total transaction a customer makes —but can be as much as 4% for some premium rewards cards, according to the National Retail Federation.', 'The settlement would lower those fees by at least 0.04 percentage point for a minimum of three years.', 'For the first time in almost 30 years, part of Donald Trump’s business empire has gone public.', 'Trading started with a bang, but the frenzy eased considerably by the closing bell, with shares ending well off their highs of the day, reports CNN’s Matt Egan.', 'Trump Media & Technology Group, the owner of struggling social media platform Truth Social, began itslong-delayed journey as a public companyat Tuesday’s opening bell under the ticker symbol “DJT.”', 'The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility.', 'Trump Media shares stabilized around $70 before fizzling.', 'By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day.', 'The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users.', '“This is a very unusual situation.', 'The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years.', 'Ritter said the closest parallel would be GameStop, AMC andother so-called meme stocks that skyrocketed during Covid-19as an army of retail traders piled in.', 'He said Trump Media is likely worth somewhere around $2 a share — nowhere near its closing stock price of $58.']",0.0760912568876967,Bubble territory: Markets have surged higher this year as investor enthusiasm over artificial intelligence stocks have sent chipmakers like Nvidia to all-time highs.,But some analysts are ringing the alarm.,0.536154180765152,"The S&P 500 has surged more than 10% since January, and last week it surpassed Goldman Sachs’ year-end target of 5,200.","The last time the indicator was this high was in 2022, when it hit 211% and the S&P 500 dropped by 19% over the next year.",2024-04-01
The Baltimore bridge collapse probably caused billions in damages. Who owes what may come down to ancient laws from Greece,https://edition.cnn.com/2024/03/31/economy/the-titanic-maritime-law-baltimore-bridge/index.html,"
  Published
        10:30 AM EDT, Sun March 31, 2024
    ","The massive cargo ship crash that destroyed the Baltimore’s Francis Scott Key Bridge on Tuesday will probably cost various shipping companies and insurers billions of dollars in damages. But lawyers, legislators and business owners will need to turn to one of the oldest subjects of law to figure out who owes what.
    
            That’s because it all comes down to maritime law – an ancient, often seemingly eccentric legal field that still relies on some precedents set in the Iron Age.
    
            “Maritime law is steeped in antiquity. It goes back to the Phoenicians, it goes back to the Greeks,” Sean Pribyl, a partner at the law firm Holland & Knight, said in an interview with CNN.
    
            Maritime law is rooted in the need to settle disputes and enforce rules between different peoples, even before there was the concept of countries with definitive laws.
    
            “It’s been thousands of years of vessels going to sea and carrying cargo or passengers. Over centuries and centuries of practice, maritime law developed its own codes, and those were enshrined in more recent international conventions and then domestic laws as well around the world,” said Pribyl.
    
            From ancient Mediterranean islands to the Titanic to longshoremen on the Brooklyn docks, CNN looked into some of the historic cases that may become relevant as the ramifications of this deadly and costly crash come to light.
    
            About 3,000 years ago, primeval lawmakers on the seafaring island of Rhodes faced a conundrum.
    
            Back in 1000 BCE, Rhodians were dominating the Mediterranean with their fast-moving ships and bringing boatloads of riches back to their island. But not every voyage went as-planned – if the seas were rough, crews would sometimes have to ditch their valuable cargo to lighten their load and keep the ship afloat.
    
            The problem was that the crews often couldn’t decide whose goods to throw overboard into the water below. They could fight viciously over it, wasting the small window of time they had to save the boat and themselves. Maybe they should lose the olive oil, or the wine, or the fine cloth.
    
            But why should the oil merchant, or the wine merchant, or the cloth merchant have to suffer on their own for a decision made by the crew?
    
            So the wise legislators came to a solution – a remedy would go on to guide maritime law for millenia, eventually making its way to modern-day Baltimore, where it could play a role in the monetary ramifications of the collapsed Francis Scott Key Bridge.
    
            All of the merchants in ancient Rhodes who saw their cargo arrive safely ashore would contribute an appropriate portion of their earnings to compensate the merchants who lost their haul.
    
            In modern terms, if some cargo must be thrown over the side, the losses are borne by everybody who had cargo onboard, equally.
    
            That rule, known as general average, is still a guiding principle of maritime law. These days, it can also extend to costs related to repairs and other expenses said Pribyl, who co-authored the American Bar Associations chapter on General Average in its Damages book.
    
            That means the costs of damage to the ship and lost cargo in Baltimore could be split between the ship owner and the merchants with items on the ship.
    
            Thankfully, they have insurance.
    
            Another archaic principle, the Limitation of Liability Act of 1851, could come into play when deciding who is responsible for paying what sort of compensation for the Baltimore incident.
    
            The law was first intended to aid US merchant marines and ensure American shipowners could compete equally with those from leading seafaring nations like Great Britain. It allowed shipowners to limit their financial liability to simply the value of their vessel plus the cargo after a loss, as long as they could prove they didn’t know of a problem beforehand, protecting them in various incidents.
    
            But then the owners of the Titanic cleverly used it to limit their own liabilities in the wake of the supposedly “unsinkable” ship’s sinking in 1912.
    
            The White Star Line, the company that owned the ship, invoked the act and asked courts to limit the compensation it would have to pay to survivors and the relatives of those who perished in the ship. They argued that they should only have to pay for the value of the remaining lifeboats and their freight, which was a fraction of the total claims for loss of life, personal injury, and lost cargo.
    
            The legal action also required all claims against the company to be heard in a specific court. It effectively consolidated all lawsuits against the company into a single proceeding.
    
            So, despite hundreds of claims seeking more than $16 million in damages, White Star ended up paying just $664,000 in a settlement.
    
            That’s why this legal tenet is known colloquially as the “Titanic” Law.
    
            Since then, plenty of other shipowners have evoked the rule in their own cases.
    
            “it’s just a fundamental part of the way that the shipping business works,” said Martin Davies, director of the Maritime Law Center at Tulane University. “If something really bad happens, the ship owner can petition to limit its liability.”
    
            Davies told CNN that he would be “amazed” if the owners of the Dali ship in Baltimore, Singapore-based Grace Ocean Private, “don’t go and petition for limitation within a few weeks.”
    
            Companies impacted by the Baltimore bridge’s collapse may have trouble if they seek compensation for lost business, too. That’s because of a 1927 Supreme Court Case, Robins Dry Dock v. Flint.
    
            The case involved a dispute arising from an incident where the Brooklyn-based Robins Dry Dock & Repair Company negligently damaged a ship’s propeller that was being repaired. The ship was under a charter from its owners to Flint & Co.
    
            Because of the damage, the ship was out of commission for a period of time. Flint & Co., despite not outright owning the ship, still lost money as the ship now needed more time to be fixed.
    
            The case determined that a pure economic loss was not recoverable from the ship’s owners and operators in the absence of physical injury or a relevant clause in a contract that was agreed upon in advance.
    
            That could mean that in Baltimore, “all the business interruption losses, which will be significant, will not be recoverable from the ship,” said Davies.
    
            Some may find it strange that a group of men from the cusp of the Iron Age are still dictating modern law, but maritime lawyers are used to it.
    
            America’s forefathers even referenced this ancient code of law when writing the US Constitution, and both the Supreme Court and federal laws have validated this archaic legal framework, incorporating it into federal legislation.
    
            Which means that the “no rules in international waters” trope that has become a fixture of American media, which depicts a world where crimes in the high seas  go unpunished or where ship captains are granted broad legal powers, isn’t exactly accurate.
    
            In reality, said Davies, the law is pretty clear, well-established and possibly even boring.
    
            “Maritime law chugs along in the background, and then some kind of catastrophe happens and people realize there’s this different body of law, very different from what applies on land,” said Davies. “And then they have to find out what it is.”",CNN,31/03/2024,"['The massive cargo ship crash that destroyed the Baltimore’s Francis Scott Key Bridge on Tuesday will probably cost various shipping companies and insurers billions of dollars in damages.', 'But lawyers, legislators and business owners will need to turn to one of the oldest subjects of law to figure out who owes what.', 'That’s because it all comes down to maritime law – an ancient, often seemingly eccentric legal field that still relies on some precedents set in the Iron Age.', '“Maritime law is steeped in antiquity.', 'It goes back to the Phoenicians, it goes back to the Greeks,” Sean Pribyl, a partner at the law firm Holland & Knight, said in an interview with CNN.', 'Maritime law is rooted in the need to settle disputes and enforce rules between different peoples, even before there was the concept of countries with definitive laws.', '“It’s been thousands of years of vessels going to sea and carrying cargo or passengers.', 'Over centuries and centuries of practice, maritime law developed its own codes, and those were enshrined in more recent international conventions and then domestic laws as well around the world,” said Pribyl.', 'From ancient Mediterranean islands to the Titanic to longshoremen on the Brooklyn docks, CNN looked into some of the historic cases that may become relevant as the ramifications of this deadly and costly crash come to light.', 'About 3,000 years ago, primeval lawmakers on the seafaring island of Rhodes faced a conundrum.', 'Back in 1000 BCE, Rhodians were dominating the Mediterranean with their fast-moving ships and bringing boatloads of riches back to their island.', 'But not every voyage went as-planned – if the seas were rough, crews would sometimes have to ditch their valuable cargo to lighten their load and keep the ship afloat.', 'The problem was that the crews often couldn’t decide whose goods to throw overboard into the water below.', 'They could fight viciously over it, wasting the small window of time they had to save the boat and themselves.', 'Maybe they should lose the olive oil, or the wine, or the fine cloth.', 'But why should the oil merchant, or the wine merchant, or the cloth merchant have to suffer on their own for a decision made by the crew?', 'So the wise legislators came to a solution – a remedy would go on to guide maritime law for millenia, eventually making its way to modern-day Baltimore, where it could play a role in the monetary ramifications of the collapsed Francis Scott Key Bridge.', 'All of the merchants in ancient Rhodes who saw their cargo arrive safely ashore would contribute an appropriate portion of their earnings to compensate the merchants who lost their haul.', 'In modern terms, if some cargo must be thrown over the side, the losses are borne by everybody who had cargo onboard, equally.', 'That rule, known as general average, is still a guiding principle of maritime law.', 'These days, it can also extend to costs related to repairs and other expenses said Pribyl, who co-authored the American Bar Associations chapter on General Average in its Damages book.', 'That means the costs of damage to the ship and lost cargo in Baltimore could be split between the ship owner and the merchants with items on the ship.', 'Thankfully, they have insurance.', 'Another archaic principle, the Limitation of Liability Act of 1851, could come into play when deciding who is responsible for paying what sort of compensation for the Baltimore incident.', 'The law was first intended to aid US merchant marines and ensure American shipowners could compete equally with those from leading seafaring nations like Great Britain.', 'It allowed shipowners to limit their financial liability to simply the value of their vessel plus the cargo after a loss, as long as they could prove they didn’t know of a problem beforehand, protecting them in various incidents.', 'But then the owners of the Titanic cleverly used it to limit their own liabilities in the wake of the supposedly “unsinkable” ship’s sinking in 1912.', 'The White Star Line, the company that owned the ship, invoked the act and asked courts to limit the compensation it would have to pay to survivors and the relatives of those who perished in the ship.', 'They argued that they should only have to pay for the value of the remaining lifeboats and their freight, which was a fraction of the total claims for loss of life, personal injury, and lost cargo.', 'The legal action also required all claims against the company to be heard in a specific court.', 'It effectively consolidated all lawsuits against the company into a single proceeding.', 'So, despite hundreds of claims seeking more than $16 million in damages, White Star ended up paying just $664,000 in a settlement.', 'That’s why this legal tenet is known colloquially as the “Titanic” Law.', 'Since then, plenty of other shipowners have evoked the rule in their own cases.', '“it’s just a fundamental part of the way that the shipping business works,” said Martin Davies, director of the Maritime Law Center at Tulane University. “', 'If something really bad happens, the ship owner can petition to limit its liability.”', 'Davies told CNN that he would be “amazed” if the owners of the Dali ship in Baltimore, Singapore-based Grace Ocean Private, “don’t go and petition for limitation within a few weeks.”', 'Companies impacted by the Baltimore bridge’s collapse may have trouble if they seek compensation for lost business, too.', 'That’s because of a 1927 Supreme Court Case, Robins Dry Dock v. Flint.', 'The case involved a dispute arising from an incident where the Brooklyn-based Robins Dry Dock & Repair Company negligently damaged a ship’s propeller that was being repaired.', 'The ship was under a charter from its owners to Flint & Co.  Because of the damage, the ship was out of commission for a period of time.', 'Flint & Co., despite not outright owning the ship, still lost money as the ship now needed more time to be fixed.', 'The case determined that a pure economic loss was not recoverable from the ship’s owners and operators in the absence of physical injury or a relevant clause in a contract that was agreed upon in advance.', 'That could mean that in Baltimore, “all the business interruption losses, which will be significant, will not be recoverable from the ship,” said Davies.', 'Some may find it strange that a group of men from the cusp of the Iron Age are still dictating modern law, but maritime lawyers are used to it.', 'America’s forefathers even referenced this ancient code of law when writing the US Constitution, and both the Supreme Court and federal laws have validated this archaic legal framework, incorporating it into federal legislation.', 'Which means that the “no rules in international waters” trope that has become a fixture of American media, which depicts a world where crimes in the high seas go unpunished or where ship captains are granted broad legal powers, isn’t exactly accurate.', 'In reality, said Davies, the law is pretty clear, well-established and possibly even boring.', '“Maritime law chugs along in the background, and then some kind of catastrophe happens and people realize there’s this different body of law, very different from what applies on land,” said Davies. “', 'And then they have to find out what it is.”']",-0.0657781452644316,The law was first intended to aid US merchant marines and ensure American shipowners could compete equally with those from leading seafaring nations like Great Britain.,The massive cargo ship crash that destroyed the Baltimore’s Francis Scott Key Bridge on Tuesday will probably cost various shipping companies and insurers billions of dollars in damages.,-0.580107718706131,"In reality, said Davies, the law is pretty clear, well-established and possibly even boring.","Flint & Co., despite not outright owning the ship, still lost money as the ship now needed more time to be fixed.",2024-04-01
"Cars, coal and gas... key cargo at Baltimore port",https://www.bbc.co.uk/news/world-us-canada-68681086,2024-03-28T00:01:52.000Z,"When a massive cargo ship sent Baltimore's Francis Scott Key Bridge crashing into the water, it created both a human and economic disaster. Two bodies have been recovered and four other construction workers are missing, presumed dead. But the bridge's collapse has also cut off a main artery handling billions of dollars of goods to and from a key port. The Port of Baltimore is the 14th largest in the US.  Boat traffic is at a standstill and the wreckage of the bridge still lies across the Patapsco River. Officials warn that the closure could create massive ripple effects in the global supply chain. In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn (£64bn), passed through Baltimore, according to data from the state of Maryland, which makes it much smaller than neighbouring New York but a key port for certain goods.  Transportation Secretary Pete Buttigieg described it as the country's largest vehicle handling port, important not only for car imports and exports but also farm equipment. About a dozen ships are currently trapped in the port, Vice Admiral Peter Gautier told reporters, adding that the foreign-flagged vessels are ""dry bulk carriers, car carriers and a number of maritime administration ships"".  Under ordinary circumstances, an enormous variety of goods like automobiles, soybeans, pharmaceuticals, metals, textiles, animal feed, and even newsprint pass in and out of the port. It's also critical for maritime travel; 444,000 passengers cruised through Baltimore in 2023, according to state data.  Automobiles are the facility's signature product. Nearly 850,000 cars and light trucks flowed through the Port of Baltimore in 2023, according to Maryland state data, more than any other US port.  A majority of those cars come from foreign manufacturers like Mazda, Subaru, and Mercedes-Benz, meaning the closure could have major implications for the companies across the globe. Car manufacturers have already started to divert their products in the wake of the bridge collapse. Jeremie Papin, Chair of Nissan Americas, told the BBC: ""We have been re-routing our ships to other ports in the east coast, and so we think there will be minimal, if any, impact to our business in the near term."" Fossil fuels, particularly coal, are some of the biggest exports that go through the Port of Baltimore. Coal made up a lion's share of these shipments, with over 13.2 million tonnes exported in 2022, according the US Bureau of Transportation Statistics. Shipments of fuel oils, natural gas, and other fossil fuel products were also imported and exported. Plenty of goods used in everyday life were brought into the US through Baltimore in 2022, according to data from the US Bureau of Transportation Statistics.  Over 106,000 tonnes of furniture, 738,000 tonnes of newsprint, 36,000 tonnes of alcoholic beverages, and 83,000 tonnes of meat and seafood entered the port that year. Imports of plastics and rubber totalled more than 221,000 tonnes in 2022.  ""Our top priority is to get the shipping lane open because of the impact it has on our country and the global supply chain,"" US Senator Ben Cardin of Maryland said at a press conference on Wednesday. ""We are also working on a replacement bridge, so we can have those plans in place to reconstruct the bridge as quickly as possible."" But the economic toll of the bridge collapse goes beyond just the items that pass in and out. The port of Baltimore generates about 15,000 jobs, according to the Maryland governor's office, and nearly 140,000 jobs in total are linked to the port's activities. About 8,000 jobs have been directly affected by the closure. ""The collapse of the Key Bridge is not just a Maryland crisis, the collapse of the Key Bridge is a global crisis,"" Maryland Governor Wes Moore said on Wednesday. ""The national economy and the world's economy depends on the Port of Baltimore."" ",BBC,28/03/2024,"[""When a massive cargo ship sent Baltimore's Francis Scott Key Bridge crashing into the water, it created both a human and economic disaster."", 'Two bodies have been recovered and four other construction workers are missing, presumed dead.', ""But the bridge's collapse has also cut off a main artery handling billions of dollars of goods to and from a key port."", 'The Port of Baltimore is the 14th largest in the US.', 'Boat traffic is at a standstill and the wreckage of the bridge still lies across the Patapsco River.', 'Officials warn that the closure could create massive ripple effects in the global supply chain.', 'In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn (£64bn), passed through Baltimore, according to data from the state of Maryland, which makes it much smaller than neighbouring New York but a key port for certain goods.', ""Transportation Secretary Pete Buttigieg described it as the country's largest vehicle handling port, important not only for car imports and exports but also farm equipment."", 'About a dozen ships are currently trapped in the port, Vice Admiral Peter Gautier told reporters, adding that the foreign-flagged vessels are ""dry bulk carriers, car carriers and a number of maritime administration ships"".', 'Under ordinary circumstances, an enormous variety of goods like automobiles, soybeans, pharmaceuticals, metals, textiles, animal feed, and even newsprint pass in and out of the port.', ""It's also critical for maritime travel; 444,000 passengers cruised through Baltimore in 2023, according to state data."", ""Automobiles are the facility's signature product."", 'Nearly 850,000 cars and light trucks flowed through the Port of Baltimore in 2023, according to Maryland state data, more than any other US port.', 'A majority of those cars come from foreign manufacturers like Mazda, Subaru, and Mercedes-Benz, meaning the closure could have major implications for the companies across the globe.', 'Car manufacturers have already started to divert their products in the wake of the bridge collapse.', 'Jeremie Papin, Chair of Nissan Americas, told the BBC: ""We have been re-routing our ships to other ports in the east coast, and so we think there will be minimal, if any, impact to our business in the near term.""', 'Fossil fuels, particularly coal, are some of the biggest exports that go through the Port of Baltimore.', ""Coal made up a lion's share of these shipments, with over 13.2 million tonnes exported in 2022, according the US Bureau of Transportation Statistics."", 'Shipments of fuel oils, natural gas, and other fossil fuel products were also imported and exported.', 'Plenty of goods used in everyday life were brought into the US through Baltimore in 2022, according to data from the US Bureau of Transportation Statistics.', 'Over 106,000 tonnes of furniture, 738,000 tonnes of newsprint, 36,000 tonnes of alcoholic beverages, and 83,000 tonnes of meat and seafood entered the port that year.', 'Imports of plastics and rubber totalled more than 221,000 tonnes in 2022. ""', 'Our top priority is to get the shipping lane open because of the impact it has on our country and the global supply chain,"" US Senator Ben Cardin of Maryland said at a press conference on Wednesday. ""', 'We are also working on a replacement bridge, so we can have those plans in place to reconstruct the bridge as quickly as possible.""', 'But the economic toll of the bridge collapse goes beyond just the items that pass in and out.', ""The port of Baltimore generates about 15,000 jobs, according to the Maryland governor's office, and nearly 140,000 jobs in total are linked to the port's activities."", 'About 8,000 jobs have been directly affected by the closure. ""', 'The collapse of the Key Bridge is not just a Maryland crisis, the collapse of the Key Bridge is a global crisis,"" Maryland Governor Wes Moore said on Wednesday. ""', 'The national economy and the world\'s economy depends on the Port of Baltimore.""']",-0.0986206396741311,"In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn (£64bn), passed through Baltimore, according to data from the state of Maryland, which makes it much smaller than neighbouring New York but a key port for certain goods.","The collapse of the Key Bridge is not just a Maryland crisis, the collapse of the Key Bridge is a global crisis,"" Maryland Governor Wes Moore said on Wednesday. """,-0.5930463552474976,"Jeremie Papin, Chair of Nissan Americas, told the BBC: ""We have been re-routing our ships to other ports in the east coast, and so we think there will be minimal, if any, impact to our business in the near term.""",Officials warn that the closure could create massive ripple effects in the global supply chain.,2024-04-01
AT&T data breach: Millions of customers caught up in major dark web leak,https://www.bbc.co.uk/news/world-us-canada-68701958,2024-03-30T23:32:01.000Z,"Personal data belonging to 73 million current or former AT&T customers has been leaked online. Information including addresses, social security numbers and passcodes was published on the dark web, the US telecoms giant said. AT&T said it had not identified evidence indicating the data had been stolen but had brought in cybersecurity experts to investigate. The company said it had reset customers' passcodes. They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"". The data involved in the breach appears to be from 2019 or earlier and is linked to 7.6 million customers and 65.4 million former account holders.   It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak. The company said in a statement that it was unclear whether the data had originated from its own systems or via a third-party supplier. AT&T's wireless 5G network covers around 290 million people across the US and the company is one of the country's largest mobile and internet services providers. In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected. Prosecutors in New York launched an investigation into that episode, which left people unable to use their phones for around 12 hours. ",BBC,30/03/2024,"['Personal data belonging to 73 million current or former AT&T customers has been leaked online.', 'Information including addresses, social security numbers and passcodes was published on the dark web, the US telecoms giant said.', 'AT&T said it had not identified evidence indicating the data had been stolen but had brought in cybersecurity experts to investigate.', ""The company said it had reset customers' passcodes."", 'They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"".', 'The data involved in the breach appears to be from 2019 or earlier and is linked to 7.6 million customers and 65.4 million former account holders.', 'It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak.', 'The company said in a statement that it was unclear whether the data had originated from its own systems or via a third-party supplier.', ""AT&T's wireless 5G network covers around 290 million people across the US and the company is one of the country's largest mobile and internet services providers."", 'In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected.', 'Prosecutors in New York launched an investigation into that episode, which left people unable to use their phones for around 12 hours.']",0.0473668899244806,"They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"".","It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak.",-0.7834284603595734,,"In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected.",2024-04-01
Japan nappy maker shifts from babies to adults,https://www.bbc.co.uk/news/business-68672186,2024-03-27T04:19:13.000Z,"A Japanese nappy maker has announced that it will stop producing diapers for babies in the country and, instead, focus on the market for adults. Oji Holdings is the latest firm to make such a shift in a rapidly ageing Japan, where birth rates are at a record low.  Sales of adult nappies outpaced those for infants in the country for more than a decade.  The number of babies born in Japan in 2023 - 758,631 - was down by 5.1% from the previous year. It was also the lowest number of births on record in Japan since the 19th Century. In the 1970s, that figure stood at more than two million.  In a statement, Oji Holdings said its subsidiary, Oji Nepia, currently manufactures 400 million infant nappies annually. Production has been falling since 2001, when the company hit its peak - 700 million nappies.  Back in 2011, Japan's biggest diaper maker, Unicharm, said its sales of adult diapers had surpassed those for babies. Meanwhile, the adult diaper market has been growing and is estimated to be worth more than $2bn (£1.6bn). Japan now has one of the world's oldest populations, with almost 30% of them aged 65 or older. Last year, the proportion of those aged above 80 surpassed 10% for the first time. Oji Holdings also said it would continue to make baby diapers in Malaysia and Indonesia where it expects demand to grow.  A shrinking population, the result of both ageing and plummeting birth rates, has become a crisis for Japan, one of the world's largest economies. But the Japanese government's efforts to address these challenges have met with little success so far.  Increased spending on child-related programmes and subsidies targeting young couples or parents don't appear to be boosting birth rates. Expert say the reasons are complex, ranging from lower marriage rates and more women joining the workforce, to the increased costs of raising children.  ""Japan is standing on the verge of whether we can continue to function as a society,"" Prime Minister Fumio Kishida said last year, adding that it was a case of ""now or never"".   But Japan is not alone. Fertility rates have also been dropping in Hong Kong, Singapore, Taiwan and South Korea, the last of which has the lowest birth rate in the world.  China too saw its population fall for the second year in a row in 2023 and, like Japan, has introduced various incentives to boost birth rates. But an ageing population and the impact of a decades-long one child-policy, which ended in 2015, are creating demographic challenges in China too.  ",BBC,27/03/2024,"['A Japanese nappy maker has announced that it will stop producing diapers for babies in the country and, instead, focus on the market for adults.', 'Oji Holdings is the latest firm to make such a shift in a rapidly ageing Japan, where birth rates are at a record low.', 'Sales of adult nappies outpaced those for infants in the country for more than a decade.', 'The number of babies born in Japan in 2023 - 758,631 - was down by 5.1% from the previous year.', 'It was also the lowest number of births on record in Japan since the 19th Century.', 'In the 1970s, that figure stood at more than two million.', 'In a statement, Oji Holdings said its subsidiary, Oji Nepia, currently manufactures 400 million infant nappies annually.', 'Production has been falling since 2001, when the company hit its peak - 700 million nappies.', ""Back in 2011, Japan's biggest diaper maker, Unicharm, said its sales of adult diapers had surpassed those for babies."", 'Meanwhile, the adult diaper market has been growing and is estimated to be worth more than $2bn (£1.6bn).', ""Japan now has one of the world's oldest populations, with almost 30% of them aged 65 or older."", 'Last year, the proportion of those aged above 80 surpassed 10% for the first time.', 'Oji Holdings also said it would continue to make baby diapers in Malaysia and Indonesia where it expects demand to grow.', ""A shrinking population, the result of both ageing and plummeting birth rates, has become a crisis for Japan, one of the world's largest economies."", ""But the Japanese government's efforts to address these challenges have met with little success so far."", ""Increased spending on child-related programmes and subsidies targeting young couples or parents don't appear to be boosting birth rates."", 'Expert say the reasons are complex, ranging from lower marriage rates and more women joining the workforce, to the increased costs of raising children. ""', 'Japan is standing on the verge of whether we can continue to function as a society,"" Prime Minister Fumio Kishida said last year, adding that it was a case of ""now or never"".', 'But Japan is not alone.', 'Fertility rates have also been dropping in Hong Kong, Singapore, Taiwan and South Korea, the last of which has the lowest birth rate in the world.', 'China too saw its population fall for the second year in a row in 2023 and, like Japan, has introduced various incentives to boost birth rates.', 'But an ageing population and the impact of a decades-long one child-policy, which ended in 2015, are creating demographic challenges in China too.']",0.048169653759512,"China too saw its population fall for the second year in a row in 2023 and, like Japan, has introduced various incentives to boost birth rates.","A shrinking population, the result of both ageing and plummeting birth rates, has become a crisis for Japan, one of the world's largest economies.",-0.1406213268637657,"Back in 2011, Japan's biggest diaper maker, Unicharm, said its sales of adult diapers had surpassed those for babies.","The number of babies born in Japan in 2023 - 758,631 - was down by 5.1% from the previous year.",2024-04-01
Could AI take the grind out of accountancy?,https://www.bbc.co.uk/news/business-68553123,2024-03-26T00:24:13.000Z,"Owen Hewitt, is a trainee chartered accountant at accountancy firm haysmacintyre. He's two years into his training with more exams coming up this year.  What's unusual about him and his peers, is that they will be the first generation of accountants to use artificial intelligence (AI) right from the beginning of their careers. Mr Hewitt is hoping that AI will take over some of the more tedious parts of the job. ""These (AI) can remove the burden of the more time-consuming tasks, like analysis of financial data,"" says Mr Hewitt. That leaves the humans to focus on more subjective - and more interesting - decisions, like whether a business is viable, or whether debts are likely to be paid. ""Whilst AI can learn from data and make predictions, it can't yet replace the human judgement required to weigh up different variables and make an informed decision,"" he says. So, AI is increasingly being used for routine and time-consuming tasks such as summarising documents, creating content, drafting documentation, advanced searching, analytics and insight and knowledge management - often work done by more junior accountancy staff. ""When you look at some of the tasks that auditors were doing - some of the boring, mundane tasks around churning data and manipulating it into a format where you can then actually do something valuable with it - that's where artificial intelligence can play a really big part,"" says Matthew Campbell, audit chief technology officer for KPMG UK. Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs. According to a KPMG survey, four in 10 senior audit professionals expect that the increased efficiency that AI can bring will lead to a reduction in the size of auditing teams. Already, many manual audit and reporting tasks have been outsourced to other countries, with most major banks in the UK now having taken on large numbers of qualified accountants in India, who perform a significant proportion of month-end financial reporting tasks. This, says Alex King, founder and chartered accountant at finance platform Generation Money, means that junior accountants working in audit will need to focus more on client-facing skills. ""Generally, the nature of a junior accountant's role is likely to change more towards systems management - overseeing AI powered software and databases - and relationship management, and away from the traditional reconciliations and ledgers work,"" he says. As a result, training programmes are changing. ""We're still recruiting a number of people, graduates, and we're also recruiting a number of apprentices. I think what will change over time is the skillsets of some of those individuals,"" says Mr Campbell. ""We're already starting to see that, so we've invested in putting a number of our auditors through a master's degree in applied data science, so they can take that auditing and accounting knowledge with their data science skills knowledge, to really bring the best of those skills together."" The accountancy industry has seen some high-profile failures in recent years. In March, KPMG was fined £1.5m for failings in its 2019 audit of advertising agency M&C Saatchi. And it's not alone in making errors. Last summer, a report from the US Public Company Accounting Oversight Board (PCAOB) found that four in 10 audits conducted by global accounting firms had significant flaws, and that the proportion was rising rapidly. Meanwhile, the UK's accountancy regulator, the Financial Reporting Council (FRC), carried out 19 investigations in the 2022-2023 financial year, slapping fines of £40.5 million on auditing firms and their clients for audit failings. As a result, auditing firms are now under great scrutiny; and to tighten up their procedures, many are turning to AI. ""As generative AI plays a more prominent role in contributing to first drafts of content, the human auditor role can be elevated to focus on areas of judgment and challenge,"" says Marc Bena, digital audit leader at PwC UK. ""The ability to analyse data at a much larger scale also means we can perform better risk assessments and analysis."" AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client. KPMG itself uses AI for high-risk transactions to look for such anomalies, such as the posting of unusual amounts, postings made by somebody unusual or postings made at a weekend. ""We get to a point where it's a truly data-driven audit, where we identify the risks from within a population of data and use that to help focus our audit efforts on the most complex, the high-risk, the most judgmental areas,"" says Mr Campbell. More technology of business As for more high-level jobs, AI may help here too. Auditing firms have been finding it hard to retain talent, with 90% of auditors telling Caseware last year that it is either somewhat or extremely difficult. Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper. However, 86% of auditing staff agreed that AI helps cut down time on repetitive task - and 83% said they'd be more inclined to stay at a company with AI initiatives in place. ""They can get through some of the laborious, time-intensive tasks to actually get into the value of doing the analysis, the output and the interpretation,"" says Mr Campbell. ""The bits of their role that it's taking away is stuff that they weren't enjoying."" ",BBC,26/03/2024,"['Owen Hewitt, is a trainee chartered accountant at accountancy firm haysmacintyre.', ""He's two years into his training with more exams coming up this year."", ""What's unusual about him and his peers, is that they will be the first generation of accountants to use artificial intelligence (AI) right from the beginning of their careers."", 'Mr Hewitt is hoping that AI will take over some of the more tedious parts of the job. ""', 'These (AI) can remove the burden of the more time-consuming tasks, like analysis of financial data,"" says Mr Hewitt.', 'That leaves the humans to focus on more subjective - and more interesting - decisions, like whether a business is viable, or whether debts are likely to be paid. ""', 'Whilst AI can learn from data and make predictions, it can\'t yet replace the human judgement required to weigh up different variables and make an informed decision,"" he says.', 'So, AI is increasingly being used for routine and time-consuming tasks such as summarising documents, creating content, drafting documentation, advanced searching, analytics and insight and knowledge management - often work done by more junior accountancy staff. ""', 'When you look at some of the tasks that auditors were doing - some of the boring, mundane tasks around churning data and manipulating it into a format where you can then actually do something valuable with it - that\'s where artificial intelligence can play a really big part,"" says Matthew Campbell, audit chief technology officer for KPMG UK.', ""Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs."", 'According to a KPMG survey, four in 10 senior audit professionals expect that the increased efficiency that AI can bring will lead to a reduction in the size of auditing teams.', 'Already, many manual audit and reporting tasks have been outsourced to other countries, with most major banks in the UK now having taken on large numbers of qualified accountants in India, who perform a significant proportion of month-end financial reporting tasks.', 'This, says Alex King, founder and chartered accountant at finance platform Generation Money, means that junior accountants working in audit will need to focus more on client-facing skills. ""', 'Generally, the nature of a junior accountant\'s role is likely to change more towards systems management - overseeing AI powered software and databases - and relationship management, and away from the traditional reconciliations and ledgers work,"" he says.', 'As a result, training programmes are changing. ""', ""We're still recruiting a number of people, graduates, and we're also recruiting a number of apprentices."", 'I think what will change over time is the skillsets of some of those individuals,"" says Mr Campbell. ""', 'We\'re already starting to see that, so we\'ve invested in putting a number of our auditors through a master\'s degree in applied data science, so they can take that auditing and accounting knowledge with their data science skills knowledge, to really bring the best of those skills together.""', 'The accountancy industry has seen some high-profile failures in recent years.', 'In March, KPMG was fined £1.5m for failings in its 2019 audit of advertising agency M&C Saatchi.', ""And it's not alone in making errors."", 'Last summer, a report from the US Public Company Accounting Oversight Board (PCAOB) found that four in 10 audits conducted by global accounting firms had significant flaws, and that the proportion was rising rapidly.', ""Meanwhile, the UK's accountancy regulator, the Financial Reporting Council (FRC), carried out 19 investigations in the 2022-2023 financial year, slapping fines of £40.5 million on auditing firms and their clients for audit failings."", 'As a result, auditing firms are now under great scrutiny; and to tighten up their procedures, many are turning to AI. ""', 'As generative AI plays a more prominent role in contributing to first drafts of content, the human auditor role can be elevated to focus on areas of judgment and challenge,"" says Marc Bena, digital audit leader at PwC UK. ""', 'The ability to analyse data at a much larger scale also means we can perform better risk assessments and analysis.""', 'AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client.', 'KPMG itself uses AI for high-risk transactions to look for such anomalies, such as the posting of unusual amounts, postings made by somebody unusual or postings made at a weekend. ""', 'We get to a point where it\'s a truly data-driven audit, where we identify the risks from within a population of data and use that to help focus our audit efforts on the most complex, the high-risk, the most judgmental areas,"" says Mr Campbell.', 'More technology of business As for more high-level jobs, AI may help here too.', 'Auditing firms have been finding it hard to retain talent, with 90% of auditors telling Caseware last year that it is either somewhat or extremely difficult.', 'Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper.', 'However, 86% of auditing staff agreed that AI helps cut down time on repetitive task - and 83% said they\'d be more inclined to stay at a company with AI initiatives in place. ""', 'They can get through some of the laborious, time-intensive tasks to actually get into the value of doing the analysis, the output and the interpretation,"" says Mr Campbell. ""', 'The bits of their role that it\'s taking away is stuff that they weren\'t enjoying.""']",0.1626808889918358,"AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client.","Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs.",0.3071962833404541,"Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper.","Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs.",2024-04-01
China removes tariffs on Australian wine as relations improve,https://www.bbc.co.uk/news/68682550,2024-03-28T08:08:25.000Z,"China has announced it will remove significant tariffs on Australian wine in another key sign of improving relations between the two countries. Beijing imposed taxes of more than 200% in 2020 amid a string of economic blows to Australian exports. That year Beijing targeted Australian coal, barley, timber and lobsters as part of a wider political falling-out. But China-Australia relations have improved since a new Canberra government was elected in 2022. Prime Minister Anthony Albanese welcomed the announcement from the Chinese commerce ministry on Thursday, saying his government had also managed to reduce other trade barriers. Last August, China removed the tariffs it had imposed on Australian barley - another key commodity that had been targeted.  ""This outcome affirms the calm and consistent approach taken by the Albanese Labor Government and follows the success of the similar approach taken to remove duties on Australian barley,"" Prime Minister Albanese said in a statement. He said his government was still lobbying China on removing remaining tariffs on commodities such as beef and lobster. China had previously been the most lucrative market for Australian winemakers- accounting for nearly a third of all bottles shipped overseas. Australian wine representatives said the industry lost A$2.1bn ($1.37bn, £1.08bn) in the year after China was shut off. Despite pivoting to other markets, winemakers struggled to sell the volume of bottles to other countries and have faced a significant glut in recent years. China's Commerce Ministry on Thursday said it was removing the duties on bottled wine due to ""changes in the market situation of the relevant wines in China"". The penalty would be removed from Friday. Beijing had always denied accusations of economic coercion, instead previously justifying its duties on Australian wine as being anti-dumping and anti-subsidy measures. That had led to Australia filing a complaint with the World Trade Organization against the validity of such penalties. The case was withdrawn last year as the two nations' relations improved, and Canberra confirmed this again on Thursday. The prospect of the tariff's scrapping had earlier in February been forecast in Australia by government ministers following diplomatic discussions. And earlier this month, the Chinese commerce ministry published an interim decision indicating the tariffs would most likely be removed. Last week, China's Foreign Minister Wang Yi also went to Canberra to hold meetings with Australian leaders. China remains Australia's number one trade partner and export destination for several commodities. In late 2020, Beijing imposed a series of tariffs and other economic burdens on more than a dozen Australian goods and commodities - citing trade or production issues. However Canberra saw it as a retaliatory campaign of economic coercion for political steps the Australia government had taken: including being the first Western country to bar Chinese tech firm Huawei from bidding for the country's 5G tender and demanding an inquiry into the origins of Covid-19. Despite the hits to certain industries- estimated to be worth about A$20bn - the value of the China-Australia trade relationship has remained at a consistent level and trade has increased 12%. The majority of the value in the A$317bn trading relationship comes from China's reliance on Australian raw materials such as iron ore. ",BBC,28/03/2024,"['China has announced it will remove significant tariffs on Australian wine in another key sign of improving relations between the two countries.', 'Beijing imposed taxes of more than 200% in 2020 amid a string of economic blows to Australian exports.', 'That year Beijing targeted Australian coal, barley, timber and lobsters as part of a wider political falling-out.', 'But China-Australia relations have improved since a new Canberra government was elected in 2022.', 'Prime Minister Anthony Albanese welcomed the announcement from the Chinese commerce ministry on Thursday, saying his government had also managed to reduce other trade barriers.', 'Last August, China removed the tariffs it had imposed on Australian barley - another key commodity that had been targeted. ""', 'This outcome affirms the calm and consistent approach taken by the Albanese Labor Government and follows the success of the similar approach taken to remove duties on Australian barley,"" Prime Minister Albanese said in a statement.', 'He said his government was still lobbying China on removing remaining tariffs on commodities such as beef and lobster.', 'China had previously been the most lucrative market for Australian winemakers- accounting for nearly a third of all bottles shipped overseas.', 'Australian wine representatives said the industry lost A$2.1bn ($1.37bn, £1.08bn) in the year after China was shut off.', 'Despite pivoting to other markets, winemakers struggled to sell the volume of bottles to other countries and have faced a significant glut in recent years.', 'China\'s Commerce Ministry on Thursday said it was removing the duties on bottled wine due to ""changes in the market situation of the relevant wines in China"".', 'The penalty would be removed from Friday.', 'Beijing had always denied accusations of economic coercion, instead previously justifying its duties on Australian wine as being anti-dumping and anti-subsidy measures.', 'That had led to Australia filing a complaint with the World Trade Organization against the validity of such penalties.', ""The case was withdrawn last year as the two nations' relations improved, and Canberra confirmed this again on Thursday."", ""The prospect of the tariff's scrapping had earlier in February been forecast in Australia by government ministers following diplomatic discussions."", 'And earlier this month, the Chinese commerce ministry published an interim decision indicating the tariffs would most likely be removed.', ""Last week, China's Foreign Minister Wang Yi also went to Canberra to hold meetings with Australian leaders."", ""China remains Australia's number one trade partner and export destination for several commodities."", 'In late 2020, Beijing imposed a series of tariffs and other economic burdens on more than a dozen Australian goods and commodities - citing trade or production issues.', ""However Canberra saw it as a retaliatory campaign of economic coercion for political steps the Australia government had taken: including being the first Western country to bar Chinese tech firm Huawei from bidding for the country's 5G tender and demanding an inquiry into the origins of Covid-19."", 'Despite the hits to certain industries- estimated to be worth about A$20bn - the value of the China-Australia trade relationship has remained at a consistent level and trade has increased 12%.', ""The majority of the value in the A$317bn trading relationship comes from China's reliance on Australian raw materials such as iron ore.""]",0.0440785688684001,Despite the hits to certain industries- estimated to be worth about A$20bn - the value of the China-Australia trade relationship has remained at a consistent level and trade has increased 12%.,"Beijing had always denied accusations of economic coercion, instead previously justifying its duties on Australian wine as being anti-dumping and anti-subsidy measures.",0.0283506299768175,But China-Australia relations have improved since a new Canberra government was elected in 2022.,"Despite pivoting to other markets, winemakers struggled to sell the volume of bottles to other countries and have faced a significant glut in recent years.",2024-04-01
McDonald's to sell Krispy Kreme doughnuts nationwide by the end of 2026,https://www.cnbc.com/2024/03/26/mcdonalds-to-sell-krispy-kreme-doughnuts-nationwide-by-end-of-2026.html,2024-03-26T20:22:10+0000,"In this articleMcDonald's is planning to sell Krispy Kreme doughnuts at its restaurants nationwide by the end of 2026, the chains announced Tuesday.The rollout will start in the second half of this year, but it will take roughly two and a half years as Krispy Kreme more than doubles its distribution to satisfy the partnership. For the duration of the agreement, McDonald's will be the exclusive fast-food partner for Krispy Kreme in the U.S.Shares of Krispy Kreme soared 39% on Tuesday. The stock was earlier on track for its best day ever.The doughnut chain uses a ""hub and spoke"" model that lets it make and distribute its treats efficiently. Production hubs, which are either stores or doughnut factories, send off freshly made doughnuts every day to retail locations such as grocery stores and gas stations.The partnership with McDonald's is a major opportunity for Krispy Kreme to expand its reach. It delivers its doughnuts to 6,800 third-party stores, as of Dec. 31. McDonald's has roughly 13,500 restaurants in the U.S. and plans to open 900 new locations nationwide by 2027.""We think we can service about 6,000 restaurants with our existing infrastructure, mostly doughnut shops, which have excess capacity,"" Krispy Kreme CEO Josh Charlesworth told CNBC.Krispy Kreme has also been expanding its capacity so it can deliver fresh doughnuts to the roughly 7,500 McDonald's restaurants that it can't currently reach.While McDonald's is the primary reason the company is expanding its distribution so quickly, Charlesworth said Krispy Kreme will also be using the opportunity to land in grocery and convenience stores that prefer national suppliers.""That means that the overall efficiency and productivity of our distribution network will significantly improve over time, not just because of all those local deliveries,"" he said.Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell. The extra demand from McDonald's and other new customers means its production lines can churn out higher volume with few additional costs.""Overall, therefore, it makes our system more profitable to grow the deliver fresh daily channel, and McDonald's is an accelerator of that,"" Charlesworth said.The two chains' relationship started about a year and a half ago, when McDonald's began selling Krispy Kreme doughnuts at nine restaurants as a test. Months later, the pilot had expanded to roughly 160 restaurants across Louisville and Lexington, Kentucky. Those initial restaurants will keep selling the doughnuts during the national rollout.Demand from McDonald's customers during the tests exceeded both chains' expectations, according to Charlesworth.For McDonald's, the addition of Krispy Kreme doughnuts helps bolster its bakery and breakfast offerings. The burger chain has been leaning into coffee, a common drink pairing for doughnuts, but trimming other bakery items such as cinnamon rolls from its menu.McDonald's customers will be able to order the original glazed, chocolate iced with sprinkles and chocolate iced cream-filled doughnuts, either individually or in packs of six. The restaurants will sell the doughnuts all day.In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations. The chain's doughnuts can currently be found in more than 14,100 stores across 39 countries.Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion. As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales.Similar concerns have weighed on McDonald's, although its stock has risen 2% in the past year as consumers trade down to its cheap food and drinks. The company has a market value of $201 billion.",CNBC,26/03/2024,"[""In this articleMcDonald's is planning to sell Krispy Kreme doughnuts at its restaurants nationwide by the end of 2026, the chains announced Tuesday."", 'The rollout will start in the second half of this year, but it will take roughly two and a half years as Krispy Kreme more than doubles its distribution to satisfy the partnership.', ""For the duration of the agreement, McDonald's will be the exclusive fast-food partner for Krispy Kreme in the U.S.Shares of Krispy Kreme soared 39% on Tuesday."", 'The stock was earlier on track for its best day ever.', 'The doughnut chain uses a ""hub and spoke"" model that lets it make and distribute its treats efficiently.', 'Production hubs, which are either stores or doughnut factories, send off freshly made doughnuts every day to retail locations such as grocery stores and gas stations.', ""The partnership with McDonald's is a major opportunity for Krispy Kreme to expand its reach."", 'It delivers its doughnuts to 6,800 third-party stores, as of Dec. 31.', 'McDonald\'s has roughly 13,500 restaurants in the U.S. and plans to open 900 new locations nationwide by 2027.""We think we can service about 6,000 restaurants with our existing infrastructure, mostly doughnut shops, which have excess capacity,"" Krispy Kreme CEO Josh Charlesworth told CNBC.Krispy Kreme has also been expanding its capacity so it can deliver fresh doughnuts to the roughly 7,500 McDonald\'s restaurants that it can\'t currently reach.', ""While McDonald's is the primary reason the company is expanding its distribution so quickly, Charlesworth said Krispy Kreme will also be using the opportunity to land in grocery and convenience stores that prefer national suppliers."", '""That means that the overall efficiency and productivity of our distribution network will significantly improve over time, not just because of all those local deliveries,"" he said.', ""Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell."", ""The extra demand from McDonald's and other new customers means its production lines can churn out higher volume with few additional costs."", '""Overall, therefore, it makes our system more profitable to grow the deliver fresh daily channel, and McDonald\'s is an accelerator of that,"" Charlesworth said.', ""The two chains' relationship started about a year and a half ago, when McDonald's began selling Krispy Kreme doughnuts at nine restaurants as a test."", 'Months later, the pilot hadexpandedto roughly 160 restaurants across Louisville and Lexington, Kentucky.', 'Those initial restaurants will keep selling the doughnuts during the national rollout.', ""Demand from McDonald's customers during the tests exceeded both chains' expectations, according to Charlesworth."", ""For McDonald's, the addition of Krispy Kreme doughnuts helps bolster its bakery and breakfast offerings."", 'The burger chain has been leaning into coffee, a common drink pairing for doughnuts, but trimming other bakery items such as cinnamon rolls from its menu.', ""McDonald's customers will be able to order the original glazed, chocolate iced with sprinkles and chocolate iced cream-filled doughnuts, either individually or in packs of six."", 'The restaurants will sell the doughnuts all day.', 'In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations.', ""The chain's doughnuts can currently be found in more than 14,100 stores across 39 countries."", 'Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion.', ""As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales."", ""Similar concerns have weighed on McDonald's, although its stock has risen 2% in the past year as consumers trade down to its cheap food and drinks."", 'The company has a market value of $201 billion.']",0.2322509842203297,"Additionally, Krispy Kreme's doughnut shops typically make more of the sweet treat than the chain can sell.","As hype over weight loss drugs such as Novo Nordisk's Ozempic has soared, investors have worried about whether the treatments will cut into Krispy Kreme's future sales.",0.7299659132957459,"In the long term, Krispy Kreme now expects it can reach more than 100,000 points of access for its doughnuts globally, up from its prior outlook of 75,000 locations.","Shares of Krispy Kreme have fallen 20% over the past year, dragging its market value down to $2.11 billion.",2024-03-31
"Canada Goose to cut 17% of its corporate workforce, following string of retail layoffs",https://www.cnbc.com/2024/03/26/canada-goose-to-cut-17percent-of-its-corporate-workforce.html,2024-03-26T20:31:34+0000,"In this articleCanada Goose said Tuesday that it will cut about 17% of its corporate workforce, following a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending. It is not clear how many employees will be laid off. The cuts will affect staff at Canada Goose's corporate headquarters, which had about 915 employees as of April 2023, according to a securities filing. Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its ""continued growth,"" the filing says.In a statement Tuesday, CEO Dani Reiss said, ""Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels.""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.The cuts, part of the company's ongoing ""Transformation Program,"" come after what it called a ""comprehensive review"" of its organizational structure and the roles it needs to reach its goals. It expects the cuts will bring ""immediate"" cost savings and simplify its workforce, allowing it to make decisions more quickly and become more efficient. Shares of Canada Goose closed about 7% lower. In the three months that ended Dec. 31, Canada Goose saw sales grow 6% compared to the year-ago period, but the results fell short of analysts' expectations, according to LSEG, formerly known as Refinitiv. When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand. The layoffs at Canada Goose come after Nike, Macy's, Wayfair, Hasbro and Etsy all announced widespread layoffs over the past few months. In many cases, the companies were looking to focus on what they can control by becoming more efficient and focusing on profits, even as shoppers pull back on discretionary items such as clothes, shoes and toys.",CNBC,26/03/2024,"['In this articleCanada Goose said Tuesday that it will cut about 17% of its corporate workforce, following a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending.', 'It is not clear how many employees will be laid off.', ""The cuts will affect staff at Canada Goose's corporate headquarters, which had about 915 employees as of April 2023, according to a securities filing."", 'Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its ""continued growth,"" the filing says.', 'In a statement Tuesday, CEO Dani Reiss said, ""Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels.', '""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.', 'The cuts, part of the company\'s ongoing ""Transformation Program,"" come after what it called a ""comprehensive review"" of its organizational structure and the roles it needs to reach its goals.', 'It expects the cuts will bring ""immediate"" cost savings and simplify its workforce, allowing it to make decisions more quickly and become more efficient.', 'Shares of Canada Goose closed about 7% lower.', ""In the three months that ended Dec. 31, Canada Goose saw sales grow 6% compared to the year-ago period, but the results fell short of analysts' expectations, according to LSEG, formerly known as Refinitiv."", 'When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.', 'Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand.', ""The layoffs at Canada Goose come after Nike, Macy's, Wayfair, Hasbro and Etsy all announced widespread layoffs over the past few months."", 'In many cases, the companies were looking to focus on what they can control by becoming more efficient and focusing on profits, even as shoppers pull back on discretionary items such as clothes, shoes and toys.']",0.1798259420435697,"""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.","Several retailers, including Under Armour and Nike, have said recently that wholesale orders have been sluggish as department stores look to keep inventories in check and contend with a slowdown in demand.",0.0681341886520385,"""""We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,"" Reiss said.","When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt.",2024-03-31
"Walgreens tops quarterly revenue estimates, but narrows profit outlook in 'challenging' economy",https://www.cnbc.com/2024/03/28/walgreens-wba-earnings-q2-2024.html,2024-03-28T14:52:26+0000,"In this articleWalgreens on Thursday reported fiscal second-quarter sales that beat Wall Street's expectations, but lowered the high end of its full-year adjusted earnings outlook in part due to a ""challenging"" retail environment in the U.S.The company also posted a steep net loss for the quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in primary-care provider VillageMD. Walgreens has closed 140 VillageMD clinics amid financial woes for the business, which it sees as critical to its ongoing push to transform from a major drugstore chain into a large health-care company.But Walgreens does not believe the VillageMD charge ""will have a significant impact on our financial position, or our ability to invest across businesses going forward,"" Walgreens global CFO Manmohan Mahajan said during an earnings call Thursday.The results come as Walgreens' new CEO, Tim Wentworth, works to slash costs and steer the company out of a rough spot with a slate of new executives. Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment. In a release Thursday, the company said it is confident it will meet its goal of saving $1 billion during fiscal 2024 through its ongoing cost-cutting program. Walgreens has laid off employees, closed unprofitable stores and used artificial intelligence to make its supply chain more efficient, among other efforts.Here's what Walgreens reported for the quarter, compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Walgreens narrowed its fiscal 2024 adjusted earnings guidance to between $3.20 and $3.35 per share. That compares with the company's previous outlook of $3.20 to $3.50 per share. Analysts surveyed by LSEG expect full-year adjusted earnings of $3.24 per share.Walgreens said the new guidance reflects the hurdles facing retailers in the U.S. and an early wind-down of its sales-leaseback program. It also takes into account lower earnings due to Walgreens' forward sale of shares of drug distributor Cencora, formerly known as AmerisourceBergen.The company said a stronger performance in its pharmacy services segment and a lower adjusted effective tax rate helped to offset the factors dragging on its earnings. But Mahajan said Walgreens expects the current economic backdrop will ""continue to negatively impact our U.S. retail sales in the short term.""Wentworth noted on the call that the company is ""exploring innovative ways to boost profitability and growth"" in its retail pharmacy division, such as through new pharmacy reimbursement models.The company did not give a new revenue forecast for the fiscal year. Walgreens has not provided that guidance since October, when it said it sees $141 billion to $145 billion in sales. The company reported a net loss of $5.91 billion, or $6.85 per share, for the quarter. That compares with a net income of $703 million, or 81 cents per share, for the same period a year ago. aExcluding certain items, including the $5.8 billion non-cash charge related VillageMD, adjusted earnings per share were $1.20 for the quarter.The company booked sales of $37.05 billion in the quarter, a roughly 6% jump from the same period a year ago. The company said that increase reflects sales growth across its three business segments. But Walgreens' U.S. health-care division stood out as sales jumped about 33% in the fiscal second quarter compared with the same period a year ago. Revenue for the segment came in at $2.18 billion.The company said the higher sales reflect VillageMD's acquisition of multispecialty care provider Summit Health and growth across all businesses in the segment on a pro-forma basis.VillageMD sales grew 20% due to same-clinic growth, among other factors. Sales from the segment's specialty pharmacy company, Shields Health Solutions, grew 13%, due to new contracts and expansions of current partnerships.Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.Meanwhile, Walgreens' U.S. retail pharmacy segment generated $28.86 billion in sales in the fiscal second quarter, an increase of almost 5% from the same period last year.That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products. Walgreens said pharmacy sales for the quarter rose 8.2% compared with the year-ago quarter. Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company's vaccine portfolio.Total prescriptions filled in the quarter including immunizations totaled 305.7 million, a more than 2% increase from the same period a year ago. Retail sales for the quarter fell 4.5% from the prior-year quarter, and comparable retail sales declined 4.3%. The company pointed to a challenging retail environment and a weaker respiratory season, among other factors. Walgreens' international segment, which operates more than 3,000 retail stores abroad, posted $6.02 billion in sales in the fiscal second quarter. That's an increase of more than 6% from the year-ago period. The company said sales from its U.K. subsidiary, Boots, grew 3%.When asked on the call about Eli Lilly's new direct-to-consumer website aimed at expanding access to its weight loss drug Zepbound, Wentworth did not comment on the program specifically.But he noted that the company is a ""natural partner"" for pharmaceutical companies that may ""want to go directly to patients for a particular product, where the normal supply chain, reimbursement model, et cetera isn't working effectively.""As an example, Wenworth pointed to GLP-1s, a new class of weight loss and diabetes drugs that includes Zepbound. Those drugs must be taken chronically but carry hefty price tags, which can be a hurdle for both patients and insurance plans and other payers.Walgreens is ""uniquely positioned"" to distribute drugs and serve as a ""clinically aligned partner"" that can help patients navigate their treatment safely, according to Wentworth.",CNBC,28/03/2024,"['In this articleWalgreens on Thursday reported fiscal second-quarter sales that beat Wall Street\'s expectations, but lowered the high end of its full-year adjusted earnings outlook in part due to a ""challenging"" retail environment in the U.S.The company also posted a steep net loss for the quarter as it recorded a hefty nearly $6 billion charge related to the decline in value of its investment in primary-care providerVillageMD.', 'Walgreens has closed 140 VillageMD clinics amid financial woes for the business, which it sees as critical to its ongoing push to transform from a major drugstore chain into a large health-care company.', 'But Walgreens does not believe the VillageMD charge ""will have a significant impact on our financial position, or our ability to invest across businesses going forward,"" Walgreens global CFO Manmohan Mahajan said during an earnings call Thursday.', ""The results come as Walgreens' new CEO, Tim Wentworth, works to slash costs and steer the company out of a rough spot with a slate of new executives."", 'Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment.', 'In a release Thursday, the company said it is confident it will meet its goal of saving $1 billion during fiscal 2024 through its ongoing cost-cutting program.', 'Walgreens has laid off employees, closed unprofitable stores and used artificial intelligence to make its supply chain more efficient, among other efforts.', ""Here's what Walgreens reported for the quarter, compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Walgreens narrowed its fiscal 2024 adjusted earnings guidance to between $3.20 and $3.35 per share."", ""That compares with the company's previous outlook of $3.20 to $3.50 per share."", 'Analysts surveyed by LSEG expect full-year adjusted earnings of $3.24 per share.', 'Walgreens said the new guidance reflects the hurdles facing retailers in the U.S. and an early wind-down of its sales-leaseback program.', ""It also takes into account lower earnings due to Walgreens' forward sale of shares of drug distributor Cencora, formerly known as AmerisourceBergen."", 'The company said a stronger performance in its pharmacy services segment and a lower adjusted effective tax rate helped to offset the factors dragging on its earnings.', 'But Mahajan said Walgreens expects the current economic backdrop will ""continue to negatively impact our U.S. retail sales in the short term.', '""Wentworth noted on the call that the company is ""exploring innovative ways to boost profitability and growth"" in its retail pharmacy division, such as through new pharmacy reimbursement models.', 'The company did not give a new revenue forecast for the fiscal year.', 'Walgreens has not provided that guidance since October, when it said it sees $141 billion to $145 billion in sales.', 'The company reported a net loss of $5.91 billion, or $6.85 per share, for the quarter.', 'That compares with a net income of $703 million, or 81 cents per share, for the same period a year ago.', 'aExcluding certain items, including the $5.8 billion non-cash charge related VillageMD, adjusted earnings per share were $1.20 for the quarter.', 'The company booked sales of $37.05 billion in the quarter, a roughly 6% jump from the same period a year ago.', 'The company said that increase reflects sales growth across its three business segments.', ""But Walgreens' U.S. health-care division stood out as sales jumped about 33% in the fiscal second quarter compared with the same period a year ago."", 'Revenue for the segment came in at $2.18 billion.', ""The company said the higher sales reflect VillageMD's acquisition of multispecialty care provider Summit Health and growth across all businesses in the segment on a pro-forma basis."", 'VillageMD sales grew 20% due to same-clinic growth, among other factors.', ""Sales from the segment's specialty pharmacy company, Shields Health Solutions, grew 13%, due to new contracts and expansions of current partnerships."", 'Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.', ""Meanwhile, Walgreens' U.S. retail pharmacy segment generated $28.86 billion in sales in the fiscal second quarter, an increase of almost 5%from the same period last year."", 'That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.', 'Walgreens said pharmacy sales for the quarter rose 8.2% compared with the year-ago quarter.', 'Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company\'s vaccine portfolio.', 'Total prescriptions filled in the quarter including immunizations totaled 305.7 million, a more than 2% increase from the same period a year ago.', 'Retail sales for the quarter fell 4.5% from the prior-year quarter, and comparable retail sales declined 4.3%.', 'The company pointed to a challenging retail environment and a weaker respiratory season, among other factors.', ""Walgreens' international segment, which operates more than 3,000 retail stores abroad, posted $6.02 billion in sales in the fiscal second quarter."", ""That's an increase of more than 6% from the year-ago period."", ""The company said sales from its U.K. subsidiary, Boots, grew 3%.When asked on the call about Eli Lilly's new direct-to-consumer website aimed at expanding access to its weight loss drug Zepbound, Wentworth did not comment on the program specifically."", 'But he noted that the company is a ""natural partner"" for pharmaceutical companies that may ""want to go directly to patients for a particular product, where the normal supply chain, reimbursement model, et cetera isn\'t working effectively.', '""As an example, Wenworth pointed to GLP-1s, a new class of weight loss and diabetes drugs that includes Zepbound.', 'Those drugs must be taken chronically but carry hefty price tags, which can be a hurdle for both patients and insurance plans and other payers.', 'Walgreens is ""uniquely positioned"" to distribute drugs and serve as a ""clinically aligned partner"" that can help patients navigate their treatment safely, according to Wentworth.']",0.2392783246676357,"That segment operates more than 8,000 drugstores across the U.S., which sell prescription and nonprescription drugs as well as health and wellness, beauty, personal care, and food products.","Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis.",0.3645550685544168,"Comparable sales climbed 8.7% due to price inflation in brand medications and ""strong execution"" in pharmacy services, largely driven by the company's vaccine portfolio.","Shares of Walgreens fell 30% last year as the company faced weakening demand for Covid products, low pharmacy reimbursement rates, an unsteady push into health care and a challenging macroeconomic environment.",2024-03-31
Nigeria Binance dispute: British-Kenyan executive Nadeem Anjarwalla escapes from custody,https://www.bbc.co.uk/news/world-africa-68656119,2024-03-25T14:52:21.000Z,"An executive of the cryptocurrency firm Binance has escaped from custody in Nigeria, the authorities there say. Nadeem Anjarwalla, a British-Kenyan dual national, was arrested in February with his US colleague Tigran Gambaryan. Their detention came as the Nigerian authorities investigated alleged wrongdoing by Binance. Nigeria said that Mr Anjarwalla fled the country with a ""smuggled passport"", but a family source has said he had left by ""by lawful means"". The country is now ""working with Interpol for an international arrest warrant on the suspect"", the Office of the National Security Adviser (ONSA) said in a statement. Binance has not commented on the accusations it has been facing. ""We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.  Mr Anjarwalla, the company's Africa regional manager, and Mr Gambaryan, in charge of financial crime compliance at the firm, were arrested on 26 February after attending meetings in Nigeria's capital, Abuja, to which they had been invited by the government. The authorities reportedly demanded that they name Nigerians trading on their platform.  A court granted the Economic and Financial Crimes Commission's request to detain the two executives for 14 days, but their continued detention was not authorised by the court and they were being held ""unlawfully"", a source close to the families told the BBC. They were due to appear again in court early next month.  ""The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,"" the ONSA said. Nigerian media are reporting that Mr Anjarwalla asked the guards at a guest house where he was being held to allow him to go to the mosque last Friday but never returned. The authorities had reportedly confiscated his British passport but the whereabouts of his Kenyan passport were unknown. Mr Gambaryan remains in custody. Meanwhile, the Nigerian authorities have formally filed tax evasion charges against Binance at the High Court in Abuja, and named Mr Anjarwalla among the respondents. The Federal Inland Revenue Service is accusing the cryptocurrency platform of non-payment of value added tax, company income tax, failure to file tax returns and complicity in aiding customers to evade taxes through its platform.  Binance has not made a statement on these charges. Last month, the Nigerian authorities clamped down on cryptocurrency firms in general over allegations they were being used for money laundering and financing terrorism.  The country's central bank alleged that over $26bn (£20.6bn) worth of transactions had passed through Binance with untraceable sources.  It accused the platforms of fixing exchange rates and currency speculation leading to the free-fall of the naira, the local currency, and ordered the firm to pay a fine of $10bn.  Binance is understood to be one of the most popular cryptocurrency platforms in Nigeria. Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation. ",BBC,25/03/2024,"['An executive of the cryptocurrency firm Binance has escaped from custody in Nigeria, the authorities there say.', 'Nadeem Anjarwalla, a British-Kenyan dual national, was arrested in February with his US colleague Tigran Gambaryan.', 'Their detention came as the Nigerian authorities investigated alleged wrongdoing by Binance.', 'Nigeria said that Mr Anjarwalla fled the country with a ""smuggled passport"", but a family source has said he had left by ""by lawful means"".', 'The country is now ""working with Interpol for an international arrest warrant on the suspect"", the Office of the National Security Adviser (ONSA) said in a statement.', 'Binance has not commented on the accusations it has been facing. ""', 'We were made aware that Nadeem is no longer in Nigerian custody.', 'Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.', ""Mr Anjarwalla, the company's Africa regional manager, and Mr Gambaryan, in charge of financial crime compliance at the firm, were arrested on 26 February after attending meetings in Nigeria's capital, Abuja, to which they had been invited by the government."", 'The authorities reportedly demanded that they name Nigerians trading on their platform.', 'A court granted the Economic and Financial Crimes Commission\'s request to detain the two executives for 14 days, but their continued detention was not authorised by the court and they were being held ""unlawfully"", a source close to the families told the BBC.', 'They were due to appear again in court early next month. ""', 'The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,"" the ONSA said.', 'Nigerian media are reporting that Mr Anjarwalla asked the guards at a guest house where he was being held to allow him to go to the mosque last Friday but never returned.', 'The authorities had reportedly confiscated his British passport but the whereabouts of his Kenyan passport were unknown.', 'Mr Gambaryan remains in custody.', 'Meanwhile, the Nigerian authorities have formally filed tax evasion charges against Binance at the High Court in Abuja, and named Mr Anjarwalla among the respondents.', 'The Federal Inland Revenue Service is accusing the cryptocurrency platform of non-payment of value added tax, company income tax, failure to file tax returns and complicity in aiding customers to evade taxes through its platform.', 'Binance has not made a statement on these charges.', 'Last month, the Nigerian authorities clamped down on cryptocurrency firms in general over allegations they were being used for money laundering and financing terrorism.', ""The country's central bank alleged that over $26bn (£20.6bn) worth of transactions had passed through Binance with untraceable sources."", 'It accused the platforms of fixing exchange rates and currency speculation leading to the free-fall of the naira, the local currency, and ordered the firm to pay a fine of $10bn.', 'Binance is understood to be one of the most popular cryptocurrency platforms in Nigeria.', ""Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.""]",-0.1973722181344786,"Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,"" a Binance spokesperson said.","Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.",-0.9894911050796508,,"Africa's largest economy is battling an economic crisis worsened by the weakening of the naira, the soaring cost of living, and food inflation.",2024-03-31
Chrysler parent Stellantis laying off 400 salaried U.S. workers due to 'unprecedented uncertainties',https://www.cnbc.com/2024/03/22/chrysler-parent-stellantis-laying-off-400-salaried-us-workers.html,2024-03-22T17:41:18+0000,"In this articleDETROIT — Stellantis is laying off roughly 400 salaried employees in the U.S. in its engineering, technology and software units to cut costs as the automaker faces what it calls challenging market conditions.Stellantis on Friday said the layoffs would affect about 2% of employees in those units ""after rigorous organizational reviews."" Stellantis employed 11,800 U.S. salaried employees as of the end of last year.The cuts are effective March 31.""As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,"" the company said in an emailed statement.A spokeswoman for the automaker declined to discuss the exact number of employees who are being laid off. A source familiar with the actions confirmed it at about 400 workers, a number first reported Friday by The Wall Street Journal.The layoffs occurred during a ""mandatory remote work day"" for U.S. salaried, nonunion employees in Stellantis' engineering and technology organization, according to an internal announcement confirmed by two sources who were not authorized to speak about the actions.The action is the latest by Stellantis CEO Carlos Tavares to cut costs through layoffs, buyouts and other methods since the company was established through a merger of Fiat Chrysler and French automaker PSA Groupe in 2021.The cuts are part of a push to achieve Stellantis' ""Dare Forward 2030"" strategic plan that aims to increase profits and double the automaker's revenue to 300 billion euros, or $335 billion, by then, among other targets.""While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive and our Dare Forward 2030 strategic plan,"" the company said.",CNBC,22/03/2024,"['In this articleDETROIT — Stellantis is laying off roughly 400 salaried employees in the U.S. in its engineering, technology and software units to cut costs as the automaker faces what it calls challenging market conditions.', 'Stellantis on Friday said the layoffs would affect about 2% of employees in those units ""after rigorous organizational reviews.""', 'Stellantis employed 11,800 U.S. salaried employees as of the end of last year.', 'The cuts are effective March 31.""As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,"" the company said in an emailed statement.', 'A spokeswoman for the automaker declined to discuss the exact number of employees who are being laid off.', 'A source familiar with the actions confirmed it at about 400 workers, a number first reported Friday by The Wall Street Journal.', 'The layoffs occurred during a ""mandatory remote work day"" for U.S. salaried, nonunion employees in Stellantis\' engineering and technology organization, according to an internal announcement confirmed by two sources who were not authorized to speak about the actions.', 'The action is the latest by Stellantis CEO Carlos Tavares to cut costs through layoffs, buyouts and other methods since the company was established through a merger of Fiat Chrysler and French automaker PSA Groupe in 2021.The cuts are part of a push to achieve Stellantis\' ""Dare Forward 2030"" strategic plan that aims to increase profits and double the automaker\'s revenue to 300 billion euros, or $335 billion, by then, among other targets.', '""While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive and our Dare Forward 2030 strategic plan,"" the company said.']",0.1415057079365687,"The cuts are effective March 31.""As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,"" the company said in an emailed statement.","Stellantis on Friday said the layoffs would affect about 2% of employees in those units ""after rigorous organizational reviews.""",0.5079136937856674,"""While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive and our Dare Forward 2030 strategic plan,"" the company said.","In this articleDETROIT — Stellantis is laying off roughly 400 salaried employees in the U.S. in its engineering, technology and software units to cut costs as the automaker faces what it calls challenging market conditions.",2024-03-31
Boeing CEO to step down in broad management shake-up as 737 Max crisis weighs on aerospace giant,https://www.cnbc.com/2024/03/25/boeing-ceo-board-chair-commercial-head-out-737-max-crisis.html,2024-03-26T11:44:51+0000,"In this articleBoeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shake-up for the embattled aerospace giant.Larry Kellner, chairman of the board, will not stand for reelection at Boeing's annual meeting in May, Boeing said Monday. He will be succeeded as chair by Steve Mollenkopf, who has been a Boeing director since 2020 and is a former CEO of Qualcomm. Mollenkopf will lead the board in picking a new CEO, Boeing said.And Stan Deal, president and chief executive of Boeing's commercial airplanes unit, is leaving the company effective immediately. Moving into his job is Stephanie Pope, who recently became Boeing's chief operating officer after previously running Boeing Global Services.The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes. Scrutiny intensified after a Jan. 5 accident, when a door plug blew out of a nearly new Boeing 737 Max 9 minutes into an Alaska Airlines flight.""As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing,"" Calhoun wrote to employees on Monday. ""We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company.""The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years,"" he wrote.Calhoun told CNBC in an interview Monday that the decision to resign was ""100%"" his own.""We have another mountain to climb,"" Calhoun said. ""Let's not avoid the call for action. Let's not avoid the changes that we have to make in our factory. Let's not avoid the need to slow down a bit and let the supply chain catch up.""Calhoun, a more than decade-long board member at Boeing, took the top job in January 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes. In 2021, Boeing's board extended the CEO's mandatory retirement age from 65 to 70, a vote of confidence in Calhoun, who turns 67 next month.For months Calhoun has promised investors, airline customers and the general public that Boeing will get its myriad quality struggles under control. The Federal Aviation Administration has stepped up oversight of Boeing, and agency Administrator Mike Whitaker after the Alaska Airlines accident said Boeing will be barred from increasing 737 production until the FAA is satisfied with the company's quality control.Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans. CEOs of some of the company's largest customers, including United Airlines, Southwest Airlines and American Airlines have publicly complained about the delays.Ryanair, Boeing's largest airline customer in Europe, said in a statement Monday it welcomes the management changes.""Stan Deal has done a great sales job for Boeing for many years, but he's not the person to turn around the operation in Seattle, and that's where most of the problems have been in recent years,"" Ryanair CEO Michael O'Leary said in a video posted to social media platform X.United's CEO, Scott Kirby, earlier this month said he urged Boeing to stop making yet-to-be-certified Max 10 planes for the company because it wasn't clear when the FAA would clear those aircraft to fly.Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes. The meetings were to include Kellner and one or more other board members. Those meetings will go ahead with Mollenkopf, according to people familiar with the matter.Also last week, Boeing Chief Financial Officer Brian West said at an industry conference that Boeing would burn more cash than expected because of limited 737 Max production.Boeing's stock added 1.4% on Monday after the announcements. Its shares are down more than 26% so far this year.",CNBC,26/03/2024,"['In this articleBoeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shake-up for the embattled aerospace giant.', ""Larry Kellner, chairman of the board, will not stand for reelection at Boeing's annual meeting in May, Boeing said Monday."", 'He will be succeeded as chair by Steve Mollenkopf, who has been a Boeing director since 2020 and is a former CEO of Qualcomm.', 'Mollenkopf will lead the board in picking a new CEO, Boeing said.', ""And Stan Deal, president and chief executive of Boeing's commercial airplanes unit, is leaving the company effective immediately."", ""Moving into his job is Stephanie Pope, who recently became Boeing's chief operating officer after previously running Boeing Global Services."", 'The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes.', 'Scrutiny intensified after a Jan. 5 accident, when a door plug blew out of a nearly new Boeing 737 Max 9 minutes into an Alaska Airlines flight.', '""As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing,"" Calhoun wrote to employees on Monday. ""', 'We must continue to respond to this accident with humility and complete transparency.', 'We also must inculcate a total commitment to safety and quality at every level of our company.', '""The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years,"" he wrote.', 'Calhoun told CNBC in an interview Monday that the decision to resign was ""100%"" his own.', '""We have another mountain to climb,"" Calhoun said. ""', ""Let's not avoid the call for action."", ""Let's not avoid the changes that we have to make in our factory."", ""Let's not avoid the need to slow down a bit and let the supply chain catch up."", '""Calhoun, a more than decade-long board member at Boeing, took the top job in January 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes.', ""In 2021, Boeing's board extended the CEO's mandatory retirement age from 65 to 70, a vote of confidence in Calhoun, who turns 67 next month."", 'For months Calhoun has promised investors, airline customers and the general public that Boeing will get its myriad quality struggles under control.', ""The Federal Aviation Administration has stepped up oversight of Boeing, and agency Administrator Mike Whitaker after the Alaska Airlines accident said Boeing will be barred from increasing 737 production until the FAA is satisfied with the company's quality control."", ""Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans."", ""CEOs of some of the company's largest customers, including United Airlines, Southwest Airlines and American Airlines have publicly complained about the delays."", ""Ryanair, Boeing's largest airline customer in Europe, said in a statement Monday it welcomes the management changes."", '""Stan Deal has done a great sales job for Boeing for many years, but he\'s not the person to turn around the operation in Seattle, and that\'s where most of the problems have been in recent years,"" Ryanair CEO Michael O\'Leary said in a video posted to social media platform X.United\'s CEO, Scott Kirby, earlier this month said he urged Boeing to stop making yet-to-be-certified Max 10 planes for the company because it wasn\'t clear when the FAA would clear those aircraft to fly.', 'Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes.', 'The meetings were to include Kellner and one or more other board members.', 'Those meetings will go ahead with Mollenkopf, according to people familiar with the matter.', 'Also last week, Boeing Chief Financial Officer Brian West said at an industry conference that Boeing would burn more cash than expected because of limited 737 Max production.', ""Boeing's stock added 1.4% on Monday after the announcements."", 'Its shares are down more than 26% so far this year.']",0.0524294792326706,We also must inculcate a total commitment to safety and quality at every level of our company.,"Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower-than-expected production of 737 Max planes.",-0.1909587581952413,Boeing's stock added 1.4% on Monday after the announcements.,Boeing's production problems have delayed deliveries of new planes to customers and hampered growth plans.,2024-03-31
Fanatics fires back at DraftKings' claims of corporate espionage in bitter legal battle,https://www.cnbc.com/2024/03/22/fanatics-fires-back-at-draftkings-claims-of-corporate-espionage.html,2024-03-22T12:57:12+0000,"In this articleSports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics' hiring of a top DraftKings executive.In a legal brief filed late Thursday in U.S. District Court in Massachusetts, Fanatics accuses DraftKings of distorting reality and character assassination of its former senior vice president of business development, Michael Hermalyn.In February, Hermalyn accepted a position as the president of Fanatics VIP and head of Fanatics' Los Angeles office. He reports directly to CEO Michael Rubin.DraftKings is suing Hermalyn in federal court, arguing he downloaded confidential company documents and tried to recruit other employees away from DraftKings.Fanatics alleges in its filing that DraftKings has a ""culture of retribution"" and is making an example of Hermalyn to instill fear in other ""DK employees looking to jump ship.""By its count, 186 DraftKings employees have applied to work at Fanatics since the company announced in 2021 it would launch a sportsbook, according to the filing.In the rapidly expanding sports gambling industry, Fanatics is the newcomer, late to the game but backed by billionaire Rubin and an enviable database of customers who buy team jerseys and ball caps online or sports memorabilia through its collectibles business.DraftKings ranks No. 2 in sports betting market share, behind FanDuel, which is owned by Flutter. But those two leaders dominate, with roughly 80% market share between them.And the competition is fierce — with even well-known gambling brands like Caesars and BetMGM fighting for customers' dollars. They're investing in technology to improve their apps, individualize marketing and promotions, and make deposits and withdrawals easier. Much of that is proprietary.But sports gamblers are notoriously promiscuous. They chase promotions or the best odds and many have more than one betting app downloaded on their phones.The most valuable customers, the VIPs, work with casino or sportsbook hosts, who build relationships and try to engender loyalty.DraftKings alleges Hermalyn reached out to one of DraftKings' most valuable customers to alert him that Hermalyn would be leaving his employer.""The evidence against Mr. Hermalyn is open-and-shut. He stole valuable trade secrets, destroyed evidence to cover his tracks and then lied about it all,"" said Orin Snyder, an attorney with Gibson Dunn representing DraftKings, in a statement to CNBC on Thursday.In a brief filed March 14, DraftKings details what it describes as corporate espionage. Fanatics, it insists, is trying to steal its VIPs, its valuable employees and its strategy to clone DraftKings' business.Fanatics in its response vehemently denies those allegations, and says DraftKings is intentionally distorting reality and engaging in character assassination.""To be clear, this is not a case in which an employee was hired to move a book of business from one company to another: Fanatics already has 100 million customers in the U.S., each of DK and Fanatics have tens of thousands of VIP customers, and it is well known that many if not all those customers overlap,"" the company said in its filing.DraftKings had petitioned the court to keep Hermalyn from working for Fanatics. The judge declined that petition but issued a temporary restraining order to keep Hermalyn from soliciting clients or employees from his former employer.",CNBC,22/03/2024,"[""In this articleSports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics' hiring of a top DraftKings executive."", 'In a legal brief filed late Thursday in U.S. District Court in Massachusetts, Fanatics accuses DraftKings of distorting reality and character assassination of its former senior vice president of business development, Michael Hermalyn.', ""In February, Hermalyn accepted a position as the president of Fanatics VIP and head of Fanatics' Los Angeles office."", 'He reports directly to CEO Michael Rubin.', 'DraftKings is suing Hermalyn in federal court, arguing he downloaded confidential company documents and tried to recruit other employees away from DraftKings.', 'Fanatics alleges in its filing that DraftKings has a ""culture of retribution"" and is making an example of Hermalyn to instill fear in other ""DK employees looking to jump ship.', '""By its count, 186 DraftKings employees have applied to work at Fanatics since the company announced in 2021 it would launch a sportsbook, according to the filing.', 'In the rapidly expanding sports gambling industry, Fanatics is the newcomer, late to the game but backed by billionaire Rubin and an enviable database of customers who buy team jerseys and ball caps online or sports memorabilia through its collectibles business.', 'DraftKings ranks No.', '2 in sports betting market share, behind FanDuel, which is owned by Flutter.', 'But those two leaders dominate, with roughly 80% market share between them.', ""And the competition is fierce — with even well-known gambling brands like Caesars and BetMGM fighting for customers' dollars."", ""They're investing in technology to improve their apps, individualize marketing and promotions, and make deposits and withdrawals easier."", 'Much of that is proprietary.', 'But sports gamblers are notoriously promiscuous.', 'They chase promotions or the best odds and many have more than one betting app downloaded on their phones.', 'The most valuable customers, the VIPs, work with casino or sportsbook hosts, who build relationships and try to engender loyalty.', ""DraftKings alleges Hermalyn reached out to one of DraftKings' most valuable customers to alert him that Hermalyn would be leaving his employer."", '""The evidence against Mr. Hermalyn is open-and-shut.', 'He stole valuable trade secrets, destroyed evidence to cover his tracks and then lied about it all,"" said Orin Snyder, an attorney with Gibson Dunn representing DraftKings, in a statement to CNBC on Thursday.', 'In a brief filed March 14, DraftKings details what it describes as corporate espionage.', ""Fanatics, it insists, is trying to steal its VIPs, its valuable employees and its strategy to clone DraftKings' business."", 'Fanatics in its response vehemently denies those allegations, and says DraftKings is intentionally distorting reality and engaging in character assassination.', '""To be clear, this is not a case in which an employee was hired to move a book of business from one company to another: Fanatics already has 100 million customers in the U.S., each of DK and Fanatics have tens of thousands of VIP customers, and it is well known that many if not all those customers overlap,"" the company said in its filing.', 'DraftKings had petitioned the court to keep Hermalyn from working for Fanatics.', 'The judge declined that petition but issued a temporary restraining order to keep Hermalyn from soliciting clients or employees from his former employer.']",0.052403567887878,"""To be clear, this is not a case in which an employee was hired to move a book of business from one company to another: Fanatics already has 100 million customers in the U.S., each of DK and Fanatics have tens of thousands of VIP customers, and it is well known that many if not all those customers overlap,"" the company said in its filing.","In a legal brief filed late Thursday in U.S. District Court in Massachusetts, Fanatics accuses DraftKings of distorting reality and character assassination of its former senior vice president of business development, Michael Hermalyn.",0.0735168606042862,"They're investing in technology to improve their apps, individualize marketing and promotions, and make deposits and withdrawals easier.",In this articleSports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics' hiring of a top DraftKings executive.,2024-03-31
"Former Disney CEO Bob Chapek breaks silence, says there's no strategic need for ESPN partners",https://www.cnbc.com/2024/03/21/ex-disney-ceo-bob-chapek-says-espn-doesnt-need-strategic-partners.html,2024-03-21T17:11:47+0000,"In this articleIn his first public comments since Disney fired him as CEO in November 2022, Bob Chapek told CNBC he sees no reason for Disney-owned ESPN to add minority partners.""Strategically, I don't really see a benefit in bringing on yet another minority partner into ESPN,"" Chapek said as part of the CNBC documentary ""ESPN's Fight for Dominance,"" which chronicles the network's digital strategy, published Thursday.Disney CEO Bob Iger told CNBC's David Faber in July that he'd consider selling a minority stake in ESPN to strengthen the sports network's content or technology as it plans a new direct-to-consumer offering, which he later said would launch by fall 2025.The company hasn't yet announced a deal to sell a stake in ESPN. CNBC reported in August that the network had held talks with the major American professional sports leagues, including the National Football League and the National Basketball Association, about potential partnerships or investments.Disney owns 80% of ESPN and Hearst owns the other 20%, a structure that's been in place since 1996. By searching for a partner, Disney wants to enhance the content, distribution and marketing of the direct-to-consumer ESPN, which hasn't yet been priced, Iger said during Disney's August quarterly earnings call.Striking a partnership with one of the professional sports leagues could help secure future live rights, though it may irritate other media companies that bid against Disney for packages of games. Bringing on a technology or telecommunications company such as Verizon or Apple could give ESPN broader distribution options by reaching larger customer bases.Still, it's unclear selling equity in ESPN is needed to strike an arrangement. ESPN President Jimmy Pitaro, who also spoke with CNBC as part of the documentary, downplayed the need for the sports network to sell a stake in its business to build a partnership with a league or another company.""It's not about equity,"" Pitaro said. ""It's not about these partners taking an ownership interest in ESPN. That is something, as Bob [Iger] has said, that we are very much open to, but this is about partnership and accelerating the launch or the adoption of ESPN flagship.""Chapek's remarks are his first public statements since Disney's board fired him and brought back Iger as CEO about 16 months ago. He and Iger, who had stayed on as Disney's executive chairman, had a strained relationship that got progressively worse through Chapek's tenure as CEO, which ran nearly three years from 2020 to 2022, as documented by CNBC in September. Chapek declined to comment on anything other than ESPN's future for the CNBC documentary.While Chapek said he didn't agree with the need to bring on a partner for strategic reasons, he did acknowledge Disney might do it to bring in cash to pay for Comcast's one-third stake in Hulu, which Disney has committed to buy for at least $8.6 billion.""There's already one minority strategic partner in Hearst. So this would be bringing on a second minority strategic partner,"" Chapek said. ""Obviously, the benefit of doing that is that you make available some cash. And given some of the conversation that's been happening between Comcast and Disney in terms of needing to buy the final share of Hulu to make it wholly owned by the Disney company, it's possible that maybe that cash itself is what they're after.""Chapek also discussed the vision he had as CEO of turning ESPN into a centralized hub to direct consumers to where a game is streaming, no matter which company owns the rights to air it — a concept CNBC first reported in March 2023.""If I'm on my Apple TV and I want to watch a movie, I have no idea whether it's on Prime or Netflix or Disney+ or Hulu or wherever it's at,"" Chapek said. ""The way I find out is I go to Apple TV, I plug in the movie that I'm looking to watch, and they direct me exactly to where that movie is. And then they connect me seamlessly without me then having to exit and go to another app to go find the show on that app. I think ESPN should be that source for a central clearinghouse.""Adding one-stop navigation can help ESPN become the first place sports fans go to when they want to watch a game, even if Disney doesn't own the rights to certain sports, Chapek said.""How do you make yourself indispensable to the sports viewer so that they stay on with you as you evolve over to a streaming world? I think solving that problem would be one big way to do it,"" Chapek said.WATCH: Bob Chapek discusses ESPN's future",CNBC,21/03/2024,"['In this articleIn his first public comments since Disney fired him as CEO in November 2022, Bob Chapek told CNBC he sees no reason for Disney-owned ESPN to add minority partners.', '""Strategically, I don\'t really see a benefit in bringing on yet another minority partner into ESPN,"" Chapek said as part of the CNBC documentary ""ESPN\'s Fight for Dominance,"" which chronicles the network\'s digital strategy, published Thursday.', ""Disney CEO Bob Iger told CNBC's David Faber in July that he'd consider selling a minority stake in ESPN to strengthen the sports network's content or technology as it plans a new direct-to-consumer offering, which he later said would launch by fall 2025.The company hasn't yet announced a deal to sell a stake in ESPN."", 'CNBC reported in August that the network had held talks with the major American professional sports leagues, including the National Football League and the National Basketball Association, about potential partnerships or investments.', ""Disney owns 80% of ESPN and Hearst owns the other 20%, a structure that's been in place since 1996."", ""By searching for a partner, Disney wants to enhance the content, distribution and marketing of the direct-to-consumer ESPN, which hasn't yet been priced, Iger said during Disney's August quarterly earnings call."", 'Striking a partnership with one of the professional sports leagues could help secure future live rights, though it may irritate other media companies that bid against Disney for packages of games.', 'Bringing on a technology or telecommunications company such as Verizon or Apple could give ESPN broader distribution options by reaching larger customer bases.', ""Still, it's unclear selling equity in ESPN is needed to strike an arrangement."", 'ESPN President Jimmy Pitaro, who also spoke with CNBC as part of the documentary, downplayed the need for the sports network to sell a stake in its business to build a partnership with a league or another company.', '""It\'s not about equity,"" Pitaro said. ""', ""It's not about these partners taking an ownership interest in ESPN."", 'That is something, as Bob [Iger] has said, that we are very much open to, but this is about partnership and accelerating the launch or the adoption of ESPN flagship.', '""Chapek\'s remarks are his first public statements since Disney\'s board fired him and brought back Iger as CEO about 16 months ago.', ""He and Iger, who had stayed on as Disney's executive chairman, had a strained relationship that got progressively worse through Chapek's tenure as CEO, which ran nearly three years from 2020 to 2022, as documented by CNBC in September."", ""Chapek declined to comment on anything other than ESPN's future for the CNBC documentary."", ""While Chapek said he didn't agree with the need to bring on a partner for strategic reasons, he did acknowledge Disney might do it to bring in cash to pay for Comcast's one-third stake in Hulu, which Disney has committed to buy for at least $8.6 billion."", '""There\'s already one minority strategic partner in Hearst.', 'So this would be bringing on a second minority strategic partner,"" Chapek said. ""', 'Obviously, the benefit of doing that is that you make available some cash.', ""And given some of the conversation that's been happening between Comcast and Disney in terms of needing to buy the final share of Hulu to make it wholly owned by the Disney company, it's possible that maybe that cash itself is what they're after."", '""Chapek also discussed the vision he had as CEO of turning ESPN into a centralized hub to direct consumers to where a game is streaming, no matter which company owns the rights to air it — a concept CNBC first reported in March 2023.""If I\'m on my Apple TV and I want to watch a movie, I have no idea whether it\'s on Prime or Netflix or Disney+ or Hulu or wherever it\'s at,"" Chapek said. ""', ""The way I find out is I go to Apple TV, I plug in the movie that I'm looking to watch, and they direct me exactly to where that movie is."", 'And then they connect me seamlessly without me then having to exit and go to another app to go find the show on that app.', 'I think ESPN should be that source for a central clearinghouse.', '""Adding one-stop navigation can help ESPN become the first place sports fans go to when they want to watch a game, even if Disney doesn\'t own the rights to certain sports, Chapek said.', '""How do you make yourself indispensable to the sports viewer so that they stay on with you as you evolve over to a streaming world?', 'I think solving that problem would be one big way to do it,"" Chapek said.', ""WATCH: Bob Chapek discusses ESPN's future""]",0.0292013742260279,"While Chapek said he didn't agree with the need to bring on a partner for strategic reasons, he did acknowledge Disney might do it to bring in cash to pay for Comcast's one-third stake in Hulu, which Disney has committed to buy for at least $8.6 billion.","In this articleIn his first public comments since Disney fired him as CEO in November 2022, Bob Chapek told CNBC he sees no reason for Disney-owned ESPN to add minority partners.",0.6626346806685129,"Striking a partnership with one of the professional sports leagues could help secure future live rights, though it may irritate other media companies that bid against Disney for packages of games.","He and Iger, who had stayed on as Disney's executive chairman, had a strained relationship that got progressively worse through Chapek's tenure as CEO, which ran nearly three years from 2020 to 2022, as documented by CNBC in September.",2024-03-31
Hyundai considering hybrid vehicle production at $7.6 billion Georgia EV plant,https://www.cnbc.com/2024/03/27/hyundai-may-add-hybrid-production-to-7point6-billion-georgia-plant-.html,2024-03-27T20:40:18+0000,"In this articleNEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday.José Muñoz, Hyundai president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles.  ""We are now getting ready for a ramp-up on electric vehicles and then we are evaluating if we need to maybe add some additional technologies into the plan depending on the market evaluation,"" Muñoz said on the sidelines of the New York International Auto Show.The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers.  ""Everything is on the table,"" Muñoz said. ""We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas engine, hybrid and plug-in hybrid electric vehicle.""I think the PHEV is a key strategic topic for us. We've been one of the pioneers on PHEV and I think we want to take advantage of that,"" Muñoz said. ""But hybrid is very important … our hybrid production in growing. There's a high demand for it. So you're going to see an increase in the mix of hybrids in Hyundai as well.""",CNBC,27/03/2024,"['In this articleNEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday.', 'José Muñoz, Hyundai president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles. ""', 'We are now getting ready for a ramp-up on electric vehicles and then we are evaluating if we need to maybe add some additional technologies into the plan depending on the market evaluation,"" Muñoz said on the sidelines of the New York International Auto Show.', 'The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.', 'Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers. ""', 'Everything is on the table,"" Muñoz said. ""', 'We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.', '""Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas engine, hybrid and plug-in hybrid electric vehicle.', '""I think the PHEV is a key strategic topic for us.', 'We\'ve been one of the pioneers on PHEV and I think we want to take advantage of that,"" Muñoz said. ""', 'But hybrid is very important … our hybrid production in growing.', ""There's a high demand for it."", 'So you\'re going to see an increase in the mix of hybrids in Hyundai as well.""']",0.2229048408775856,"Hyundai is in the middle of investing $12.6 billion in Georgia, including for the new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based companies LG Energy Solution and SK On, which will be a separate facilityMuñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers. """,,0.4889906793832779,"So you're going to see an increase in the mix of hybrids in Hyundai as well.""","The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles.",2024-03-31
"Nike shares slide on lackluster outlook, slowing China sales",https://www.cnbc.com/2024/03/21/nike-nke-earnings-q3-2024.html,2024-03-21T22:40:25+0000,"In this articleNike's China sales continued to slow during its holiday quarter, but the retailer beat estimates on the top and bottom line, helped by better than expected growth in North America and price changes.Here's how the company performed in its fiscal 2024 third quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company's reported net income for the three-month period that ended Feb. 29 was $1.17 billion, or 77 cents per share, compared with $1.24 billion, or 79 cents per share, a year earlier. Excluding 21 cents per share related to restructuring charges, earnings per share would have been 98 cents, the company said.Sales rose to $12.43 billion, up slightly from $12.39 billion a year earlier.In North America, where demand has been unsteady, sales rose about 3% to $5.07 billion, compared with estimates of $4.75 billion, according to StreetAccount.Meanwhile, sales in the rest of Nike's regions came in below estimates. In China, sales reached $2.08 billion, just below the $2.09 billion analysts had expected. Revenues in the region climbed 5%, but growth there has decelerated as demand normalizes after Covid-19 lockdowns.In Europe, the Middle East and Africa, revenue fell 3% to $3.14 billion, worse than the $3.17 billion that analysts had expected, according to StreetAccount. In China, sales grew 5% to $2.08 billion, just below the $2.09 billion analysts had expected. Sales in Asia Pacific and Latin America rose 3% to $1.65 billion, below the $1.69 billion analysts had expected, according to StreetAccount.Nike shares rose about 5% after its report came out, but later dropped by as much as 7% after it released its guidance for the current quarter and fiscal 2025.Excluding restructuring charges, the company reiterated its sales outlook for fiscal 2024, and said it expects revenue to grow by 1%, in line with expectations of up 1.1%, according to LSEG. For the current quarter, it expects revenue to be up slightly, compared to estimates of up 2%, according to LSEG.Nike anticipates gross margins will grow 1.6 to 1.8 percentage points, helped by ""strategic price increases, lower ocean freight rates, lower product input costs and improved supply chain efficiency,"" finance chief Matthew Friend told analysts.The improvements are offset by higher markdowns and reduced benefits from Nike's channel mix, along with foreign exchange headwinds, Friend said. Those shifts in mix are related to changes in how often consumers are shopping online versus in stores or with Nike's wholesale partners.  For the full year, it expects gross margins to grow about 1.2 percentage points, below the 1.4 to 1.6 percentage point uptick that analysts had expected, according to StreetAccount. For fiscal 2025, Nike expects revenue and earnings to grow versus the prior year, but it didn't say by how much. Analysts had expected revenue guidance of up 5.6%, according to LSEG. Friend said Nike is ""prudently planning"" for revenue in the first half of fiscal 2025 to be down low single digits, reflecting ""a subdued macro outlook around the world."" As consumers pull back on spending on discretionary items like clothes and shoes, Nike has spent the past few months focused on what it can control: cutting costs and becoming more efficient so it can drive profits and protect its margins. In December, it announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It also cut its sales guidance as it warned of softer demand in the quarters ahead. Two months later, it said it was shedding 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.The early innings of Nike's cost cuts, which involve simplifying its assortment, reducing management layers and increasing automation, likely helped the retailer beat earnings expectations in the three months ended Nov. 30, even as it missed sales estimates for the second quarter in a row. The cuts, along with ""strategic pricing actions and lower ocean freight rates,"" also contributed to a 1.7 percentage point gain in gross margin — the first time the company saw its gross margin increase compared to the prior year in at least six quarters. Nike's gross margin recovery continued during the quarter. The retailer's gross margin grew by 1.5 percentage points to 44.8%, driven by ""strategic pricing actions and lower ocean freight and logistics costs."" The gains were partially offset by higher product input costs and restructuring charges, company said.Nike is still considered a market leader in the sneaker and apparel space, but the category has become more crowded and the retailer has had to work harder to compete. Some analysts say its assortment has lost focus and say the company has fallen behind on innovation, giving up market share to newer entrants like Hoka and On Running, as well as legacy brands like Brooks Running and New Balance. Last month, Nike launched the Book 1, its latest basketball shoes with NBA star Devin Booker. But the release wasn't well received because it ""looked more like a casual sneaker instead of [a] basketball shoe,"" according to a research note from Jane Hali & Associates. The firm is now neutral on Nike long term, compared to its previous rating of positive, because it's unclear where the brand is headed, said senior analyst Jessica Ramirez.She's noticed that Nike has removed a lot of products from its offering, which indicates it's preparing to bring in new styles. But it's still unclear exactly what those changes will look like.""They've already said [those changes are] going to take some time,"" Ramirez told CNBC prior to Nike's earnings release. ""Its a little concerning to know they don't have a solid plan that we know of yet.""Read the full earnings release here.",CNBC,21/03/2024,"[""In this articleNike's China sales continued to slow during its holiday quarter, but the retailer beat estimates on the top and bottom line, helped by better than expected growth in North America and price changes."", ""Here's how the company performed in its fiscal 2024 third quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company's reported net income for the three-month period that ended Feb. 29 was $1.17 billion, or 77 cents per share, compared with $1.24 billion, or 79 cents per share, a year earlier."", 'Excluding 21 cents per share related to restructuring charges, earnings per share would have been 98 cents, the company said.', 'Sales rose to $12.43 billion, up slightly from $12.39 billion a year earlier.', 'In North America, where demand has been unsteady, sales rose about 3% to $5.07 billion, compared with estimates of $4.75 billion, according to StreetAccount.', ""Meanwhile, sales in the rest of Nike's regions came in below estimates."", 'In China, sales reached $2.08 billion, just below the $2.09 billion analysts had expected.', 'Revenues in the region climbed 5%, but growth there has decelerated as demand normalizes after Covid-19 lockdowns.', 'In Europe, the Middle East and Africa, revenue fell 3% to $3.14 billion, worse than the $3.17 billion that analysts had expected, according to StreetAccount.', 'In China, sales grew 5% to $2.08 billion, just below the $2.09 billion analysts had expected.', 'Sales in Asia Pacific and Latin America rose 3% to $1.65 billion, below the $1.69 billion analysts had expected, according to StreetAccount.', 'Nike shares rose about 5% after its report came out, but later dropped by as much as 7% after it released its guidance for the current quarter and fiscal 2025.Excluding restructuring charges, the company reiterated its sales outlook for fiscal 2024, and said it expects revenue to grow by 1%, in line with expectations of up 1.1%, according to LSEG.', 'For the current quarter, it expects revenue to be up slightly, compared to estimates of up 2%, according to LSEG.Nike anticipates gross margins will grow 1.6 to 1.8 percentage points, helped by ""strategic price increases, lower ocean freight rates, lower product input costs and improved supply chain efficiency,"" finance chief Matthew Friend told analysts.', ""The improvements are offset by higher markdowns and reduced benefits from Nike's channel mix, along with foreign exchange headwinds, Friend said."", ""Those shifts in mix are related to changes in how often consumers are shopping online versus in stores or with Nike's wholesale partners."", 'For the full year, it expects gross margins to grow about 1.2 percentage points, below the 1.4 to 1.6 percentage point uptick that analysts had expected, according to StreetAccount.', ""For fiscal 2025, Nike expects revenue and earnings to grow versus the prior year, but it didn't say by how much."", 'Analysts had expected revenue guidance of up 5.6%, according to LSEG.Friend said Nike is ""prudently planning"" for revenue in the first half of fiscal 2025 to be down low single digits, reflecting ""a subdued macro outlook around the world.', '""As consumers pull back on spending on discretionary items like clothes and shoes, Nike has spent the past few months focused on what it can control: cutting costs and becoming more efficient so it can drive profits and protect its margins.', 'In December, it announced a broad restructuring plan to reduce costs by about $2 billion over the next three years.', 'It also cut its sales guidance as it warned of softer demand in the quarters ahead.', ""Two months later, it said it was shedding 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand."", ""The early innings of Nike's cost cuts, which involve simplifying its assortment, reducing management layers and increasing automation, likely helped the retailer beat earnings expectations in the three months ended Nov. 30, even as it missed sales estimates for the second quarter in a row."", 'The cuts, along with ""strategic pricing actions and lower ocean freight rates,"" also contributed to a 1.7 percentage point gain in gross margin — the first time the company saw its gross margin increase compared to the prior year in at least six quarters.', ""Nike's gross margin recovery continued during the quarter."", 'The retailer\'s gross margin grew by 1.5 percentage points to 44.8%, driven by ""strategic pricing actions and lower ocean freight and logistics costs.""', 'The gains were partially offset by higher product input costs and restructuring charges, company said.', 'Nike is still considered a market leader in the sneaker and apparel space, but the category has become more crowded and the retailer has had to work harder to compete.', 'Some analysts say its assortment has lost focus and say the company has fallen behind on innovation, giving up market share to newer entrants like Hoka and On Running, as well as legacy brands like Brooks Running and New Balance.', 'Last month, Nike launched the Book 1, its latest basketball shoes with NBA star Devin Booker.', 'But the release wasn\'t well received because it ""looked more like a casual sneaker instead of [a] basketball shoe,"" according to a research note from Jane Hali & Associates.', ""The firm is now neutral on Nike long term, compared to its previous rating of positive, because it's unclear where the brand is headed, said senior analyst Jessica Ramirez."", ""She's noticed that Nike has removed a lot of products from its offering, which indicates it's preparing to bring in new styles."", ""But it's still unclear exactly what those changes will look like."", '""They\'ve already said [those changes are] going to take some time,"" Ramirez told CNBC prior to Nike\'s earnings release. ""', ""Its a little concerning to know they don't have a solid plan that we know of yet."", '""Read the full earnings release here.']",0.074849555456564,"""As consumers pull back on spending on discretionary items like clothes and shoes, Nike has spent the past few months focused on what it can control: cutting costs and becoming more efficient so it can drive profits and protect its margins.","The retailer's gross margin grew by 1.5 percentage points to 44.8%, driven by ""strategic pricing actions and lower ocean freight and logistics costs.""",0.3143576301377395,"The retailer's gross margin grew by 1.5 percentage points to 44.8%, driven by ""strategic pricing actions and lower ocean freight and logistics costs.""","In Europe, the Middle East and Africa, revenue fell 3% to $3.14 billion, worse than the $3.17 billion that analysts had expected, according to StreetAccount.",2024-03-31
The top 10 richest cities in America,https://www.cnbc.com/2024/03/21/the-top-10-richest-cities-in-america.html,2024-03-21T18:56:30+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.New York still leads the U.S. and the world when it comes to wealthy cities.With nearly 350,000 millionaires and 60 billionaires, the Big Apple is the richest city in America, according to the USA Wealth Report from Henley & Partners and New World Wealth. Despite all the headlines about the rich leaving the city, its millionaire population has grown 48% over the past decade.The San Francisco Bay Area ranks as the second richest city in America, despite topping New York for billionaires, with more than 305,000 millionaires and 68 billionaires. The Bay Area's growth rate over the past 10 years has been even more impressive, with its millionaire population soaring 82%. The surge in investment and growth in artificial intelligence is expected to add another boost to the area.The fastest-growing U.S. city for the ultra wealthy among the top 10 is Austin, Texas, which has more than doubled its millionaire population over the past decade to nearly 33,000. Miami is up there too, with 87% growth in millionaires over the past decade — but with one-tenth the New York City total.The numbers show that the twin wealth hubs in the U.S. endure, despite wealth migration to the Sun Belt — which is roughly defined as the southern third of the U.S. known for its sunny weather and lower tax states.""Despite the recent rise of major wealth hubs in Texas and Florida, the Bay Area and New York City are expected to remain America's wealthiest cities for many more decades to come,"" said Andrew Amoils, head of research at New World Wealth.Here are the top 10:Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,21/03/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'New York still leads the U.S. and the world when it comes to wealthy cities.', 'With nearly 350,000 millionaires and 60 billionaires, the Big Apple is the richest city in America, according to the USA Wealth Report from Henley & Partners and New World Wealth.', 'Despite all the headlines about the rich leaving the city, its millionaire population has grown 48% over the past decade.', 'The San Francisco Bay Area ranks as the second richest city in America, despite topping New York for billionaires, with more than 305,000 millionaires and 68 billionaires.', ""The Bay Area's growth rate over the past 10 years has been even more impressive, with its millionaire population soaring 82%."", 'The surge in investment and growth in artificial intelligence is expected to add another boost to the area.', 'The fastest-growing U.S. city for the ultra wealthy among the top 10 is Austin, Texas, which has more than doubled its millionaire population over the past decade to nearly 33,000.', 'Miami is up there too, with 87% growth in millionaires over the past decade — but with one-tenth the New York City total.', 'The numbers show that the twin wealth hubs in the U.S. endure, despite wealth migration to the Sun Belt — which is roughly defined as the southern third of the U.S. known for its sunny weather and lower tax states.', '""Despite the recent rise of major wealth hubs in Texas and Florida, the Bay Area and New York City are expected to remain America\'s wealthiest cities for many more decades to come,"" said Andrew Amoils, head of research at New World Wealth.', ""Here are the top 10:Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.""]",0.561624820229274,"""Despite the recent rise of major wealth hubs in Texas and Florida, the Bay Area and New York City are expected to remain America's wealthiest cities for many more decades to come,"" said Andrew Amoils, head of research at New World Wealth.",,0.9989487926165262,"The Bay Area's growth rate over the past 10 years has been even more impressive, with its millionaire population soaring 82%.",,2024-03-31
Judge’s stern rebuke of Elon Musk’s X gives researchers fresh hope,https://edition.cnn.com/2024/03/26/tech/judges-stern-rebuke-of-elon-musks-x-gives-researchers-fresh-hope/index.html,"
  Published
        1:17 PM EDT, Tue March 26, 2024
    ","A federal judge’s decision this week reprimanding Elon Musk’s X will have reverberating effects on efforts to hold influential online platforms accountable, legal experts and advocacy groups say.
    
            On Monday, District Judge Charles Breyer dismissed and excoriated a lawsuit by X against online watchdog group Center for Countering Digital Hate as an attempt to silence the non-profit group for sounding alarms about hate speech on the platform.
    
            Breyer wrote in Monday’s order that the lawsuit was “unabashedly” about “punishing” reports written by CCDH, which X had accused of campaigning to drive away its advertisers. Breyer held that the reports were “unquestionably” protected by the group’s free speech rights.
    
            Now, that decision could embolden other research groups and Musk critics who have faced legal threats from the billionaire.
    
            The CCDH case — in the US District Court for the Northern District of California — has been widely viewed as a bellwether for research and accountability on X, where Musk has restored the accounts of previously banned White supremacists and spreaders of misinformation and where Musk himself has amplified various conspiracy theories.
    
            And CCDH is not the only organization that has faced attacks by self-proclaimed “free speech absolutist” Musk after criticizing or raising concerns about his platform.
    
            “This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.
    
            “Society needs reliable and ethical research into social media platforms, and often that research relies on being able to study publicly available posts,” Abdo said.
    
            X said it plans to appeal Breyer’s decision.
    
            In his first year as owner of X, formerly known as Twitter, Musk threatened legal action against the Anti-Defamation League for defamation, as well as against Microsoft and Meta for allegedly improper data and trade secret access, respectively. None of those threats ever amounted to real lawsuits.
    
            He did, however, sue the progressive media watchdog Media Matters over its analysis highlighting antisemitic and pro-Nazi content on X, alleging that the group’s testing methodology was not representative of how real users experience the site and that the report was designed to drive away advertisers. Legal experts have described that case as “weak” on the merits and as a “bogus” attempt to chill criticism of X.
    
            This week’s court decision may be only a temporary setback in Musk’s wider plan to stifle criticism, said Media Matters CEO Angelo Carusone. Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.
    
            The states of Texas and Missouri each announced probes into Media Matters following X’s lawsuit against the group, to which Musk responded, “Great!”
    
            As recently as Monday, Missouri Attorney General Andrew Bailey filed a petition in state court seeking to compel Media Matters’ cooperation with his investigation. The filing came a week after he appeared with Musk in a live event on X — which Carusone said shows how Musk hopes to deputize the power of government to silence his critics.
    
            “They have every reason to do it,” Carusone said of the AGs’ investigations. “They get the political benefits, they get the attention. There doesn’t seem to be any cost to them yet. And if they are successful at developing this new playbook, this new terrain, legally, then it’s going to pave the way for them to just use this tool and tactic over and over and over again.”
    
            A representative for X did not immediately respond to a request for comment about Carusone’s claims.
    
            Researchers from non-profits and academic institutions have had a harder time studying X since Musk’s takeover in 2022. Academics need large samples of posts, shares, likes and other data to study social media trends in mis- and disinformation, public health, elections and other key topics. But one of Musk’s first changes at X was to put access to platform data behind a steep paywall.
    
            Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year — were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.
    
            The change may have forced some researchers to rely more heavily on first-person observational data to draw conclusions about user behavior on X. Groups like CCDH have also used automated “scraping” of publicly viewable content from X rather than paying the company for data directly, a tactic that helped give rise to X’s initial lawsuit.
    
            Efforts by X and other social media companies to limit research transparency makes them less accountable to the public at best and, at worst, could mask malicious behavior, said David Karpf, an associate professor in the School of Media and Public Affairs at George Washington University.
    
            “We need independent research to have any real measure of what’s going on at X/Twitter. Musk is only ever going to release data that makes his company look good,” Karpf said. “These platforms are too big and too vital to the spread of information to be left unmonitored.”
    
            “This is an election year,” Karpf added, “and the platforms are taking steps to make it harder to monitor how their services are used for malignant ends.”
    
            Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.
    
            “The guardrails for democracy are hanging by a thread and we have dwindling insights into platform practices as researchers face lawsuits, congressional subpoenas and other scare tactics,” said Nora Benavidez, senior counsel and director of digital rights at Free Press.
    
            Ultimately, Benavidez called the ruling “a reminder that platform accountability is essential and will inevitably prevail when up against bullies like Musk who try to silence us.”",CNN,26/03/2024,"['A federal judge’s decision this week reprimanding Elon Musk’s X will have reverberating effects on efforts to hold influential online platforms accountable, legal experts and advocacy groups say.', 'On Monday, District Judge Charles Breyer dismissed and excoriated a lawsuit by X against online watchdog group Center for Countering Digital Hate as an attempt to silence the non-profit group for sounding alarms about hate speech on the platform.', 'Breyer wrote in Monday’s order that the lawsuit was “unabashedly” about “punishing” reports written by CCDH, which X had accused of campaigning to drive away its advertisers.', 'Breyer held that the reports were “unquestionably” protected by the group’s free speech rights.', 'Now, that decision could embolden other research groups and Musk critics who have faced legal threats from the billionaire.', 'The CCDH case — in the US District Court for the Northern District of California —has been widely viewed as a bellwether for research and accountability on X, where Musk has restored the accounts of previously banned White supremacists and spreaders of misinformation and where Musk himself has amplified various conspiracy theories.', 'And CCDH is not the only organization that has faced attacks by self-proclaimed “free speech absolutist” Musk after criticizing or raising concerns about his platform.', '“This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.', '“Society needs reliable and ethical research into social media platforms, and often that research relies on being able to study publicly available posts,” Abdo said.', 'X said it plans to appeal Breyer’s decision.', 'In his first year as owner of X, formerly known as Twitter, Musk threatened legal action against the Anti-Defamation League for defamation, as well as against Microsoft and Meta for allegedly improper data and trade secret access, respectively.', 'None of those threats ever amounted to real lawsuits.', 'He did, however, sue the progressive media watchdog Media Matters over itsanalysishighlighting antisemitic and pro-Nazi content on X, alleging that the group’s testing methodology was not representative of how real users experience the site and that the report was designed to drive away advertisers.', 'Legal experts have described that case as “weak” on the merits and as a “bogus” attempt to chill criticism of X.  This week’s court decision may be only a temporary setback in Musk’s wider plan to stifle criticism, said Media Matters CEO Angelo Carusone.', 'Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.', 'The states of Texas and Missouri each announced probes into Media Matters following X’s lawsuit against the group, to which Musk responded, “Great!”', 'As recently as Monday, Missouri Attorney General Andrew Bailey filed a petition in state court seeking to compel Media Matters’ cooperation with his investigation.', 'The filing came a week after he appeared with Musk in a live event on X — which Carusone said shows how Musk hopes to deputize the power of government to silence his critics.', '“They have every reason to do it,” Carusone said of the AGs’ investigations. “', 'They get the political benefits, they get the attention.', 'There doesn’t seem to be any cost to them yet.', 'And if they are successful at developing this new playbook, this new terrain, legally, then it’s going to pave the way for them to just use this tool and tactic over and over and over again.”', 'A representative for X did not immediately respond to a request for comment about Carusone’s claims.', 'Researchers from non-profits and academic institutions have had a harder time studying X since Musk’s takeover in 2022.', 'Academics need large samples of posts, shares, likes and other data to study social media trends in mis- and disinformation, public health, elections and other key topics.', 'But one of Musk’s first changes at X was to put access to platform data behind a steep paywall.', 'Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year —were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.', 'The change may have forced some researchers to rely more heavily on first-person observational data to draw conclusions about user behavior on X. Groups like CCDH have also used automated “scraping” of publicly viewable content from X rather than paying the company for data directly, a tactic that helped give rise to X’s initial lawsuit.', 'Efforts by X and other social media companies to limit research transparency makes them less accountable to the public at best and, at worst, could mask malicious behavior, said David Karpf, an associate professor in the School of Media and Public Affairs at George Washington University.', '“We need independent research to have any real measure of what’s going on at X/Twitter.', 'Musk is only ever going to release data that makes his company look good,” Karpf said. “', 'These platforms are too big and too vital to the spread of information to be left unmonitored.”', '“This is an election year,” Karpf added, “and the platforms are taking steps to make it harder to monitor how their services are used for malignant ends.”', 'Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.', '“The guardrails for democracy are hanging by a thread and we have dwindling insights into platform practices as researchers face lawsuits, congressional subpoenas and other scare tactics,” said Nora Benavidez, senior counsel and director of digital rights at Free Press.', 'Ultimately, Benavidez called the ruling “a reminder that platform accountability is essential and will inevitably prevail when up against bullies like Musk who try to silence us.”']",0.0427064270235155,"Musk’s new playbook, Carusone said, enlists the help of sympathetic Republican attorneys general to investigate independent reporting organizations and tie them up in legal proceedings.","“This is an important decision that sees Elon Musk’s lawsuit for what it is — an effort to punish his critics for constitutionally protected speech and to deter researchers from studying his platform,” said Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, which had filed a friend-of-the-court brief in the case arguing that private companies should not be allowed to use breach of contract claims to punish criticism.",-0.3806278450148446,"Free Press, another media accountability organization that has been critical of Musk’s leadership of X and which called for advertisers to pause their spending on the platform shortly after his takeover, also celebrated Breyer’s ruling as potentially removing at least one hurdle that watchdog organizations face.","Researchers and civil society groups said the new subscription fees — costing up to $2.5 million a year —were “outrageously expensive” and made it impossible to do their work, reducing transparency of a critical platform.",2024-03-31
Why a small China-made EV has global auto execs and politicians on edge,https://www.cnbc.com/2024/03/22/byd-seagull-ev-puts-global-auto-execs-politicians-on-edge.html,2024-03-26T18:44:16+0000,"In this articleLIVONIA, Mich. – A small electric vehicle is having a big impact on the global automotive industry.It's not the EV itself that's making waves but its price — and its potential to disrupt domestic auto industries around the world.The China-built BYD Seagull, a small all-electric hatchback, starts at just 69,800 yuan (or less than $10,000), and reportedly banks a profit for the increasingly influential Chinese automaker.That latter point — EV profits where U.S. automakers have mostly failed to turn any — combined with the expansion of Chinese automakers into Europe, Latin America and elsewhere has automotive executives and politicians, from Detroit and Texas to Germany and Japan, on edge.The Seagull could be a ""clarion call for the rest of the auto industry,"" said Terry Woychowski, a former General Motors executive who now serves as president of automotive at engineering consulting firm Caresoft Global. ""It's a significant event.""Though the Seagull isn't yet sold on U.S. soil, BYD is expanding its vehicles globally, and some believe it's only a matter of time before more China-made vehicles arrive in the U.S.There's fear among global automakers that Chinese rivals like the Warren Buffett-backed BYD could flood their markets, undercutting domestic production and vehicle prices to the detriment of their own auto industries.""The introduction of cheap Chinese autos — which are so inexpensive because they are backed with the power and funding of the Chinese government — to the American market could end up being an extinction-level event for the U.S. auto sector,"" the Alliance for American Manufacturing, a U.S. manufacturing advocacy group, said in a report last month.BYD sold 1.57 million battery EVs last year, up from just 130,970 all-electric vehicles in 2020. That sales growth was enough to surpass Tesla to become the world's largest producer of electric vehicles in late 2023.The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will ""demolish"" global rivals without trade barriers.Bernstein reports BYD's growth, including sales of non-EVs, has come by shipping more vehicles outside China: Overseas markets accounted for about 10% of BYD's more than 3 million sales last year, doubling that share from the beginning of the year.BYD did not respond for a request for comment.Driving the Seagull is no different than driving the Chevrolet Bolt, Nissan Leaf or BMW i3. It accelerates quickly. It's quiet. It has nice-looking screens and a mix of plastic and soft touch points, including sporty and comfortable seats.The Seagull, also known as the BYD Dolphin Mini in Latin America, is slightly smaller than GM's now-discontinued Chevrolet Bolt EV.Its reported range of up to roughly 190 miles on a single charge (or 250 miles for certain models), is below that of many EVs on sale today in the U.S. but in line with many first-generation all-electric vehicles. The vehicle's top speed of about 80 mph and just 74 horsepower dwindle in comparison with most EVs currently on sale in the U.S.But its primary differences come in the construction, batteries and sourcing of parts, according to Caresoft.The consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. The Livonia, Michigan-based company, with several offices across the globe, has torn down and benchmarked more than 30 China-built EVs from the likes of BYD, Nio, XPENG and others.Caresoft digitally and physically analyzes every part of a vehicle, from bolts and latches to seats, motors and battery casings. It then determines how its clients – mainly automakers and suppliers – can improve efficiencies and cut costs in their products.Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability.""What they did do is done very well,"" Woychowski said. ""It's efficiently done.""For the price it's a well-equipped vehicle. (BYD even lowered the starting price of the vehicle by 5% earlier this month, down from a roughly $11,000 price earlier this year.)Despite the cheap price, the company still makes ""some money"" on the Seagull or at a minimum breaks even, Caresoft CEO Mathew Vachaparampil said during an automotive conference hosted by the Chicago Federal Reserve in January.For BYD to sell the Seagull in the U.S., it would have to meet U.S. federal vehicle requirements that would add additional costs to the car. But the EV could likely still arrive on U.S. shores for tens of thousands of dollars cheaper than the current average price of an EV in the U.S., which Cox Automotive reports is more than $52,000.BYD last month announced it would begin selling the Seagull/Dolphin Mini EV in Mexico for 358,800 pesos (or about $20,990).BYD has found success in its battery technology; internal sourcing, also known as vertical integration; and production of parts, according to Caresoft. Most notable is BYD's development of lower-cost battery technologies that are far cheaper to manufacture than lithium-ion batteries commonly used in U.S. EVs.BYD, which stands for Build Your Dreams, first pioneered its ""Blade"" battery technologies in smartphones and has since grown into one of China's most well-known automakers.Its focus on vehicle efficiencies is reminiscent of U.S. EV leader Tesla, which has likewise been able to drive down the cost of its vehicles over the years.Traditional automakers are only now attempting to emulate some of Tesla's processes such as its gigacasting manufacturing process and vertical integration of crucial parts such as motors, batteries and other components. Tesla is also quick to adapt.The Tesla Model 3, for example, no longer has a floor. Instead, the car's highly protected battery case takes the place of a traditional vehicle body at the base. That type of change, enacted at Tesla over the last several years, wouldn't typically take place at a traditional automaker until a full redesign of a vehicle.BYD is similarly quick to adapt. The company has quickly rolled out new and updated products. It's also rapidly established manufacturing, as it has its eyes set on factories in Thailand, Brazil, Indonesia, Hungary, Uzbekistan and, potentially, Mexico.Add in other advantages such as government support, lower labor costs and rising production capacity, and the company poses a growing threat to global counterparts.BYD's rise comes at a precarious time for global auto industry dynamics.While China's automakers expand, America's traditional automakers have shrunk in both their domestic market and China.Their decline in the U.S. has come with the arrival of Japanese automakers such as Toyota Motor, Nissan Motor and Honda Motor, as well as, more recently, South Korean auto giant Hyundai Motor and its Kia unit.The so-called Big Three U.S. automakers — GM, Ford and Chrysler, now owned by Stellantis — have watched their U.S. market share deteriorate from 75% in 1984 to about 40% in 2023, according to industry data.Politicians in the U.S., concerned about their local auto industries, have taken aim at Chinese imports and lawmakers in Europe have launched a probe into the rise of China-made EVs.""We are very concerned about China bigfooting our industry in the United States even as we are building up now this incredible backbone of manufacturing,"" Energy Secretary Jennifer Granholm said March 6 during a discussion panel at an Axios event.Republican Sen. Marco Rubio of Florida has proposed sharply boosting tariffs on Chinese vehicle imports by $20,000 per vehicle to stop the country ""from flooding U.S. auto markets.""Currently, Chinese-built EVs are subject to a 27.5% tariff when imported into the U.S. That includes a 2.5% tariff that generally applies to imported cars plus an additional 25% tariff introduced by the Trump administration in 2018 on China-made vehicles.Chinese automakers could still build in Mexico, though, and import vehicles to the U.S. from there through the USMCA, formerly the North American Free Trade Agreement, or NAFTA.However, former President Donald Trump – the front-runner among Republicans in the 2024 presidential race – on Saturday suggested instituting a 100% tariff on cars made in Mexico by Chinese companies, should he be elected to a second term.""What we've seen over time is automotive manufacturers eventually enter all the markets that matter … Ultimately the Chinese will come to the U.S.,"" said Marin Gjaja, chief operating officer for Ford's EV unit, during a recent interview with CNBC.Gjaja said while Ford can't control regulations or Chinese expansion, it can ""get really, really competitive on the technologies that customers want"" and get more efficient to win customers.To compete with Chinese brands such as BYD, Woychowski contends traditional automakers must learn, unlearn and change quickly.He said companies such as the Detroit automakers each have a century of procedures, standards and other workflows that they must rethink to better compete against Chinese automakers before vehicles such as the BYD Seagull land on U.S. shores.""You have to learn. You have to unlearn and you have to do it quickly,"" he said. ""Because you've been doing something for 100 years, doesn't mean you should keep doing it. It's no longer appropriate.""– CNBC's Evelyn Cheng and Dylan Butts contributed to this report.",CNBC,26/03/2024,"['In this articleLIVONIA, Mich. – A small electric vehicle is having a big impact on the global automotive industry.', ""It's not the EV itself that's making waves but its price — and its potential to disrupt domestic auto industries around the world."", 'The China-built BYD Seagull, a small all-electric hatchback, starts at just 69,800 yuan (or less than $10,000), and reportedly banks a profit for the increasingly influential Chinese automaker.', 'That latter point — EV profits where U.S. automakers have mostly failed to turn any — combined with the expansion of Chinese automakers into Europe, Latin America and elsewhere has automotive executives and politicians, from Detroit and Texas to Germany and Japan, on edge.', 'The Seagull could be a ""clarion call for the rest of the auto industry,"" said Terry Woychowski, a former General Motors executive who now serves as president of automotive at engineering consulting firm Caresoft Global. ""', ""It's a significant event."", '""Though the Seagull isn\'t yet sold on U.S. soil, BYD is expanding its vehicles globally, and some believe it\'s only a matter of time before more China-made vehicles arrive in the U.S.There\'s fear among global automakers that Chinese rivals like the Warren Buffett-backed BYD could flood their markets, undercutting domestic production and vehicle prices to the detriment of their own auto industries.', '""The introduction of cheap Chinese autos — which are so inexpensive because they are backed with the power and funding of the Chinese government — to the American market could end up being an extinction-level event for the U.S. auto sector,"" the Alliance for American Manufacturing, a U.S. manufacturing advocacy group, said in a report last month.', 'BYD sold 1.57 million battery EVs last year, up from just 130,970 all-electric vehicles in 2020.', 'That sales growth was enough to surpass Tesla to become the world\'s largest producer of electric vehicles in late 2023.The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will ""demolish"" global rivals without trade barriers.', ""Bernstein reports BYD's growth, including sales of non-EVs, has come by shipping more vehicles outside China: Overseas markets accounted for about 10% of BYD's more than 3 million sales last year, doubling that share from the beginning of the year."", 'BYD did not respond for a request for comment.', 'Driving the Seagull is no different than driving the Chevrolet Bolt, Nissan Leaf or BMW i3.', 'It accelerates quickly.', ""It's quiet."", 'It has nice-looking screens and a mix of plastic and soft touch points, including sporty and comfortable seats.', ""The Seagull, also known as the BYD Dolphin Mini in Latin America, is slightly smaller than GM's now-discontinued Chevrolet Bolt EV.Its reported range of up to roughly 190 miles on a single charge (or 250 miles for certain models), is below that of many EVs on sale today in the U.S. but in line with many first-generation all-electric vehicles."", ""The vehicle's top speed of about 80 mph and just 74 horsepower dwindle in comparison with most EVs currently on sale in the U.S.But its primary differences come in the construction, batteries and sourcing of parts, according to Caresoft."", 'The consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers.', 'The Livonia, Michigan-based company, with several offices across the globe, has torn down and benchmarked more than 30 China-built EVs from the likes of BYD, Nio, XPENG and others.', 'Caresoft digitally and physically analyzes every part of a vehicle, from bolts and latches to seats, motors and battery casings.', 'It then determines how its clients – mainly automakers and suppliers – can improve efficiencies and cut costs in their products.', 'Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability.', '""What they did do is done very well,"" Woychowski said. ""', ""It's efficiently done."", '""For the price it\'s a well-equipped vehicle. (', 'BYD even lowered the starting price of the vehicle by 5% earlier this month, down from a roughly $11,000 price earlier this year.)Despite the cheap price, the company still makes ""some money"" on the Seagull or at a minimum breaks even, Caresoft CEO Mathew Vachaparampil said during an automotive conference hosted by the Chicago Federal Reserve in January.', 'For BYD to sell the Seagull in the U.S., it would have to meet U.S. federal vehicle requirements that would add additional costs to the car.', 'But the EV could likely still arrive on U.S. shores for tens of thousands of dollars cheaper than the current average price of an EV in the U.S., which Cox Automotive reports is more than $52,000.BYD last month announced it would begin selling the Seagull/Dolphin Mini EV in Mexico for 358,800 pesos (or about $20,990).BYD has found success in its battery technology; internal sourcing, also known as vertical integration; and production of parts, according to Caresoft.', ""Most notable is BYD's development of lower-cost battery technologies that are far cheaper to manufacture than lithium-ion batteries commonly used in U.S. EVs."", 'BYD, which stands for Build Your Dreams, first pioneered its ""Blade"" battery technologies in smartphones and has since grown into one of China\'s most well-known automakers.', 'Its focus on vehicle efficiencies is reminiscent of U.S. EV leader Tesla, which has likewise been able to drive down the cost of its vehicles over the years.', ""Traditional automakers are only now attempting to emulate some of Tesla's processes such as its gigacasting manufacturing process and vertical integration of crucial parts such as motors, batteries and other components."", 'Tesla is also quick to adapt.', 'The Tesla Model 3, for example, no longer has a floor.', ""Instead, the car's highly protected battery case takes the place of a traditional vehicle body at the base."", ""That type of change, enacted at Tesla over the last several years, wouldn't typically take place at a traditional automaker until a full redesign of a vehicle."", 'BYD is similarly quick to adapt.', 'The company has quickly rolled out new and updated products.', ""It's also rapidly established manufacturing, as it has its eyes set on factories in Thailand, Brazil, Indonesia, Hungary, Uzbekistan and, potentially, Mexico."", 'Add in other advantages such as government support, lower labor costs and rising production capacity, and the company poses a growing threat to global counterparts.', ""BYD's rise comes at a precarious time for global auto industry dynamics."", ""While China's automakers expand, America's traditional automakers have shrunk in both their domestic market and China."", 'Their decline in the U.S. has come with the arrival of Japanese automakers such as Toyota Motor, Nissan Motor and Honda Motor, as well as, more recently, South Korean auto giant Hyundai Motor and its Kia unit.', 'The so-called Big Three U.S. automakers — GM, Ford and Chrysler, now owned by Stellantis — have watched their U.S. market share deteriorate from 75% in 1984 to about 40% in 2023, according to industry data.', 'Politicians in the U.S., concerned about their local auto industries, have taken aim at Chinese imports and lawmakers in Europe have launched a probe into the rise of China-made EVs.', '""We are very concerned about China bigfooting our industry in the United States even as we are building up now this incredible backbone of manufacturing,"" Energy Secretary Jennifer Granholm said March 6 during a discussion panel at an Axios event.', 'Republican Sen. Marco Rubio of Florida has proposed sharply boosting tariffs on Chinese vehicle imports by $20,000 per vehicle to stop the country ""from flooding U.S. auto markets.', '""Currently, Chinese-built EVs are subject to a 27.5% tariff when imported into the U.S. That includes a 2.5% tariff that generally applies to imported cars plus an additional 25% tariff introduced by the Trump administration in 2018 on China-made vehicles.', 'Chinese automakers could still build in Mexico, though, and import vehicles to the U.S. from there through the USMCA, formerly the North American Free Trade Agreement, or NAFTA.However, former President Donald Trump – the front-runner among Republicans in the 2024 presidential race – on Saturday suggested instituting a 100% tariff on cars made in Mexicoby Chinese companies,should he be elected to a second term.', '""What we\'ve seen over time is automotive manufacturers eventually enter all the markets that matter … Ultimately the Chinese will come to the U.S.,"" said Marin Gjaja, chief operating officer for Ford\'s EV unit, during a recent interview with CNBC.Gjaja said while Ford can\'t control regulations or Chinese expansion, it can ""get really, really competitive on the technologies that customers want"" and get more efficient to win customers.', 'To compete with Chinese brands such as BYD, Woychowski contends traditional automakers must learn, unlearn and change quickly.', 'He said companies such as the Detroit automakers each have a century of procedures, standards and other workflows that they must rethink to better compete against Chinese automakers before vehicles such as the BYD Seagull land on U.S. shores.', '""You have to learn.', 'You have to unlearn and you have to do it quickly,"" he said. ""', ""Because you've been doing something for 100 years, doesn't mean you should keep doing it."", 'It\'s no longer appropriate.""–', ""CNBC's Evelyn Cheng and Dylan Butts contributed to this report.""]",0.1525936062031991,"""What we've seen over time is automotive manufacturers eventually enter all the markets that matter … Ultimately the Chinese will come to the U.S.,"" said Marin Gjaja, chief operating officer for Ford's EV unit, during a recent interview with CNBC.Gjaja said while Ford can't control regulations or Chinese expansion, it can ""get really, really competitive on the technologies that customers want"" and get more efficient to win customers.","Their decline in the U.S. has come with the arrival of Japanese automakers such as Toyota Motor, Nissan Motor and Honda Motor, as well as, more recently, South Korean auto giant Hyundai Motor and its Kia unit.",0.2553900833483095,"BYD sold 1.57 million battery EVs last year, up from just 130,970 all-electric vehicles in 2020.","The so-called Big Three U.S. automakers — GM, Ford and Chrysler, now owned by Stellantis — have watched their U.S. market share deteriorate from 75% in 1984 to about 40% in 2023, according to industry data.",2024-03-31
Target doubles bonuses for salaried employees as profits recover,https://www.cnbc.com/2024/03/21/target-doubles-bonuses-for-salaried-employees-as-profits-recover-.html,2024-03-21T17:31:03+0000,"In this articleTarget will double its bonus payments to salaried employees this year, as the big-box retailer's profits recover from a bumpy nearly two-year stretch.Salaried employees at the Minneapolis-based retailer receive an annual bonus, based on Target's performance and the eligible amount set as part of their compensation. The retailer will pay 100% of employees' eligible annual bonus amounts for the most recent fiscal year, a company spokesperson said Thursday. That is an increase from 50% in the prior year.In a statement, Target said the annual bonus payout is based on how the retailer performs against sales and profit goals set at the beginning of the fiscal year.""Based on Target's performance in 2023, including the $2 billion in additional profit growth our team delivered that exceeded the goals we set at the beginning of the year, we're rewarding our team accordingly,"" the company statement said.Target will pay out the annual cash bonuses in late March. The amount paid out won't be as high as it could be, however. It tops out at 175% of each employee's eligible bonus amount.The vast majority of Target's approximately 415,000 employees, such as those at its stores and warehouses, are paid hourly and do not qualify for the bonuses. Yet it does offer bonuses to store and supply-chain leaders, along with many corporate employees. Top executives at Target have a different bonus structure. The increased bonus payout was first reported by Bloomberg.Target has dealt with a challenging nearly two-year stretch marked by inventory troubles, weaker discretionary spending, inflated supply chain costs and higher levels of theft. In the holiday quarter, Target's comparable sales declined for the third quarter in a row, and its e-commerce sales also dropped compared with the year-ago period.The discounter said it expects the sales challenges will continue. For the full year 2024, Target said it anticipates comparable sales will be flat to up 2%.But the company has improved profits and margins as Target has kept a sharper focus on inventory and as some of its costs, such as freight, have fallen. For the fiscal year, Target said, it expects adjusted earnings per share will range from $8.60 to $9.60. The higher end of that range would top the adjusted earnings per share of $8.94 that it reported for the previous fiscal year.",CNBC,21/03/2024,"[""In this articleTarget will double its bonus payments to salaried employees this year, as the big-box retailer's profits recover from a bumpy nearly two-year stretch."", ""Salaried employees at the Minneapolis-based retailer receive an annual bonus, based on Target's performance and the eligible amount set as part of their compensation."", ""The retailer will pay 100% of employees' eligible annual bonus amounts for the most recent fiscal year, a company spokesperson said Thursday."", 'That is an increase from 50% in the prior year.', 'In a statement, Target said the annual bonus payout is based on how the retailer performs against sales and profit goals set at the beginning of the fiscal year.', '""Based on Target\'s performance in 2023,including the $2 billion in additional profit growth our team delivered that exceeded the goals we set at the beginning of the year,we\'re rewarding our team accordingly,"" the company statement said.', 'Target will pay out the annual cash bonuses in late March.', ""The amount paid out won't be as high as it could be, however."", ""It tops out at 175% of each employee's eligible bonus amount."", ""The vast majority of Target's approximately 415,000 employees, such as those at its stores and warehouses, are paid hourly and do not qualify for the bonuses."", 'Yet it does offer bonuses to store and supply-chain leaders, along with many corporate employees.', 'Top executives at Target have a different bonus structure.', 'The increased bonus payout was first reported by Bloomberg.', 'Target has dealt with a challenging nearly two-year stretch marked by inventory troubles, weaker discretionary spending, inflated supply chain costs and higher levels of theft.', ""In the holiday quarter, Target's comparable sales declined for the third quarter in a row, and its e-commerce sales also dropped compared with the year-ago period."", 'The discounter said it expects the sales challenges will continue.', 'For the full year 2024, Target said it anticipates comparable sales will be flat to up 2%.But the company has improved profits and margins as Target has kept a sharper focus on inventory and as some of its costs, such as freight, have fallen.', 'For the fiscal year, Target said, it expects adjusted earnings per share will range from $8.60 to $9.60.', 'The higher end of that range would top the adjusted earnings per share of$8.94 that it reported for the previous fiscal year.']",0.4483384428773163,"""Based on Target's performance in 2023,including the $2 billion in additional profit growth our team delivered that exceeded the goals we set at the beginning of the year,we're rewarding our team accordingly,"" the company statement said.","Target has dealt with a challenging nearly two-year stretch marked by inventory troubles, weaker discretionary spending, inflated supply chain costs and higher levels of theft.",0.3977267444133758,"For the full year 2024, Target said it anticipates comparable sales will be flat to up 2%.But the company has improved profits and margins as Target has kept a sharper focus on inventory and as some of its costs, such as freight, have fallen.","In the holiday quarter, Target's comparable sales declined for the third quarter in a row, and its e-commerce sales also dropped compared with the year-ago period.",2024-03-31
"Lululemon shares plunge 16% on weak guidance, slowing North America growth",https://www.cnbc.com/2024/03/21/lululemon-lulu-earnings-q4-2023.html,2024-03-22T20:06:12+0000,"In this articleShares of Lululemon plunged on Friday after the athletic apparel retailer issued disappointing guidance and said it's seeing soft sales in the U.S., its largest market.The retailer reported holiday earnings on Thursday evening that topped expectations, but showed that its growth in North America is stagnating.Here's how the company did in its fourth fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company's reported net income for the three-month period that ended Jan. 28 was $669.5 million, or $5.29 per share, compared with $119.8 million, or 94 cents per share, a year earlier. Sales rose to $3.21 billion, up about 16% from $2.77 billion a year earlier.Shares of Lululemon closed about 16% lower Friday. As of Friday's close, shares are down about 21% this year, significantly underperforming the S&P 500, which is up about 10% in that time.Like its peers, Lululemon has been grappling with uncertain demand and a slowdown in discretionary spending that's hit the apparel space particularly hard. Investors have watched how Lululemon performs in North America, its largest region by sales, as it laps tougher prior year comparisons and contends with consumers who are choosing experiences over goods like clothes and shoes. During the quarter, sales rose 9% in the Americas, compared to 29% growth in the year-ago period. While Lululemon is still growing in the region, the rate has slowed down significantly as Lululemon focuses on expanding internationally.""As you've heard from others in our industry, there has been a shift in the U.S. consumer behavior of late and we're navigating what has been a slower start to the year in this market,"" CEO Calvin McDonald said on a call with analysts Thursday. ""We view this as an opportunity to keep playing offense as we lean into investments that will continue our growth trajectory. Outside the U.S., our business remains strong.""McDonald added that both traffic and conversions are down in the U.S. He attributed that to a lack of products in sizes zero to four, key sizes for the U.S. customer base, and not enough colorful items.Meanwhile, international sales grew 54% on a reported basis, with sales in China growing 78% and 36% in the rest of Lululemon's markets.Comparable sales rose 12% during the quarter, just shy of the 12.3% uptick analysts had expected, according to StreetAccount.For the current quarter, Lululemon expects net revenue to be between $2.18 billion and $2.20 billion, representing growth of 9% to 10%. Analysts were expecting a forecast of $2.25 billion, or growth of 12.5%, according to LSEG.It expects diluted earnings per share to be between $2.35 and $2.40, below the $2.55 analysts had expected, according to LSEG.For the full year, it expects sales to be between $10.7 billion and $10.8 billion, compared with estimates of $10.9 billion, according to LSEG.It anticipates diluted earnings per share will be between $14 and $14.20 for the year, compared to estimates of $14.13, according to LSEG.Lululemon has long been one of the market leaders for women's athletic apparel, but the Vancouver-based company is facing more competition than ever. Newer entrants like Alo Yoga and Vuori have been nipping at Lululemon's market share, and it's had to work harder to set itself apart in the more crowded category. The retailer has been working to build out its footwear offering and grow its men's business. During the quarter, it opened its first men's store in Beijing — a key growth market for the company. In February, it debuted its first men's sneaker, CityVerse, and plans to launch new running styles for both men and women as performance sneakers continue to be a bright spot in an otherwise stagnant shoewear market. Headed into the holidays, McDonald said Black Friday was the ""single biggest day"" in the company's history and he was ""encouraged"" by the trends he was seeing at the start of the season. But the retailer's holiday-quarter outlook came in a bit short of analysts' expectations. In January, it raised that guidance after it saw sales ""balanced across channels, categories, and geographies,"" finance chief Meghan Frank said in a news release. Read the full earnings release here.",CNBC,22/03/2024,"[""In this articleShares of Lululemon plunged on Friday after the athletic apparel retailer issued disappointing guidance and said it's seeing soft sales in the U.S., its largest market."", 'The retailer reported holiday earnings on Thursday evening that topped expectations, but showed that its growth in North America is stagnating.', ""Here's how the company did in its fourth fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company's reported net income for the three-month period that ended Jan. 28 was $669.5 million, or $5.29 per share, compared with $119.8 million, or 94 cents per share, a year earlier."", 'Sales rose to $3.21 billion, up about 16% from $2.77 billion a year earlier.', 'Shares of Lululemon closed about 16% lower Friday.', ""As of Friday's close, shares are down about 21% this year, significantly underperforming the S&P 500, which is up about 10% in that time."", ""Like its peers, Lululemon has been grappling with uncertain demand and a slowdown in discretionary spending that's hit the apparel space particularly hard."", 'Investors have watched how Lululemon performs in North America, its largest region by sales, as it laps tougher prior year comparisons and contends with consumers who are choosing experiences over goods like clothes and shoes.', 'During the quarter, sales rose 9% in the Americas, compared to 29% growth in the year-ago period.', 'While Lululemon is still growing in the region, the rate has slowed down significantly as Lululemon focuses on expanding internationally.', '""As you\'ve heard from others in our industry, there has been a shift in the U.S. consumer behavior of late and we\'re navigating what has been a slower start to the year in this market,"" CEO Calvin McDonald said on a call with analysts Thursday. ""', 'We view this as an opportunity to keep playing offense as we lean into investments that will continue our growth trajectory.', 'Outside the U.S., our business remains strong.', '""McDonald added that both traffic and conversions are down in the U.S. He attributed that to a lack of products in sizes zero to four, key sizes for the U.S. customer base, and not enough colorful items.', ""Meanwhile, international sales grew 54% on a reported basis, with sales in China growing 78% and 36% in the rest of Lululemon's markets."", 'Comparable sales rose 12% during the quarter, just shy of the 12.3% uptick analysts had expected, according to StreetAccount.', 'For the current quarter, Lululemon expects net revenue to be between $2.18 billion and $2.20 billion, representing growth of 9% to 10%.', ""Analysts were expecting a forecast of $2.25 billion, or growth of 12.5%, according to LSEG.It expects diluted earnings per share to be between $2.35 and $2.40, below the $2.55 analysts had expected, according to LSEG.For the full year, it expects sales to be between $10.7 billion and $10.8 billion, compared with estimates of $10.9 billion, according to LSEG.It anticipates diluted earnings per share will be between $14 and $14.20 for the year, compared to estimates of $14.13, according to LSEG.Lululemon has long been one of the market leaders for women's athletic apparel, but the Vancouver-based company is facing more competition than ever."", ""Newer entrants like Alo Yoga and Vuori have been nipping at Lululemon's market share, and it's had to work harder to set itself apart in the more crowded category."", ""The retailer has been working to build out its footwear offering and grow its men's business."", ""During the quarter, it opened its first men's store in Beijing — a key growth market for the company."", ""In February, it debuted its first men's sneaker, CityVerse, and plans to launch new running styles for both men and women as performance sneakers continue to be a bright spot in an otherwise stagnant shoewear market."", 'Headed into the holidays, McDonald said Black Friday was the ""single biggest day"" in the company\'s history and he was ""encouraged"" by the trends he was seeing at the start of the season.', ""But the retailer's holiday-quarter outlook came in a bit short of analysts' expectations."", 'In January, it raised that guidance after it saw sales ""balanced across channels, categories, and geographies,"" finance chief Meghan Frank said in a news release.', 'Read the full earnings release here.']",0.229511879571783,"The retailer reported holiday earnings on Thursday evening that topped expectations, but showed that its growth in North America is stagnating.","In this articleShares of Lululemon plunged on Friday after the athletic apparel retailer issued disappointing guidance and said it's seeing soft sales in the U.S., its largest market.",0.0951000303030014,"Meanwhile, international sales grew 54% on a reported basis, with sales in China growing 78% and 36% in the rest of Lululemon's markets.","In this articleShares of Lululemon plunged on Friday after the athletic apparel retailer issued disappointing guidance and said it's seeing soft sales in the U.S., its largest market.",2024-03-31
"Hyundai’s Genesis reveals all-electric SUV concept, the Neolun",https://www.cnbc.com/2024/03/26/hyundais-genesis-previews-all-electric-suv-concept-the-neolun.html,2024-03-26T17:29:29+0000,"NEW YORK – Hyundai's Genesis is previewing the future of the growingly prominent luxury brand with a new large all-electric concept vehicle called the Neolun.The full-size SUV features a sleek exterior design illuminated by long horizontal headlights and taillights reminiscent of the brand's current EVs, though more modern.The interior of the Neolun – derived from the Greek ""neo,"" or new, and the Latin ""luna,"" which means moon – is minimalistic compared with many recent concepts that include door-to-door screens. The SUV features a large central screen with physical buttons below it and a control panel and knob to the right of the driver.The vehicle's front seats can swivel to face the rear passengers for lounge seating.""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.Automakers routinely use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand. The vehicles are not meant to be sold to consumers.The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022. Genesis, which became its own brand in 2015, outsold more established luxury rival Infiniti and expects sales to continue to grow this year.""Our standalone retail footprint is rapidly expanding, and the brand continues to achieve record-breaking sales results in the United States,"" Tedros Mengiste, vice president of sales operations for Genesis Motor America, said in a release last week.Genesis also revealed another concept called the GV60 Magma Concept, a high-performance variant of its compact EV crossover.The brand said it aims to develop a high-performance Magma model for each production vehicle in the existing lineup.The concept vehicles were revealed Monday night ahead of their public debuts this week at the New York International Auto Show.",CNBC,26/03/2024,"[""NEW YORK – Hyundai's Genesis is previewing the future of the growingly prominent luxury brand with a new large all-electric concept vehicle called the Neolun."", ""The full-size SUV features a sleek exterior design illuminated by long horizontal headlights and taillights reminiscent of the brand's current EVs, though more modern."", 'The interior of the Neolun – derived from the Greek ""neo,"" or new, and the Latin ""luna,"" which means moon – is minimalistic compared with many recent concepts that include door-to-door screens.', 'The SUV features a large central screen with physical buttons below it and a control panel and knob to the right of the driver.', ""The vehicle's front seats can swivel to face the rear passengers for lounge seating."", '""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.', 'Automakers routinely use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand.', 'The vehicles are not meant to be sold to consumers.', ""The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022."", 'Genesis, which became its own brand in 2015, outsold more established luxury rival Infiniti and expects sales to continue to grow this year.', '""Our standalone retail footprint is rapidly expanding, and the brand continues to achieve record-breaking sales results in the United States,"" Tedros Mengiste, vice president of sales operations for Genesis Motor America, said in a release last week.', 'Genesis also revealed another concept called the GV60 Magma Concept, a high-performance variant of its compact EV crossover.', 'The brand said itaims to develop a high-performance Magma model for each production vehicle in the existing lineup.', 'The concept vehicles were revealed Monday night ahead of their public debuts this week at the New York International Auto Show.']",0.1497590928936046,"""The Neolun Concept is a concept model that showcases the future vision of Genesis, as well as the overall direction in which the brand is headed in terms of product, design and technological advancement,"" Genesis said in an emailed statement.",,0.9996995329856871,"The company declined to disclose whether the vehicle is a preview of an upcoming large all-electric SUV for Genesis, which has been growing its lineup in the U.S.Genesis' U.S. sales increased 23% last year to a record of 69,175 units compared with 2022.",,2024-03-31
Moderna moves three vaccines into final stage trials as it works to rebound from Covid slump,https://www.cnbc.com/2024/03/27/moderna-moves-three-vaccines-into-final-stage-trials.html,2024-03-28T00:22:11+0000,"In this articleModerna has more to offer beyond its Covid vaccine.The biotech company Wednesday announced positive clinical trial data on three experimental vaccines against other viruses. The company is moving those shots to final stage studies, it said.The update brings Moderna a step closer to having multiple products on the market, which it badly needs amid plunging demand for Covid shots worldwide. The company's Covid jab is its only commercially available product.Moderna's stock has long been tied to that vaccine, with shares falling nearly 45% last year. But shares of the company closed 3% higher on Wednesday after the announcements.Moderna will chart its post-Covid future Wednesday during its fifth annual ""Vaccines Day,"" an investor event in Boston focused on the company's vaccine portfolio.That business has an estimated total addressable market of $52 billion for infectious disease shots, which includes $27 billion for respiratory vaccines and more than $25 billion for latent shots and other jabs.A category of viruses called latent viruses linger inside patients for prolonged periods without causing any symptoms but can ""reactivate"" and cause serious health complications later in their lives. They represent a huge unmet need that Moderna can address, Moderna CEO Stéphane Bancel told CNBC in an interview on Wednesday.""Once those viruses are in your body, it's in your body forever,"" he said, adding that there are no approved shots for several of the latent viruses, including some that Moderna is targeting.The company will present new clinical trial data on the three vaccines, including some against latent viruses, at the event Wednesday.Those vaccines include a shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea; a vaccine against Epstein-Barr virus, a common herpes virus that can cause contagious infections and is associated with some cancers; and a shot designed to target a virus that causes shingles and chickenpox.Moderna will also discuss other updates across its vaccine business. The company has five other shots in late-stage clinical trials and said it expects to release data on two of those jabs this year. That includes its combination vaccine against Covid and the flu and a shot against another common herpes virus called cytomegalovirus, or CMV. Among the other vaccines in late-stage development is a jab against respiratory syncytial virus, or RSV, which is expected to win regulatory approval in the U.S. in May. It also includes a new and improved version of Moderna's Covid shot. The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.Another shot in phase three trials is the company's flu vaccine.Also on Wednesday, Moderna said it recently entered into a development and commercialization funding agreement with Blackstone Life Sciences, a private equity segment of The Blackstone Group. Blackstone will fund up to $750 million to advance Moderna's flu shot program, with ""a return based on commercial milestones"" and low single-digit royalties. Bancel told CNBC the company's messenger RNA platform, used in its Covid vaccine, ""is working so well"" against other diseases. That mRNA technology works by teaching the body to produce a harmless piece of a virus, which triggers an immune response against certain diseases.""Think about the [total addressable market] Moderna is going after – we're going to be one of the most important vaccine companies in the world,"" he said.Still, it will take time before Moderna's pipeline will pay off.The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025. It expects to break even in 2026, executives said during a November earnings call.Moderna's latest shots to move into late-stage trials represent significant opportunities for the company.There is currently no approved shot to prevent norovirus, the most common cause of the stomach flu. The virus results in approximately 200,000 deaths per year and substantial health-care costs, according to Moderna. The company examined two different norovirus shot candidates in a phase one trial on more than 600 patients ages 18 to 49 and 60 to 80 in the U.S.An interim analysis showed that a single dose of a trivalent vaccine called mRNA-1403 targeting three norovirus strains triggered a strong immune response across all dose sizes. The shot also had a ""clinically acceptable"" safety profile. Moderna said it is moving that shot to a phase three trial. The market for norovirus vaccines represents a $3 billion to $6 billion annual market, according to the company. There are also no shots currently approved to prevent Epstein-Barr virus. It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.Both the virus and mono are associated with a higher risk of certain cancers. The virus also increases a patient's risk of developing multiple sclerosis by 32-fold, according to Moderna. That disease is characterized by the the immune system eating away at the protective covering of nerves.""It's a big issue for teenagers. There are sometimes kids who have to redo a year of high school or college, which is a big waste of your life,"" Bancel said. ""But it has also been associated with multiple sclerosis, which is a terrible disease affecting mostly women ... so we think we could prevent that.""Moderna has been developing two shots designed to tackle multiple conditions associated with Epstein-Barr virus. That includes a shot designed to prevent mono called mRNA-1189, which will move to a phase three study after positive early stage trial data.A phase one trial examined that vaccine in patients 12 to 30 years old in the U.S. The study found that the shot produced an immune response against mono and was overall well tolerated across all dose sizes.Moderna is developing another shot called mRNA-1195, which is designed to target multiple sclerosis and a subcategory of lymphoma in solid organ transplant patients. A phase one trial on that vaccine is fully enrolled, according to the company.Bancel said the company believes the Epstein-Barr virus will be ""a several billion dollar market.""Varicella-Zoster virus causes both chickenpox and shingles. Older adults have declining immunity against that virus, making them more vulnerable to developing painful, itchy and blister-like rashes. About 1 in 3 adults in the U.S. will develop shingles at some point in their lives, according to the Centers for Disease Control and Prevention. Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company. Additional data from that ongoing trial will be available later this year.Moderna estimates that the market for Varicella-Zoster virus could be $5 billion to $6 billion annually.",CNBC,28/03/2024,"['In this articleModerna has more to offer beyond its Covid vaccine.', 'The biotech company Wednesday announced positive clinical trial data on three experimental vaccines against other viruses.', 'The company is moving those shots to final stage studies, it said.', 'The update brings Moderna a step closer to having multiple products on the market, which it badly needs amid plunging demand for Covid shots worldwide.', ""The company's Covid jab is its only commercially available product."", ""Moderna's stock has long been tied to that vaccine, with shares falling nearly 45% last year."", 'But shares of the company closed 3% higher on Wednesday after the announcements.', 'Moderna will chart its post-Covid future Wednesday during its fifth annual ""Vaccines Day,"" an investor event in Boston focused on the company\'s vaccine portfolio.', 'That business has an estimated total addressable market of $52 billion for infectious disease shots, which includes $27 billion for respiratory vaccines and more than $25 billion for latent shots and other jabs.', 'A category of viruses called latent viruses linger inside patients for prolonged periods without causing any symptoms but can ""reactivate"" and cause serious health complications later in their lives.', 'They represent a huge unmet need that Moderna can address, Moderna CEO Stéphane Bancel told CNBC in an interview on Wednesday.', '""Once those viruses are in your body, it\'s in your body forever,"" he said, adding that there are no approved shots for several of the latent viruses, including some that Moderna is targeting.', 'The company will present new clinical trial data on the three vaccines, including some against latent viruses, at the event Wednesday.', 'Those vaccines include a shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea; a vaccine against Epstein-Barr virus, a common herpes virus that can cause contagious infections and is associated with some cancers; and a shot designed to target a virus that causes shingles and chickenpox.', 'Moderna will also discuss other updates across its vaccine business.', 'The company has five other shots in late-stage clinical trials and said it expects to release data on two of those jabs this year.', 'That includes its combination vaccine against Covid and the flu and a shot against another common herpes virus called cytomegalovirus, or CMV.Among the other vaccines in late-stage development is a jab against respiratory syncytial virus, or RSV, which is expected to win regulatory approval in the U.S. in May.', ""It also includes a new and improved version of Moderna's Covid shot."", 'The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.', ""Another shot in phase three trials is the company's flu vaccine."", 'Also on Wednesday, Moderna said it recently entered into a development and commercialization funding agreement with Blackstone Life Sciences, a private equity segment of The Blackstone Group.', 'Blackstone will fund up to $750 million to advance Moderna\'s flu shot program, with ""a return based on commercial milestones"" and low single-digit royalties.', 'Bancel told CNBC the company\'s messenger RNA platform, used in its Covid vaccine, ""is working so well"" against other diseases.', 'That mRNA technology works by teaching the body to produce a harmless piece of a virus, which triggers an immune response against certain diseases.', '""Think about the [total addressable market] Moderna is going after – we\'re going to be one of the most important vaccine companies in the world,"" he said.', ""Still, it will take time before Moderna's pipeline will pay off."", 'The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025.', 'It expects to break even in 2026, executives said during a November earnings call.', ""Moderna's latest shots to move into late-stage trials represent significant opportunities for the company."", 'There is currently no approved shot to prevent norovirus, the most common cause of the stomach flu.', 'The virus results in approximately 200,000 deaths per year and substantial health-care costs, according to Moderna.', 'The company examined two different norovirus shot candidates in a phase one trial on more than 600 patients ages 18 to 49 and 60 to 80 in the U.S.An interim analysis showed that a single dose of a trivalent vaccine called mRNA-1403 targeting three norovirus strains triggered a strong immune response across all dose sizes.', 'The shot also had a ""clinically acceptable"" safety profile.', 'Moderna said it is moving that shot to a phase three trial.', 'The market for norovirus vaccines represents a $3 billion to $6 billion annual market, according to the company.', 'There are also no shots currently approved to prevent Epstein-Barr virus.', 'It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.', 'Both the virus and mono are associated with a higher risk of certain cancers.', ""The virus also increases a patient's risk of developing multiple sclerosis by 32-fold, according to Moderna."", 'That disease is characterized by the the immune system eating away at the protective covering of nerves.', '""It\'s a big issue for teenagers.', 'There are sometimes kids who have to redo a year of high school or college, which is a big waste of your life,"" Bancel said. ""', 'But it has also been associated with multiple sclerosis, which is a terrible disease affecting mostly women ... so we think we could prevent that.', '""Moderna has been developing two shots designed to tackle multiple conditions associated with Epstein-Barr virus.', 'That includes a shot designed to prevent mono called mRNA-1189, which will move to a phase three study after positive early stage trial data.', 'A phase one trial examined that vaccine in patients 12 to 30 years old in the U.S. The study found that the shot produced an immune response against mono and was overall well tolerated across all dose sizes.', 'Moderna is developing another shot called mRNA-1195, which is designed to target multiple sclerosis and a subcategory of lymphoma in solid organ transplant patients.', 'A phase one trial on that vaccine is fully enrolled, according to the company.', 'Bancel said the company believes the Epstein-Barr virus will be ""a several billion dollar market.', '""Varicella-Zoster virus causes both chickenpox and shingles.', 'Older adults have declining immunity against that virus, making them more vulnerable to developing painful, itchy and blister-like rashes.', 'About 1 in 3 adults in the U.S. will develop shingles at some point in their lives, according to the Centers for Disease Control and Prevention.', 'Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company.', 'Additional data from that ongoing trial will be available later this year.', 'Moderna estimates that the market for Varicella-Zoster virus could be $5 billion to $6 billion annually.']",0.091342032516668,"Moderna studied its vaccine against the virus, mRNA-1468, in an early to mid-stage trial on healthy adults ages 50 and older in the U.S.The shot caused a strong immune response at one month after the second dose and was generally well tolerated by patients, according to the company.","It accounts for more than 90% of cases of infectious mononucleosis, a contagious infection known as mono, which can cause fever, sore throat and chronic fatigue.",0.3071435153484344,"The company on Tuesday said its ""next-generation"" Covid shot triggered a stronger immune response against the virus than its current vaccine on the market in a late-stage clinical trial.",The company in its third-quarter earnings release in November said it expects revenue to fall to $4 billion in 2024 before it grows again in 2025.,2024-03-31
"Novo Nordisk's $1,000 diabetes drug Ozempic can be made for less than $5 a month, study suggests",https://www.cnbc.com/2024/03/27/novo-nordisk-ozempic-can-be-made-for-less-than-5-a-month-study.html,2024-03-27T20:41:02+0000,"The blockbuster diabetes drug Ozempic could be manufactured for less than $5 a month, even as Novo Nordisk charges close to $1,000 per month for the injection in the U.S. before insurance, a study released Wednesday suggests.The study, from researchers at Yale University, King's College Hospital in London and the nonprofit Doctors Without Borders, raises more questions about the hefty price tag of the top-selling diabetes treatment and similar drugs for weight loss, which are all part of a new class of treatments called GLP-1s.Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs. The study also comes after years of political pressure on Novo Nordisk and other drugmakers to slash high costs of diabetes care, especially insulin. Ozempic can generally be produced for less than various forms of insulin, according to the study published in JAMA Network Open. Researchers found that a month's supply of the treatment could be manufactured for an estimated 89 cents to $4.73. They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices."" Novo Nordisk's list price for a monthly package of Ozempic is $935.77 before insurance and other rebates. The findings suggest that GLP-1s ""can likely be manufactured for prices far below current prices, enabling wider access,"" the researchers concluded. In a statement on Wednesday, Novo Nordisk declined to provide production costs for Ozempic and its weight loss drug counterpart Wegovy. But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.It also said 75% of its gross earnings go to rebates and discounts to ensure patients have access to its products. The company also said out-of-pocket costs for Ozempic depend on a patient's insurance coverage. Patients with private or commercial coverage for Ozempic can access a savings card and pay as little as $25 for a one-month, two-month or three-month supply of the treatment for up to 24 months. Separate research from the University of Liverpool and other researchers has found that Wegovy could be produced for $40 a month.A survey released this month from Evercore ISI found that more than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket. Nearly 75% of respondents who used to take one of the drugs said they spent the same amount.",CNBC,27/03/2024,"['The blockbuster diabetes drug Ozempic could be manufactured for less than $5 a month, even as Novo Nordisk charges close to $1,000 per month for the injection in the U.S. before insurance, a study released Wednesday suggests.', ""The study, from researchers at Yale University, King's College Hospital in London and the nonprofit Doctors Without Borders, raises more questions about the hefty price tag of the top-selling diabetes treatment and similar drugs for weight loss, which are all part of a new class of treatments called GLP-1s."", 'Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs.', 'The study also comes after years of political pressure on Novo Nordisk and other drugmakers to slash high costs of diabetes care, especially insulin.', 'Ozempic can generally be produced for less than various forms of insulin, according to the study published in JAMA Network Open.', ""Researchers found that a month's supply of the treatment could be manufactured for an estimated 89 cents to $4.73."", 'They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices.', '""Novo Nordisk\'s list price for a monthly package of Ozempic is $935.77 before insurance and other rebates.', 'The findings suggest that GLP-1s ""can likely be manufactured for prices far below current prices, enabling wider access,"" the researchers concluded.', 'In a statement on Wednesday, Novo Nordisk declined to provide production costs for Ozempic and its weight loss drug counterpart Wegovy.', 'But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.', 'It also said 75% of its gross earnings go to rebates and discounts to ensure patients have access to its products.', ""The company also said out-of-pocket costs for Ozempic depend on a patient's insurance coverage."", 'Patients with private or commercial coverage for Ozempic can access a savings card and pay as little as $25 for a one-month, two-month or three-month supply of the treatment for up to 24 months.', 'Separate research from the University of Liverpool and other researchers has found that Wegovy could be produced for $40 a month.', 'A survey released this month from Evercore ISI found that more than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket.', 'Nearly 75% of respondents who used to take one of the drugs said they spent the same amount.']",0.0084798000529251,"They evaluated manufacturing costs for the weekly injection along with a profit margin with an allowance for tax to produce those estimates, which they call ""cost-based prices.","Demand for those medicines has soared over the last year, even as more insurers drop them from their plans due to cost, leaving some patients unable to afford the drugs.",0.9920660704374312,"But the Danish drugmaker noted that it spent almost $5 billion on research and development last year, and will spend more than $6 billion on a recent deal to boost manufacturing to meet demand for GLP-1s.",,2024-03-31
Vacation home co-ownership platform Pacaso expands to lower-priced listings,https://www.cnbc.com/2024/03/26/vacation-home-co-ownership-site-pacaso-adds-lower-priced-listings.html,2024-03-26T12:32:23+0000,"Luxury vacation home co-ownership platform Pacaso is attempting to appeal to the masses, as it grows its business during a pricey and competitive phase of the housing market.The company, which launched in 2020 with multimillion-dollar homes listed for co-ownership, is now introducing thousands more listings with share prices starting as low as $200,000. Previously, shares had been closer to half a million dollars, or higher.Pacaso lists shares of vacation homes, generally an eighth but sometimes larger shares, and then facilitates the purchase, including financing if necessary. It also furnishes and manages the home, divvying up the owners' time in the home through an app. It takes fees for both the purchase and the management.""You can afford a lot more home when you buy one eighth or one quarter of it when compared to purchasing the whole thing, and we're living in an environment right now where housing affordability is a problem,"" said Austin Allison, co-founder and CEO of Pacaso. ""Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams.""Unlike timeshares in resorts, where consumers buy the time, not the property, Pacaso owners can benefit from the home's value, which usually goes up over time.""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously. So the Pacaso shares generally track with the underlying real estate,"" said Allison.Wealthier buyers have been scooping up ski homes in Colorado and beach homes in Hawaii, paying hundreds of thousands of dollars for their shares. Pacaso takes a hefty fee — between 10% and 15% of the value of the home on the front end — associated with aggregating the group of owners, facilitating the transaction, and setting up the co-ownership structure.Pacaso reached more than $1 billion in revenue last year, the company said.The company has, however, seen some backlash from communities that liken it to an Airbnb on steroids. There is even a website dedicated to fighting the company, called ""Stop Pacaso Now.""Residents of Sonoma, California, passed an ordinance prohibiting Pacaso from operating in that city. In St. Helena, California, which prohibits timeshares, Pacaso reached a settlement that protects its four homes already there, but the company is not allowed to expand to other properties.""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. ""Our approach is to work with policymakers and educate them on the facts and benefits. Our belief is that over time this will prevail. It hasn't worked in Sonoma yet and a small handful of communities who have passed ordinances to resist the model.""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model. Roughly one-fifth of primary homebuyers last year purchased with either a friend or relative, according to real estate site Zillow.""People are now using co-ownership as a way to be able to afford houses that they otherwise wouldn't be able to afford. So, it's not just happening in the vacation home space,"" said Allison.",CNBC,26/03/2024,"['Luxury vacation home co-ownership platform Pacaso is attempting to appeal to the masses, as it grows its business during a pricey and competitive phase of the housing market.', 'The company, which launched in 2020 with multimillion-dollar homes listed for co-ownership, is now introducing thousands more listings with share prices starting as low as $200,000.', 'Previously, shares had been closer to half a million dollars, or higher.', 'Pacaso lists shares of vacation homes, generally an eighth but sometimes larger shares, and then facilitates the purchase, including financing if necessary.', ""It also furnishes and manages the home, divvying up the owners' time in the home through an app."", 'It takes fees for both the purchase and the management.', '""You can afford a lot more home when you buy one eighth or one quarter of it when compared to purchasing the whole thing, and we\'re living in an environment right now where housing affordability is a problem,"" said Austin Allison, co-founder and CEO of Pacaso. ""', ""Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams."", '""Unlike timeshares in resorts, where consumers buy the time, not the property, Pacaso owners can benefit from the home\'s value, which usually goes up over time.', '""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously.', 'So the Pacaso shares generally track with the underlying real estate,"" said Allison.', 'Wealthier buyers have been scooping up ski homes in Colorado and beach homes in Hawaii, paying hundreds of thousands of dollars for their shares.', 'Pacaso takes a hefty fee — between 10% and 15% of the value of the home on the front end — associated with aggregating the group of owners, facilitating the transaction, and setting up the co-ownership structure.', 'Pacaso reached more than $1 billion in revenue last year, the company said.', 'The company has, however, seen some backlash from communities that liken it to an Airbnb on steroids.', 'There is even a website dedicated to fighting the company, called ""Stop Pacaso Now.', '""Residents of Sonoma, California, passed an ordinance prohibiting Pacaso from operating in that city.', 'In St. Helena, California, which prohibits timeshares, Pacaso reached a settlement that protects its four homes already there, but the company is not allowed to expand to other properties.', '""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. ""', 'Our approach is to work with policymakers and educate them on the facts and benefits.', 'Our belief is that over time this will prevail.', ""It hasn't worked in Sonoma yet and a small handful of communities who have passed ordinances to resist the model."", '""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model.', 'Roughly one-fifth of primary homebuyers last year purchased with either a friend or relative, according to real estate site Zillow.', '""People are now using co-ownership as a way to be able to afford houses that they otherwise wouldn\'t be able to afford.', 'So, it\'s not just happening in the vacation home space,"" said Allison.']",0.1709373374093423,"""Pacaso is also adding a new suite of services to help primary homebuyers access the home-sharing model.","""We operate in more than 40 markets nationwide and in only a handful are we misunderstood,"" argued Allison. """,0.5203466150495741,"""Our owners who have resold have benefited from about 10% appreciation above and beyond what they paid for the underlying home previously.","Home prices are high, interest rates are high, so it's really difficult for people to afford the home of their dreams.",2024-03-31
Amgen wants in on the booming weight loss drug market — and it's taking a different approach,https://www.cnbc.com/2024/03/24/amgen-aims-to-enter-weight-loss-drug-market-with-a-new-approach.html,2024-03-25T17:03:02+0000,"In this articleAmgen is taking a new approach as it tries to stand out in a crowded field of drugmakers racing to develop the next blockbuster weight loss drug.The biotech company is testing an injectable treatment that helps people lose weight differently from the existing injections from Novo Nordisk and Eli Lilly, and other obesity medicines in development. Amgen's treatment, called MariTide, also appears to help patients keep weight off after they stop taking it.  The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market. It's too early to say how competitive Amgen will be in the budding weight loss drug space, which Novo Nordisk and Eli Lilly have so far dominated.Some analysts expect the market could be worth $100 billion by the end of the decade, potentially leaving room for new competitors to enter. Goldman Sachs also projects that between 10 million and 70 million Americans will be taking weight loss drugs by 2028.The available data on Amgen's injectable drug is promising, but it's from a small, early-stage clinical trial. The Thousand Oaks, California-based company also is developing an oral medicine and other treatments for obesity, but has disclosed few details about them. Investors and health experts will likely get a better idea of Amgen's prospects later this year: The drugmaker expects to release initial data from an ongoing mid-stage trial on MariTide, along with phase one data on its obesity pill. It's also unclear whether Amgen's treatments will be cheaper than the existing weight loss drugs, which cost around $1,000 per month.Wegovy from Novo Nordisk and Zepbound from Eli Lilly lead a new class of obesity treatments that has drawn unrelenting patient demand — and investor interest — despite their hefty price tags and limited insurance coverage. Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.  Amgen's drug offers a new twist on weight loss. Much like Wegovy and Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite. But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it. Wegovy does not target GIP, which suppresses appetite like GLP-1 but may also improve how the body breaks down sugar and fat.Amgen's decision to tamp down rather than boost GIP activity is based on genetics research suggesting that blocking the receptor is linked to lower fat mass and body weight, company executives have said. That appears to contradict how Zepbound works. Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial.But Amgen's MartiTide also was effective in a small, early-stage study. Patients given the highest dose of Amgen's drug — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published last month in the journal Nature Metabolism. There's a broader debate among researchers about why both approaches – blocking and activating GIP – are effective at promoting weight loss. One theory is that repeatedly activating the GIP receptor, as Zepbound does, ultimately causes the body to ""self-regulate"" itself and make sure there isn't too much GIP activity, said Dr. Caroline Apovian, a director of the Center for Weight Management and Wellness at Brigham and Women's Hospital.That decreases GIP activity overall, which is thought to essentially mimic what Amgen's drug achieves when it blocks the GIP receptor. But Apovian cautioned that ""none of this is proven"" and more data is needed.Amgen's treatment may be better at helping people maintain weight loss than competitors, even though patients take it less frequently, early-stage trial data suggests.Amgen's study enrolled 110 patients with obesity but not diabetes. Patients in one group were randomly assigned to receive a single dose of the drug and were followed for 150 days, while a second group was given a dose every four weeks for three months. Patients who received a single shot of the highest dose of MariTide lost up to 8.2% of their body weight after 92 days. That suggests a single injection of the drug has a prolonged weight loss effect, according to the study authors. In the group that received multiple doses of the drug, patients appeared to maintain their maximum weight loss until around two months after their last dose. Their body weight started to slowly return after that. Still, their weight was as much as 11.2% lower five months after they received the last dose. ""We think meaningful weight loss is already 5%. If you take Amgen's drug, lose 14.5%, stop the drug and still have 11.2% weight loss after a few months, that's significant,"" said Dr. Holly Lofton, director of the Weight Management Program at NYU Langone Health and an obesity medicine physician. But she pointed out the need to study the treatment in a larger group of people. The sustained weight loss in Amgen's study appears to contrast with results seen in clinical trials on Zepbound and Wegovy. Patients in those studies saw their weight rebound sooner after stopping the injections. The frequency of Amgen's drug also sets it apart. Those on Wegovy or Zepbound have to take doses weekly, compared with the once-monthly MariTide. Amgen's trial used monthly dosing in part because patients saw sustained weight loss whether they had a single injection or multiple shots of the company's drug, according to the study authors. Amgen's treatment also can stay in the body for much longer than current therapies like Wegovy and Zepbound because it includes a monoclonal antibody, the authors added. Amgen's MariTide ""has that advantage where it's just going to last a lot longer. Even if you give a high dose, you're still going to have drug exposure in the body for a month or two months, so that clearly shows you don't need to take it every week,"" William Blair & Company analyst Matt Phipps told CNBC.Phipps said people typically don't want to get injections often, so some patients could prefer a monthly shot like Amgen's MariTide for a disease that will likely require chronic treatment. But he noted that a patient's choice may also depend on whether the level of weight loss and side effects of Amgen's drug end up being on par with those of the existing weekly injections. Amgen's ongoing phase two trial is exploring whether patients can take its drug even less frequently than once a month. Amgen's longer-term phase two study on nearly 600 patients will provide more clarity on how competitive MariTide will be against Wegovy and Zepbound. The company is exploring which dose strength and schedule is best for patients. It expects to release initial trial results later this year. Some analysts have said the phase two trial could help address several questions, including how well patients tolerate the treatment at different dose regimens.The 52-week study is testing 11 different patient groups at a variety of dosing levels and regimens. That includes starting some patients at a lower dose of a drug and gradually increasing it until they reach a higher target dose. That dose escalation could help reduce side effects that some patients experienced after taking their first dose of MariTide in the phase one trial, according to Phipps.In that trial, the safety and side effects of Amgen's drug were similar to other GLP-1 medications. Nausea and vomiting were the most commonly reported side effects, and typically lasted for about 72 hours. Four out of eight patients in a group receiving the highest dose of the treatment withdrew before getting a second shot after reporting mild gastrointestinal issues, according to the study. But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month. ""It's a little early to jump to the conclusion that the drug won't be tolerated by patients based on this phase one data,"" William Blair & Company's Phipps said.Another part of Amgen's phase two trial will also examine weight loss beyond 52 weeks, which will provide a clearer picture of how long the drug is effective.",CNBC,25/03/2024,"['In this articleAmgen is taking a new approach as it tries to stand out in a crowded field of drugmakers racing to develop the next blockbuster weight loss drug.', 'The biotech company is testing an injectable treatment that helps people lose weight differently from the existing injections from Novo Nordisk and Eli Lilly, and other obesity medicines in development.', ""Amgen's treatment, called MariTide, also appears to help patients keep weight off after they stop taking it."", 'The drugmaker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market.', ""It's too early to say how competitive Amgen will be in the budding weight loss drug space, which Novo Nordisk and Eli Lilly have so far dominated."", 'Some analysts expect the market could be worth $100 billion by the end of the decade, potentially leaving room for new competitors to enter.', ""Goldman Sachs also projects that between 10 million and 70 million Americans will be taking weight loss drugs by 2028.The available data on Amgen's injectable drug is promising, but it's from a small, early-stage clinical trial."", 'The Thousand Oaks, California-based company also is developing an oral medicine and other treatments for obesity, but has disclosed few details about them.', ""Investors and health experts will likely get a better idea of Amgen's prospects later this year: The drugmaker expects to release initial data from an ongoing mid-stage trial on MariTide, along with phase one data on its obesity pill."", ""It's also unclear whether Amgen's treatments will be cheaper than the existing weight loss drugs, which cost around $1,000 per month."", 'Wegovy from Novo Nordisk and Zepbound from Eli Lilly lead a new class of obesity treatments that has drawn unrelenting patient demand — and investor interest — despite their hefty price tags and limited insurance coverage.', 'Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.', ""Amgen's drug offers a new twist on weight loss."", ""Much like Wegovy and Zepbound, one part of Amgen's treatment activates a gut hormone receptor called GLP-1 to help regulate a person's appetite."", ""But while Zepbound activates a second hormone receptor called GIP, Amgen's drug blocks it."", 'Wegovy does not target GIP, which suppresses appetite like GLP-1 but may also improve how the body breaks down sugar and fat.', ""Amgen's decision to tamp down rather than boost GIP activity is based on genetics research suggesting that blocking the receptor is linked to lower fat mass and body weight, company executives have said."", 'That appears to contradict how Zepbound works.', ""Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial."", ""But Amgen's MartiTide also was effective in a small, early-stage study."", ""Patients given the highest dose of Amgen's drug — 420 milligrams — every month lost 14.5% of their body weight on average in just 12 weeks, according to data from the phase one trial published last month in the journal Nature Metabolism."", ""There's a broader debate among researchers about why both approaches – blocking and activating GIP – are effective at promoting weight loss."", 'One theory is that repeatedly activating the GIP receptor, as Zepbound does, ultimately causes the body to ""self-regulate"" itself and make sure there isn\'t too much GIP activity, said Dr. Caroline Apovian, a director of the Center for Weight Management and Wellness at Brigham and Women\'s Hospital.', ""That decreases GIP activity overall, which is thought to essentially mimic what Amgen's drug achieves when it blocks the GIP receptor."", 'But Apovian cautioned that ""none of this is proven"" and more data is needed.', ""Amgen's treatment may be better at helping people maintain weight loss than competitors, even though patients take it less frequently, early-stage trial data suggests."", ""Amgen's study enrolled 110 patients with obesity but not diabetes."", 'Patients in one group were randomly assigned to receive a single dose of the drug and were followed for 150 days, while a second group was given a dose every four weeks for three months.', 'Patients who received a single shot of the highest dose of MariTide lost up to 8.2% of their body weight after 92 days.', 'That suggests a single injection of the drug has a prolonged weight loss effect, according to the study authors.', 'In the group that received multiple doses of the drug, patients appeared to maintain their maximum weight loss until around two months after their last dose.', 'Their body weight started to slowly return after that.', 'Still, their weight was as much as 11.2% lower five months after they received the last dose.', '""We think meaningful weight loss is already 5%.', 'If you take Amgen\'s drug, lose 14.5%, stop the drug and still have 11.2% weight loss after a few months, that\'s significant,"" said Dr. Holly Lofton, director of the Weight Management Program at NYU Langone Health and an obesity medicine physician.', 'But she pointed out the need to study the treatment in a larger group of people.', ""The sustained weight loss in Amgen's study appears to contrast with results seen in clinical trials on Zepbound and Wegovy."", 'Patients in those studies saw their weight rebound sooner after stopping the injections.', ""The frequency of Amgen's drug also sets it apart."", 'Those on Wegovy or Zepbound have to take doses weekly, compared with the once-monthly MariTide.', ""Amgen's trial used monthly dosing in part because patients saw sustained weight loss whether they had a single injection or multiple shots of the company's drug, according to the study authors."", ""Amgen's treatment also can stay in the body for much longer than current therapies like Wegovy and Zepbound because it includes a monoclonal antibody, the authors added."", 'Amgen\'s MariTide ""has that advantage where it\'s just going to last a lot longer.', 'Even if you give a high dose, you\'re still going to have drug exposure in the body for a month or two months, so that clearly shows you don\'t need to take it every week,"" William Blair & Company analyst Matt Phipps told CNBC.Phipps said people typically don\'t want to get injections often, so some patients could prefer a monthly shot like Amgen\'s MariTide for a disease that will likely require chronic treatment.', ""But he noted that a patient's choice may also depend on whether the level of weight loss and side effects of Amgen's drug end up being on par with those of the existing weekly injections."", ""Amgen's ongoing phase two trial is exploring whether patients can take its drug even less frequently than once a month."", ""Amgen's longer-term phase two study on nearly 600 patients will provide more clarity on how competitive MariTide will be against Wegovy and Zepbound."", 'The company is exploring which dose strength and schedule is best for patients.', 'It expects to release initial trial results later this year.', 'Some analysts have said the phase two trial could help address several questions, including how well patients tolerate the treatment at different dose regimens.', 'The 52-week study is testing 11 different patient groups at a variety of dosing levels and regimens.', 'That includes starting some patients at a lower dose of a drug and gradually increasing it until they reach a higher target dose.', 'That dose escalation could help reduce side effects that some patients experienced after taking their first dose of MariTide in the phase one trial, according to Phipps.', ""In that trial, the safety and side effects of Amgen's drug were similar to other GLP-1 medications."", 'Nausea and vomiting were the most commonly reported side effects, and typically lasted for about 72 hours.', 'Four out of eight patients in a group receiving the highest dose of the treatment withdrew before getting a second shot after reporting mild gastrointestinal issues, according to the study.', 'But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month.', '""It\'s a little early to jump to the conclusion that the drug won\'t be tolerated by patients based on this phase one data,"" William Blair & Company\'s Phipps said.', ""Another part of Amgen's phase two trial will also examine weight loss beyond 52 weeks, which will provide a clearer picture of how long the drug is effective.""]",0.0559512895439434,The company is exploring which dose strength and schedule is best for patients.,"But no other patients stopped taking the drug due to adverse events across any of the different dosing groups, Amgen Chief Medical Officer Paul Burton said during a conference earlier this month.",0.7454101455708345,Eli Lilly's approach has proven successful: The treatment helped patients with obesity lose up to 22.5% of their weight after 72 weeks in a late-stage trial.,"Eli Lilly and Novo Nordisk have also struggled to offer enough supply of their treatments, which could give other companies a chance to win market share.",2024-03-31
Opinion: The drama around Sam Altman is an urgent warning,https://edition.cnn.com/2023/11/21/opinions/sam-altman-openai-ouster-danger-filipovic/index.html,"
  Published
        9:50 AM EST, Tue November 21, 2023
    ","The biggest tech news this week is the ouster of Sam Altman from his role as CEO of OpenAI, a move that has shaken the company and the industry. Hundreds of OpenAI employees have threatened to resign. Altman has already moved on to a role at Microsoft. And OpenAI, the company behind ChatGPT, is on its third CEO in as many days.
    
            It’s all very juicy. But this drama should also be raising larger questions, far beyond one company’s internal hirings and firings, including: Who are the people making the decisions that will determine so much of our technological future? What guiding principles are they using to make those decisions? And how should other institutions – governments, non-tech industries, global alliances, regulatory bodies – reign in the worst excesses of potentially dangerous AI innovators?
    
            OpenAI was founded as a nonprofit, with an explicit mission to harness what may soon be superhuman intelligence “to benefit humanity as a whole.” But that sensibility hasn’t lasted. The company now has a multi-billion-dollar for-profit arm. They have been developing new technologies at lightning speed, and sometimes sending them out to the public before some employees believed they were ready. The company has already reportedly invented an AI technology so dangerous they will never release it – but they also won’t tell reporters or the public exactly what it is.
    
            This dynamic – a potentially dangerous technology developed at extreme speed, largely behind closed doors – is partly to blame for Altman’s firing. The OpenAI board, according to CNN’s David Goldman, worried that “the company was making the technological equivalent of a nuclear bomb, and its caretaker, Sam Altman, was moving so fast that he risked a global catastrophe.” At particular issue seemed to be Altman’s efforts to make the tools behind ChatGPT available to anyone who wanted to make their own version of the chatbot. This could be widely disastrous, some board members worried.
    
            But then they fired him without warning, and apparently without involving Microsoft, the company’s largest shareholder. Now, Altman is at the new AI group at Microsoft, and one has to wonder if the oversight and caution there will be on par with that at OpenAI, or if he’ll be handed carte blanche to push as fast and hard as he wants. And for all the justified reticence of the OpenAI board, the company has carried out much of its work in secrecy – without the public really understanding what a handful of unaccountable technologists are building, and how it is nearly guaranteed to indelibly change their lives.
    
            AI is broadly understood to have the potential to reshape vast swaths of human existence. At the very least, it seems nearly guaranteed to change how we process information, how we communicate, how we learn and how we work (and if we work). And the ramifications could be much more extreme. AI technologies have already demonstrated the ability to lie and to cover their tracks. They have already been able to suggest the design to make a virus spread more quickly. Many researchers acutely understand just how quickly these machines could develop the capacity to annihilate us, including Altman: He has a prepper’s paradise prepared in Big Sur, complete with guns and “gas masks from the Israeli Defense Force” in case AI goes off the rails and the robots go to war against humans, according to reporting in the New Yorker.
    
            But don’t worry, he told an Atlantic reporter: If AI is determined to wipe us out, “no gas mask is helping anyone.” (If you want an excellent and terrifying rundown of AI’s risks – at least those we understand right now, which are almost certainly a mere sliver of the looming perils – the Atlantic profile of Altman and his technology is worth a read).
    
            AI is very exciting technology. But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”
    
            Given the life-altering potential of AI – that even if it doesn’t kill us all, it will almost certainly change human existence in unprecedented ways at unprecedented speed – we all have a stake in how it’s being developed. And yet the development is being left to a handful of people (who seem to be largely men) in Silicon Valley, and other tech pockets around the globe. And we all have a stake in whose interests AI will serve – and right now, its development is being funded with billions of dollars by people expecting to make a huge profit.
    
            Do the interests of the public align with the interests of the shareholders to whom profit-driven, potentially tremendously lucrative-for-a-few companies are beholden? Or with the interests of tech entrepreneurs who are primarily excited about being at the forefront of the AI revolution, regardless of the potential human costs?
    
            One thing is clear: AI is coming. And how it is built and unleashed on the public matters more than perhaps any technology of the past century. It is, indeed, up there with the atom bomb in its destructive potential – except likely more difficult to regulate and control.
    
            “Regulation” does not begin to scratch the surface of what’s needed to make sure that the AI future is not a catastrophic one, especially since the development of AI is now a massive international arms race, with particularly horrific implications if bad actors develop this technology first. But regulation is, at minimum, a necessary step.
    
            So is transparency: In the US, companies have wide leverage to work behind a veil of secrecy, and much of what AI companies do is kept secret to stymy competition. But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.
    
            The Altman story is fascinating because Altman is the most powerful figure in AI technology, which in effect makes him one of the most powerful men in the world. But that should give us pause: Who is he, what power does he hold, what is he doing with it, who does he answer to, and are we comfortable with this much life-altering potential being held by a few unaccountable people?",CNN,21/11/2023,"['The biggest tech news this week is theousterof Sam Altman from his role as CEO of OpenAI, a move that has shaken the company and the industry.', 'Hundreds of OpenAI employees have threatened toresign.', 'Altman has alreadymoved onto a role at Microsoft.', 'And OpenAI, the company behind ChatGPT, is on itsthird CEOin as many days.', 'It’s all very juicy.', 'But this drama should also be raising larger questions, far beyond one company’s internal hirings and firings, including: Who are the people making the decisionsthat will determine so much of our technological future?', 'What guiding principles are they using to make those decisions?', 'And how should other institutions – governments, non-tech industries, global alliances, regulatory bodies – reign in the worst excesses of potentially dangerous AI innovators?', 'OpenAI was founded as a nonprofit, with an explicit mission to harness what may soon be superhuman intelligence “to benefit humanity as a whole.”', 'But that sensibility hasn’t lasted.', 'The company now has a multi-billion-dollar for-profit arm.', 'They have been developing new technologies at lightning speed, and sometimes sending them out to the publicbefore some employees believed they were ready.', 'The company has already reportedly invented an AI technology so dangerous they will never release it – but they alsowon’t tellreporters or the public exactly what it is.', 'This dynamic – a potentially dangerous technology developed at extreme speed, largely behind closed doors – is partly to blame for Altman’s firing.', 'The OpenAI board, according toCNN’s David Goldman, worried that “the company was making the technological equivalent of a nuclear bomb, and its caretaker, Sam Altman, was moving so fast that he risked a global catastrophe.”', 'At particular issue seemed to be Altman’s efforts to make the tools behind ChatGPT available to anyone who wanted to make their own version of the chatbot.', 'This could be widely disastrous, some board members worried.', 'But then they fired him without warning, and apparently without involving Microsoft, the company’s largest shareholder.', 'Now, Altman is at the new AI group at Microsoft, and one has to wonder if the oversight and caution there will be on par with that at OpenAI, or if he’ll be handed carte blanche to push as fast and hard as he wants.', 'And for all the justified reticence of the OpenAI board, the company has carried out much of its work in secrecy – without the public really understanding what a handful of unaccountable technologists are building, and how it is nearly guaranteed to indelibly change their lives.', 'AI is broadly understood to have the potential to reshape vast swaths of human existence.', 'At the very least, it seems nearly guaranteed to change how we process information, how we communicate, how we learn and how we work (and if we work).', 'And the ramifications could be much more extreme.', 'AI technologies have already demonstrated the abilityto lie and to cover their tracks.', 'They have already been able tosuggest the designto make a virus spread more quickly.', 'Many researchersacutely understandjust how quickly these machines could develop the capacity to annihilate us, including Altman: He has a prepper’s paradise prepared in Big Sur, complete with guns and “gas masks from the Israeli Defense Force” in case AI goes off the rails and the robots go to war against humans,according to reporting in the New Yorker.', 'But don’t worry, he told an Atlantic reporter: If AI is determined to wipe us out, “no gas mask is helping anyone.” (', 'If you want an excellent and terrifying rundown of AI’s risks – at least those we understand right now, which are almost certainly a mere sliver of the looming perils –the Atlantic profile of Altman and his technologyis worth a read).', 'AI is very exciting technology.', 'But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”', 'Given the life-altering potential of AI – that even if it doesn’t kill us all, it will almost certainly change human existence in unprecedented ways at unprecedented speed – we all have a stake in how it’s being developed.', 'And yet the development is being left to a handful of people (who seem to belargelymen) in Silicon Valley, and other tech pockets around the globe.', 'And we all have a stake in whose interests AI will serve – and right now, its development is being funded with billions of dollars by people expecting to make a huge profit.', 'Do the interests of the public align with the interests of the shareholders to whom profit-driven, potentially tremendously lucrative-for-a-few companies are beholden?', 'Or with the interests of tech entrepreneurs who are primarily excited about being at the forefront of the AI revolution, regardless of the potential human costs?', 'One thing is clear: AI is coming.', 'And how it is built and unleashed on the public matters more than perhaps any technology of the past century.', 'It is, indeed, up there with the atom bomb in its destructive potential – except likely more difficult to regulate and control.', '“Regulation” does not begin to scratch the surface of what’s needed to make sure that the AI future is not a catastrophic one, especially since the development of AI is now a massive international arms race, with particularly horrific implications if bad actors develop this technology first.', 'But regulation is, at minimum, a necessary step.', 'So is transparency: In the US, companies have wide leverage to work behind a veil of secrecy, and much of what AI companies do is kept secret to stymy competition.', 'But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.', 'The Altman story is fascinating because Altman is the most powerful figure in AI technology, which in effect makes him one of the most powerful men in the world.', 'But that should give us pause: Who is he, what power does he hold, what is he doing with it, who does he answer to, and are we comfortable with this much life-altering potential being held by a few unaccountable people?']",0.0034737194649936,"But the public certainly has a right to understand what life-altering technologies are set to be inflicted upon us, and what the creators are doing to protect humanity – our jobs, our communities, our families, our connections, our educations and our abilities to build a life of purpose, but also our lives and our safety.","But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”",-0.2999434590339661,AI technologies have already demonstrated the abilityto lie and to cover their tracks.,"But it is also a potentially very dangerous one, and not in the social media sense of “it may give us bad self-esteem and make us lonelier” but in the sense of “it could break down human societies and kill us all.”",2024-03-31
Airlines are roaring back in places you might not expect,https://www.bbc.co.uk/news/business-68573429,2024-03-29T00:44:48.000Z,"When India's Tata Group bought the country's national airline, it was welcomed as something of a miracle.  Air India had been mired in debt and under-funded state management for decades. No-one wanted even a piece of the iconic but loss-making carrier. But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened. They were right. The rebound is well and truly under way and air travel is off to a roaring start in 2024. There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike. But it is a different story on the other side of the world in Asia. ""If we look at the size of the opportunity in India, it's already the world's most populous country,"" Air India's chief executive Campbell Wilson told the BBC at a recent aviation event in Singapore. ""It has the geographic advantage... connecting regions of the world together. And it is a hugely underserved market."" By 2042, India's domestic aviation market is expected to be five times the size it was in 2019, with Indians taking around 685 million trips every year, according to plane maker Airbus. That would make the South Asian nation one of the world's fastest-growing civil aviation markets, and third after China and the United States.  It is not just India. By the middle of the century, Indonesia, which now ranks 13th globally in passenger numbers, is predicted to jump to the fourth spot, analysts say. Air travel is also expected to boom in the Philippines, Thailand and Vietnam in the coming decades. They are all emerging economies with young, growing populations that can afford to spend on travel. And it is showing: global air traffic jumped by 16% over the last year. But in Asia, the increase was almost twice as much, according to industry figures. Governments in these places are also investing in infrastructure to improve connectivity, which is essential in vast archipelagos like Indonesia and the Philippines. China, of course, is an obvious market - despite its currently sluggish economy, its travellers have emerged from zero-Covid rules to return to holidaying. Beijing is now offering visa-free travel to citizens of certain countries and some nations, like Thailand and Singapore, are reciprocating. ""We are pleased that people are beginning to travel out of China. It is probably one of the last countries to come back big in travel,"" says Glenn Fogel, chief executive of online travel agency Booking.com. But airlines are looking for alternative markets because of China's slowing economy, the uncertainty of doing business there and a fall in consumer spending. Enter the Philippines. ""Asia is a very exciting place to be - the Philippines is one of the most exciting places to be. Great opportunity there,"" says Michael Szucs, chief executive of the Philippine budget carrier Cebu Pacific.  The airline struggled through the pandemic without government support. And like many competitors around the world, it is also facing groundings over faulty Pratt & Whitney engines.  But it has seen a revival in the last two years, expanding and cornering more than half of its domestic market. A new Philippine government is also helping - it is privatising the international airport in Manila and plans to add runways throughout the archipelago to receive larger and more aircraft. Mr Szucs has high hopes for the country of around 115 million people, where per capita spending is rising: ""We've got an increasingly educated population that is relatively young, it's growing, with an increasing propensity to travel."" India, on the other hand, is a trickier market to conquer. Air India faces a stiff domestic rival in Indigo, and a daunting challenge in matching Emirates and Qatar Airways, which regularly rank among the world's best airlines. But the successful salt-to-software conglomerate Tata has started to turn the ailing carrier around. The company has already spent millions of dollars investing in new planes, new branding and restructuring old and inefficient systems. Now it wants to consolidate its five airlines - three Air India subsidiaries, and two joint ventures, Air Asia India and Vistara (with Singapore Airlines). The goal: a highly regarded airline for international flyers, and a reliable low-cost option for domestic passengers. Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s. He believes winning the international market is key but will need ""connecting more cities around the world nonstop with India"" - and that will involve starting more routes and, of course, buying more aircraft. The company has already gone on a buying spree. It ordered more than 200 Boeing Max 8 and Max 10s in one of the largest airline deals in aviation history. But the Max family of planes is under scrutiny since a door plug blew off a 737 Max 9 plane mid-flight in the US, sparking concerns about the already delayed Max 10 model. This was after two deadly crashes in 2018 and 2019 because of flawed flight control software. The crisis at Boeing over its safety record has also seen the resignation of its chief executive Dave Calhoun.  ""When we have concerns, we raise it at the highest levels, including with Boeing,"" Mr Campbell said.  Mr Wilson sees Air India's future in turning India into a global transit hub, much like Dubai or Singapore. That might be a challenge given that some long-haul routes, especially to Europe, are yet to be reinstated after the pandemic.Meanwhile, travellers in these countries are choosing to fly within East and South East Asia, driving up air traffic in the region. But that could also be an opportunity for Air India, and for Delhi given that some South East Asian capitals are lagging behind other international aviation hubs like Singapore, Hong Kong and Dubai. The industry, however, is upbeat because the pandemic is over, people are flying again and economies are bouncing back. ""The fact is people like to travel,"" Mr Fogel said. ""As long as economies are growing, we know that travel is going to grow a little bit faster. And our job is to try and get a bigger part of that growing pie."" ",BBC,29/03/2024,"[""When India's Tata Group bought the country's national airline, it was welcomed as something of a miracle."", 'Air India had been mired in debt and under-funded state management for decades.', 'No-one wanted even a piece of the iconic but loss-making carrier.', 'But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened.', 'They were right.', 'The rebound is well and truly under way and air travel is off to a roaring start in 2024.', 'There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike.', 'But it is a different story on the other side of the world in Asia. ""', 'If we look at the size of the opportunity in India, it\'s already the world\'s most populous country,"" Air India\'s chief executive Campbell Wilson told the BBC at a recent aviation event in Singapore. ""', 'It has the geographic advantage... connecting regions of the world together.', 'And it is a hugely underserved market.""', ""By 2042, India's domestic aviation market is expected to be five times the size it was in 2019, with Indians taking around 685 million trips every year, according to plane maker Airbus."", ""That would make the South Asian nation one of the world's fastest-growing civil aviation markets, and third after China and the United States."", 'It is not just India.', 'By the middle of the century, Indonesia, which now ranks 13th globally in passenger numbers, is predicted to jump to the fourth spot, analysts say.', 'Air travel is also expected to boom in the Philippines, Thailand and Vietnam in the coming decades.', 'They are all emerging economies with young, growing populations that can afford to spend on travel.', 'And it is showing: global air traffic jumped by 16% over the last year.', 'But in Asia, the increase was almost twice as much, according to industry figures.', 'Governments in these places are also investing in infrastructure to improve connectivity, which is essential in vast archipelagos like Indonesia and the Philippines.', 'China, of course, is an obvious market - despite its currently sluggish economy, its travellers have emerged from zero-Covid rules to return to holidaying.', 'Beijing is now offering visa-free travel to citizens of certain countries and some nations, like Thailand and Singapore, are reciprocating. ""', 'We are pleased that people are beginning to travel out of China.', 'It is probably one of the last countries to come back big in travel,"" says Glenn Fogel, chief executive of online travel agency Booking.com.', ""But airlines are looking for alternative markets because of China's slowing economy, the uncertainty of doing business there and a fall in consumer spending."", 'Enter the Philippines. ""', 'Asia is a very exciting place to be - the Philippines is one of the most exciting places to be.', 'Great opportunity there,"" says Michael Szucs, chief executive of the Philippine budget carrier Cebu Pacific.', 'The airline struggled through the pandemic without government support.', 'And like many competitors around the world, it is also facing groundings over faulty Pratt & Whitney engines.', 'But it has seen a revival in the last two years, expanding and cornering more than half of its domestic market.', 'A new Philippine government is also helping - it is privatising the international airport in Manila and plans to add runways throughout the archipelago to receive larger and more aircraft.', 'Mr Szucs has high hopes for the country of around 115 million people, where per capita spending is rising: ""We\'ve got an increasingly educated population that is relatively young, it\'s growing, with an increasing propensity to travel.""', 'India, on the other hand, is a trickier market to conquer.', ""Air India faces a stiff domestic rival in Indigo, and a daunting challenge in matching Emirates and Qatar Airways, which regularly rank among the world's best airlines."", 'But the successful salt-to-software conglomerate Tata has started to turn the ailing carrier around.', 'The company has already spent millions of dollars investing in new planes, new branding and restructuring old and inefficient systems.', 'Now it wants to consolidate its five airlines - three Air India subsidiaries, and two joint ventures, Air Asia India and Vistara (with Singapore Airlines).', 'The goal: a highly regarded airline for international flyers, and a reliable low-cost option for domestic passengers.', ""Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s."", 'He believes winning the international market is key but will need ""connecting more cities around the world nonstop with India"" - and that will involve starting more routes and, of course, buying more aircraft.', 'The company has already gone on a buying spree.', 'It ordered more than 200 Boeing Max 8 and Max 10s in one of the largest airline deals in aviation history.', 'But the Max family of planes is under scrutiny since a door plug blew off a 737 Max 9 plane mid-flight in the US, sparking concerns about the already delayed Max 10 model.', 'This was after two deadly crashes in 2018 and 2019 because of flawed flight control software.', 'The crisis at Boeing over its safety record has also seen the resignation of its chief executive Dave Calhoun. ""', 'When we have concerns, we raise it at the highest levels, including with Boeing,"" Mr Campbell said.', ""Mr Wilson sees Air India's future in turning India into a global transit hub, much like Dubai or Singapore."", 'That might be a challenge given that some long-haul routes, especially to Europe, are yet to be reinstated after the pandemic.', 'Meanwhile, travellers in these countries are choosing to fly within East and South East Asia, driving up air traffic in the region.', 'But that could also be an opportunity for Air India, and for Delhi given that some South East Asian capitals are lagging behind other international aviation hubs like Singapore, Hong Kong and Dubai.', 'The industry, however, is upbeat because the pandemic is over, people are flying again and economies are bouncing back. ""', 'The fact is people like to travel,"" Mr Fogel said. ""', 'As long as economies are growing, we know that travel is going to grow a little bit faster.', 'And our job is to try and get a bigger part of that growing pie.""']",0.1502218964280805,"Mr Wilson hopes to restore Air India's glory - it was India's first airline, started by the Tatas in the 1930s and rebranded as Air India and nationalised in the 1950s.","But a deal was struck in 2021, just as the world was emerging from the pandemic - and airlines were betting big on revenge travel once borders reopened.",0.434835198852751,And it is showing: global air traffic jumped by 16% over the last year.,"There have been warnings of slower growth in the US, where spending is expected to plateau after a post-pandemic spike.",2024-03-31
The U.S. is the top country for millionaires and billionaires,https://www.cnbc.com/2024/03/22/the-us-is-the-top-country-for-millionaires-and-billionaires.html,2024-03-22T16:57:55+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The U.S. has rapidly overwhelmed China as the world's top spot for millionaires and billionaires, according a new report.  There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to the 2024 USA Wealth Report from Henley & Partners and New World Wealth.Over the past five years, the population of millionaires in the U.S. has grown 35%, nearly twice as fast as China's. The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018.The divergence grows even more at the top of the wealth ladder. The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352. The U.S. has about 788 billionaires to China's 305.""The USA remains the world's undisputed leader in private wealth creation and accumulation,"" according to the report.Dominic Volek, group head of private clients at Henley, said the strict Covid lockdowns in China coupled with increases in its government intervention in the private sector have slowed the growth in wealth creation.""China has certainly slowed a lot due to these elements and the U.S. has benefited,"" he said.The shift from China to the U.S. is also reflected in wealth migration patterns. A net 13,500 Chinese millionaires left China in 2023, marking a new record. The U.S. had a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to the Henley report.""The USA remains a top draw for wealthy tech entrepreneurs and engineers, especially from Asia, Europe, and the UK,"" the report said. America's leadership in wealth creation is spilling over into spending and investing. A report from UBS and Art Basel finds that the U.S. is the leader in global art sales, accounting for 42% of sales by value. The U.S. also leads the world in sales of the highest-priced works.Bain now predicts that China will account for only 35% to 40% of global luxury goods consumption by 2030, up only slightly from current levels. Overall luxury spending in China is about 40% below where it was in 2019, according to Bain. Luxury sales in the U.S. last year totaled $80 billion, to China’s $52 billion, Bain found.While analysts and economists say China will still be a major source of luxury and wealth growth in the coming years, the U.S. has become both the dominant market and source of growth for the high-net-worth economy.""The wealth creation opportunities in the U.S. are second to none globally,"" Volek said.Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,22/03/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', ""The U.S. has rapidly overwhelmed China as the world's top spot for millionaires and billionaires, according a new report."", 'There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to the 2024 USA Wealth Report from Henley & Partners and New World Wealth.', ""Over the past five years, the population of millionaires in the U.S. has grown 35%, nearly twice as fast as China's."", ""The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018.The divergence grows even more at the top of the wealth ladder."", ""The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352."", 'The U.S. has about 788 billionaires to China\'s 305.""The USA remains the world\'s undisputed leader in private wealth creation and accumulation,"" according to the report.', 'Dominic Volek, group head of private clients at Henley, said the strict Covid lockdowns in China coupled with increases in its government intervention in the private sector have slowed the growth in wealth creation.', '""China has certainly slowed a lot due to these elements and the U.S. has benefited,"" he said.', 'The shift from China to the U.S. is also reflected in wealth migration patterns.', 'A net 13,500 Chinese millionaires left China in 2023, marking a new record.', 'The U.S. had a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to the Henley report.', '""The USA remains a top draw for wealthy tech entrepreneurs and engineers, especially from Asia, Europe, and the UK,"" the report said.', ""America's leadership in wealth creation is spilling over into spending and investing."", 'A report from UBS and Art Basel finds that the U.S. is the leader in global art sales, accounting for 42% of sales by value.', 'The U.S. also leads the world in sales of the highest-priced works.', 'Bain now predicts that China will account for only 35% to 40% of global luxury goods consumption by 2030, up only slightly from current levels.', 'Overall luxury spending in China is about 40% below where it was in 2019, according to Bain.', 'Luxury sales in the U.S. last year totaled $80 billion, to China’s $52 billion, Bain found.', 'While analysts and economists say China will still be a major source of luxury and wealth growth in the coming years, the U.S. has become both the dominant market and source of growth for the high-net-worth economy.', '""The wealth creation opportunities in the U.S. are second to none globally,"" Volek said.', ""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.""]",0.3810456003682411,"There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to the 2024 USA Wealth Report from Henley & Partners and New World Wealth.",,0.5784277379512787,"The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018.The divergence grows even more at the top of the wealth ladder.","Overall luxury spending in China is about 40% below where it was in 2019, according to Bain.",2024-03-31
Bankers jailed for interest rate rigging lose appeal,https://www.bbc.co.uk/news/business-68595204,2024-03-27T11:49:04.000Z,"Two former bankers found guilty of rigging key interest rates have had their appeal against their convictions dismissed by the Court of Appeal. Tom Hayes and Carlo Palombo were among 37 City traders prosecuted for manipulating rate benchmarks, Libor and Euribor. Both men spent time in prison before being released in 2021. Their case went before the Appeal Court after a judge in the US overturned similar convictions there. The convictions hinged on whether the traders acted dishonestly by influencing the setting of key Libor and Euribor interest rates, or whether it was normal practice at the time. In the original trial, Mr Hayes, who worked as a trader for UBS and then Citigroup, was described as the ""ringmaster"" of a plot to ensure Libor, a key interest rate, was set at levels that would benefit his own trades. Mr Hayes, now 44, who has been diagnosed with autism, has spent the last nine years trying to overturn his conviction. He succeeded in reducing his original 15-year jail sentence to 11 years, of which he served half. In the US, rate rigging convictions, including for Mr Hayes, have been overturned after an appeal court said the US government had failed to provide evidence the traders had said anything false or broken any rules. The cases of Mr Hayes and Mr Palombo were referred back to the UK Court of Appeal last year by the Criminal Cases Review Commission on the basis that the courts might prefer the view of the US judges. But Lord Justice Bean, the lead judge on the appeal panel, said the US judgment ""is not, and could not be, relevant"" to the issues in English law. Lawyers for Mr Hayes and Mr Palombo had raised concerns that judges had decided whether their conduct was permitted, but this should have been for the jury to decide. This was also dismissed. The traders say they will now apply to take their cases to the Supreme Court.   Mr Palombo, who worked for Barclays, was convicted of seeking to influence where the Euribor interest rate was set to suit his trading positions. The scandal around the setting of Libor and Euribor broke in 2012 just after the financial crisis, as a light was shone on the workings of the City of London. The subsequent prosecutions in London and New York focused the blame on individual traders. Juries were shown messages in which the traders had jokily discussed how easy it was to influence where the rate was set, for example, a message from Mr Hayes suggesting you just needed to offer the colleague responsible a Mars Bar. Banks have paid $9bn in fines for manipulating Libor and Euribor but no senior executive has ever been prosecuted. The UK is currently the only jurisdiction in the world that treats what traders did as criminal. The BBC revealed evidence last year that indicated that central banks including the Bank of England and the central banks of France, Italy, Spain and the US intervened on a large scale in the setting of Libor and Euribor. ",BBC,27/03/2024,"['Two former bankers found guilty of rigging key interest rates have had their appeal against their convictions dismissed by the Court of Appeal.', 'Tom Hayes and Carlo Palombo were among 37 City traders prosecuted for manipulating rate benchmarks, Libor and Euribor.', 'Both men spent time in prison before being released in 2021.', 'Their case went before the Appeal Court after a judge in the US overturned similar convictions there.', 'The convictions hinged on whether the traders acted dishonestly by influencing the setting of key Libor and Euribor interest rates, or whether it was normal practice at the time.', 'In the original trial, Mr Hayes, who worked as a trader for UBS and then Citigroup, was described as the ""ringmaster"" of a plot to ensure Libor, a key interest rate, was set at levels that would benefit his own trades.', 'Mr Hayes, now 44, who has been diagnosed with autism, has spent the last nine years trying to overturn his conviction.', 'He succeeded in reducing his original 15-year jail sentence to 11 years, of which he served half.', 'In the US, rate rigging convictions, including for Mr Hayes, have been overturned after an appeal court said the US government had failed to provide evidence the traders had said anything false or broken any rules.', 'The cases of Mr Hayes and Mr Palombo were referred back to the UK Court of Appeal last year by the Criminal Cases Review Commission on the basis that the courts might prefer the view of the US judges.', 'But Lord Justice Bean, the lead judge on the appeal panel, said the US judgment ""is not, and could not be, relevant"" to the issues in English law.', 'Lawyers for Mr Hayes and Mr Palombo had raised concerns that judges had decided whether their conduct was permitted, but this should have been for the jury to decide.', 'This was also dismissed.', 'The traders say they will now apply to take their cases to the Supreme Court.', 'Mr Palombo, who worked for Barclays, was convicted of seeking to influence where the Euribor interest rate was set to suit his trading positions.', 'The scandal around the setting of Libor and Euribor broke in 2012 just after the financial crisis, as a light was shone on the workings of the City of London.', 'The subsequent prosecutions in London and New York focused the blame on individual traders.', 'Juries were shown messages in which the traders had jokily discussed how easy it was to influence where the rate was set, for example, a message from Mr Hayes suggesting you just needed to offer the colleague responsible a Mars Bar.', 'Banks have paid $9bn in fines for manipulating Libor and Euribor but no senior executive has ever been prosecuted.', 'The UK is currently the only jurisdiction in the world that treats what traders did as criminal.', 'The BBC revealed evidence last year that indicated that central banks including the Bank of England and the central banks of France, Italy, Spain and the US intervened on a large scale in the setting of Libor and Euribor.']",-0.0080207692713227,"In the original trial, Mr Hayes, who worked as a trader for UBS and then Citigroup, was described as the ""ringmaster"" of a plot to ensure Libor, a key interest rate, was set at levels that would benefit his own trades.","The scandal around the setting of Libor and Euribor broke in 2012 just after the financial crisis, as a light was shone on the workings of the City of London.",0.9327704310417176,"He succeeded in reducing his original 15-year jail sentence to 11 years, of which he served half.",,2024-03-31
ESPN’s model is eroding. Past and present execs are split on how it can protect its dominance,https://www.cnbc.com/2024/03/21/espn-executives-talk-streaming-plans-in-cnbc-documentary.html,2024-03-21T19:22:22+0000,"In this articleDisney's ESPN is at a crossroads.For more than 40 years, the world's largest all-sports network has grown annual revenue by increasing cable subscription fees. ESPN first charged pay-TV distributors less than $1 per month per subscriber in the 1980s. In 2023, ESPN's monthly carriage fee was $9.42 per subscriber, according to data from S&P Global Market Intelligence.That business model is eroding. Since 2013, tens of millions of Americans have canceled their cable TV subscriptions, raising questions about ESPN's future in an increasingly fragmented media landscape. CNBC spoke with multiple current and former Disney and ESPN executives about the network's path ahead as part of the digital documentary ""ESPN's Fight for Dominance.""ESPN reported domestic and international revenue grew just 1% to $4.4 billion in its most recent fiscal quarter. The network can no longer rely on price increases to make up the difference as the number of cable customers declines.The company has a new two-part streaming plan to reinvigorate growth. First, this fall, Disney will make ESPN available outside the traditional cable TV bundle for the first time as part of a joint venture with Warner Bros. Discovery and Fox. The service, which does not yet have a price, will target noncable customers who want to watch sports but don't want to pay $80 or $100 a month for a full bundle of networks.Second, in fall 2025 ESPN will launch its flagship streaming service that will include everything ESPN has to offer, both live and on demand. It will include unprecedented personalization and will interact with ESPN Bet, the company's licensed online sportsbook, and fantasy sports to cater to younger fans. The product will go well beyond ESPN+, which exists as a $10.99 streaming service that doesn't include ESPN's most expensive programming, such as all of ""Monday Night Football.""""The industry is in a transition phase right now,"" ESPN Chairman Jimmy Pitaro said in an interview as part of CNBC's documentary.""We're seeing declines in the traditional ecosystem, cable and satellite universe,"" Pitaro said. ""There's a transition to digital. That is by far the biggest component of our future.""Pitaro and head of programming Roz Durant defended ESPN's growth plan to CNBC, while former Disney and ESPN executives Bob Chapek, John Skipper and Mark Shapiro noted the so-called Worldwide Leader in Sports faces multiple potential obstacles while it charts its path forward.Watch the documentary for the full story.",CNBC,21/03/2024,"[""In this articleDisney's ESPN is at a crossroads."", ""For more than 40 years, the world's largest all-sports network has grown annual revenue by increasing cable subscription fees."", 'ESPN first charged pay-TV distributors less than $1 per month per subscriber in the 1980s.', ""In 2023, ESPN's monthly carriage fee was $9.42 per subscriber, according to data from S&P Global Market Intelligence."", 'That business model is eroding.', ""Since 2013, tens of millions of Americans have canceled their cable TV subscriptions, raising questions about ESPN's future in an increasingly fragmented media landscape."", 'CNBC spoke with multiple current and former Disney and ESPN executives about the network\'s path ahead as part of the digital documentary ""ESPN\'s Fight for Dominance.', '""ESPN reported domestic and international revenue grew just 1% to $4.4 billion in its most recent fiscal quarter.', 'The network can no longer rely on price increases to make up the difference as the number of cable customers declines.', 'The company has a new two-part streaming plan to reinvigorate growth.', 'First, this fall, Disney will make ESPN available outside the traditional cable TV bundle for the first time as part of a joint venture with Warner Bros. Discovery and Fox.', ""The service, which does not yet have a price, will target noncable customers who want to watch sports but don't want to pay $80 or $100 a month for a full bundle of networks."", 'Second, in fall 2025 ESPN will launch its flagship streaming service that will include everything ESPN has to offer, both live and on demand.', ""It will include unprecedented personalization and will interact with ESPN Bet, the company's licensed online sportsbook, and fantasy sports to cater to younger fans."", 'The product will go well beyond ESPN+, which exists as a $10.99 streaming service that doesn\'t include ESPN\'s most expensive programming, such as all of ""Monday Night Football.', '""""The industry is in a transition phase right now,"" ESPN Chairman Jimmy Pitaro said in an interview as part of CNBC\'s documentary.', '""We\'re seeing declines in the traditional ecosystem, cable and satellite universe,"" Pitaro said. ""', ""There's a transition to digital."", 'That is by far the biggest component of our future.', '""Pitaro and head of programming Roz Durant defended ESPN\'s growth plan to CNBC, while former Disney and ESPN executives Bob Chapek, John Skipper and Mark Shapiro noted the so-called Worldwide Leader in Sports faces multiple potential obstacles while it charts its path forward.', 'Watch the documentary for the full story.']",0.0337630750174359,The company has a new two-part streaming plan to reinvigorate growth.,ESPN first charged pay-TV distributors less than $1 per month per subscriber in the 1980s.,0.0013536512851715,"""ESPN reported domestic and international revenue grew just 1% to $4.4 billion in its most recent fiscal quarter.","""We're seeing declines in the traditional ecosystem, cable and satellite universe,"" Pitaro said. """,2024-03-31
The wealth of the 1% just hit a record $44 trillion,https://www.cnbc.com/2024/03/28/wealth-of-the-1percent-hits-a-record-44-trillion.html,2024-03-28T20:32:39+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge. Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%. Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect."" When consumers and investors see their stock holdings soar, they feel more confident spending and taking more risk.""The wealth effect from surging stock prices is a powerful tailwind to consumer confidence, spending and broader economic growth,"" said Mark Zandi, chief economist of Moody's Analytics. ""Of course, this highlights a vulnerability of the economy if the stock market were to falter. This isn't the most likely scenario, but it is a scenario given that stocks appear richly (over) valued.""Yet, the latest report also highlights how top-heavy stock ownership remains in the U.S. According to the Fed report, the top 10% of Americans own 87% of individually held stocks and mutual funds. The top 1% own half of all individually held stocks.Economists say a rising stock market brings outsized benefits to the wealthy, mainly boosting the high end of the consumer and spending markets. The wealth of middle-class and lower-income Americans depends more on wages and home values than stocks.""Those households in the top one-third of the income distribution and who own the bulk of the stock holdings account for approximately two-thirds of consumer spending,"" Zandi said.  Liz Ann Sonders, chief investment strategist at Charles Schwab, said stocks represent a growing share of the assets of the top 1%. Stocks accounted for 37.8% of the overall share of household assets for the top 1% at the end of 2023, up from a recent low of 36.5%.Yet because the wealthy don't need to spend as much of their gains – a phenomenon known as the marginal propensity to consume – Sonders said the added stock wealth for the 1% may not have a substantial impact on the consumer economy.She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.""While the bump in stock prices might link to stronger confidence, it doesn't necessarily point to stronger spending at the higher end,"" she said.With the S&P 500 already up 10% this year, it is likely that the wealth of the upper echelon has already topped the record at the end of 2023. While inequality declined slightly in 2021 and 2022, as wages increased and housing prices surged, the wealth gap has since crept back to pre-pandemic levels.The top 1% accounted for 30% of the nation's wealth at the end of the fourth quarter, while the top 10% accounted for 67% of all wealth.Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.",CNBC,28/03/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.', 'The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter.', 'All of the gains came from their stock holdings.', 'The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.', 'While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.', 'The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge.', 'Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%.', 'Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect.""', 'When consumers and investors see their stock holdings soar, they feel more confident spending and taking more risk.', '""The wealth effect from surging stock prices is a powerful tailwind to consumer confidence, spending and broader economic growth,"" said Mark Zandi, chief economist of Moody\'s Analytics. ""', 'Of course, this highlights a vulnerability of the economy if the stock market were to falter.', ""This isn't the most likely scenario, but it is a scenario given that stocks appear richly (over) valued."", '""Yet, the latest report also highlights how top-heavy stock ownership remains in the U.S. According to the Fed report, the top 10% of Americans own 87% of individually held stocks and mutual funds.', 'The top 1% own half of all individually held stocks.', 'Economists say a rising stock market brings outsized benefits to the wealthy, mainly boosting the high end of the consumer and spending markets.', 'The wealth of middle-class and lower-income Americans depends more on wages and home values than stocks.', '""Those households in the top one-third of the income distribution and who own the bulk of the stock holdings account for approximately two-thirds of consumer spending,"" Zandi said.', 'Liz Ann Sonders, chief investment strategist at Charles Schwab, said stocks represent a growing share of the assets of the top 1%.', ""Stocks accounted for 37.8% of the overall share of household assets for the top 1% at the end of 2023, up from a recent low of 36.5%.Yet because the wealthy don't need to spend as much of their gains – a phenomenon known as the marginal propensity to consume – Sonders said the added stock wealth for the 1% may not have a substantial impact on the consumer economy."", 'She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.', '""While the bump in stock prices might link to stronger confidence, it doesn\'t necessarily point to stronger spending at the higher end,"" she said.', 'With the S&P 500 already up 10% this year, it is likely that the wealth of the upper echelon has already topped the record at the end of 2023.', 'While inequality declined slightly in 2021 and 2022, as wages increased and housing prices surged, the wealth gap has since crept back to pre-pandemic levels.', ""The top 1% accounted for 30% of the nation's wealth at the end of the fourth quarter, while the top 10% accounted for 67% of all wealth."", ""Sign up to receive future editions of CNBC's Inside Wealth newsletter with Robert Frank.""]",0.5776866630399407,"Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.Economists say the rising stock market is giving an added boost to consumer spending through what is known as the ""wealth effect.""","Of course, this highlights a vulnerability of the economy if the stock market were to falter.",0.6448096387526568,The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge.,"She noted that consumer confidence among those making more than $125,000 a year has been in ""secular decline"" since 2017, according to the Conference Board.",2024-03-31
"Here's how much people are willing to spend on weight loss drugs, according to a new survey",https://www.cnbc.com/2024/03/23/weight-loss-drug-cost-how-much-people-are-willing-to-spend.html,2024-03-23T14:11:27+0000,"In this articleDemand for weight loss drugs is booming in the U.S. despite their limited insurance coverage and roughly $1,000 monthly price tags before discounts. But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.That's according to a recent survey from Evercore ISI focused on GLP-1s, a new class of medications used to treat Type 2 diabetes and obesity. Between Jan. 24 and Feb. 20, the firm surveyed more than 600 participants who are currently taking a GLP-1, considering the therapy or have taken it in the past but no longer do. The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.GLP-1s include Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes counterpart Ozempic, along with Eli Lilly's popular weight loss treatment Zepbound and diabetes injection Mounjaro. A monthly package of a GLP-1 costs between $900 and $1,350 before insurance and other rebates. Both Novo Nordisk and Eli Lilly have savings programs that aim to reduce out-of-pocket costs for weight loss drugs, regardless of whether a patient has commercial insurance coverage. The majority — nearly 60% — of people surveyed with annual incomes of more than $250,000 said the maximum price they are willing to pay out of pocket for a GLP-1 is more than $300 per month. Only about 4% of people with annual incomes of less than $75,000 said the same thing. Of that group, 64% said the maximum price they are willing to pay out of pocket for a GLP-1 is $50 per month or less. The maximum people currently on a GLP-1 said they are willing to pay out of pocket per month was roughly in line with what they actually paid for treatment, according to the survey. The highest price respondents would accept paying skewed lower among those who used to take a GLP-1 or are thinking of taking the drug. More than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket. Nearly 75% of those who used to take one of the drugs said they spent the same amount. A small share of both groups paid more than $750 out of pocket per month for a GLP-1.The survey also asked respondents how long they stayed on the drugs.Notably, more than 80% of those who used to take a treatment were only on a therapy for 12 months or less. Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.That premature stoppage by some patients is one concern of certain insurers hesitant to cover them.Still, nearly half of people who are currently taking GLP-1s said they intend to stay on the drugs permanently. Only 10% of those thinking of taking a treatment said the same thing. Of that group, more than 70% said they intend to stay on a GLP-1 until they reach their weight loss goal.The survey also asked participants whether they would restart taking a GLP-1 if they regain weight after stopping the drug. The majority of patients across all groups — those currently on a GLP-1, thinking of it, or who used to take one — said ""yes."" Among those who used to take a GLP-1, 42% said they gained ""some"" weight back after stopping treatment. Around 13% said they gained most of it back, while 23% said they gained all of it back. Another 23% said they remained at a lower weight after stopping the drug.That weight regain is consistent with what has been observed in some clinical trials on drugs such as Wegovy and Zepbound.Another part of the survey asked participants about whether taking a GLP-1 affected their eating and drinking habits. More than 70% of respondents reporting eating less when taking a GLP-1, regardless of whether they have pre-existing conditions. That refers to other health problems, such as diabetes, asthma or high blood pressure.The survey finding is no surprise: GLP-1s work by mimicking a hormone produced in the gut to suppress a person's appetite and regulate blood sugar. Some treatments, such as Zepbound, mimic more than one gut hormone.More than half of those without preexisting conditions said they drank less alcohol when taking a GLP-1. Around 27% said the treatment had no effect on their alcohol consumption, while 22% said they abstain from drinking. A greater share — 51% — of those with preexisting conditions said they abstain from alcohol. The remainder said they consumed less alcohol when taking a GLP-1. Several studies have demonstrated that certain GLP-1s curb alcohol intake in rodents and monkeys. But more research is needed in humans.-- CNBC's Gabriel Cortés contributed to this report",CNBC,23/03/2024,"['In this articleDemand for weight loss drugs is booming in the U.S. despite their limited insurance coverage and roughly $1,000 monthly price tags before discounts.', 'But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.', ""That's according to a recent survey from Evercore ISI focused on GLP-1s, a new class of medications used to treat Type 2 diabetes and obesity."", 'Between Jan. 24 and Feb. 20, the firm surveyed more than 600 participants who are currently taking a GLP-1, considering the therapy or have taken it in the past but no longer do.', 'The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.', ""GLP-1s include Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes counterpart Ozempic, along with Eli Lilly's popular weight loss treatment Zepbound and diabetes injection Mounjaro."", 'A monthly package of a GLP-1 costs between $900 and $1,350 before insurance and other rebates.', 'Both Novo Nordisk and Eli Lilly have savings programs that aim to reduce out-of-pocket costs for weight loss drugs, regardless of whether a patient has commercial insurance coverage.', 'The majority — nearly 60% — of people surveyed with annual incomes of more than $250,000 said the maximum price they are willing to pay out of pocket for a GLP-1 is more than $300 per month.', 'Only about 4% of people with annual incomes of less than $75,000 said the same thing.', 'Of that group, 64% said the maximum price they are willing to pay out of pocket for a GLP-1 is $50 per month or less.', 'The maximum people currently on a GLP-1 said they are willing to pay out of pocket per month was roughly in line with what they actually paid for treatment, according to the survey.', 'The highest price respondents would accept paying skewed lower among those who used to take a GLP-1 or are thinking of taking the drug.', 'More than half of people currently taking a GLP-1 said they are paying a monthly price of $50 or less out of pocket.', 'Nearly 75% of those who used to take one of the drugs said they spent the same amount.', 'A small share of both groups paid more than $750 out of pocket per month for a GLP-1.The survey also asked respondents how long they stayed on the drugs.', 'Notably, more than 80% of those who used to take a treatment were only on a therapy for 12 months or less.', 'Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.', 'That premature stoppage by some patients is one concern of certain insurers hesitant to cover them.', 'Still, nearly half of people who are currently taking GLP-1s said they intend to stay on the drugs permanently.', 'Only 10% of those thinking of taking a treatment said the same thing.', 'Of that group, more than 70% said they intend to stay on a GLP-1 until they reach their weight loss goal.', 'The survey also asked participants whether they would restart taking a GLP-1 if they regain weight after stopping the drug.', 'The majority of patients across all groups — those currently on a GLP-1, thinking of it, or who used to take one — said ""yes.', '""Among those who used to take a GLP-1, 42% said they gained ""some"" weight back after stopping treatment.', 'Around 13% said they gained most of it back, while 23% said they gained all of it back.', 'Another 23% said they remained at a lower weight after stopping the drug.', 'That weight regain is consistent with what has been observed in some clinical trials on drugs such as Wegovy and Zepbound.', 'Another part of the survey asked participants about whether taking a GLP-1 affected their eating and drinking habits.', 'More than 70% of respondents reporting eating less when taking a GLP-1, regardless of whether they have pre-existing conditions.', 'That refers to other health problems, such as diabetes, asthma or high blood pressure.', ""The survey finding is no surprise: GLP-1s work by mimicking a hormone produced in the gut to suppress a person's appetite and regulate blood sugar."", 'Some treatments, such as Zepbound, mimic more than one gut hormone.', 'More than half of those without preexisting conditions said they drank less alcohol when taking a GLP-1.', 'Around 27% said the treatment had no effect on their alcohol consumption, while 22% said they abstain from drinking.', 'A greater share — 51% — of those with preexisting conditions said they abstain from alcohol.', 'The remainder said they consumed less alcohol when taking a GLP-1.Several studies have demonstrated that certain GLP-1s curb alcohol intake in rodents and monkeys.', ""But more research is needed in humans.-- CNBC's Gabriel Cortés contributed to this report""]",0.0154064542037785,But some patients are willing to pay more out of pocket for those treatments than others — and that desire is strongly correlated to their annual income.,"Some people stopped due to cost, while others stopped a treatment because they hit their weight loss goal or experienced side effects.",0.2664940953254699,"Around 13% said they gained most of it back, while 23% said they gained all of it back.",The findings on how much patients are willing to spend underscore concerns about equity in access to the breakthrough drugs while insurance coverage is sparse.,2024-03-31
Home Depot is acquiring specialty distributor SRS for $18.25 billion in huge bet on growing pro sales,https://www.cnbc.com/2024/03/28/home-depot-acquiring-srs-distribution-for-18point25-billion-to-grow-pro-sales.html,2024-03-28T14:44:53+0000,"In this articleHome Depot on Thursday said it is acquiring SRS Distribution in an $18.25 billion deal, the latest and largest sign of its ambitions to drive sales by winning more business from contractors, roofers and other home professionals.The home improvement retailer expects the acquisition to close this fiscal year, which ends in late January. It said it will finance the deal through cash on hand and debt.Home Depot already draws half of its business from pros, while the other half comes from do-it-yourself customers. With the deal, the Atlanta-based company is making yet another push to gain the customers who tackle complex and lucrative construction jobs, particularly as homeowners pull back on DIY projects. That was one of the priorities that Home Depot leaders laid out for this year. It's also why the company has been opening a growing network of distribution centers that can stock large quantities of items that pros need, such as lumber or shingles, and deliver them directly to a job site.The acquisition is the largest in Home Depot's history.In an interview with CNBC, CEO Ted Decker described the deal as ""a complementary accelerator"" to its efforts to attract more pros. He said the deal increases Home Depot's total addressable market by $50 billion.SRS Distribution sells supplies to professionals in the landscaping, pool and roofing businesses. It's owned by two private equity firms, Leonard Green & Partners and Berkshire Partners.The McKinney, Texas-based company has approximately 11,000 employees and 760 branches across 47 states. It also has a fleet of 4,000 delivery trucks and a dedicated salesforce that caters to the home pros, Decker said.The acquisition adds to other recent deals that the retailer has made in the pro space. They include the approximately $8 billion acquisition of HD Supply, a national distributor of maintenance, repair and operations products in the multifamily and hospitality markets, in 2020. Last year, it also made two other acquisitions for undisclosed amounts: International Designs Group, which owns Construction Resources, a distributor of surfaces, appliances and other products that sells to home pros; and Temco, an appliance delivery and installation company.Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions.""With the separate customer base, different channels, different purchase occasions, we feel good that this will go through,"" he said.The acquisition is expected to be dilutive to Home Depot's earnings per share due to amortization, but accretive in terms of cash earnings per share in the first year after the deal closes.Home Depot has leaned into the pro business as its growth stagnates. The retailer, a major beneficiary of pandemic trends, has dealt with moderating sales as consumers take on fewer home projects and spend more on grocery bills and experiences. Over the past few quarters, customers have bought fewer big-ticket items and tackled smaller, less pricey projects. Decker said last month on an earnings call that Home Depot would focus on opening new stores, attracting more pro sales and trying to make customers' shopping experience more seamless.Home Depot plans to open a dozen new stores during the fiscal year. It recently announced it will open four distribution centers that help support sales to pros. The acquisition comes after the home improvement retailer said last month that it expects slower sales trends to continue. It said it anticipates total sales for the full year will grow about 1%, including an additional week in the fiscal year. Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January. It has about 465,000 employees. As of Wednesday's close, shares of Home Depot are up about 11% this year. That's slightly ahead of the 10% gains of the S&P 500. Home Depot's stock closed at $385.89 on Wednesday, bringing its market value to about $382 billion.",CNBC,28/03/2024,"['In this articleHome Depot on Thursday said it is acquiring SRS Distribution in an $18.25 billion deal, the latest and largest sign of its ambitions to drive sales by winning more business from contractors, roofers and other home professionals.', 'The home improvement retailer expects the acquisition to close this fiscal year, which ends in late January.', 'It said it will finance the deal through cash on hand and debt.', 'Home Depot already draws half of its business from pros, while the other half comes from do-it-yourself customers.', 'With the deal, the Atlanta-based company is making yet another push to gain the customers who tackle complex and lucrative construction jobs, particularly as homeowners pull back on DIY projects.', 'That was one of the priorities that Home Depot leaders laid out for this year.', ""It's also why the company has been opening a growing network of distribution centers that can stock large quantities of items that pros need, such as lumber or shingles, and deliver them directly to a job site."", ""The acquisition is the largest in Home Depot's history."", 'In an interview with CNBC, CEO Ted Decker described the deal as ""a complementary accelerator"" to its efforts to attract more pros.', ""He said the deal increases Home Depot's total addressable market by $50 billion."", 'SRS Distribution sells supplies to professionals in the landscaping, pool and roofing businesses.', ""It's owned by two private equity firms, Leonard Green & Partners and Berkshire Partners."", 'The McKinney, Texas-based company has approximately 11,000 employees and 760 branches across 47 states.', 'It also has a fleet of 4,000 delivery trucks and a dedicated salesforce that caters to the home pros, Decker said.', 'The acquisition adds to other recent deals that the retailer has made in the pro space.', 'They include the approximately $8 billion acquisition of HD Supply, a national distributor of maintenance, repair and operations products in the multifamily and hospitality markets, in 2020.', 'Last year, it also made two other acquisitions for undisclosed amounts:International Designs Group, which owns Construction Resources, a distributor of surfaces, appliances and other products that sells to home pros; and Temco, an appliance delivery and installation company.', ""Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions."", '""With the separate customer base, different channels, different purchase occasions, we feel good that this will go through,"" he said.', ""The acquisition is expected to be dilutive to Home Depot's earnings per share due to amortization, but accretive in terms of cash earnings per share in the first year after the deal closes."", 'Home Depot has leaned into the pro business as its growth stagnates.', 'The retailer, a major beneficiary of pandemic trends, has dealt with moderating sales as consumers take on fewer home projects and spend more on grocery bills and experiences.', 'Over the past few quarters, customers have bought fewer big-ticket items and tackled smaller, less pricey projects.', ""Decker said last month on an earnings call that Home Depot would focus on opening new stores, attracting more pro sales and trying to make customers' shopping experience more seamless."", 'Home Depot plans to open a dozen new stores during the fiscal year.', 'It recently announced it will open four distribution centers that help support sales to pros.', 'The acquisition comes after the home improvement retailer said last month that it expects slower sales trends to continue.', 'It said it anticipates total sales for the full year will grow about 1%, including an additional week in the fiscal year.', 'Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.', 'It has about 465,000 employees.', ""As of Wednesday's close, shares of Home Depot are up about 11% this year."", ""That's slightly ahead of the 10% gains of the S&P 500."", ""Home Depot's stock closed at $385.89 on Wednesday, bringing its market value to about $382 billion.""]",0.2337286943129077,"Decker said he's confident the deal will get approved by federal regulators, even as they increase scrutiny of mergers and acquisitions.","Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.",0.5671585641409221,"As of Wednesday's close, shares of Home Depot are up about 11% this year.","Yet it expects comparable sales, which take out the effect of store openings and closures and do not include the additional week, to drop by about 1%.Home Depot had a total of 2,335 stores across the U.S., Mexico and Canada as of the end of the fiscal year in late January.",2024-03-31
Largest U.S. sportsbooks join forces to tackle problem gambling,https://www.cnbc.com/2024/03/27/largest-us-sportsbooks-join-forces-to-tackle-problem-gambling.html,2024-03-27T16:54:22+0000,"In this articleSeven of the nation's largest gaming companies are joining forces to create a trade group to promote responsible gaming, and for the first time ever, will share information about problem gamblers.The seven operators — FanDuel, DraftKings, BetMGM, Penn Entertainment, Fanatics Betting & Gaming, Hard Rock Digital and bet365 — will form the Responsible Online Gaming Association, or ROGA, the group announced Wednesday.The members account for more than 85% of the legal online betting market in the United States. Collectively they have pledged more than $20 million to fund ROGA.""I'm incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.The new group will also create an independent clearinghouse, or database, that will allow them to share key information related to protection of consumers, though the details on how it would work aren't yet clear.ROGA says it will create a certification program to assess members' responsible gaming efforts and provide an incentive for operators to participate.The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018. Thirty-eight states and Washington, D.C., now offer legal sports wagering.This year, a record number of Americans bet on the Super Bowl. Online transactions totaled nearly 15,000 per second, doubling last year's peak, according to geolocating platform GeoComply.But as gambling has become more mainstream — and as advertising for sportsbooks spans television, streaming and social feeds — so, too, have headlines involving betting scandals and sports.In recent days, Los Angeles Dodgers superstar Shohei Ohtani has found himself at the center of a $4 million betting scandal involving his interpreter and an illegal bookie. Ohtani insists he's never bet on sports. The NBA is investigating Toronto Raptors player Jontay Porter for irregularities around wagering. And U.S. Integrity, a tech firm working to combat illicit betting in college sports, flagged anomalies around the betting lines for Temple University men's basketball games.A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry. There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction.An estimated 2 million U.S. adults meet the criteria for a severe gambling problem, according to the National Council on Problem Gambling. Another 5 million to 8 million U.S. adults are considered to have a mild or moderate gambling problem.Problem gambling prompted regulatory crackdowns in Europe and especially in the United Kingdom over the last couple years, impacting sportsbooks' profitability and changing the way they conduct business.There has been a concerted effort in the United States for the gambling industry to police itself and ward off harsher regulatory frameworks.U.S. Rep. Paul Tonko of New York is introducing national legislation that would crack down on what he calls ""a public health crisis."" Tonko's ""Supporting Affordability and Fairness with Every Bet Act,"" which he introduced last week, would regulate gambling advertising, limit the number and size of deposits, and restrict how artificial intelligence is deployed to acquire customers.""Your going to have a lot more people saturated with this opportunity, with all these clever concepts of bonus bets, free bets and celebrity spokespersons,"" Tonko told CNBC.An influx of gamblers will result in a dramatic increase in the number of people struggling with addiction, he said.Some states have slapped operators with fines over gaming violations. In August, Maryland fined DraftKings $94,000 for marketing to underage players. PrizePicks reached a $15 million settlement in New York for operating illegally. In Indiana, the gaming commission fined FanDuel after eight people used illegally obtained debit cards to fund their betting accounts, causing ""great harm"" to partners on shared bank accounts, according to the Indiana Gaming Commission Chairman Milton Thompson.Some gambling insiders are skeptical of ROGA, suspicious of what they consider a marketing stunt to address a public relations problem.Caesars, which is noticeably absent from the group founding ROGA, told CNBC it's learned best practices from 35 years grappling with responsible gaming.""While we applaud all efforts to ensure online gaming is both operated and marketed in a responsible manner, we are confident in our [own] Responsible Gaming approach,"" the company said in a statement.Caesars said it's solely focused on the 21-and-older crowd and does not permit anyone younger than that to sign up for a Caesars rewards account, even in states like Rhode Island or Kentucky where 18-year-olds are permitted to wager.Many fantasy sports and social betting platforms that operate on a sweepstakes model permit players 18 and older, and many of Caesars' competitors allow 18-and-up customers to play fantasy sports. Some, too, allow sports betting in that age group in the few states that permit it.But the industry is working to better insulate its youngest and most vulnerable customers.The American Gaming Association launched last March an agreement aimed at providing college-aged students protections against the marketing and advertising of sports betting.Peter Jackson, CEO of Flutter, the parent company of FanDuel, said responsible gaming comes down to good business. Yet, he warns that as legal operators come together to improve responsible gambling, the illegal marketplace will always be willing to take wagers from problem gamblers.""I urge the state regulators to help us by clamping down on some of those black market operators,"" Jackson told CNBC.",CNBC,27/03/2024,"[""In this articleSeven of the nation's largest gaming companies are joining forces to create a trade group to promote responsible gaming, and for the first time ever, will share information about problem gamblers."", 'The seven operators — FanDuel, DraftKings, BetMGM, Penn Entertainment, Fanatics Betting & Gaming, Hard Rock Digital and bet365 — will form the Responsible Online Gaming Association, or ROGA, the group announced Wednesday.', 'The members account for more than 85% of the legal online betting market in the United States.', 'Collectively they have pledged more than $20 million to fund ROGA.""I\'m incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.', ""The new group will also create an independent clearinghouse, or database, that will allow them to share key information related to protection of consumers, though the details on how it would work aren't yet clear."", ""ROGA says it will create a certification program to assess members' responsible gaming efforts and provide an incentive for operators to participate."", 'The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018.', 'Thirty-eight states and Washington, D.C., now offer legal sports wagering.', 'This year, a record number of Americans bet on the Super Bowl.', ""Online transactions totaled nearly 15,000 per second, doubling last year's peak, according to geolocating platform GeoComply."", 'But as gambling has become more mainstream — and as advertising for sportsbooks spans television, streaming and social feeds — so, too, have headlines involving betting scandals and sports.', 'In recent days, Los Angeles Dodgers superstar Shohei Ohtani has found himself at the center of a $4 million betting scandal involving his interpreter and an illegal bookie.', ""Ohtani insists he's never bet on sports."", 'The NBA is investigating Toronto Raptors player Jontay Porter for irregularities around wagering.', ""And U.S. Integrity, a tech firm working to combat illicit betting in college sports, flagged anomalies around the betting lines for Temple University men's basketball games."", 'A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry.', ""There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction."", 'An estimated 2 million U.S. adults meet the criteria for a severe gambling problem, according to the National Council on Problem Gambling.', 'Another 5 million to 8 million U.S. adults are considered to have a mild or moderate gambling problem.', ""Problem gambling prompted regulatory crackdowns in Europe and especially in the United Kingdom over the last couple years, impacting sportsbooks' profitability and changing the way they conduct business."", 'There has been a concerted effort in the United States for the gambling industry to police itself and ward off harsher regulatory frameworks.', 'U.S. Rep. Paul Tonko of New York is introducing national legislation that would crack down on what he calls ""a public health crisis.""', 'Tonko\'s ""Supporting Affordability and Fairness with Every Bet Act,"" which he introduced last week, would regulate gambling advertising, limit the number and size of deposits, and restrict how artificial intelligence is deployed to acquire customers.', '""Your going to have a lot more people saturated with this opportunity, with all these clever concepts of bonus bets, free bets and celebrity spokespersons,"" Tonko told CNBC.An influx of gamblers will result in a dramatic increase in the number of people struggling with addiction, he said.', 'Some states have slapped operators with fines over gaming violations.', 'In August, Maryland fined DraftKings $94,000 for marketing to underage players.', 'PrizePicks reached a $15 million settlement in New York for operating illegally.', 'In Indiana, the gaming commission fined FanDuel after eight people used illegally obtained debit cards to fund their betting accounts, causing ""great harm"" to partners on shared bank accounts, according to the Indiana Gaming Commission Chairman Milton Thompson.', 'Some gambling insiders are skeptical of ROGA, suspicious of what they consider a marketing stunt to address a public relations problem.', ""Caesars, which is noticeably absent from the group founding ROGA, told CNBC it's learned best practices from 35 years grappling with responsible gaming."", '""While we applaud all efforts to ensure online gaming is both operated and marketed in a responsible manner, we are confident in our [own] Responsible Gaming approach,"" the company said in a statement.', ""Caesars said it's solely focused on the 21-and-older crowd and does not permit anyone younger than that to sign up for a Caesars rewards account, even in states like Rhode Island or Kentucky where 18-year-olds are permitted to wager."", ""Many fantasy sports and social betting platforms that operate on a sweepstakes model permit players 18 and older, and many of Caesars' competitors allow 18-and-up customers to play fantasy sports."", 'Some, too, allow sports betting in that age group in the few states that permit it.', 'But the industry is working to better insulate its youngest and most vulnerable customers.', 'The American Gaming Association launched last March an agreement aimed at providing college-aged students protections against the marketing and advertising of sports betting.', 'Peter Jackson, CEO of Flutter, the parent company of FanDuel, said responsible gaming comes down to good business.', 'Yet, he warns that as legal operators come together to improve responsible gambling, the illegal marketplace will always be willing to take wagers from problem gamblers.', '""I urge the state regulators to help us by clamping down on some of those black market operators,"" Jackson told CNBC.']",0.1957878066649391,"Collectively they have pledged more than $20 million to fund ROGA.""I'm incredibly excited to move this forward and to really do some impactful things and to really expand the knowledge through the research and to create these evidence-based best practices and to really empower players with information,"" said Jennifer Shatley, executive director of ROGA.ROGA members commit to work together on issues ranging from education, responsible gaming best practices, conscientious advertising and marketing across the industry.",A result of those claims: The potential to provoke outrage and public criticism that could become an inflection point for the U.S. gambling industry.,0.0347215784223456,"The new consortium comes as sports betting, both online and in retail outlets, has seen dramatic growth across the nation since 2018.",There's also the potential for gambling's explosive growth to undermine integrity in sports and entice bettors into addiction.,2024-03-31
Viking Therapeutics stock jumps more than 15% on promising weight loss pill data,https://www.cnbc.com/2024/03/26/viking-therapeutics-weight-loss-pill-shows-positive-study-results.html,2024-03-26T20:27:20+0000,"In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.The study results add to the excitement around the drugmaker's prospects in the budding weight loss drug market.Viking is one of several small biotech companies hoping to compete with Novo Nordisk and Eli Lilly in the space, which analysts say could grow into a $100 billion market by the end of the decade. Some analysts view Viking as a particularly strong potential player, or takeover target for a larger company. Based on Tuesday's results, Viking plans to start a phase two trial of its weight loss pill later this year. The once-a-day tablet is an oral version of the company's experimental weight loss injection, which showed encouraging results in a mid-stage trial last month. Optimism about Viking's potential in the market has sent its shares flying 345% higher this year.The phase one trial for the pill followed more than 40 patients with obesity for around a month. Those people took different dose sizes of the drug or received a placebo.Viking said patients who received the pill once a day lost up to 5.3% of their weight on average, or up to 3.3% more than those who took a placebo, at 28 days. Up to 57% of patients who received Viking's pill lost at least 5% of their body weight. Meanwhile, no people who took the placebo shed that much weight, the company said. Notably, those who received higher doses of the experimental pill appeared to maintain or add to their weight loss at 34 days in the study, six days after their last dose of the drug. Weight loss for those patients ranged up to 3.6% higher than those who received a placebo. Viking CEO Brian Lian said during a conference call Tuesday that it's unclear ""how durable"" the weight loss is. Still, he noted that the sustained weight loss seen in the trial may be encouraging to patients who might miss a dose because they are traveling or don't have access to their medication. ""I think that's an encouraging sign that you don't necessarily have to take it every day,"" he said.In a release, Viking said it believes that treating patients beyond 28 days may provide ""further reductions in body weight."" The company also said the trial suggested the pill is safe and tolerable to take. The majority of side effects that patients experienced after starting the oral drug were mild in severity. The majority of gastrointestinal events that patients experienced were mild. Gastrointestinal side effects, such as nausea and vomiting, are commonly seen across all weight loss and diabetes treatments.But people who received Viking's pill did not report vomiting. Patients who took the placebo also reported diarrhea more frequently than those treated with the oral drug, the company said.Analysts have compared Viking's weight loss injection to Eli Lilly's injectable drug Zepbound because both drugs imitate two naturally produced gut hormones called GLP-1 and GIP.GLP-1 helps reduce food intake and appetite. GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.Meanwhile, Novo Nordisk's weight loss injection Wegovy only targets GLP-1.",CNBC,26/03/2024,"['In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.', ""The study results add to the excitement around the drugmaker's prospects in the budding weight loss drug market."", 'Viking is one of several small biotech companies hoping to compete with Novo Nordisk and Eli Lilly in the space, which analysts say could grow into a $100 billion market by the end of the decade.', 'Some analysts view Viking as a particularly strong potential player, or takeover target for a larger company.', ""Based on Tuesday's results, Viking plans to start a phase two trial of its weight loss pill later this year."", ""The once-a-day tablet is an oral version of the company's experimental weight loss injection, which showed encouraging results in a mid-stage trial last month."", ""Optimism about Viking's potential in the market has sent its shares flying 345% higher this year."", 'The phase one trial for the pill followed more than 40 patients with obesity for around a month.', 'Those people took different dose sizes of the drug or received a placebo.', 'Viking said patients who received the pill once a day lost up to 5.3% of their weight on average, or up to 3.3% more than those who took a placebo, at 28 days.', ""Up to 57% of patients who received Viking's pill lost at least 5% of their body weight."", 'Meanwhile, no people who took the placebo shed that much weight, the company said.', 'Notably, those who received higher doses of the experimental pill appeared to maintain or add to their weight loss at 34 days in the study, six days after their last dose of the drug.', 'Weight loss for those patients ranged up to 3.6% higher than those who received a placebo.', 'Viking CEO Brian Lian said during a conference call Tuesday that it\'s unclear ""how durable"" the weight loss is.', ""Still, he noted that the sustained weight loss seen in the trial may be encouraging to patients who might miss a dose because they are traveling or don't have access to their medication."", '""I think that\'s an encouraging sign that you don\'t necessarily have to take it every day,"" he said.', 'In a release, Viking said it believes that treating patients beyond 28 days may provide ""further reductions in body weight.', '""The company also said the trial suggested the pill is safe and tolerable to take.', 'The majority of side effects that patients experienced after starting the oral drug were mild in severity.', 'The majority of gastrointestinal events that patients experienced were mild.', 'Gastrointestinal side effects, such as nausea and vomiting, are commonly seen across all weight loss and diabetes treatments.', ""But people who received Viking's pill did not report vomiting."", 'Patients who took the placebo also reported diarrhea more frequently than those treated with the oral drug, the company said.', ""Analysts have compared Viking's weight loss injection to Eli Lilly's injectable drug Zepbound because both drugs imitate two naturally produced gut hormones called GLP-1 and GIP.GLP-1 helps reduce food intake and appetite."", 'GIP, which also suppresses appetite, may also improve how the body breaks down sugar and fat.', ""Meanwhile, Novo Nordisk's weight loss injection Wegovy only targets GLP-1.""]",0.0570222720908987,Optimism about Viking's potential in the market has sent its shares flying 345% higher this year.,"Viking CEO Brian Lian said during a conference call Tuesday that it's unclear ""how durable"" the weight loss is.",0.6855462690194448,In this articleViking Therapeutics shares closed more than 15% higher on Tuesday after the company said its experimental weight loss pill showed positive results in a small study and will enter the next stage of development later this year.,Weight loss for those patients ranged up to 3.6% higher than those who received a placebo.,2024-03-31
The home insurance market is crumbling. These owners are paying the price,https://edition.cnn.com/2024/03/29/economy/home-insurance-prices-climate-change/index.html,"
  Updated
        2:48 PM EDT, Fri March 29, 2024
    ","The home insurance market is crumbling in New Orleans, leaving Alfredo Herrera with few options for coverage — and skyrocketing insurance premiums.
    
            Herrera, 35, works in finance for a local bank. He bought his 900-square-foot home in New Orleans’ Mid-City neighborhood in 2020 for $270,000, and lives there with his partner.
    
            In 2022, he paid $1,600 a year for home insurance. But last July, his insurer canceled his coverage, saying it was leaving Louisiana.
    
            In the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem.
    
            But as climate change increases the frequency and severity of extreme weather, insurers — especially those in areas most impacted by floods and fires — are raising their premiums, or pulling out altogether, impacting the affordability and availability of home and fire insurance.
    
            Herrera shopped around for a new plan, but he struggled to find a policy. Louisiana Citizens, the insurer of last resort for property owners in the state, was out of the question. It would have cost more than $7,000 annually.
    
            Herrera eventually found a policy with a small company in the state that charged him $4,930 annually — a 208% increase from what he paid in 2022.
    
            “It’s a very difficult situation,” he said. He never imagined that when he bought his home, private insurance options would be this limited and the last resort insurer would be so expensive.
    
            “We’re against the wall,” Herrera said. “There’s no competition.”
    
            Herrera’s insurance story is common in Louisiana and other places across the country at increasingly higher risk for extreme weather.
    
            There were a record 28 weather and climate disasters with losses totaling over $1 billion last year in America, according to the National Oceanic and Atmospheric Administration. By comparison, between 1980 and 2023, the typical annual average for these events was 8.5.
    
            A Louisiana State University survey last year found that 17% of Louisiana homeowners reported their provider canceled their policy. Sixty-three percent of policyholders said the cost of their insurance coverage increased from the prior year, the survey found.
    
            There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association.
    
            The main drivers are the higher costs insurers face, including from more severe storms; higher replacement costs; and re-insurance, the type of insurance used by insurers to limit their risks. These are passed on to consumers. So even if a homeowner doesn’t live in a high-risk area, that owner is likely paying a higher premium to cover people in the riskiest places.
    
            In 2023, Neil Fernandes paid $1,700 a year for Farmers Insurance coverage for his home in Santa Clarita, California, where the 42-year-old software engineer lives with his wife and child.
    
            But last year, Farmers said it was raising his premium to $3,200. When he asked why, Farmers cited rising costs and increased fire hazards in the state. Fernandes said the fire hazards around his home haven’t changed and he lives a quarter mile from a fire station.
    
            He started shopping around for other policies, but he found limited options.
    
            Frustrated by the lack of choices, he switched to AAA home insurance for $2,880 a year.
    
            He and his family have had to change their lifestyle to cover the increase. He’s driving less to save on car insurance. They aren’t eating out as much, or traveling, and are putting off home improvement upgrades.
    
            Fernandes is challenging AAA’s assessment of his home insurance value, which he said is over-estimated.
    
            AAA did not comment to CNN.
    
            And he worries about more home insurance price shocks in the future, something he did not anticipate when he bought his home.
    
            “As a home owner, I always worry about things like paying taxes for good schools and community upkeep,” he said. “Now I have to worry about insurance coverage.”
    
            In some places most exposed to climate change, insurers have stopped issuing policies.
    
            In May, State Farm, the largest home insurer in California, announced it would pause issuing policies in that state, citing wildfire risks. Farmers Insurance deemed it too risky to continue insuring homes in Florida and pulled out of the market there entirely.
    
            On March 20, State Farm said it would not renew 72,000 home insurance policies in California, representing just over 2% of the company’s policies in the state. The company cited “inflation, catastrophe exposure [and] reinsurance costs” among the reasons.
    
            More people are being driven to the state-supported “insurer of last resort,” where they typically have to pay more money for a narrower policy. 
    
            More states are looking to start state-backed insurance providers as companies pull out.
    
            In Florida, Citizens Property Insurance has seen the number of policies it has issued rise about 50% in the last year alone to 1.3 million — equal to 16% of the market and far more than any national insurer writes in the state.
    
            The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters.
    
            But climate change isn’t the only factor driving up costs. Insurance companies also point to the rising cost of replacing homes, as inflation for building supplies and labor has soared.
    
            The insurance industry says that rebuilding and replacement costs surged 55% between 2019 and 2022. Costs have since fallen, however. And reinsurance has gone up between 30% and 40% after years of losses in the industry, according to Matthew Carletti, an insurance industry analyst for JMP Securities.
    
            Homeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance. But for those who have paid off their home or bought it with cash, the high additional costs of homeowners insurance and the challenge of getting it can lead some to take their chances without it.
    
            Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. That’s about 7.4% of all homeowners in the country, and amounts to about $1.6 trillion of unprotected value.
    
            CFA warned that the problem of uninsured homes is likely to get worse in coming years unless major investments in climate change adaptation and stronger oversight of the insurance industry are made.
    
            Diana Troxell and her husband are not sure how they will pay for their 250% annual premium increase for their manufactured home in rural Cottonwood, California. Right now, they are getting help from family to pay for groceries and gas.
    
            Troxell, 76, works seasonally as a face painter at the county fair. She and her husband rely primarily on Social Security to scrape by.
    
            They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.
    
            But Foremost last year told them their policy would not be renewed due to wildfire exposure.
    
            “We went into a shock mode,” she said. “We couldn’t figure out what to do.”
    
            They looked to sell their home and rent in California, but they couldn’t afford it.
    
            With no other insurance options available, they turned to California FAIR Plan, a state program for residents and businesses who can’t obtain insurance through a regular insurance company. In 2021, the FAIR Plan accounted for 3% of the state’s policies in 2021, nearly double the share from 2018.
    
            Now they are paying about $6,660 a year through the FAIR plan.
    
            “We’re in ‘how are we going to do this’ mode?” she said. “We’re living month to month.”
    
            CNN’s Ella Nilsen contributed to this article.",CNN,29/03/2024,"['The home insurance market is crumbling in New Orleans, leaving Alfredo Herrera with few options for coverage — and skyrocketing insurance premiums.', 'Herrera, 35, works in finance for a local bank.', 'He bought his 900-square-foot home in New Orleans’ Mid-City neighborhood in 2020 for $270,000, and lives there with his partner.', 'In 2022, he paid $1,600 a year for home insurance.', 'But last July, his insurer canceled his coverage, saying it was leaving Louisiana.', 'In the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem.', 'But as climate change increases the frequency and severity of extreme weather, insurers —especially those in areas most impacted byfloodsand fires —are raising their premiums, or pulling out altogether,impacting the affordability and availability ofhome and fire insurance.', 'Herrera shopped around for a new plan, but he struggled to find a policy.', 'Louisiana Citizens, the insurer of last resort for property owners in the state, was out of the question.', 'It would have cost more than $7,000 annually.', 'Herrera eventually found a policy with a small company in the state that charged him $4,930 annually — a 208% increase from what he paid in 2022.', '“It’s a very difficult situation,” he said.', 'He never imagined that when he bought his home, private insurance options would be this limited and the last resort insurer would be so expensive.', '“We’re against the wall,” Herrera said. “', 'There’s no competition.”', 'Herrera’s insurance story is common in Louisiana and other places across the country at increasingly higher risk for extreme weather.', 'There were a record 28 weather and climate disasters with losses totaling over $1 billion last year in America,according to the National Oceanic and Atmospheric Administration.', 'By comparison, between 1980 and 2023, the typical annual average for these events was 8.5.', 'A Louisiana State University survey last year found that 17% of Louisiana homeowners reported their provider canceled their policy.', 'Sixty-three percent of policyholders said the cost of their insurance coverage increased from the prior year, the survey found.', 'There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association.', 'The main drivers are the higher costs insurers face, including from more severe storms; higher replacement costs; and re-insurance, the type of insurance used by insurers to limit their risks.', 'These are passed on to consumers.', 'So even if a homeowner doesn’t live in a high-risk area, that owner is likely paying a higher premium to cover people in the riskiest places.', 'In 2023, Neil Fernandes paid $1,700 a year for Farmers Insurance coverage for his home in Santa Clarita, California, where the 42-year-old software engineer lives with his wife and child.', 'But last year, Farmers said it was raising his premium to $3,200.', 'When he asked why, Farmers cited rising costs and increased fire hazards in the state.', 'Fernandes said the fire hazards around his home haven’t changed and he lives a quarter mile from a fire station.', 'He started shopping around for other policies, but he found limited options.', 'Frustrated by the lack of choices, he switched to AAA home insurance for $2,880 a year.', 'He and his family have had to change their lifestyle to cover the increase.', 'He’s driving less to save on car insurance.', 'They aren’t eating out as much, or traveling, and are putting off home improvement upgrades.', 'Fernandes is challenging AAA’s assessment of his home insurance value, which he said is over-estimated.', 'AAA did not comment to CNN.', 'And he worries about more home insurance price shocks in the future, something he did not anticipate when he bought his home.', '“As a home owner, I always worry about things like paying taxes for good schools and community upkeep,” he said. “', 'Now I have to worry about insurance coverage.”', 'In some places most exposed to climate change, insurers have stopped issuing policies.', 'In May, State Farm, the largest home insurer in California, announced it would pause issuing policies in that state, citing wildfire risks.', 'Farmers Insurance deemed it too risky to continue insuring homes in Florida and pulled out of the market there entirely.', 'On March 20, State Farm said it would not renew 72,000 home insurance policies in California, representing just over 2% of the company’s policies in the state.', 'The company cited “inflation, catastrophe exposure [and] reinsurance costs” among the reasons.', 'More people are being driven to the state-supported “insurer of last resort,” where they typically have to pay more money for a narrower policy.', 'More states are looking to start state-backed insurance providers as companies pull out.', 'In Florida, Citizens Property Insurance has seen the number of policies it has issued rise about 50% in the last year alone to 1.3 million — equal to 16% of the market and far more than any national insurer writes in the state.', 'The US Senate Budget Committee is launching an investigation intowhetherFlorida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters.', 'But climate change isn’t the only factor driving up costs.', 'Insurance companies also point to the rising cost of replacing homes, as inflation for building supplies and labor has soared.', 'The insurance industry says that rebuilding and replacement costs surged 55% between 2019 and 2022.', 'Costs have since fallen, however.', 'And reinsurance has gone up between 30% and 40% after years of losses in the industry, according to Matthew Carletti, an insurance industry analyst for JMP Securities.', 'Homeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance.', 'But for those who have paid off their home or bought it with cash, the high additional costs of homeowners insurance and the challenge of getting it can lead some to take their chances without it.', 'Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America.', 'That’s about 7.4% of all homeowners in the country, and amounts to about $1.6 trillion of unprotected value.', 'CFA warned that the problem of uninsured homes is likely to get worse in coming years unless major investments in climate change adaptation and stronger oversight of the insurance industry are made.', 'Diana Troxell and her husband are not sure how they will pay for their 250% annual premium increase for their manufactured home in rural Cottonwood, California.', 'Right now, they are getting help from family to pay for groceries and gas.', 'Troxell, 76, works seasonally as a face painter at the county fair.', 'She and her husband rely primarily on Social Security to scrape by.', 'They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.', 'But Foremost last year told them their policy would not be renewed due to wildfire exposure.', '“We went into a shock mode,” she said. “', 'We couldn’t figure out what to do.”', 'They looked to sell their home and rent in California, but they couldn’t afford it.', 'With no other insurance options available, they turned to California FAIR Plan, a state program for residents and businesses who can’t obtain insurance through a regular insurance company.', 'In 2021, the FAIR Plan accounted for 3% of the state’s policies in 2021, nearly double the share from 2018.', 'Now they are paying about $6,660 a year through the FAIR plan.', '“We’re in ‘how are we going to do this’ mode?”', 'she said. “', 'We’re living month to month.”', 'CNN’s Ella Nilsen contributed to this article.']",-0.0690198957186037,"In 2021, the FAIR Plan accounted for 3% of the state’s policies in 2021, nearly double the share from 2018.","There were a record 28 weather and climate disasters with losses totaling over $1 billion last year in America,according to the National Oceanic and Atmospheric Administration.",-0.3159443587064743,"And reinsurance has gone up between 30% and 40% after years of losses in the industry, according to Matthew Carletti, an insurance industry analyst for JMP Securities.",CFA warned that the problem of uninsured homes is likely to get worse in coming years unless major investments in climate change adaptation and stronger oversight of the insurance industry are made.,2024-03-31
"NBC hires former RNC chair Ronna McDaniel, who has demonized the press and refused to acknowledge Biden was fairly elected",https://edition.cnn.com/2024/03/22/media/ronna-mcdaniel-nbc/index.html,"
  Published
        1:53 PM EDT, Fri March 22, 2024
    ","NBC News on Friday announced that it had hired Ronna McDaniel, the former Republican National Committee chair who has repeatedly attacked the network and its journalists, assailed the news media as “fake news” and promoted false claims around the 2020 vote, as an on-air commentator ahead of the 2024 presidential election.
    
            “It couldn’t be a more important moment to have a voice like Ronna’s on the team,” Carrie Budoff Brown, senior vice president of politics at NBC News, said in a memo to staff.
    
            McDaniel exited the RNC earlier this month after leading the organization since 2016.
    
            During her time as chair, McDaniel repeatedly attacked the press, which has become increasingly popular in Republican circles over the last several years as Donald Trump demonizes journalists and news institutions.
    
            McDaniel echoed many such attacks, labeling the press as “fake news” and calling the media “corrupt.” At times, she even targeted NBC News and MSNBC with dishonest attacks.
    
            In 2019, for instance, McDaniel accused Richard Engel, NBC News’ chief foreign correspondent, of “actively cheering for an economic downturn.”
    
            “How can NBC let him keep his job when he’s made his bias so clear?” McDaniel asked.
    
            McDaniel has a lengthier history attacking the progressive cable news channel MSNBC, which she will appear on in her new role. In recent years, she has repeatedly attacked the channel for “spreading lies” and blasted those she described as the network’s “primetime propagandists.”
    
            An NBC spokesperson did not respond to requests for comment about her attacks on the news media and NBC.
    
            In her role as RNC chief, McDaniel also fanned the flames of election denialism after the 2020 presidential contest.
    
            McDaniel was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead. McDaniel told the officials, regarding the certification: “Do not sign it. … We will get you attorneys.”
    
            The Michigan Department of State’s office condemned her claims of supposed voter fraud in the wake of the election, stating they had “no merit.” The state’s “elections were conducted fairly, effectively and transparently and are an accurate reflection of the will of Michigan voters,” it said in a detailed fact check posted online.
    
            In an interview with CNN’s Chris Wallace last year, McDaniel defended her claims of voting “irregularity” in the election.
    
            “I think saying that there were problems with 2020 is very real. I don’t think that’s election denying,” McDaniel told Wallace. “I’m from Wayne County. We had a woman send a note saying I’m being told to backdate ballots. We had to look into that. That’s deeply concerning. When you have friends who are poll-watching and being kicked out, that’s deeply concerning. We have every right to look at that.”
    
            In the interview, Wallace pressed McDaniel if she believed Biden legitimately won the election.
    
            “I think there were lots of problems with 2020. Ultimately, he won the election but there were lots of problems with the 2020 election,” she said. “But I don’t think he won it fair. I don’t. I’m not going to say that.”
    
            NBC’s hiring of McDaniel, however, plays into a recent trend at the network’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.
    
            Earlier this month, CNBC hosted Trump for a lengthy phone interview in which the network’s anchors allowed him to peddle lies and conspiracy theories on air without scrutiny.
    
            MSNBC has even started carrying Trump’s remarks live on television, a practice that the network boasted for years it would not do. Star host Rachel Maddow, who has said carrying Trump’s lies on the air is dangerous, even objected to the network broadcasting a recent speech from the presumptive Republican nominee, calling it “irresponsible.”",CNN,22/03/2024,"['NBC News on Friday announced that it had hired Ronna McDaniel, the former Republican National Committee chair who has repeatedlyattacked the network and its journalists,assailed thenewsmedia as “fake news” and promoted false claims around the 2020vote,as an on-air commentatorahead of the 2024 presidential election.', '“It couldn’t be a more important moment to have a voice like Ronna’s on the team,” Carrie Budoff Brown, senior vice president of politics at NBC News, said in a memoto staff.', 'McDaniel exited the RNC earlier this month after leading the organization since 2016.', 'During her time as chair, McDaniel repeatedly attacked the press, which has become increasingly popular in Republican circles over the last several years as Donald Trump demonizes journalists and news institutions.', 'McDaniel echoed many such attacks, labeling the press as “fake news” and calling the media “corrupt.”', 'At times, she even targeted NBC Newsand MSNBCwith dishonest attacks.', 'In 2019, for instance, McDaniel accused Richard Engel, NBC News’ chief foreign correspondent, of “actively cheering for an economic downturn.”', '“How can NBC let him keep his job when he’s made his bias so clear?”', 'McDaniel asked.', 'McDaniel has a lengthier history attacking the progressive cable news channel MSNBC, which she will appear on in her new role.', 'In recent years, she has repeatedly attacked the channel for “spreading lies” and blasted those she described as the network’s “primetime propagandists.”', 'An NBC spokesperson did not respond to requests for comment about her attacks on the news media and NBC.', 'In her role as RNC chief, McDaniel also fanned the flames of election denialism after the 2020 presidential contest.', 'McDaniel was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead.', 'McDanieltold the officials, regarding the certification: “Do not sign it. …', 'We will get you attorneys.”', 'The Michigan Department of State’s office condemned her claims of supposed voter fraud in the wake of the election, stating they had “no merit.', '”The state’s “elections were conducted fairly, effectively and transparently and are an accurate reflection of the will of Michigan voters,” it said in adetailed fact checkposted online.', 'In an interview with CNN’s Chris Wallace last year, McDaniel defended her claims of voting “irregularity” in the election.', '“I think saying that there were problems with 2020 is very real.', 'I don’t think that’s election denying,” McDaniel told Wallace. “', 'I’m from Wayne County.', 'We had a woman send a note saying I’m being told to backdate ballots.', 'We had to look into that.', 'That’s deeply concerning.', 'When you have friends who are poll-watching and being kicked out, that’s deeply concerning.', 'We have every right to look at that.”', 'In the interview,Wallace pressed McDaniel if she believed Biden legitimately won the election.', '“I think there were lots of problems with 2020.', 'Ultimately, he won the electionbut there were lots of problems with the 2020 election,” she said. “', 'But I don’t think he won it fair.', 'I don’t.', 'I’m not going to say that.”', 'NBC’s hiring of McDaniel, however, plays into a recent trend at thenetwork’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.', 'Earlier this month, CNBC hosted Trump for a lengthy phone interview in which the network’s anchors allowed him to peddle lies and conspiracy theories on airwithout scrutiny.', 'MSNBC has even started carrying Trump’s remarks live on television, a practice that the network boasted for years it would not do.', 'Star host Rachel Maddow, who has said carrying Trump’s lieson the airis dangerous, even objected to the network broadcasting a recent speech from the presumptive Republican nominee, calling it “irresponsible.”']",-0.069193576701305,But I don’t think he won it fair.,"At times, she even targeted NBC Newsand MSNBCwith dishonest attacks.",-0.2803102334340413,"NBC’s hiring of McDaniel, however, plays into a recent trend at thenetwork’s outlets, which has seemingly softened its stance on Trump as he inches toward the Republican nomination for president.",“I think there were lots of problems with 2020.,2024-03-31
China’s Xiaomi joins the crowded EV race with ‘dream car’ to take on Tesla,https://edition.cnn.com/2024/03/28/business/chinas-xiaomi-ev-launch-intl-hnk/index.html,"
  Updated
        2:38 AM EDT, Fri March 29, 2024
    ","Xiaomi formally launched its much-anticipated electric car — the new Speed Ultra 7 (SU7) sedan — on Thursday night in Beijing.
    
            Lei Jun, founder and CEO of the popular Chinese smartphone brand, said the company’s first electric vehicle would sell for 215,900 yuan ($29,874) to 299,900 yuan ($41,497) in the country.
    
            The starting price is about $4,000 cheaper than Tesla’s Model 3 sedan, which starts at 245,900 yuan in China.
    
            Lei had teased the launch earlier this week by saying he wanted the SU7 to be the “best-looking, easiest to drive, and smartest car” priced below 500,000 yuan ($69,180).
    
            “Xiaomi wants to build a ‘dream car’ comparable to Porsche and Tesla,” he said on Weibo Wednesday.
    
            “If we want to build good cars, we must seriously learn from these two best car manufacturers in the world,” he added.
    
            Xiaomi had said previously that it’s targeting premium consumers with the new car. The pricing means it’s positioned competitively against its foreign rivals. An imported Porsche Taycan starts at 898,000 yuan ($124,248) in China. Tesla’s Model S, the US car maker’s premium electric sedan, starts at 698,900 yuan ($96,700).
    
            EVs in China are priced much lower than in the rest of the world. For example, BYD’s most affordable model, the Seagull hatchback, costs only 69,800 yuan ($9,658).
    
            The standard version of Xiaomi’s SU7 has a starting range of 700 kilometers (435 miles), which is better than the long-range version of Tesla’s Model 3, Lei said.
    
            Orders for the car had exceeded 50,000 units within 27 minutes since sales started at 10 p.m. Beijing time on Thursday, Xiaomi announced.
    
            “My excitement today can’t be described in words,” Lei said on Thursday night.
    
            Founders and CEOs of several Chinese EV makers, including XPeng Motor’s He Xiaopeng, Nio’s William Li, and Li Auto’s Li Xiang, attended Xiaomi’s launch event on Thursday, according to the video shared by the company.
    
            Xiaomi’s big auto ambitions come at a time of intense competition in the industry in China. The world’s largest EV market, supercharged by heavy state subsidies in the past decade, has become overcrowded.
    
            There are currently more than 200 major manufacturers producing pure EVs and plug-in hybrids. A price war erupted last year as companies tried to boost sales in the face of weaker consumer demand. 
    
            Average profit margins fell to just 5% in 2023, according to official statistics. The biggest player in the industry, BYD, said earlier this week that its quarterly profit growth was the slowest in two years, as sales lost momentum.
    
            Xiaomi’s SU7 has been on display in showrooms in 29 cities across mainland China since Monday, according to Lei.
    
            Xiaomi, which made its name as manufacturer of smartphones and other consumer electronics, accounted for 13% of both global and Chinese smartphone sales in the last quarter of 2023, according to data from Counterpoint Research. It ranked No. 5 in China for the full year.
    
            In 2021, Xiaomi announced that it would invest $10 billion over the next decade into a subsidiary focused on smart EVs.",CNN,29/03/2024,"['Xiaomi formally launched its much-anticipated electric car — the new Speed Ultra 7 (SU7) sedan — on Thursday night in Beijing.', 'Lei Jun, founder and CEO of the popular Chinese smartphone brand, said the company’s first electric vehicle would sell for 215,900 yuan ($29,874) to 299,900 yuan ($41,497) in the country.', 'The starting price isabout $4,000cheaper than Tesla’s Model 3 sedan, which starts at 245,900 yuan in China.', 'Lei had teased the launch earlier this week by saying he wanted the SU7 to be the “best-looking, easiest to drive, and smartest car” priced below 500,000 yuan ($69,180).', '“Xiaomi wants to build a ‘dream car’ comparable to Porsche and Tesla,” he said on Weibo Wednesday.', '“If we want to build good cars, we must seriously learn from these two best car manufacturers in the world,” he added.', 'Xiaomi had said previously that it’s targeting premium consumers with the new car.', 'The pricing means it’s positioned competitively against its foreign rivals.', 'An imported Porsche Taycan starts at 898,000 yuan ($124,248) in China.', 'Tesla’s Model S, the US car maker’s premium electric sedan, starts at 698,900 yuan ($96,700).', 'EVs in China are priced much lower than in the rest of the world.', 'For example, BYD’s most affordable model, the Seagull hatchback, costs only 69,800 yuan ($9,658).', 'The standard version of Xiaomi’s SU7has a starting range of700 kilometers (435 miles), which is better than the long-range version of Tesla’s Model 3, Lei said.', 'Orders for the car had exceeded 50,000 units within 27 minutes since sales started at 10 p.m. Beijing time on Thursday, Xiaomi announced.', '“My excitement today can’t be described in words,” Lei said on Thursday night.', 'Founders and CEOs of several Chinese EV makers, including XPeng Motor’s He Xiaopeng, Nio’s William Li, and Li Auto’s Li Xiang, attended Xiaomi’s launch event on Thursday, according to the video shared by the company.', 'Xiaomi’s big auto ambitions come at a time of intense competition in the industry in China.', 'The world’s largest EV market, supercharged by heavy state subsidies in the past decade, has become overcrowded.', 'There are currently more than 200 major manufacturers producing pure EVs and plug-in hybrids.', 'A price war erupted last year as companies tried to boost sales in the face of weaker consumer demand.', 'Average profit margins fell to just 5% in 2023, according to official statistics.', 'The biggest player in the industry, BYD, said earlier this week that its quarterly profit growth was the slowest in two years, as sales lost momentum.', 'Xiaomi’s SU7 has been on display in showrooms in 29 cities across mainland China since Monday, according to Lei.', 'Xiaomi, which made its name as manufacturer of smartphones and other consumer electronics, accounted for 13% of both global and Chinese smartphone sales in the last quarter of 2023, according to data from Counterpoint Research.', 'It ranked No.', '5 in China for the full year.', 'In 2021, Xiaomiannouncedthat it would invest $10 billion over the next decade into a subsidiary focused on smart EVs.']",0.1519212305943779,"Lei had teased the launch earlier this week by saying he wanted the SU7 to be the “best-looking, easiest to drive, and smartest car” priced below 500,000 yuan ($69,180).",A price war erupted last year as companies tried to boost sales in the face of weaker consumer demand.,-0.020414125919342,"The standard version of Xiaomi’s SU7has a starting range of700 kilometers (435 miles), which is better than the long-range version of Tesla’s Model 3, Lei said.","The biggest player in the industry, BYD, said earlier this week that its quarterly profit growth was the slowest in two years, as sales lost momentum.",2024-03-31
All major indexes rise for the fifth month in a row. Dow and S&P 500 strike new records,https://edition.cnn.com/2024/03/28/investing/stocks-first-quarter-higher-dow-sp/index.html,"
  Updated
        4:38 PM EDT, Thu March 28, 2024
    ","US markets ended Thursday little changed, but all major indexes managed to mark their fifth consecutive winning month.
    
            The S&P 500 was up 0.1% on Thursday, reaching a new record high. The Dow gained 47 points, or 0.1% also hitting a new high. The tech-heavy Nasdaq closed 0.1% lower.
    
            Thursday was the final day of trading for March and the first quarter of 2024, wrapping up an outstanding quarter for US stocks.
    
            The S&P 500 notched 22 new highs in the first three months of 2024 alone, and the Dow is just points away from reaching the key threshold of 40,000 for the first time ever.
    
            For the quarter, the S&P 500 is about 10.2% higher, its strongest first quarter since 2019. The Dow is up 5.6% – its strongest first quarter since 2021. The Nasdaq, meanwhile, gained more than 9%.
    
            Tech stocks like Nvidia and the AI-craze have helped drive stocks higher in the first quarter. Shares of the chipmaker have surged more than 80% during the first three months of the year.
    
            Also fueling the market boom has been a potential pivot by the Federal Reserve to lower interest rates. About 64% of investors now think a rate cut will occur in June, according to the CME FedWatch tool.
    
            US markets will be closed on Friday for the Good Friday holiday.",CNN,28/03/2024,"['US markets ended Thursday little changed, but all major indexes managed to mark their fifth consecutive winning month.', 'The S&P 500 was up 0.1% on Thursday, reaching a new record high.', 'The Dow gained 47 points, or 0.1% also hitting a new high.', 'The tech-heavy Nasdaq closed 0.1% lower.', 'Thursday was the final day of trading for March and the first quarter of 2024, wrapping up an outstanding quarter for US stocks.', 'The S&P 500 notched 22 new highs in the first three months of 2024 alone, and the Dow is just points away from reaching the key threshold of 40,000 for the first time ever.', 'For the quarter, the S&P 500 is about 10.2% higher, its strongest first quarter since 2019.', 'The Dow is up 5.6% – its strongest first quarter since 2021.', 'The Nasdaq, meanwhile, gained more than 9%.', 'Tech stocks like Nvidia and the AI-craze have helped drive stocks higher in the first quarter.', 'Shares of the chipmaker have surged more than 80% during the first three months of the year.', 'Also fueling the market boom has been a potential pivot by the Federal Reserve to lower interest rates.', 'About 64% of investors now think a rate cut will occur in June, according to theCME FedWatch tool.', 'US markets will be closed on Friday for the Good Friday holiday.']",0.2803331688654264,"US markets ended Thursday little changed, but all major indexes managed to mark their fifth consecutive winning month.",The tech-heavy Nasdaq closed 0.1% lower.,0.8228931535374034,The Dow is up 5.6% – its strongest first quarter since 2021.,The tech-heavy Nasdaq closed 0.1% lower.,2024-03-31
Nelson Peltz withholds votes from Disney CEO Bob Iger in proxy battle,https://www.cnbc.com/2024/03/25/nelson-peltz-withholds-votes-from-disney-ceo-bob-iger-in-proxy-battle.html,2024-03-25T14:22:59+0000,"In this articleNelson Peltz's Trian Fund Management withheld its votes from Walt Disney CEO Bob Iger when voting its shares in the bitter proxy battle the asset management firm is waging against the entertainment giant, according to sources who monitor the situation.The move is hardly shocking, given the acrimonious nature of the battle.However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board.In recent weeks, Disney has stepped up its attacks on Trian and Peltz. ""Correcting Trian's Fact With Fiction"" was the headline of a recent investor presentation from Disney, over a picture of Pinocchio with a growing nose.""Disney is stupid because I'm not trying to fire Bob Iger, I want to help him,"" Peltz recently told the Financial Times. ""We don't fire CEOs.""When asked for comment, a Trian spokesperson directed CNBC to a press release repeating its proxy recommendations and stating that Trian supports Iger as a candidate for the board and as CEO.Withholding its votes from Iger, however, is hardly a supportive move of his leadership, and it raises questions about how toxic of an environment the boardroom would be if Peltz is elected to the Disney board next month.Disney has nominated a slate of 12 directors, including Iger. Trian is officially recommending shareholders vote for Peltz and former Disney Chief Financial Officer Jay Rasulo and to withhold votes for Disney nominees Maria Elena Lagomasino and Michael Froman, who are current board members.Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle. The Disney board meeting will be held April 3, and Trian could change its vote between now and then.",CNBC,25/03/2024,"[""In this articleNelson Peltz's Trian Fund Management withheld its votes from Walt Disney CEO Bob Iger when voting its shares in the bitter proxy battle the asset management firm is waging against the entertainment giant, according to sources who monitor the situation."", 'The move is hardly shocking, given the acrimonious nature of the battle.', ""However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board."", 'In recent weeks, Disney has stepped up its attacks on Trian and Peltz. ""', 'Correcting Trian\'s Fact With Fiction"" was the headline of a recent investor presentation from Disney, over a picture of Pinocchio with a growing nose.', '""Disney is stupid because I\'m not trying to fire Bob Iger, I want to help him,"" Peltz recently told the Financial Times. ""', ""We don't fire CEOs."", '""When asked for comment, a Trian spokesperson directed CNBC to a press release repeating its proxy recommendations and stating that Trian supports Iger as a candidate for the board and as CEO.Withholding its votes from Iger, however, is hardly a supportive move of his leadership, and it raises questions about how toxic of an environment the boardroom would be if Peltz is elected to the Disney board next month.', 'Disney has nominated a slate of 12 directors, including Iger.', 'Trian is officially recommending shareholders vote for Peltz and former Disney Chief Financial Officer Jay Rasulo and to withhold votes for Disney nominees Maria Elena Lagomasino and Michael Froman, who are current board members.', 'Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle.', 'The Disney board meeting will be held April 3, and Trian could change its vote between now and then.']",0.0365678119739758,"Trian owns a relatively small position in Disney, representing about 1.5% of the outstanding shares when combined with the ownership position of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who has sided with Peltz in the proxy battle.","The move is hardly shocking, given the acrimonious nature of the battle.",-0.8371050159136454,,"However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board.",2024-03-31
'We need someone to fix Boeing.' Here's who could replace Calhoun as the troubled plane maker's CEO,https://www.cnbc.com/2024/03/26/boeing-ceo-who-could-replace-calhoun.html,2024-03-26T14:28:20+0000,"In this articleHelp wanted at Boeing.CEO Dave Calhoun on Monday announced he is stepping down from the aerospace giant's top post at year's end as the company struggles with a safety and production quality crisis tied to its bestselling airplane, the 737 Max. Boeing said it will begin a search for Calhoun's replacement.Boeing also announced Monday it's replacing board Chair Larry Kellner and the chief executive of its all-important commercial airplanes unit, Stan Deal.Calhoun told CNBC on Monday that the decision to retire was ""100%"" his own and that he would be involved in finding his successor. His departure isn't much of a surprise given the struggles of the last few months.Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft.""We need someone to fix Boeing,"" one major airline executive, who wasn't authorized to speak to the media, told CNBC after Boeing announced the management shake-up Monday. ""They unequivocally needed a change.""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.Executives at Boeing's customers told CNBC they want the company's new leader to have manufacturing acumen, expertise in the highly regulated and technical world of aviation, and, perhaps most difficult of all, the ability to rally Boeing's employees and ensure a culture of safety, consistency and innovation.""This is going to be a challenging role to fill. You're going to need someone with a huge amount of energy and commitment,"" said John Plueger, CEO of Air Lease, a major buyer of Boeing planes that leases them to airlines. ""You don't want somebody for two years. You want someone at the head of the ship for as long as possible.""The next boss at Boeing will have to contend not just with the company's internal struggles but lost market share to rival Airbus. Meanwhile, China has been pushing ahead with building its own commercial aircraft.""I want somebody who knows how to handle a big, long-cycled business like ours,"" Calhoun told CNBC in an interview Monday while announcing his departure. ""It's not just the production of the airplane. It's the development of the next airplane. Our next lead is going to develop ... the next airplane for the Boeing company.""Financial analysts applauded the amount of time Boeing is giving itself to find Calhoun's replacement. Four-year Boeing board member Steve Mollenkopf, an ex-Qualcomm CEO who will take over as independent chairman of the board, will lead the search.""It provides leadership continuity, which a knee-jerk change would not, and CEO Dave Calhoun clearly is on board with the need to bolster safety,"" said TD Cowen analyst Cai von Rumohr, in a note Monday.While Boeing didn't comment on its top candidates, here's who some aviation experts say could potentially lead Boeing:General Electric CEO Larry Culp is ""probably at the top of the list for a Boeing CEO,"" said Richard Aboulafia, managing director at AeroDynamic Advisory, an aviation consulting firm.Culp is set to head the aviation unit of GE that is about to spin off, a company that makes and overhauls engines that power both Boeing and rival Airbus planes. Culp has led a turnaround for the conglomerate and oversaw the split of the company.""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked. We're trying to support them in every possible way.""But Culp is focusing on GE's aerospace unit as a stand-alone company, a GE spokesperson said in response to questions about a potential future for him at Boeing.Pat Shanahan, the interim CEO of Spirit AeroSystems, is another possibility, Aboulafia said.A three-decade Boeing veteran, Shanahan was appointed last October to head the Boeing supplier, which makes fuselages for the company's 737 Max and other parts, as Spirit dealt with its own quality problems that have spilled over to Boeing.Boeing is in talks to buy Spirit, bringing the fuselage manufacturer back in-house after spinning it off almost two decades ago. A reunion could naturally slot Shanahan in as chief executive of the merged company.""Mr. Shanahan remains solely focused on driving a zero-defects culture across all aspects of Spirit AeroSystems,"" Spirit spokesman Joe Buccino told CNBC on Monday.Aboulafia also mentioned Carrier Chairman and CEO David Gitlin, who serves on Boeing's board.Gitlin has experience in aviation, previously working as president and chief operating officer at Collins Aerospace. Aviation experts have said said someone with a strong background in manufacturing and operations would be needed.Carrier did not respond to a request for comment.Stephanie Pope, who was recently promoted to chief operating officer after serving as head of Boeing's global services unit, is the most obvious internal option to succeed Calhoun. (Former Boeing CFO Greg Smith retired from the company in 2021. He was also seen as a possible successor.)But Pope will take over from Deal, who is retiring from his post as head of Boeing's commercial airplane division. And one aviation executive questioned why Boeing wouldn't have announced her appointment on Monday if she were the choice.The ""management changes are geared to institutionalize a priority on safety throughout the company by bringing in new blood,"" TD Cowen's von Rumohr wrote.— CNBC's Phil LeBeau contributed to this report.",CNBC,26/03/2024,"['In this articleHelp wanted at Boeing.', ""CEO Dave Calhoun on Monday announced he is stepping down from the aerospace giant's top post at year's end as the company struggles with a safety and production quality crisis tied to its bestselling airplane, the 737 Max."", ""Boeing said it will begin a search for Calhoun's replacement."", ""Boeing also announced Monday it's replacing board Chair Larry Kellner and the chief executive of its all-important commercial airplanes unit, Stan Deal."", 'Calhoun told CNBC on Monday that the decision to retire was ""100%"" his own and that he would be involved in finding his successor.', ""His departure isn't much of a surprise given the struggles of the last few months."", ""Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft."", '""We need someone to fix Boeing,"" one major airline executive, whowasn\'tauthorized to speak to the media, told CNBC after Boeing announced the management shake-up Monday. ""', 'They unequivocally needed a change.', '""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.', ""Executives at Boeing's customers told CNBC they want the company's new leader to have manufacturing acumen, expertise in the highly regulated and technical world of aviation, and, perhaps most difficult of all, the ability to rally Boeing's employees and ensure a culture of safety, consistency and innovation."", '""This is going to be a challenging role to fill.', 'You\'re going to need someone with a huge amount of energy and commitment,"" said John Plueger, CEO of Air Lease, a major buyer of Boeing planes that leases them to airlines. ""', ""You don't want somebody for two years."", 'You want someone at the head of the ship for as long as possible.', '""The next boss at Boeing will have to contend not just with the company\'s internal struggles but lost market share to rival Airbus.', 'Meanwhile, China has been pushing ahead with building its own commercial aircraft.', '""I want somebody who knows how to handle a big, long-cycled business like ours,"" Calhoun told CNBC in an interview Monday while announcing his departure. ""', ""It's not just the production of the airplane."", ""It's the development of the next airplane."", 'Our next lead is going to develop ... the next airplane for the Boeing company.', '""Financial analysts applauded the amount of time Boeing is giving itself to find Calhoun\'s replacement.', 'Four-year Boeing board member Steve Mollenkopf, an ex-QualcommCEO who will take over as independent chairman of the board, will lead the search.', '""It provides leadership continuity, which a knee-jerk change would not, and CEO Dave Calhoun clearly is on board with the need to bolster safety,"" said TD Cowen analyst Cai von Rumohr, in a note Monday.', 'While Boeing didn\'t comment on its top candidates,here\'s who some aviation experts say could potentially lead Boeing:General Electric CEO Larry Culp is ""probably at the top of the list for a Boeing CEO,"" said Richard Aboulafia, managing director at AeroDynamic Advisory, an aviation consulting firm.', 'Culp is set to head the aviation unit of GE that is about to spin off, a company that makes and overhauls engines that power both Boeing and rival Airbus planes.', 'Culp has led a turnaround for the conglomerate and oversaw the split of the company.', '""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""', ""Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked."", ""We're trying to support them in every possible way."", '""But Culp is focusing on GE\'s aerospace unit as a stand-alone company, a GE spokesperson said in response to questions about a potential future for him at Boeing.', 'Pat Shanahan, the interim CEO of Spirit AeroSystems, is another possibility, Aboulafia said.', ""A three-decade Boeing veteran, Shanahan was appointed last October to head the Boeing supplier, which makes fuselages for the company's 737 Max and other parts, as Spirit dealt with its own quality problems that have spilled over to Boeing."", 'Boeing is in talks to buy Spirit, bringing the fuselage manufacturer back in-house after spinning it off almost two decades ago.', 'A reunion could naturally slot Shanahan in as chief executive of the merged company.', '""Mr.', 'Shanahan remains solely focused on driving a zero-defects culture across all aspects of Spirit AeroSystems,"" Spirit spokesman Joe Buccino told CNBC on Monday.', ""Aboulafia also mentioned Carrier Chairman and CEO David Gitlin, who serves on Boeing's board."", 'Gitlin has experience in aviation, previously working as president and chief operating officer at Collins Aerospace.', 'Aviation experts have said said someone with a strong background in manufacturing and operations would be needed.', 'Carrier did not respond to a request for comment.', ""Stephanie Pope, who was recently promoted to chief operating officer after serving as head of Boeing's global services unit, is the most obvious internal option to succeed Calhoun. ("", 'Former Boeing CFO Greg Smith retired from the company in 2021.', ""He was also seen as a possible successor.)But Pope will take over from Deal, who is retiring from his post as head of Boeing's commercial airplane division."", ""And one aviation executive questioned why Boeing wouldn't have announced her appointment on Monday if she were the choice."", 'The ""management changes are geared to institutionalize a priority on safety throughout the company by bringing in new blood,"" TD Cowen\'s von Rumohr wrote.—', ""CNBC's Phil LeBeau contributed to this report.""]",0.1067049956915602,"Clearly, 2024 hasn't played out the way they would have liked let alone the way we would have liked.","""With supply chain issues, quality lapses and more regulator scrutiny in the wake of a panel blowout from an Alaska Airlines 737 Max 9 in January, airplane deliveries are arriving late, and airline executives say the problems have forced them to change their growth and fleet plans.",0.0447759303179654,"""The relationship with Boeing has never been stronger,"" Culp told reporters earlier this month at an investor event. ""","Boeing's customers had grown frustrated under Calhoun's watch as they faced the fallout from recurring quality issues that span programs like the 737 Max, the 787 Dreamliner and the two 747s that will serve as Air Force One aircraft.",2024-03-31
"Toyota could introduce electric, plug-in Tacoma and Tundra pickups",https://www.cnbc.com/2024/03/28/toyota-weighing-electric-plug-in-tacoma-and-tundra-pickups.html,2024-03-28T20:44:55+0000,"In this articleNEW YORK — Toyota Motor is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups.Jack Hollis, executive vice president of Toyota Motor North America, said the Japanese automaker is assessing its options to determine what makes the most sense based on expected customer demand and tightening federal emissions and fuel economy regulations.""I do think there's room to grow our entire truck footprint. Whether it be Tundra, Tacoma or something else in addition to the lineup,"" Hollis told CNBC on Tuesday during the New York Auto Forum conference. ""Whether that's a compact or something else, I think it's important for us to continue to see what the customers are looking for.""Toyota has previously discussed a broad lineup of battery-electric vehicles, or BEVs, including a midsize pickup model like the segment-leading Tacoma. The latest conversations have introduced the potential for plug-in hybrid vehicles, or PHEVs.Toyota earlier this year said it would invest $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market. The automaker's Thailand president this week confirmed Toyota will produce a BEV of its small Hilux pickup for global markets, according to Reuters.Hollis said the electric Hilux is ""very cool."" He declined to speculate whether Toyota could bring that vehicle to the U.S.He confirmed, however, that the company is ""looking into both"" BEV and PHEV versions of the Tacoma and full-size Tundra. The Tundra was last redesigned for the 2022 model year, followed by Tacoma last year.""We're in the evaluation of both. There are reasons why a BEV can work and there's a reason why PHEV can work,"" he said, in posing the question, ""What's the best mix of those based upon each of those two trucks or even for 4Runner or Sequoia [SUVs]?""There are currently five all-electric pickup trucks on sale in the U.S., but they remain priced more so as luxury vehicles than mass-market models. Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.There are not any plug-in hybrid electric pickups currently on sale in the U.S. Stellantis' Ram brand is expected to release an ""extended-range"" plug-in vehicle with an electric generator powering an engine later this year.Toyota is one of several automakers reassessing its product portfolio amid slower-than-excepted adoption of EVs, and in light of the Biden administration's revised emissions rules that aim to better take into account hybrid and plug-in hybrid electric vehicles.José Muñoz, Hyundai president and global chief operating officer, told CNBC on Wednesday the company is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia.""Everything is on the table,"" Muñoz said. ""We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""",CNBC,28/03/2024,"['In this articleNEW YORK — Toyota Motor is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups.', 'Jack Hollis, executive vice president of Toyota Motor North America, said the Japanese automaker is assessing its options to determine what makes the most sense based on expected customer demand and tightening federal emissions and fuel economy regulations.', '""I do think there\'s room to grow our entire truck footprint.', 'Whether it be Tundra, Tacoma or something else in addition to the lineup,"" Hollis told CNBC on Tuesday during the New York Auto Forum conference. ""', ""Whether that's a compact or something else, I think it's important for us to continue to see what the customers are looking for."", '""Toyota has previously discussed a broad lineup of battery-electric vehicles, or BEVs, including a midsize pickup model like the segment-leading Tacoma.', 'The latest conversations have introduced the potential for plug-in hybrid vehicles, or PHEVs.', 'Toyota earlier this year said it would invest $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market.', ""The automaker's Thailand president this week confirmed Toyota will produce a BEV of its small Hilux pickup for global markets, according to Reuters."", 'Hollis said the electric Hilux is ""very cool.""', 'He declined to speculate whether Toyota could bring that vehicle to the U.S.He confirmed, however, that the company is ""looking into both"" BEV and PHEV versions of the Tacoma and full-size Tundra.', 'The Tundra was last redesigned for the 2022 model year, followed by Tacoma last year.', '""We\'re in the evaluation of both.', 'There are reasons why a BEV can work and there\'s a reason why PHEV can work,"" he said, in posing the question, ""What\'s the best mix of those based upon each of those two trucks or even for 4Runner or Sequoia [SUVs]?""There are currently five all-electric pickup trucks on sale in the U.S., but they remain priced more so as luxury vehicles than mass-market models.', 'Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.', 'There are not any plug-in hybrid electric pickups currently on sale in the U.S. Stellantis\' Ram brand is expected to release an ""extended-range"" plug-in vehicle with an electric generator powering an engine later this year.', ""Toyota is one of several automakers reassessing its product portfolio amidslower-than-exceptedadoption of EVs, and in light of the Biden administration'srevised emissionsrules that aim to better take into account hybrid and plug-in hybrid electric vehicles."", 'José Muñoz, Hyundai president and global chief operating officer, told CNBC on Wednesday the company is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia.', '""Everything is on the table,"" Muñoz said. ""', 'We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.""']",0.092498307930648,"Toyota is one of several automakers reassessing its product portfolio amidslower-than-exceptedadoption of EVs, and in light of the Biden administration'srevised emissionsrules that aim to better take into account hybrid and plug-in hybrid electric vehicles.",,0.041712000966072,"""I do think there's room to grow our entire truck footprint.","Their prices range from $50,000 to easily more than $100,000, and sales of the vehicles have largely slowed after automakers rushed all-electric pickups to market.",2024-03-31
Medicare can now cover certain weight loss drugs in a big step for patients,https://www.cnbc.com/2024/03/21/medicare-can-cover-weight-loss-drugs-if-used-for-added-health-benefit.html,2024-03-21T19:51:11+0000,"In this articleMedicare can start covering certain weight loss drugs for the first time — as long as they are approved for an added health benefit, the Centers for Medicare and Medicaid Services said Thursday.That opens the door for broader coverage of some highly popular weight loss medications such as Novo Nordisk's Wegovy, which is now approved in the U.S. for heart health. Those treatments have skyrocketed in demand over the past year despite their hefty price tags and spotty insurance coverage.Under the new CMS guidance, Medicare Part D plans can cover obesity treatments that receive Food and Drug Administration approval for an additional health benefit. Medicare prescription drug plans administered by private insurers, known as Part D, currently cannot cover those drugs for weight loss alone.The agency's guidance means Medicare patients could soon get coverage for Wegovy, as long as they have obesity and a history of heart disease and are prescribed the treatment to reduce their risk of heart attacks and strokes. Earlier this month, the Food and Drug Administration approved Wegovy for that purpose.The guidance also will open the door to future coverage of other weight loss medications, many of which are being tested for additional health conditions.Drugmakers such as Novo Nordisk, which also makes the diabetes drug Ozempic, and Eli Lilly are studying their weight loss medicines as treatments for fatty liver disease, chronic kidney disease, sleep apnea and more. To be covered, those drugs would need to return late-stage trial results and then be submitted for FDA approval for those uses.Wegovy is part of a class of drugs called GLP-1s which mimic a hormone produced in the gut to suppress a person's appetite and help regulate blood sugar. Coverage for those treatments when used for weight loss is a mixed bag. Roughly 110 million American adults are living with obesity and approximately 50 million of them have insurance coverage for weight loss drugs, a spokesperson for Novo Nordisk said in a statement last week.Some of the nation's largest insurers, such as CVS Health's Aetna, also cover the treatments.But many employers don't. An October survey of more than 200 companies by the International Foundation of Employee Benefit Plans, or IFEBP, found only 27% provided coverage for GLP-1s for weight loss, compared with the 76% that covered those drugs for diabetes. Notably, 13% of employers indicated they were considering coverage for weight loss.A provision of a 2003 law established that Medicare Part D plans can't cover drugs used for weight loss, but the program does cover obesity screening, behavioral counseling and bariatric surgery. A group of bipartisan lawmakers have introduced legislation that would eliminate the provision, but its fate in Congress is far from certain.A CMS spokesperson told CNBC last week that Medicaid programs would be required to cover Wegovy specifically for its new cardiovascular use. By law, Medicaid must cover nearly all FDA-approved medications, but weight loss treatments are among a small group of drugs that can be excluded from coverage. Around 1 in 5 state Medicaid programs currently cover GLP-1 drugs for weight loss.",CNBC,21/03/2024,"['In this articleMedicare can start covering certain weight loss drugs for the first time — as long as they are approved for an added health benefit, the Centers for Medicare and Medicaid Services said Thursday.', ""That opens the door for broader coverage of some highly popular weight loss medications such as Novo Nordisk's Wegovy, which is now approved in the U.S. for heart health."", 'Those treatments have skyrocketed in demand over the past year despite their hefty price tags and spotty insurance coverage.', 'Under the new CMS guidance, Medicare Part D plans can cover obesity treatments that receive Food and Drug Administration approval for an additional health benefit.', 'Medicare prescription drug plans administered by private insurers, known as Part D, currently cannot cover those drugs for weight loss alone.', ""The agency's guidance means Medicare patients could soon get coverage for Wegovy, as long as they have obesity and a history of heart disease and are prescribed the treatment to reduce their risk of heart attacks and strokes."", 'Earlier this month, the Food and Drug Administration approved Wegovy for that purpose.', 'The guidance also will open the door to future coverage of other weight loss medications, many of which are being tested for additional health conditions.', 'Drugmakers such as Novo Nordisk, which also makes the diabetes drug Ozempic, and Eli Lilly are studying their weight loss medicines as treatments for fatty liver disease, chronic kidney disease, sleep apnea and more.', 'To be covered, those drugs would need to return late-stage trial results and then be submitted for FDA approval for those uses.', ""Wegovy is part of a class of drugs called GLP-1s which mimic a hormone produced in the gut to suppress a person's appetite and help regulate blood sugar."", 'Coverage for those treatments when used for weight loss is a mixed bag.', 'Roughly 110 million American adults are living with obesity and approximately 50 million of them have insurance coverage for weight loss drugs, a spokesperson for Novo Nordisk said in a statement last week.', ""Some of the nation's largest insurers, such asCVS Health'sAetna, also cover the treatments."", ""But many employers don't."", 'An Octobersurveyof more than 200 companies by the International Foundation of Employee Benefit Plans, or IFEBP, found only 27% provided coverage for GLP-1s for weight loss, compared with the 76% that covered those drugs for diabetes.', 'Notably, 13% of employers indicated they were considering coverage for weight loss.', ""A provision of a2003 lawestablished that Medicare Part D plans can't cover drugs used for weight loss, but the program does cover obesity screening, behavioral counseling and bariatric surgery."", 'A group of bipartisan lawmakers have introducedlegislationthat would eliminate the provision, but its fate in Congress is far from certain.', 'A CMS spokesperson told CNBC last week that Medicaid programs would be required to cover Wegovy specifically for its new cardiovascular use.', 'Bylaw, Medicaid must cover nearly all FDA-approved medications, but weight loss treatments are among a small group of drugs that can be excluded from coverage.', 'Around 1 in 5 state Medicaid programscurrently coverGLP-1 drugs for weight loss.']",-0.0074441399614407,"Under the new CMS guidance, Medicare Part D plans can cover obesity treatments that receive Food and Drug Administration approval for an additional health benefit.","Bylaw, Medicaid must cover nearly all FDA-approved medications, but weight loss treatments are among a small group of drugs that can be excluded from coverage.",0.9951892097791036,Those treatments have skyrocketed in demand over the past year despite their hefty price tags and spotty insurance coverage.,,2024-03-31
Evan Gershkovich has spent a year behind bars. The Wall Street Journal’s top editor hopes it will be his last,https://edition.cnn.com/2024/03/29/media/evan-gershkovich-wall-street-journal-emma-tucker/index.html,"
  Updated
        3:32 PM EDT, Fri March 29, 2024
    ","Editor’s Note: A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here.
    
            Emma Tucker is hopeful that by next year Evan Gershkovich will be free.
    
            The Wall Street Journal boss, who spoke with me by phone this week, said that she believes “there are enough pieces in place” and “enough goodwill for that to happen.” Tucker, however, acknowledged that the U.S. is dealing with an unpredictable regime in Russia, making it difficult to offer a precise timeframe for when Gershkovich will be released.
    
            “But my expectation and sincere hope is that this time next year, he will not be imprisoned in Russia,” Tucker said.
    
            Tucker’s remarks come as Friday marks the one-year anniversary of Gershkovich being detained by the Vladimir Putin-led country. The accredited Journal reporter was arrested last March while reporting from the Russian city of Yekaterinburg and has since been held at the notorious Lefortovo prison in Moscow. His imprisonment, which has been vociferously denounced by free press advocates across the world, has been repeatedly extended as he awaits trial.
    
            While Gershkovich sits in a Russian cell, his colleagues at The Journal have done everything in their power to keep his story alive in the press. This week, the newspaper marked the one-year anniversary, raising awareness by holding a read-a-thon, “Swim for Evan” events, and several global runs. On Friday, it led a social media storm where people are encouraged to raise awareness of his case by posting online with the ”#IStandWithEvan” hashtag.
    
            The Wall Street Journal also made a big statement on the print edition of its Friday newspaper, intentionally leaving a large section of its front page blank to represent the missing journalism from Gershkovich.
    
            “A year in Russian prison. A year of stolen stories, stolen joys, stolen memories. The crime: journalism,” the paper states above the blank section.
    
            Alongside it, The Journal featured dispatches on Gershkovich and spotlight the destructive consequences of authoritarian regimes.
    
            “What people can do is keep Evan front of mind because that keeps the pressure up on the governments involved, that this is a situation that is completely outrageous and needs to be resolved,” Tucker told me.
    
            “But the other thing I would say is, I think that it is really important for all of us … to remind people how important a free press is,” Tucker added. “I think it’s something that sometimes gets taken for granted.”
    
            Tucker said that Gershkovich’s detention has not changed The Journal’s editorial stance on Russia, given the paper’s lengthy record of tough reporting on the country’s oppressive government. But she said it has certainly influenced her and the newspaper in other ways.
    
            “It’s heightened the need to speak out not just about Evan and his particular plight, but the wider assault on the ability of journalists to be able to do their jobs,” Tucker said. “It’s also made us think very hard about, not that we weren’t before, but you think about all your journalists in dangerous situations. Something like this does focus the mind.”
    
            While reality-dwelling free press advocates have condemned Putin for his crackdown on journalism, some popular right-wing media personalities like Tucker Carlson have praised the authoritarian state in recent months. Carlson, in particular, visited Russia earlier this year and sat for a chummy interview with Putin. While he did press the Russian authoritarian on Gershkovich’s case, he left room for the possibility that The Journal reporter broke the law (it goes without saying that Carlson’s remarks didn’t play well in The Journal newsroom, given that reporting is not a crime). And Carlson recorded a series of propaganda-like videos in Moscow, glorifying the country.
    
            Asked about the disturbing trend of right-wing media figures extolling Russia as something of a utopia, all while Gershkovich sits in a Russian cell for the crime of reporting from the country, Tucker acknowledged its “unusual” nature and said it underscored the need for accurate reporting from the region.
    
            “What goes through my head is that it’s our job at The Journal to double down on good reporting about what’s actually happening there,” Tucker told me, describing reporting from Putin’s Russia as “really bloody hard these days” but as important as ever.
    
            “That’s where we have to put our energy,” Tucker added. “We can’t be worrying about what others are doing.”
    
            As Gershkovich awaits the day that he can walk out of prison and embrace his family and friends, Tucker told me he remains “resilient” and is doing his best to remain in positive spirits. But Tucker noted that she doesn’t think “anyone after a year in a Moscow prison designed to hold political prisoners is going to be in a terribly good frame of mind.”
    
            “I think a lot of what you see, and his parents acknowledge this, he is protecting them,” Tucker said. “He knows that this is a terrible ordeal for them.”
    
            “And when he puts on a good front, it’s partly to make his parents feel better,” Tucker added. “He knows that his mom and his dad are pouring over images of him … and I think he knows that. And because he is the kind of person he is, he is trying to protect them.”",CNN,29/03/2024,"['Editor’s Note:A version of this article first appeared in the “Reliable Sources” newsletter.', 'Sign up for the daily digest chronicling the evolving media landscape here.', 'Emma Tucker is hopeful that by next year Evan Gershkovich will be free.', 'The Wall Street Journalboss, who spoke with me by phone this week, said that she believes “there are enough pieces in place” and “enough goodwill for that to happen.”', 'Tucker, however, acknowledged that the U.S. is dealing with an unpredictable regime in Russia, making it difficult to offer a precise timeframe for when Gershkovich will be released.', '“But my expectation and sincere hope is that this time next year, he will not be imprisoned in Russia,” Tucker said.', 'Tucker’s remarks come as Friday marks the one-year anniversary of Gershkovich being detained by theVladimir Putin-led country.', 'The accredited Journal reporter was arrested last March while reporting from the Russian city ofYekaterinburg and hassince been held at the notoriousLefortovoprison inMoscow.', 'His imprisonment, which has been vociferously denounced by free press advocates across the world, has been repeatedly extended as he awaits trial.', 'While Gershkovich sits in a Russian cell, his colleagues at The Journal have done everything in their power to keep his story alive in the press.', 'This week, the newspaper marked the one-year anniversary, raising awareness by holding a read-a-thon, “Swim for Evan” events, and several global runs.', 'On Friday, it led a social media storm where people are encouraged to raise awareness of his case by posting online with the”#IStandWithEvan”hashtag.', 'The Wall Street Journal also made a big statement on the print edition of its Friday newspaper, intentionally leaving a large section of its front page blank to represent the missing journalism from Gershkovich.', '“A year in Russian prison.', 'A year of stolen stories, stolen joys, stolen memories.', 'The crime: journalism,” the paper states above the blank section.', 'Alongside it, The Journal featured dispatches on Gershkovich and spotlight the destructive consequences of authoritarian regimes.', '“What people can do is keep Evan front of mind because that keeps the pressure up on the governments involved, that this is a situation that is completely outrageous and needs to be resolved,” Tucker told me.', '“But the other thing I would say is, I think that it is really important for all of us … to remind people how important a free press is,” Tucker added. “', 'I think it’s something that sometimes gets taken for granted.”', 'Tucker said that Gershkovich’s detention has not changed The Journal’s editorial stance on Russia, given the paper’s lengthy record of tough reporting on the country’s oppressive government.', 'But she said it has certainly influenced her and the newspaper in other ways.', '“It’s heightened the need to speak out not just about Evan and his particular plight, but the wider assault on the ability of journalists to be able to do their jobs,” Tucker said. “', 'It’s also made us think very hard about, not that we weren’t before, but you think about all your journalists in dangerous situations.', 'Something like this does focus the mind.”', 'While reality-dwelling free press advocates have condemned Putin for his crackdown on journalism, some popular right-wing media personalities likeTucker Carlsonhave praised the authoritarian state in recent months.', 'Carlson, in particular, visited Russia earlier this year and sat for a chummy interview with Putin.', 'While he did press the Russian authoritarian on Gershkovich’s case, he left room for the possibility that The Journal reporter broke the law (it goes without saying that Carlson’s remarks didn’t play well in The Journal newsroom, given that reporting is not a crime).', 'And Carlson recorded a series of propaganda-like videos in Moscow, glorifying the country.', 'Asked about the disturbing trend of right-wing media figures extolling Russia as something of a utopia, all while Gershkovich sits in a Russian cell for the crime of reporting from the country, Tucker acknowledged its “unusual” nature and said it underscored the need for accurate reporting from the region.', '“What goes through my head is that it’s our job at The Journal to double down on good reporting about what’s actually happening there,” Tucker told me, describing reporting from Putin’s Russia as “really bloody hard these days” but as important as ever.', '“That’s where we have to put our energy,” Tucker added. “', 'We can’t be worrying about what others are doing.”', 'As Gershkovich awaits the day that he can walk out of prison and embrace his family and friends, Tucker told me he remains “resilient” and is doing his best to remain in positive spirits.', 'But Tucker noted that she doesn’t think “anyone after a year in a Moscow prison designed to hold political prisoners is going to be in a terribly good frame of mind.”', '“I think a lot of what you see, and his parents acknowledge this, he is protecting them,” Tucker said. “', 'He knows that this is a terrible ordeal for them.”', '“And when he puts on a good front, it’s partly to make his parents feel better,” Tucker added. “', 'He knows that his mom and his dad are pouring over images of him … and I think he knows that.', 'And because he is the kind of person he is, he is trying to protect them.”']",0.0165933746349157,"“But my expectation and sincere hope is that this time next year, he will not be imprisoned in Russia,” Tucker said.",But Tucker noted that she doesn’t think “anyone after a year in a Moscow prison designed to hold political prisoners is going to be in a terribly good frame of mind.”,0.2027956247329712,"“And when he puts on a good front, it’s partly to make his parents feel better,” Tucker added. “","While he did press the Russian authoritarian on Gershkovich’s case, he left room for the possibility that The Journal reporter broke the law (it goes without saying that Carlson’s remarks didn’t play well in The Journal newsroom, given that reporting is not a crime).",2024-03-31
Seven bills going up and one going down in April,https://www.bbc.co.uk/news/business-68666795,2024-03-29T22:07:53.000Z,"Rises in some bills in the coming days mean many households will see their already tight budgets stretched further - but not all costs are going up. Cuts to national insurance and increases in the amount people receive in benefits take effect in early April. But regular bills like council tax and water are going up so experts say family budgets need careful attention. New mum Rachel Aitken said: ""I never have thought I'd be looking so intensely at my bills."" ""It is a real pressure point, squeezed time,"" added Ms Aitken from Southport. She is on maternity leave after her daughter was born eight months ago, so her family is relying on her husband's income until she returns to work in July. ""I'm shopping very mindfully because our baby is growing into bigger clothes fast."" Here are some of the changes taking effect in the coming days, and the help that is available. Most broadband and mobile phone providers are currently introducing mid-contract price rises of up to 8.8%. This is generally based on the inflation rate last December, plus an additional charge. While this is allowed under current rules, the approach is expected to be banned by regulators later in the year. Consumer group Which? has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive. It follows rises of up to 17.3% a year ago. Companies say they have been clear and transparent about price rises. Cheaper social tariffs are available for some people on benefits. Customers can check if they are beyond the end of a contract - by texting ""Info"" to 85075 for free on a mobile - at which point they can shop around for a better deal without a fee. The average annual water and sewerage bill will rise by 6% in England and Wales, up £27 to £473. In Scotland, water and waste charges will go up by 8.8%, a rise of £36. Actual individual bills can differ significantly owing to regional variations and usage levels for those on a meter. In England and Wales, Wessex Water and Anglian Water are at the top end of the scale, with average bills set to increase to £548 and £529 respectively, while Northumbrian customers will see the lowest average bills of £422. Water firms have been facing intense scrutiny after the dumping of sewage into rivers. Charities say there are ways of bringing bills down - from usage to help for those on benefits. The WaterSure scheme in England and Wales helps some people with their bills. Council tax, or the equivalent rating system, will rise in most areas - although a freeze is now expected across the whole of Scotland. Local authorities collect the tax to pay for services such as rubbish collection, street lighting and libraries. Authorities in England with social care duties can raise council tax by up to 4.99%, without triggering a referendum. Others can increase it by up to 2.99%. Some can increase bills by more than 5%, with government permission, such as Birmingham where council tax will rise by 21% in two years. Proposed increases vary from 5% to 16% in Wales, and between 4% and nearly 10% in domestic rates in Northern Ireland. There is a freeze until 2025 in Scotland. although two councils had threatened to defy the national policy. In general, some households - such as people living alone, those with disabilities, or student properties - can receive discounts. Various other fees and charges are rising in April. They include the cost of the TV licence fee, which will go up by 6.6% to £169.50, after being frozen for two years.  It is free for for any household where someone is aged over 75 and also receives the means-tested pension credit. Anyone who is registered blind, or lives with someone who is sight-impaired - can get a 50% discount. Vehicle tax is also rising, with the annual flat rate for a car registered on or after 1 April 2017 going up by £10. The amount due depends on the type of vehicle, when it was registered and when type of fuel is used. NHS dental charges in England will increase by 4%, which means a standard check-up will cost £1 more, at £26.80. Some people are eligible for free dental care, such as when pregnant. The annual energy bill for a household using a typical amount of gas and electricity will fall to £1,690, which is the lowest for two years. Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill. The regulator's price cap affects 29 million households in England, Wales and Scotland. Rules are different in Northern Ireland, where prices are also falling. The cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more. But the fixed standing charges element of the bill is rising, and the fee varies depending on the region where you live. Some people may find they can get help with bills by claiming the benefits to which they are entitled. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice and charities Entitledto and Turn2us. ",BBC,29/03/2024,"['Rises in some bills in the coming days mean many households will see their already tight budgets stretched further - but not all costs are going up.', 'Cuts to national insurance and increases in the amount people receive in benefits take effect in early April.', 'But regular bills like council tax and water are going up so experts say family budgets need careful attention.', 'New mum Rachel Aitken said: ""I never have thought I\'d be looking so intensely at my bills."" ""', 'It is a real pressure point, squeezed time,"" added Ms Aitken from Southport.', 'She is on maternity leave after her daughter was born eight months ago, so her family is relying on her husband\'s income until she returns to work in July. ""', 'I\'m shopping very mindfully because our baby is growing into bigger clothes fast.""', 'Here are some of the changes taking effect in the coming days, and the help that is available.', 'Most broadband and mobile phone providers are currently introducing mid-contract price rises of up to 8.8%.', 'This is generally based on the inflation rate last December, plus an additional charge.', 'While this is allowed under current rules, the approach is expected to be banned by regulators later in the year.', 'Consumer group Which?', 'has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive.', 'It follows rises of up to 17.3% a year ago.', 'Companies say they have been clear and transparent about price rises.', 'Cheaper social tariffs are available for some people on benefits.', 'Customers can check if they are beyond the end of a contract - by texting ""Info"" to 85075 for free on a mobile - at which point they can shop around for a better deal without a fee.', 'The average annual water and sewerage bill will rise by 6% in England and Wales, up £27 to £473.', 'In Scotland, water and waste charges will go up by 8.8%, a rise of £36.', 'Actual individual bills can differ significantly owing to regional variations and usage levels for those on a meter.', 'In England and Wales, Wessex Water and Anglian Water are at the top end of the scale, with average bills set to increase to £548 and £529 respectively, while Northumbrian customers will see the lowest average bills of £422.', 'Water firms have been facing intense scrutiny after the dumping of sewage into rivers.', 'Charities say there are ways of bringing bills down - from usage to help for those on benefits.', 'The WaterSure scheme in England and Wales helps some people with their bills.', 'Council tax, or the equivalent rating system, will rise in most areas - although a freeze is now expected across the whole of Scotland.', 'Local authorities collect the tax to pay for services such as rubbish collection, street lighting and libraries.', 'Authorities in England with social care duties can raise council tax by up to 4.99%, without triggering a referendum.', 'Others can increase it by up to 2.99%.', 'Some can increase bills by more than 5%, with government permission, such as Birmingham where council tax will rise by 21% in two years.', 'Proposed increases vary from 5% to 16% in Wales, and between 4% and nearly 10% in domestic rates in Northern Ireland.', 'There is a freeze until 2025 in Scotland.', 'although two councils had threatened to defy the national policy.', 'In general, some households - such as people living alone, those with disabilities, or student properties - can receive discounts.', 'Various other fees and charges are rising in April.', 'They include the cost of the TV licence fee, which will go up by 6.6% to £169.50, after being frozen for two years.', 'It is free for for any household where someone is aged over 75 and also receives the means-tested pension credit.', 'Anyone who is registered blind, or lives with someone who is sight-impaired - can get a 50% discount.', 'Vehicle tax is also rising, with the annual flat rate for a car registered on or after 1 April 2017 going up by £10.', 'The amount due depends on the type of vehicle, when it was registered and when type of fuel is used.', 'NHS dental charges in England will increase by 4%, which means a standard check-up will cost £1 more, at £26.80.', 'Some people are eligible for free dental care, such as when pregnant.', 'The annual energy bill for a household using a typical amount of gas and electricity will fall to £1,690, which is the lowest for two years.', ""Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill."", ""The regulator's price cap affects 29 million households in England, Wales and Scotland."", 'Rules are different in Northern Ireland, where prices are also falling.', 'The cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more.', 'But the fixed standing charges element of the bill is rising, and the fee varies depending on the region where you live.', 'Some people may find they can get help with bills by claiming the benefits to which they are entitled.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice and charities Entitledto and Turn2us.']",0.076992114290542,Charities say there are ways of bringing bills down - from usage to help for those on benefits.,"has called the current system ""grossly unfair"" because the alternative of paying an exit fee would be expensive.",0.1391705896543419,It follows rises of up to 17.3% a year ago.,"Regulator Ofgem's new price cap takes effect on 1 April and means a drop of £238 a year, or around £20 a month, on that typical bill.",2024-03-31
Passport rules: 'Escorted through the airport like a criminal',https://www.bbc.co.uk/news/business-68677938,2024-03-29T22:09:13.000Z,"Disappointed holidaymakers whose EU travel plans were ruined when they were caught out by the ""10-year-passport rule"" have been speaking to the BBC. Until 2018, UK travellers could transfer up to nine months from an old passport on to a new one. But post-Brexit, EU countries will not accept passports more than 10 years old. Those who were unaware of the change were turned away by passport control. Some were able to rebook trips, but no one we spoke to was reimbursed. Jane Opher, 61, in London, said she was ""traumatised"" after being told she and her partner couldn't board their flight to Barcelona at Gatwick in February, even though they'd checked in online. ""I was just saying to my partner that I must renew my passport soon, as we walked along the bridge to get to the boarding gate. It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said. Jane, who used to live in Barcelona and was travelling to see friends, was left hundreds of pounds out of pocket after having to rearrange the trip with her partner.   The architect spent about £400 on last minute replacement flights and a fast tracked passport.  She says the issue with her passport was ""a technicality"" the airlines should be able to deal with. ""I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral.  ""As someone who used to live in Spain, I feel angry that I cannot go to Spain as easily as I used to,"" she added.   Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. ""We had no reason to believe the passport wouldn't be valid,"" she said. ""At first we thought the woman at the check-in was joking."" She said staff at Liverpool Airport ""told us this had been a ruling since Brexit and we should know better"". ""It was disappointing for us as our son had paid for half of the holiday as a Christmas present."" The couple were due to go on a cruise the following January and had all the paperwork ready to renew the passport when they got back from Majorca. How do I renew my UK passport and what is the 10-year rule? John, 73, a healthcare worker based near Portsmouth, was due to fly to Tenerife in January for a New Year break with friends. He only found out at the last minute that his wife's passport ""fell foul of the 10-year rule"". He called the rule ""ridiculous"", saying there were no warnings and zero interest from the company they booked with. ""We lost the whole lot after booking through TUI. They organise the flights and hotel. That's it. You lose the lot because you can't get on the plane. It's nothing more than a trick.  ""The total burden of this issue falls on the individual holidaymaker. The travel company have got your money, they can pay off the airline and hotel, who may be able to resell the plane tickets and the accommodation, but even if they can't, they're quids in. ""The travel company get their cut too, so there's no incentive on anyone to redress this unfair, illogical ruling,"" John said. A TUI spokesperson told the BBC they were ""sorry to hear of customers who were unable to travel with TUI as planned due the UK government passport requirements"". They added: ""Customers are given ample warning that their passports must follow the UK government's passport requirements when travelling abroad, via our website and within direct customer communications including booking confirmations."" Last April, Howard Kirrane and his wife were about to check in at the port in Southampton but his passport was not valid. They both had to take their bags off the ship and go back home to Portsmouth.  ""I contacted the ombudsman and banks to try and get money back but all they said was it was up to me to sort out my passport. That was very expensive,"" the 69-year-old said. The couple lost all of the money they had spent on their Mediterranean cruise holiday - almost £2,000.   ""I could've travelled to the US but not across the water,"" Howard added. He said he applied for a new passport the same night and it arrived two weeks later.  The confusion over passport issue dates and EU travel isn't anything new, as Jacqualyn Lee from Nottingham pointed out. In autumn 2021, the 79-year-old lost £2,000 on a cruise from Barcelona to the Canary Islands when told at the airport that her husband's passport was issued more than 10 years prior. The couple had to call off the trip and were unable to claim money from their insurance for the flights or the cruise. ""It just felt like somebody pulling a battery out of your back, you don't know how to react. I thought 'oh OK, we'll just go home then'. ""We booked another holiday straight away just to get it out of our system, what was done was done,"" she recalled. Before travelling, Jacqualyn had checked in with the cruise company and gave both her and her husband's passport details to travel agents where no issues were raised. ""I did try to get the money back but the insurers didn't want to know about it. Now that £2,000 would pay for a lot of gas and electricity for retired people like us,"" she said. A government spokesperson told the BBC: ""Following the end of the transition period on 31 December 2020, we ran an information campaign to help British travellers prepare for changes when visiting Europe, including on passport rules.  ""The government's online travel advice for EU countries sets out the requirements and is kept under constant review to ensure British travellers have accurate information to help plan their trip. We advise all customers not to book travel without a passport that meets their travel needs.""  Additional reporting by Emma Pengelly ",BBC,29/03/2024,"['Disappointed holidaymakers whose EU travel plans were ruined when they were caught out by the ""10-year-passport rule"" have been speaking to the BBC.', 'Until 2018, UK travellers could transfer up to nine months from an old passport on to a new one.', 'But post-Brexit, EU countries will not accept passports more than 10 years old.', 'Those who were unaware of the change were turned away by passport control.', 'Some were able to rebook trips, but no one we spoke to was reimbursed.', 'Jane Opher, 61, in London, said she was ""traumatised"" after being told she and her partner couldn\'t board their flight to Barcelona at Gatwick in February, even though they\'d checked in online. ""', 'I was just saying to my partner that I must renew my passport soon, as we walked along the bridge to get to the boarding gate.', 'It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said.', 'Jane, who used to live in Barcelona and was travelling to see friends, was left hundreds of pounds out of pocket after having to rearrange the trip with her partner.', 'The architect spent about £400 on last minute replacement flights and a fast tracked passport.', 'She says the issue with her passport was ""a technicality"" the airlines should be able to deal with. ""', 'I feel lucky I was going on holiday and it wasn\'t an urgent visit like a funeral. ""', 'As someone who used to live in Spain, I feel angry that I cannot go to Spain as easily as I used to,"" she added.', 'Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. ""', 'We had no reason to believe the passport wouldn\'t be valid,"" she said. ""', 'At first we thought the woman at the check-in was joking.""', 'She said staff at Liverpool Airport ""told us this had been a ruling since Brexit and we should know better"". ""', 'It was disappointing for us as our son had paid for half of the holiday as a Christmas present.""', 'The couple were due to go on a cruise the following January and had all the paperwork ready to renew the passport when they got back from Majorca.', 'How do I renew my UK passport and what is the 10-year rule?', 'John, 73, a healthcare worker based near Portsmouth, was due to fly to Tenerife in January for a New Year break with friends.', 'He only found out at the last minute that his wife\'s passport ""fell foul of the 10-year rule"".', 'He called the rule ""ridiculous"", saying there were no warnings and zero interest from the company they booked with. ""', 'We lost the whole lot after booking through TUI.', 'They organise the flights and hotel.', ""That's it."", ""You lose the lot because you can't get on the plane."", 'It\'s nothing more than a trick. ""', 'The total burden of this issue falls on the individual holidaymaker.', 'The travel company have got your money, they can pay off the airline and hotel, who may be able to resell the plane tickets and the accommodation, but even if they can\'t, they\'re quids in. ""', 'The travel company get their cut too, so there\'s no incentive on anyone to redress this unfair, illogical ruling,"" John said.', 'A TUI spokesperson told the BBC they were ""sorry to hear of customers who were unable to travel with TUI as planned due the UK government passport requirements"".', 'They added: ""Customers are given ample warning that their passports must follow the UK government\'s passport requirements when travelling abroad, via our website and within direct customer communications including booking confirmations.""', 'Last April, Howard Kirrane and his wife were about to check in at the port in Southampton but his passport was not valid.', 'They both had to take their bags off the ship and go back home to Portsmouth. ""', 'I contacted the ombudsman and banks to try and get money back but all they said was it was up to me to sort out my passport.', 'That was very expensive,"" the 69-year-old said.', 'The couple lost all of the money they had spent on their Mediterranean cruise holiday - almost £2,000. ""', 'I could\'ve travelled to the US but not across the water,"" Howard added.', 'He said he applied for a new passport the same night and it arrived two weeks later.', ""The confusion over passport issue dates and EU travel isn't anything new, as Jacqualyn Lee from Nottingham pointed out."", ""In autumn 2021, the 79-year-old lost £2,000 on a cruise from Barcelona to the Canary Islands when told at the airport that her husband's passport was issued more than 10 years prior."", 'The couple had to call off the trip and were unable to claim money from their insurance for the flights or the cruise. ""', ""It just felt like somebody pulling a battery out of your back, you don't know how to react."", 'I thought \'oh OK, we\'ll just go home then\'. ""', 'We booked another holiday straight away just to get it out of our system, what was done was done,"" she recalled.', 'Before travelling, Jacqualyn had checked in with the cruise company and gave both her and her husband\'s passport details to travel agents where no issues were raised. ""', ""I did try to get the money back but the insurers didn't want to know about it."", 'Now that £2,000 would pay for a lot of gas and electricity for retired people like us,"" she said.', 'A government spokesperson told the BBC: ""Following the end of the transition period on 31 December 2020, we ran an information campaign to help British travellers prepare for changes when visiting Europe, including on passport rules. ""', ""The government's online travel advice for EU countries sets out the requirements and is kept under constant review to ensure British travellers have accurate information to help plan their trip."", 'We advise all customers not to book travel without a passport that meets their travel needs.""', 'Additional reporting by Emma Pengelly']",-0.0451994036046414,"I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral. ""","It was very stressful and humiliating to have to be escorted back through the airport like a criminal,"" she said.",-0.8130881004035473,"I feel lucky I was going on holiday and it wasn't an urgent visit like a funeral. ""","Lara Barnes, 57, based on the Isle of Man, was due to travel to Majorca last October but her husband was denied boarding and they lost £1,200 they had spent on the holiday. """,2024-03-31
China removes tariffs on Australian wine as relations improve,https://www.bbc.co.uk/news/68682550,2024-03-28T08:08:25.000Z,"China has announced it will remove significant tariffs on Australian wine in another key sign of improving relations between the two countries. Beijing imposed taxes of more than 200% in 2020 amid a string of economic blows to Australian exports. That year Beijing targeted Australian coal, barley, timber and lobsters as part of a wider political falling-out. But China-Australia relations have improved since a new Canberra government was elected in 2022. Prime Minister Anthony Albanese welcomed the announcement from the Chinese commerce ministry on Thursday, saying his government had also managed to reduce other trade barriers. Last August, China removed the tariffs it had imposed on Australian barley - another key commodity that had been targeted.  ""This outcome affirms the calm and consistent approach taken by the Albanese Labor Government and follows the success of the similar approach taken to remove duties on Australian barley,"" Prime Minister Albanese said in a statement. He said his government was still lobbying China on removing remaining tariffs on commodities such as beef and lobster. China had previously been the most lucrative market for Australian winemakers- accounting for nearly a third of all bottles shipped overseas. Australian wine representatives said the industry lost A$2.1bn ($1.37bn, £1.08bn) in the year after China was shut off. Despite pivoting to other markets, winemakers struggled to sell the volume of bottles to other countries and have faced a significant glut in recent years. China's Commerce Ministry on Thursday said it was removing the duties on bottled wine due to ""changes in the market situation of the relevant wines in China"". The penalty would be removed from Friday. Beijing had always denied accusations of economic coercion, instead previously justifying its duties on Australian wine as being anti-dumping and anti-subsidy measures. That had led to Australia filing a complaint with the World Trade Organization against the validity of such penalties. The case was withdrawn last year as the two nations' relations improved, and Canberra confirmed this again on Thursday. The prospect of the tariff's scrapping had earlier in February been forecast in Australia by government ministers following diplomatic discussions. And earlier this month, the Chinese commerce ministry published an interim decision indicating the tariffs would most likely be removed. Last week, China's Foreign Minister Wang Yi also went to Canberra to hold meetings with Australian leaders. China remains Australia's number one trade partner and export destination for several commodities. In late 2020, Beijing imposed a series of tariffs and other economic burdens on more than a dozen Australian goods and commodities - citing trade or production issues. However Canberra saw it as a retaliatory campaign of economic coercion for political steps the Australia government had taken: including being the first Western country to bar Chinese tech firm Huawei from bidding for the country's 5G tender and demanding an inquiry into the origins of Covid-19. Despite the hits to certain industries- estimated to be worth about A$20bn - the value of the China-Australia trade relationship has remained at a consistent level and trade has increased 12%. The majority of the value in the A$317bn trading relationship comes from China's reliance on Australian raw materials such as iron ore. ",BBC,28/03/2024,"['China has announced it will remove significant tariffs on Australian wine in another key sign of improving relations between the two countries.', 'Beijing imposed taxes of more than 200% in 2020 amid a string of economic blows to Australian exports.', 'That year Beijing targeted Australian coal, barley, timber and lobsters as part of a wider political falling-out.', 'But China-Australia relations have improved since a new Canberra government was elected in 2022.', 'Prime Minister Anthony Albanese welcomed the announcement from the Chinese commerce ministry on Thursday, saying his government had also managed to reduce other trade barriers.', 'Last August, China removed the tariffs it had imposed on Australian barley - another key commodity that had been targeted. ""', 'This outcome affirms the calm and consistent approach taken by the Albanese Labor Government and follows the success of the similar approach taken to remove duties on Australian barley,"" Prime Minister Albanese said in a statement.', 'He said his government was still lobbying China on removing remaining tariffs on commodities such as beef and lobster.', 'China had previously been the most lucrative market for Australian winemakers- accounting for nearly a third of all bottles shipped overseas.', 'Australian wine representatives said the industry lost A$2.1bn ($1.37bn, £1.08bn) in the year after China was shut off.', 'Despite pivoting to other markets, winemakers struggled to sell the volume of bottles to other countries and have faced a significant glut in recent years.', 'China\'s Commerce Ministry on Thursday said it was removing the duties on bottled wine due to ""changes in the market situation of the relevant wines in China"".', 'The penalty would be removed from Friday.', 'Beijing had always denied accusations of economic coercion, instead previously justifying its duties on Australian wine as being anti-dumping and anti-subsidy measures.', 'That had led to Australia filing a complaint with the World Trade Organization against the validity of such penalties.', ""The case was withdrawn last year as the two nations' relations improved, and Canberra confirmed this again on Thursday."", ""The prospect of the tariff's scrapping had earlier in February been forecast in Australia by government ministers following diplomatic discussions."", 'And earlier this month, the Chinese commerce ministry published an interim decision indicating the tariffs would most likely be removed.', ""Last week, China's Foreign Minister Wang Yi also went to Canberra to hold meetings with Australian leaders."", ""China remains Australia's number one trade partner and export destination for several commodities."", 'In late 2020, Beijing imposed a series of tariffs and other economic burdens on more than a dozen Australian goods and commodities - citing trade or production issues.', ""However Canberra saw it as a retaliatory campaign of economic coercion for political steps the Australia government had taken: including being the first Western country to bar Chinese tech firm Huawei from bidding for the country's 5G tender and demanding an inquiry into the origins of Covid-19."", 'Despite the hits to certain industries- estimated to be worth about A$20bn - the value of the China-Australia trade relationship has remained at a consistent level and trade has increased 12%.', ""The majority of the value in the A$317bn trading relationship comes from China's reliance on Australian raw materials such as iron ore.""]",0.0440785688684001,Despite the hits to certain industries- estimated to be worth about A$20bn - the value of the China-Australia trade relationship has remained at a consistent level and trade has increased 12%.,"Beijing had always denied accusations of economic coercion, instead previously justifying its duties on Australian wine as being anti-dumping and anti-subsidy measures.",0.0283506299768175,But China-Australia relations have improved since a new Canberra government was elected in 2022.,"Despite pivoting to other markets, winemakers struggled to sell the volume of bottles to other countries and have faced a significant glut in recent years.",2024-03-31
Japan nappy maker shifts from babies to adults,https://www.bbc.co.uk/news/business-68672186,2024-03-27T04:19:13.000Z,"A Japanese nappy maker has announced that it will stop producing diapers for babies in the country and, instead, focus on the market for adults. Oji Holdings is the latest firm to make such a shift in a rapidly ageing Japan, where birth rates are at a record low.  Sales of adult nappies outpaced those for infants in the country for more than a decade.  The number of babies born in Japan in 2023 - 758,631 - was down by 5.1% from the previous year. It was also the lowest number of births on record in Japan since the 19th Century. In the 1970s, that figure stood at more than two million.  In a statement, Oji Holdings said its subsidiary, Oji Nepia, currently manufactures 400 million infant nappies annually. Production has been falling since 2001, when the company hit its peak - 700 million nappies.  Back in 2011, Japan's biggest diaper maker, Unicharm, said its sales of adult diapers had surpassed those for babies. Meanwhile, the adult diaper market has been growing and is estimated to be worth more than $2bn (£1.6bn). Japan now has one of the world's oldest populations, with almost 30% of them aged 65 or older. Last year, the proportion of those aged above 80 surpassed 10% for the first time. Oji Holdings also said it would continue to make baby diapers in Malaysia and Indonesia where it expects demand to grow.  A shrinking population, the result of both ageing and plummeting birth rates, has become a crisis for Japan, one of the world's largest economies. But the Japanese government's efforts to address these challenges have met with little success so far.  Increased spending on child-related programmes and subsidies targeting young couples or parents don't appear to be boosting birth rates. Expert say the reasons are complex, ranging from lower marriage rates and more women joining the workforce, to the increased costs of raising children.  ""Japan is standing on the verge of whether we can continue to function as a society,"" Prime Minister Fumio Kishida said last year, adding that it was a case of ""now or never"".   But Japan is not alone. Fertility rates have also been dropping in Hong Kong, Singapore, Taiwan and South Korea, the last of which has the lowest birth rate in the world.  China too saw its population fall for the second year in a row in 2023 and, like Japan, has introduced various incentives to boost birth rates. But an ageing population and the impact of a decades-long one child-policy, which ended in 2015, are creating demographic challenges in China too.  ",BBC,27/03/2024,"['A Japanese nappy maker has announced that it will stop producing diapers for babies in the country and, instead, focus on the market for adults.', 'Oji Holdings is the latest firm to make such a shift in a rapidly ageing Japan, where birth rates are at a record low.', 'Sales of adult nappies outpaced those for infants in the country for more than a decade.', 'The number of babies born in Japan in 2023 - 758,631 - was down by 5.1% from the previous year.', 'It was also the lowest number of births on record in Japan since the 19th Century.', 'In the 1970s, that figure stood at more than two million.', 'In a statement, Oji Holdings said its subsidiary, Oji Nepia, currently manufactures 400 million infant nappies annually.', 'Production has been falling since 2001, when the company hit its peak - 700 million nappies.', ""Back in 2011, Japan's biggest diaper maker, Unicharm, said its sales of adult diapers had surpassed those for babies."", 'Meanwhile, the adult diaper market has been growing and is estimated to be worth more than $2bn (£1.6bn).', ""Japan now has one of the world's oldest populations, with almost 30% of them aged 65 or older."", 'Last year, the proportion of those aged above 80 surpassed 10% for the first time.', 'Oji Holdings also said it would continue to make baby diapers in Malaysia and Indonesia where it expects demand to grow.', ""A shrinking population, the result of both ageing and plummeting birth rates, has become a crisis for Japan, one of the world's largest economies."", ""But the Japanese government's efforts to address these challenges have met with little success so far."", ""Increased spending on child-related programmes and subsidies targeting young couples or parents don't appear to be boosting birth rates."", 'Expert say the reasons are complex, ranging from lower marriage rates and more women joining the workforce, to the increased costs of raising children. ""', 'Japan is standing on the verge of whether we can continue to function as a society,"" Prime Minister Fumio Kishida said last year, adding that it was a case of ""now or never"".', 'But Japan is not alone.', 'Fertility rates have also been dropping in Hong Kong, Singapore, Taiwan and South Korea, the last of which has the lowest birth rate in the world.', 'China too saw its population fall for the second year in a row in 2023 and, like Japan, has introduced various incentives to boost birth rates.', 'But an ageing population and the impact of a decades-long one child-policy, which ended in 2015, are creating demographic challenges in China too.']",0.048169653759512,"China too saw its population fall for the second year in a row in 2023 and, like Japan, has introduced various incentives to boost birth rates.","A shrinking population, the result of both ageing and plummeting birth rates, has become a crisis for Japan, one of the world's largest economies.",-0.1406213268637657,"Back in 2011, Japan's biggest diaper maker, Unicharm, said its sales of adult diapers had surpassed those for babies.","The number of babies born in Japan in 2023 - 758,631 - was down by 5.1% from the previous year.",2024-03-31
3 ways Apple’s monopoly lawsuit could change the iPhone experience for fans,https://edition.cnn.com/2024/03/26/tech/apples-iphone-changes-lawsuit/index.html,"
  Published
        6:30 AM EDT, Tue March 26, 2024
    ","When Apple launched its first Mac computer in 1984, with its iconic Mac smiley-face “hello” greeting, it wanted to differentiate itself in the fledgling PC market. The Mac was approachable with its friendly, innovative design – Apple’s way of setting the Mac apart in the confusing PC landscape.
    
            That consumer-friendly mantra still exists today, with Apple carefully curating an easy-breezy yet controlled user experience across its products, including the billions of iPhones used around the world.
    
            But the Biden administration believes Apple took that too far. On Thursday, the Department of Justice sued Apple for illegally monopolizing the smartphone market. In a press conference, the government provided a long list of how Apple has allegedly squashed competition with restrictive app store terms, high fees and its “walled-garden” approach, restricting how third-party companies interact with its brands and services.
    
            The company denied the lawsuit’s allegations and said it plans to fight them. Apple added that the lawsuit could empower the government “to take a heavy hand in designing people’s technology.”
    
            But if successful, the lawsuit could ripple across Apple’s products and services. Although the suit could take years to play out, here’s a closer look what it may eventually mean for iPhone users:
    
            If found liable, the company could be forced to change a number of things.
    
            One such change is how iPhone users could get greater access to “super apps” that have been largely restricted before. The term refers to one-stop-shop apps that allow for messaging, ordering food, payment processing and other capabilities all within one platform.
    
             According to Dipanjan Chatterjee, a principal analyst at market research firm Forrester, super apps most threaten Apple’s preeminence in the lives of its customers.
    
            “An offering like WeChat, dubbed China’s everything app, can provide an alternative to the Apple ecosystem for people to communicate, bank, share memories, talk to businesses and more,” he said. “What Apple fears most is becoming irrelevant to its customers.”
    
            At the same time, super apps like WeChat are created by larger companies and could, therefore, put some smaller companies at a disadvantage. And the concept hasn’t been welcomed much in the US anyway.
    
            The US government, however, could argue that lack of interest may be due to Apple’s high share of the smartphone market and its resistance to offer super apps in its store, Chatterjee said.
    
            Apple may also be required to offer more support for cross-platform messaging, an issue the company previously said it’s already working on.
    
            The company lets iPhone users send high-quality photos and videos to one another, but similar texts to Android phones are slower and grainy. It also maintains those messages in green bubbles, creating a kind of class divide, critics argue.
    
            In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap. Apple’s move to add support for the standard called RCS (rich communication services) is intended to roll out later this year. RCS is considered the replacement to alternatives such as SMS, or short messaging service, and can work over both Wi-Fi and mobile data.
    
            The change followed pressure from both regulators and competitors to more seamlessly work across operating systems. The European Union’s Digital Markets Act, for example, requires companies to make their key services interoperable between platforms. The US government could require the same.
    
            Another likely change is how hardware from other companies, such as smartwatches, will interact with the Apple range of devices and software, including the iPhone and Apple’s services like Fitness+. The company has also required Apple Watch users to own iOS devices as a way to keep them locked into its existing ecosystem.
    
            Chatterjee said making this change would have both positives and negatives.
    
            “The net result would reside somewhere along the spectrum of access to more and cheaper options but also the devaluation of the customer experience that is so highly prized by Apple’s customers,” he said.
    
            The Biden administration has also taken issue with Apple’s lack of support for mobile cloud services. Loosening this could allow users to access games and other cloud-based apps without having to pay for pricey hardware.
    
            The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating. Although the Biden administration will have to prove these harms, some critics say any potential changes Apple could make will negatively impact the user experience.
    
            David McQueen, a research director at ABI Research, said he recognizes that the content and applications market should be open, and Apple needs to avoid monopolistic advantages that can restrict competition, push up prices or block innovation. But Apple’s success stems in part to its tight grip on its products and services, keeping things intuitive and seamless.
    
            “If Apple is forced to comply, it could potentially spell the end to the provision of this consistent and unified user experience, although by the same token, consumers will be open to a greater choice of apps and services, helping more developers and providers,” McQueen said.
    
            Chatterjee noted some people are drawn to the Apple family of products precisely because of the carefully managed ecosystem’s ease of use. Apple may have to work that much harder to preserve the integrity of its experience, but any changes probably won’t be enough to make customers to leave and go elsewhere.
    
            “The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.
    
            But he added those currently outside of the Apple ecosystem will likely benefit by “plugging in opportunistically without having to go all in with Apple.”",CNN,26/03/2024,"['When Apple launched its first Mac computer in 1984, with its iconic Mac smiley-face “hello” greeting, it wanted to differentiate itself in the fledgling PC market.', 'The Mac was approachable with its friendly, innovative design – Apple’s way of setting the Mac apart in the confusing PC landscape.', 'That consumer-friendly mantra still exists today, with Apple carefully curating an easy-breezy yet controlled user experience across its products, including the billions of iPhones used around the world.', 'But the Biden administration believes Apple took that too far.', 'On Thursday, the Department of Justice sued Apple for illegally monopolizing the smartphone market.', 'In a press conference, the government provided a long list of how Apple has allegedly squashed competition with restrictive app store terms, high fees and its “walled-garden” approach, restricting how third-party companies interact with its brands and services.', 'The company denied the lawsuit’s allegations and said it plans to fight them.', 'Apple added that the lawsuit could empower the government “to take a heavy hand in designing people’s technology.”', 'But if successful, the lawsuit could ripple across Apple’s products and services.', 'Although the suit could take years to play out, here’s a closer look what it may eventually mean for iPhone users:  If found liable, the company could be forced to change a number of things.', 'One such change is how iPhone users could get greater access to “super apps” that have been largely restricted before.', 'The term refers to one-stop-shop apps that allow for messaging, ordering food, payment processing and other capabilities all within one platform.', 'According to Dipanjan Chatterjee, a principal analyst at market research firm Forrester, super apps most threaten Apple’s preeminence in the lives of its customers.', '“An offering like WeChat, dubbed China’s everything app, can provide an alternative to the Apple ecosystem for people to communicate, bank, share memories, talk to businesses and more,” he said.', '“What Apple fears most is becoming irrelevant to its customers.”', 'At the same time, super apps like WeChat are created by larger companies and could, therefore, put some smaller companies at a disadvantage.', 'And the concept hasn’t been welcomed much in the US anyway.', 'The US government, however, could argue that lack of interest may be due to Apple’s high share of the smartphone market and its resistance to offer super apps in its store, Chatterjee said.', 'Apple may also be required to offer more support for cross-platform messaging, an issue the company previously said it’s already working on.', 'The company lets iPhone users send high-quality photos and videos to one another, but similar texts to Android phones are slower and grainy.', 'It also maintains those messages in green bubbles, creating a kind of class divide, critics argue.', 'In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap.', 'Apple’s move to add support for the standard called RCS (rich communication services) is intended to roll out later this year.', 'RCS is considered the replacement to alternatives such as SMS, or short messaging service, and can work over both Wi-Fi and mobile data.', 'The change followed pressure from both regulators and competitors to more seamlessly work across operating systems.', 'The European Union’s Digital Markets Act, for example, requires companies to make their key services interoperable between platforms.', 'The US government could require the same.', 'Another likely change is how hardware from other companies, such as smartwatches, will interact with the Apple range of devices and software, including the iPhone and Apple’s services like Fitness+.', 'The company has also required Apple Watch users to own iOS devices as a way to keep them locked into its existing ecosystem.', 'Chatterjee said making this change would have both positives and negatives.', '“The net result would reside somewhere along the spectrum of access to more and cheaper options but also the devaluation of the customer experience that is so highly prized by Apple’s customers,” he said.', 'The Biden administration has also taken issue with Apple’s lack of support for mobile cloud services.', 'Loosening this could allow users to access games and other cloud-based apps without having to pay for pricey hardware.', 'The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating.', 'Although the Biden administration will have to prove these harms, some critics say any potential changes Apple could make will negatively impact the user experience.', 'David McQueen, a research director at ABI Research, said he recognizes that the content and applications market should be open, and Apple needs to avoid monopolistic advantages that can restrict competition, push up prices or block innovation.', 'But Apple’s success stems in part to its tight grip on its products and services, keeping things intuitive and seamless.', '“If Apple is forced to comply, it could potentially spell the end to the provision of this consistent and unified user experience, although by the same token, consumers will be open to a greater choice of apps and services, helping more developers and providers,” McQueen said.', 'Chatterjee noted some people are drawn to the Apple family of products precisely because of the carefully managed ecosystem’s ease of use.', 'Apple may have to work that much harder to preserve the integrity of its experience, but any changes probably won’t be enough to make customers to leave and go elsewhere.', '“The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.', 'But he added those currently outside of the Apple ecosystem will likely benefit by “plugging in opportunistically without having to go all in with Apple.”']",0.2470050112228104,"In November, the company said it will add new features, such as read receipts, typing indicators, better support for group chats and higher quality media sharing of images and videos, across platforms to help close the gap.",The company denied the lawsuit’s allegations and said it plans to fight them.,-0.151834836602211,"“The vast majority of Apple customers would probably be happier with some more choice and lower prices as long as it did not hamper their levels of customer experience, which is threatened by the less control Apple has over the experience,” Chatterjee said.","The DOJ lawsuit claims Apple’s behavior has illegally hindered competition, kept its customers locked into its products and prevented other companies from innovating.",2024-03-31
Disney and DeSantis allies end legal dispute over control of theme park,https://www.bbc.co.uk/news/world-us-canada-68675795,2024-03-27T18:00:55.000Z,"Allies of Florida Governor Ron DeSantis and Disney have reached a settlement agreement over how Walt Disney World is governed in the future. It comes after a judge ruled in January that it was legal for the state to make changes to the amusement theme park's district government. A row between the two sides has been trundling on for almost two years. It was sparked by Disney's criticism of a state law that restricted the teaching of sexuality in schools. In a meeting on Wednesday, members of the Central Florida Tourism Oversight District board approved the settlement agreement. Jeff Vahle, president of Walt Disney World Resort, said in a statement that the company was pleased that a settlement had been reached. ""This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the state,"" the Associated Press news agency quoted Mr Vahle as saying. The two sides started feuding after Disney, under pressure from its staff, criticised the Parental Rights in Education Act - dubbed the ""Don't Say Gay"" bill by critics - which bans discussion of sexual orientation and gender identity for students in Florida. In response to Disney's criticism, Mr DeSantis - who is a proponent of the law - passed legislation that stripped Disney of its self-governing authority - a power the company had for more than 50 years. The move gave more power to Mr DeSantis, who now appoints members of a board that governs the park's 25,000 acres. But before the board changed hands, Disney supporters on the board signed agreements with the company shifting control of some aspects at Disney World to the company - a move the district then sued Disney over. The company also countersued. Under Wednesday's agreement, litigation counsel Paul Huck said at the board meeting that the company recognised that the signing over of control to Disney before the board changed hands was ""null and void"".  The city-sized theme park had been operated by Disney since 1971. ",BBC,27/03/2024,"['Allies of Florida Governor Ron DeSantis and Disney have reached a settlement agreement over how Walt Disney World is governed in the future.', ""It comes after a judge ruled in January that it was legal for the state to make changes to the amusement theme park's district government."", 'A row between the two sides has been trundling on for almost two years.', ""It was sparked by Disney's criticism of a state law that restricted the teaching of sexuality in schools."", 'In a meeting on Wednesday, members of the Central Florida Tourism Oversight District board approved the settlement agreement.', 'Jeff Vahle, president of Walt Disney World Resort, said in a statement that the company was pleased that a settlement had been reached. ""', 'This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the state,"" the Associated Press news agency quoted Mr Vahle as saying.', 'The two sides started feuding after Disney, under pressure from its staff, criticised the Parental Rights in Education Act - dubbed the ""Don\'t Say Gay"" bill by critics - which bans discussion of sexual orientation and gender identity for students in Florida.', ""In response to Disney's criticism, Mr DeSantis - who is a proponent of the law - passed legislation that stripped Disney of its self-governing authority - a power the company had for more than 50 years."", ""The move gave more power to Mr DeSantis, who now appoints members of a board that governs the park's 25,000 acres."", 'But before the board changed hands, Disney supporters on the board signed agreements with the company shifting control of some aspects at Disney World to the company - a move the district then sued Disney over.', 'The company also countersued.', 'Under Wednesday\'s agreement, litigation counsel Paul Huck said at the board meeting that the company recognised that the signing over of control to Disney before the board changed hands was ""null and void"".', 'The city-sized theme park had been operated by Disney since 1971.']",0.1713182077687389,"This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the state,"" the Associated Press news agency quoted Mr Vahle as saying.","The two sides started feuding after Disney, under pressure from its staff, criticised the Parental Rights in Education Act - dubbed the ""Don't Say Gay"" bill by critics - which bans discussion of sexual orientation and gender identity for students in Florida.",0.6832387844721476,"This agreement opens a new chapter of constructive engagement with the new leadership of the district and serves the interests of all parties by enabling significant continued investment and the creation of thousands of direct and indirect jobs and economic opportunity in the state,"" the Associated Press news agency quoted Mr Vahle as saying.","The two sides started feuding after Disney, under pressure from its staff, criticised the Parental Rights in Education Act - dubbed the ""Don't Say Gay"" bill by critics - which bans discussion of sexual orientation and gender identity for students in Florida.",2024-03-31
The Chevrolet Corvette is officially going electric,https://edition.cnn.com/2022/04/25/business/electric-hybrid-corvette/index.html,"
  Updated
        12:22 PM EDT, Mon April 25, 2022
    ","General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning. 
    
            Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “We will offer an electrified Corvette as early as next year,” he wrote. An accompanying video the company posted to Twitter showed what appeared to be a hybrid Corvette, and in another first, showed the front wheels spinning and throwing snow as if being powered. All Corvettes produced by the company previously have been rear-wheel-drive only.
    
            While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.
    
            “Electrified” is an auto industry term encompassing everything from hybrid to fully electric vehicles, and anything with an electric motor can count as “electrified.” It has long been rumored that the current generation of the Corvette, the first with its gasoline engine mounted behind the seats instead of in the front, could be built with a hybrid system. Reuss has also previously hinted there would be electrified variants of the car.
    
            Various companies are working on electric sports cars. Most all-electric vehicles in production so far have been four-door sedans and SUVs, as the need for batteries lends itself to larger and heavier vehicles. Tesla’s first car, the Lotus Elise-based Tesla Roadster, was an electric sports car, but the second-generation of Tesla Roadster, originally unveiled as a prototype in 2017, has yet to go into production.
    
            Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle. Lamborghini has been working on plug-in hybrid sports cars, though.
    
            To date, the Corvette is only available in the base Stingray version with 6.2-liter V8 engine producing up to 495 horsepower. A 670 horsepower Corvette Z06 with a 5.5-liter V8 was unveiled last fall. The previous generation of the Corvette included included a 755-horsepower ZR1 version. Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.
    
            Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines. Ferrari’s most powerful sports cars are hybrids, for instance.  
    
            GM has said it plans to produce only zero-emission vehicles, meaning fully electric or powered by hydrogen fuel cells, by 2035.",CNN,25/04/2022,"['General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning.', 'Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “', 'We will offer an electrified Corvette as early as next year,” he wrote.', 'An accompanying video the company posted to Twitter showed what appeared to be a hybrid Corvette, and in another first, showed the front wheels spinning and throwing snow as if being powered.', 'All Corvettes produced by the company previously have been rear-wheel-drive only.', 'While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.', '“Electrified” is an auto industry term encompassing everything from hybrid to fully electric vehicles, and anything with an electric motor can count as “electrified.”', 'It has long been rumored that the current generation of the Corvette, the first with its gasoline engine mounted behind the seats instead of in the front, could be built with a hybrid system.', 'Reuss has also previously hinted there would be electrified variants of the car.', 'Various companies are working on electric sports cars.', 'Most all-electric vehicles in production so far have been four-door sedans and SUVs, as the need for batteries lends itself to larger and heavier vehicles.', 'Tesla’s first car, the Lotus Elise-based Tesla Roadster, was an electric sports car, but the second-generation of Tesla Roadster, originally unveiled as a prototype in 2017, has yet to go into production.', 'Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle.', 'Lamborghini has been working on plug-in hybrid sports cars, though.', 'To date, the Corvette is only available in the base Stingray version with 6.2-liter V8 engine producing up to 495 horsepower.', 'A 670 horsepower Corvette Z06 with a 5.5-liter V8 was unveiled last fall.', 'The previous generation of the Corvette included included a 755-horsepower ZR1 version.', 'Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.', 'Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines.', 'Ferrari’s most powerful sports cars are hybrids, for instance.', 'GM has said it plans to produce only zero-emission vehicles, meaning fully electric or powered by hydrogen fuel cells, by 2035.']",0.0521320736918344,Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.,"While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.",0.3646015524864197,"Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines.","Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle.",2024-03-31
This new SUV’s stereo lets you make phone calls your passengers can’t hear,https://edition.cnn.com/2024/03/29/cars/suvs-stereo-phone-calls-passengers-infiniti/index.html,"
  Published
        6:00 AM EDT, Fri March 29, 2024
    ","It can be awkward to take a phone call while you’re driving and your family is in the car with you. If you’re listening to music it turns off and everyone has to stop and listen to whatever someone on the phone wants to tell you.
    
            Infiniti, Nissan’s luxury vehicle division, just revealed a feature in its new full-sized SUV that can allow everyone else in the vehicle to keep listening to whatever they want while the driver takes a phone call and no headphones are needed. Only the driver can hear the call and the person on the other end of the call can’t hear the music playing in the SUV.
    
            It’s the latest trick in the increasingly competitive world of luxury car sound systems. These days, there’s almost no luxury car company that doesn’t play up its high-end audio system with brands like Burmeister in Mercedes-Benz, McIntosh in the opulent Jeep Grand Wagoneer SUV and Bang & Olufson in Bentley and Genesis cars, among others. For Klipsch, famous for its top-end hand-made speakers, this is only the brand’s second appearance in a vehicle. The $87,000 Ram Tungsten luxury pickup has a Klipsch stereo as standard equipment but even it doesn’t have the Infiniti’s high-tech sound isolation system.
    
            The system in the QX80, developed by Infiniti along with Panasonic Automotive and Klipsch, works through a combination of clever speaker placement and sound canceling technology. The driver and front passenger seat both have speakers mounted in the headrest. That’s not a new idea, but headrest speakers are usually found in convertibles where music, phone calls and navigation instructions have to overcome buffeting wind noise. They’re not usually found in large, quiet luxury vehicles like the Infiniti QX80.
    
            Sound canceling technology, in simpler forms, also isn’t new. It generally works by using speakers to create off-setting sound waves to deaden unwanted sounds. If you imagine sound waves as a line going up and down then imagine overlaying that with a second line that goes up and down in exactly opposite directions, you would end up with, essentially, a flat band. In other words, no sound.
    
            Sound canceling in headphones and car stereos is usually used to wash out continuous, droning background sounds like engine noise. It’s much harder with sounds like music, which changes a lot from moment to moment.
    
            Instead of just relying on microphones to pick up sounds from the air, the optional Klipsch stereo in the 2025 QX80 reads the digital music track that’s being played – as it does to play it, anyway – and can use that to create offsetting sound waves from speakers around the driver’s seat. That creates a quiet bubble around the driver so a phone call or navigation prompts coming through the headrest speakers can be heard only by the driver while others in the vehicle can listen to music at full volume. Meanwhile, the person on the other end of the phone call won’t hear the music at all. For them, it will be just like talking to someone in a quiet room.
    
            The redesigned QX80 won’t go on sale until next year, so I tested the system in a QX80 parked inside a building in Manhattan. A party with a live singer nearby made for a fairly noisy environment outside the SUV.
    
            I sat in the passenger seat of the new SUV while Panasonic executive Tom Dunn took a phone call from the driver’s seat. Pop music was playing on the stereo. I could hear Dunn talking but the voice on the other end of the phone came through, at first, as just an intermittent quiet buzz. Then Dunn turned down the call volume slightly and the other voice disappeared altogether, covered up by country music.
    
            Then I stepped out of the SUV and walked to where an Infiniti spokesman was on the phone about 20 feet away. I took his phone and talked to Dunn. I could hear Dunn talking to me but not the music that was still playing in the car.
    
            Earlier in the demonstration, I’d already taken a call from the driver’s seat while music was playing, but I had figured that was, relatively speaking, the easy part. I had to trust Dunn, who was then in the passenger seat, to tell me he couldn’t hear the person calling me. It was much weirder to later be in the passenger seat and to not be able to hear the call. It was positively baffling to be on the phone outside and to not hear the music that I knew was playing inside the vehicle.
    
            The call-masking feature only works if music is playing on the stereo. If there’s no music playing other people in the SUV will still have to listen to your call but it will be quieter than in most other vehicles.
    
            And, regardless, everyone will still have to listen to the driver talking. But, if your call involves anything embarrassing, you can just make sure to always just answer “Yes” and “No” to everything. Your secrets will be safe.",CNN,29/03/2024,"['It can be awkward to take a phone call while you’re driving and your family is in the car with you.', 'If you’re listening to music it turns off and everyone has to stop and listen to whatever someone on the phone wants to tell you.', 'Infiniti, Nissan’s luxury vehicle division, just revealed a feature in its new full-sized SUV that can allow everyone else in the vehicle to keep listening to whatever they want while the driver takes a phone call and no headphones are needed.', 'Only the driver can hear the call and the person on the other end of the call can’t hear the music playing in the SUV.', 'It’s the latest trick in the increasingly competitive world of luxury car sound systems.', 'These days, there’s almost no luxury car company that doesn’t play up its high-end audio system with brands like Burmeister in Mercedes-Benz, McIntosh in the opulent Jeep Grand Wagoneer SUV and Bang & Olufson in Bentley and Genesis cars, among others.', 'For Klipsch, famous for its top-end hand-made speakers, this is only the brand’s second appearance in a vehicle.', 'The $87,000 Ram Tungsten luxury pickup has a Klipsch stereo as standard equipment but even it doesn’t have the Infiniti’s high-tech sound isolation system.', 'The system in the QX80, developed by Infiniti along with Panasonic Automotive and Klipsch, works through a combination of clever speaker placement and sound canceling technology.', 'The driver and front passenger seat both have speakers mounted in the headrest.', 'That’s not a new idea, but headrest speakers are usually found in convertibles where music, phone calls and navigation instructions have to overcome buffeting wind noise.', 'They’re not usually found in large, quiet luxury vehicles like the Infiniti QX80.', 'Sound canceling technology, in simpler forms, also isn’t new.', 'It generally works by using speakers to create off-setting sound waves to deaden unwanted sounds.', 'If you imagine sound waves as a line going up and down then imagine overlaying that with a second line that goes up and down in exactly opposite directions, you would end up with, essentially, a flat band.', 'In other words, no sound.', 'Sound canceling in headphones and car stereos is usually used to wash out continuous, droning background sounds like engine noise.', 'It’s much harder with sounds like music, which changes a lot from moment to moment.', 'Instead of just relying on microphones to pick up sounds from the air, the optional Klipsch stereo in the 2025 QX80 reads the digital music track that’s being played – as it does to play it, anyway – and can use that to create offsetting sound waves from speakers around the driver’s seat.', 'That creates a quiet bubble around the driver so a phone call or navigation prompts coming through the headrest speakers can be heard only by the driver while others in the vehicle can listen to music at full volume.', 'Meanwhile, the person on the other end of the phone call won’t hear the music at all.', 'For them, it will be just like talking to someone in a quiet room.', 'The redesigned QX80 won’t go on sale until next year, so I tested the system in a QX80 parked inside a building in Manhattan.', 'A party with a live singer nearby made for a fairly noisy environment outside the SUV.', 'I sat in the passenger seat of the new SUV while Panasonic executive Tom Dunn took a phone call from the driver’s seat.', 'Pop music was playing on the stereo.', 'I could hear Dunn talking but the voice on the other end of the phone came through, at first, as just an intermittent quiet buzz.', 'Then Dunn turned down the call volume slightly and the other voice disappeared altogether, covered up by country music.', 'Then I stepped out of the SUV and walked to where an Infiniti spokesman was on the phone about 20 feet away.', 'I took his phone and talked to Dunn.', 'I could hear Dunn talking to me but not the music that was still playing in the car.', 'Earlier in the demonstration, I’d already taken a call from the driver’s seat while music was playing, but I had figured that was, relatively speaking, the easy part.', 'I had to trust Dunn, who was then in the passenger seat, to tell me he couldn’t hear the person calling me.', 'It was much weirder to later be in the passenger seat and to not be able to hear the call.', 'It was positively baffling to be on the phone outside and to not hear the music that I knew was playing inside the vehicle.', 'The call-masking feature only works if music is playing on the stereo.', 'If there’s no music playing other people in the SUV will still have to listen to your call but it will be quieter than in most other vehicles.', 'And, regardless, everyone will still have to listen to the driver talking.', 'But, if your call involves anything embarrassing, you can just make sure to always just answer “Yes” and “No” to everything.', 'Your secrets will be safe.']",0.1544586176643529,"These days, there’s almost no luxury car company that doesn’t play up its high-end audio system with brands like Burmeister in Mercedes-Benz, McIntosh in the opulent Jeep Grand Wagoneer SUV and Bang & Olufson in Bentley and Genesis cars, among others.","The $87,000 Ram Tungsten luxury pickup has a Klipsch stereo as standard equipment but even it doesn’t have the Infiniti’s high-tech sound isolation system.",-0.8088132739067078,,It was much weirder to later be in the passenger seat and to not be able to hear the call.,2024-03-31
"Cars, coal and gas... key cargo at Baltimore port",https://www.bbc.co.uk/news/world-us-canada-68681086,2024-03-28T00:01:52.000Z,"When a massive cargo ship sent Baltimore's Francis Scott Key Bridge crashing into the water, it created both a human and economic disaster. Two bodies have been recovered and four other construction workers are missing, presumed dead. But the bridge's collapse has also cut off a main artery handling billions of dollars of goods to and from a key port. The Port of Baltimore is the 14th largest in the US.  Boat traffic is at a standstill and the wreckage of the bridge still lies across the Patapsco River. Officials warn that the closure could create massive ripple effects in the global supply chain. In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn (£64bn), passed through Baltimore, according to data from the state of Maryland, which makes it much smaller than neighbouring New York but a key port for certain goods.  Transportation Secretary Pete Buttigieg described it as the country's largest vehicle handling port, important not only for car imports and exports but also farm equipment. About a dozen ships are currently trapped in the port, Vice Admiral Peter Gautier told reporters, adding that the foreign-flagged vessels are ""dry bulk carriers, car carriers and a number of maritime administration ships"".  Under ordinary circumstances, an enormous variety of goods like automobiles, soybeans, pharmaceuticals, metals, textiles, animal feed, and even newsprint pass in and out of the port. It's also critical for maritime travel; 444,000 passengers cruised through Baltimore in 2023, according to state data.  Automobiles are the facility's signature product. Nearly 850,000 cars and light trucks flowed through the Port of Baltimore in 2023, according to Maryland state data, more than any other US port.  A majority of those cars come from foreign manufacturers like Mazda, Subaru, and Mercedes-Benz, meaning the closure could have major implications for the companies across the globe. Car manufacturers have already started to divert their products in the wake of the bridge collapse. Jeremie Papin, Chair of Nissan Americas, told the BBC: ""We have been re-routing our ships to other ports in the east coast, and so we think there will be minimal, if any, impact to our business in the near term."" Fossil fuels, particularly coal, are some of the biggest exports that go through the Port of Baltimore. Coal made up a lion's share of these shipments, with over 13.2 million tonnes exported in 2022, according the US Bureau of Transportation Statistics. Shipments of fuel oils, natural gas, and other fossil fuel products were also imported and exported. Plenty of goods used in everyday life were brought into the US through Baltimore in 2022, according to data from the US Bureau of Transportation Statistics.  Over 106,000 tonnes of furniture, 738,000 tonnes of newsprint, 36,000 tonnes of alcoholic beverages, and 83,000 tonnes of meat and seafood entered the port that year. Imports of plastics and rubber totalled more than 221,000 tonnes in 2022.  ""Our top priority is to get the shipping lane open because of the impact it has on our country and the global supply chain,"" US Senator Ben Cardin of Maryland said at a press conference on Wednesday. ""We are also working on a replacement bridge, so we can have those plans in place to reconstruct the bridge as quickly as possible."" But the economic toll of the bridge collapse goes beyond just the items that pass in and out. The port of Baltimore generates about 15,000 jobs, according to the Maryland governor's office, and nearly 140,000 jobs in total are linked to the port's activities. About 8,000 jobs have been directly affected by the closure. ""The collapse of the Key Bridge is not just a Maryland crisis, the collapse of the Key Bridge is a global crisis,"" Maryland Governor Wes Moore said on Wednesday. ""The national economy and the world's economy depends on the Port of Baltimore."" ",BBC,28/03/2024,"[""When a massive cargo ship sent Baltimore's Francis Scott Key Bridge crashing into the water, it created both a human and economic disaster."", 'Two bodies have been recovered and four other construction workers are missing, presumed dead.', ""But the bridge's collapse has also cut off a main artery handling billions of dollars of goods to and from a key port."", 'The Port of Baltimore is the 14th largest in the US.', 'Boat traffic is at a standstill and the wreckage of the bridge still lies across the Patapsco River.', 'Officials warn that the closure could create massive ripple effects in the global supply chain.', 'In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn (£64bn), passed through Baltimore, according to data from the state of Maryland, which makes it much smaller than neighbouring New York but a key port for certain goods.', ""Transportation Secretary Pete Buttigieg described it as the country's largest vehicle handling port, important not only for car imports and exports but also farm equipment."", 'About a dozen ships are currently trapped in the port, Vice Admiral Peter Gautier told reporters, adding that the foreign-flagged vessels are ""dry bulk carriers, car carriers and a number of maritime administration ships"".', 'Under ordinary circumstances, an enormous variety of goods like automobiles, soybeans, pharmaceuticals, metals, textiles, animal feed, and even newsprint pass in and out of the port.', ""It's also critical for maritime travel; 444,000 passengers cruised through Baltimore in 2023, according to state data."", ""Automobiles are the facility's signature product."", 'Nearly 850,000 cars and light trucks flowed through the Port of Baltimore in 2023, according to Maryland state data, more than any other US port.', 'A majority of those cars come from foreign manufacturers like Mazda, Subaru, and Mercedes-Benz, meaning the closure could have major implications for the companies across the globe.', 'Car manufacturers have already started to divert their products in the wake of the bridge collapse.', 'Jeremie Papin, Chair of Nissan Americas, told the BBC: ""We have been re-routing our ships to other ports in the east coast, and so we think there will be minimal, if any, impact to our business in the near term.""', 'Fossil fuels, particularly coal, are some of the biggest exports that go through the Port of Baltimore.', ""Coal made up a lion's share of these shipments, with over 13.2 million tonnes exported in 2022, according the US Bureau of Transportation Statistics."", 'Shipments of fuel oils, natural gas, and other fossil fuel products were also imported and exported.', 'Plenty of goods used in everyday life were brought into the US through Baltimore in 2022, according to data from the US Bureau of Transportation Statistics.', 'Over 106,000 tonnes of furniture, 738,000 tonnes of newsprint, 36,000 tonnes of alcoholic beverages, and 83,000 tonnes of meat and seafood entered the port that year.', 'Imports of plastics and rubber totalled more than 221,000 tonnes in 2022. ""', 'Our top priority is to get the shipping lane open because of the impact it has on our country and the global supply chain,"" US Senator Ben Cardin of Maryland said at a press conference on Wednesday. ""', 'We are also working on a replacement bridge, so we can have those plans in place to reconstruct the bridge as quickly as possible.""', 'But the economic toll of the bridge collapse goes beyond just the items that pass in and out.', ""The port of Baltimore generates about 15,000 jobs, according to the Maryland governor's office, and nearly 140,000 jobs in total are linked to the port's activities."", 'About 8,000 jobs have been directly affected by the closure. ""', 'The collapse of the Key Bridge is not just a Maryland crisis, the collapse of the Key Bridge is a global crisis,"" Maryland Governor Wes Moore said on Wednesday. ""', 'The national economy and the world\'s economy depends on the Port of Baltimore.""']",-0.0986206396741311,"In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn (£64bn), passed through Baltimore, according to data from the state of Maryland, which makes it much smaller than neighbouring New York but a key port for certain goods.","The collapse of the Key Bridge is not just a Maryland crisis, the collapse of the Key Bridge is a global crisis,"" Maryland Governor Wes Moore said on Wednesday. """,-0.5930463552474976,"Jeremie Papin, Chair of Nissan Americas, told the BBC: ""We have been re-routing our ships to other ports in the east coast, and so we think there will be minimal, if any, impact to our business in the near term.""",Officials warn that the closure could create massive ripple effects in the global supply chain.,2024-03-31
Trump’s Truth Social is now a public company. Experts warn its multibillion-dollar valuation defies logic,https://edition.cnn.com/2024/03/26/markets/trump-media-stock-truth-social/index.html,"
  Updated
        4:26 PM EDT, Tue March 26, 2024
    ","For the first time in almost 30 years, part of Donald Trump’s business empire has gone public. Trading started with a bang, but the frenzy eased considerably by the closing bell, with shares ending well off their highs of the day.
    
            Trump Media & Technology Group, the owner of struggling social media platform Truth Social, began its long-delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.”
    
            The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility. Trump Media shares stabilized around $70 before fizzling. By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day.
    
            Despite the late-day slide, Wall Street is still assigning Trump Media an eye-popping valuation of nearly $11 billion — a price tag that experts warn is untethered to reality.
    
            Shares of Digital World Acquisition Corp., the shell company that became Trump Media Tuesday morning, have spiked more than 200% so far this year. That includes a 35% surge Monday after the deal closed. Shares popped again at the start of trading Tuesday — investors’ first opportunity to trade the stock after the merger, under the new DJT ticker.
    
            The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users.
    
            “This is a very unusual situation. The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years.
    
            Ritter said the closest parallel would be GameStop, AMC and other so-called meme stocks that skyrocketed during Covid-19 as an army of retail traders piled in. He said Trump Media is likely worth somewhere around $2 a share — nowhere near its closing stock price of $58. 
    
            “The underlying business doesn’t seem to be worth much. There is no evidence this is going to become a large, highly profitable company,” he said. “I’m reasonably confident the stock price will eventually drop to $2 a share and could even go below that if the company blows through the money it got from the merger.”
    
            The eye-popping valuation is a massive windfall for Trump, who owns a dominant stake of 79 million shares.
    
            At Tuesday’s opening price of nearly $78, that stake is worth nearly $6 billion, although lock-up restrictions likely prevent Trump from selling or even borrowing against those shares anytime soon. The value of Trump’s stake ended at $4.6 billion at the closing bell.
    
            Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to filings. The company lost $49 million over that span.
    
            And yet the market is valuing Trump Media at approximately $11 billion.
    
            For context, Reddit was only valued at $6.4 billion at its IPO last week — even though it generated 160 times more revenue than Trump Media. (Reddit hauled in $804 million in revenue in 2023, compared with Trump Media’s annualized revenue of about $5 million.)
    
            “At these levels, it appears untethered to its underlying business results,” said Matthew Kennedy, senior IPO strategist at Renaissance Capital. “Eventually, valuations tend to fall back on fundamentals. That means this stock is definitely at risk of plummeting back down to earth.”
    
            Michael Ohlrogge, an associate professor of law at the NYU School of Law, told CNN there is “no way to square the current stock price with anything that would be called a rational valuation for this company.”
    
            Truth Social faces real challenges and is still dwarfed by its rivals.
    
            Truth Social had just 494,000 monthly active US users on iOS and Android combined in February, according to Similarweb stats provided to CNN. That’s a small fraction of the 75 million on X (formerly known as Twitter) and 142 million on Facebook.
    
            Even Threads had more than 10 times the number of monthly active users that Truth Social had in February, according to Similarweb.
    
            Not only that, but Truth Social is shrinking. Its monthly active users plunged 51% year over year in February, Similarweb stats show. The number of unique visitors to Truth Social’s website was 648,000, down 20% year over year.
    
            Kennedy described Trump Media as a “meme-SPAC,” alluding to both its astronomical valuation and the fact it was formed through a merger with a special purpose acquisition company, or SPAC.
    
            “Stocks that trade on momentum are subject to falling rapidly,” he said.
    
            Jonathan Macey, a law professor at Yale, told CNN last week that the Digital World stock price is “clearly a bubble.”
    
            Of course, history shows that bubbles can always inflate further, and it’s very difficult to pinpoint when they will pop.
    
            That means Trump Media’s share price could keep skyrocketing for now — even if those gains are not backed up by fundamentals. In theory, a rival company or wealthy group could swoop in and acquire Trump Media even at these price levels, although Ritter said that’s very unlikely.
    
            “We’ve already seen with other meme stocks that even if they eventually fall back to reflecting a fundamental value, the process can take quite a long time,” said Ohlrogge, the NYU professor. “There’s every reason to believe that this stock could remain at highly inflated prices much longer, due to the enthusiasm that Trump’s supporters have for it.”
    
            Matthew Tuttle, CEO of Tuttle Capital Management, told CNN that Trump Media is probably not worth anything close to what the market is valuing it at.
    
            “But it doesn’t really matter,” he said.
    
            Tuttle noted that there is a history of SPACs spiking on their first day of trading, and he placed options bets that stand to make money if the stock shoots up.
    
            “Because of what this is, and because it’s Trump — you’ve got people expecting this thing will take off [on Tuesday,]” he said.
    
            But Tuttle advised everyday investors to use extreme caution trading Trump Media, noting the implied volatility is “insane.”
    
            “Stay away from it,” said Tuttle, who has sold his shares of Digital World but still owns options that would pay out if the stock rises sharply. “Normally, I wouldn’t touch this with a 10-foot pole. But I’m not playing with much money and I already made a lot on this. If I wake up tomorrow and it’s trading at $1, oh well.”
    
            Beyond the valuation concerns, there are other risks involved in Trump Media.
    
            For example, this company’s future is inextricably linked to that of one person: Trump.
    
            “There is a unique key man risk because Donald Trump is the chairman, top shareholder and the most popular user. He is one man, and he’s 77 years old,” said Kennedy.
    
            Not only that, but Trump is facing felony prosecution in multiple simultaneous cases.
    
            Trump Media noted that risk in SEC filings, saying: “Donald J. Trump is the subject of numerous legal proceedings, the scope and scale of which are unprecedented for a former President of the United States and current candidate for that office. An adverse outcome in one or more of the ongoing legal proceedings in which President Trump is involved could negatively impact TMTG and its Truth Social platform.”
    
            Not only does Trump himself face reputational issues, but his companies have a history of going bankrupt.
    
            The last Trump company to go public, Trump Hotels and Casino Resorts in 1995, used the same DJT ticker symbol. It went bankrupt in 2004 and was delisted from the New York Stock Exchange.
    
            Trump Media even highlighted Trump’s history of bankruptcies as a risk in its SEC filing.
    
            “A number of companies that were associated with President Trump have filed for bankruptcy. There can be no assurances that TMTG will not also become bankrupt,” the company said.
    
            Another question is what happens when the lock-up restrictions on Trump and other key insiders lapse in the coming months.
    
            Trump’s legal troubles could give him a reason to sell his commanding stake, an outcome that would threaten Trump Media’s share price.
    
            Other insiders, including the sponsor of the SPAC, would also be able to sell.
    
            Like any social media business, Truth Social faces pressure to grow its user base, expand its advertising business and build a subscription service.
    
            Those tasks are complicated by the polarizing political backdrop where at least some portion of the country views the Trump movement skeptically.
    
            Kennedy said that in many ways, Trump Media going public amounts to a “multibillion-dollar bet” on a second Trump term, a return to the White House that could be lucrative for his social media network.
    
            “If he wins in November, Truth Social will probably be the primary means of presidential communication,” said Kennedy. “That’s the bet here.”
    
            Ohlrogge, the NYU professor, agrees that the election could prove to be a real turning point for this company.
    
            “If Trump were to lose the 2024 election, I’d imagine the stock price would crater quite quickly,” he said. “If he were to win, it could conceivably stay higher for longer, maybe much longer.”",CNN,26/03/2024,"['For the first time in almost 30 years, part of Donald Trump’s business empire has gone public.', 'Trading started with a bang, but the frenzy eased considerably by the closing bell, with shares ending well off their highs of the day.', 'Trump Media & Technology Group, the owner of struggling social media platform Truth Social, began its long-delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.”', 'The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility.', 'Trump Media shares stabilized around $70 before fizzling.', 'By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day.', 'Despite the late-day slide, Wall Street is still assigning Trump Media an eye-popping valuation of nearly $11 billion — a price tag that experts warn is untethered to reality.', 'Shares of Digital World Acquisition Corp., the shell company that became Trump Media Tuesday morning, have spiked more than 200% so far this year.', 'That includes a 35% surge Monday after the deal closed.', 'Shares popped again at the start of trading Tuesday — investors’ first opportunity to trade the stock after the merger, under the new DJT ticker.', 'The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users.', '“This is a very unusual situation.', 'The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years.', 'Ritter said the closest parallel would be GameStop, AMC and other so-called meme stocks that skyrocketed during Covid-19 as an army of retail traders piled in.', 'He said Trump Media is likely worth somewhere around $2 a share — nowhere near its closing stock price of $58.', '“The underlying business doesn’t seem to be worth much.', 'There is no evidence this is going to become a large, highly profitable company,” he said. “', 'I’m reasonably confident the stock price will eventually drop to $2 a share and could even go below that if the company blows through the money it got from the merger.”', 'The eye-popping valuation is a massive windfall for Trump, who owns a dominant stake of 79 million shares.', 'At Tuesday’s opening price of nearly $78, that stake is worth nearly $6 billion, although lock-up restrictions likely prevent Trump from selling or even borrowing against those shares anytime soon.', 'The value of Trump’s stake ended at $4.6 billion at the closing bell.', 'Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to filings.', 'The company lost $49 million over that span.', 'And yet the market is valuing Trump Media at approximately $11 billion.', 'For context, Reddit was only valued at $6.4 billion at its IPO last week — even though it generated 160 times more revenue than Trump Media. (', 'Reddit hauled in $804 million in revenue in 2023, compared with Trump Media’s annualized revenue of about $5 million.)', '“At these levels, it appears untethered to its underlying business results,” said Matthew Kennedy, senior IPO strategist at Renaissance Capital. “', 'Eventually, valuations tend to fall back on fundamentals.', 'That means this stock is definitely at risk of plummeting back down to earth.”', 'Michael Ohlrogge, an associate professor of law at the NYU School of Law, told CNN there is “no way to square the current stock price with anything that would be called a rational valuation for this company.”', 'Truth Social faces real challenges and is still dwarfed by its rivals.', 'Truth Social had just 494,000 monthly active US users on iOS and Android combined in February, according to Similarweb stats provided to CNN.', 'That’s a small fraction of the 75 million on X (formerly known as Twitter) and 142 million on Facebook.', 'Even Threads had more than 10 times the number of monthly active users that Truth Social had in February, according to Similarweb.', 'Not only that, but Truth Social is shrinking.', 'Its monthly active users plunged 51% year over year in February, Similarweb stats show.', 'The number of unique visitors to Truth Social’s website was 648,000, down 20% year over year.', 'Kennedy described Trump Media as a “meme-SPAC,” alluding to both its astronomical valuation and the fact it was formed through a merger with a special purpose acquisition company, or SPAC.', '“Stocks that trade on momentum are subject to falling rapidly,” he said.', 'Jonathan Macey, a law professor at Yale, told CNN last week that the Digital World stock price is “clearly a bubble.”', 'Of course, history shows that bubbles can always inflate further, and it’s very difficult to pinpoint when they will pop.', 'That means Trump Media’s share price could keep skyrocketing for now — even if those gains are not backed up by fundamentals.', 'In theory, a rival company or wealthy group could swoop in and acquire Trump Media even at these price levels, although Ritter said that’s very unlikely.', '“We’ve already seen with other meme stocks that even if they eventually fall back to reflecting a fundamental value, the process can take quite a long time,” said Ohlrogge, the NYU professor. “', 'There’s every reason to believe that this stock could remain at highly inflated prices much longer, due to the enthusiasm that Trump’s supporters have for it.”', 'Matthew Tuttle, CEO of Tuttle Capital Management, told CNN that Trump Media is probably not worth anything close to what the market is valuing it at.', '“But it doesn’t really matter,” he said.', 'Tuttle noted that there is a history of SPACs spiking on their first day of trading, and he placed options betsthat stand to make money if the stock shoots up.', '“Because of what this is, and because it’s Trump — you’ve got people expecting this thing will take off [on Tuesday,]” he said.', 'But Tuttle advised everyday investors to use extreme caution trading Trump Media, noting the implied volatility is “insane.”', '“Stay away from it,” said Tuttle, who has sold his shares of Digital World but still owns options that would pay out if the stock rises sharply. “', 'Normally, I wouldn’t touch this with a 10-foot pole.', 'But I’m not playing with much money and I already made a lot on this.', 'If I wake up tomorrow and it’s trading at $1, oh well.”', 'Beyond the valuation concerns, there are other risks involved in Trump Media.', 'For example, this company’s future is inextricably linked to that of one person: Trump.', '“There is a unique key man risk because Donald Trump is the chairman, top shareholder and the most popular user.', 'He is one man, and he’s 77 years old,” said Kennedy.', 'Not only that, but Trump is facing felony prosecution in multiple simultaneous cases.', 'Trump Media noted that risk in SEC filings, saying: “Donald J. Trump is the subject of numerous legal proceedings, the scope and scale of which are unprecedented for a former President of the United States and current candidate for that office.', 'An adverse outcome in one or more of the ongoing legal proceedings in which President Trump is involved could negatively impact TMTG and its Truth Social platform.”', 'Not only does Trump himself face reputational issues, but his companies have a history of going bankrupt.', 'The last Trump company to go public, Trump Hotels and Casino Resorts in 1995, used the same DJT ticker symbol.', 'It went bankrupt in 2004 and was delisted from the New York Stock Exchange.', 'Trump Media even highlighted Trump’s history of bankruptcies as a risk in its SEC filing.', '“A number of companies that were associated with President Trump have filed for bankruptcy.', 'There can be no assurances that TMTG will not also become bankrupt,” the company said.', 'Another question is what happens when the lock-up restrictions on Trump and other key insiders lapse in the coming months.', 'Trump’s legal troubles could give him a reason to sell his commanding stake, an outcome that would threaten Trump Media’s share price.', 'Other insiders, including the sponsor of the SPAC, would also be able to sell.', 'Like any social media business, Truth Social faces pressure to grow its user base, expand its advertising business and build a subscription service.', 'Those tasks are complicated by the polarizing political backdrop where at least some portion of the country views the Trump movement skeptically.', 'Kennedy said that in many ways, Trump Media going public amounts to a “multibillion-dollar bet” on a second Trump term, a return to the White House that could be lucrative for his social media network.', '“If he wins in November, Truth Social will probably be the primary means of presidential communication,” said Kennedy. “', 'That’s the bet here.”', 'Ohlrogge, the NYU professor, agrees that the election could prove to be a real turning point for this company.', '“If Trump were to lose the 2024 election, I’d imagine the stock price would crater quite quickly,” he said. “', 'If he were to win, it could conceivably stay higher for longer, maybe much longer.”']",0.1170921285233744,"“If he wins in November, Truth Social will probably be the primary means of presidential communication,” said Kennedy. “","Not only that, but Trump is facing felony prosecution in multiple simultaneous cases.",-0.0856393069028854,"By the closing bell, Trump Media ended at $57.99, up by a more modest 16% on the day.","Its monthly active users plunged 51% year over year in February, Similarweb stats show.",2024-03-31
Why is Thames Water in so much trouble?,https://www.bbc.co.uk/news/business-66051555,2023-06-29T12:22:03.000Z,"Thames Water may have to be taken over by the government if it runs out of money. But why is the UK's largest water company facing a crisis - and are other firms facing similar problems? When the company was privatised in 1989, it had no debt. But over the years it borrowed heavily and is currently £14.7bn in debt, by one measure. A large proportion of that was added when Macquarie, an Australian infrastructure bank, owned Thames Water, reaching over £10bn when the company was sold in 2017. Analysts say Thames Water's current debt amounts to about 80% of the value of the business, making it the most heavily indebted of England and Wales' water companies.  Also, interest payments on more than half of Thames' debt rise with inflation, which has been high in recent years, adding to the firm's woes. Macquarie said that it invested billions of pounds in upgrading Thames's water and sewage infrastructure while it owned the company.   But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders. Thames Water said that it has not paid dividends to external shareholders since 2017.   However, dividends can also be used to move money around companies that are ultimately owned by one parent company. Thames Water has paid over £200m in dividends to other companies within the group in the past five years.  Most of this money has then been paid as interest to outside investors who have loaned the group money.   Critics argue that the dividends were paid with money that could have been spent on improving Thames Water's infrastructure and services. However, Thames Water is legally obliged to make those debt interest payments. Thames Water's travails have certainly put a spotlight on what is a debt-laden industry. According to the regulator Ofwat, the sector's total debt reached £60.6bn by March last year.  Of the 11 companies that provide water and sewage services in England and Wales, six are owned by or controlled by overseas investors from countries including Hong Kong, Canada and Malaysia. Like Thames Water, critics claim that overseas owners have loaded water companies up with debt and paid themselves handsome dividends at the expense of investment.   While the sector has - like other industries - been hit by higher costs for things like chemicals and energy, one problem for water companies is that the interest that they pay on their debt is linked to the retail prices index (RPI) measure of inflation.  This is usually higher than the consumer prices index (CPI) measure of inflation. For example, in February RPI inflation was 4.5% compared with CPI inflation of 3.4%. Ofwat estimates that half of water companies' debt is linked to inflation and the vast majority of that is tied to the RPI measure.  Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth. Yorkshire, Southern, Portsmouth and SES all say they have taken steps to address Ofwat's concerns. Thames Water is owned by a group of investors spanning four continents. The largest is the Canadian pension fund, OMERS, with 31.8%.  The second-largest is the Universities Superannuation Scheme, with 19.7%, a pension fund for UK academics. Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments.   Three other pension funds and two investment firms make up the rest.   The entire water and waste sector was privatised 34 years ago under the late Margaret Thatcher's Conservative government for £7.6bn. At the time, Mrs Thatcher wrote off the industry's £5bn debt, leaving companies with a clean slate and gave them £1.5bn in public money.  The government had wanted to privatise the industry in 1984 but a public backlash against the plan saw it shelved until after the general election three years later. At the time, the UK was under pressure from Europe to improve the purity of its water. However, meeting European standards would cost billions of pounds worth of investment which, it was hoped, would come from the private sector and, by extension, companies' customers.  ""If we want environmental improvement, it will cost money,"" said Mrs Thatcher in 1988. ""It will be the people who want those improvements in water who will have to pay."" Former Labour MP Ann Taylor later said of privatising the water industry: ""The message is always the same - maximise the cost to the consumer to ensure maximum return to the investor. We should not be surprised at that. After all, that is what private investors expect of their companies.""  ",BBC,29/06/2023,"['Thames Water may have to be taken over by the government if it runs out of money.', ""But why is the UK's largest water company facing a crisis - and are other firms facing similar problems?"", 'When the company was privatised in 1989, it had no debt.', 'But over the years it borrowed heavily and is currently £14.7bn in debt, by one measure.', 'A large proportion of that was added when Macquarie, an Australian infrastructure bank, owned Thames Water, reaching over £10bn when the company was sold in 2017.', ""Analysts say Thames Water's current debt amounts to about 80% of the value of the business, making it the most heavily indebted of England and Wales' water companies."", ""Also, interest payments on more than half of Thames' debt rise with inflation, which has been high in recent years, adding to the firm's woes."", ""Macquarie said that it invested billions of pounds in upgrading Thames's water and sewage infrastructure while it owned the company."", ""But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders."", 'Thames Water said that it has not paid dividends to external shareholders since 2017.', 'However, dividends can also be used to move money around companies that are ultimately owned by one parent company.', 'Thames Water has paid over £200m in dividends to other companies within the group in the past five years.', 'Most of this money has then been paid as interest to outside investors who have loaned the group money.', ""Critics argue that the dividends were paid with money that could have been spent on improving Thames Water's infrastructure and services."", 'However, Thames Water is legally obliged to make those debt interest payments.', ""Thames Water's travails have certainly put a spotlight on what is a debt-laden industry."", ""According to the regulator Ofwat, the sector's total debt reached £60.6bn by March last year."", 'Of the 11 companies that provide water and sewage services in England and Wales, six are owned by or controlled by overseas investors from countries including Hong Kong, Canada and Malaysia.', 'Like Thames Water, critics claim that overseas owners have loaded water companies up with debt and paid themselves handsome dividends at the expense of investment.', 'While the sector has - like other industries - been hit by higher costs for things like chemicals and energy, one problem for water companies is that the interest that they pay on their debt is linked to the retail prices index (RPI) measure of inflation.', 'This is usually higher than the consumer prices index (CPI) measure of inflation.', 'For example, in February RPI inflation was 4.5% compared with CPI inflation of 3.4%.', ""Ofwat estimates that half of water companies' debt is linked to inflation and the vast majority of that is tied to the RPI measure."", 'Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth.', ""Yorkshire, Southern, Portsmouth and SES all say they have taken steps to address Ofwat's concerns."", 'Thames Water is owned by a group of investors spanning four continents.', 'The largest is the Canadian pension fund, OMERS, with 31.8%.', 'The second-largest is the Universities Superannuation Scheme, with 19.7%, a pension fund for UK academics.', ""Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments."", 'Three other pension funds and two investment firms make up the rest.', ""The entire water and waste sector was privatised 34 years ago under the late Margaret Thatcher's Conservative government for £7.6bn."", ""At the time, Mrs Thatcher wrote off the industry's £5bn debt, leaving companies with a clean slate and gave them £1.5bn in public money."", 'The government had wanted to privatise the industry in 1984 but a public backlash against the plan saw it shelved until after the general election three years later.', 'At the time, the UK was under pressure from Europe to improve the purity of its water.', 'However, meeting European standards would cost billions of pounds worth of investment which, it was hoped, would come from the private sector and, by extension, companies\' customers. ""', 'If we want environmental improvement, it will cost money,"" said Mrs Thatcher in 1988. ""', 'It will be the people who want those improvements in water who will have to pay.""', 'Former Labour MP Ann Taylor later said of privatising the water industry: ""The message is always the same - maximise the cost to the consumer to ensure maximum return to the investor.', 'We should not be surprised at that.', 'After all, that is what private investors expect of their companies.""']",0.0163001296057768,"Other investors include sovereign wealth funds from China and Abu Dhabi, which invest those nations' assets on behalf of their governments.",But why is the UK's largest water company facing a crisis - and are other firms facing similar problems?,-0.3219455083211263,"At the time, the UK was under pressure from Europe to improve the purity of its water.","Meanwhile, in December 2022 Ofwat raised concerns about the financial resilience of five companies: Thames Water, Southern Water, Yorkshire Water, SES and Portsmouth.",2024-03-31
Sam Bankman-Fried has to repay $11 billion. How can he possibly do that?,https://edition.cnn.com/2024/03/29/investing/sam-bankman-fried-forfeiture-11-billion/index.html,"
  Updated
        12:22 PM EDT, Fri March 29, 2024
    ","A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX.
    
            Experts say this amount will likely financially incapacitate him for the rest of his life.
    
            “This forfeiture is designed to make certain that if SBF ever makes money, it goes not to him but to the government and the victims,” Mitchell Epner, a former federal prosecutor, told CNN. “He will never be able to accumulate funds in his life, and forfeiture cannot be eliminated through bankruptcy.”
    
            The court has some discretion in determining forfeiture amounts, but they’re largely based on how much money a defendant is found to have earned in the course of their crimes, not how much they can reasonably be expected to pay.
    
            In their sentencing memorandum earlier this month, federal prosecutors laid out their reasoning for seeking $11 billion in forfeiture. They said $8 billion represents how much Bankman-Fried made from “wire fraud and conspiracy to commit wire fraud on FTX’s customers, and the property involved in his conspiracy to launder the proceeds.” Another $1.72 billion represents the amount FTX raised from investors on false pretenses, and $1.3 billion accounts for the money that Bankman-Fried’s cryptocurrency trading firm owed lenders, prosecutors said.
    
            Unlike restitution, where the money from seized assets goes directly to victims, the money from forfeiture is taken by the government and absorbed into the US Treasury.
    
            On Thursday, US District Judge Lewis Kaplan said it would be “impractical” to order restitution because the complicated nature of the case and the number of victims involved. But he ruled that the government could compensate victims of the FTX collapse with the forfeited assets.
    
            “In a case like this, the government and court is going to have a pretty good idea of (Bankman-Fried’s) assets and how much they’re worth,” said Anthony Capozzolo, a former assistant US attorney in the Eastern District of New York.
    
            It is unclear how much Bankman-Fried is currently worth, but it’s likely not anywhere near $11 billion.
    
            Determining how much victims will receive is part of an internal process within the Department of Justice’s Money Laundering and Asset Recovery Section. This could delay the amount of time it would take victims to see any sort of payment.
    
            Securing compensation for victims of white collar crimes can drag out for years.
    
            Last June, lawyers for Elizabeth Holmes, the disgraced former Theranos CEO, said she had “limited financial means” and should not be forced to pay $250 a month to victims of her crimes after she is released from prison. Holmes and former Theranos COO Ramesh “Sunny” Balwani were ordered to pay restitution of roughly $452 million to victims.
    
            Bernard Madoff, who was sentenced to 150 years behind bars for the $20 billion Ponzi scheme he led, was ordered to forfeit more than $170 billion when he was sentenced in 2009. The reverberations of that scheme are still being felt more than 15 years later, as the latest payout totaling about $158 million was announced in December 2023. So far, the Department of Justice has redistributed about $4 billion to Madoff’s victims.
    
            As he heads into his 25-year sentence, Bankman-Fried’s assets will be handed over to the government, and the rest of the money he owes will sit on the figurative shelf until he is released.
    
            “The reality of it is that it’s irrelevant right now,” said Peter Katz, a former attorney at the Department of Justice’s fraud section.
    
            When the 32-year-old Bankman-Fried gets out of prison, the government could theoretically take a portion of any income he earns, but Katz says it might not be worth their time.
    
            “Theoretically, they could go after anything he makes, but the practical reality is that if he ended up with a job where he makes millions of dollars or if he has some financial windfall, they’ll go after him,” Katz said. “If he goes and gets a job at 7-Eleven and makes $20 an hour he’s going to be able to live.”
    
            “The government doesn’t want a defendant to become ward of the state but they’re not generous,” said Capozzolo. “They’ll look at how much he’s making and how much he’s spending on necessities and rent.”
    
            The magnitude of the forfeiture order means that Bankman-Fried will never be able to become too comfortable financially, as the government could pursue him for money and assets for eternity.",CNN,29/03/2024,"['A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX.', 'Experts say this amount will likely financially incapacitate him for the rest of his life.', '“This forfeiture is designed to make certain that if SBF ever makes money, it goes not to him but to the government and the victims,” Mitchell Epner, a former federal prosecutor, told CNN. “', 'He will never be able to accumulate funds in his life, and forfeiture cannot be eliminated through bankruptcy.”', 'The court has some discretion in determining forfeiture amounts, but they’re largely based on how much money a defendant is found to have earned in the course of their crimes, not how much they can reasonably be expected to pay.', 'In their sentencing memorandum earlier this month, federal prosecutors laid out their reasoning for seeking $11 billion in forfeiture.', 'They said $8 billion represents how much Bankman-Fried made from “wire fraud and conspiracy to commit wire fraud on FTX’s customers, and the property involved in his conspiracy to launder the proceeds.”', 'Another $1.72 billion represents the amount FTX raised from investors on false pretenses, and $1.3 billion accounts for the money that Bankman-Fried’s cryptocurrency trading firm owed lenders, prosecutors said.', 'Unlike restitution, where the money from seized assets goes directly to victims, the money from forfeiture is taken by the government and absorbed into the US Treasury.', 'On Thursday, US District Judge Lewis Kaplan said it would be “impractical” to order restitution because the complicated nature of the case and the number of victims involved.', 'But he ruled that the government could compensate victims of the FTX collapse with the forfeited assets.', '“In a case like this, the government and court is going to have a pretty good idea of (Bankman-Fried’s) assets and how much they’re worth,” said Anthony Capozzolo, a former assistant US attorney in the Eastern District of New York.', 'It is unclear how much Bankman-Fried is currently worth, but it’s likely not anywhere near $11 billion.', 'Determining how much victims will receive is part of an internal process within the Department of Justice’s Money Laundering and Asset Recovery Section.', 'This could delay the amount of time it would take victims to see any sort of payment.', 'Securing compensation for victims of white collar crimes can drag out for years.', 'Last June, lawyers for Elizabeth Holmes, the disgraced former Theranos CEO, said she had “limited financial means” and should not be forced to pay $250 a month to victims of her crimes after she is released from prison.', 'Holmes and former Theranos COO Ramesh “Sunny” Balwani were ordered to pay restitution of roughly $452 million to victims.', 'Bernard Madoff, who was sentenced to 150 years behind bars for the $20 billion Ponzi scheme he led, was ordered to forfeit more than $170 billion when he was sentenced in 2009.', 'The reverberations of that scheme are still being felt more than 15 years later, as the latest payout totaling about $158 million was announced in December 2023.', 'So far, the Department of Justice has redistributed about $4 billion to Madoff’s victims.', 'As he heads into his 25-year sentence, Bankman-Fried’s assets will be handed over to the government, and the rest of the money he owes will sit on the figurative shelf until he is released.', '“The reality of it is that it’s irrelevant right now,” said Peter Katz, a former attorney at the Department of Justice’s fraud section.', 'When the 32-year-old Bankman-Fried gets out of prison, the government could theoretically take a portion of any income he earns, but Katz says it might not be worth their time.', '“Theoretically, they could go after anything he makes, but the practical reality is that if he ended up with a job where he makes millions of dollars or if he has some financial windfall, they’ll go after him,” Katz said. “', 'If he goes and gets a job at 7-Eleven and makes $20 an hour he’s going to be able to live.”', '“The government doesn’t want a defendant to become ward of the state but they’re not generous,” said Capozzolo. “', 'They’ll look at how much he’s making and how much he’s spending on necessities and rent.”', 'The magnitude of the forfeiture order means that Bankman-Fried will never be able to become too comfortable financially, as the government could pursue him for money and assets for eternity.']",-0.1081972724245562,"“In a case like this, the government and court is going to have a pretty good idea of (Bankman-Fried’s) assets and how much they’re worth,” said Anthony Capozzolo, a former assistant US attorney in the Eastern District of New York.","They said $8 billion represents how much Bankman-Fried made from “wire fraud and conspiracy to commit wire fraud on FTX’s customers, and the property involved in his conspiracy to launder the proceeds.”",-0.646153599023819,If he goes and gets a job at 7-Eleven and makes $20 an hour he’s going to be able to live.”,Experts say this amount will likely financially incapacitate him for the rest of his life.,2024-03-31
Apple announces its annual developers conference is set for June 10,https://edition.cnn.com/2024/03/26/tech/apple-annual-developers-conference-june-10/index.html,"
  Updated
        2:20 PM EDT, Tue March 26, 2024
    ","Apple announced its annual Worldwide Developer Conference will kick off on June 10, when the company is expected to show off its latest AI advancements.
    
            The conference, which is widely anticipated each year as a major showcase for Apple software news, will run Monday, June 10 through Friday, June 14.
    
            Although last year’s WWDC focused on the unveiling of the Vision Pro mixed reality headset, which launched in stores in February, this year is expected to turn to Apple’s AI efforts. The company is reportedly interested in licensing and building Google’s Gemini AI engine, which includes chatbots and other AI tools, into upcoming iPhones and its iOS 18 features.
    
            As more tech companies pour billions of dollars into the development and rollout of artificial intelligence, Apple has largely been left out of the conversation, with many other tech companies making big strides in the space. A partnership with Google would catapult Apple into the growing AI arms race.
    
            Apple researchers also recently said they’ve developed a family of multimodal models — which refers to an AI system that can interpret and generate different types of data, such as text and images at the same time — called MM1. A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.
    
            In a press release on Tuesday, the company said WWDC 2024 will also share software updates coming to the iPhone, iPad, Mac, Apple Watch, Apple TV and Vision Pro headset.",CNN,26/03/2024,"['Apple announced its annual Worldwide Developer Conference will kick off on June 10, when the company is expected to show off its latest AI advancements.', 'The conference, which is widely anticipated each year as a major showcase for Apple software news, will run Monday, June 10 through Friday, June 14.', 'Although last year’s WWDC focused on the unveiling of the Vision Pro mixed reality headset, which launched in stores in February, this year is expected to turn to Apple’s AI efforts.', 'The company is reportedly interested in licensing and building Google’s Gemini AI engine, which includes chatbots and other AI tools, into upcoming iPhones and its iOS 18 features.', 'As more tech companies pour billions of dollars into the development and rollout of artificial intelligence, Apple has largely been left out of the conversation, with many other tech companies making big strides in the space.', 'A partnership with Google would catapult Apple into the growing AI arms race.', 'Apple researchers also recently said they’ve developed a family of multimodal models — which refers to an AI system that can interpret and generate different types of data, such as text and images at the same time — called MM1.', 'A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.', 'In a press release on Tuesday, the company said WWDC 2024 will also share software updates coming to the iPhone, iPad, Mac, Apple Watch, Apple TV and Vision Pro headset.']",0.3259092919755588,A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.,,0.9975101351737976,A report from those researchers said those new methods boast “superior abilities” and can offer advanced reasoning and in-context learning to respond to text and images.,,2024-03-31
Fisker shares halted as EV company navigates uncertain future,https://edition.cnn.com/2024/03/25/cars/fisker-shares-halted-ev-company-uncertain-future/index.html,"
  Updated
        5:01 PM EDT, Tue March 26, 2024
    ","Shares of Fisker, a California-based electric vehicle startup, were halted Monday. This comes after the company warned, in an earnings report in March, that it might not have enough cash to survive the year.
    
            Later in the day, the New York Stock Exchange announced it planned to delist Fisker’s stock due to “abnormally low” price levels. That delisting will mean the company must offer to buy back bonds that are currently due in 2026 and to immediately pay off other debts due in 2025, according to a filing the company made with the Securities and Exchange Commission.
    
            “We do not currently have sufficient cash reserves or financing sources sufficient to satisfy all amounts due under the 2026 Notes or the 2025 Notes, and as a result, such events could have a material adverse effect on our business, results of operations and financial condition,” Fisker said in its filing.
    
            Fisker’s shares traded for as much as $28 in February of 2021, valuing the company at just under $8 billion, but its shares now currently trade for less than 10 cents per share, reducing the EV car maker’s total market capitalization to less than $50 million
    
            Fisker had also previously said it was in talks with a major, established automaker but, those talks have fallen apart without a deal, according to a regulatory filing Fisker made Monday. The company’s troubles are another sign of the headwinds and speed bumps for the burgeoning EV industry.
    
            Reuters had reported it was in talks with Nissan, citing unnamed sources familiar with the discussions. Those talks centered on Fisker’s planned electric pickup, the Alaska, according to the report.
    
            Fisker was founded by its chief executive officer, auto designer Henrik Fisker, in 2016. Its sole product, the Fisker Ocean electric SUV, was produced in Austria under contract by third-party manufacturer Magna Steyr. Last year, 10,000 SUVs were produced but, in its earnings report, the company said only about half had been delivered to customers.
    
            Henrik Fisker had expected that outsourcing manufacturing to Magna, a company that also builds cars for Mercedes, BMW, Jaguar and others, would reduce the companies risks because it wouldn’t have to invest in its own manufacturing facilities.
    
            Fisker had also announced plans to produce a small, affordable EV called the Pear. Foxconn, the Taiwanese electronics company best known for manufacturing Apple’s iPhones, had been in discussions to produce the Pear at a Foxconn-owned factory in Ohio. Those talks never came to fruition.
    
            And more bad news has been mounting for the company recently. The Ocean was the subject of a scathing review by American YouTube tech personality Marques Brownlee. The video was titled, “This is the Worst Car I’ve Ever Reviewed.”
    
            “Do not buy this version of the Fisker Ocean,” reads the video’s description. Brownlee’s video has racked up more than 4.5 million views so far, and it sent Fisker’s stock price plunging after its release.
    
            Consumer Reports also recently published its own review of the Ocean panning its ride quality and software although the reviewers did like its cargo space, rear seat legroom and large glass moonroof.
    
            Henrik Fisker admitted, in an interview with the industry newspaper Automotive News, that the Ocean had quality problems. He blamed the issues on software from various suppliers that worked poorly together. He said the problems were being addressed through software updates.
    
            But, besides its own quality issues, Fisker had to deal with much greater competition from established automakers than had existed when the company was established. Now, besides Tesla, companies like Hyundai, Kia, Ford and General Motors offer electric SUVs that are substantially similar to the Ocean and without the risks of dealing with an unknown startup.",CNN,26/03/2024,"['Shares of Fisker, a California-based electric vehicle startup, were halted Monday.', 'This comes after the company warned, in an earnings report in March, that it might not have enough cash to survive the year.', 'Later in the day, the New York Stock Exchange announced it planned to delist Fisker’s stock due to “abnormally low” price levels.', 'That delisting will mean the company must offer to buy back bonds that are currently due in 2026 and to immediately pay off other debts due in 2025, according to a filing the company made with the Securities and Exchange Commission.', '“We do not currently have sufficient cash reserves or financing sources sufficient to satisfy all amounts due under the 2026 Notes or the 2025 Notes, and as a result, such events could have a material adverse effect on our business, results of operations and financial condition,” Fisker said in its filing.', 'Fisker’s shares traded for as much as $28 in February of 2021, valuing the company at just under $8 billion, but its shares now currently trade for less than 10 cents per share, reducing the EV car maker’s total market capitalization to less than $50 million  Fisker had also previously said it was in talks with a major, established automaker but, those talks have fallen apart without a deal, according to a regulatory filing Fisker made Monday.', 'The company’s troubles are another sign of the headwinds and speed bumps for the burgeoning EV industry.', 'Reuters had reported it was in talks with Nissan, citing unnamed sources familiar with the discussions.', 'Those talks centered on Fisker’s planned electric pickup, the Alaska, according to the report.', 'Fisker was founded by its chief executive officer, auto designer Henrik Fisker, in 2016.', 'Its sole product, the Fisker Ocean electric SUV, was produced in Austria under contract by third-party manufacturer Magna Steyr.', 'Last year, 10,000 SUVs were produced but, in its earnings report, the company said only about half had been delivered to customers.', 'Henrik Fisker had expected that outsourcing manufacturing to Magna, a company that also builds cars for Mercedes, BMW, Jaguar and others, would reduce the companies risks because it wouldn’t have to invest in its own manufacturing facilities.', 'Fisker had also announced plans to produce a small, affordable EV called the Pear.', 'Foxconn, the Taiwanese electronics company best known for manufacturing Apple’s iPhones, had been in discussions to produce the Pear at a Foxconn-owned factory in Ohio.', 'Those talks never came to fruition.', 'And more bad news has been mounting for the company recently.', 'The Ocean was the subject of a scathing review by American YouTube tech personality Marques Brownlee.', 'The video wastitled, “This is the Worst Car I’ve Ever Reviewed.”', '“Do not buy this version of the Fisker Ocean,” reads the video’s description.', 'Brownlee’s video has racked up more than 4.5 million views so far, and it sent Fisker’s stock price plunging after its release.', 'Consumer Reports also recently published its own review of the Ocean panning its ride quality and software although the reviewers did like its cargo space, rear seat legroom and large glass moonroof.', 'Henrik Fisker admitted, in an interview with the industry newspaper Automotive News, that the Ocean had quality problems.', 'He blamed the issues on software from various suppliers that worked poorly together.', 'He said the problems were being addressed through software updates.', 'But, besides its own quality issues, Fisker had to deal with much greater competition from established automakers than had existed when the company was established.', 'Now, besides Tesla, companies like Hyundai, Kia, Ford and General Motors offer electric SUVs that are substantially similar to the Ocean and without the risks of dealing with an unknown startup.']",-0.030175502610655,"Foxconn, the Taiwanese electronics company best known for manufacturing Apple’s iPhones, had been in discussions to produce the Pear at a Foxconn-owned factory in Ohio.","The video wastitled, “This is the Worst Car I’ve Ever Reviewed.”",-0.7807632522149519,"Henrik Fisker had expected that outsourcing manufacturing to Magna, a company that also builds cars for Mercedes, BMW, Jaguar and others, would reduce the companies risks because it wouldn’t have to invest in its own manufacturing facilities.",The company’s troubles are another sign of the headwinds and speed bumps for the burgeoning EV industry.,2024-03-31
NBC News boss Cesar Conde faces backlash from his network’s anchors over ‘inexplicable’ decision to hire ex-RNC chair Ronna McDaniel,https://edition.cnn.com/2024/03/26/media/nbc-news-cesar-conde-ronna-mcdaniel-backlash/index.html,"
  Published
        8:05 AM EDT, Tue March 26, 2024
    ","Cesar Conde has a decision to make — and it’s not an especially difficult one.
    
            The NBCUniversal News Group chair is facing a torrent of backlash from his own staff after greenlighting the hire of former Republican National Committee chair Ronna McDaniel as a paid network contributor.
    
            Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.” And they’re not doing it via anonymous comments to the press. They’re doing it on the record on NBCU’s own air. Chuck Todd broke the dam on Sunday’s “Meet the Press” with a set of candid comments about the hiring, and Rachel Maddow capped the flood of backlash Monday night with a blistering 30-minute monologue eviscerating the network’s leadership for the “inexplicable” move.
    
            Suffice to say, NBCU News Group is in unprecedented territory. Never has a network’s C-suite ever been so thoroughly flogged by its most high-profile stars in such no holds barred fashion. Saying that Conde simply has a crisis on his hands would be a contender for understatement of the year. It’s a five-alarm fire at NBCU News Group, and one of Conde’s own making.
    
            While NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown were most directly responsible for McDaniel’s hiring, a decision that MSNBC boss Rashida Jones did not object to it at the time, the buck ultimately stops with Conde, who hold the real power at the Peacock Network. McDaniel’s hiring could not have happened without Conde’s blessing.
    
            It does not take a brilliant political mind with prescient foresight to understand that hiring McDaniel would ignite a firestorm of outrage — from both within 30 Rock and outside it. Conde, someone who ostensibly supports American democracy, should have rejected McDaniel’s hiring on the grounds that NBCU News Group could not put someone on its payroll who tried to subvert the 2020 vote.
    
            As so many of NBCU’s staffers have underscored, the objection to McDaniel is not that she is a Republican. It’s not even that she is a Donald Trump-supporting Republican. It’s that she was an active participant in the plot to overthrow the last presidential election. That is not to even mention McDaniel’s years of demonizing the press, smearing the journalists who work at NBC News and MSNBC as she sought to destroy the credibility of the organization that she ran to after being chased out of the RNC.
    
            The notion put forward by NBC that it needed to hire McDaniel to bring its viewers “an insider’s perspective on national politics and the future of the Republican Party” is absurd. If that’s the case, the network should move to hire free agents like Tucker Carlson or Candace Owens. They too have their hands on the pulse of the Republican Party. In fact, they represent much more of where the GOP stands today than McDaniel. So, using NBC’s logic, why not hire them? (Spoiler: News organizations rightfully have established basic standards for paid contributors. Asking that your employees have a commitment to democracy, to the truth, and to basic decency is not a big ask.)
    
            But even if Conde has no allegiance to basic democratic principles, which this hire calls into question, given that he is known to be a political player who cares deeply about his own image in the press, he should have been wise enough to foresee that hiring McDaniel would be an ill-conceived move. How this did not occur to Conde is unfathomable and shows a tremendous lack of judgment.
    
            Even more bizarre is Conde’s management, or lack thereof, since the controversy erupted. It was clear early on that his employees at NBC News and MSNBC did not support McDaniel’s hiring. If that was not evident on Friday, it was clear as day on Sunday after “Meet the Press.” The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.
    
            At that point, the writing should have been on the wall for Conde — as it was for every other media executive that I have spoken with over the last 24 hours. It is evident that McDaniel has no real future as an NBC analyst and the decision to bring her on as a contributor will have to be reversed. After all, which NBC or MSNBC program is going to invite her on after all of this?
    
            The only real question for Conde after the Sunday morning scolding should have been how he chose to back out of the deal in the least painful way possible. To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.
    
            But no such announcement came.
    
            Instead, Conde has allowed the mess to spiral absolutely out of control. MSNBC’s top stars hammered the network’s leadership throughout the day Monday over the hire. NBC News’ Guild blasted Conde, saying in a statement that under him the company had quietly laid off employees over the last month and instead chosen to “prioritize an election denier over its reporters.” The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.
    
            All the while, Conde has remained silent. I asked his spokesperson, Stephen Labaton, on Monday whether the NBCU News Group boss had any comment on the situation. Does he have any regret? I didn’t get an on-the-record response. Suffice to say, however, that what Conde does moving forward will say a lot about his character and commitment to democratic values. It will also say a lot about the NBCU News Group and what type of organization it is.
    
            In her biting monologue on Monday night, however, Maddow did offer Conde a way out of this mess.
    
            “Mistakes will be made,” Maddow said.”But our resilience as a democracy is going to be recognizing when decisions are bad ones and reversing those bad decisions. Hearing legitimate criticism, responding to it, and correcting course. Not digging in. Not blaming others. Take a minute. Acknowledge that maybe it wasn’t the right call.”
    
            “It is a sign of strength, not weakness, to acknowledge when you are wrong,” Maddow added. “It is a sign of strength. And our country needs us to be strong now.”",CNN,26/03/2024,"['Cesar Conde has a decision to make — and it’s not an especially difficult one.', 'The NBCUniversal News Group chair is facing a torrent of backlash from his own staff after greenlighting the hire of former Republican National Committee chair Ronna McDaniel as a paid network contributor.', 'Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.”', 'And they’re not doing it via anonymous comments to the press.', 'They’re doing it on the record on NBCU’s own air.', 'Chuck Todd broke the dam on Sunday’s “Meet the Press” with a set of candid comments about the hiring, and Rachel Maddow capped the flood of backlash Monday night with a blistering 30-minute monologue eviscerating the network’s leadership for the “inexplicable” move.', 'Suffice to say, NBCU News Group is in unprecedented territory.', 'Never has a network’s C-suite ever been so thoroughly flogged by its most high-profile stars in such no holds barred fashion.', 'Saying that Conde simply has a crisis on his hands would be a contender for understatement of the year.', 'It’s a five-alarm fire at NBCU News Group, and one of Conde’s own making.', 'While NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown were most directly responsible for McDaniel’s hiring, a decision that MSNBC boss Rashida Jones did not object to it at the time, the buck ultimately stops with Conde, who hold the real power at the Peacock Network.', 'McDaniel’s hiring could not have happened without Conde’s blessing.', 'It does not take a brilliant political mind with prescient foresight to understand that hiring McDaniel would ignite a firestorm of outrage — from both within 30 Rock and outside it.', 'Conde, someone who ostensibly supports American democracy, should have rejected McDaniel’s hiring on the grounds that NBCU News Group could not put someone on its payroll who tried to subvert the 2020 vote.', 'As so many of NBCU’s staffers have underscored, the objection to McDaniel is not that she is a Republican.', 'It’s not even that she is a Donald Trump-supporting Republican.', 'It’s that she was an active participant in the plot to overthrow the last presidential election.', 'That is not to even mention McDaniel’s years of demonizing the press, smearing the journalists who work at NBC News and MSNBC as she sought to destroy the credibility of the organization that she ran to after being chased out of the RNC.', 'The notion put forward by NBC that it needed to hire McDaniel to bring its viewers “an insider’s perspective on national politics and the future of the Republican Party” is absurd.', 'If that’s the case, the network should move to hire free agents like Tucker Carlson or Candace Owens.', 'They too have their hands on the pulse of the Republican Party.', 'In fact, they represent much more of where the GOP stands today than McDaniel.', 'So, using NBC’s logic, why not hire them? (', 'Spoiler: News organizations rightfully have established basic standards for paid contributors.', 'Asking that your employees have a commitment to democracy, to the truth, and to basic decency is not a big ask.)', 'But even if Conde has no allegiance to basic democratic principles, which this hire calls into question, given that he is known to be a political player who cares deeply about his own image in the press, he should have been wise enough to foresee that hiring McDaniel would be an ill-conceived move.', 'How this did not occur to Conde is unfathomable and shows a tremendous lack of judgment.', 'Even more bizarre is Conde’s management, or lack thereof, since the controversy erupted.', 'It was clear early on that his employees at NBC News and MSNBC did not support McDaniel’s hiring.', 'If that was not evident on Friday, it was clear as day on Sunday after “Meet the Press.”', 'The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.', 'At that point, the writing should have been on the wall for Conde — as it was for every other media executive that I have spoken with over the last 24 hours.', 'It is evident that McDaniel has no real future as an NBC analyst and the decision to bring her on as a contributor will have to be reversed.', 'After all, which NBC or MSNBC program is going to invite her on after all of this?', 'The only real question for Conde after the Sunday morning scolding should have been how he chose to back out of the deal in the least painful way possible.', 'To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.', 'But no such announcement came.', 'Instead, Conde has allowed the mess to spiral absolutely out of control.', 'MSNBC’s top stars hammered the network’s leadership throughout the day Monday over the hire.', 'NBC News’ Guild blasted Conde, saying in a statement that under him the company had quietly laid off employees over the last month and instead chosen to “prioritize an election denier over its reporters.”', 'The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.', 'All the while, Conde has remained silent.', 'I asked his spokesperson, Stephen Labaton, on Monday whether the NBCU News Group boss had any comment on the situation.', 'Does he have any regret?', 'I didn’t get an on-the-record response.', 'Suffice to say, however, that what Conde does moving forward will say a lot about his character and commitment to democratic values.', 'It will also say a lot about the NBCU News Group and what type of organization it is.', 'In her biting monologue on Monday night, however, Maddow did offer Conde a way out of this mess.', '“Mistakes will be made,” Maddow said.', '”But our resilience as a democracy is going to be recognizing when decisions are bad ones and reversing those bad decisions.', 'Hearing legitimate criticism, responding to it, and correcting course.', 'Not digging in.', 'Not blaming others.', 'Take a minute.', 'Acknowledge that maybe it wasn’t the right call.”', '“It is a sign of strength, not weakness, to acknowledge when you are wrong,” Maddow added. “', 'It is a sign of strength.', 'And our country needs us to be strong now.”']",-0.032955005531589,"Over the last 24 hours, the most prominent and recognizable NBC News and MSNBC personalities have voiced strong displeasure with the company’s decision to welcome McDaniel to “the team.”",The already severe crisis was allowed to blossom into one of the worst corporate public relations catastrophes in recent memory.,-0.501803499001723,"To be fully honest, I very much expected a Sunday evening announcement from NBC, one that would have earned praise from the company’s staff and quickly been swept away by the rush of Trump news Monday morning.","The network’s employees were not only flabbergasted and demoralized by the move, but absolutely enraged by it.",2024-03-31
Could AI take the grind out of accountancy?,https://www.bbc.co.uk/news/business-68553123,2024-03-26T00:24:13.000Z,"Owen Hewitt, is a trainee chartered accountant at accountancy firm haysmacintyre. He's two years into his training with more exams coming up this year.  What's unusual about him and his peers, is that they will be the first generation of accountants to use artificial intelligence (AI) right from the beginning of their careers. Mr Hewitt is hoping that AI will take over some of the more tedious parts of the job. ""These (AI) can remove the burden of the more time-consuming tasks, like analysis of financial data,"" says Mr Hewitt. That leaves the humans to focus on more subjective - and more interesting - decisions, like whether a business is viable, or whether debts are likely to be paid. ""Whilst AI can learn from data and make predictions, it can't yet replace the human judgement required to weigh up different variables and make an informed decision,"" he says. So, AI is increasingly being used for routine and time-consuming tasks such as summarising documents, creating content, drafting documentation, advanced searching, analytics and insight and knowledge management - often work done by more junior accountancy staff. ""When you look at some of the tasks that auditors were doing - some of the boring, mundane tasks around churning data and manipulating it into a format where you can then actually do something valuable with it - that's where artificial intelligence can play a really big part,"" says Matthew Campbell, audit chief technology officer for KPMG UK. Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs. According to a KPMG survey, four in 10 senior audit professionals expect that the increased efficiency that AI can bring will lead to a reduction in the size of auditing teams. Already, many manual audit and reporting tasks have been outsourced to other countries, with most major banks in the UK now having taken on large numbers of qualified accountants in India, who perform a significant proportion of month-end financial reporting tasks. This, says Alex King, founder and chartered accountant at finance platform Generation Money, means that junior accountants working in audit will need to focus more on client-facing skills. ""Generally, the nature of a junior accountant's role is likely to change more towards systems management - overseeing AI powered software and databases - and relationship management, and away from the traditional reconciliations and ledgers work,"" he says. As a result, training programmes are changing. ""We're still recruiting a number of people, graduates, and we're also recruiting a number of apprentices. I think what will change over time is the skillsets of some of those individuals,"" says Mr Campbell. ""We're already starting to see that, so we've invested in putting a number of our auditors through a master's degree in applied data science, so they can take that auditing and accounting knowledge with their data science skills knowledge, to really bring the best of those skills together."" The accountancy industry has seen some high-profile failures in recent years. In March, KPMG was fined £1.5m for failings in its 2019 audit of advertising agency M&C Saatchi. And it's not alone in making errors. Last summer, a report from the US Public Company Accounting Oversight Board (PCAOB) found that four in 10 audits conducted by global accounting firms had significant flaws, and that the proportion was rising rapidly. Meanwhile, the UK's accountancy regulator, the Financial Reporting Council (FRC), carried out 19 investigations in the 2022-2023 financial year, slapping fines of £40.5 million on auditing firms and their clients for audit failings. As a result, auditing firms are now under great scrutiny; and to tighten up their procedures, many are turning to AI. ""As generative AI plays a more prominent role in contributing to first drafts of content, the human auditor role can be elevated to focus on areas of judgment and challenge,"" says Marc Bena, digital audit leader at PwC UK. ""The ability to analyse data at a much larger scale also means we can perform better risk assessments and analysis."" AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client. KPMG itself uses AI for high-risk transactions to look for such anomalies, such as the posting of unusual amounts, postings made by somebody unusual or postings made at a weekend. ""We get to a point where it's a truly data-driven audit, where we identify the risks from within a population of data and use that to help focus our audit efforts on the most complex, the high-risk, the most judgmental areas,"" says Mr Campbell. More technology of business As for more high-level jobs, AI may help here too. Auditing firms have been finding it hard to retain talent, with 90% of auditors telling Caseware last year that it is either somewhat or extremely difficult. Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper. However, 86% of auditing staff agreed that AI helps cut down time on repetitive task - and 83% said they'd be more inclined to stay at a company with AI initiatives in place. ""They can get through some of the laborious, time-intensive tasks to actually get into the value of doing the analysis, the output and the interpretation,"" says Mr Campbell. ""The bits of their role that it's taking away is stuff that they weren't enjoying."" ",BBC,26/03/2024,"['Owen Hewitt, is a trainee chartered accountant at accountancy firm haysmacintyre.', ""He's two years into his training with more exams coming up this year."", ""What's unusual about him and his peers, is that they will be the first generation of accountants to use artificial intelligence (AI) right from the beginning of their careers."", 'Mr Hewitt is hoping that AI will take over some of the more tedious parts of the job. ""', 'These (AI) can remove the burden of the more time-consuming tasks, like analysis of financial data,"" says Mr Hewitt.', 'That leaves the humans to focus on more subjective - and more interesting - decisions, like whether a business is viable, or whether debts are likely to be paid. ""', 'Whilst AI can learn from data and make predictions, it can\'t yet replace the human judgement required to weigh up different variables and make an informed decision,"" he says.', 'So, AI is increasingly being used for routine and time-consuming tasks such as summarising documents, creating content, drafting documentation, advanced searching, analytics and insight and knowledge management - often work done by more junior accountancy staff. ""', 'When you look at some of the tasks that auditors were doing - some of the boring, mundane tasks around churning data and manipulating it into a format where you can then actually do something valuable with it - that\'s where artificial intelligence can play a really big part,"" says Matthew Campbell, audit chief technology officer for KPMG UK.', ""Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs."", 'According to a KPMG survey, four in 10 senior audit professionals expect that the increased efficiency that AI can bring will lead to a reduction in the size of auditing teams.', 'Already, many manual audit and reporting tasks have been outsourced to other countries, with most major banks in the UK now having taken on large numbers of qualified accountants in India, who perform a significant proportion of month-end financial reporting tasks.', 'This, says Alex King, founder and chartered accountant at finance platform Generation Money, means that junior accountants working in audit will need to focus more on client-facing skills. ""', 'Generally, the nature of a junior accountant\'s role is likely to change more towards systems management - overseeing AI powered software and databases - and relationship management, and away from the traditional reconciliations and ledgers work,"" he says.', 'As a result, training programmes are changing. ""', ""We're still recruiting a number of people, graduates, and we're also recruiting a number of apprentices."", 'I think what will change over time is the skillsets of some of those individuals,"" says Mr Campbell. ""', 'We\'re already starting to see that, so we\'ve invested in putting a number of our auditors through a master\'s degree in applied data science, so they can take that auditing and accounting knowledge with their data science skills knowledge, to really bring the best of those skills together.""', 'The accountancy industry has seen some high-profile failures in recent years.', 'In March, KPMG was fined £1.5m for failings in its 2019 audit of advertising agency M&C Saatchi.', ""And it's not alone in making errors."", 'Last summer, a report from the US Public Company Accounting Oversight Board (PCAOB) found that four in 10 audits conducted by global accounting firms had significant flaws, and that the proportion was rising rapidly.', ""Meanwhile, the UK's accountancy regulator, the Financial Reporting Council (FRC), carried out 19 investigations in the 2022-2023 financial year, slapping fines of £40.5 million on auditing firms and their clients for audit failings."", 'As a result, auditing firms are now under great scrutiny; and to tighten up their procedures, many are turning to AI. ""', 'As generative AI plays a more prominent role in contributing to first drafts of content, the human auditor role can be elevated to focus on areas of judgment and challenge,"" says Marc Bena, digital audit leader at PwC UK. ""', 'The ability to analyse data at a much larger scale also means we can perform better risk assessments and analysis.""', 'AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client.', 'KPMG itself uses AI for high-risk transactions to look for such anomalies, such as the posting of unusual amounts, postings made by somebody unusual or postings made at a weekend. ""', 'We get to a point where it\'s a truly data-driven audit, where we identify the risks from within a population of data and use that to help focus our audit efforts on the most complex, the high-risk, the most judgmental areas,"" says Mr Campbell.', 'More technology of business As for more high-level jobs, AI may help here too.', 'Auditing firms have been finding it hard to retain talent, with 90% of auditors telling Caseware last year that it is either somewhat or extremely difficult.', 'Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper.', 'However, 86% of auditing staff agreed that AI helps cut down time on repetitive task - and 83% said they\'d be more inclined to stay at a company with AI initiatives in place. ""', 'They can get through some of the laborious, time-intensive tasks to actually get into the value of doing the analysis, the output and the interpretation,"" says Mr Campbell. ""', 'The bits of their role that it\'s taking away is stuff that they weren\'t enjoying.""']",0.1626808889918358,"AI is particularly good at spotting anomalies in vast amounts of data, making it useful when examining what may amount to billions of transactions by a client.","Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs.",0.3071962833404541,"Overall, auditing job vacancies rose during the last year by a quarter, according to a survey from automation platform DataSnipper.","Given that auditing is a relatively low-margin business, there's concern that the more widespread use of AI could lead to a loss of jobs.",2024-03-31
What are my rights if my flight is cancelled or delayed?,https://www.bbc.co.uk/news/business-61646214,2022-05-31T11:46:37.000Z,"UK airports and airlines are preparing for a busy Easter holiday period, with flight numbers expected to return to pre-pandemic levels. Two million Brits are due to head abroad over the bank holiday weekend, according to the ABTA travel association.  If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.  You can get your money back for any part of the ticket you have not used.  So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.  If you still want to travel, your airline must find you an alternative flight.  If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.  If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.  This includes:  If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.  In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.  You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.  You may also be able to claim compensation if your flight arrives at its destination more than three hours late.  The amount is based on how far you are flying.  If you are delayed by more than five hours and no longer want to travel, you can get a full refund. If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.  Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation. However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law. These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.  What you are entitled to depends on what caused the cancellation and how much notice you are given.  If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered. The amount you are entitled to also depends on how far you were travelling:  Airlines will not refund you for loss of earnings. They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights. They are not obliged to cover consequential losses. Travel insurance policies will not usually cover loss of earnings either.  If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say. You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu. Taking unpaid leave could also be an option. Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract. Have you been personally affected by the disruption to flights? Get in touch by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,31/05/2022,"['UK airports and airlines are preparing for a busy Easter holiday period, with flight numbers expected to return to pre-pandemic levels.', 'Two million Brits are due to head abroad over the bank holiday weekend, according to the ABTA travel association.', 'If your flight is covered by UK law, your airline must let you choose between either getting a refund or being booked on to an alternative flight, regardless of how far in advance the cancellation was made.', 'You can get your money back for any part of the ticket you have not used.', 'So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.', 'If you still want to travel, your airline must find you an alternative flight.', 'If another airline is flying to your destination significantly sooner, or there are other suitable modes of transport available, then you have a right to be booked onto that alternative transport instead.', 'If you are stuck abroad or at the airport because of a flight cancellation, airlines must also provide you with other assistance until you are able to fly to your destination.', 'This includes: If your airline is unable to arrange assistance, you have the right to organise this yourself and claim back the cost later.', 'In this case, the Civil Aviation Authority advises people to keep receipts and not spend more than necessary.', 'You are entitled to the same assistance as for a cancellation if your flight is delayed by more than two hours.', 'You may also be able to claim compensation if your flight arrives at its destination more than three hours late.', 'The amount is based on how far you are flying.', 'If you are delayed by more than five hours and no longer want to travel, you can get a full refund.', 'If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.', 'Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.', ""However, in other circumstances - when it is considered to be the airline's fault - you have a number of rights under UK law."", 'These apply as long as you are flying from a UK airport on any airline, arriving at a UK airport on an EU or UK airline, or arriving at an airport in the EU on a UK airline.', 'What you are entitled to depends on what caused the cancellation and how much notice you are given.', ""If your flight is cancelled with less than two weeks' notice, you may be able to claim compensation based on the timings of the alternative flight you are offered."", 'The amount you are entitled to also depends on how far you were travelling: Airlines will not refund you for loss of earnings.', 'They are only responsible for covering direct costs, such as hotel rooms, meals and alternative flights.', 'They are not obliged to cover consequential losses.', 'Travel insurance policies will not usually cover loss of earnings either.', ""If you think you're going to be late back at work because of flight delays, you have a responsibility to contact your employer to let them know you won't be back as planned, legal experts say."", 'You should agree with your employer how to deal with the absence - for example, by using more annual leave or time banked in lieu.', 'Taking unpaid leave could also be an option.', 'Employers have no legal obligation to pay employees who are absent in this situation, experts say, unless it is stated in their contract.', 'Have you been personally affected by the disruption to flights?', 'Get in touch by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",-0.0041762192291783,"If you booked a package holiday with a company that is an ABTA member and your flight is cancelled, you are entitled to a suitable alternative flight or a full refund.","Disruption caused by things like strikes by airport or air traffic control staff, bad weather or other ""extraordinary circumstances"" does not entitle you to extra compensation.",0.9241650104522704,"UK airports and airlines are preparing for a busy Easter holiday period, with flight numbers expected to return to pre-pandemic levels.",,2024-03-31
Top soccer clubs are using an AI-powered app to scout future stars,https://edition.cnn.com/2024/03/01/tech/aiscout-app-soccer-scouting-spc-intl/index.html,"
  Published
        7:14 AM EST, Fri March 1, 2024
    ","A London-based technology company is looking to “democratize” talent-identification and scouting in soccer using a mobile app.
    
            Free to download and available globally, the aiScout app allows aspiring soccer stars to enter virtual trials for professional clubs by uploading self-recorded footage of themselves completing a series of drills. It offers 75 exercises, designed to test a range of skills, with videos showing users how to complete them.
    
            Performances are automatically scored by artificial intelligence (AI) technology. The data can then be accessed by clubs, allowing their scouts to peruse scores for viable talent, honing their search with a variety of filters; from age and gender to position on the pitch.
    
            The app currently has two English Premier League (EPL) partners, Chelsea and Burnley, and clubs can tailor their in-app trials to meet specific needs and set their own benchmarks by having their academy players complete the same drills.
    
            “We’re putting that data up front to make better use of [the scouts’] time,” said Richard Felton-Thomas, chief operating officer of ai.io, the company behind the app.
    
            “To say [to scouts], ‘Go over to this place today because there’s three players in that game that are all actually beating your Chelsea standard’ — that’s going to be the best use of your time.’”
    
            It already appears to be working for some. Ben Greenwood had never had a trial with a professional club until he downloaded the app in 2019. After uploading footage of himself, the 17-year-old landed a trial with Chelsea, becoming the first user of the app to get a trial with a pro club. He signed a contract with EPL team Bournemouth in 2021.
    
            Having beta-tested in with players spanning 125 countries, Greenwood among them, 135 players have been trialed or signed by pro clubs or national teams through the app — which fully launched in September 2023 — according to Felton-Thomas.
    
            Just over 100,000 players make up the current database, but with over 100 clubs lined up to join Chelsea and Burnley, as well as a multi-year partnership with Major League Soccer in the US announced last May, Felton-Thomas projects user numbers to surge into the millions as the operation ramps up this year.
    
            Felton-Thomas said the “lion’s share” of its income comes from charging clubs a license fee to run the platform. Annual fees vary depending on the size of the club and the tools they require, ranging from six figures for “tier one” sides like Chelsea, to thousands of pounds for clubs lower down the footballing pyramid.
    
            The use of smart technology in sport continues to expand, including AI commentary tools and wearable tech for elite athletes. The global market for sports analytics, valued at $2.7 billion in 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.
    
            Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry? For Felton-Thomas, new technologies can co-exist with traditional methods.
    
            “It’s more about evolution than revolution,” Felton-Thomas explained.
    
            “We can’t tell you when that player’s actually in that match, how does he deal with adversity? What happens when he’s 2-0 down? What happens when someone’s shouting at him? What happens when he’s just made a massive mistake?”
    
            “We’ve got the ability to just augment real people to do their jobs better and faster, which then gives an opportunity to the player through the AI, but you’re still actually just connecting them to the human on the other side, which is the club and the scout.”
    
            While football remains ai.io’s primary focus, the company is looking into opportunities in other sports to launch in the coming years. Further ahead, it may branch out beyond sports.
    
            “You think about the notion that you can be at home and analyze your movements, and how this could spin into health care, physical assessments for military disciplines and emergency services,” Felton-Thomas told CNN.",CNN,01/03/2024,"['A London-based technology company is looking to “democratize” talent-identification and scouting in soccer using a mobile app.', 'Free to download and available globally, the aiScout app allows aspiring soccer stars to enter virtual trials for professional clubs by uploading self-recorded footage of themselves completing a series of drills.', 'It offers 75 exercises, designed to test a range of skills, with videos showing users how to complete them.', 'Performances are automatically scored by artificial intelligence (AI) technology.', 'The data can then be accessed by clubs, allowing their scouts to peruse scores for viable talent, honing their search with a variety of filters; from age and gender to position on the pitch.', 'The app currently has two English Premier League (EPL) partners, Chelsea and Burnley, and clubs can tailor their in-app trials to meet specific needs and set their own benchmarks by having their academy players complete the same drills.', '“We’re putting that data up front to make better use of [the scouts’] time,” said Richard Felton-Thomas, chief operating officer of ai.io, the company behind the app.', '“To say [to scouts], ‘Go over to this place today because there’s three players in that game that are all actually beating your Chelsea standard’ — that’s going to be the best use of your time.’”', 'It already appears to be working for some.', 'Ben Greenwood had never had a trial with a professional club until he downloaded the app in 2019.', 'After uploading footage of himself, the 17-year-old landed a trial with Chelsea, becoming the first user of the app to get a trial with a pro club.', 'He signed a contractwith EPL team Bournemouthin 2021.', 'Having beta-tested in with players spanning 125 countries, Greenwood among them, 135 players have been trialed or signed by pro clubs or national teams through the app — which fully launched in September 2023 — according to Felton-Thomas.', 'Just over 100,000 players make up the current database, but with over 100 clubs lined up to join Chelsea and Burnley, as well as a multi-year partnership with Major League Soccer in the US announced last May, Felton-Thomas projects user numbers to surge into the millions as the operation ramps up this year.', 'Felton-Thomas said the “lion’s share” of its income comes from charging clubs a license fee to run the platform.', 'Annual fees vary depending on the size of the club and the tools they require, ranging from six figures for “tier one” sides like Chelsea, to thousands of pounds for clubs lower down the footballing pyramid.', 'The use of smart technology in sport continues to expand, includingAI commentary tools and wearable tech for elite athletes.', 'The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.', 'Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry?', 'For Felton-Thomas, new technologies can co-exist with traditional methods.', '“It’s more about evolution than revolution,” Felton-Thomas explained.', '“We can’t tell you when that player’s actually in that match, how does he deal with adversity?', 'What happens when he’s 2-0 down?', 'What happens when someone’s shouting at him?', 'What happens when he’s just made a massive mistake?”', '“We’ve got the ability to just augment real people to do their jobs better and faster, which then gives an opportunity to the player through the AI, but you’re still actually just connecting them to the human on the other side, which is the club and the scout.”', 'While football remains ai.io’s primary focus, the company is looking into opportunities in other sports to launch in the coming years.', 'Further ahead, it may branch out beyond sports.', '“You think about the notion that you can be at home and analyze your movements, and how this could spin into health care, physical assessments for military disciplines and emergency services,” Felton-Thomas told CNN.']",0.2022322827681825,"The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.","“We can’t tell you when that player’s actually in that match, how does he deal with adversity?",0.6922526104109628,"The global market for sports analytics, valued at$2.7 billionin 2023, is projected to grow 22% by the end of the decade, according to market research firm Grand View Research.",Should soccer talent scouts be concerned about being edged out by the arrival of AI in their industry?,2024-03-31
"Best mobile payment apps in 2024, tested by our editors",https://edition.cnn.com/cnn-underscored/reviews/best-mobile-payment-apps,"
  Updated
        4:04 PM EST, Tue January 9, 2024
    ","Mobile payment apps can be a convenient way to send and receive money using your smartphone or smartwatch. Paying for items this way has never been easier, thanks to the availability of numerous mobile payment apps, better payment terminal infrastructure, and wider support for Bluetooth/near-field communication (NFC) contactless credit cards by American issuers. The coronavirus pandemic has also helped to make contactless “everything” more compelling, so being able to use our smartphones or smartwatches for mobile banking and payments is as appealing as ever.
    
            Over the course of several weeks, we tested out five different mobile payment apps: Apple Pay, Google Pay, Samsung Pay, Venmo (by PayPal) and Cash App (by Block, formerly Square). We tested Apple Pay and Samsung Pay on just their own devices and tested Google Pay, Venmo and Cash App on both Android and iOS.
    
            The apps work across a variety of web browsers (with the exception of Samsung) and watches. We tested the apps on an Apple Watch and a Samsung Galaxy Watch. We tested each of them with the following in mind: ease of installation, ease of setup, features, security, fees and customer support. As our testing concluded, two clear winners emerged: Apple Pay and Google Pay.
    
            While Apple Pay only works for its own devices, it is available in numerous countries, and its elegant and simple user interface (UI) and design make it a standout. Peer-to-peer (P2P) payments are only available in the United States. On your iOS device, you need to set up Face ID, Touch ID or a passcode. On your Apple Watch, you need to set up a passcode. You also need to be 13 years old or older.
    
            If you want to make a P2P payment, then you’ll need to send an Apple Message, which means you need to know your recipient’s phone number or email address. One nice feature is that all transactions generate 2% cash back. If you have an Apple Watch, then you need to connect your cards and bank accounts specifically on the watch for use in payments. Apple recently announced that users of other browsers besides Safari on their phones will be able to eventually use the software with the release of iOS 16.
    
            Google Pay has different lists of countries and regions in which it is available depending on the transaction type intended. Google Pay works across Android and iOS and is also designed to be capable in your browser. There aren’t any fees and immediate transfers are from debit cards only.
    
            Since Google Pay also works through browser cookies, it doesn’t require your phone to complete any online transactions. But, since it works through your Google account, you will have to exchange emails to set up the payment. Also, you will need a personal account (Pay won’t work with workspace or enterprise accounts).
    
            There are three different use cases for these apps (which we tested) that we will explain, as well as three other use cases that we will mention (even though we didn’t test these).
    
            The first use case we tested is making P2P cash payments. Two examples of this are splitting a restaurant check and sending gift money to family and friends. Consumers are increasingly using these apps according to a recent survey by Lending Tree. The survey showed that 84% of the 1,200 respondents (all U.S. consumers) have used at least one mobile payment app in the past year. Samsung Pay doesn’t support this mode but the other apps do.
    
            Some of the apps let you set up pools of funds, like a miniature version of GoFundMe to which your friends can send you contributions. There are several ways to identify your recipient: by their phone number and email address, or by their username (Block and Venmo support this) and, in some cases, by using a personal QR code (Block and Venmo are focused on this use case).
    
            The second use case we tested is paying for retail purchases instead of directly using a credit card or debit card. When the time comes to pay at a physical store, you hold your smartphone (or smartwatch) close to the payment terminal and it should read the appropriate card. This can be useful if you load multiple cards on the payment app, so you don’t have to cart around an overstuffed wallet with physical cards. It is also more secure because most of the payment apps create and then send a one-time token instead of your actual card number for each transaction. (Apple Pay and Google Pay are focused on this use case, although both also support P2P payments, too.)
    
            The third use case we tested is using them whenever you are shopping online. The Apple Pay and Google Pay apps can be used here. You can also store your card details in the various desktop browsers so that they can be auto-filled when you are at the checkout screen of your favorite retailer.
    
            So, now for the other use cases we didn’t test but are worth mentioning. Each of the payment apps has moved beyond these three core situations and now offer three other use cases: 1) a complex series of their own branded credit cards and debit cards, 2) support for Bitcoin purchases and other money-related features, and 3) cash-back offers. Again, we didn’t test these last three use cases; however, it is worth paying attention to at least the one about cash-back offers because those can really add up over time.
    
            Should you be worried about scammers when using mobile payment apps? Yes — the same Lending Tree survey we cited earlier found that 15% of the respondents have been victims of scams. And the survey also mentioned that, though P2P services are growing, they’re not FDIC insured (with the exception of Cash App, which is FDIC-insured). The survey found that “62% of consumers knew FDIC doesn’t insure P2P balances. However, 49% of those who keep a balance wrongly believe their money is protected.”
    
            If you intend to use any of these mobile payment apps on a regular basis, then you’ll want to follow these 6 steps:
    
            During our pretesting research, we found there are more than 20 different payment apps available, including apps from retailers like Starbucks and apps from Mastercard and Visa. We selected our five payment apps to test based on desired features, security options and user reviews. We tested each of them with the following criteria in mind: ease of installation, ease of setup, features, security, customer support and fees.
    
            To begin our testing, we installed the apps on one or both types of smartphones (if supported) and on an Apple Watch and Samsung Galaxy Watch.
    
            Next, we connected to various bank accounts and credit cards and debit cards, using them for retail purchases and P2P payments. We also tried each app when it was available for online retail purchases. We tested each app’s MFA support and other security features. We tested each app’s ability to notify you of payment transactions, and to block someone else from initiating a payment without your biometric data or other factors to approve it.
    
            Then we noted that the workflows for the payment apps were similar across the lot. We first ensured we were downloading the correct payment app from the legit app store. This is important and you should take care here. We then connected the app to either our phone number or email address (most apps want both), and then typed in a bank account or card that was to be the source and destination of our funds.
    
            This was the moment of truth, because not every payment app supported every bank card (and we didn’t find out until we got to this step). Apple Pay and Google Pay worked with more of our credit cards than the others did, but your experience could be different.
    
            After that, we set up our app’s security with our face or fingerprint to protect our transactions. It sounds more complicated than it actually was. After a flurry of confirmation emails and texts, we were ready to go shopping or send our friends some money.
    
            One of the big advantages of these apps is that you forgo the need to carry cash and you can pay someone on the spot. However, for all of these apps, our patience was rewarded. If we wanted to make a P2P payment and our recipient was willing to wait a few days, then there wasn’t any fee applied.
    
            But if we wanted the payment to happen in a matter of minutes, then it cost us.
    
            For example, all the apps were free to download. But when it came to fees, Apple charges 1.5% (with a minimum $0.25 and maximum $15 fee) and Venmo adds a 1% surcharge (with a maximum $10 fee). Square is free for all personal accounts but charges 2.75% for business users. Google Pay and Samsung Pay have no added fees.
    
            Lastly, we also reviewed complaints collected by CardPaymentOptions.com for Apple Pay, Google Pay, Samsung Pay, Cash App and Venmo. And we tried out the various support options available for each service. All five apps had equivalent high scores on both. Cash App, Samsung Pay and Venmo all share data with third parties to track internal marketing. Apple Pay and Google Pay don’t do this, although they may use this data internally across their various properties.
    
            During our testing, we used an Apple Watch and Samsung Galaxy Watch to gauge how easy it is to use a smartwatch versus a smartphone for mobile payments. So, is your smartwatch better to use than your phone for payments? No, we don’t think so.
    
            We found the watch movements needed to get close enough to the payment terminal to make a connection were more cumbersome than they were when we used our phone. And the usability factors to set up the account on the watches are sub-par. If you use your watch for other apps, then great, but don’t rush out and get a watch just for payments.
    
            Free at Cash App
    
            With Cash App, which is owned by Block (formerly Square, Inc.), you set up a username that your friends can use to find you when sending or demanding funds. You do not need to know their phone number or email address. Cash App is limited to debit cards only for direct access. It also uses Plaid for connecting to your bank account, which we think adds another layer of security issues.
    
            There are also various transfer limits, too, for unidentified users (e.g., sending $250 over per week or receiving $1,000 over a month). You can set up recurring deposits, direct deposits, make bank transfers and even file your taxes.
    
            There is a 3% fee if you are moving funds with a credit card. You can also instantly purchase or sell Bitcoin from the app. Cash App also works with the Lightning network to pay anyone with these cryptocurrencies.
    
            Free at Samsung
    
            Samsung Pay works in several countries, but it is only available on Samsung smartphones and smartwatches. It is basically a stripped-down version of Google Pay, using the same banking backends. It requires your mobile number to complete its setup, and in our testing we found it didn’t support several of the debit cards we owned. It also doesn’t support any P2P payments: you’ll need to use the separate Samsung Pay Cash app.
    
            One advantage is that, while Apple Pay and Google Pay will only work with point-of-sale (POS) payment terminals equipped with NFC technology, Samsung Pay (from the phone, not from the watch) works at magnetic card terminals — those few that are left and haven’t been upgraded — as well.
    
            We had trouble getting the Samsung Pay app to work with the Samsung Galaxy Watch (like Apple Pay, you have to separately install each card to use on the watch), and needed to install and re-install various Samsung apps. We recommend using Google Pay instead.
    
            Free at Venmo
    
            Venmo, which is only available in the United States, was simple to set up and get connected to our bank card. Like Cash App, you can send money using a username, which obviates the need to know a friend’s phone number or email address. One drawback to Venmo is that all of your friends’ transactions are made public by default, so anyone can see them in its public feed. This means the first thing you need to do when using this service is turn these settings to Private.
    
            Venmo also supports Bitcoin, Bitcoin Cash, Ethereum or Litecoin currency transactions. If you are sending funds from a credit card and can’t wait, then there is a 3% fee. Funds sent from your bank account are free if you can wait a few days. Fees are clearly described on their Resources page and there are fees for unverified users when sending more than $300 per week.
    
            Venmo’s browser client mirrors the UI for its phone app screens, which is useful for reviewing its numerous configuration settings. But it could do a better job explaining its security protocols.",CNN,09/01/2024,"['Mobile payment apps can be a convenient way to send and receive money using your smartphone or smartwatch.', 'Paying for items this way has never been easier, thanks to the availability of numerous mobile payment apps, better payment terminal infrastructure, and wider support for Bluetooth/near-field communication (NFC) contactless credit cards by American issuers.', 'The coronavirus pandemic has also helped to make contactless “everything” more compelling, so being able to use our smartphones or smartwatches for mobile banking and payments is as appealing as ever.', 'Over the course of several weeks, we tested out five different mobile payment apps: Apple Pay, Google Pay, Samsung Pay, Venmo (by PayPal) and Cash App (by Block, formerly Square).', 'We tested Apple Pay and Samsung Pay on just their own devices and tested Google Pay, Venmo and Cash App on both Android and iOS.', 'The apps work across a variety of web browsers (with the exception of Samsung) and watches.', 'We tested the apps on an Apple Watch and a Samsung Galaxy Watch.', 'We tested each of them with the following in mind: ease of installation, ease of setup, features, security, fees and customer support.', 'As our testing concluded, two clear winners emerged: Apple Pay and Google Pay.', 'While Apple Pay only works for its own devices, it is available in numerous countries, and its elegant and simple user interface (UI) and design make it a standout.', 'Peer-to-peer (P2P) payments are only available in the United States.', 'On your iOS device, you need to set up Face ID, Touch ID or a passcode.', 'On your Apple Watch, you need to set up a passcode.', 'You also need to be 13 years old or older.', 'If you want to make a P2P payment, then you’ll need to send an Apple Message, which means you need to know your recipient’s phone number or email address.', 'One nice feature is that all transactions generate 2% cash back.', 'If you have an Apple Watch, then you need to connect your cards and bank accounts specifically on the watch for use in payments.', 'Apple recently announced that users of other browsers besides Safarion their phones will be able to eventually use the software with the release of iOS 16.', 'Google Pay has different lists of countries and regions in which it is available depending on the transaction type intended.', 'Google Pay works across Android and iOS and is also designed to be capable in your browser.', 'There aren’t any fees and immediate transfers are from debit cards only.', 'Since Google Pay also works through browser cookies, it doesn’t require your phone to complete any online transactions.', 'But, since it works through your Google account, you will have to exchange emails to set up the payment.', 'Also, you will need a personal account (Pay won’t work with workspace or enterprise accounts).', 'There are three different use cases for these apps (which we tested) that we will explain, as well as three other use cases that we will mention (even though we didn’t test these).', 'The first use case we tested is making P2P cash payments.', 'Two examples of this are splitting a restaurant check and sending gift money to family and friends.', 'Consumers are increasingly using these apps according to a recent survey by Lending Tree.', 'The survey showed that 84% of the 1,200 respondents (all U.S. consumers) have used at least one mobile payment app in the past year.', 'Samsung Pay doesn’t support this mode but the other apps do.', 'Some of the apps let you set up pools of funds, like a miniature version of GoFundMe to which your friends can send you contributions.', 'There are several ways to identify your recipient: by their phone number and email address, or by their username (Block and Venmo support this) and, in some cases, by using a personal QR code (Block and Venmo are focused on this use case).', 'The second use case we tested is paying for retail purchases instead of directly using a credit card or debit card.', 'When the time comes to pay at a physical store, you hold your smartphone (or smartwatch) close to the payment terminal and it should read the appropriate card.', 'This can be useful if you load multiple cards on the payment app, so you don’t have to cart around an overstuffed wallet with physical cards.', 'It is also more secure because most of the payment apps create and then send a one-time token instead of your actual card number for each transaction. (', 'Apple Pay and Google Pay are focused on this use case, although both also support P2P payments, too.)', 'The third use case we tested is using them whenever you are shopping online.', 'The Apple Pay and Google Pay apps can be used here.', 'You can also store your card details in the various desktop browsers so that they can be auto-filled when you are at the checkout screen of your favorite retailer.', 'So, now for the other use cases we didn’t test but are worth mentioning.', 'Each of the payment apps has moved beyond these three core situations and now offer three other use cases: 1) a complex series of their own branded credit cards and debit cards, 2) support for Bitcoin purchases and other money-related features, and 3) cash-back offers.', 'Again, we didn’t test these last three use cases; however, it is worth paying attention to at least the one about cash-back offers because those can really add up over time.', 'Should you be worried about scammers when using mobile payment apps?', 'Yes — the same Lending Tree survey we cited earlier found that 15% of the respondents have been victims of scams.', 'And the survey also mentioned that, though P2P services are growing, they’re not FDIC insured (with the exception of Cash App, which is FDIC-insured).', 'The survey found that “62% of consumers knew FDIC doesn’t insure P2P balances.', 'However, 49% of those who keep a balance wrongly believe their money is protected.”', 'If you intend to use any of these mobile payment apps on a regular basis, then you’ll want to follow these 6 steps:  During our pretesting research, we found there are more than 20 different payment apps available, including apps from retailers like Starbucks and apps from Mastercard and Visa.', 'We selected our five payment apps to test based on desired features, security options and user reviews.', 'We tested each of them with the following criteria in mind: ease of installation, ease of setup, features, security, customer support and fees.', 'To begin our testing, we installed the apps on one or both types of smartphones (if supported) and on an Apple Watch and Samsung Galaxy Watch.', 'Next, we connected to various bank accounts and credit cards and debit cards, using them for retail purchases and P2P payments.', 'We also tried each app when it was available for online retail purchases.', 'We tested each app’s MFA support and other security features.', 'We tested each app’s ability to notify you of payment transactions, and to block someone else from initiating a payment without your biometric data or other factors to approve it.', 'Then we noted that the workflows for the payment apps were similar across the lot.', 'We first ensured we were downloading the correct payment app from the legit app store.', 'This is important and you should take care here.', 'We then connected the app to either our phone number or email address (most apps want both), and then typed in a bank account or card that was to be the source and destination of our funds.', 'This was the moment of truth, because not every payment app supported every bank card (and we didn’t find out until we got to this step).', 'Apple Pay and Google Pay worked with more of our credit cards than the others did, but your experience could be different.', 'After that, we set up our app’s security with our face or fingerprint to protect our transactions.', 'It sounds more complicated than it actually was.', 'After a flurry of confirmation emails and texts, we were ready to go shopping or send our friends some money.', 'One of the big advantages of these apps is that you forgo the need to carry cash and you can pay someone on the spot.', 'However, for all of these apps, our patience was rewarded.', 'If we wanted to make a P2P payment and our recipient was willing to wait a few days, then there wasn’t any fee applied.', 'But if we wanted the payment to happen in a matter of minutes, then it cost us.', 'For example, all the apps were free to download.', 'But when it came to fees, Apple charges 1.5% (with a minimum $0.25 and maximum $15 fee) and Venmo adds a 1% surcharge (with a maximum $10 fee).', 'Square is free for all personal accounts but charges 2.75% for business users.', 'Google Pay and Samsung Pay have no added fees.', 'Lastly, we also reviewed complaints collected by CardPaymentOptions.com for Apple Pay, Google Pay, Samsung Pay, Cash App and Venmo.', 'And we tried out the various support options available for each service.', 'All five apps had equivalent high scores on both.', 'Cash App, Samsung Pay and Venmo all share data with third parties to track internal marketing.', 'Apple Pay and Google Pay don’t do this, although they may use this data internally across their various properties.', 'During our testing, we used an Apple Watch and Samsung Galaxy Watch to gauge how easy it is to use a smartwatch versus a smartphone for mobile payments.', 'So, is your smartwatch better to use than your phone for payments?', 'No, we don’t think so.', 'We found the watch movements needed to get close enough to the payment terminal to make a connection were more cumbersome than they were when we used our phone.', 'And the usability factors to set up the account on the watches are sub-par.', 'If you use your watch for other apps, then great, but don’t rush out and get a watch just for payments.', 'Free at Cash App  With Cash App, which is owned by Block (formerly Square, Inc.), you set up a username that your friends can use to find you when sending or demanding funds.', 'You do not need to know their phone number or email address.', 'Cash App is limited to debit cards only for direct access.', 'It also uses Plaid for connecting to your bank account, which we think adds another layer of security issues.', 'There are also various transfer limits, too, for unidentified users (e.g., sending $250 over per week or receiving $1,000 over a month).', 'You can set up recurring deposits, direct deposits, make bank transfers and even file your taxes.', 'There is a 3% fee if you are moving funds with a credit card.', 'You can also instantly purchase or sell Bitcoin from the app.', 'Cash App also works with the Lightning network to pay anyone with these cryptocurrencies.', 'Free at Samsung  Samsung Pay works in several countries, but it is only available on Samsung smartphones and smartwatches.', 'It is basically a stripped-down version of Google Pay, using the same banking backends.', 'It requires your mobile number to complete its setup, and in our testing we found it didn’t support several of the debit cards we owned.', 'It also doesn’t support any P2P payments: you’ll need to use the separate Samsung Pay Cash app.', 'One advantage is that, while Apple Pay and Google Pay will only work with point-of-sale (POS) payment terminals equipped with NFC technology, Samsung Pay (from the phone, not from the watch) works at magnetic card terminals — those few that are left and haven’t been upgraded — as well.', 'We had trouble getting the Samsung Pay app to work with the Samsung Galaxy Watch (like Apple Pay, you have to separately install each card to use on the watch), and needed to install and re-install various Samsung apps.', 'We recommend using Google Pay instead.', 'Free at Venmo  Venmo, which is only available in the United States, was simple to set up and get connected to our bank card.', 'Like Cash App, you can send money using a username, which obviates the need to know a friend’s phone number or email address.', 'One drawback to Venmo is that all of your friends’ transactions are made public by default, so anyone can see them in its public feed.', 'This means the first thing you need to do when using this service is turn these settings to Private.', 'Venmo also supports Bitcoin, Bitcoin Cash, Ethereum or Litecoin currency transactions.', 'If you are sending funds from a credit card and can’t wait, then there is a 3% fee.', 'Funds sent from your bank account are free if you can wait a few days.', 'Fees are clearly described on their Resources page and there are fees for unverified users when sending more than $300 per week.', 'Venmo’s browser client mirrors the UI for its phone app screens, which is useful for reviewing its numerous configuration settings.', 'But it could do a better job explaining its security protocols.']",0.190272273076097,"We tested each of them with the following in mind: ease of installation, ease of setup, features, security, fees and customer support.","Over the course of several weeks, we tested out five different mobile payment apps: Apple Pay, Google Pay, Samsung Pay, Venmo (by PayPal) and Cash App (by Block, formerly Square).",0.452835742632548,"The coronavirus pandemic has also helped to make contactless “everything” more compelling, so being able to use our smartphones or smartwatches for mobile banking and payments is as appealing as ever.",And the usability factors to set up the account on the watches are sub-par.,2024-03-31
1 in every 13 bridges in America is in ‘poor’ condition. Thousands could collapse from a collision,https://edition.cnn.com/2024/03/30/business/americas-bridges-climate-infrastructure/index.html,"
  Published
        6:30 AM EDT, Sat March 30, 2024
    ","A container ship colliding into the Francis Scott Key Bridge in Baltimore is drawing attention to potential vulnerabilities among some of America’s more than 600,000 bridges.
    
            The Key Bridge stood for 47 years, and in that time it never received the sort of jolt that anyone could have thought would bring it down. But when the Dali, a ship weighing more than 100,000 tons, smashed into it, the bridge tumbled in less than a minute. While such a catastrophic collapse might not have been entirely predictable, bridge collapses as the result of collisions aren’t entirely unheard of, and this one may have been avoidable.
    
            Recent federal safety inspections of the Key Bridge found it to be in “fair” condition, and Maryland’s governor said the bridge was “fully up to code.” But thousands of US bridges are in bad shape.
    
            In America, 46,000 bridges have aging structures and are in “poor” condition, and 17,000 are at risk of collapse from a single hit, according to the American Society of Civil Engineers and the federal government.
    
            Extreme weather events, increasingly heavy trucks and collisions from larger container ships pose significant risks to US bridges, engineers and other infrastructure experts say.
    
            States inspect US highway bridges at least once every two years and classify them “good,” “fair” or “poor.” A bridge found to be in poor condition has some structural elements of the bridge in a state of “advanced deterioration.”
    
            Around 46,100 of the 617,000 bridges across the United States, or 7.5% of all bridges, are considered structurally deficient and are in poor condition, according to the American Society of Civil Engineers’ most recent infrastructure report card released in 2021. 178 million trips are taken across these structurally deficient bridges every day.
    
            While structurally deficient bridges are not inherently unsafe, they require substantial investment to maintain, the organization says. They are at higher risk for closures or weight restrictions.
    
            The good news is that the number of structurally deficient bridges has dropped in recent years, according to the group. But the bad news is that the rate of spending on improvements has slowed. A recent estimate for the nation’s backlog of bridge repairs was $125 billion.
    
            The $1.2 trillion federal infrastructure law that passed in 2021, which includes $110 billion for roads, bridges and major infrastructure projects, could help pay for some bridge improvements.
    
            Many of the country’s older bridges are vulnerable to extreme weather events, such as earthquakes, hurricanes or elevated heat.
    
            Nearly 21,000 bridges were found to be susceptible to having their foundations threatened during extreme weather events, according to the American Society of Civil Engineers’ 2021 report.
    
            Earthquakes are also a significant threat to bridges.
    
            The seismic resilience of the US highway system has improved in recent decades thanks to investments in new, more resilient infrastructure and the retrofitting of existing structures, a 2016 report from the Congressional Research Service found.
    
            Still, not every highway has been retrofitted, and there is not yet a way to build infrastructure in a way that is both cost effective and which can withstand the most intense earthquakes, the report said.
    
            Additionally, bridges are strained by trucks that are heavier than those the bridges were originally designed for.
    
            These heavier trucks, which can surpass 40-ton loads, threaten to over-stress bridge elements, cause metal fatigue and cracking, and decrease bridges’ lifespans, the American Society of Civil Engineers’ report said.
    
            Aging infrastructure, extreme weather and bigger vehicles aren’t the only concerns.
    
            More than 17,000 bridges are vulnerable to collapse from a single hit, known as a “fracture critical” bridge. That means that if they are struck with enough force in just the right spot, a big section or the entire bridge could collapse.
    
            The Key Bridge was “fracture critical,” the National Transportation Safety Board said Wednesday.
    
            There is an urgent need to improve or protect old bridges to guard against larger and larger modern vessels, experts say. The Dali, which slammed into the Key Bridge Tuesday, was 984 feet long — nearly twice the length of the ships used when the bridge was built during the 1970s.
    
            Between 1960 and 2015, 35 major bridges across the planet collapsed because of ship or barge collisions, resulting in 342 deaths, according to a 2018 report from the World Association for Waterborne Transport Infrastructure.
    
            During the first three months of this year, the Key Bridge collapsed in Baltimore, a bridge in southern China was sliced in half, and parts of a bridge were cut through in Argentina after large commercial ships collided with them.
    
            “Ships have gotten bigger, and container ports are focused on deepening their cargo. While we are encouraging bigger containers, we need to protect bridges in these one-off situations,” Ananth Prasad, president of the Florida Transportation Builders’ Association, told CNN.
    
            To minimize the potential of ships bringing down bridges, bridges need to be built with what are known as redundancies— protections around bridges’ danger points.
    
            These include “dolphins” — structures rooted in the seabed or riverbed, extending above the water, typically made from timber or steel — or “fenders” — structures that move objects away from vulnerable points on the bridge to deflect some of the force if there is an impact.
    
            Adding these counter-protections, Prasad said, is quicker and more cost effective than building a new bridge.
    
            “We may need to look at the protection systems around bridge columns in light of bigger ships,” he said.
    
            CNN’s Jessie Yeung, Curt Devine, Casey Tolan and Isabelle Chapman contributed to this article.",CNN,30/03/2024,"['A container ship colliding into the Francis Scott Key Bridge in Baltimore is drawing attention to potential vulnerabilities among some of America’s more than 600,000 bridges.', 'The Key Bridge stood for 47 years, and in that time it never received the sort of jolt that anyone could have thought would bring it down.', 'But when the Dali, a ship weighing more than 100,000 tons, smashed into it, the bridge tumbled in less than a minute.', 'While such a catastrophic collapse might not have been entirely predictable, bridge collapses as the result of collisions aren’t entirely unheard of, and this one may have been avoidable.', 'Recent federal safety inspections of the Key Bridge found it to be in “fair” condition, and Maryland’s governor said the bridge was “fully up to code.”', 'But thousands of US bridges are in bad shape.', 'In America, 46,000 bridges have aging structures and are in “poor” condition, and 17,000 are at risk of collapse from a single hit, according to the American Society of Civil Engineers and the federal government.', 'Extreme weather events, increasingly heavy trucks and collisions from larger container ships pose significant risks to US bridges, engineers and other infrastructure experts say.', 'States inspect US highway bridges at least once every two years and classify them “good,” “fair” or “poor.”', 'A bridge found to be in poor condition has some structural elements of the bridge in a state of “advanced deterioration.”', 'Around 46,100 of the 617,000 bridges across the United States, or 7.5% of all bridges, are considered structurally deficient and are in poor condition, according to the American Society of Civil Engineers’ most recent infrastructure report card released in 2021.', '178 million trips are taken across these structurally deficient bridges every day.', 'While structurally deficient bridges are not inherently unsafe, they require substantial investment to maintain, the organization says.', 'They are at higher risk for closures or weight restrictions.', 'The good news is that the number of structurally deficient bridges has dropped in recent years, according to the group.', 'But the bad news is that the rate of spending on improvements has slowed.', 'A recent estimate for the nation’s backlog of bridge repairs was $125 billion.', 'The $1.2 trillion federal infrastructure law that passed in 2021, which includes $110 billion forroads, bridges and major infrastructure projects, could help pay for some bridge improvements.', 'Many of the country’s older bridges are vulnerable to extreme weather events, such as earthquakes, hurricanes or elevated heat.', 'Nearly 21,000 bridges were found to be susceptible to having their foundations threatened during extreme weather events, according to the American Society of Civil Engineers’ 2021 report.', 'Earthquakes are also a significant threat to bridges.', 'The seismic resilience of the US highway system has improved in recent decades thanks to investments in new, more resilient infrastructure and the retrofitting of existing structures, a 2016 report from the Congressional Research Service found.', 'Still, not every highway has been retrofitted, and there is not yet a way to build infrastructure in a way that is both cost effective and which can withstand the most intense earthquakes, the report said.', 'Additionally, bridges are strained by trucks that are heavier than those the bridges were originally designed for.', 'These heavier trucks, which can surpass 40-ton loads, threaten to over-stress bridge elements, cause metal fatigue and cracking, and decrease bridges’ lifespans, the American Society of Civil Engineers’ report said.', 'Aging infrastructure, extreme weather and bigger vehicles aren’t the only concerns.', 'More than 17,000 bridges are vulnerable to collapse from a single hit, known as a “fracture critical” bridge.', 'That means that if they are struck with enough force in just the right spot, a big section or the entire bridge could collapse.', 'The Key Bridge was “fracture critical,” the National Transportation Safety Board said Wednesday.', 'There is an urgent need to improve or protect old bridges to guard against larger and larger modern vessels, experts say.', 'The Dali, which slammed into the Key Bridge Tuesday, was 984 feet long — nearly twice the length of the ships used when the bridge was built during the 1970s.', 'Between 1960 and 2015, 35 major bridges across the planet collapsed because of ship or barge collisions, resulting in 342 deaths, according toa 2018 reportfrom the World Association for Waterborne Transport Infrastructure.', 'During the first three months of this year, the Key Bridge collapsed in Baltimore, a bridge in southern China was sliced in half, and parts of a bridge were cut through in Argentina after large commercial ships collided with them.', '“Ships have gotten bigger, and container ports are focused on deepening their cargo.', 'While we are encouraging bigger containers, we need to protect bridges in these one-off situations,” Ananth Prasad, president of the Florida Transportation Builders’ Association, told CNN.', 'To minimize the potential of ships bringing down bridges, bridges need to be built with what are known as redundancies— protections around bridges’ danger points.', 'These include “dolphins” — structures rooted in the seabed or riverbed, extending above the water, typically made from timber or steel — or “fenders” — structures that move objects away from vulnerable points on the bridge to deflect some of the force if there is an impact.', 'Adding these counter-protections, Prasad said, is quicker and more cost effective than building a new bridge.', '“We may need to look at the protection systems around bridge columns in light of bigger ships,” he said.', 'CNN’s Jessie Yeung, Curt Devine, Casey Tolan and Isabelle Chapman contributed to this article.']",-0.0861176980714079,"There is an urgent need to improve or protect old bridges to guard against larger and larger modern vessels, experts say.","While such a catastrophic collapse might not have been entirely predictable, bridge collapses as the result of collisions aren’t entirely unheard of, and this one may have been avoidable.",-0.3203322321176529,"The seismic resilience of the US highway system has improved in recent decades thanks to investments in new, more resilient infrastructure and the retrofitting of existing structures, a 2016 report from the Congressional Research Service found.","Between 1960 and 2015, 35 major bridges across the planet collapsed because of ship or barge collisions, resulting in 342 deaths, according toa 2018 reportfrom the World Association for Waterborne Transport Infrastructure.",2024-03-31
OpenAI’s wild week. How the Sam Altman story unfolded,https://edition.cnn.com/2023/11/22/tech/openai-sam-altman-chaos-explained-intl-hnk/index.html,"
  Updated
        3:32 PM EST, Wed November 22, 2023
    ","In a year of wild tech stories that has seen Elon Musk transform Twitter, cryptocurrency exchange FTX collapse and Silicon Valley Bank implode, this week’s whiplash-inducing turmoil at OpenAI is among the most captivating.
    
            Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps the most visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move. Less than five days later, he’s back as the company’s CEO, now with a board that is, in theory, more supportive of his vision.
    
            The series of extraordinary events unfolded just days after OpenAI held its first-ever developer conference, where it laid out new, commercialized versions of its technology, including the option to customize its ChatGPT AI chatbot.
    
            If you’re just catching up, here’s what you missed from a week so incredible you’d be forgiven for thinking the script could have been written by an early version of OpenAI’s ChatGPT.
    
            Around 3 p.m. ET, Altman joined a Google Meet call with most of OpenAI’s board that had been convened by fellow co-founder and OpenAI chief scientist Ilya Sutskever, during which Altman was fired and told that the news would soon be made public.
    
            Within the next half hour, the board also informed Greg Brockman, another co-founder and OpenAI president, that he would be removed from the board.
    
            Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board. The board said Mira Murati, the company’s chief technology officer, would become interim CEO.
    
            OpenAI’s strategic partners, including its biggest financial backer Microsoft, were also reportedly informed of Altman’s ouster just minutes before the board’s announcement.
    
            Hours after being fired, Altman posted on X that he “loved working with such talented people” and that he would have “more to say about what’s next later.”
    
            Brockman promptly quit. “Please don’t spend any time being concerned. We will be fine,” Brockman said in a Friday post on X. “Greater things coming soon.”
    
            A key factor in the CEO’s firing was tension between Altman, who favored developing AI more aggressively, and members of the OpenAI board, who wanted to move more cautiously, according to CNN contributor Kara Swisher, who spoke to sources knowledgeable about the unfolding events.
    
            Within 24 hours of Altman being fired, reports emerged that he and other ex-OpenAI loyalists were mulling plans for their own venture.
    
            OpenAI’s board was also reportedly having second thoughts and considering asking the ousted CEO to return.
    
            By Sunday afternoon, Altman was back at OpenAI’s headquarters — this time with a guest badge — to negotiate his potential return. Microsoft CEO Satya Nadella reportedly mediated the discussion. A 5 p.m. PT deadline was reportedly set for the board to agree to Altman’s demands, including adding a seat for Microsoft, and reinstating him as CEO.
    
            But those talks broke down.
    
            As Sunday turned into Monday, Nadella tweeted that Altman, along with Brockman, would join Microsoft to run a new AI research group. At OpenAI, the group found a new interim CEO: Emmett Shear, the former CEO of Amazon’s streaming service, Twitch. Murati would return to her role as OpenAI’s chief technology officer.
    
            In a post on X early Monday, Shear, who left his role at Twitch in March, described the chance to join OpenAI as “a once-in-a-lifetime” opportunity. He added that the company would hire an independent investigator to report on what happened in the lead-up to Altman’s firing.
    
            But OpenAI employees were not convinced. More than 500 staffers signed an open letter calling on the company’s board to resign and reinstate Altman and Brockman. They also threatened to follow the co-founders to Microsoft if their demands were not met.
    
            Altman posted on X, saying, “we have more unity and commitment and focus than ever before. we are all going to work together some way or other, and i’m so excited. one team, one mission.”
    
            The drama was far from over. The Verge reported Monday afternoon that Altman and Brockman could still return to OpenAI if the board members who fired him resign.
    
            And Nadella, speaking to CNBC, said he was “open to both options” when asked whether Altman would actually join Microsoft.
    
            “Look, that is for the OpenAI board and management and the employees to choose,” Nadella said. “We chose to explicitly partner with OpenAI and we want to continue to do so, and obviously, that depends on the people of OpenAI staying there or coming to Microsoft.”
    
            Altman was reinstated late Tuesday as OpenAI’s CEO, the company said on X.
    
            “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board,” the company said, adding that the board will be chaired by Bret Taylor, a former co-CEO of Salesforce. Former Treasury Secretary Larry Summers will also join the board, alongside existing director, Quora CEO Adam D’Angelo.
    
            “We are collaborating to figure out the details,” it said.
    
            In his own post on X, formerly Twitter, Altman wrote that he is “looking forward” to returning to OpenAI and building on the firm’s “strong partnership” with Microsoft.
    
            It’s unclear how Shear will be affected by Altman’s return. Posting on X, Shear wrote: “I am deeply pleased by this result, after (some) 72 very intense hours of work … I’m glad to have been a part of the solution.”
    
            Brockman is also returning to OpenAI, according to his post on X.
    
            Ultimately, Microsoft and Altman appear to be the big winners from the dust-up: Altman will continue leading the firm he helped to found. And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.
    
            “We are encouraged by the changes to the OpenAI board,” Nadella said on X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”",CNN,22/11/2023,"['In a year of wild tech stories that has seen Elon Musk transform Twitter, cryptocurrency exchange FTX collapse and Silicon Valley Bank implode, this week’s whiplash-inducing turmoil at OpenAI is among the most captivating.', 'Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps themost visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move.', 'Less than five days later, he’s back as the company’s CEO, now with a board that is, in theory, more supportive of his vision.', 'The series of extraordinary events unfolded just days after OpenAI held itsfirst-ever developer conference, where it laid out new, commercialized versions of its technology, including the option to customize its ChatGPT AI chatbot.', 'If you’re just catching up, here’s what you missed from a week so incredible you’d be forgiven for thinking the script could have been written by an early version of OpenAI’s ChatGPT.', 'Around 3 p.m. ET, Altman joined a Google Meet call with most of OpenAI’s board that had been convened by fellow co-founder and OpenAI chief scientistIlya Sutskever, during which Altman was fired and told that the news would soon be made public.', 'Within the next half hour, the board also informed Greg Brockman, another co-founder and OpenAI president, that he would be removed from the board.', 'Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board.', 'The board said Mira Murati, the company’s chief technology officer, would become interim CEO.', 'OpenAI’s strategic partners, including its biggest financial backer Microsoft, were also reportedly informed of Altman’s ouster just minutes before the board’s announcement.', 'Hours after being fired, Altman posted on X that he “loved working with such talented people” and that he would have “more to say about what’s next later.”', 'Brockman promptly quit. “', 'Please don’t spend any time being concerned.', 'We will be fine,” Brockmansaid in a Friday poston X. “Greater things coming soon.”', 'A key factor in the CEO’s firing wastension between Altman, who favored developing AImore aggressively, and members of the OpenAI board, who wanted to move more cautiously,according to CNN contributor Kara Swisher,who spoke to sources knowledgeable about the unfolding events.', 'Within 24 hours of Altman being fired, reports emerged that he and other ex-OpenAI loyalists were mulling plans for their own venture.', 'OpenAI’s board was also reportedly having second thoughts and considering asking the ousted CEO to return.', 'By Sunday afternoon, Altman wasback at OpenAI’s headquarters— this time with a guest badge — to negotiate his potential return.', 'Microsoft CEO Satya Nadella reportedly mediated the discussion.', 'A 5 p.m. PT deadline was reportedly set for the board to agree to Altman’s demands, including adding a seat for Microsoft, and reinstating him as CEO.', 'But those talks broke down.', 'As Sunday turned into Monday, Nadella tweeted that Altman, along with Brockman, would join Microsoft to run a new AI research group.', 'At OpenAI, the group found a new interim CEO: Emmett Shear, the former CEO of Amazon’s streaming service, Twitch.', 'Murati would return to her role as OpenAI’s chief technology officer.', 'In a post on X early Monday, Shear, who left his role at Twitch in March, described the chance to join OpenAI as “a once-in-a-lifetime” opportunity.', 'He added that the company would hire an independent investigator to report on what happened in the lead-up to Altman’s firing.', 'But OpenAI employees were not convinced.', 'More than 500 staffers signed an open letter calling on the company’s board to resign and reinstate Altman and Brockman.', 'They also threatened to follow the co-founders to Microsoft if their demands were not met.', 'Altman posted on X, saying, “we have more unity and commitment and focus than ever before.', 'we are all going to work together some way or other, and i’m so excited.', 'one team, one mission.”', 'The drama was far from over.', 'The Verge reported Monday afternoonthat Altman and Brockman could still return to OpenAI if the board members who fired him resign.', 'And Nadella, speaking to CNBC, said he was “open to both options” when asked whether Altman would actually join Microsoft.', '“Look, that is for the OpenAI board and management and the employees to choose,” Nadella said. “', 'We chose to explicitly partner with OpenAI and we want to continue to do so, and obviously, that depends on the people of OpenAI staying there or coming to Microsoft.”', 'Altmanwas reinstated late Tuesday as OpenAI’s CEO, the company said on X.  “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board,” the company said, adding that the board will be chaired by Bret Taylor, a former co-CEO of Salesforce.', 'Former Treasury SecretaryLarry Summers will also join the board, alongside existing director, Quora CEOAdam D’Angelo.', '“We are collaborating to figure out the details,” it said.', 'In his own post on X, formerly Twitter, Altmanwrotethat he is “looking forward” to returning to OpenAI and building on the firm’s “strong partnership” with Microsoft.', 'It’s unclear how Shear will be affected by Altman’s return.', 'Posting on X, Shear wrote:“I am deeply pleased by this result, after (some) 72 very intense hours of work … I’m glad to have been a part of the solution.”', 'Brockman is also returning to OpenAI, according to hispost on X.  Ultimately, Microsoft and Altman appear to be the big winners from the dust-up: Altman will continue leading the firm he helped to found.', 'And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.', '“We are encouraged by the changes to the OpenAI board,” Nadellasaidon X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”']",0.062777217389235,"“We are encouraged by the changes to the OpenAI board,” Nadellasaidon X. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.”","Around 3:30 p.m. ET, OpenAI publicly announced that it had fired Altman over concerns that he was not always truthful with the board.",0.5494540418897357,And Microsoft has wrested more control over the company it has backed with billions to bolster its ambitions in developing AI.,"Sam Altman — the leader of one of the world’s most influential AI companies, OpenAI, and perhaps themost visible figure in the fledgling industry — was fired Friday night by the startup’s directors in a surprise move.",2024-03-31
The winning numbers for an $800 million Powerball jackpot have been drawn - and a bigger Mega Millions prize is up Tuesday,https://edition.cnn.com/2024/03/25/business/powerball-jackpot-800-million-monday/index.html,"
  Updated
        11:21 PM EDT, Mon March 25, 2024
    ","The winning numbers for Monday’s estimated $800 million Powerball jackpot – which would be one of the largest prizes in the lottery’s history – have been drawn.
    
            The numbers are 7, 11, 19, 53 and 68 with a red Powerball of 23.
    
            This was the first of two opportunities lottery players have to potentially strike it rich this week as Tuesday’s Mega Millions jackpot tops $1 billion.
    
            If the Powerball prize is won it would be the sixth-largest in the game’s history. A winner would have the option of receiving an estimated $800 million in annual payments or a lump sum payment of $384.8 million – both before taxes, according to Powerball.
    
            The Powerball jackpot was last won on January 1 by a ticket in Michigan with an estimated $842.4 million prize.
    
            There have been 35 consecutive Powerball drawings with no grand prize winner. The odds of winning any prize are 1 in 24.9, but the odds of snagging the jackpot are 1 in 292.2 million, according to the lottery.
    
            If the odds weren’t in your favor during Monday’s Powerball drawing, you can try again with Tuesday’s Mega Millions drawing, when $1.1 billion will be up for grabs.
    
            The lottery crossed the billion-dollar mark after there were no grand prize winners in Friday’s drawing.
    
            If the jackpot is won Tuesday, it would be the fifth largest prize in the history of the game, according to Mega Millions.
    
            Tuesday’s drawing will happen at 11 p.m. ET.",CNN,25/03/2024,"['The winning numbers for Monday’s estimated $800 million Powerball jackpot – which would be one of the largest prizes in the lottery’s history – have been drawn.', 'The numbers are 7, 11, 19, 53 and 68 with a red Powerball of 23.', 'This was the first of two opportunities lottery players have to potentially strike it rich this week as Tuesday’s Mega Millions jackpot tops $1 billion.', 'If the Powerball prize is won it would be the sixth-largestin the game’s history.', 'A winner would have the option of receiving an estimated $800 million in annual payments or a lump sum payment of $384.8 million – both before taxes, according to Powerball.', 'The Powerball jackpot was last won on January 1 by a ticket in Michigan with an estimated $842.4 million prize.', 'There have been 35 consecutive Powerball drawings with no grand prize winner.', 'The odds of winning any prize are 1 in 24.9, but the odds of snagging the jackpot are 1 in 292.2 million, according to the lottery.', 'If the odds weren’t in your favor during Monday’s Powerball drawing, you can try again with Tuesday’s Mega Millions drawing, when $1.1 billion will be up for grabs.', 'The lottery crossed the billion-dollar mark after there were no grand prize winners in Friday’s drawing.', 'If the jackpot is won Tuesday, it would be the fifth largest prize in the history of the game, according to Mega Millions.', 'Tuesday’s drawing will happen at 11 p.m. ET.']",0.5922522708028444,This was the first of two opportunities lottery players have to potentially strike it rich this week as Tuesday’s Mega Millions jackpot tops $1 billion.,,0.900397777557373,This was the first of two opportunities lottery players have to potentially strike it rich this week as Tuesday’s Mega Millions jackpot tops $1 billion.,,2024-03-31
Thames Water boss says bills need to rise by 40%,https://www.bbc.co.uk/news/business-68682198,2024-03-28T07:23:24.000Z,"The boss of Thames Water has told the BBC customer bills need to rise by 40% by 2030 to pay for improvements. ""That is the price customers have to pay for the investment in our infrastructure that's needed,"" he said. The firm is in a race to find extra cash after its investors said they would not give the struggling water giant more money unless bills rise.  The regulator, whose approval is needed for any price rises, has so far pushed back on substantial bill increases. Sources close to Ofwat say it plans to ""stick to its guns"" and won't raise bills to address shareholder problems. Fears emerged last year that the UK's largest water company Thames could collapse due to its huge debts. Regardless of what happens, water supplies will continue as normal. Chris Weston said he wanted to ""reassure our customers that it is very much business as usual for Thames Water"". The firm was ""quite a long way off"" from nationalisation and ""a lot that has to happen"" beforehand.  However, he said it was ""eventually possible"". ""Even if that were to happen, the services will continue to be provided,"" he said. ""There will still be clean drinking water, and we will still deal with all the waste that has to be dealt with."" Thames Water drew up a turnaround plan last summer which asked for bills to rise over the next five years. Investors were due to pump in almost £4bn into the business over the next two years, but have withheld the first payment - due at the end of March - saying its turnaround plan is ""uninvestible"". The government has previously said it is ready to take over Thames Water in the event that it collapses. It serves 15 million households, mostly across London and parts of southern England. The regulator insists that even without the additional capital, the Thames Water operating company will not need to be nationalised immediately as it is still generating enough money to keep it going day-to-day for up to 18 months. However, at some point Thames will need to raise new money to finance the huge programme of investment that is needed and if the current shareholders - which include domestic and foreign pension funds as well as wealth funds from China and Abu Dhabi - won't inject cash, then Thames will need to find new ones. Sources close to the current owners say that unless Thames can pay a return - few people will find it an attractive investment. It is not unusual for investors to try to put pressure on the regulator, which is in the process of deciding how much water companies will be able to charge customers from 2025 to 2030. However, the BBC understands that some investors, who stand to lose significant amounts if the firm is nationalised, don't think regulators will let the firm raise prices enough to make Thames Water a prospect for further investment. Mr Weston said that Thames Water was planning to come up with a plan that is acceptable to investors - who want higher returns - and Ofwat - which said it had to be ""fair to bill payers"". ""It is a balancing act,"" Mr Weston said. Ofwat wants the company to clean up its act when it comes to the environment, and improve customer service. Levelling Up Secretary Michael Gove said ""the answer is not to hit consumers"" and that ""leadership of Thames Water has been a disgrace"". He said successive management teams at Thames Water had ""taken advantage"" of customers by ""taking out profits and not investing"". But Labour said it was the government which had ""weakened regulation allowing water companies to get massively in debt while the sewerage system crumbled and illegal sewage dumping hit record levels"". The GMB union said investors were trying to ""blackmail"" customers and Ofwat so bills can ""rocket"". Thames Water is heavily indebted, with a large proportion of its £14.7bn debt pile having been run up when it was owned by Macquarie, an Australian infrastructure bank. Interest payments on its debt have also sharply increased. Macquarie has said that it invested billions of pounds in upgrading Thames's water and sewerage infrastructure while it owned the company. But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders. Along with many UK water firms, Thames Water has been in the spotlight for pumping sewage into rivers. Between 2020 and the end of last year, it discharged at least 72 billion litres of sewage into the Thames. Ofwat said safeguards were in place to ensure that services to customers were protected ""regardless of issues faced by shareholders of Thames Water"". ""The company must now pursue all options to seek further equity for the business to turn around the performance of the company for customers.  ""We also need to see companies deliver the performance that customers expect and that they are run in a way that meets customers' expectations,"" it added. ",BBC,28/03/2024,"['The boss of Thames Water has told the BBC customer bills need to rise by 40% by 2030 to pay for improvements. ""', 'That is the price customers have to pay for the investment in our infrastructure that\'s needed,"" he said.', 'The firm is in a race to find extra cash after its investors said they would not give the struggling water giant more money unless bills rise.', 'The regulator, whose approval is needed for any price rises, has so far pushed back on substantial bill increases.', 'Sources close to Ofwat say it plans to ""stick to its guns"" and won\'t raise bills to address shareholder problems.', ""Fears emerged last year that the UK's largest water company Thames could collapse due to its huge debts."", 'Regardless of what happens, water supplies will continue as normal.', 'Chris Weston said he wanted to ""reassure our customers that it is very much business as usual for Thames Water"".', 'The firm was ""quite a long way off"" from nationalisation and ""a lot that has to happen"" beforehand.', 'However, he said it was ""eventually possible"". ""', 'Even if that were to happen, the services will continue to be provided,"" he said. ""', 'There will still be clean drinking water, and we will still deal with all the waste that has to be dealt with.""', 'Thames Water drew up a turnaround plan last summer which asked for bills to rise over the next five years.', 'Investors were due to pump in almost £4bn into the business over the next two years, but have withheld the first payment - due at the end of March - saying its turnaround plan is ""uninvestible"".', 'The government has previously said it is ready to take over Thames Water in the event that it collapses.', 'It serves 15 million households, mostly across London and parts of southern England.', 'The regulator insists that even without the additional capital, the Thames Water operating company will not need to be nationalised immediately as it is still generating enough money to keep it going day-to-day for up to 18 months.', ""However, at some point Thames will need to raise new money to finance the huge programme of investment that is needed and if the current shareholders - which include domestic and foreign pension funds as well as wealth funds from China and Abu Dhabi - won't inject cash, then Thames will need to find new ones."", 'Sources close to the current owners say that unless Thames can pay a return - few people will find it an attractive investment.', 'It is not unusual for investors to try to put pressure on the regulator, which is in the process of deciding how much water companies will be able to charge customers from 2025 to 2030.', ""However, the BBC understands that some investors, who stand to lose significant amounts if the firm is nationalised, don't think regulators will let the firm raise prices enough to make Thames Water a prospect for further investment."", 'Mr Weston said that Thames Water was planning to come up with a plan that is acceptable to investors - who want higher returns - and Ofwat - which said it had to be ""fair to bill payers"". ""', 'It is a balancing act,"" Mr Weston said.', 'Ofwat wants the company to clean up its act when it comes to the environment, and improve customer service.', 'Levelling Up Secretary Michael Gove said ""the answer is not to hit consumers"" and that ""leadership of Thames Water has been a disgrace"".', 'He said successive management teams at Thames Water had ""taken advantage"" of customers by ""taking out profits and not investing"".', 'But Labour said it was the government which had ""weakened regulation allowing water companies to get massively in debt while the sewerage system crumbled and illegal sewage dumping hit record levels"".', 'The GMB union said investors were trying to ""blackmail"" customers and Ofwat so bills can ""rocket"".', 'Thames Water is heavily indebted, with a large proportion of its £14.7bn debt pile having been run up when it was owned by Macquarie, an Australian infrastructure bank.', 'Interest payments on its debt have also sharply increased.', ""Macquarie has said that it invested billions of pounds in upgrading Thames's water and sewerage infrastructure while it owned the company."", ""But critics argue that it took billions of pounds out of the company in loans and dividends - which is a share of a business's profits that is paid to shareholders."", 'Along with many UK water firms, Thames Water has been in the spotlight for pumping sewage into rivers.', 'Between 2020 and the end of last year, it discharged at least 72 billion litres of sewage into the Thames.', 'Ofwat said safeguards were in place to ensure that services to customers were protected ""regardless of issues faced by shareholders of Thames Water"". ""', 'The company must now pursue all options to seek further equity for the business to turn around the performance of the company for customers. ""', 'We also need to see companies deliver the performance that customers expect and that they are run in a way that meets customers\' expectations,"" it added.']",0.0794612556129573,"Ofwat said safeguards were in place to ensure that services to customers were protected ""regardless of issues faced by shareholders of Thames Water"". ""","But Labour said it was the government which had ""weakened regulation allowing water companies to get massively in debt while the sewerage system crumbled and illegal sewage dumping hit record levels"".",-0.0862574542269987,"He said successive management teams at Thames Water had ""taken advantage"" of customers by ""taking out profits and not investing"".","But Labour said it was the government which had ""weakened regulation allowing water companies to get massively in debt while the sewerage system crumbled and illegal sewage dumping hit record levels"".",2024-03-31
Baltimore bridge collapse: Insurance loss could hit $3bn,https://www.bbc.co.uk/news/world-us-canada-68688856,2024-03-28T20:18:10.000Z,"The collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said. Six people were presumed dead after a ship crashed into the bridge, and divers have recovered two bodies. Experts say the damages could cost as much as $3bn (£2.3bn).  ""I would say it's certainly going to be one of the largest marine losses in history,"" said John Neal, chief executive officer of Lloyd's of London.  ""Of that there is little or no doubt,"" Mr Neal told the BBC. ""But genuinely the good news is it's insured.""  Mr Neal said the port and the ship that crashed into the bridge are also insured.  ""So from a financial point of view, there is a process that will allow for financial compensation to be made and for the claim to be settled,"" he said.  The Maryland Department of Transportation has so far asked the Biden administration for $60m in emergency funds to help clear debris and clean up after the incident.  Addressing the bridge collapse is not the only expense, either. Until the shipping lane is reopened, experts say the incident could lead to losses of up to $15m (£11.8m) because of how vital the Baltimore port is to global commerce. Mr Neal would not offer a number for how much insurance companies may be billed for the collision, but analysts at Barclays have said the claims could cost insurance companies as much as $3bn. The analysts said damages to the bridge itself could amount to $1.2bn, while insurance companies may face fees between $350m and $700m for wrongful deaths.  Closure of one of the US' biggest ports while the bridge is repaired could also cost millions of dollars, Barclays' analysts said.  The Port of Baltimore is the 14th largest in the US. In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn, passed through Baltimore, according to data from the state of Maryland.  Experts have stressed that the closure of the port could have ripple effects on global supply chains.  President Joe Biden has said the federal government should cover the cost to rebuild the bridge. Paul Wiedefeld, secretary of the Maryland Department of Transportation, and other officials noted that resolving the bridge collapse will not be a quick process. But he promised at a press conference on Wednesday that officials were working to ""come up with a design for the replacement of that bridge as quickly as possible to get the port back up and the community back up and running"". ",BBC,28/03/2024,"['The collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said.', 'Six people were presumed dead after a ship crashed into the bridge, and divers have recovered two bodies.', 'Experts say the damages could cost as much as $3bn (£2.3bn). ""', 'I would say it\'s certainly going to be one of the largest marine losses in history,"" said John Neal, chief executive officer of Lloyd\'s of London. ""', 'Of that there is little or no doubt,"" Mr Neal told the BBC. ""', 'But genuinely the good news is it\'s insured.""', 'Mr Neal said the port and the ship that crashed into the bridge are also insured. ""', 'So from a financial point of view, there is a process that will allow for financial compensation to be made and for the claim to be settled,"" he said.', 'The Maryland Department of Transportation has so far asked the Biden administration for $60m in emergency funds to help clear debris and clean up after the incident.', 'Addressing the bridge collapse is not the only expense, either.', 'Until the shipping lane is reopened, experts say the incident could lead to losses of up to $15m (£11.8m) because of how vital the Baltimore port is to global commerce.', 'Mr Neal would not offer a number for how much insurance companies may be billed for the collision, but analysts at Barclays have said the claims could cost insurance companies as much as $3bn.', 'The analysts said damages to the bridge itself could amount to $1.2bn, while insurance companies may face fees between $350m and $700m for wrongful deaths.', ""Closure of one of the US' biggest ports while the bridge is repaired could also cost millions of dollars, Barclays' analysts said."", 'The Port of Baltimore is the 14th largest in the US.', 'In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn, passed through Baltimore, according to data from the state of Maryland.', 'Experts have stressed that the closure of the port could have ripple effects on global supply chains.', 'President Joe Biden has said the federal government should cover the cost to rebuild the bridge.', 'Paul Wiedefeld, secretary of the Maryland Department of Transportation, and other officials noted that resolving the bridge collapse will not be a quick process.', 'But he promised at a press conference on Wednesday that officials were working to ""come up with a design for the replacement of that bridge as quickly as possible to get the port back up and the community back up and running"".']",-0.0944209485662888,The Maryland Department of Transportation has so far asked the Biden administration for $60m in emergency funds to help clear debris and clean up after the incident.,"The collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said.",-0.7173685431480408,"But genuinely the good news is it's insured.""","I would say it's certainly going to be one of the largest marine losses in history,"" said John Neal, chief executive officer of Lloyd's of London. """,2024-03-31
Russia is rounding up more journalists a year after the arrest of Evan Gershkovich,https://edition.cnn.com/2024/03/29/media/russia-journalists-arrested-evan-gershkovich/index.html,"
  Published
        8:31 AM EDT, Fri March 29, 2024
    ","Six journalists working for independent media outlets in Russia were arrested in a span of just a few hours this week on the eve of the anniversary of American reporter Evan Gershkovich’s detention in the city of Yekaterinburg.
    
            The journalists include Antonina Favorskaya, who covered the late Russian opposition leader Alexey Navalny, Reporters Without Borders (RSF) said Thursday.
    
            Favorskaya, who works for the independent Russian media outlet SOTA Vision, is accused of “extremist activities” because of her coverage of Navalny and his work, the media freedom organization said in a statement.
    
            On Friday, Gershkovich marked the grim milestone of one year in Russian detention. Shortly after his arrest, the Wall Street Journal reporter was charged with espionage — an accusation vehemently denied by Gershkovich, his employer and the US government. He was the first journalist to be arrested on such charges since the Cold War, and the Russian government has yet to provide any evidence to support its claim.
    
            Favorskaya is the journalist who filmed what would later become Navalny’s last video before he died. The opposition activist could been seen laughing and joking as he appeared at a court hearing via video link from the penal colony where he was serving his sentence.
    
            The Investigative Committee, Russia’s equivalent of the US Federal Bureau of Investigation, had requested Favorskaya’s arrest for “participating in an extremist organization,” Russian state news agency TASS has reported.
    
            According to the independent outlet Mediazona, over the last two years Favorskaya covered all of Navalny’s court hearings and traveled to the penal colonies where he was serving his sentence. She also followed developments at the cemetery where Navalny was buried.
    
            The six journalists, including Favorskaya, were arrested on Wednesday and Thursday, RSF said.
    
            “With six new arrests in a span of a few hours, accompanied by violence, threats and searches, the authorities are stepping up their persecution of the last independent journalists and media in Russia,” said Jeanne Cavelier, head of RSF’s Eastern Europe and Central Asia desk.
    
            “RSF condemns the arbitrary arrests and unacceptable violence against these journalists,” Cavelier added.
    
            Favorskaya was arrested while she was being released after spending 10 days in detention in Moscow on a charge of “disobeying the police,” RSF said.
    
            She was detained along with two other journalists, Alexandra Astakhova and Anastasia Musayeva, who came to meet her and are now “involved in the case as witnesses,” according to SOTA Vision. “All three were searched.”",CNN,29/03/2024,"['Six journalists working for independent media outlets in Russia were arrested in a span of just a few hours this week on the eve of the anniversary of American reporter Evan Gershkovich’s detention in the city of Yekaterinburg.', 'The journalists include Antonina Favorskaya, who covered the late Russian opposition leader Alexey Navalny, Reporters Without Borders (RSF) said Thursday.', 'Favorskaya, who works for the independent Russian media outlet SOTA Vision, is accused of “extremist activities” because of her coverage of Navalny and his work, the media freedom organization said in a statement.', 'On Friday, Gershkovich marked the grim milestone of one year in Russian detention.', 'Shortly after his arrest, the Wall Street Journal reporter was charged with espionage — an accusation vehemently denied by Gershkovich, his employer and the US government.', 'He was the first journalist to be arrested on such charges since the Cold War, and the Russian government has yet to provide any evidence to support its claim.', 'Favorskaya is the journalist who filmed what would later become Navalny’s last video before he died.', 'The opposition activist could been seen laughing and joking as he appeared at a court hearing via video link from the penal colony where he was serving his sentence.', 'The Investigative Committee, Russia’s equivalent of the US Federal Bureau of Investigation, had requested Favorskaya’s arrest for “participating in an extremist organization,” Russian state news agency TASS has reported.', 'According to the independent outlet Mediazona, over the last two years Favorskaya covered all of Navalny’s court hearings and traveled to the penal colonies where he was serving his sentence.', 'She also followed developments at the cemetery where Navalny was buried.', 'The six journalists, including Favorskaya, were arrested on Wednesday and Thursday, RSF said.', '“With six new arrests in a span of a few hours, accompanied by violence, threats and searches, the authorities are stepping up their persecution of the last independent journalists and media in Russia,” said Jeanne Cavelier, head of RSF’s Eastern Europe and Central Asia desk.', '“RSF condemns the arbitrary arrests and unacceptable violence against these journalists,” Cavelier added.', 'Favorskaya was arrested while she was being released after spending 10 days in detention in Moscow on a charge of “disobeying the police,” RSF said.', 'She was detained along with two other journalists, Alexandra Astakhova and Anastasia Musayeva, who came to meet her and are now “involved in the case as witnesses,” according to SOTA Vision. “', 'All three were searched.”']",-0.3316711431433293,The opposition activist could been seen laughing and joking as he appeared at a court hearing via video link from the penal colony where he was serving his sentence.,"“RSF condemns the arbitrary arrests and unacceptable violence against these journalists,” Cavelier added.",,,,2024-03-31
Fed Chair Jerome Powell signals rate cuts aren’t imminent,https://edition.cnn.com/2024/03/29/business/jerome-powell-interest-rates-federal-reserve/index.html,"
  Published
        2:39 PM EDT, Fri March 29, 2024
    ","The Federal Reserve has been keen on paying attention to investors’ expectations on interest rates. But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet.
    
            That’s the message Fed Chair Jerome Powell delivered on Friday.
    
            “We don’t need to be in a hurry to cut,” he said, adding that strong employment data is buying the central bank more time to wait until inflation gets closer to 2%.
    
            Hours before Powell spoke at an event hosted by the San Francisco Fed, the central bank’s preferred inflation gauge — the Personal Consumption Expenditures price index — was released.
    
            The index ticked up last month to 2.5% on an annual basis, moving further from the Fed’s 2% target. Powell wasn’t fretting about it though, saying that it was “pretty much in line with our expectations.”
    
            The increase in inflation last month is a marked improvement from a year ago, when prices were rising twice as fast as they are now. Still, Powell raised concerns about cutting rates too early.
    
            “If we reduce rates too soon, there’s a chance that inflation would pop back and we’d have to come back in and that would be very disruptive (to the economy),” he said.
    
            He also acknowledged the risks of leaving rates where they are now. If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.
    
            That’s not materializing at the moment. “This is an economy that doesn’t feel like it’s suffering from the current level of rates,” Powell said.
    
            Like Powell, several Fed officials have conveyed they’re more concerned about cutting too soon than prolonging the status quo. Atlanta Fed President Raphael Bostic, currently a voting member on the Fed’s rate-setting committee, recently went as far as to suggest the central bank should only cut rates once this year because of the inflationary risks.
    
            Ultimately, Powell said he doesn’t see rates falling to their pre-pandemic levels of around 2% in the foreseeable future. By comparison, the Fed is currently targeting a range of 5.25% to 5.5%, a 23-year high.
    
            Powell’s term at the Fed expires in two years. At that point, it remains to be seen who will be in the Oval Office.
    
            If former President Donald Trump, the presumptive Republican nominee, wins the election, he’s signaled he would replace Powell. If President Joe Biden — who nominated Powell — is reelected, there’s no guarantee that the Fed chair would want to extend his tenure with a third four-year term.
    
            Ultimately, Powell hopes the Fed will continue to maintain its independence and be a place “that transcends politics” especially “divisive politics.” Powell said that if the Fed’s independence from elected lawmakers is blurred, it will be hard — if not impossible — for it to achieve its mandated mission of price stability and maximum employment.
    
            “I feel accountable and responsible for the institution and delivering it to the next generation of leaders,” Powell said.",CNN,29/03/2024,"['The Federal Reserve has been keen on paying attention to investors’ expectations on interest rates.', 'But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet.', 'That’s the message Fed Chair Jerome Powell delivered on Friday.', '“We don’t need to be in a hurry to cut,” he said, adding that strong employment data is buying the central bank more time to wait until inflation gets closer to 2%.', 'Hours before Powell spoke at an event hosted by the San Francisco Fed, the central bank’s preferred inflation gauge — the Personal Consumption Expenditures price index — was released.', 'The index ticked up last month to 2.5% on an annual basis, moving further from the Fed’s 2% target.', 'Powell wasn’t fretting about it though, saying that it was “pretty much in line with our expectations.”', 'The increase in inflation last month is a marked improvement from a year ago, when prices were rising twice as fast as they are now.', 'Still, Powell raised concerns about cutting rates too early.', '“If we reduce rates too soon, there’s a chance that inflation would pop back and we’d have to come back in and that would be very disruptive (to the economy),” he said.', 'He also acknowledged the risks of leaving rates where they are now.', 'If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.', 'That’s not materializing at the moment. “', 'This is an economy that doesn’t feel like it’s suffering from the current level of rates,” Powell said.', 'Like Powell, several Fed officials have conveyed they’re more concerned about cutting too soon than prolonging the status quo.', 'Atlanta Fed President Raphael Bostic, currently a voting member on the Fed’s rate-setting committee, recently went as far as to suggest the central bank should only cut rates once this year because of the inflationary risks.', 'Ultimately, Powell said he doesn’t see rates falling to their pre-pandemic levels of around 2% in the foreseeable future.', 'By comparison, the Fed is currently targeting a range of 5.25% to 5.5%, a 23-year high.', 'Powell’s term at the Fed expires in two years.', 'At that point, it remains to be seen who will be in the Oval Office.', 'If former President Donald Trump, the presumptive Republican nominee, wins the election, he’s signaled he would replace Powell.', 'If President Joe Biden — who nominated Powell — is reelected, there’s no guarantee that the Fed chair would want to extend his tenure with a third four-year term.', 'Ultimately, Powell hopes the Fed will continue to maintain its independence and be a place “that transcends politics” especially “divisive politics.”', 'Powell said that if the Fed’s independence from elected lawmakers is blurred, it will be hard — if not impossible — for it to achieve its mandated mission of price stability and maximum employment.', '“I feel accountable and responsible for the institution and delivering it to the next generation of leaders,” Powell said.']",0.073359436303638,The Federal Reserve has been keen on paying attention to investors’ expectations on interest rates.,"If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.",-0.0154206644405018,"The index ticked up last month to 2.5% on an annual basis, moving further from the Fed’s 2% target.","If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.",2024-03-31
Debt relief orders: Fee of £90 axed for poorest,https://www.bbc.co.uk/news/business-68669762,2024-03-29T00:02:13.000Z,"People on the lowest incomes will be able to apply to have their debts wiped out for free as rules change in April.  Debt Relief Orders clear existing debt on everything from council tax to energy bills and rent.  They cost £90 to apply for which charities said many people in debt could not afford. But from 6 April they will be free in England and Wales. Olu from London said being able to apply for free ""was like a light switch in a dark place for me."" After being made redundant during the pandemic, she struggled to find work and ended up trying to pay her debts through a credit card.  ""Honestly I didn't have the money to pay for anything, so that £90 was like another stumbling block for me,"" she said. ""I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said. But she said she had hope for the future again, knowing that her application will now be at the top of the pile,  In recent years DROs have been an increasingly important tool for those struggling the most. In 2023, some 31,717 DROs were granted in England and Wales - more than at any other point in the last five years.  This year has seen an even more dramatic jump in numbers. January of this year saw a 60% increase in the number of DROs granted compared with January 2023. In February, the number of DROs increased by 44% compared with the same month in 2023.  Citizen's Advice said up until now nine in 10 of the people they helped apply for a DRO had struggled to cover the £90 fee, with many being priced out of insolvency. ""It's really welcome news but it's not job done,"" said Rachel Beddow, principle policy manager at Citizens Advice. She said she was concerned debt advice organisations were not being given any extra resource to meet the extra demand they are expecting.  Jessie in Bridgnorth knows only too well how hard it is to get £90 together.  ""That doesn't seem a lot to some people but to me that's two week's worth of shopping,"" she said. After a marriage breakdown, with four children to care for, her finances got out of control. Falling behind on her council tax, energy and water bills, she regularly had to use a food bank to make sure her family had enough to eat. ""I felt like I was only just floating above the water anyway to be honest, and then when I found out how much debt I was in, that's when I started to feel like I was drowning, and it was quite scary really."" Jessie was awarded a bursary to cover the cost of the DRO, like lots of the clients who work with Christians Against Poverty.  ""It's been amazing actually being debt free,"" she said. ""I don't have to have the fear of somebody knocking on my door, or if my phone rings I'm not worried about who's going to be on the other side."" She's delighted that now that opportunity will be open to more people. ""It's a lot of money to find so it's brilliant news. It's going to change a lot of lives.""  Debt charity Christians Against Poverty say around half of their clients have taken out a DRO over the last two years. They are anticipating an 11% increase in the volumes of DROs they are processing over the coming months.  Mark Triggs is a debt coach with Christians Against Poverty in Shropshire. He said the change was important as so many more people are sliding into debt at the moment.  ""I've known lots of people who are too poor to go bust,"" he said. ""I can think of three people specifically at this moment in time who it will be manna from heaven to get their debts cleared without having to find the £90 fee."" More tips to help you manage debt ",BBC,29/03/2024,"['People on the lowest incomes will be able to apply to have their debts wiped out for free as rules change in April.', 'Debt Relief Orders clear existing debt on everything from council tax to energy bills and rent.', 'They cost £90 to apply for which charities said many people in debt could not afford.', 'But from 6 April they will be free in England and Wales.', 'Olu from London said being able to apply for free ""was like a light switch in a dark place for me.""', 'After being made redundant during the pandemic, she struggled to find work and ended up trying to pay her debts through a credit card. ""', 'Honestly I didn\'t have the money to pay for anything, so that £90 was like another stumbling block for me,"" she said. ""', 'I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said.', 'But she said she had hope for the future again, knowing that her application will now be at the top of the pile, In recent years DROs have been an increasingly important tool for those struggling the most.', 'In 2023, some 31,717 DROs were granted in England and Wales - more than at any other point in the last five years.', 'This year has seen an even more dramatic jump in numbers.', 'January of this year saw a 60% increase in the number of DROs granted compared with January 2023.', 'In February, the number of DROs increased by 44% compared with the same month in 2023.', 'Citizen\'s Advice said up until now nine in 10 of the people they helped apply for a DRO had struggled to cover the £90 fee, with many being priced out of insolvency. ""', 'It\'s really welcome news but it\'s not job done,"" said Rachel Beddow, principle policy manager at Citizens Advice.', 'She said she was concerned debt advice organisations were not being given any extra resource to meet the extra demand they are expecting.', 'Jessie in Bridgnorth knows only too well how hard it is to get £90 together. ""', 'That doesn\'t seem a lot to some people but to me that\'s two week\'s worth of shopping,"" she said.', 'After a marriage breakdown, with four children to care for, her finances got out of control.', 'Falling behind on her council tax, energy and water bills, she regularly had to use a food bank to make sure her family had enough to eat. ""', 'I felt like I was only just floating above the water anyway to be honest, and then when I found out how much debt I was in, that\'s when I started to feel like I was drowning, and it was quite scary really.""', 'Jessie was awarded a bursary to cover the cost of the DRO, like lots of the clients who work with Christians Against Poverty. ""', 'It\'s been amazing actually being debt free,"" she said. ""', 'I don\'t have to have the fear of somebody knocking on my door, or if my phone rings I\'m not worried about who\'s going to be on the other side.""', 'She\'s delighted that now that opportunity will be open to more people. ""', ""It's a lot of money to find so it's brilliant news."", 'It\'s going to change a lot of lives.""', 'Debt charity Christians Against Poverty say around half of their clients have taken out a DRO over the last two years.', 'They are anticipating an 11% increase in the volumes of DROs they are processing over the coming months.', 'Mark Triggs is a debt coach with Christians Against Poverty in Shropshire.', 'He said the change was important as so many more people are sliding into debt at the moment. ""', 'I\'ve known lots of people who are too poor to go bust,"" he said. ""', 'I can think of three people specifically at this moment in time who it will be manna from heaven to get their debts cleared without having to find the £90 fee.""', 'More tips to help you manage debt']",0.2130026665958025,"I was lacking joy, I was lacking peace, everything seems like a dark place,"" she said.",Mark Triggs is a debt coach with Christians Against Poverty in Shropshire.,0.2527970725839788,"In February, the number of DROs increased by 44% compared with the same month in 2023.","After a marriage breakdown, with four children to care for, her finances got out of control.",2024-03-31
How can I pay off my debts and what help is available?,https://www.bbc.co.uk/news/business-64291327,2023-01-16T12:06:14.000Z,"Two years of rising prices have left many people struggling to pay their bills and in debt. If you are in that position one option is to seek a debt relief order (DRO). From 6 April in England and Wales there will no longer be a £90 fee for applying for one. A DRO lets people who have got into severe difficulties start afresh. But there are other ways to tackle your debt. So what can you do if you find yourself in difficulty? First, work out how much you owe, who to, and how much you need to pay each month, says the charity Citizens Advice. Next, create a budget by adding up your income, such as your wage and any benefits you receive, then taking away the amount you need for essential living costs like food and housing. The amount left is what you have available to pay your debts. Once you have taken stock of your situation, see whether you can reduce your outgoings: you may be eligible for a reduction in your council tax or a lower tariff on your broadband or TV package for example.  You may also be able to boost your income. Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us. It is important to talk about your financial difficulties - the earlier, the better - or you may find yourself in a spiral of debt. If you think you cannot pay your debts or are feeling overwhelmed, seek support. Help is available. A trained debt adviser can talk you through the options available. Information and support is free of charge - here are some organisations who may be able to help. Identify which bills and debts are most urgent and pay them first, says debt advice charity StepChange. That will include your rent or mortgage repayments, and any other loans secured on the home. It also includes gas and electricity bills, child support and maintenance payments, council tax, income tax, VAT and other taxes, TV licence payments, court fines and payments. These are all what are known as priority debts and bills, because there can be serious consequences if you do not pay them, such as losing your home or facing court proceedings. You may have additional debts, such as credit card and store card debts, pay-day loans, buy-now-pay-later payments, overdrafts, unsecured loans and water bills. If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property. StepChange advises trying to make the minimum payments on every debt to avoid default charges, which can affect your credit rating. After that pay most towards whichever debt has the highest borrowing cost or interest rate. Your energy supplier must give you a chance to clear your debt through a payment plan - that means you agree to pay off the outstanding amount you owe, but spread out in smaller amounts over a longer period. If you don't agree a plan they can switch you onto a pre-payment mode to make sure you do not fall further into arrears. People in England and Wales who are getting debt advice can apply for a break, lasting up to 60 days, as part of the ""breathing space"" scheme. It shields them from further interest and charges to prevent them falling into a spiral of debt. If you are receiving mental health crisis treatment you can also apply for a breathing space scheme which lasts for the length of your treatment, plus another 30 days. Consultation is under way for a similar scheme in Northern Ireland. In Scotland, an alternative short-term debt relief system is known as a Statutory Moratorium and lasts for six months. If you think there is no way to pay off your outstanding debts, you may have to consider some form of personal insolvency. This should only be done after seeking advice.  Going through an insolvency process can have an impact on your personal and professional life, debt charities warn, and will affect your credit rating for up to six years. A debt relief order (DRO) is the easiest form of insolvency and is designed for people with few assets on low incomes. Your debts must not exceed £30,000 (rising to £50,000 at the end of June). If your application is accepted, some of your debts will be frozen for one year, then written off. It previously cost £90 to apply for a DRO but from 6 April it will be free if you live in England, Wales and Northern Ireland. Another option is an Individual Voluntary Arrangement (IVA). Under an IVA you make smaller payments over several years and then the rest of the debt is written off. Full bankruptcy, which is also usually completed within a year, can result in you having to sell assets such as a house or car to pay your debts. If you live in Scotland, bankruptcy is known legally as sequestration. There are three alternatives: a Debt Arrangement Scheme, a Debt Management Plan, or a Trust Deed. ",BBC,16/01/2023,"['Two years of rising prices have left many people struggling to pay their bills and in debt.', 'If you are in that position one option is to seek a debt relief order (DRO).', 'From 6 April in England and Wales there will no longer be a £90 fee for applying for one.', 'A DRO lets people who have got into severe difficulties start afresh.', 'But there are other ways to tackle your debt.', 'So what can you do if you find yourself in difficulty?', 'First, work out how much you owe, who to, and how much you need to pay each month, says the charity Citizens Advice.', 'Next, create a budget by adding up your income, such as your wage and any benefits you receive, then taking away the amount you need for essential living costs like food and housing.', 'The amount left is what you have available to pay your debts.', 'Once you have taken stock of your situation, see whether you can reduce your outgoings: you may be eligible for a reduction in your council tax or a lower tariff on your broadband or TV package for example.', 'You may also be able to boost your income.', 'Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us.', 'It is important to talk about your financial difficulties - the earlier, the better - or you may find yourself in a spiral of debt.', 'If you think you cannot pay your debts or are feeling overwhelmed, seek support.', 'Help is available.', 'A trained debt adviser can talk you through the options available.', 'Information and support is free of charge - here are some organisations who may be able to help.', 'Identify which bills and debts are most urgent and pay them first, says debt advice charity StepChange.', 'That will include your rent or mortgage repayments, and any other loans secured on the home.', 'It also includes gas and electricity bills, child support and maintenance payments, council tax, income tax, VAT and other taxes, TV licence payments, court fines and payments.', 'These are all what are known as priority debts and bills, because there can be serious consequences if you do not pay them, such as losing your home or facing court proceedings.', 'You may have additional debts, such as credit card and store card debts, pay-day loans, buy-now-pay-later payments, overdrafts, unsecured loans and water bills.', 'If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property.', 'StepChange advises trying to make the minimum payments on every debt to avoid default charges, which can affect your credit rating.', 'After that pay most towards whichever debt has the highest borrowing cost or interest rate.', 'Your energy supplier must give you a chance to clear your debt through a payment plan - that means you agree to pay off the outstanding amount you owe, but spread out in smaller amounts over a longer period.', ""If you don't agree a plan they can switch you onto a pre-payment mode to make sure you do not fall further into arrears."", 'People in England and Wales who are getting debt advice can apply for a break, lasting up to 60 days, as part of the ""breathing space"" scheme.', 'It shields them from further interest and charges to prevent them falling into a spiral of debt.', 'If you are receiving mental health crisis treatment you can also apply for a breathing space scheme which lasts for the length of your treatment, plus another 30 days.', 'Consultation is under way for a similar scheme in Northern Ireland.', 'In Scotland, an alternative short-term debt relief system is known as a Statutory Moratorium and lasts for six months.', 'If you think there is no way to pay off your outstanding debts, you may have to consider some form of personal insolvency.', 'This should only be done after seeking advice.', 'Going through an insolvency process can have an impact on your personal and professional life, debt charities warn, and will affect your credit rating for up to six years.', 'A debt relief order (DRO) is the easiest form of insolvency and is designed for people with few assets on low incomes.', 'Your debts must not exceed £30,000 (rising to £50,000 at the end of June).', 'If your application is accepted, some of your debts will be frozen for one year, then written off.', 'It previously cost £90 to apply for a DRO but from 6 April it will be free if you live in England, Wales and Northern Ireland.', 'Another option is an Individual Voluntary Arrangement (IVA).', 'Under an IVA you make smaller payments over several years and then the rest of the debt is written off.', 'Full bankruptcy, which is also usually completed within a year, can result in you having to sell assets such as a house or car to pay your debts.', 'If you live in Scotland, bankruptcy is known legally as sequestration.', 'There are three alternatives: a Debt Arrangement Scheme, a Debt Management Plan, or a Trust Deed.']",0.0708312938794804,"Check which benefits you are entitled to on the independent MoneyHelper website, backed by the government, or using benefits calculators run by Policy in Practice and charities Entitledto and Turn2us.",Two years of rising prices have left many people struggling to pay their bills and in debt.,-0.3993595913052559,You may also be able to boost your income.,"If you do not pay these off, their cost can spiral and could lead to legal action or bailiffs seizing your property.",2024-03-31
"US inflation ticked higher last month, reversing some recent progress",https://edition.cnn.com/2024/03/29/economy/pce-inflation-february/index.html,"
  Updated
        11:39 AM EDT, Fri March 29, 2024
    ","The latest US inflation report showed that rising prices continue to weigh on American consumers.
    
            The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures price index, was up 2.5% for the 12 months that ended in February, a faster pace than January’s 2.4% rise in prices. However, it was in line with FactSet consensus estimates.
    
            Driving the increase in the annual inflation rate was a 2.3% jump last month in energy prices.
    
            The Commerce Department data released Friday means the Fed is even further from achieving its goal of 2% inflation. But Fed Chair Jerome Powell wasn’t fretting about it.
    
            The data was “pretty much in line with our expectations,” Powell said Friday at an event hosted by the San Francisco Fed. He added that it’s generally good when data aligns with the central bank’s forecasts.
    
            The report also contained some welcome news.
    
            Central bankers will likely take some solace in the core PCE index that excludes energy and food. That index slowed slightly to 2.8% from the 2.9% annual rate seen in January. And, on a monthly basis, it slowed to 0.3% from 0.5% in January. Both core inflation measures were in line with expectations.
    
            Another bright spot was the 0.3% overall monthly pace of price increases, a slight drop from 0.4% in January. That was below what economists polled by FactSet forecast.
    
            At 0.5%, the monthly rise in the price of goods outpaced the 0.3% rise in the price of services. That’s significant because service-side inflation has been a huge driver of overall inflation in the economy for the past two years.
    
            The Fed’s historic rate increases that pushed interest rates to a 23-year high have had a limited effect on containing increases in the price of services. That’s because those price increases have been stemming from labor shortages, and to attract more workers employers have had to raise wages. In turn, that’s caused them to also raise prices.
    
            Although recent economic data has pointed to a slowdown in consumer spending, Friday’s PCE data showed the opposite effect.
    
            Consumer spending accelerated by 0.8% last month from 0.2% in January. That’s the biggest monthly rise in over a year.
    
            While consumer spending is the main economic engine of the US economy, the run-up may not be something to celebrate right now.
    
            “This underscores that consumers have overextended themselves and have essentially drawdown all of the $2.1 trillion in pandemic-related savings,” Nationwide chief economist Kathy Bostjancic said in a note on Friday. That’s evidenced by credit card debt, which is at a record high.
    
            “As long as employment growth remains strong, it can underpin solid spending, however, consumers overall are not prepared for a weakening in the labor market should it unfold,” she said.
    
            The latest inflation data is unlikely to shift the Fed’s plans for eventually cutting interest rates.
    
            Central bankers including Powell have signaled that achieving 2% inflation will be a bumpy path.
    
            Fed Gov. Christopher Waller emphasized that in a speech he gave earlier this week titled “There’s Still No Rush.”
    
            Recent inflation readings, he said, tell him that “it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%.”
    
            Fed officials continued to pencil in three rate cuts this year. Investors anticipate the first of those three will come in June.",CNN,29/03/2024,"['The latest US inflation report showed that rising prices continue to weigh on American consumers.', 'The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures price index, was up 2.5% for the 12 months that ended in February, a faster pace than January’s 2.4% rise in prices.', 'However, it was in line with FactSet consensus estimates.', 'Driving the increase in the annual inflation rate was a 2.3% jump last month in energy prices.', 'The Commerce Department data released Friday means the Fed is even further from achieving its goal of 2% inflation.', 'But Fed Chair Jerome Powell wasn’t fretting about it.', 'The data was “pretty much in line with our expectations,” Powell said Friday at an event hosted by the San Francisco Fed.', 'He added that it’s generally good when data aligns with the central bank’s forecasts.', 'The report also contained some welcome news.', 'Central bankers will likely take some solace in the core PCE index that excludes energy and food.', 'That index slowed slightly to 2.8% from the 2.9% annual rate seen in January.', 'And, on a monthly basis, it slowed to 0.3% from 0.5% in January.', 'Both core inflation measures were in line with expectations.', 'Another bright spot was the 0.3% overall monthly pace of price increases, a slight drop from 0.4% in January.', 'That was below what economists polled by FactSet forecast.', 'At 0.5%, the monthly rise in the price of goods outpaced the 0.3% rise in the price of services.', 'That’s significant because service-side inflation has been a huge driver of overall inflation in the economy for the past two years.', 'The Fed’s historic rate increases that pushed interest rates to a 23-year high have had a limited effect on containing increases in the price of services.', 'That’s because those price increases have been stemming from labor shortages, and to attract more workers employers have had to raise wages.', 'In turn, that’s caused them to also raise prices.', 'Although recent economic data has pointed to a slowdown in consumer spending, Friday’s PCE data showed the opposite effect.', 'Consumer spending accelerated by 0.8% last month from 0.2% in January.', 'That’s the biggest monthly rise in over a year.', 'While consumer spending is the main economic engine of the US economy, the run-up may not be something to celebrate right now.', '“This underscores that consumers have overextended themselves and have essentially drawdown all of the $2.1 trillion in pandemic-related savings,” Nationwide chief economist Kathy Bostjancic said in a note on Friday.', 'That’s evidenced by credit card debt, which is at a record high.', '“As long as employment growth remains strong, it can underpin solid spending, however, consumers overall are not prepared for a weakening in the labor market should it unfold,” she said.', 'The latest inflation data is unlikely to shift the Fed’s plans for eventually cutting interest rates.', 'Central bankers including Powell have signaled that achieving 2% inflation will be a bumpy path.', 'Fed Gov. Christopher Waller emphasized that in a speech he gave earlier this week titled “There’s Still No Rush.”', 'Recent inflation readings, he said, tell him that “it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%.”', 'Fed officials continued to pencil in three rate cuts this year.', 'Investors anticipate the first of those three will come in June.']",0.1441611527434141,"While consumer spending is the main economic engine of the US economy, the run-up may not be something to celebrate right now.",Fed Gov. Christopher Waller emphasized that in a speech he gave earlier this week titled “There’s Still No Rush.”,0.2015745258331298,"The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures price index, was up 2.5% for the 12 months that ended in February, a faster pace than January’s 2.4% rise in prices.",That index slowed slightly to 2.8% from the 2.9% annual rate seen in January.,2024-03-31
Your complete guide to earning and redeeming points in the Citi ThankYou Rewards program,https://edition.cnn.com/cnn-underscored/travel/citi-thankyou-points-rewards,"
  Updated
        12:10 PM EST, Wed January 10, 2024
    ","The Citi ThankYou Rewards program has evolved over the past decade and is now a formidable competitor with established programs like American Express Membership Rewards and Chase Ultimate Rewards. Citi’s got a relatively small portfolio of quality credit cards and a rewarding program to boot. In fact, its credit cards offer some of the most generous category bonuses in exchange for reasonable annual fees.
    
            When it comes to redeeming your hard-earned points, Citi has an impressive transfer partner list that makes it possible to maximize your rewards for travel bookings. And if you don’t want to learn the ins and outs of various loyalty programs, Citi also gives you the option to use points for statement credits and direct travel bookings.
    
            If you’re curious about how the Citi ThankYou program works, here’s everything you need to know about how to get the most out of the program for travel.
    
            You can earn Citi ThankYou points in numerous ways. The easiest is through credit card sign-up bonuses, which range depending on the card. But that’s not the only way to earn points in this program. Between checking account bonuses and authorized user incentives, there are many ways to earn ThankYou points beyond credit cards.
    
            Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards. The issuer’s credit cards are generally split into two categories: traditional ThankYou points-earning cards and cash back cards. However, recently, Citi made a change to its program that now sees its cash back credit cards earning ThankYou Rewards points, which can also be redeemed for traditional cash back.
    
            Citi has two cards that earn ThankYou points directly. These cards are ideal for maximizing rewards on everyday purchases, with the Citi Premier® Card and Citi Rewards+® Card specifically offering significant bonuses in those everyday categories.
    
            As mentioned, there are also a number of other traditional cash back credit cards in the Citi portfolio that allow you to boost your earnings. They can be incredibly valuable, considering the Citi® Double Cash Card earns 2% on everything. By adding this card to your wallet, you’ll earn a minimum of 2 ThankYou points per dollar spent on all purchases that aren’t eligible for the bonus categories on the Citi Premier or Rewards+ cards.
    
            Considering Citi’s cash back cards have no annual fees, adding one to your wallet could make a lot of sense. You’ll enhance your point earning across the board without additional annual fees.
    
            By combining the Citi cards you have in your wallet, you can maximize your earnings and ensure you continue to work your way toward your next redemption.
    
            Adding an authorized user can help you earn more Citi points in two ways: bonus points for adding someone and for all of their purchases. First, you’ll sometimes get bonus points just for adding someone to your account. Citi frequently sends out authorized user bonuses to targeted card holders. These bonuses are typically around 2,500 bonus points but can vary.
    
            Secondly, you’ll earn Citi ThankYou points based on all the spending your authorized user puts on their card. Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as an authorized user on your account. Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.
    
            If you’d like to earn even more ThankYou points, you can do so with a checking account. That’s because Citi offers several checking accounts that earn ThankYou points as a benefit: The Citigold, Citi Priority, Citi Private Bank and Citibank Account. With these accounts, you can earn up to 1,600 points per month on everyday banking activities. The exact number of ThankYou points you’ll earn depends on your account type and qualifying activities. Generally, Citigold, Citi Priority and Citi Private Bank accounts earn the most points.
    
            Sharing points is a great way to consolidate existing points with a significant other or family member. Citi ThankYou is one of the few programs that allows members to share points free of charge. The only stipulation is that you can only share points with someone who has a Citi ThankYou card, and Citi Custom Cash card holders are not eligible.
    
            It’s worth noting that shared points expire 90 days after receipt. So you shouldn’t transfer points unless you or the person you’re sending them to has an immediate use for them. Also, note that you can’t send or receive more than 100,000 points per calendar year.
    
            Once you’ve earned a slew of Citi ThankYou points comes the fun part of redeeming them. And thankfully, Citi offers many different ways for you to redeem your ThankYou points. You’ll get the most bang for your buck by redeeming points for travel, though that’s certainly not the only option.
    
            Here’s a look at your Citi ThankYou travel redemption options and how they work.
    
            Transferring points will get you the most value from your Citi ThankYou points. Citi has 18 airline and hotel partners, most of which you can transfer points to at a 1-to-1 ratio — however, that ratio can vary. You can redeem them for stays at all-inclusive resorts, international business-class tickets, domestic award flights and more. But keep in mind that not all airline and hotel loyalty programs are equal.
    
            Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are. Like with the Chase Ultimate Rewards program, Capital One miles and American Express Membership Rewards program, you’ll need to link your accounts with each of the transfer partners, and you’ll also need to search for award availability with the airline of your choice before transferring any points.
    
            If you’re interested in transferring your Citi ThankYou points to a travel partner, these are your 18 options as well as the transfer rate.
    
            By transferring Citi ThankYou points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming travel rewards, you’ll just have to pay the taxes and fees on a ticket. As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.
    
            Keep in mind that the most obvious airline choice may not always be your best option. Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs. For example, Delta Air Lines and Air France/KLM are both members of the SkyTeam alliance, meaning you can transfer your Citi ThankYou points to Flying Blue and redeem for flights operated by Delta Air Lines.
    
            Citi’s airline partners will get you the most value for your points, especially if you redeem them for business- and first-class travel. That being said, Citi’s airline partners offer several sweet spot awards. These heavily discounted awards will save you points on travel and make earning ThankYou points worthwhile. Some of these sweet spots awards that will get you maximum value for your ThankYou points include the following:
    
            Generally speaking, you’ll get the most value out of your Citi ThankYou points by transferring them to airline or hotel partners. But that may not always make sense for all card holders — and it’s not your only option.
    
            Citi ThankYou points are worth 1 cent each when you use them to book travel through the Citi ThankYou portal. That’s significantly less than the value you’ll get from transfer partner redemptions. While transferring points is the best way to maximize your ThankYou points, doing so isn’t always possible. If that’s the case — or if you’re not interested in researching award availability — redeeming at a fixed value for travel via the ThankYou portal is a decent option.
    
            Citi offers several fixed redemption options where you’ll redeem your points at 1 cent per point. This is ideal for folks who would rather leverage points for daily expenses than travel bookings. While redeeming points this way isn’t advisable, as you won’t get as much value out of each point, you should use them however they suit you best.
    
            For example, if you have no travel plans in the foreseeable future but mounting expenses at home, then redeeming your ThankYou points for mortgage or student loan payments might make sense. Here are some additional ways you can redeem your ThankYou points:
    
            Generally speaking, if you’re looking to get the most value out of your Citi ThankYou points, your worst option is when redeeming for a fixed value. However, if you’re willing to sacrifice the value of your points and instead want to save some cash, it could be a solid option. Ultimately, every card holder’s goals for their points will be different, but it’s good that you have options with ThankYou points.
    
            Citi ThankYou points are worth about 1.7 cents each when you redeem them for travel through transfer partners, according to frequent flyer website The Points Guy. The exact amount varies depending on the cabin and destination you’re flying to. Generally speaking, you’ll get the most value by redeeming points for international business- and first-class flights. While 1.7 cents per point isn’t guaranteed for all redemptions, it’s a number you should aim for if you want to redeem ThankYou points for maximum value.
    
            Aside from travel redemptions, you can use ThankYou points for mortgage payments, student loans, statement credits or charitable contributions, and they’re worth 1 cent apiece.
    
            Citi ThankYou points are an incredibly valuable currency and can help you meet your most aspirational travel goals. Whether you’re using points for domestic or international travel, Citi’s wide selection of transfer partners offers terrific redemption value. Between a good credit card selection, top-notch travel partners and flexibility in use, Citi ThankYou points are definitely worth adding to your points portfolio.
    
            Looking for a new travel credit card? Check out CNN Underscored’s list of the best credit cards currently available.
    
            Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
    
            Note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.",CNN,10/01/2024,"['The Citi ThankYou Rewards program has evolved over the past decade and is now a formidable competitor with established programs like American Express Membership Rewards and Chase Ultimate Rewards.', 'Citi’s got a relatively small portfolio of quality credit cards and a rewarding program to boot.', 'In fact, its credit cards offer some of the most generous category bonuses in exchange for reasonable annual fees.', 'When it comes to redeeming your hard-earned points, Citi has an impressive transfer partner list that makes it possible to maximize your rewards for travel bookings.', 'And if you don’t want to learn the ins and outs of various loyalty programs, Citi also gives you the option to use points for statement credits and direct travel bookings.', 'If you’re curious about how the Citi ThankYou program works, here’s everything you need to know about how to get the most out of the program for travel.', 'You can earn Citi ThankYou points in numerous ways.', 'The easiest is through credit card sign-up bonuses, which range depending on the card.', 'But that’s not the only way to earn points in this program.', 'Between checking account bonuses and authorized user incentives, there are many ways to earn ThankYou points beyond credit cards.', 'Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards.', 'The issuer’s credit cards are generally split into two categories: traditional ThankYou points-earning cards andcash back cards.', 'However, recently, Citi made a change to its program that now sees its cash back credit cards earning ThankYou Rewards points, which can also be redeemed for traditional cash back.', 'Citi has two cards that earn ThankYou points directly.', 'These cards are ideal for maximizing rewards on everyday purchases, with the Citi Premier® Card and Citi Rewards+® Card specifically offering significant bonuses in those everyday categories.', 'As mentioned, there are also a number of other traditionalcash back credit cardsin the Citi portfolio that allow you to boost your earnings.', 'They can be incredibly valuable, considering the Citi® Double Cash Card earns 2% on everything.', 'By adding this card to your wallet, you’ll earn a minimum of 2 ThankYou points per dollar spent on all purchases that aren’t eligible for the bonus categories on the Citi Premier or Rewards+ cards.', 'Considering Citi’s cash back cards have no annual fees, adding one to your wallet could make a lot of sense.', 'You’ll enhance your point earning across the board without additional annual fees.', 'By combining the Citi cards you have in your wallet, you can maximize your earnings and ensure you continue to work your way toward your next redemption.', 'Adding an authorized user can help you earn more Citi points in two ways: bonus points for adding someone and for all of their purchases.', 'First, you’ll sometimes get bonus points just for adding someone to your account.', 'Citi frequently sends out authorized user bonuses to targeted card holders.', 'These bonuses are typically around 2,500 bonus points but can vary.', 'Secondly, you’ll earn Citi ThankYou points based on all the spending your authorized user puts on their card.', 'Of course, you’ll only want to consider adding a member of your household or someone you trust to pay you back as anauthorized useron your account.', 'Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.', 'If you’d like to earn even more ThankYou points, you can do so with a checking account.', 'That’s because Citi offers several checking accounts that earn ThankYou points as a benefit: The Citigold, Citi Priority, Citi Private Bank and Citibank Account.', 'With these accounts, you can earn up to 1,600 points per month on everyday banking activities.', 'The exact number of ThankYou points you’ll earn depends on your account type and qualifying activities.', 'Generally, Citigold, Citi Priority and Citi Private Bank accounts earn the most points.', 'Sharing points is a great way to consolidate existing points with a significant other or family member.', 'Citi ThankYou is one of the few programs that allows members to share points free of charge.', 'The only stipulation is that you can only share points with someone who has a Citi ThankYou card, and Citi Custom Cash card holders are not eligible.', 'It’s worth noting that shared points expire 90 days after receipt.', 'So you shouldn’t transfer points unless you or the person you’re sending them to has an immediate use for them.', 'Also, note that you can’t send or receive more than 100,000 points per calendar year.', 'Once you’ve earned a slew of Citi ThankYou points comes the fun part of redeeming them.', 'And thankfully, Citi offers many different ways for you to redeem your ThankYou points.', 'You’ll get the most bang for your buck by redeeming points for travel, though that’s certainly not the only option.', 'Here’s a look at your Citi ThankYou travel redemption options and how they work.', 'Transferring points will get you the most value from your Citi ThankYou points.', 'Citi has 18 airline and hotel partners, most of which you can transfer points to at a 1-to-1 ratio — however, that ratio can vary.', 'You can redeem them for stays atall-inclusive resorts,international business-class tickets, domestic award flights and more.', 'But keep in mind that not all airline and hotel loyalty programs are equal.', 'Ultimately, you’ll want to research which program will offer you the most in return, depending on what your travel plans are.', 'Like with the Chase Ultimate Rewards program, Capital One miles andAmerican Express Membership Rewards program, you’ll need to link your accounts with each of the transfer partners, and you’ll also need to search for award availability with the airline of your choice before transferring any points.', 'If you’re interested in transferring your Citi ThankYou points to a travel partner, these are your 18 options as well as the transfer rate.', 'By transferring Citi ThankYou points to partner airlines, you unlock the ability to travel for next to nothing — in most cases when redeeming travel rewards, you’ll just have to pay the taxes and fees on a ticket.', 'As a result, points and miles open up the door for flying experiences that would otherwise be out of reach.', 'Keep in mind that the most obvious airline choice may not always be your best option.', 'Airlines typically have extensive alliance networks, allowing you to redeem points for partner airlines through their respective programs.', 'For example, Delta Air Lines and Air France/KLM are both members of the SkyTeam alliance, meaning you can transfer your Citi ThankYou points to Flying Blue and redeem for flights operated by Delta Air Lines.', 'Citi’s airline partners will get you the most value for your points, especially if you redeem them for business- and first-class travel.', 'That being said, Citi’s airline partners offer several sweet spot awards.', 'These heavily discounted awards will save you points on travel and make earning ThankYou points worthwhile.', 'Some of these sweet spots awards that will get you maximum value for your ThankYou points include the following:  Generally speaking, you’ll get the most value out of your Citi ThankYou points by transferring them to airline or hotel partners.', 'But that may not always make sense for all card holders — and it’s not your only option.', 'Citi ThankYou points are worth 1 cent each when you use them to book travel through the Citi ThankYou portal.', 'That’s significantly less than the value you’ll get from transfer partner redemptions.', 'While transferring points is the best way to maximize your ThankYou points, doing so isn’t always possible.', 'If that’s the case — or if you’re not interested in researching award availability — redeeming at a fixed value for travel via the ThankYou portal is a decent option.', 'Citi offers several fixed redemption options where you’ll redeem your points at 1 cent per point.', 'This is ideal for folks who would rather leverage points for daily expenses than travel bookings.', 'While redeeming points this way isn’t advisable, as you won’t get as much value out of each point, you should use them however they suit you best.', 'For example, if you have no travel plans in the foreseeable future but mounting expenses at home, then redeeming your ThankYou points for mortgage or student loan payments might make sense.', 'Here are some additional ways you can redeem your ThankYou points:  Generally speaking, if you’re looking to get the most value out of your Citi ThankYou points, your worst option is when redeeming for a fixed value.', 'However, if you’re willing to sacrifice the value of your points and instead want to save some cash, it could be a solid option.', 'Ultimately, every card holder’s goals for their points will be different, but it’s good that you have options with ThankYou points.', 'Citi ThankYou points are worth about 1.7 cents each when you redeem them for travel through transfer partners, according to frequent flyer website The Points Guy.', 'The exact amount varies depending on the cabin and destination you’re flying to.', 'Generally speaking, you’ll get the most value by redeeming points for international business- and first-class flights.', 'While 1.7 cents per point isn’t guaranteed for all redemptions, it’s a number you should aim for if you want to redeem ThankYou points for maximum value.', 'Aside from travel redemptions, you can use ThankYou points for mortgage payments, student loans, statement credits or charitable contributions, and they’re worth 1 cent apiece.', 'Citi ThankYou points are an incredibly valuable currency and can help you meet your most aspirational travel goals.', 'Whether you’re using points for domestic or international travel, Citi’s wide selection of transfer partners offers terrific redemption value.', 'Between a good credit card selection, top-notch travel partners and flexibility in use, Citi ThankYou points are definitely worth adding to your points portfolio.', 'Looking for a new travel credit card?', 'Check out CNN Underscored’s list of thebest credit cardscurrently available.', 'Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.', 'Note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.']",0.419572580688158,"Citi has a small but mighty credit card lineup, offering generous welcome bonuses and ongoing rewards.","Authorized users can make charges on the credit card they’ve been added to but have no liability when it comes to paying the bill — that onus falls on you, the primary card holder.",0.8711563621958097,"As mentioned, there are also a number of other traditionalcash back credit cardsin the Citi portfolio that allow you to boost your earnings.",That’s significantly less than the value you’ll get from transfer partner redemptions.,2024-03-31
Powerball jackpot swells to an estimated $975 million after no grand prize winners Saturday,https://edition.cnn.com/2024/03/30/business/powerball-saturday-drawing-lottery-jackpot/index.html,"
  Updated
        12:28 AM EDT, Sun March 31, 2024
    ","With no one winning the Powerball jackpot Saturday, the grand prize for Monday’s drawing grew closer to the billion-dollar mark, according to the lottery.
    
            Saturday’s winning numbers were: 33, 13, 50, 12, 52 with a Powerball of 23.
    
            The estimated $975 million Powerball jackpot in play Monday jumped from $935 million after no tickets matched all six numbers in Saturday night’s drawing.
    
            A jackpot winner in Monday’s drawing can choose to receive the money in annuitized payments or take a lump sum estimated at $471.7 million.
    
            While the jackpot wasn’t won in the drawing on Saturday, four tickets won $1 million each by matching the first five numbers. Those tickets were sold in Illinois, Louisiana, Michigan and Pennsylvania, according to the Powerball website.
    
            Powerball’s grand prize was last won in January, when a ticket in Michigan scored a $842.4 million jackpot. Since then, 38 consecutive drawings have taken place without a jackpot winner, according to Powerball.
    
            The largest Powerball jackpot – and the largest US lottery prize – ever won was $2.04 billion by a ticket purchased in California in November 2022, according to the lottery.
    
            Ranking second through fourth are $1.765 billion (one ticket in California; 2023); $1.586 billion (three tickets, 2016); and $1.08 billion (one ticket in California, 2023).
    
            Winning the Powerball jackpot means a ticket matched all five white balls plus the red Powerball. The odds of winning any prize in a Powerball drawing are 1 in 24.9, and the odds of winning the jackpot are 1 in 292.2 million, according to the lottery.
    
            Powerball tickets cost $2 per play and are sold in 45 states, the District of Columbia, Puerto Rico and the US Virgin Islands. Drawings are held Mondays, Wednesdays and Saturdays at 10:59 p.m. ET in Tallahassee, Florida.",CNN,31/03/2024,"['With no one winning thePowerball jackpot Saturday,the grand prize for Monday’s drawing grew closer to the billion-dollar mark, according tothe lottery.', 'Saturday’s winning numbers were: 33, 13, 50, 12, 52 with a Powerball of 23.', 'The estimated $975 million Powerball jackpot in play Monday jumped from $935 million after no tickets matched all six numbers in Saturday night’s drawing.', 'A jackpot winner in Monday’s drawing can choose to receive the money in annuitized payments or take a lump sum estimated at $471.7 million.', 'While the jackpot wasn’t won in the drawing on Saturday, four tickets won $1 million each by matching the first five numbers.', 'Those tickets were sold in Illinois, Louisiana, Michigan and Pennsylvania, according to thePowerball website.', 'Powerball’s grand prize was last won in January, when a ticket in Michigan scored a $842.4 million jackpot.', 'Since then, 38 consecutive drawings have taken place without a jackpot winner, according toPowerball.', 'The largest Powerball jackpot – and the largest US lottery prize – ever won was$2.04 billionby a ticket purchased in California in November 2022, according to the lottery.', 'Ranking second through fourth are $1.765 billion (one ticket in California; 2023); $1.586 billion (three tickets, 2016); and $1.08 billion (one ticket in California, 2023).', 'Winning the Powerball jackpot means a ticket matched all five white balls plus the red Powerball.', 'The odds of winning any prize in a Powerball drawing are 1 in 24.9, and the odds of winning the jackpot are 1 in 292.2 million, according to the lottery.', 'Powerball tickets cost $2 per play and are sold in 45 states, the District of Columbia, Puerto Rico and the US Virgin Islands.', 'Drawings are held Mondays, Wednesdays and Saturdays at 10:59 p.m. ET in Tallahassee, Florida.']",0.4094887064885834,"The odds of winning any prize in a Powerball drawing are 1 in 24.9, and the odds of winning the jackpot are 1 in 292.2 million, according to the lottery.","Since then, 38 consecutive drawings have taken place without a jackpot winner, according toPowerball.",0.999611645936966,The estimated $975 million Powerball jackpot in play Monday jumped from $935 million after no tickets matched all six numbers in Saturday night’s drawing.,,2024-03-31
Fed officials are now considering fewer rate cuts this year,https://edition.cnn.com/2024/03/26/economy/fed-officials-fewer-rate-cuts-this-year/index.html,"
  Published
        6:00 AM EDT, Tue March 26, 2024
    ","Americans hamstrung by high borrowing costs on car loans, mortgages and credit cards shouldn’t expect much of a break this year.
    
            That’s because some Federal Reserve officials are reconsidering forecasts they made three months ago that called for three rate cuts this year.
    
            Currently, the Fed’s target interest rate is between 5.25% and 5.5%, a 23-year high. Four of the 19 officials on the rate-setting committee now see rates staying above 5% this year, implying one or no rate cuts, according to new economic projections from last week’s meeting. Meanwhile, in December, three officials saw rates staying above 5%. On the opposite end, just one official — compared to five previously — sees rates dipping below 4.5%, implying four cuts.
    
            The stakes are high because there are consequences if the Fed cuts rates soon or if it leaves rates where they’ve been for the past eight months.
    
            If the central bank cuts prematurely, it could risk losing its grip on inflation, which hasn’t yet returned to its 2% target. But if the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.
    
            Beyond their official projections, various officials have also been making their case in public speeches and media appearances on how the Fed should approach the difficult task of when to begin cutting interest rates.
    
            Atlanta Fed President Raphael Bostic, currently a voting member on the Fed’s rate-setting committee, went as far as to suggest that the central bank should only cut rates once this year.
    
            “The economy continues to deliver surprises and it continues to be more resilient and more energized than I had forecast or projected,” Bostic said last week. That’s why he said he revised his belief that the central bank should cut rates twice this year to once.
    
            In February, Bostic told CNN that the first rate cut could come “sometime in the summertime.” That’s also Wall Street’s current expectation.
    
            Powell hasn’t publicly shared his timeline for cutting rates but has repeatedly explained that the timing of that first rate cut will ultimately be determined by what inflation gauges and other key economic data show. That’s precisely what gave some investors who were previously estimating several cuts in 2024 a reality check.
    
            Inflation readings for the first two months of the year came in hotter than expected, reflecting some persistent price pressures in services and housing.
    
            Rising shelter costs and climbing gas prices contributed to 60% of the monthly rise in consumer prices in February, according to the latest Consumer Price Index. Consumer prices were up 3.2% in February from a year earlier, higher than the 3.1% annual rise economists were expecting. The Producer Price Index, another closely watched inflation gauge, rose in February at its fastest pace in months.
    
            The Fed’s preferred inflation gauge, the Personal Consumption Expenditures price index, also reflected stubborn prices in January.
    
            “I don’t think inflation has stalled, because I expect some of the softening in consumer spending and in the labor market to feed through into services and shelter inflation over the coming months,” David Page, head of macroeonomic research at investment management firm AXA IM, told CNN.
    
            Inflation no longer slowing, which would prevent any rate cuts, is one of Wall Street’s biggest concerns about the economy. But economists still widely expect inflation to gradually drift lower — perhaps just not as much as giddy investors were expecting a few months ago.
    
            Powell said last week that January’s monthly jump in prices might have been skewed by “seasonal factors” and that it doesn’t necessarily mean inflation’s cooldown has halted.
    
            He hasn’t specified — and is unlikely to signal — the number of rate cuts he believes are appropriate for this year. Rather, he said at last week’s meeting he and other Fed officials “want more confidence that inflation is coming down sustainably toward 2%.”
    
            That means rates will stay where they are as Fed officials await more data to know if inflation is indeed headed toward 2%.
    
            “The path of disinflation, as expected, has been bumpy and uneven, but a careful approach to further policy adjustments can ensure that inflation will return sustainably to 2% while striving to maintain the strong labor market,” Fed Governor Lisa Cook said Monday during a lecture at Harvard University.
    
            Translation: There’s no need to rush into cutting rates, even if some recent inflation readings haven’t been ideal.
    
            But Chicago Fed President Austan Goolsbee said three cuts this year are “in line with my thinking.”
    
            “We’re in an uncertain state, but it doesn’t feel to me like we’ve changed fundamentally the story that we’re getting back to target,” Goolsbee, who is not voting on interest rate decisions this year, said in an interview with Yahoo Finance on Monday.
    
            However, Powell said at December’s meeting that central bankers would not want to wait until inflation returns to the Fed’s target to begin cutting interest rates because “it would be too late.”
    
            His rationale is that it can take a while for the full effect of a given level of interest rates to work its way through the economy. The so-called “long and variable lags” of monetary policy is one key factor officials are considering when it comes to approaching rate cuts and why some may still be considering three cuts this year despite some undesirable inflation data.
    
            Fed Governor Christopher Waller, seen as a key messenger of the Fed’s guidance on policy, is delivering a speech on the economy Wednesday in New York. He has cheered inflation’s descent and said further improvement could open the door to rate cuts — if that actually bears out.
    
            Later in the week, Powell will participate in a discussion on monetary policy hosted by the San Francisco Fed.",CNN,26/03/2024,"['Americans hamstrung by high borrowing costs on car loans, mortgages and credit cards shouldn’t expect much of a break this year.', 'That’s because some Federal Reserve officials are reconsidering forecasts they made three months ago that called for three rate cuts this year.', 'Currently, the Fed’s target interest rate is between 5.25% and 5.5%, a 23-year high.', 'Four of the 19 officials on the rate-setting committee now see rates staying above 5% this year, implying one or no rate cuts, according to new economic projections from last week’s meeting.', 'Meanwhile, in December, three officials saw rates staying above 5%.', 'On the opposite end, just one official — compared to five previously — sees rates dipping below 4.5%, implying four cuts.', 'The stakes are high because there are consequences if the Fed cuts rates soon or if it leaves rates where they’ve been for the past eight months.', 'If the central bank cuts prematurely, it could risk losing its grip on inflation, which hasn’t yet returned to its 2% target.', 'But if the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.', 'Beyond their official projections, various officials have also been making their case in public speeches and media appearances on how the Fed should approach the difficult task of when to begin cutting interest rates.', 'Atlanta Fed President Raphael Bostic, currently a voting member on the Fed’s rate-setting committee, went as far as to suggest that the central bank should only cut rates once this year.', '“The economy continues to deliver surprises and it continues to be more resilient and more energized than I had forecast or projected,” Bostic said last week.', 'That’s why he said he revised his belief that the central bank should cut rates twice this year to once.', 'In February, Bostic told CNN that the first rate cut could come “sometime in the summertime.”', 'That’s also Wall Street’s current expectation.', 'Powell hasn’t publicly shared his timeline for cutting rates but has repeatedly explained that the timing of that first rate cut will ultimately be determined by what inflation gauges and other key economic data show.', 'That’s precisely what gave some investors who were previously estimating several cuts in 2024 a reality check.', 'Inflation readings for the first two months of the year came in hotter than expected, reflecting some persistent price pressures in services and housing.', 'Rising shelter costs and climbing gas prices contributed to 60% of the monthly rise in consumer prices in February, according to the latest Consumer Price Index.', 'Consumer prices were up 3.2% in February from a year earlier, higher than the 3.1% annual rise economists were expecting.', 'The Producer Price Index, another closely watched inflation gauge, rose in February at its fastest pace in months.', 'The Fed’s preferred inflation gauge, the Personal Consumption Expenditures price index, also reflected stubborn prices in January.', '“I don’t think inflation has stalled, because I expect some of the softening in consumer spending and in the labor market to feed through into services and shelter inflation over the coming months,” David Page, head of macroeonomic research at investment management firm AXA IM, told CNN.', 'Inflation no longer slowing, which would prevent any rate cuts, is one of Wall Street’s biggest concerns about the economy.', 'But economists still widely expect inflation to gradually drift lower — perhaps just not as much as giddy investors were expecting a few months ago.', 'Powell said last week that January’s monthly jump in prices might have been skewed by “seasonal factors” and that it doesn’t necessarily mean inflation’s cooldown has halted.', 'He hasn’t specified — and is unlikely to signal —the number of rate cuts he believes are appropriate for this year.', 'Rather, he said at last week’s meeting he and other Fed officials “want more confidence that inflation is coming down sustainably toward 2%.”', 'That means rates will stay where they are as Fed officials await more data to know if inflation is indeed headed toward 2%.', '“The path of disinflation, as expected, has been bumpy and uneven, but a careful approach to further policy adjustments can ensure that inflation will return sustainably to 2% while striving to maintain the strong labor market,” Fed Governor Lisa Cook said Monday during a lecture at Harvard University.', 'Translation: There’s no need to rush into cutting rates, even if some recent inflation readings haven’t been ideal.', 'But Chicago Fed President Austan Goolsbee said three cuts this year are “in line with my thinking.”', '“We’re in an uncertain state, but it doesn’t feel to me like we’ve changed fundamentally the story that we’re getting back to target,” Goolsbee, who is not voting on interest rate decisions this year, said in an interview with Yahoo Finance on Monday.', 'However, Powell said at December’s meeting that central bankers would not want to wait until inflation returns to the Fed’s target to begin cutting interest rates because “it would be too late.”', 'His rationale is that it can take a while for the full effect of a given level of interest rates to work its way through the economy.', 'The so-called “long and variable lags” of monetary policy is one key factor officials are considering when it comes to approaching rate cuts and why some may still be considering three cuts this year despite some undesirable inflation data.', 'Fed Governor Christopher Waller, seen as a key messenger of the Fed’s guidance on policy, is delivering a speech on the economy Wednesday in New York.', 'He has cheered inflation’s descent and said further improvement could open the door to rate cuts — if that actually bears out.', 'Later in the week, Powell will participate in a discussion on monetary policy hosted by the San Francisco Fed.']",-0.0637658049366241,"“The path of disinflation, as expected, has been bumpy and uneven, but a careful approach to further policy adjustments can ensure that inflation will return sustainably to 2% while striving to maintain the strong labor market,” Fed Governor Lisa Cook said Monday during a lecture at Harvard University.","But if the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession.",0.0396270212673005,"“The economy continues to deliver surprises and it continues to be more resilient and more energized than I had forecast or projected,” Bostic said last week.","If the central bank cuts prematurely, it could risk losing its grip on inflation, which hasn’t yet returned to its 2% target.",2024-03-31
Xiaomi: Chinese smartphone giant takes on Tesla,https://www.bbc.co.uk/news/business-68672192,2024-03-28T03:54:12.000Z,"Chinese smartphone maker Xiaomi has launched its first electric vehicle (EV) and started taking orders. At the event the technology giant's chief executive Lei Jun said the standard SU7 model would be priced at 215,900 yuan ($29,872; £23,663) and the Max version would cost 299,900 yuan. The firm says it got over 50,000 orders within the first 27 minutes of sales. Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war. The move sees the technology giant taking on EV rivals including Tesla and BYD. The starting price in China for Tesla's Model 3 is 245,900 yuan. Mr Lei also said the SU7, which has drawn comparisons with Porsche's Taycan and Panamera models, would have a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km. The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers. Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint. The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche's Taycan and Panamera sports car models. It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year. ""While getting this far is itself quite an achievement, the ultimate achievement would be to demonstrate that there is a consumer market for Xiaomi as a smart EVs brand,"" Bill Russo of Automobility told the BBC. In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV. Mr Russo added that Xiaomi's entry into the car market reflected its confidence ""in the relevancy for their brand"" in China while Apple did not see enough potential in the EV market outside of China. Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years. ""The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy.  ""For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""  The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying. Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices. The world's biggest car market is already crowded so Xiaomi is one of the few new prospective entrants to gain approval from authorities as officials try to curb a flood of new players. Earlier this week, BYD posted record annual profits but said growth had slowed towards the end of last year. Shanghai-based electric car maker Nio on Wednesday lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens. American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 next week. At the same time, governments around the world are pushing back against imports of foreign-made EVs. On Tuesday, Beijing initiated dispute settlement proceedings against the US at the World Trade Organization to contest ""discriminatory subsidies"" under the US Inflation Reduction Act. Meanwhile, the European Union has launched an investigation into whether Chinese government subsidies have helped the country's electric car makers undercut European-made models. ",BBC,28/03/2024,"['Chinese smartphone maker Xiaomi has launched its first electric vehicle (EV) and started taking orders.', ""At the event the technology giant's chief executive Lei Jun said the standard SU7 model would be priced at 215,900 yuan ($29,872; £23,663) and the Max version would cost 299,900 yuan."", 'The firm says it got over 50,000 orders within the first 27 minutes of sales.', ""Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war."", 'The move sees the technology giant taking on EV rivals including Tesla and BYD.', ""The starting price in China for Tesla's Model 3 is 245,900 yuan."", ""Mr Lei also said the SU7, which has drawn comparisons with Porsche's Taycan and Panamera models, would have a minimum range of 700km (435 miles), beating the Tesla Model 3's 567km."", ""The firm is hoping that the SU7's shared operating system with its phones, laptops and other devices will appeal to existing customers."", 'Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint.', ""The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche's Taycan and Panamera sports car models."", 'It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year. ""', 'While getting this far is itself quite an achievement, the ultimate achievement would be to demonstrate that there is a consumer market for Xiaomi as a smart EVs brand,"" Bill Russo of Automobility told the BBC.', 'In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV.', 'Mr Russo added that Xiaomi\'s entry into the car market reflected its confidence ""in the relevancy for their brand"" in China while Apple did not see enough potential in the EV market outside of China.', 'Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years. ""', 'The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy. ""', 'For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""', ""The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying."", ""Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world's top-selling EV maker BYD have slashed prices."", ""The world's biggest car market is already crowded so Xiaomi is one of the few new prospective entrants to gain approval from authorities as officials try to curb a flood of new players."", 'Earlier this week, BYD posted record annual profits but said growth had slowed towards the end of last year.', ""Shanghai-based electric car maker Nio on Wednesday lowered its forecast for first quarter deliveries as consumers tightened spending as China's economic growth weakens."", 'American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 next week.', 'At the same time, governments around the world are pushing back against imports of foreign-made EVs.', 'On Tuesday, Beijing initiated dispute settlement proceedings against the US at the World Trade Organization to contest ""discriminatory subsidies"" under the US Inflation Reduction Act.', ""Meanwhile, the European Union has launched an investigation into whether Chinese government subsidies have helped the country's electric car makers undercut European-made models.""]",0.1208081090282865,"The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,"" said Abhishek Murali from research firm Rystad Energy. """,The launch of Xiaomi's first car comes as a price war in China's EV market has been intensifying.,-0.0024405292102268,"For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.""","Xiaomi's entry into the electric car market comes as sales growth has slowed globally, triggering a price war.",2024-03-31
The Realtors settlement is already changing the way some Americans buy and sell homes,https://edition.cnn.com/2024/03/30/economy/nar-settlement-home-buyers-and-sellers/index.html,"
  Updated
        2:00 PM EDT, Sat March 30, 2024
    ","The seismic settlement announced by the National Association of Realtors earlier this month has not yet been approved, but it is already sending shockwaves through the real estate industry.
    
            The mere prospect of a future settlement has already caused some Americans to change their behavior when buying and selling their homes. Some prospective homebuyers said they plan to restart their housing search after the new rules are in place in hopes of finding lower home prices, while some homesellers aren’t waiting for the new rules to take effect in July to lower — or even eliminate — the commission they offer to buyers’ agents.
    
            Housing experts say the $418 million settlement will effectively demolish the current real estate business model, in which home sellers pay both their agent and their buyers’ agent, which critics say inflated housing prices.
    
            If approved by a judge, the settlement comes with new rules for Realtors.
    
            “This is unchartered territory,” said Debra Dobbs, a Realtor in Chicago, of the potential new rules.
    
            The new rules could help lower home prices, experts say.
    
            That’s what Jeremy Cannon, a 34-year-old teacher in Corona, California, hopes.
    
            Last year, Cannon and his wife tried to buy their first home, putting in offers for multiple properties.
    
            “All of our offers got denied because other people were bidding higher than us,” Cannon said. “We were already trying to bid above asking price for pretty much every place.”
    
            At the time, Cannon decided to hit pause on his dream of owning a home. But, to Cannon, the new rules established by the NAR settlement could potentially clear what felt like an intractable hurdle for him: the high cost of housing.
    
            Sales commissions, traditionally shared between a buyers’ agent and the agent who lists a home on the market, are usually between 5% and 6% of a home’s selling price. The median price of a home in the US is $417,000, according to census data, meaning the average seller could be paying more than $25,000 in brokerage fees.
    
            Groups of sellers brought lawsuits against the NAR for this practice, alleging it was a violation of antitrust laws.
    
            Under the proposed settlement terms, sellers’ agents will no longer be required to offer to share their commission with buyers’ agents, uncoupling commissions from home prices and opening the door to a more competitive housing market.
    
            Many experts believe commission costs have been baked into home listings prices. Lower commissions could mean lower home prices.
    
            “I think it could be helpful,” Cannon said. “I hope it might be cheaper and bring the prices of houses down more.”
    
            He now plans to restart his home search this summer.
    
            A price drop would be a much-needed reprieve for Cannon and others looking to buy a home: the median sales price of a new house has surged 21% since January 2020, according to census data.
    
            The new rules also require agents to enter into written agreements with their buyers. Many agents plan to stipulate that if a home seller does not agree to pay their commission, their buyer is on the hook for that money.
    
            But Cannon said if buying a home becomes more affordable, he would be willing to pay out-of-pocket for an agent, as long as it is “someone who has my interests in mind.”
    
            Matt Hanley, a 49-year-old who works in insurance in Minnesota, has lived in his home since 2007. He was reacquainted with how real estate transactions work when he recently purchased a new home.
    
            “We were confused,” he said. “I’m like ‘wow, I’m surprised the seller has to pay my agent’s commission.’ It seemed like a conflict of interest.”
    
            Hanley now plans to list his home in April. After the NAR settlement was announced, though, he changed course: Instead of offering to pay a commission that would be split between his agent and his future buyers’ agent, he asked his agent to write “0%—negotiable” as the buyers’ agent commission on his home’s listing page.
    
            “Why wait for the settlement? This is common knowledge now,” Hanley said. “I’m going to try to be at the start of this bell curve.”
    
            Hanley’s experiment may be premature, though. The new rules will prohibit agents’ compensation from being included on centralized listing portals, which some critics say led agents to push more expensive properties on customers. But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.
    
            But Hanley pointed to favorable conditions in his market as a reason that he believes buyers may still consider purchasing his home, even if they have to pay their realtor out-of-pocket.
    
            “We’ve got everything going for us. We have no inventory in our area and we’re selling at peak time, so we said, ‘Let’s try it,’” he said. “If someone really wants it, they’re going to come up with their buyers’ fee.”
    
            “They should be reporting to their agents, we should be reporting to ours,” he added.
    
            Mariya Letdin, an associate professor of business at Florida State University, said this settlement has helped raise awareness that people have a right to negotiate. Even so, Letdin said it’s possible that the status quo is maintained.
    
            “It’s up to the consumers on both the seller side and the buyer side to bring this to wide use,” she said. “I think it will take more than just a ruling. I think it will take consumers advocating for themselves and not being passive.”
    
            “They now have a legally protected voice, and they should use it if we want to see change happen,” Letdin said.",CNN,30/03/2024,"['The seismic settlement announced by the National Association of Realtors earlier this month has not yet been approved, but it is already sending shockwaves through the real estate industry.', 'The mere prospect of a future settlement has already caused some Americans to change their behavior when buying and selling their homes.', 'Some prospective homebuyers said they plan to restart their housing search after the new rules are in place in hopes of finding lower home prices, while some homesellers aren’t waiting for the new rules to take effect in July to lower — or even eliminate —the commission they offer to buyers’ agents.', 'Housing experts say the $418 million settlement will effectively demolish the current real estate business model, in which home sellers pay both their agent and their buyers’ agent, which critics say inflated housing prices.', 'If approved by a judge, the settlement comes with new rules for Realtors.', '“This is unchartered territory,” said Debra Dobbs, a Realtor in Chicago, of the potential new rules.', 'The new rules could help lower home prices, experts say.', 'That’s what Jeremy Cannon, a 34-year-old teacher in Corona, California, hopes.', 'Last year, Cannon and his wife tried to buy their first home, putting in offers for multiple properties.', '“All of our offers got denied because other people were bidding higher than us,” Cannon said. “', 'We were already trying to bid above asking price for pretty much every place.”', 'At the time, Cannon decided to hit pause on his dream of owning a home.', 'But, to Cannon, the new rules established by the NAR settlement could potentially clear what felt like an intractable hurdle for him: the high cost of housing.', 'Sales commissions, traditionally shared between a buyers’ agent and the agent who lists a home on the market, are usually between 5% and 6% of a home’s selling price.', 'The median price of a home in the US is $417,000, according to census data, meaning the average seller could be paying more than $25,000 in brokerage fees.', 'Groups ofsellers brought lawsuitsagainst the NAR for this practice, alleging it was a violation of antitrust laws.', 'Under the proposed settlement terms, sellers’ agents will no longer be required to offer to share their commission with buyers’ agents, uncoupling commissions from home prices and opening the door to a more competitive housing market.', 'Many experts believe commission costs have been baked into home listings prices.', 'Lower commissions could mean lower home prices.', '“I think it could be helpful,” Cannon said. “', 'I hope it might be cheaper and bring the prices of houses down more.”', 'He now plans to restart his home search this summer.', 'A price drop would be a much-needed reprieve for Cannon and others looking to buy a home: the median sales price of a new house has surged 21% since January 2020, according to census data.', 'The new rules also require agents to enter into written agreements with their buyers.', 'Many agents plan to stipulate that if a home seller does not agree to pay their commission, their buyer is on the hook for that money.', 'But Cannon said if buying a home becomes more affordable, he would be willing to pay out-of-pocket for an agent, as long as it is “someone who has my interests in mind.”', 'Matt Hanley, a 49-year-old who works in insurance in Minnesota, has lived in his home since 2007.', 'He was reacquainted with how real estate transactions work when he recently purchased a new home.', '“We were confused,” he said. “', 'I’m like ‘wow, I’m surprised the seller has to pay my agent’s commission.’', 'It seemed like a conflict of interest.”', 'Hanley now plans to list his home in April.', 'After the NAR settlement was announced, though, he changed course: Instead of offering to pay a commission that would be split between his agent and his future buyers’ agent, he asked his agent to write “0%—negotiable” as the buyers’ agent commission on his home’s listing page.', '“Why wait for the settlement?', 'This is common knowledge now,” Hanley said. “', 'I’m going to try to be at the start of this bell curve.”', 'Hanley’s experiment may be premature, though.', 'The new rules will prohibit agents’ compensation from being included on centralized listing portals, which some critics say led agents to push more expensive properties on customers.', 'But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.', 'But Hanley pointed to favorable conditions in his market as a reason that he believes buyers may still consider purchasing his home, even if they have to pay their realtor out-of-pocket.', '“We’ve got everything going for us.', 'We have no inventory in our area and we’re selling at peak time, so we said, ‘Let’s try it,’” he said. “', 'If someone really wants it, they’re going to come up with their buyers’ fee.”', '“They should be reporting to their agents, we should be reporting to ours,” he added.', 'Mariya Letdin, an associate professor of business at Florida State University, said this settlement has helped raise awareness that people have a right to negotiate.', 'Even so, Letdin said it’s possible that the status quo is maintained.', '“It’s up to the consumers on both the seller side and the buyer side to bring this to wide use,” she said. “', 'I think it will take more than just a ruling.', 'I think it will take consumers advocating for themselves and not being passive.”', '“They now have a legally protected voice, and they should use it if we want to see change happen,” Letdin said.']",0.0751832408163895,"I’m like ‘wow, I’m surprised the seller has to pay my agent’s commission.’",Lower commissions could mean lower home prices.,0.2547443784200228,"A price drop would be a much-needed reprieve for Cannon and others looking to buy a home: the median sales price of a new house has surged 21% since January 2020, according to census data.","But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.",2024-03-31
What’s open and closed on Easter Day 2024?,https://edition.cnn.com/2024/03/30/business/easter-day-open-closed-stores/index.html,"
  Published
        2:00 PM EDT, Sat March 30, 2024
    ","The Easter Bunny is hopping into town on Sunday, but that also means some businesses will be closed for last minute errands.
    
            On Easter Sunday, Christians celebrate the resurrection of Jesus Christ on the third day after his crucifixion. It is also the end of the 40-day penance period, Lent. Good Friday marks the day Jesus died on the cross, and is celebrated the Friday before Easter.
    
            This year, Easter Sunday will fall on March 31.
    
            Though Easter isn’t a federal holiday, it’s a popular one for many Americans — trade association National Retail Federation found that consumer spending is expected to reach $22.4 billion this Easter.
    
            Here’s what’s open and closed on Easter Sunday 2024.
    
            Target, Macy’s and Best Buy stores will be closed on Sunday. Warehouse clubs Costco and Sam’s Club will also be closed.
    
            Most Kroger stores and the grocery stores under its umbrella will be open on Easter, the company said. Shoppers should confirm with local grocers before heading to the store on Sunday, however.
    
            Walmart will also be open.
    
            TJ Maxx, Marshalls, HomeGoods, Sierra and Homesense stores will be closed on Easter.
    
            Most banks are closed on Sunday already. Markets are also closed on the weekends and the New York Stock Exchange and Nasdaq will not be trading, but will trade on Monday as usual.
    
            Since it’s a Sunday, United States Postal Service won’t be delivering mail.
    
            There will be no UPS pickup or delivery service, and UPS Store locations may be closed but Express Critical will be available.
    
            Most FedEx services also won’t be available, though FedEx Office will be open on modified hours and Custom Critical will be available.",CNN,30/03/2024,"['The Easter Bunny is hopping into town on Sunday, but that also means some businesses will be closed for last minute errands.', 'On Easter Sunday, Christians celebrate the resurrection of Jesus Christ on the third day after his crucifixion.', 'It is also the end of the 40-day penance period, Lent.', 'Good Friday marks the day Jesus died on the cross, and is celebrated the Friday before Easter.', 'This year, Easter Sunday will fall on March 31.', 'Though Easter isn’t a federal holiday, it’s a popular one for many Americans — trade association National Retail Federation found that consumer spending is expected to reach $22.4 billion this Easter.', 'Here’s what’s open and closed on Easter Sunday 2024.', 'Target, Macy’s and Best Buy stores will be closed on Sunday.', 'Warehouse clubs Costco and Sam’s Club will also be closed.', 'Most Kroger stores and the grocery stores under its umbrella will be open on Easter, the company said.', 'Shoppers should confirm with local grocers before heading to the store on Sunday, however.', 'Walmart will also be open.', 'TJ Maxx, Marshalls, HomeGoods, Sierra and Homesense stores will be closed on Easter.', 'Most banks are closed on Sunday already.', 'Markets are also closed on the weekends and the New York Stock Exchange and Nasdaq will not be trading, but will trade on Monday as usual.', 'Since it’s a Sunday, United States Postal Service won’t be delivering mail.', 'There will be no UPS pickup or delivery service, and UPS Store locations may be closed but Express Critical will be available.', 'Most FedEx services also won’t be available, though FedEx Office will be open on modified hours and Custom Critical will be available.']",0.1056570230971449,"Though Easter isn’t a federal holiday, it’s a popular one for many Americans — trade association National Retail Federation found that consumer spending is expected to reach $22.4 billion this Easter.","There will be no UPS pickup or delivery service, and UPS Store locations may be closed but Express Critical will be available.",0.9986351132392884,"Though Easter isn’t a federal holiday, it’s a popular one for many Americans — trade association National Retail Federation found that consumer spending is expected to reach $22.4 billion this Easter.",,2024-03-31
How to make high interest rates work for your hard-earned savings,https://edition.cnn.com/2024/03/20/success/interest-rates-savings-cash/index.html,"
  Published
        3:00 PM EDT, Wed March 20, 2024
    ","The Federal Reserve’s benchmark interest rate remains at a 23-year high. That’s thanks to the central bank’s decision Wednesday to once again hold it steady, as it has done at the policy-making committee’s past five meetings.
    
            That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).
    
            But with the Fed signaling that no rate cuts are likely until summer, it also means anyone with savings still has at least a few more months to make hay of their stash.
    
            That’s because you can still get inflation-beating interest rates that will grow any money you have set aside for emergencies, vacations, down payments or any other goal in your sights over the next several years.
    
            However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing. There are more lucrative, low-risk options out there, with rates that are still at or near their peaks. “But perhaps not for much longer,” said Ted Rossman, senior analyst at Bankrate. “If one of those fits into your financial plans, it’s best to act soon.”
    
            So, consider the following options when deciding where to park your hard-earned savings.
    
            The average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate. That average is kept low by the biggest brick-and-mortar banks like JPMorgan Chase and Bank of America, which still are offering a paltry 0.01%.
    
            By contrast, there are still FDIC-insured online banks offering inflation-beating rates of between 4.35% and 5.35% on their high-yield savings accounts. Generally speaking, these are the best vehicles in which to keep your emergency funds for quick, easy access.
    
            Choosing between an account that pays 0.52% and one that pays 5.35% can mean forfeiting hundreds of dollars in interest. “If you put $10,000 in a savings account, that’s a difference of $496 in interest earnings over the course of the year, assuming monthly compounding,” Rossman said.
    
            While the rates on high-yield savings accounts have gone down a bit in recent months, “widespread cuts in online savings account rates are unlikely until the first Fed rate cut is near,” said Ken Tumin, founder of DepositAccounts.com.
    
            As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. So make sure to check your monthly statement.
    
            Another high-return, low-risk investment that is great for money you likely won’t need to tap for a few months or even a couple of years is a certificate of deposit.
    
            You can get the best returns on CDs through a brokerage such as Schwab, E*Trade or Fidelity. That’s because you can comparison shop for CDs from any number of FDIC-insured banks and will not have to set up individual accounts with each institution.
    
            As of March 13, the average rate on a one-year CD was 1.95%, but some banks are offering as much are 5.4%.
    
            If you can get a one-year CD at, say, 5.4%, you will make $540 on a $10,000 investment.
    
            To get the greatest benefit from a CD, you have to leave the money invested for a fixed period. You can always access your principal sooner if you need to, but there may be early withdrawal penalties.
    
            As of March 20, CDs listed on Schwab.com with durations from three months up to three years were all yielding between 5.2% and 5.51%. CD rates on durations between four and 10 years ranged from 4.40% to 5.15%.
    
            Say you invest $10,000 in a one-year CD with a 5.36% APY. At the end of that period, you’d get your principal back plus $536 in interest when the CD matures, according to Bankrate’s CD calculator. If you chose a two-year CD at 5.25%, you’d bank an extra $1,078, assuming compounding interest. The same investment in a five-year CD at 5.15% would earn $2,854.
    
            “It makes sense to go long with CDs. To hedge your bets, include terms from one to five years. Starting a CD ladder will provide this mix,” Tumin said.
    
            If you don’t go through a brokerage you may get a reasonable deal from your primary bank, Tumin said.
    
            For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs. Or, at Bank of America, you can get up to 4.75% on a 7-month CD.
    
            But Tumin cautions that with any big bank CD you should take your money out at the end of the term, otherwise your bank may automatically renew it and lock you in to a much lower-yielding CD.
    
            If you don’t want to set up an online savings account at another bank, your own bank may offer you a money market deposit account that pays a higher yield than your regular checking or savings accounts.
    
            Money market accounts may have higher minimum deposit requirements than a regular savings account, but they are more liquid than a fixed-term certificate of deposit or Treasury bill, meaning they give you access to your money more quickly while still potentially giving you some of the highest yields available, said Doug Ornstein, senior manager for integrated solutions at TIAA Wealth Management.
    
            But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. As of March 19, they had an average 7-day yield of 5.14%, according to the Crane Money Fund Index, which tracks the top 100 taxable money market funds.
    
            Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC. But if you invest in a money market fund through a brokerage, your overall account is likely to be insured through the Securities Investor Protection Corp, which offers protection in the event your brokerage ever goes under.
    
            Another option for money you can leave untouched anywhere from several months to a few years is to buy short-term Treasury bills and medium-term notes, which are backed by the full faith and credit of the United States.
    
            Three- and six-month bills had yields of 5.39% and 5.33% respectively on March 20 before the Fed’s meeting ended, while nine-month and one-year bills were offering 5.19% and 5.08% respectively, according to rates posted on Schwab.com for a $25,000 investment. Rates on Treasury notes with durations from two years to 10 years ranged between 4.29% and 4.72%.
    
            If you’re someone who manages your portfolio like a hawk, you may feel comfortable buying T-bills on your own from TreasuryDirect.gov. But if you don’t, it might be easier just to buy new issues through your brokerage account or invest in a short-term bond index fund or ETF, said Andy Smith, executive director of financial planning at Edelman Financial Engines.
    
            And if you’re looking at money that will be needed in three to five years, you might consider a diversified fund of highly rated government and corporate bonds, Ornstein said. An 18-month AAA-rated corporate bond, for instance, was yielding 4.82% this week, while the three-year was at 4.49%. Meanwhile, three-year AAA-rated municipal bonds (which are issued by local governments) had a rate of 3.98%, according to Schwab.com.
    
            When deciding on the best accounts and investments for your specific goals and peace of mind, it may pay to consult a fee-only fiduciary adviser — meaning, someone who doesn’t get paid a commission to sell you a particular investment.
    
            What you’ll always want to do is build in flexibility for yourself so you can easily access cash, regardless of your timeline for key goals. “What happens if something changes and you need that down payment a lot sooner — or your parents need medical care fast?” Smith said.
    
            That means balancing your desire for great yield with a need and desire for ease of access without penalty. Translation: Don’t chase yield for yield’s sake.
    
            Think of it this way, Ornstein said: Unless you have huge sums to invest or are an institutional investor, the difference between getting a 5.1% yield versus 5% is negligible, and in fact it could even cost you more if there are penalties for taking your money out early. “Most of the time convenience is really important. Give up the 0.1%,” he advised.",CNN,20/03/2024,"['The Federal Reserve’s benchmark interest rate remains at a 23-year high.', 'That’s thanks to the central bank’s decision Wednesday to once again hold it steady, as it has done at the policy-making committee’s past five meetings.', 'That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).', 'Butwith the Fed signaling that no rate cuts are likely until summer, it also means anyone with savings still has at least a few more months to make hay of their stash.', 'That’s because you can still get inflation-beating interest rates that will grow any money you have set aside for emergencies, vacations, down payments or any other goal in your sights over the next several years.', 'However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing.', 'There are more lucrative, low-risk options out there, with rates that are still at or near their peaks. “', 'But perhaps not for much longer,” said Ted Rossman, senior analyst at Bankrate. “', 'If one of those fits into your financial plans, it’s best to act soon.”', 'So, consider the following options when deciding where to park your hard-earned savings.', 'The average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate.', 'That average is kept low by the biggest brick-and-mortar banks like JPMorgan Chase and Bank of America, which still are offering a paltry 0.01%.', 'By contrast, there are still FDIC-insured online banks offering inflation-beating rates of between 4.35% and 5.35% on their high-yield savings accounts.', 'Generally speaking, these are the best vehicles in which to keep your emergency funds for quick, easy access.', 'Choosing between an account that pays 0.52% and one that pays 5.35% can mean forfeiting hundreds of dollars in interest. “', 'If you put $10,000 in a savings account, that’s a difference of $496 in interest earnings over the course of the year, assuming monthly compounding,” Rossman said.', 'While the rates on high-yield savings accounts have gone down a bit in recent months, “widespread cuts in online savings account rates are unlikely until the first Fed rate cut is near,” said Ken Tumin, founder of DepositAccounts.com.', 'As with any bank savings rate, high-yield savings accountratescan change overnight, and the bank may not alert you when it lowers it.', 'So make sure to check your monthly statement.', 'Another high-return, low-risk investment that is great for money you likely won’t need to tap for a few months or even a couple of years is a certificate of deposit.', 'You can get the best returns on CDs through a brokerage such as Schwab, E*Trade or Fidelity.', 'That’s because you can comparison shop for CDs from any number of FDIC-insured banks and will not have to set up individual accounts with each institution.', 'As of March 13, the average rate on a one-year CD was 1.95%, but some banks are offering as much are 5.4%.', 'If you can get a one-year CD at, say, 5.4%, you will make $540 on a $10,000 investment.', 'To get the greatest benefit from a CD, you have to leave the money invested for a fixed period.', 'You can always access your principal sooner if you need to, but there may be early withdrawal penalties.', 'As of March 20, CDs listed on Schwab.com with durations from three months up to three years were all yielding between 5.2% and 5.51%.', 'CD rates on durations between four and 10 years ranged from 4.40% to 5.15%.', 'Say you invest $10,000 in a one-year CD with a 5.36%APY.', 'At the end of that period, you’d get your principal back plus $536 in interest when the CD matures, according to Bankrate’s CD calculator.', 'If you chose a two-year CD at 5.25%, you’d bank an extra $1,078, assuming compounding interest.', 'The same investment in a five-year CD at 5.15% would earn $2,854.', '“It makes sense to go long with CDs.', 'To hedge your bets, include terms from one to five years.', 'Starting a CD ladder will provide this mix,” Tumin said.', 'If you don’t go through a brokerage you may get a reasonable deal from your primary bank, Tumin said.', 'For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs.', 'Or, at Bank of America, you can get up to 4.75% on a 7-month CD.', 'But Tumin cautions that with any big bank CD you should take your money out at the end of the term, otherwise your bank may automatically renew it and lock you in to a much lower-yielding CD.', 'If you don’t want to set up an online savings account at another bank, your own bank may offer you a money market deposit account that pays a higher yield than your regular checking or savings accounts.', 'Money market accounts may have higher minimum deposit requirements than a regular savings account, but they are more liquid than a fixed-term certificate of deposit or Treasury bill, meaning they give you access to your money more quickly while still potentially giving you some of the highest yields available, said Doug Ornstein, senior manager for integrated solutions at TIAA Wealth Management.', 'But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments.', 'As of March 19, they had an average 7-day yield of 5.14%, according to the Crane Money Fund Index, which tracks the top 100 taxable money market funds.', 'Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.', 'But if you invest in a money market fund through a brokerage, your overall account is likely to be insured through the Securities Investor Protection Corp, which offers protection in the event your brokerage ever goes under.', 'Another option for money you can leave untouched anywhere from several months to a few years is to buy short-term Treasury bills and medium-term notes, which are backed by the full faith and credit of the United States.', 'Three- and six-month bills had yields of 5.39% and 5.33%respectively on March 20 before the Fed’s meeting ended, while nine-month and one-year bills were offering 5.19% and 5.08%respectively, according to rates posted on Schwab.com for a $25,000 investment.', 'Rates on Treasury notes with durations from two years to 10 years ranged between 4.29% and 4.72%.', 'If you’re someone who manages your portfolio like a hawk, you may feel comfortable buying T-bills on your own from TreasuryDirect.gov.', 'But if you don’t, it might be easier just to buy new issues through your brokerage account or invest in a short-term bond index fund or ETF, said Andy Smith, executive director of financial planning at Edelman Financial Engines.', 'And if you’re looking at money that will be needed in three to five years, you might consider a diversified fund of highly rated government and corporate bonds, Ornstein said.', 'An 18-month AAA-rated corporate bond, for instance, was yielding 4.82% this week, while the three-year was at 4.49%.', 'Meanwhile, three-year AAA-rated municipal bonds (which are issued by local governments) had a rate of 3.98%, according to Schwab.com.', 'When deciding on the best accounts and investments for your specific goals and peace of mind, it may pay to consult a fee-only fiduciary adviser — meaning, someone who doesn’t get paid a commission to sell you a particular investment.', 'What you’ll always want to do is build in flexibility for yourself so you can easily access cash, regardless of your timeline for key goals. “', 'What happens if something changes and you need that down payment a lot sooner — or your parents need medical care fast?”', 'Smith said.', 'That means balancing your desire for great yield with a need and desire for ease of access without penalty.', 'Translation: Don’t chase yield for yield’s sake.', 'Think of it this way, Ornstein said: Unless you have huge sums to invest or are an institutional investor, the difference between getting a 5.1% yield versus 5% is negligible, and in fact it could even cost you more if there are penalties for taking your money out early. “', 'Most of the time convenience is really important.', 'Give up the 0.1%,” he advised.']",0.1607169988950149,That means balancing your desire for great yield with a need and desire for ease of access without penalty.,"But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments.",0.3840321362018585,"For example, he noted, Wells Fargo is still offering up to 5.01% on both 4-month and 7-month CDs.","That decision may be disappointing to some investors, homebuyers and those with a lot of credit card debt, since movement in the Fed’s overnight lending rate influences rates — directly or indirectly — on consumer financial products (e.g., credit cards, bank loans and mortgages).",2024-03-31
India's army of gold refiners face new competition,https://www.bbc.co.uk/news/business-68596195,2024-03-28T23:19:19.000Z,"Refining gold has a long history in the family of Satish Pratap Salunke. Following in the footsteps of his father and grandfather, he and his business collect scrap gold from jewellers, melt it down and sell it back to the jewellers in the form of gold bars. He has two refineries, one in Kochi in the southern state of Kerala and the other in Tiruchirappalli in Tamil Nadu. Relatives have refineries elsewhere in the south of India. ""Every day my refiners on an average melt two to three kilograms of gold,"" he says. Almost every town in India will have at least one small refinery similar to those run by Mr Salunke. It is known as the ""unorganised"" refining sector, which distinguishes it from big refiners who make gold bars and coins from imported, unrefined gold. It is estimated that, in total, Indian households hold a massive 25,000 tonnes of gold, and some of that is always available for sale, particularly when the price of gold is high or the economy is bad and people want to raise some cash. Jewellers may process returned gold themselves but will often use small refiners who will make the gold back into bars. Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash.  ""Most jewellers prefer buying gold from us, as we are based in every city with small units. A jeweller can take back his refined gold in a few hours, not like big refiners who will take days to refine the recycled gold."" According to the World Gold Council, of the 900 tonnes of gold refined in India in 2023, 117 came from recycled sources. But that recycling market is being eyed up by India's big industrial gold refiners.  They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré. Between 2013 and 2021, India's large-scale refiners increased their capacity from 300 to 1,800 tonnes of gold a year. But it is difficult for them to import enough unrefined gold to keep their refineries running. In fact, less than 50% of their refining capacity is used, according to Harshad Ajmera, secretary of the Association of Gold Refiners and Mints. So big refiners have been opening scrap collection centres in big cities, hoping to scoop up unwanted gold and turn it into high-quality bars. ""At present most of the recycling of gold is done by the unorganised sector [small refiners] - that has to change,"" says Mr Ajmera. More technology of business He wants India to become a global hub for gold refining, which would mean importing more unrefined gold and for the big firms to take over more of the gold recycling. ""Switzerland is the world's largest gold refining centre and transit hub. We want India also to be in the same position,"" says Mr Ajmera. CGR Metalloys is one of India's leading gold refiners, refining about 150 tonnes of gold a year. Like the other big players, it has the latest equipment for gold smelting and refining, which it says is better for the environment and can guarantee the purity of its gold to extremely high levels.  ""The refined bullion is analysed to the highest levels of accuracy, on various methods of gold assaying,"" says James Jose, managing director at CGR. It has opened three gold recycling centres in the state of Kerala. ""Indian refineries have a huge capacity... we have huge overheads. So setting up collection centres will increase the flow of scrap gold. This will help increase my output by 30% to 40%,"" says Mr Jose. In recent years, the government has become more involved in the refining industry. In 2020 the Bureau of Indian Standards (BIS) introduced a range of standards for gold bars including purity, weight, markings and dimensions. BIS-approved refiners can sell their bars to the commodity markets. ""The industry is gradually shifting towards greater organisation and efficiency, led by established refineries licensed by the Bureau of Indian Standards, which is setting trusted benchmarks for refined gold products, which will make India a global hub,"" says Somasundaram PR, the chief executive of the World Gold Council India. Some figures suggest that smaller refiners are losing ground. According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%. The moves made by big recycling firms do not concern Mr Salunke much - he says he knows his customers. ""Local jewellers are not willing to pay a recycling cost which is too much beyond what we charge,"" he says. And, like other smaller refiners, Mr Salunke has also been investing in modern refining technology. They are moving away from using nitric acid to purify gold, instead switching to Aqua Regia, which is less polluting.  ""The gold recycled by us is as pure as gold recycled by an organised refinery,"" says Mr Salunke. ""Now we have a testing facility to check the purity, so it would be wrong to say we cannot refine gold into its purest form."" ",BBC,28/03/2024,"['Refining gold has a long history in the family of Satish Pratap Salunke.', 'Following in the footsteps of his father and grandfather, he and his business collect scrap gold from jewellers, melt it down and sell it back to the jewellers in the form of gold bars.', 'He has two refineries, one in Kochi in the southern state of Kerala and the other in Tiruchirappalli in Tamil Nadu.', 'Relatives have refineries elsewhere in the south of India. ""', 'Every day my refiners on an average melt two to three kilograms of gold,"" he says.', 'Almost every town in India will have at least one small refinery similar to those run by Mr Salunke.', 'It is known as the ""unorganised"" refining sector, which distinguishes it from big refiners who make gold bars and coins from imported, unrefined gold.', 'It is estimated that, in total, Indian households hold a massive 25,000 tonnes of gold, and some of that is always available for sale, particularly when the price of gold is high or the economy is bad and people want to raise some cash.', 'Jewellers may process returned gold themselves but will often use small refiners who will make the gold back into bars.', 'Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash. ""', 'Most jewellers prefer buying gold from us, as we are based in every city with small units.', 'A jeweller can take back his refined gold in a few hours, not like big refiners who will take days to refine the recycled gold.""', 'According to the World Gold Council, of the 900 tonnes of gold refined in India in 2023, 117 came from recycled sources.', ""But that recycling market is being eyed up by India's big industrial gold refiners."", 'They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré.', ""Between 2013 and 2021, India's large-scale refiners increased their capacity from 300 to 1,800 tonnes of gold a year."", 'But it is difficult for them to import enough unrefined gold to keep their refineries running.', 'In fact, less than 50% of their refining capacity is used, according to Harshad Ajmera, secretary of the Association of Gold Refiners and Mints.', 'So big refiners have been opening scrap collection centres in big cities, hoping to scoop up unwanted gold and turn it into high-quality bars. ""', 'At present most of the recycling of gold is done by the unorganised sector [small refiners] - that has to change,"" says Mr Ajmera.', 'More technology of business He wants India to become a global hub for gold refining, which would mean importing more unrefined gold and for the big firms to take over more of the gold recycling. ""', ""Switzerland is the world's largest gold refining centre and transit hub."", 'We want India also to be in the same position,"" says Mr Ajmera.', ""CGR Metalloys is one of India's leading gold refiners, refining about 150 tonnes of gold a year."", 'Like the other big players, it has the latest equipment for gold smelting and refining, which it says is better for the environment and can guarantee the purity of its gold to extremely high levels. ""', 'The refined bullion is analysed to the highest levels of accuracy, on various methods of gold assaying,"" says James Jose, managing director at CGR.', 'It has opened three gold recycling centres in the state of Kerala. ""', 'Indian refineries have a huge capacity... we have huge overheads.', 'So setting up collection centres will increase the flow of scrap gold.', 'This will help increase my output by 30% to 40%,"" says Mr Jose.', 'In recent years, the government has become more involved in the refining industry.', 'In 2020 the Bureau of Indian Standards (BIS) introduced a range of standards for gold bars including purity, weight, markings and dimensions.', 'BIS-approved refiners can sell their bars to the commodity markets. ""', 'The industry is gradually shifting towards greater organisation and efficiency, led by established refineries licensed by the Bureau of Indian Standards, which is setting trusted benchmarks for refined gold products, which will make India a global hub,"" says Somasundaram PR, the chief executive of the World Gold Council India.', 'Some figures suggest that smaller refiners are losing ground.', 'According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%.', 'The moves made by big recycling firms do not concern Mr Salunke much - he says he knows his customers. ""', 'Local jewellers are not willing to pay a recycling cost which is too much beyond what we charge,"" he says.', 'And, like other smaller refiners, Mr Salunke has also been investing in modern refining technology.', 'They are moving away from using nitric acid to purify gold, instead switching to Aqua Regia, which is less polluting. ""', 'The gold recycled by us is as pure as gold recycled by an organised refinery,"" says Mr Salunke. ""', 'Now we have a testing facility to check the purity, so it would be wrong to say we cannot refine gold into its purest form.""']",0.0799652359830087,"Mr Salunke says local jewellers like to deal with small refiners like his, because they work quickly and are happy to accept cash. """,But it is difficult for them to import enough unrefined gold to keep their refineries running.,0.5293743080563016,"They have expanded in recent years, spurred on by favourable import duties on their main source of gold - imported, unrefined gold known as gold doré.","According to consultancy Metals Focus, in 2015 between 70 and 75% of the recycling industry was unorganised; by 2021 this had declined to between 60 and 65%.",2024-03-31
Digital humans: the relatable face of artificial intelligence?,https://edition.cnn.com/business/digital-humans-ai-dj-dex-spc/index.html,"
  Published
        5:33 AM EDT, Tue March 19, 2024
    ","Scrolling through the Instagram account of DJ and aspiring model Dex you’ll see her wearing new outfits, performing at shows around the world and chatting to her thousands of followers about her hobbies.
    
            However, it’s clear that there is something different about Dex; she’s an entirely virtual “digital human,” designed by a startup in the UK.
    
            For her performances, Dex is displayed on a video screen or as a holographic projection, with her mixes created by humans. She is animated using Unreal Engine — a 3D modeling software widely used in video games — combined with motion-capture. Generative artificial intelligence allows her to remember information and respond to questions, using a voice also generated by AI.
    
            “She’s probably one of the only digital humans in the performance space that you can have a conversation and interact with,” says Denise Harris, CCO of startup Sum Vivas. “You can ask her anything. She is a genius about music.”
    
            Last month, Dex performed at Digital Fashion Weeks in New York, Paris and Milan, and she has modeled outfits by Prada and Louis Vuitton at digital fashion events.
    
            For Liverpool-based Sum Vivas she’s a “showpiece” for more practical applications. The company is now developing digital humans that can “listen” to people’s questions and converse in real time. “Shellie” can provide product information as an avatar on company websites, while “Arif” is set to direct passengers and answer questions as a multilingual concierge on screens at airports.
    
            According to CEO and founder Rob Sims, digital humans can help bridge the gap between AI technology and people. “What we’ve found is when people start working with and conversing with a digital human, they very quickly suspend disbelief,” Sims tells CNN. “It becomes natural.”
    
            Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.
    
            Record levels of investment into generative AI have followed, with over $21 billion poured into the industry during the first nine months of last year, according to data insights company Pitchbook. In March 2023, Google launched Bard (recently renamed Gemini) and around the same time Anthropic released its AI assistant Claude. As generative AI chatbots become increasingly ubiquitous, Sum Vivas is one of several companies looking to make them more human.
    
            US and New Zealand-based UneeQ has developed animated conversational “digital humans” that can be used as virtual sales reps and customer service agents on company websites, and this month it debuted Sama 2.0, an animated cabin crew member that answers questions on Qatar Airways’ website and app.
    
            Microsoft recently announced that users of its Azure software would be able to create lifelike avatars capable of turning text prompts into animated speech. However, there are widespread concerns about the impact AI could have on the job market. 
    
            “When we rely on automated tools, what skills are we losing in the process?” asks Jennifer Ding, senior researcher at the Alan Turing Institute, the UK’s national institute for data science and artificial intelligence. “In some ways, we think of AI as something that’s helping us or augmenting our work,” she says. “However, alongside, this fear of replacement is bubbling up more and more.”
    
            Harris, however, points to new opportunities within digital human design and development. “Every scenario that we found, we’re creating jobs and working in harmony with people rather than taking away jobs,” she says.
    
            “Digital humans, first and foremost, should work with other human colleagues,” adds Sims. “We’ll move into a stage where digital humans will start to become just another member of the team, with added benefits for that team, and obviously the customers they serve.”",CNN,19/03/2024,"['Scrolling through the Instagram account of DJ and aspiring model Dex you’ll see her wearing new outfits, performing at shows around the world and chatting to her thousands of followers about her hobbies.', 'However, it’s clear that there is something different about Dex; she’s an entirely virtual “digital human,” designed by a startup in the UK.', 'For her performances, Dex is displayed on a video screen or as a holographic projection, with her mixes created by humans.', 'She is animated using Unreal Engine — a 3D modeling software widely used in video games — combined with motion-capture.', 'Generative artificial intelligence allows her to remember information and respond to questions, using a voice also generated by AI.', '“She’s probably one of the only digital humans in the performance space that you can have a conversation and interact with,” says Denise Harris, CCO of startup Sum Vivas. “', 'You can ask her anything.', 'She is a genius about music.”', 'Last month, Dex performed at Digital Fashion Weeks in New York, Paris and Milan, and she has modeled outfits by Prada and Louis Vuitton at digital fashion events.', 'For Liverpool-based Sum Vivas she’s a “showpiece” for more practical applications.', 'The company is now developing digital humans that can “listen” to people’s questions and converse in real time. “', 'Shellie” can provide product information as an avatar on company websites, while “Arif” is set to direct passengers and answer questions as a multilingual concierge on screens at airports.', 'According to CEO and founder Rob Sims, digital humans can help bridge the gap between AI technology and people. “', 'What we’ve found is when people start working with and conversing with a digital human, they very quickly suspend disbelief,” Sims tells CNN. “', 'It becomes natural.”', 'Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.', 'Record levels of investment into generative AI have followed, with over $21 billion poured into the industry during the first nine months of last year, according to data insights company Pitchbook.', 'In March 2023, Google launched Bard (recently renamed Gemini) and around the same time Anthropic released its AI assistant Claude.', 'As generative AI chatbots become increasingly ubiquitous, Sum Vivas is one of several companies looking to make them more human.', 'US and New Zealand-based UneeQ has developed animated conversational “digital humans” that can be used as virtual sales reps and customer service agents on company websites, and this month it debuted Sama 2.0, an animated cabin crew member that answers questions on Qatar Airways’ website and app.', 'Microsoft recently announced that users of its Azure software would be able to create lifelike avatars capable of turning text prompts into animated speech.', 'However, there are widespread concerns about the impact AI could have on the job market.', '“When we rely on automated tools, what skills are we losing in the process?”', 'asks Jennifer Ding, senior researcher at the Alan Turing Institute, the UK’s national institute for data science and artificial intelligence. “', 'In some ways, we think of AI as something that’s helping us or augmenting our work,” she says. “', 'However, alongside, this fear of replacement is bubbling up more and more.”', 'Harris, however, points to new opportunities within digital human design and development. “', 'Every scenario that we found, we’re creating jobs and working in harmony with people rather than taking away jobs,” she says.', '“Digital humans, first and foremost, should work with other human colleagues,” adds Sims. “', 'We’ll move into a stage where digital humans will start to become just another member of the team, with added benefits for that team, and obviously the customers they serve.”']",0.1214444180579973,"Since OpenAI’s ChatGPT was launched in November 2022, considerable hype has surrounded the potential of generative AI — artificial intelligence powered by huge datasets of information, capable of generating text outputs in a conversational way.","However, alongside, this fear of replacement is bubbling up more and more.”",0.2107266932725906,"Harris, however, points to new opportunities within digital human design and development. “","However, there are widespread concerns about the impact AI could have on the job market.",2024-03-31
NBC News ousts Ronna McDaniel after network’s anchors launch unprecedented on-air rebellion,https://edition.cnn.com/2024/03/26/media/nbc-news-ousts-ronna-mcdaniel/index.html,"
  Updated
        7:44 PM EDT, Tue March 26, 2024
    ","NBC News on Tuesday ousted former Republican National Committee chair Ronna McDaniel, just days after her hiring as a paid political analyst sparked intense backlash from the network’s top television anchors over McDaniel’s role in subverting the 2020 election and attacks on the press.
    
            “There is no doubt that the last several days have been difficult for the News Group,” NBCUniversal News Group President Cesar Conde said in a memo to staff. “After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor.”
    
            “I want to personally apologize to our team members who felt we let them down,” Conde continued. “While this was a collective recommendation by some members of our leadership team, I approved it and take full responsibility for it.”
    
            Ahead of the network’s decision, McDaniel spent the day Tuesday interviewing attorneys in preparation for a potential legal battle with NBC, a person familiar with the matter told CNN. Creative Artists Agency, the talent agency that brokered McDaniel’s deal with NBC, also parted ways with her, the person said.
    
            The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.
    
            McDaniel, who recently stepped down from the RNC under pressure from former President Donald Trump, was involved in attempts to overturn the results of the 2020 election.
    
            As head of the RNC, she was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead. McDaniel told the officials, regarding the certification: “Do not sign it. … We will get you attorneys.”
    
            In the years since, McDaniel continued to claim that the election had “problems” and that Biden did not legitimately win the election, fanning the flames of election denialism.
    
            NBC’s announcement Friday that it had hired McDaniel was quickly met with alarm by the network’s journalists. The revolt spilled into public view on Sunday when McDaniel appeared on “Meet the Press” with moderator Kristen Welker in her first interview since she was hired by the network. Welker disclosed that the interview had been scheduled to take place prior to NBC announcing McDaniel would become a paid contributor for the network, stating that she had no involvement in her hiring.
    
            Following the interview, Chuck Todd, NBC News’ chief political analyst, delivered a stinging on-air criticism of NBC executives for their decision to hire McDaniel, telling Welker, “I think our bosses owe you an apology for putting you in this situation.”
    
            “There’s a reason a lot of journalists at NBC News are uncomfortable with this,” Todd said, explaining that under McDaniel, the RNC engaged in “gaslighting” and “character assassination” when dealing with the news media.
    
            The following day, MSNBC hosts Mika Brzezinski and Joe Scarborough joined Todd in protesting the decision on their program “Morning Joe.”
    
            “To be clear, we believe NBC News should seek out conservative Republican voices to provide balance in their election coverage, but it should be conservative Republicans, not a person who used her position of power to be an anti-democracy election denier,” Brzezinski said. “We hope NBC will reconsider its decision. It goes without saying that she will not be a guest on ‘Morning Joe’ in her capacity as a paid contributor.”
    
            Nicolle Wallace, host of MSNBC’s “Deadline: White House,” later joined in the rebuke, saying on her program that the network’s decision to hire McDaniel was nothing short of a potential threat to democracy.
    
            “NBC News is, either wittingly or unwittingly, teaching election deniers that what they can do stretches well beyond appearing on our air and interviews to peddle lies about the sanctity and integrity of our elections,” Wallace told viewers.
    
            Rachel Maddow — the network’s biggest star — later devoted the first half-hour of her prime-time program to the controversy, saying the decision to hire McDaniel was “inexplicable.” Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.
    
            “We do not take it personally when we get attacked, when they say they want to put us on trial and execute us for treason,” she said.
    
            “And so I want to associate myself with all my colleagues at MSNBC and NBC News who have voiced loud and principled objections to our company for putting on the payroll someone who hasn’t just attacked us as journalists, but someone who is part of an ongoing project to get rid of our system of government,” she said of McDaniel. “Someone who is still trying to convince Americans that this election stuff doesn’t really work. That this last election wasn’t a real result. That American elections are fraudulent.“
    
            The on-air revolt ensnared NBC’s top leaders, including NBCUniversal News Group chair Cesar Conde, NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown, who were responsible for McDaniel’s hiring. MSNBC president Rashida Jones also did not object to the decision, people familiar with the matter said.
    
            In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”
    
            “I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “That leadership was willing to change on this, I’m grateful to them.”",CNN,26/03/2024,"['NBC News on Tuesday ousted former Republican National Committee chair Ronna McDaniel, just days after her hiring as a paid political analyst sparked intense backlash from the network’s top television anchors over McDaniel’s role in subverting the 2020 election and attacks on the press.', '“There is no doubt that the last several days have been difficult for the News Group,” NBCUniversal News Group President Cesar Conde said in a memo to staff. “', 'After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor.”', '“I want to personally apologize to our team members who felt we let them down,” Conde continued. “', 'While this was a collective recommendation by some members of our leadership team, I approved it and take full responsibility for it.”', 'Ahead of the network’s decision, McDaniel spent the day Tuesday interviewing attorneys in preparation for a potential legal battle with NBC, a person familiar with the matter told CNN.', 'Creative Artists Agency, the talent agency that brokered McDaniel’s deal with NBC, also parted ways with her, the person said.', 'The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.', 'McDaniel, who recently stepped down from the RNC under pressure from former President Donald Trump, was involved in attempts to overturn the results of the 2020 election.', 'As head of the RNC, she was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead.', 'McDanieltold the officials, regarding the certification: “Do not sign it. …', 'We will get you attorneys.”', 'In the years since, McDaniel continued to claim that the election had “problems” and that Biden did not legitimately win the election, fanning the flames of election denialism.', 'NBC’s announcement Friday that it had hired McDaniel was quickly met with alarm by the network’s journalists.', 'The revolt spilled into public view on Sunday when McDaniel appeared on “Meet the Press” with moderator Kristen Welker in her first interview since she was hired by the network.', 'Welker disclosed that the interview had been scheduled to take place prior to NBC announcing McDaniel would become a paid contributor for the network, stating that she had no involvement in her hiring.', 'Following the interview, Chuck Todd, NBC News’ chief political analyst, delivered a stinging on-air criticism of NBC executives for their decision to hire McDaniel, telling Welker, “I think our bosses owe you an apology for putting you in this situation.”', '“There’s a reason a lot of journalists at NBC News are uncomfortable with this,” Todd said, explaining that under McDaniel, the RNC engaged in “gaslighting” and “character assassination” when dealing with the news media.', 'The following day, MSNBC hosts Mika Brzezinski and Joe Scarborough joined Todd in protesting the decision on their program “Morning Joe.”', '“To be clear, we believe NBC News should seek out conservative Republican voices to provide balance in their election coverage, but it should be conservative Republicans, not a person who used her position of power to be an anti-democracy election denier,”Brzezinski said. “', 'We hope NBC will reconsider its decision.', 'It goes without saying that she will not be a guest on ‘Morning Joe’ in her capacity as a paid contributor.”', 'Nicolle Wallace, host of MSNBC’s “Deadline: White House,” later joined in the rebuke, saying on her program that the network’s decision to hire McDaniel was nothing short of a potential threat to democracy.', '“NBC News is, either wittingly or unwittingly, teaching election deniers that what they can do stretches well beyond appearing on our air and interviews to peddle lies about the sanctity and integrity of our elections,” Wallace told viewers.', 'Rachel Maddow — the network’s biggest star — later devoted the first half-hour of her prime-time program to the controversy, saying the decision to hire McDaniel was “inexplicable.”', 'Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.', '“We do not take it personally when we get attacked, when they say they want to put us on trial and execute us for treason,” she said.', '“And so I want to associate myself with all my colleagues at MSNBC and NBC News who have voiced loud and principled objections to our company for putting on the payroll someone who hasn’t just attacked us as journalists, but someone who is part of an ongoing project to get rid of our system of government,” she said of McDaniel. “', 'Someone who is still trying to convince Americans that this election stuff doesn’t really work.', 'That this last election wasn’t a real result.', 'That American elections are fraudulent.“', 'The on-air revolt ensnared NBC’s top leaders, including NBCUniversal News Group chair Cesar Conde, NBC News president Rebecca Blumenstein and senior vice president of politics Carrie Budoff Brown, who were responsible for McDaniel’s hiring.', 'MSNBC president Rashida Jones also did not object to the decision, people familiar with the matter said.', 'In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”', '“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “', 'That leadership was willing to change on this, I’m grateful to them.”']",-0.0710578434549836,"In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”","Maddow took issue with McDaniel’s long track record of demonizing the news media, labeling the press as “fake news,” and launching ugly attacks on NBC News journalists and MSNBC hosts.",-0.4204912583033244,"In the wake of Conde’s announcement to sever ties with McDaniel, MSNBC host Joy Reid and Maddow addressed the reversal on the network’s air, praising the move as “bold” and “strong.”",The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network.,2024-03-31
Chair Powell says the Fed isn’t more tolerant of higher inflation. Some economists disagree,https://edition.cnn.com/2024/03/31/business/stocks-week-ahead-powell-inflation/index.html,"
  Published
        7:30 AM EDT, Sun March 31, 2024
    ","US inflation is down considerably from the 40-year highs reached in the summer of 2022. But it remains above the official 2% target set by the Federal Reserve.
    
            At their latest policy meeting earlier this month, officials revised up their economic projections for growth and inflation, while affirming their expectations of cutting interest rates this year. Some economists interpreted that as a sign that the Fed is now more tolerant of higher inflation.
    
            Central bankers repeatedly emphasize how important it is to get inflation under control, often mentioning the toll it takes on all Americans, especially those living paycheck to paycheck. After jacking up interest rates to a 23-year high, the Fed has made a lot of progress, but the final stretch is proving difficult, or “bumpy,” as Fed Chair Jerome Powell likes to describe it.
    
            Consumers prices were up 2.5% in February from a year earlier, according to the Fed’s favorite inflation gauge, which was released Friday. That’s a notch higher than January’s 2.4% annual rise and reflects Powell’s aforementioned bump.
    
            Powell pushed back on the perception that the central bank has grown more comfortable with inflation being higher for longer than expected in his post-meeting news conference.
    
            “No, it doesn’t mean that,” Powell said. “We did mark up our growth forecast, and so have many other forecasters, so the economy is performing well, and the inflation data came in a little bit higher as a separate matter and I think that caused people to write up their inflation [projections].”
    
            “We’re strongly committed to bringing inflation down to 2% over time,” Powell added. “Markets believe we will achieve that goal and they should believe that because that’s what will happen over time.”
    
            Powell continued to signal that “it will likely be appropriate to begin dialing back policy restraint at some point this year,” if the economy evolves as expected.
    
            Economist Mohamed El-Erian wrote in an opinion article in the Financial Times that the Fed was taking a risk by signaling it would cut rates even as it believes inflation could rise in the near term.
    
            “It is not often that you see a reputable central bank revise up its inflation and growth projections and yet strengthen a dovish tilt to its policy stance,” he said.
    
            Before the Bell spoke with Lydia Boussour, senior economist at EY-Parthenon, about the Fed’s perception of inflation.
    
            This interview has been edited for length and clarity.
    
            What do the latest economic projections from Fed officials say about the central bank’s perception of inflation?
    
            Lydia Boussour: The latest projections show that the Fed is willing to be a little bit more patient to achieve their goal. and my sense coming out of this month’s meeting was that Fed Chair Powell wants to get this easing cycle going sooner rather than later.
    
            They revised growth to show a stronger economy and they lifted inflation, too, but not as much. To me, that was a sign that they believe there’s more room for non-inflationary growth, so they’re just embracing this supply-side story that we’ve seen in the US economy.
    
            What’s allowing the Fed to be patient or more tolerant of higher inflation?
    
            They’re willing to essentially look through some of the bumpiness in the inflation data at the beginning of the year. We saw some stalling in January and February, but overall, the Fed believes that the disinflationary conditions that have been in place for some time will remain in place.
    
            We have this re-balancing in the labor market that’s ongoing, you’re seeing job growth remain solid, slower labor demand and a rebound in labor force participation. Companies are seeing less pricing power in this more fragile demand environment, and I think that’s important because consumers are still spending, but they’re being more cautious because of the fatigue that we’re seeing in the economy. Overall, their base case is that inflation is going to continue to move lower, and that sometime this year, they’re going to be able to start cutting rates.
    
            What’s helped drive this noninflationary growth that we may continue to see?
    
            What has surprised many is the fact that the supply side of the economy has responded more than anticipated. Supply-chain conditions have normalized significantly, and that helps keep goods inflation in check. The second factor is productivity growth, which I think is a really important piece of the inflation story because if companies are able to generate productivity gains, they’re not going to be so inclined to pass on higher costs on to the consumers.
    
            The third factor is the fact that we’ve seen a rebound in immigration and a rebound in the labor supply. That has helped loosen the labor market, which was very tight a few years ago, so all of these factors have really allowed for the economy to continue to move at a decent pace and that’s happening at the same time as inflation has been falling.
    
            In its largest acquisition ever, Home Depot is expanding its business targeting professional contractors and builders as the home fixer-upper market stalls, my colleague Nathaniel Meyersohn reports.
    
            Home Depot announced Thursday that it is spending $18.3 billion to buy SRS Distribution, a huge building-projects supplier that counts professional roofers, landscapers and pool contractors as its primary customers. SRS, which will operate independently, Home Depot noted, has 760 warehouses and more than 4,000 trucks to deliver its goods.
    
            Home Depot, the nation’s fifth-largest retailer, currently gets around half of its sales from housing professionals, who spend more at stores than do-it-yourself homeowners purchasing lawn mowers and power tools. Both Home Depot and Lowe’s have been trying to win more pro customers.
    
            Read more here.
    
            Monday: S&P Global and the Institute for Supply Management release March surveys gauging economic activity in the US manufacturing sector.
    
            Tuesday: Earnings from Cal-Maine Foods and Dave & Buster’s Entertainment. The US Labor Department releases February data on job openings, hires, quits and layoffs. The US Commerce Department releases February data on new orders for manufactured goods.
    
            Wednesday: Earnings from Levi Strauss and Tupperware. The European Union’s statistics agency releases March inflation figures. ADP releases its March employment report. S&P Global and the Institute for Supply Management release March surveys gauging economic activity in the US services sector. Fed Chair Jerome Powell participates in a forum at Stanford University.
    
            Thursday: The US Commerce Department releases trade flow data for February. The US Labor Department reports the number of new applications for jobless benefits in the week ended March 30.
    
            Friday: The US Labor Department releases March data gauging the job market, including monthly payroll growth, wage gains and the unemployment rate.",CNN,31/03/2024,"['US inflation is down considerably from the 40-year highs reached in the summer of 2022.', 'But it remains above the official 2% target set by the Federal Reserve.', 'At their latest policy meeting earlier this month, officials revised up their economic projections for growth and inflation, while affirming their expectations of cutting interest rates this year.', 'Some economists interpreted that as a sign that the Fed is now more tolerant of higher inflation.', 'Central bankers repeatedly emphasize how important it is to get inflation under control, often mentioning the toll it takes on all Americans, especially those living paycheck to paycheck.', 'After jacking up interest rates to a 23-year high, the Fed has made a lot of progress, but the final stretch is proving difficult, or “bumpy,” as Fed Chair Jerome Powell likes to describe it.', 'Consumers prices were up 2.5% in February from a year earlier, according to the Fed’s favorite inflation gauge, which was released Friday.', 'That’s a notch higher than January’s 2.4% annual rise and reflects Powell’s aforementioned bump.', 'Powell pushed back on the perception that the central bank has grown more comfortable with inflation being higher for longer than expected in his post-meeting news conference.', '“No, it doesn’t mean that,” Powell said. “', 'We did mark up our growth forecast, and so have many other forecasters, so the economy is performing well, and the inflation data came in a little bit higher as a separate matter and I think that caused people to write up their inflation [projections].”', '“We’re strongly committed to bringing inflation down to 2% over time,” Powell added. “', 'Markets believe we will achieve that goal and they should believe that because that’s what will happen over time.”', 'Powell continued to signal that “it will likely be appropriate to begin dialing back policy restraint at some point this year,” if the economy evolves as expected.', 'Economist Mohamed El-Erian wrote in an opinion article in the Financial Times that the Fed was taking a risk by signaling it would cut rates even as it believes inflation could rise in the near term.', '“It is not often that you see a reputable central bank revise up its inflation and growth projections and yet strengthen a dovish tilt to its policy stance,” he said.', 'Before the Bell spoke with Lydia Boussour, senior economist at EY-Parthenon, about the Fed’s perception of inflation.', 'This interview has been edited for length and clarity.', 'What do the latest economic projections from Fed officials say about the central bank’s perception of inflation?', 'Lydia Boussour:The latest projections show that the Fed is willing to be a little bit more patient to achieve their goal.', 'and my sense coming out of this month’s meeting was that Fed Chair Powell wants to get this easing cycle going sooner rather than later.', 'They revised growth to show a stronger economy and they lifted inflation, too, but not as much.', 'To me, that was a sign that they believe there’s more room for non-inflationary growth, so they’re just embracing this supply-side story that we’ve seen in the US economy.', 'What’s allowing the Fed to be patient or more tolerant of higher inflation?', 'They’re willing to essentially look through some of the bumpiness in the inflation data at the beginning of the year.', 'We saw some stalling in January and February, but overall, the Fed believes that the disinflationary conditions that have been in place for some time will remain in place.', 'We have this re-balancing in the labor market that’s ongoing, you’re seeing job growth remain solid, slower labor demand and a rebound in labor force participation.', 'Companies are seeing less pricing power in this more fragile demand environment, and I think that’s important because consumers are still spending, but they’re being more cautious because of the fatigue that we’re seeing in the economy.', 'Overall, their base case is that inflation is going to continue to move lower, and that sometime this year, they’re going to be able to start cutting rates.', 'What’s helped drive this noninflationary growth that we may continue to see?', 'What has surprised many is the fact that the supply side of the economy has responded more than anticipated.', 'Supply-chain conditions have normalized significantly, and that helps keep goods inflation in check.', 'The second factor is productivity growth, which I think is a really important piece of the inflation story because if companies are able to generate productivity gains, they’re not going to be so inclined to pass on higher costs on to the consumers.', 'The third factor is the fact that we’ve seen a rebound in immigration and a rebound in the labor supply.', 'That has helped loosen the labor market, which was very tight a few years ago, so all of these factors have really allowed for the economy to continue to move at a decent pace and that’s happening at the same time as inflation has been falling.', 'In its largest acquisition ever, Home Depot is expanding its business targeting professional contractors and builders as the home fixer-upper market stalls, my colleague Nathaniel Meyersohn reports.', 'Home Depotannounced Thursday that it is spending $18.3 billion to buy SRS Distribution, a huge building-projects supplier that counts professional roofers, landscapers and pool contractors as its primary customers.', 'SRS, which will operate independently, Home Depot noted, has 760 warehouses and more than 4,000 trucks to deliver its goods.', 'Home Depot, the nation’s fifth-largest retailer, currently gets around half of its sales from housing professionals, who spend more at stores than do-it-yourself homeowners purchasing lawn mowers and power tools.', 'Both Home Depot and Lowe’s have been trying to win more pro customers.', 'Read more here.', 'Monday: S&P Global and the Institute for Supply Management release March surveys gauging economic activity in the US manufacturing sector.', 'Tuesday: Earnings from Cal-Maine Foods and Dave & Buster’s Entertainment.', 'The US Labor Department releases February data on job openings, hires, quits and layoffs.', 'The US Commerce Department releases February data on new orders for manufactured goods.', 'Wednesday: Earnings from Levi Strauss and Tupperware.', 'The European Union’s statistics agency releases March inflation figures.', 'ADP releases its March employment report.', 'S&P Global and the Institute for Supply Management release March surveys gauging economic activity in the US services sector.', 'Fed Chair Jerome Powell participates in a forum at Stanford University.', 'Thursday: The US Commerce Department releases trade flow data for February.', 'The US Labor Department reports the number of new applications for jobless benefits in the week ended March 30.', 'Friday: The US Labor Department releases March data gauging the job market, including monthly payroll growth, wage gains and the unemployment rate.']",0.1596467406936168,"The second factor is productivity growth, which I think is a really important piece of the inflation story because if companies are able to generate productivity gains, they’re not going to be so inclined to pass on higher costs on to the consumers.","Companies are seeing less pricing power in this more fragile demand environment, and I think that’s important because consumers are still spending, but they’re being more cautious because of the fatigue that we’re seeing in the economy.",0.5763009868819138,"Consumers prices were up 2.5% in February from a year earlier, according to the Fed’s favorite inflation gauge, which was released Friday.",US inflation is down considerably from the 40-year highs reached in the summer of 2022.,2024-03-31
Fallen 'Crypto King' Sam Bankman-Fried gets 25 years for fraud,https://www.bbc.co.uk/news/business-68677487,2024-03-28T16:12:40.000Z,"Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.  The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022. He was found to have stolen billions from customers ahead of the failure. Bankman-Fried's legal team will appeal against his conviction. A message from his parents shared with the BBC by a representative for Bankman-Fried said: ""We are heartbroken and will continue to fight for our son."" Earlier, the 32-year-old said in court he knew ""a lot of people"" felt ""really let down"". ""I'm sorry about that. I'm sorry about what happened at every stage,"" he said, speaking quietly and clearly ahead of his sentencing.  FTX was one of the world's largest crypto exchanges before its demise, turning Bankman-Fried into a business celebrity and attracting millions of customers who used the platform to buy and trade cryptocurrency.  Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes.  He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had taken more than $8bn (£6.3bn) from customers, and used the money to buy property, make political donations and put toward other investments. Before reading the sentence on Thursday, Judge Lewis Kaplan provided a harsh assessment of Bankman-Fried's behaviour, saying he had lied during his testimony at trial when he claimed he was unaware until the last minute that his companies were taking money entrusted to them for safe-keeping by customers and using it for other purposes.  ""He knew it was wrong. He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught but he's not going to admit a thing,"" the judge said. Though Bankman-Fried had made ""protestations of sorrow"" about customer losses, he had uttered ""never a word of remorse for the commission of terrible crimes"", he added.  While 25 years constitutes a serious prison sentence, it is far less than the more than 100 years Bankman-Fried could have received under official government guidelines. Federal prosecutors in New York this month told the judge such a long term was not necessary. But they requested at least 40 years, arguing that Bankman-Fried had committed a massive fraud, while showing ""brazen disrespect"" for the law. Bankman-Fried's team had argued for a lighter sentence of roughly five to 6.5 years.  They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court.  ""The victims want their money back and they should get it,"" his lawyer, Marc Mukasey, argued in court on Thursday morning. ""Sentence him to work hard and give it all away."" Former federal prosecutor Mitchell Epner, now a lawyer at Rottenberg Lipman Rich, said he was ""very surprised"" by the ruling, noting that Bankman-Fried could potentially be released from prison in about 13 years. But Jennifer Taub, a law professor at Western New England University and expert on white-collar crime, said she thought the length of the sentence was appropriate. ""It is the right balance between how old he is and what is the purpose of deterrence,"" she said. In his sentencing remarks, Judge Kaplan said what could amount to a life sentence was unnecessary but that Bankman-Fried must receive a punishment sufficient to prevent him from committing future crimes. ""There is a risk that this man will be in a position to do something very bad in the future and it's not a trivial risk, not a trivial risk at all,"" he said.  He also ordered Bankman-Fried to forfeit $11bn that can be used to compensate victims.  The government has already seized some of those assets, such as shares Bankman-Fried owned in Robinhood, the trading app which raised more than $600m when they were sold last year.  Bankman-Fried showed little visible reaction to the ruling.  Bankman-Fried has admitted to mistakes of mismanagement, but maintained that he was acting in good faith. In his comments ahead of the sentencing, he stuck to his story that FTX had the holdings to repay customers at the time of its collapse and said he did not think that reasons behind customer suffering had been ""properly told"". ""They've been failed by more people than I can count"" including himself, he said, speaking of the exchange's customers. ""It's been excruciating to watch."" Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks.  ""They all built something really beautiful, they threw themselves into it and then I threw it all away,"" he added. ""It haunts me every day."" Dozens of people, including former FTX customers, family, friends of his parents and complete strangers, had submitted letters to the court, trying to sway the outcome. Louis Dorigny of California, who had been an FTX customer said it was a ""bittersweet moment for creditors"".  ""I don't wish jail time on anybody, and 25 years is a very, very long time to be in prison, but it does nothing to compensate the victims for the loss of their cryptocurrency,"" he said.  Samuel Hapak, chief executive of crypto trading fund Wincent, whose firm represented 200 investors with millions of dollars at FTX when it entered bankruptcy, told the BBC that he thought the ruling was ""fair"". ""Twenty-five years is a lot and I believe that this sounds like a reasonable signal to the industry that it needs to step up the game,"" he said. Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.  He said he was also taking into account concerns raised by his lawyers and parents that Bankman-Fried's social awkwardness stemming from autism spectrum disorder would make him vulnerable in prison. Bankman-Fried's case has been closely watched by other crypto executives and firms facing charges. But he is not the first player in the industry to be sentenced.  Karl Sebastian Greenwood, who worked with ""Cryptoqueen"" Ruja Ignatova, was sentenced to 20 years in prison last year for his role convincing millions of people to invest more than $4bn in a fraudulent currency, OneCoin. His case also drew comparisons to Bernie Madoff, who was setenced to 150 years in prison after being found guilty of a $64bn Ponzi scheme.  Former federal prosecutor Marc Litt, who worked on the the case against Madoff and is now a lawyer at Wachtel Missry, said he saw big differences between the two fraudsters, noting Madoff was older when sentenced, had committed his crimes over several decades, stolen from people he knew well and had no one step forward to testify to his character. ""The court implicitly took those sorts of differences into consideration and I believe that the resulting lower sentence was both warranted and is unlikely to be disturbed on appeal,"" he said.  ",BBC,28/03/2024,"['Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.', ""The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022."", 'He was found to have stolen billions from customers ahead of the failure.', ""Bankman-Fried's legal team will appeal against his conviction."", 'A message from his parents shared with the BBC by a representative for Bankman-Fried said: ""We are heartbroken and will continue to fight for our son.""', 'Earlier, the 32-year-old said in court he knew ""a lot of people"" felt ""really let down"". ""', ""I'm sorry about that."", 'I\'m sorry about what happened at every stage,"" he said, speaking quietly and clearly ahead of his sentencing.', ""FTX was one of the world's largest crypto exchanges before its demise, turning Bankman-Fried into a business celebrity and attracting millions of customers who used the platform to buy and trade cryptocurrency."", ""Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes."", 'He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had taken more than $8bn (£6.3bn) from customers, and used the money to buy property, make political donations and put toward other investments.', 'Before reading the sentence on Thursday, Judge Lewis Kaplan provided a harsh assessment of Bankman-Fried\'s behaviour, saying he had lied during his testimony at trial when he claimed he was unaware until the last minute that his companies were taking money entrusted to them for safe-keeping by customers and using it for other purposes. ""', 'He knew it was wrong.', 'He knew it was criminal.', 'He regrets that he made a very bad bet about the likelihood of getting caught but he\'s not going to admit a thing,"" the judge said.', 'Though Bankman-Fried had made ""protestations of sorrow"" about customer losses, he had uttered ""never a word of remorse for the commission of terrible crimes"", he added.', 'While 25 years constitutes a serious prison sentence, it is far less than the more than 100 years Bankman-Fried could have received under official government guidelines.', 'Federal prosecutors in New York this month told the judge such a long term was not necessary.', 'But they requested at least 40 years, arguing that Bankman-Fried had committed a massive fraud, while showing ""brazen disrespect"" for the law.', ""Bankman-Fried's team had argued for a lighter sentence of roughly five to 6.5 years."", 'They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court. ""', 'The victims want their money back and they should get it,"" his lawyer, Marc Mukasey, argued in court on Thursday morning. ""', 'Sentence him to work hard and give it all away.""', 'Former federal prosecutor Mitchell Epner, now a lawyer at Rottenberg Lipman Rich, said he was ""very surprised"" by the ruling, noting that Bankman-Fried could potentially be released from prison in about 13 years.', 'But Jennifer Taub, a law professor at Western New England University and expert on white-collar crime, said she thought the length of the sentence was appropriate. ""', 'It is the right balance between how old he is and what is the purpose of deterrence,"" she said.', 'In his sentencing remarks, Judge Kaplan said what could amount to a life sentence was unnecessary but that Bankman-Fried must receive a punishment sufficient to prevent him from committing future crimes. ""', 'There is a risk that this man will be in a position to do something very bad in the future and it\'s not a trivial risk, not a trivial risk at all,"" he said.', 'He also ordered Bankman-Fried to forfeit $11bn that can be used to compensate victims.', 'The government has already seized some of those assets, such as shares Bankman-Fried owned in Robinhood, the trading app which raised more than $600m when they were sold last year.', 'Bankman-Fried showed little visible reaction to the ruling.', 'Bankman-Fried has admitted to mistakes of mismanagement, but maintained that he was acting in good faith.', 'In his comments ahead of the sentencing, he stuck to his story that FTX had the holdings to repay customers at the time of its collapse and said he did not think that reasons behind customer suffering had been ""properly told"". ""', 'They\'ve been failed by more people than I can count"" including himself, he said, speaking of the exchange\'s customers. ""', 'It\'s been excruciating to watch.""', 'Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks. ""', 'They all built something really beautiful, they threw themselves into it and then I threw it all away,"" he added. ""', 'It haunts me every day.""', 'Dozens of people, including former FTX customers, family, friends of his parents and complete strangers, had submitted letters to the court, trying to sway the outcome.', 'Louis Dorigny of California, who had been an FTX customer said it was a ""bittersweet moment for creditors"". ""', 'I don\'t wish jail time on anybody, and 25 years is a very, very long time to be in prison, but it does nothing to compensate the victims for the loss of their cryptocurrency,"" he said.', 'Samuel Hapak, chief executive of crypto trading fund Wincent, whose firm represented 200 investors with millions of dollars at FTX when it entered bankruptcy, told the BBC that he thought the ruling was ""fair"". ""', 'Twenty-five years is a lot and I believe that this sounds like a reasonable signal to the industry that it needs to step up the game,"" he said.', 'Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.', ""He said he was also taking into account concerns raised by his lawyers and parents that Bankman-Fried's social awkwardness stemming from autism spectrum disorder would make him vulnerable in prison."", ""Bankman-Fried's case has been closely watched by other crypto executives and firms facing charges."", 'But he is not the first player in the industry to be sentenced.', 'Karl Sebastian Greenwood, who worked with ""Cryptoqueen"" Ruja Ignatova, was sentenced to 20 years in prison last year for his role convincing millions of people to invest more than $4bn in a fraudulent currency, OneCoin.', 'His case also drew comparisons to Bernie Madoff, who was setenced to 150 years in prison after being found guilty of a $64bn Ponzi scheme.', 'Former federal prosecutor Marc Litt, who worked on the the case against Madoff and is now a lawyer at Wachtel Missry, said he saw big differences between the two fraudsters, noting Madoff was older when sentenced, had committed his crimes over several decades, stolen from people he knew well and had no one step forward to testify to his character. ""', 'The court implicitly took those sorts of differences into consideration and I believe that the resulting lower sentence was both warranted and is unlikely to be disturbed on appeal,"" he said.']",-0.2778604803875567,"Bankman-Fried said he was sorry for disappointing not only customers but also former employees, including top lieutenants Caroline Ellison and Gary Wang, formerly close friends who testified against him at trial and whom he praised in his remarks. """,Judge Kaplan said he would not recommend Bankman-Fried serve his sentence in a maximum security prison because the court had no reason to believe he posed a threat of violence.,-0.2853164209259881,"They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court. ""","Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes.",2024-03-31
Can Sweden keep its edge in the music industry?,https://www.bbc.co.uk/news/business-68499740,2024-03-15T00:17:40.000Z,"From Abba to Spotify, Avicii to Soundcloud, Stockholm has spawned both some of the world's most successful musicians and music tech companies. Sweden has won the Eurovision Song Contest a record seven times, a gong it holds jointly with Ireland - and Malmö will host this year's competition. That legacy is evident moments after stepping off the underground at Stockholm's central station. Sergels torg, the capital's main square paved in black and white triangles, is home to the Avicii Experience, an interactive museum celebrating the late Tim Bergling. He grew up here and became one of the world's bestselling DJs under his artist name Avicii. On the fifteenth floor sits Per Sundin, chief executive of Pophouse Entertainment which runs the museum. The company is focussed on creating the ""next generation"" of high-tech entertainment experiences, with a portfolio that also includes the Abba Voyage stage show in London, performed by avatar versions of Sweden's biggest supergroup. It is developing plans for a new show in 2027 involving digital versions of the US rock band Kiss, after testing the technology at the band's final real-life gig last year. ""What's the similarity between Kiss and Abba?,"" asks Mr Sundin rhetorically from his private office with floor-to-ceiling windows. ""They really have super fans, both artists, and they have a wide catalogue, and they have global presence all over the world."" Despite selling more than two million tickets for Abba Voyage since May 2022, he says Pophouse Entertainment still hasn't broken even on its investments, which include the technology (created in collaboration with US filmmaker George Lucas's visual effects company Industrial Light and Magic), and the event's bespoke east London arena. But Mr Sundin - a former Universal Music executive - says he has faith in the concept, and hopes it can be adapted for a handful of other big-name legacy artists in future.  ""This is for those who can't tour anymore, can't really make themselves as good [as they were]... or [want to] do different kinds of things with their music legacy,"" says Mr Sundin.  Pophouse's innovations follow a string of other music tech success stories emerging from Stockholm, a capital with a population of just one million. Daniel Ek's Spotify launched here in 2008, while Soundcloud was founded a year earlier by two students from Stockholm School of Economics, Alex Ljung and Eric Wahlforss, who later relocated the business to Berlin. Other companies who've made a global impact include Soundtrack Your Brand, which provides a subscription service enabling businesses to play commercial music without licensing issues, and Epidemic Sound, a platform for rights-free music for content creators, recently valued at 12.5bn kronor (£950m; $1.2bn), according to Swedish business news site Dagens Industri.  ""We all know there must be something in the water,"" laughs Sarah Herlin, co-founder of Stockholm Music City, an organisation that encourages collaboration between the capital's music and tech sectors, and provides support to start-ups. On a more serious note, she argues that there are several key ingredients in Stockholm's recipe for music tech success. These include Sweden's historically strong music scene, with artists like Roxette, The Cardigans and legendary pop producer/songwriter Max Martin cementing the reputation set by Abba, and giving credibility to Swedish tech companies with a music-related focus. Plus, the country has long had a tech-savvy population, with many of today's entrepreneurs growing up in the 1990s when there were tax cuts on home hardware in Sweden, followed by an early adoption of broadband. The business culture in Sweden, which tends to promote collaboration over competition has also created a supportive ecosystem, argues Herlin. ""If you realise someone else is doing the same thing, you contact each other and see how can we do this together,"" she says. ""That often means that they all succeed instead of nobody succeeding."" More technology of business One recent example is Elk, a company that provides a remote, collaborative recording platform for artists, which was founded after two local businesses figured out they were developing similar software tools. Ms Herlin has just finished a meeting at The Node, a physical recording studio hub which opened last year on the same square as the Avicii museum, and includes some of the late DJ's equipment. ""Where you have producers, you will have music tech start-ups, and you will have investors coming to check it out,"" she says. Late on a Monday afternoon the neon-pink lit cafe area is largely empty, save for several nonchalant staff. But Ms Herlin says the space is creating a global buzz. ""We've noticed already people pop up here from New York and from London to check it out."" Seedtable, a platform that tracks the fastest growing companies in Europe lists 69 music and and audio start-ups to watch and work for in 2024, with 13 of them based in Stockholm, more than any other city in relation to population size. A few blocks away from The Node, one of them, Snafu Records, is based at a shared office space with a parquet floor and a cocktail bar. Described by its co-founder and chief executive Ankit Desai as ""the first AI enabled music label in the world"", the start-up has developed an algorithm which trawls the internet to pinpoint new artists it believes can make an impact. ""We try to find those diamonds in the rough… those undervalued artists and give them a platform to shine,"" says Mr Desai.  Since launching in 2019, the company has signed more than 150 artists. Snafu Records takes a 50% cut of all its artists earnings, although Desai says most traditional labels take up to 80%. The start-up's investors include Agnetha Fältskog (Agnetha from Abba), Finnish gaming entrepreneur Mikko Kodisoja, and Pophouse Entertainment, and it raised $7m (£5.5m) in its second funding round in late 2023. But Mr Desai admits that raising capital was ""a lot harder"" than when the label first launched in 2019, and the company is yet to turn a profit.  Emil Widhagen, a journalist for Swedish tech and start-up news site Breakit, argues many of Stockholm's music tech start-ups are facing similar challenges to Snafu Records, as a result of global economic jitters. ""People tend to move towards more safe investments in more difficult times, and music tech companies in general aren't producing profits, not even Spotify."" Indeed, Spotify - the world's biggest subscription audio streaming site - reported a loss of around €75m (£64m; $82m) in the final quarter of 2023, despite cutting around 1,500 jobs. But the company still saw a 4% increase in subscribers despite putting its prices up. Some music tech entrepreneurs argue the speed at which AI tools are growing globally is also putting pressure on Stockholm's well-oiled music tech ecosystem. ""One of the biggest challenges is to keep up with everything,"" says Emelie Olsson, chief operating officer and co-founder at Corite, a music tech start-up which uses crowdfunding to help artists gain financial backing from fans (and rewards fans if artists score a hit). ""It's really a race, I would say, with a lot of companies doing a lot of cool things at the same time."" Corite has also struggled to turn a profit, and is pinning its hopes on a new tool for artists and other content creators which is launching later this year.  ""We are about to raise money again and we are definitely humble,"" says Ms Olsson. ""I think, companies have a bit more to prove a bit earlier than they had before."" ",BBC,15/03/2024,"[""From Abba to Spotify, Avicii to Soundcloud, Stockholm has spawned both some of the world's most successful musicians and music tech companies."", ""Sweden has won the Eurovision Song Contest a record seven times, a gong it holds jointly with Ireland - and Malmö will host this year's competition."", ""That legacy is evident moments after stepping off the underground at Stockholm's central station."", ""Sergels torg, the capital's main square paved in black and white triangles, is home to the Avicii Experience, an interactive museum celebrating the late Tim Bergling."", ""He grew up here and became one of the world's bestselling DJs under his artist name Avicii."", 'On the fifteenth floor sits Per Sundin, chief executive of Pophouse Entertainment which runs the museum.', 'The company is focussed on creating the ""next generation"" of high-tech entertainment experiences, with a portfolio that also includes the Abba Voyage stage show in London, performed by avatar versions of Sweden\'s biggest supergroup.', 'It is developing plans for a new show in 2027 involving digital versions of the US rock band Kiss, after testing the technology at the band\'s final real-life gig last year. ""', 'What\'s the similarity between Kiss and Abba?,""', 'asks Mr Sundin rhetorically from his private office with floor-to-ceiling windows. ""', 'They really have super fans, both artists, and they have a wide catalogue, and they have global presence all over the world.""', ""Despite selling more than two million tickets for Abba Voyage since May 2022, he says Pophouse Entertainment still hasn't broken even on its investments, which include the technology (created in collaboration with US filmmaker George Lucas's visual effects company Industrial Light and Magic), and the event's bespoke east London arena."", 'But Mr Sundin - a former Universal Music executive - says he has faith in the concept, and hopes it can be adapted for a handful of other big-name legacy artists in future. ""', 'This is for those who can\'t tour anymore, can\'t really make themselves as good [as they were]... or [want to] do different kinds of things with their music legacy,"" says Mr Sundin.', ""Pophouse's innovations follow a string of other music tech success stories emerging from Stockholm, a capital with a population of just one million."", ""Daniel Ek's Spotify launched here in 2008, while Soundcloud was founded a year earlier by two students from Stockholm School of Economics, Alex Ljung and Eric Wahlforss, who later relocated the business to Berlin."", 'Other companies who\'ve made a global impact include Soundtrack Your Brand, which provides a subscription service enabling businesses to play commercial music without licensing issues, and Epidemic Sound, a platform for rights-free music for content creators, recently valued at 12.5bn kronor (£950m; $1.2bn), according to Swedish business news site Dagens Industri. ""', 'We all know there must be something in the water,"" laughs Sarah Herlin, co-founder of Stockholm Music City, an organisation that encourages collaboration between the capital\'s music and tech sectors, and provides support to start-ups.', ""On a more serious note, she argues that there are several key ingredients in Stockholm's recipe for music tech success."", ""These include Sweden's historically strong music scene, with artists like Roxette, The Cardigans and legendary pop producer/songwriter Max Martin cementing the reputation set by Abba, and giving credibility to Swedish tech companies with a music-related focus."", ""Plus, the country has long had a tech-savvy population, with many of today's entrepreneurs growing up in the 1990s when there were tax cuts on home hardware in Sweden, followed by an early adoption of broadband."", 'The business culture in Sweden, which tends to promote collaboration over competition has also created a supportive ecosystem, argues Herlin. ""', 'If you realise someone else is doing the same thing, you contact each other and see how can we do this together,"" she says. ""', 'That often means that they all succeed instead of nobody succeeding.""', 'More technology of business One recent example is Elk, a company that provides a remote, collaborative recording platform for artists, which was founded after two local businesses figured out they were developing similar software tools.', 'Ms Herlin has just finished a meeting at The Node, a physical recording studio hub which opened last year on the same square as the Avicii museum, and includes some of the late DJ\'s equipment. ""', 'Where you have producers, you will have music tech start-ups, and you will have investors coming to check it out,"" she says.', 'Late on a Monday afternoon the neon-pink lit cafe area is largely empty, save for several nonchalant staff.', 'But Ms Herlin says the space is creating a global buzz. ""', 'We\'ve noticed already people pop up here from New York and from London to check it out.""', 'Seedtable, a platform that tracks the fastest growing companies in Europe lists 69 music and and audio start-ups to watch and work for in 2024, with 13 of them based in Stockholm, more than any other city in relation to population size.', 'A few blocks away from The Node, one of them, Snafu Records, is based at a shared office space with a parquet floor and a cocktail bar.', 'Described by its co-founder and chief executive Ankit Desai as ""the first AI enabled music label in the world"", the start-up has developed an algorithm which trawls the internet to pinpoint new artists it believes can make an impact. ""', 'We try to find those diamonds in the rough… those undervalued artists and give them a platform to shine,"" says Mr Desai.', 'Since launching in 2019, the company has signed more than 150 artists.', 'Snafu Records takes a 50% cut of all its artists earnings, although Desai says most traditional labels take up to 80%.', ""The start-up's investors include Agnetha Fältskog (Agnetha from Abba), Finnish gaming entrepreneur Mikko Kodisoja, and Pophouse Entertainment, and it raised $7m (£5.5m) in its second funding round in late 2023."", 'But Mr Desai admits that raising capital was ""a lot harder"" than when the label first launched in 2019, and the company is yet to turn a profit.', 'Emil Widhagen, a journalist for Swedish tech and start-up news site Breakit, argues many of Stockholm\'s music tech start-ups are facing similar challenges to Snafu Records, as a result of global economic jitters. ""', 'People tend to move towards more safe investments in more difficult times, and music tech companies in general aren\'t producing profits, not even Spotify.""', ""Indeed, Spotify - the world's biggest subscription audio streaming site - reported a loss of around €75m (£64m; $82m) in the final quarter of 2023, despite cutting around 1,500 jobs."", 'But the company still saw a 4% increase in subscribers despite putting its prices up.', 'Some music tech entrepreneurs argue the speed at which AI tools are growing globally is also putting pressure on Stockholm\'s well-oiled music tech ecosystem. ""', 'One of the biggest challenges is to keep up with everything,"" says Emelie Olsson, chief operating officer and co-founder at Corite, a music tech start-up which uses crowdfunding to help artists gain financial backing from fans (and rewards fans if artists score a hit). ""', 'It\'s really a race, I would say, with a lot of companies doing a lot of cool things at the same time.""', 'Corite has also struggled to turn a profit, and is pinning its hopes on a new tool for artists and other content creators which is launching later this year. ""', 'We are about to raise money again and we are definitely humble,"" says Ms Olsson. ""', 'I think, companies have a bit more to prove a bit earlier than they had before.""']",0.2732650350345871,"One of the biggest challenges is to keep up with everything,"" says Emelie Olsson, chief operating officer and co-founder at Corite, a music tech start-up which uses crowdfunding to help artists gain financial backing from fans (and rewards fans if artists score a hit). ""","Emil Widhagen, a journalist for Swedish tech and start-up news site Breakit, argues many of Stockholm's music tech start-ups are facing similar challenges to Snafu Records, as a result of global economic jitters. """,0.2579860185322009,But the company still saw a 4% increase in subscribers despite putting its prices up.,"Indeed, Spotify - the world's biggest subscription audio streaming site - reported a loss of around €75m (£64m; $82m) in the final quarter of 2023, despite cutting around 1,500 jobs.",2024-03-31
AT&T says personal data from 73 million current and former account holders leaked onto dark web,https://edition.cnn.com/2024/03/30/tech/att-data-leak/index.html,"
  Published
        2:33 PM EDT, Sat March 30, 2024
    ","AT&T has launched an investigation into the source of a data leak that includes personal information of 73 million current and former customers.
    
            In a news release Saturday morning, the telecommunications giant said the data was “released on the dark web approximately two weeks ago,” and contains information such as account holders’ Social Security numbers.
    
            “It is not yet known whether the data … originated from AT&T or one of its vendors,” the company added. “Currently, AT&T does not have evidence of unauthorized access to its systems resulting in exfiltration of the data set.”
    
            The data seems to have been from 2019 or earlier. The leak does not appear to contain financial information or specifics about call history, according to AT&T. The company said the leak shows approximately 7.6 million current account holders and 65.4 million former account holders were affected.
    
            AT&T said it is reaching out to customers and asking them to reset their account passcodes. It is also urging customers to remain alert about changes to their accounts or credit reports, adding AT&T “will be offering credit monitoring at our expense where applicable.”
    
            The company was alerted of a potential leak about two weeks ago. News of the leak was first posted by X account vx-underground on March 17.
    
            At the time, AT&T told CNN: “We have no indications of a compromise of our systems. We determined in 2021 that the information offered on this online forum did not appear to have come from our systems. We believe and are working to confirm that the data set discussed today is the same dataset that has been recycled several times on this forum.”",CNN,30/03/2024,"['AT&T has launched an investigation into the source of a data leak that includes personal information of 73 million current and former customers.', 'In a news release Saturday morning, the telecommunications giant said the data was “released on the dark web approximately two weeks ago,” and contains information such as account holders’ Social Security numbers.', '“It is not yet known whether the data … originated from AT&T or one of its vendors,” the company added. “', 'Currently, AT&T does not have evidence of unauthorized access to its systems resulting in exfiltration of the data set.”', 'The data seems to have been from 2019 or earlier.', 'The leak does not appear to contain financial information or specifics about call history, according to AT&T. The company said the leak shows approximately 7.6 million current account holders and 65.4 million former account holders were affected.', 'AT&T said it is reaching out to customers and asking them to reset their account passcodes.', 'It is also urging customers to remain alert about changes to their accounts or credit reports, adding AT&T “will be offering credit monitoring at our expense where applicable.”', 'The company was alerted of a potential leak about two weeks ago.', 'News of the leak was first posted by X account vx-underground on March 17.', 'At the time, AT&T told CNN: “We have no indications of a compromise of our systems.', 'We determined in 2021 that the information offered on this online forum did not appear to have come from our systems.', 'We believe and are working to confirm that the data set discussed today is the same dataset that has been recycled several times on this forum.”']",-0.0176242359557698,"It is also urging customers to remain alert about changes to their accounts or credit reports, adding AT&T “will be offering credit monitoring at our expense where applicable.”","The leak does not appear to contain financial information or specifics about call history, according to AT&T. The company said the leak shows approximately 7.6 million current account holders and 65.4 million former account holders were affected.",,,,2024-03-31
FTC investigating TikTok over privacy and security,https://edition.cnn.com/2024/03/26/tech/ftc-tiktok-probe-privacy-and-security/index.html,"
  Updated
        8:11 PM EDT, Tue March 26, 2024
    ","The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.
    
            The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.
    
            The sources said that the FTC is probing TikTok over an alleged violation of the Children’s Online Privacy Protection rule, which requires companies to notify parents and obtain consent before collecting data from children under 13.
    
            The agency is also investigating whether TikTok violated a portion of the FTC Act that prohibits “unfair or deceptive” business practices, the sources said, in denying that TikTok user data could be accessed by individuals in China.
    
            The FTC could bring a suit against TikTok or settle with the company in the coming weeks, according to one of the sources. Politico reported news of the probe earlier.
    
            When asked about the investigation, FTC Director of Public Affairs Douglas Farrar replied: “No comment.”
    
            TikTok did not immediately respond to a request for comment.
    
            The FTC probe comes as TikTok faces an existential threat in the US. Earlier this month, a bipartisan group in the US House of Representatives voted to pass a law forcing TikTok to be sold by ByteDance or face a ban from US app stores. The bill is now before the Senate, and President Joe Biden has said he would sign it if it gets to his desk. Senate leaders, however, have indicated they are taking a deliberate approach — which could lead to delays or even potentially doom the House bill.
    
            The short-form video company, owned by Chinese firm ByteDance, has denied assertions that its app poses a national security threat to US citizens. TikTok, which does not operate in China, has said that the Chinese government has never accessed US user data.
    
            Cybersecurity experts say Chinese laws require ByteDance to cooperate with that country’s intelligence demands — a fact that, given ByteDance’s ownership of TikTok, could hypothetically put US user data at risk. To address that issue, TikTok has taken steps to store its US user data on cloud servers controlled by US tech giant Oracle and established internal protocols limiting access by non-US employees.
    
            TikTok acknowledged to Congress in 2022 that employees based in China could access US user data, following a report that year by BuzzFeed News that ByteDance employees had accessed that information on multiple occasions. TikTok CEO Shou Chew, in his first appearance before Congress last year, also acknowledged that several ByteDance employees were fired for spying on certain US journalists as part of a “misguided attempt” to hunt down leakers within the company.",CNN,26/03/2024,"['The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.', 'The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.', 'The sources said that the FTC is probing TikTok over an alleged violation of the Children’s Online Privacy Protection rule, which requires companies to notify parents and obtain consent before collecting data from children under 13.', 'The agency is also investigating whether TikTok violated a portion of the FTC Act that prohibits “unfair or deceptive” business practices, the sources said, in denying that TikTok user data could be accessed by individuals in China.', 'The FTC could bring a suit against TikTok or settle with the company in the coming weeks, according to one of the sources.', 'Politico reported news of the probe earlier.', 'When asked about the investigation, FTC Director of Public Affairs Douglas Farrar replied: “No comment.”', 'TikTok did not immediately respond to a request for comment.', 'The FTC probe comes as TikTok faces an existential threat in the US.', 'Earlier this month, a bipartisan group in the US House of Representatives voted to pass a law forcing TikTok to be sold by ByteDance or face a ban from US app stores.', 'The bill is now before the Senate, and President Joe Biden has said he would sign it if it gets to his desk.', 'Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.', 'The short-form video company, owned by Chinese firm ByteDance, has denied assertions that its app poses a national security threat to US citizens.', 'TikTok, which does not operate in China, has said that the Chinese government has never accessed US user data.', 'Cybersecurity experts say Chinese laws require ByteDance to cooperate with that country’s intelligence demands—a fact that, given ByteDance’s ownership of TikTok, could hypothetically put US user data at risk.', 'To address that issue, TikTok has taken steps to store its US user data on cloud servers controlled by US tech giant Oracle and established internal protocols limiting access by non-US employees.', 'TikTok acknowledged to Congress in 2022 that employees based in China could access US user data, following a report that year by BuzzFeed News that ByteDance employees had accessed that information on multiple occasions.', 'TikTok CEO Shou Chew, in his first appearance before Congress last year, also acknowledged that several ByteDance employees were fired for spying on certain US journalists as part of a “misguided attempt” to hunt down leakers within the company.']",-0.232320081688102,"The Federal Trade Commission is investigating TikTok for its data and security practices, two sources told CNN on the condition of anonymity.","The probe is yet another complication for the social media platform, which is already facing the threat of a potential US ban or a forced divestment from its Chinese parent company.",-0.8880719542503357,,"Senate leaders, however, have indicated they are taking a deliberate approach —which could lead to delays or even potentially doom the House bill.",2024-03-31
Why lab-grown diamond sales are surging,https://edition.cnn.com/2022/04/27/business/diamonds-manmade-demand/index.html,"
  Published
        7:49 AM EDT, Wed April 27, 2022
    ","It’s proposal season, and engagements are on the rise. So are factory-made diamond sales.
    
            Not that you’d know the difference. Man-made diamonds look the same as naturally occurring ones. The only noticeable difference is the price tag.
    
            “The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.
    
            He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.
    
            Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings. 
    
            “The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said. Too late. “It’s actually happening.” 
    
            Why are consumers flocking to man-made diamonds? Cost is the most obvious reason. The average retail price of the most popular one carat round man-made diamond for an engagement ring in March was $2,318, Golan said.
    
            “This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said. Plus, the lower cost allows couples to buy a bigger stone.
    
            “A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan. “Natural diamonds were formed over 800 million to three billion years and there isn’t an infinite supply of them.” 
    
            This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.
    
            The sanctions directly target Alrosa, partly owned by the Russian government, which the US government identified as the world’s largest diamond mining company, accounting for 28% of global diamond output.
    
            Man-made diamonds are also becoming popular as consumers are more aware and educated about them, said Dan Moran, a third-generation diamond expert and owner of LA-based fine jeweler Concierge Diamonds. Moran said the typical buyer of man-made diamonds is typically younger than 40 and very budget conscious.
    
            Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.
    
            Among Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot.
    
            Although its slice is growing, the market share for man-made diamonds remains relatively small.
    
            Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan. 
    
            Some major jewelry retailers are driving the effort to take man-made diamonds mainstream. In 2021, the world’s largest jewelry company, Pandora
            
                (PANDY), made a major shift by announcing it would stop using mined diamonds and would swap to lab-created diamonds in its jewelry. 
    
            Pandora said it’s instituting the change as part of an effort to sell sustainable jewelry, and also because consumers increasingly are asking for it.
    
            Signet,
            
                (SIG) the largest jewelry company in the United States (which owns Zales, Kay Jewelers and Jared chains) called out the popularity of lab diamond jewelry in its March earnings call with analysts.
    
            Calling it a “fast-growing category” in its jewelry portfolio, Signet CEO Virginia Drosos told analysts that lab-created diamonds are among the big jewelry trends she expects this year. 
    
            The company said it has expanded its man-made bridal jewelry selection in both its Zales and Kay Jewelers stores in response to the increased demand. 
    
            Fine jewelry brand Charles and Colvard, which makes lab-created diamonds, said consumers don’t just want to look good with the jewelry they are wearing, they also want to feel good about it.
    
            “As the momentum for conscious consumerism grows, the surge towards lab grown diamonds isn’t surprising,” said Don O’Connell, president and CEO of Charles & Colvard. “[Consumers] want to know the origins of their stones and be reassured they’re conflict-free. They’re embracing the choice to purchase a piece of fine jewelry that aligns with their values.”
    
            Lab-grown diamond brand VRAI said the pandemic, too, has sparked attention and action toward social and environmental issues. It said consumers are being more thoughtful and reassessing their purchasing habits, as well as the companies and industries they are supporting.
    
            There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value. 
    
            So while you may not be able to tell a natural diamond from a factory made variety, someone with a trained eye can, said Golan. Once a stone is identified as a factory diamond, even though you paid a lot less for it, you also won’t get much for it. 
    
            But the value of a ring isn’t just monetary.
    
            “As a professional in the industry, I am asked all the time by people about what I think about a ring they have,” said Moran, of Concierge Jewelers. “I always say, if you love it, be happy with it. An engagement ring is a symbol of commitment and enduring love.”",CNN,27/04/2022,"['It’s proposal season, and engagements are on the rise.', 'So are factory-made diamond sales.', 'Not that you’d know the difference.', 'Man-made diamonds look the same as naturally occurring ones.', 'The only noticeable difference is the price tag.', '“The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.', 'He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.', 'Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings.', '“The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said.', 'Too late. “', 'It’s actually happening.”', 'Why are consumers flocking to man-made diamonds?', 'Cost is the most obvious reason.', 'The average retail price of the most popular one carat round man-made diamond for an engagement ring in March was $2,318, Golan said.', '“This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said.', 'Plus, the lower cost allows couples to buy a bigger stone.', '“A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan. “', 'Natural diamonds were formed over 800 million to three billion years and there isn’t an infinite supply of them.”', 'This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.', 'The sanctions directly target Alrosa, partly owned by the Russian government, which the US government identified as the world’s largest diamond mining company, accounting for 28% of global diamond output.', 'Man-made diamonds are also becoming popular as consumers are more aware and educated about them, said Dan Moran, a third-generation diamond expert and owner of LA-based fine jeweler Concierge Diamonds.', 'Moran said the typical buyer of man-made diamonds is typically younger than 40 and very budget conscious.', 'Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.', 'Among Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot.', 'Although its slice is growing, the market share for man-made diamonds remains relatively small.', 'Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan.', 'Some major jewelry retailers are driving the effort to take man-made diamonds mainstream.', 'In 2021, the world’s largest jewelry company, Pandora  (PANDY), made a major shift by announcing it would stop using mined diamonds and would swap to lab-created diamonds in its jewelry.', 'Pandora said it’s instituting the change as part of an effort to sell sustainable jewelry, and also because consumers increasingly are asking for it.', 'Signet,  (SIG) the largest jewelry company in the United States (which owns Zales, Kay Jewelers and Jared chains) called out the popularity of lab diamond jewelry in its March earnings call with analysts.', 'Calling it a “fast-growing category” in its jewelry portfolio, Signet CEO Virginia Drosos told analysts that lab-created diamonds are among the big jewelry trends she expects this year.', 'The company said it has expanded its man-made bridal jewelry selection in both its Zales and Kay Jewelers stores in response to the increased demand.', 'Fine jewelry brand Charles and Colvard, which makes lab-created diamonds, said consumers don’t just want to look good with the jewelry they are wearing, they also want to feel good about it.', '“As the momentum for conscious consumerism grows, the surge towards lab grown diamonds isn’t surprising,” said Don O’Connell, president and CEO of Charles & Colvard. “[', 'Consumers] want to know the origins of their stones and be reassured they’re conflict-free.', 'They’re embracing the choice to purchase a piece of fine jewelry that aligns with their values.”', 'Lab-grown diamond brand VRAI said the pandemic, too, has sparked attention and action toward social and environmental issues.', 'It said consumers are being more thoughtful and reassessing their purchasing habits, as well as the companies and industries they are supporting.', 'There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value.', 'So while you may not be able to tell a natural diamond from a factory made variety, someone with a trained eye can, said Golan.', 'Once a stone is identified as a factory diamond, even though you paid a lot less for it, you also won’t get much for it.', 'But the value of a ring isn’t just monetary.', '“As a professional in the industry, I am asked all the time by people about what I think about a ring they have,” said Moran, of Concierge Jewelers. “', 'I always say, if you love it, be happy with it.', 'An engagement ring is a symbol of commitment and enduring love.”']",0.3714494325159568,"He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.",Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.,0.8542834222316742,"Currently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan.","This makes natural diamonds quite a bit more expensive, and prices are likely to rise as Russia’s invasion of Ukraine has tightened the supply chain for natural raw diamonds.",2024-03-31
AI innovator Sir Demis Hassabis: Video games can boost creativity in young,https://www.bbc.co.uk/news/business-68692950,2024-03-30T00:31:15.000Z,"Parents tearing their hair out over children spending hours gaming should instead be encouraging their creative use of tech, a recently-knighted AI millionaire has told the BBC. Sir Demis Hassabis said they should be encouraged to create and programme. The co-founder and boss of Google's DeepMind himself grew up playing chess and gaming. Google bought his firm for a reported £400m in 2014. Sir Demis told BBC Radio 4's Today that gaming helped him to become successful. ""It's important to feed the creative part, not just playing them [games],"" he said. ""You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that."" He said children will have to be ready to be very adaptable in what will be a ""very fast-changing world"", and ""just embrace that adaptability"". Sir Demis, a child chess prodigy, designed and programmed a multi-million selling game called Theme Park in his teens before going to Cambridge University. After graduating he founded a video games firm, completed a PhD in neuroscience, and then co-founded DeepMind in London in 2010, which he subsequently sold to Google. On Thursday he posted on X saying he was ""delighted"" to receive his knighthood for services to AI. He told the BBC that the knighthood was recognition of what he and his team had done to ""seed the whole AI field and the AI industry"", and recognition of their contribution to British life. He said he did not regret selling DeepMind to Google 10 years ago as he regarded it as the right company with the needed computer power to take on the firm. ""There was no capability in the UK at the time to raises the hundreds of millions of dollars that one would require to take on things globally"", he said. AI has raised concerns about its use in imitating people in ""deepfake"" videos, including using the faces and voices of real life people in AI-generated sex videos.  Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"". There are also worries that the way AI is trained using publicly available data could lead to ""algorithm bias"". This is a particular concern where it is deployed to automate decision-making, such as picking the relevant CVs for job seekers. As the AI industry rapidly develops, Prime Minister Rishi Sunak held the first AI safety summit in 2023, where he said he recognised there was ""anxiety"" about the impact new tools could have on the workplace, but said it would enhance productivity over time. At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"". Speaking to BBC business editor Simon Jack, Sir Demis said he did not see himself as someone like Robert Oppenheimer, the designer of the nuclear bomb. He said his generation of scientists had heeded ""warnings"" about the power of science and ""the risks"" involved if such power is not ""handled correctly"". He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"". The full interview with Sir Demis Hassabis, broadcast on Today, can be heard via BBC Sounds. ",BBC,30/03/2024,"['Parents tearing their hair out over children spending hours gaming should instead be encouraging their creative use of tech, a recently-knighted AI millionaire has told the BBC.', 'Sir Demis Hassabis said they should be encouraged to create and programme.', ""The co-founder and boss of Google's DeepMind himself grew up playing chess and gaming."", 'Google bought his firm for a reported £400m in 2014.', 'Sir Demis told BBC Radio 4\'s Today that gaming helped him to become successful. ""', 'It\'s important to feed the creative part, not just playing them [games],"" he said. ""', 'You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that.""', 'He said children will have to be ready to be very adaptable in what will be a ""very fast-changing world"", and ""just embrace that adaptability"".', 'Sir Demis, a child chess prodigy, designed and programmed a multi-million selling game called Theme Park in his teens before going to Cambridge University.', 'After graduating he founded a video games firm, completed a PhD in neuroscience, and then co-founded DeepMind in London in 2010, which he subsequently sold to Google.', 'On Thursday he posted on X saying he was ""delighted"" to receive his knighthood for services to AI.', 'He told the BBC that the knighthood was recognition of what he and his team had done to ""seed the whole AI field and the AI industry"", and recognition of their contribution to British life.', 'He said he did not regret selling DeepMind to Google 10 years ago as he regarded it as the right company with the needed computer power to take on the firm. ""', 'There was no capability in the UK at the time to raises the hundreds of millions of dollars that one would require to take on things globally"", he said.', 'AI has raised concerns about its use in imitating people in ""deepfake"" videos, including using the faces and voices of real life people in AI-generated sex videos.', 'Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"".', 'There are also worries that the way AI is trained using publicly available data could lead to ""algorithm bias"".', 'This is a particular concern where it is deployed to automate decision-making, such as picking the relevant CVs for job seekers.', 'As the AI industry rapidly develops, Prime Minister Rishi Sunak held the first AI safety summit in 2023, where he said he recognised there was ""anxiety"" about the impact new tools could have on the workplace, but said it would enhance productivity over time.', 'At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"".', 'Speaking to BBC business editor Simon Jack, Sir Demis said he did not see himself as someone like Robert Oppenheimer, the designer of the nuclear bomb.', 'He said his generation of scientists had heeded ""warnings"" about the power of science and ""the risks"" involved if such power is not ""handled correctly"".', 'He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"".', 'The full interview with Sir Demis Hassabis, broadcast on Today, can be heard via BBC Sounds.']",0.1414346204235683,"You never know where your passions lead, so I would actually just encourage parents to get their children really passionate about things, and then develop their skills through that.""","At that summit, Sir Demis signed a statement that said ""mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war"".",0.2439530417323112,"He added that AI has an ""unbelievable positive impact"" that is ""broader than nuclear"".","Christopher Doss, a researcher at think tank Rand Corporation, said spotting deepfake videos has turned into ""an arms race between those who are trying to detect it, and those who are trying to evade detection"".",2024-03-31
Harvard applications dip — but don’t plunge — following historic turmoil,https://edition.cnn.com/2024/03/28/business/harvard-applications-ivy-day/index.html,"
  Updated
        7:23 PM EDT, Thu March 28, 2024
    ","Undergraduate applications to Harvard University dipped to four-year lows for the class of 2028, according to new figures that offer early clues into how the Ivy League school’s reputation has held up during a period of historic turmoil.
    
            The application figures are also the first look at Ivy League school admissions after the Supreme Court gutted affirmative action, although the data does not include demographic breakdowns.
    
            Harvard said Thursday it received 54,008 applicants for the class of 2028, down 5% from the year before.
    
            This marks the fewest applicants to Harvard since the class of 2024’s enrollment period during the Covid-19 pandemic. However, the total is still the school’s fourth highest total number of applicants in its history.
    
            Applications hit a record high of 61,220 two years ago and have since declined but remain well above last decade’s levels.
    
            Harvard said it accepted 1,937 students for the class of 2028, translating to an admissions rate of 3.58%. That’s up from last year’s rate of 3.41%, which was the second-lowest in school history. The all-time low admissions rate was set just two years ago at 3.19%.
    
            The numbers suggest demand to attend Harvard has not weakened dramatically in the wake of recent turbulence on campus. The storied university found itself in a full-blown crisis last fall as its response to an anti-Israel letter was strongly criticized by some powerful alumni and politicians. The school has also been accused of antisemitism and Islamophobia.
    
            Claudine Gay, the first Black president in Harvard history, stepped down in January amid a firestorm of controversy over her academic writings and disastrous performance at a congressional hearing on antisemitism.
    
            Two other Ivy League schools navigating controversy, the University of Pennsylvania and Columbia University, experienced jumps in applicants.
    
            Columbia University, another Ivy League school that has faced scrutiny over its response to antisemitism, announced Thursday its applicant pool increased by 6% to 60,248. That marks the third-highest number of applicants in Columbia history.
    
            Columbia’s admission rate dipped, falling to 3.85% from 3.93% a year ago.
    
            Despite controversy at the University of Pennsylvania, it said received it received more than 65,000 applicants – the largest first-year applicant pool in the school’s history. In contrast, last year it received 59,465 applicants and offered admission to about 6% of them.
    
            In December, Liz Magill stepped down as UPenn’s president after struggling to answer questions during a congressional hearing about whether calls for genocide against Jews would violate the university’s code of conduct.
    
            Cornell University admitted 5,139 students this year, but it does not disclose how many students applied.
    
            Brown University also had a dip in applicants compared to last year – in 2023, 51,316 people applied, while this year the school had 48,898 applicants. This year still had the third-largest applicant pool in history, Logan Powell, associate provost for enrollment and dean of undergraduate admission, said in a release.
    
            The class of 2028 marks the first admissions cycle after the US Supreme Court took an axe to affirmative action in college, ruling the Harvard and University of North Carolina admissions programs were unconstitutional.
    
            Harvard remains locked in a battle with the House Education and Workforce Committee, which is investigating campus antisemitism. Rep. Virginia Foxx, the Republican chairwoman of the committee, has accused Harvard of failing to comply with an unprecedented subpoena for documents.
    
            Early applications at Harvard fell by 17% to four-year lows, the university announced in December. The acceptance rate increased to 8.7%, compared with 7.6% the year before.
    
            The cutoff date for early admission at Harvard was November 1, preceding Gay’s testimony before Congress on antisemitism and plagiarism scandal.",CNN,28/03/2024,"['Undergraduate applications to Harvard University dipped to four-year lows for the class of 2028, according to new figures that offer early clues into how the Ivy League school’s reputation has held up during a period of historic turmoil.', 'The application figures are also the first look at Ivy League school admissions after the Supreme Court gutted affirmative action, although the data does not include demographic breakdowns.', 'Harvard said Thursday it received 54,008 applicants for the class of 2028, down 5% from the year before.', 'This marks the fewest applicants to Harvard since the class of 2024’s enrollment period during the Covid-19 pandemic.', 'However, the total is still the school’s fourth highest total number of applicants in its history.', 'Applications hit a record high of 61,220 two years ago and have since declined but remain well above last decade’s levels.', 'Harvard said it accepted 1,937 students for the class of 2028, translating to an admissions rate of 3.58%.', 'That’s up from last year’s rate of 3.41%, which was the second-lowest in school history.', 'The all-time low admissions rate was set just two years ago at 3.19%.', 'The numbers suggest demand to attend Harvard has not weakened dramatically in the wake of recent turbulence on campus.', 'The storied university found itself in a full-blown crisis last fall as its response to an anti-Israel letter was strongly criticized by some powerful alumni and politicians.', 'The school has also been accused of antisemitism and Islamophobia.', 'Claudine Gay, the first Black president in Harvard history, stepped down in January amid a firestorm of controversy over her academic writings and disastrous performance at a congressional hearing on antisemitism.', 'Two other Ivy League schools navigating controversy, the University of Pennsylvania and Columbia University, experienced jumps in applicants.', 'Columbia University, another Ivy League school that has faced scrutiny over its response to antisemitism, announced Thursday its applicant pool increased by 6% to 60,248.', 'That marks the third-highest number of applicants in Columbia history.', 'Columbia’s admission rate dipped, falling to 3.85% from 3.93% a year ago.', 'Despite controversy at the University of Pennsylvania, it said received it received more than 65,000 applicants – the largest first-year applicant pool in the school’s history.', 'In contrast, last year it received 59,465 applicants and offered admission to about 6% of them.', 'In December, Liz Magill stepped downas UPenn’s president after struggling to answer questions during a congressional hearing about whether calls for genocide against Jews would violate the university’s code of conduct.', 'Cornell University admitted 5,139 students this year, but it does not disclose how many students applied.', 'Brown University also had a dip in applicants compared to last year – in 2023, 51,316 people applied, while this year the school had 48,898 applicants.', 'This year still had the third-largest applicant pool in history, Logan Powell, associate provost for enrollment and dean of undergraduate admission, said in a release.', 'The class of 2028 marks the first admissions cycle after theUS Supreme Court took an axe to affirmative action in college, ruling the Harvard and University of North Carolina admissions programs were unconstitutional.', 'Harvard remains locked in a battle with the House Education and Workforce Committee, which is investigating campus antisemitism.', 'Rep. Virginia Foxx, the Republican chairwoman of the committee, has accused Harvard of failing to comply with an unprecedented subpoena for documents.', 'Early applications at Harvard fell by 17% to four-year lows, the university announced in December.', 'The acceptance rate increased to 8.7%, compared with 7.6% the year before.', 'The cutoff date for early admission at Harvard was November 1, preceding Gay’s testimony before Congress on antisemitism and plagiarism scandal.']",-0.0767839854240603,"The acceptance rate increased to 8.7%, compared with 7.6% the year before.","In December, Liz Magill stepped downas UPenn’s president after struggling to answer questions during a congressional hearing about whether calls for genocide against Jews would violate the university’s code of conduct.",-0.3909058816292706,"The acceptance rate increased to 8.7%, compared with 7.6% the year before.","Columbia’s admission rate dipped, falling to 3.85% from 3.93% a year ago.",2024-03-31
Why do we toss coins into fountains?,https://edition.cnn.com/2024/03/30/business/why-its-custom-to-throw-coins-into-fountains/index.html,"
  Published
        12:01 PM EDT, Sat March 30, 2024
    ","All over the world, and for centuries, people have thrown coins into fountains, wishing wells and rivers for good luck.
    
            It’s a tradition widely depicted in movies, ranging from Disney’s “Snow White and the Seven Dwarfs” to the 1954 film “Three Coins in the Fountain”; and in the lyrics of viral modern songs such as “Call Me Maybe.”
    
            Throwing coins into fountains is a practice many people have grown up seeing and a superstition many have participated in. A trip to Rome is not complete without a coin toss backward into the Trevi for the promise of one day returning to the city. Some fountains collect thousands, or even millions, of dollars worth of coins each year.
    
            So why do people do this and what happens to all of that money?
    
            Although its origin is unknown, the custom dates back to Roman-British and Celtic mythology. The idea stems from people leaving a monetary offering to spirits or supernatural forces that exist in nature. It has long been believed that spiritual entities reside in or transit through water because it’s a cleansing element necessary for life.
    
            One of the oldest examples of a wishing well resides in England’s Northumberland County in England where people made offerings to the goddess Coventina. Thousands of coins were found within the well from eras between the first and fifth centuries, according to researchers at the UC Irvine, proving people have been throwing coins for generations.
    
            Bill Maurer, an anthropologist and the dean at the University of California Irvine’s School of Social Sciences, said many cultures previously used offerings such as food, special stones, carved artifacts and herbs. But with the invention of coinage in what is now modern-day Turkey between 500 BCE and 600 BCE, people largely switched to money.
    
            Coins often have images, texts and symbols particularly suited for rituals. If someone believes in another worldly power, and they want it to do something for them, offering up a coin is considered a serious recognition for the higher power, Maurer said.
    
            “It’s not so much about the payment, but how the coin itself has a quasi-magical property people think comes with it,” he said. “It has a connection of sovereignty and represents a token of authority.”
    
            Some cultures over the years have prioritized one metal over others in their offerings, such as silver, but Maurer said the monetary amount doesn’t typically make a difference. “It’s more about the idea of a sacrifice. The Gods are not capitalists.”
    
            The tradition has evolved over time, even beyond water. Nowadays, Stefan Krmnicek — an anthropologist from the University of Tuebingen in Germany who studies coinage throughout history — said documented cases in East Asia show where people have thrown coins into the airplane turbines as good luck charms while boarding. (In 2017, an 80-year-old woman delayed a flight in Shanghai for five hours when a coin she tossed as a prayer ended up in the engine.)
    
            People have flocked to other well-known wells and waters throughout history, including the Well of Pen Rhys in Oxford, which is said to have water with healing powers and the coins may sometimes land with prayers attached. Centuries ago, people placed coins into the wood of boats for good luck, too.
    
            The superstition also crosses cultures and income levels: Even at Sotheby’s Auction House, art buyers sometimes leave coins at the base of statues of Ganesha, the elephant-headed deity of good fortune and overcoming obstacles.
    
            Some well-known fountains can collect thousands of dollars in coins each year. According to an NBC report from 2016, the Trevi Fountain accumulated about $1.5 million in coins that year. (The organization that collects these coins did not respond to CNN’s request for updated figures.)
    
            In the classic children’s novel “From the Mixed-Up Files of Mrs. Basil E. Frankweiler,” two runaway children secretly living at The Metropolitan Museum of Art in New York City live on the coins they collect from its fountains each night. They were, perhaps, collecting a small fortune.
    
            Private fountains can bring in big money, too. A spokesperson for the Mall of America in Minneapolis told CNN the fountains collect about $25,000 each year. Thousands of dollars reportedly accumulate annually in other fountains, including those across Disney Parks and Las Vegas casinos.
    
            NBC reported a Catholic non-profit receives the coins from the Trevi Fountain after Rome city workers collect them each night; they are distributed to charities. Meanwhile, non-profits can apply to receive the money from the fountain donations at the Mall of America.
    
            Other times, however, the coins just stay there in the fountains — perhaps keeping the wish alive?
    
            And bypassers “don’t really want to collect them,” Maurer said. “Sometimes they are donated to charity but people are usually not keeping the money; that would be considered bad form.”",CNN,30/03/2024,"['All over the world, and for centuries, people have thrown coins into fountains, wishing wells and rivers for good luck.', 'It’s a tradition widely depicted in movies, ranging from Disney’s “Snow White and the Seven Dwarfs” to the 1954 film “Three Coins in the Fountain”; and in the lyrics of viral modern songs such as “Call Me Maybe.”', 'Throwing coins into fountains is a practice many people have grown up seeing and a superstition many have participated in.', 'A trip to Rome is not complete without a coin toss backward into the Trevi for the promise of one day returning to the city.', 'Some fountains collect thousands, or even millions, of dollars worth of coins each year.', 'So why do people do this and what happens to all of that money?', 'Although its origin is unknown, the custom dates back to Roman-British and Celtic mythology.', 'The idea stems from people leaving a monetary offering to spirits or supernatural forces that exist in nature.', 'It has long been believed that spiritual entities reside in or transit through water because it’s a cleansing element necessary for life.', 'One of the oldest examples of a wishing well resides in England’s Northumberland County in England where people made offerings to the goddess Coventina.', 'Thousands of coins were found within the well from eras between the first and fifth centuries, according to researchers at the UC Irvine, proving people have been throwing coins for generations.', 'Bill Maurer, an anthropologist and the dean at the University of California Irvine’s School of Social Sciences, said many cultures previously used offerings such as food, special stones, carved artifacts and herbs.', 'But with the invention of coinage in what is now modern-day Turkey between 500 BCE and 600 BCE, people largely switched to money.', 'Coins often have images, texts and symbols particularly suited for rituals.', 'If someone believes in another worldly power, and they want it to do something for them, offering up a coin is considered a serious recognition for the higher power, Maurer said.', '“It’s not so much about the payment, but how the coin itself has a quasi-magical property people think comes with it,” he said. “', 'It has a connection of sovereignty and represents a token of authority.”', 'Some cultures over the years have prioritized one metal over others in their offerings, such as silver, but Maurer said the monetary amount doesn’t typically make a difference. “', 'It’s more about the idea of a sacrifice.', 'The Gods are not capitalists.”', 'The tradition has evolved over time, even beyond water.', 'Nowadays, Stefan Krmnicek — an anthropologist from the University of Tuebingen in Germany who studies coinage throughout history — said documented cases in East Asia show where people have thrown coins into the airplane turbines as good luck charms while boarding. (', 'In 2017, an 80-year-old woman delayed a flight in Shanghai for five hours when a coin she tossed as a prayer ended up in the engine.)', 'People have flocked to other well-known wells and waters throughout history, including the Well of Pen Rhys in Oxford, which is said to have water with healing powers and the coins may sometimes land with prayers attached.', 'Centuries ago, people placed coins into the wood of boats for good luck, too.', 'The superstition also crosses cultures and income levels: Even at Sotheby’s Auction House, art buyers sometimes leave coins at the base of statues of Ganesha, the elephant-headed deity of good fortune and overcoming obstacles.', 'Some well-known fountains can collect thousands of dollars in coins each year.', 'According to an NBC report from 2016, the Trevi Fountain accumulated about $1.5 million in coins that year. (', 'The organization that collects these coins did not respond to CNN’s request for updated figures.)', 'In the classic children’s novel “From the Mixed-Up Files of Mrs. Basil E. Frankweiler,” two runaway children secretly living at The Metropolitan Museum of Art in New York City live on the coins they collect from its fountains each night.', 'They were, perhaps, collecting a small fortune.', 'Private fountains can bring in big money, too.', 'A spokesperson for the Mall of America in Minneapolis told CNN the fountains collect about $25,000 each year.', 'Thousands of dollars reportedly accumulate annually in other fountains, including those across Disney Parks and Las Vegas casinos.', 'NBC reported a Catholic non-profit receives the coins from the Trevi Fountain after Rome city workers collect them each night; they are distributed to charities.', 'Meanwhile, non-profits can apply to receive the money from the fountain donations at the Mall of America.', 'Other times, however, the coins just stay there in the fountains — perhaps keeping the wish alive?', 'And bypassers “don’t really want to collect them,” Maurer said. “', 'Sometimes they are donated to charity but people are usually not keeping the money; that would be considered bad form.”']",0.1674618265667952,"All over the world, and for centuries, people have thrown coins into fountains, wishing wells and rivers for good luck.",Sometimes they are donated to charity but people are usually not keeping the money; that would be considered bad form.”,0.0055631697177886,"Private fountains can bring in big money, too.","In 2017, an 80-year-old woman delayed a flight in Shanghai for five hours when a coin she tossed as a prayer ended up in the engine.)",2024-03-31
Microsoft stock hits all-time high after hiring former OpenAI CEO Sam Altman,https://edition.cnn.com/2023/11/20/investing/microsoft-stock-record-high-altman-openai/index.html,"
  Updated
        4:19 PM EST, Mon November 20, 2023
    ","Microsoft stock reached a record high on Monday after the company said that Sam Altman, former chief executive of OpenAI, will join the company to head its artificial intelligence innovation leg.
    
            Shares of the tech behemoth rose 2.1% to an all-time high close of $377.44 on Monday, beating the previous record of $376.17.
    
            That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup. Microsoft is the artificial intelligence firm’s biggest stakeholder, with a $13 billion investment in the company.
    
            Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.
    
            Altman’s hiring ended days of speculation that the former chief executive could return to the firm after his dramatic firing. Emmett Shear, former CEO of Amazon-owned streaming service Twitch, will replace OpenAI chief technology officer Mira Murati as interim chief executive.
    
            Microsoft shares are up about 56% for the year. The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.
    
            Dan Ives, tech analyst at Wedbush Securities, reiterated his $425 price target for Microsoft’s stock following Altman’s and Brockman’s hires.
    
            “We view Microsoft now even in a stronger position from an AI perspective with Altman and Brockman” at the company, Ives wrote in a note on Monday.
    
            Other members of the “Magnificent Seven” saw a boost on Monday. Nvidia shares gained 2.3% to end the trading session at $504.20 ahead of its earnings due on Tuesday, notching a record-high close for the chipmaker.",CNN,20/11/2023,"['Microsoft stock reached a record high on Monday after the company said that Sam Altman, former chief executive of OpenAI, will join the company to head its artificial intelligence innovation leg.', 'Shares of the tech behemoth rose 2.1% to an all-time high close of $377.44 on Monday, beating the previous record of $376.17.', 'That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup.', 'Microsoft is the artificial intelligence firm’s biggest stakeholder, with a $13 billion investment in the company.', 'Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.', 'Altman’s hiring ended days of speculation that the former chief executive could return to the firm after his dramatic firing.', 'Emmett Shear, former CEO of Amazon-owned streaming service Twitch, will replace OpenAI chief technology officer Mira Murati as interim chief executive.', 'Microsoft shares are up about 56% for the year.', 'The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.', 'Dan Ives, tech analyst at Wedbush Securities, reiterated his $425 price target for Microsoft’s stock following Altman’s and Brockman’s hires.', '“We view Microsoft now even in a stronger position from an AI perspective with Altman and Brockman” at the company, Ives wrote in a note on Monday.', 'Other members of the “Magnificent Seven” saw a boost on Monday.', 'Nvidia shares gained 2.3% to end the trading session at $504.20 ahead of its earnings due on Tuesday, notching a record-high close for the chipmaker.']",0.3148943375907157,"The stock is one of the “Magnificent Seven” that have powered the lion’s share of the market’s returns this year, boosted by Wall Street’s bet that artificial intelligence is the next big thing in tech.","Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is also joining Microsoft.",0.768821742799547,Microsoft shares are up about 56% for the year.,"That comes after shares of Microsoft fell 1.7% on Friday, when Sam Altman was ousted from his position at OpenAI in a boardroom coup.",2024-03-31
"NBC cut ties with Ronna McDaniel after extraordinary pressure, but its problems aren’t over",https://edition.cnn.com/2024/03/27/media/nbc-ronna-mcdaniel-problems-are-not-over/index.html,"
  Updated
        8:16 AM EDT, Wed March 27, 2024
    ","Only 80 hours elapsed between NBC News announcing Ronna McDaniel as a paid contributor and the network ousting her from that very role. But for the leadership at NBC Universal News Group, those were 80 painful hours.
    
            On Tuesday evening, following another full day in which the media rumor mill churned at warp speed, NBCU News Group boss Cesar Conde sent staff a memo, notifying his troops that he had reversed his decision to welcome the former Republican National Committee chair to “the team.”
    
            “After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor,” Conde said, adding that he wanted to “personally apologize to our team members who felt we let them down.”
    
            Conde had no real choice. The embattled NBCU boss, who I’m told dealt with the crisis from an unknown location outside of 30 Rock, was facing an unprecedented rebellion from his most high-profile stars, who one by one went on the air and excoriated leadership’s decision to hire McDaniel. The only aspect of Conde’s note that was surprising was the fact that it came 48 hours late, allowing what started off as a crisis to fester and balloon into one of the worst corporate public relations calamities in recent memory.
    
            “What a sh*t show!” a media executive exclaimed to me Tuesday shortly after Conde relieved McDaniel of her NBC News credentials.
    
            In his note, Conde said he took “full responsibility” for McDaniel’s hire. But, he also did point the finger, telling staffers that hiring her was “a collective recommendation by some members of our leadership team.” Indeed, multiple people familiar with the matter have told me that the infighting among NBC executives over who was at fault for the disaster has reached a fever pitch, with various factions of the NBCU News Group assigning blame to others.
    
            Regardless of who is to blame, the entire affair made clear who is actually in control of the company — and it’s not Conde & Co. Despite the NBCU C-suite digging their heels in the sand as they resisted dumping McDaniel for days, they were ultimately forced to succumb to pressure from their talent. As a second media executive commented to me, it is now “very clear who is in charge” after the “weak leadership was put on full display.”
    
            “Has Cesar lost the room?” wondered a third media executive.
    
            While the Peacock family argues over who was really at fault, the company is facing a fresh public relations mess. Led by Donald Trump, right-wing personalities are already assailing the network as being overrun with intolerant woke leftists.
    
            “These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.
    
            Ari Fleischer, who served as press secretary under President George W. Bush, wrote on X: “What NBC is saying is if you’re for Trump, you don’t belong. Good. Let NBC be for Democrats only.”
    
            Of course, that narrative is intellectually dishonest. The objection to McDaniel from both within and outside of NBCU was not that she is a Republican. It wasn’t even that she was a Trump-supporting Republican. No, the objection stemmed from the fact that McDaniel was an active participant in the plot to subvert the 2020 vote. And, in addition to that disgraceful history, she had a lengthy track record smearing NBC News and MSNBC.
    
            Nevertheless, NBCU will now have to contend with such dishonest attacks being leveled by the right, which will follow them in the days, months, and even years to come. As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.
    
            NBCU will also have to grapple with McDaniel, who spent the last 24 hours or so interviewing lawyers as she gears up for a possible legal fight with the network, according to a person familiar with the matter. The rift between McDaniel and NBCU had grown to such an extent by Tuesday that she was not informed by network brass that she had been dismissed, I’m told. Instead, McDaniel learned of her ouster in press reports.
    
            While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars. Shortly after Conde sent out his memo, Rachel Maddow appeared on Joy Reid’s show, where the two lauded Conde for reversing course.
    
            “I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “That leadership was willing to change on this, I’m grateful to them.”",CNN,27/03/2024,"['Only 80 hours elapsed between NBC News announcing Ronna McDaniel as a paid contributor and the network ousting her from that very role.', 'But for the leadership at NBC Universal News Group, those were 80painful hours.', 'On Tuesday evening, following another full day in which the media rumor mill churned at warp speed, NBCU News Group boss Cesar Conde sent staff a memo, notifying his troops that he had reversed his decision to welcome the former Republican National Committee chair to “the team.”', '“After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor,” Conde said, adding that he wanted to “personally apologize to our team members who felt we let them down.”', 'Conde had no real choice.', 'The embattled NBCU boss, who I’m told dealt with the crisis from an unknown location outside of 30 Rock, was facing an unprecedented rebellion from his most high-profile stars, who one by one went on the air and excoriated leadership’s decision to hire McDaniel.', 'The only aspect of Conde’s note that was surprising was the fact that it came 48 hours late, allowing what started off as a crisis to fester and balloon into one of the worst corporate public relations calamities in recent memory.', '“What a sh*t show!”', 'a media executive exclaimed to me Tuesday shortly after Conde relieved McDaniel of her NBC News credentials.', 'In his note, Conde said he took “full responsibility” for McDaniel’s hire.', 'But, he also did point the finger, telling staffers that hiring her was “a collective recommendation by some members of our leadership team.”', 'Indeed, multiple people familiar with the matter have told me that the infighting among NBC executives over who was at fault for the disaster has reached a fever pitch, with various factions of the NBCU News Group assigning blame to others.', 'Regardless of who is to blame, the entire affair made clear who is actually in control of the company — and it’s not Conde & Co. Despite the NBCU C-suite digging their heels in the sand as they resisted dumping McDaniel for days, they were ultimately forced to succumb to pressure from their talent.', 'As a second media executive commented to me, it is now “very clear who is in charge” after the “weak leadership was put on full display.”', '“Has Cesar lost the room?”', 'wondered a third media executive.', 'While the Peacock family argues over who was really at fault, the company is facing a fresh public relations mess.', 'Led by Donald Trump, right-wing personalities are already assailing the network as being overrun with intolerant woke leftists.', '“These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.', 'Ari Fleischer, who served as press secretary under President George W. Bush, wrote on X: “What NBC is saying is if you’re for Trump, you don’t belong.', 'Good.', 'Let NBC be for Democrats only.”', 'Of course, that narrative is intellectually dishonest.', 'The objection to McDaniel from both within and outside of NBCU was not that she is a Republican.', 'It wasn’t even that she was a Trump-supporting Republican.', 'No, the objection stemmed from the fact that McDaniel was an active participant in the plot to subvert the 2020 vote.', 'And, in addition to that disgraceful history, she had a lengthy track record smearing NBC News and MSNBC.', 'Nevertheless, NBCU will now have to contend with such dishonest attacks being leveled by the right, which will follow them in the days, months, and even years to come.', 'As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.', 'NBCU will also have to grapple with McDaniel, who spent the last 24 hours or so interviewing lawyers as she gears up for a possible legal fight with the network, according to a person familiar with the matter.', 'The rift between McDaniel and NBCU had grown to such an extent by Tuesday that she was not informed by network brass that she had been dismissed, I’m told.', 'Instead, McDaniel learned of her ouster in press reports.', 'While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars.', 'Shortly after Conde sent out his memo, Rachel Maddow appeared on Joy Reid’s show, where the two lauded Conde for reversing course.', '“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “', 'That leadership was willing to change on this, I’m grateful to them.”']",-0.0743400881523301,"“I think it is a show of strength and a show of respect for the people who work at this company and make us who we are,” Maddow said. “","“These Radical Left Lunatics are CRAZY and the top people at NBC ARE WEAK,” Trump raged on his Truth Social platform.",-0.3914039839397777,"While NBCU is being beaten up on the right, the company’s leadership was quickly praised by its journalists and top stars.","As unfair as it may be, they will certainly damage the network’s brand in Republican circles — a place it had gone through great pains to appeal to.",2024-03-31
4 takeaways from Sam Bankman-Fried’s sentencing,https://edition.cnn.com/2024/03/28/business/takeaways-sam-bankman-fried-sentencing-nightcap/index.html,"
  Published
        5:59 PM EDT, Thu March 28, 2024
    ","Sam Bankman-Fried on Thursday was sentenced to 25 years in prison, a year and a half after his crypto startup, FTX, imploded practically overnight and set off a massive a federal investigation.
    
            The outcome was not a huge surprise — a prison sentence was all but guaranteed after a jury found Bankman-Fried guilty on seven counts of fraud and conspiracy in November. The only unknown going into court this morning was just how long his sentence would be, a decision that was in the hands of Judge Lewis Kaplan.
    
            Here are the key takeaways from Thursday’s hearing.
    
            Bankman-Fried’s 25-year sentence is about half of the 40 to 50 years prosecutors had sought. Judge Kaplan said he weighed a number of factors, including the brazenness of the crimes and Bankman-Fried’s potential to commit crimes in the future.
    
            There was a risk “that this man will be in a position to do something very bad in the future,” Kaplan said. “And it’s not a trivial risk.”
    
            Kaplan recommended that the Bureau of Prisons place Bankman-Fried in a medium-security or lower facility, ideally in the San Francisco area so that his family may visit.
    
            While there is no parole in federal cases, inmates can still shave time off their sentences for good behavior. Bankman-Fried could end up serving “as little as 12.5 years, if he gets all of the jailhouse credit available to him,” Mitchell Epner, a former federal prosecutor, told CNN.
    
            Bankman-Fried addressed the court before his sentence was revealed, offering an at times meandering statement about the mistakes he made as CEO of FTX.
    
            He commended his former business partners, including co-founder Gary Wang and his ex-girlfriend Caroline Ellison, both of whom testified against him in trial in compliance with their plea agreements.
    
            Together, they all “built something beautiful,” Bankman-Fried said.
    
            “And I threw it all away,” he added. “It haunts me every day.”
    
            Judge Kaplan appeared unmoved by parts of Bankman-Fried’s apology about customers being hurt. Kaplan later acknowledged Bankman-Fried’s apology but added Bankman-Fried said “never a word of remorse for the commission of terrible crimes.”
    
            Kaplan also ordered Bankman-Fried to forfeit $11 billion, including properties and other assets acquired with stolen customer funds.
    
            The forfeiture is intended to be paid over time, and Bankman-Fried will likely be required to hand over all of his available assets, plus a nominal sum every month.
    
            “The forfeiture will follow him for the rest of his life,” Epner said. “It would take the vast majority of what he makes after he gets out of jail.”
    
            He ruled Bankman-Fried’s forfeited assets can be used to help fund the repayment of victims of the FTX collapse.
    
            Judge Kaplan roundly rejected Bankman-Fried’s argument that there was no loss to former customers of FTX because the bankruptcy estate indicated those victims are poised to recoup most of their funds.
    
            To say that FTX customers and creditors will be paid in full “is misleading, it is logically flawed, it is speculative,” Kaplan said.
    
            FTX is now in the hands of corporate restructuring expert John J. Ray III, who oversaw the liquidation of Enron in the early 2000s. Ray has stated in a letter to the court that the company Bankman-Fried left behind was “neither solvent nor safe,” and that any recovered assets would be thanks to the diligence of his team’s work over the past 18 months.",CNN,28/03/2024,"['Sam Bankman-Fried on Thursday was sentenced to 25 years in prison, a year and a half after his crypto startup, FTX, imploded practically overnight and set off a massive a federal investigation.', 'The outcome was not a huge surprise — a prison sentence was all but guaranteed after a jury found Bankman-Fried guilty on seven counts of fraud and conspiracy in November.', 'The only unknown going into court this morning was just how long his sentence would be, a decision that was in the hands of Judge Lewis Kaplan.', 'Here are the key takeaways from Thursday’s hearing.', 'Bankman-Fried’s 25-year sentence is about half of the 40 to 50 years prosecutors had sought.', 'Judge Kaplan said he weighed a number of factors, including the brazenness of the crimes and Bankman-Fried’s potential to commit crimes in the future.', 'There was a risk “that this man will be in a position to do something very bad in the future,” Kaplan said. “', 'And it’s not a trivial risk.”', 'Kaplan recommended that the Bureau of Prisons place Bankman-Fried in a medium-security or lower facility, ideally in the San Francisco area so that his family may visit.', 'While there is no parole in federal cases, inmates can still shave time off their sentences for good behavior.', 'Bankman-Fried could end up serving “as little as 12.5 years, if he gets all of the jailhouse credit available to him,” Mitchell Epner, a former federal prosecutor, told CNN.', 'Bankman-Fried addressed the court before his sentence was revealed, offering an at times meandering statement about the mistakes he made as CEO of FTX.', 'He commendedhis former business partners, including co-founder Gary Wang and his ex-girlfriend Caroline Ellison, both of whom testified against him in trial in compliance with their plea agreements.', 'Together, they all “built something beautiful,” Bankman-Fried said.', '“And I threw it all away,” he added. “', 'It haunts me every day.”', 'Judge Kaplan appeared unmoved by parts of Bankman-Fried’s apology about customers being hurt.', 'Kaplan later acknowledged Bankman-Fried’s apology but added Bankman-Fried said “never a word of remorse for the commission of terrible crimes.”', 'Kaplan also ordered Bankman-Fried to forfeit $11 billion, including properties and other assets acquired with stolen customer funds.', 'The forfeitureis intended to be paid over time, and Bankman-Fried will likely be required to hand over all of his available assets, plus a nominal sum every month.', '“Theforfeiturewill follow him for the rest of his life,” Epner said. “', 'It would take the vast majority of what he makes after he gets out of jail.”', 'He ruled Bankman-Fried’s forfeited assets can be used to help fund the repayment of victims of the FTX collapse.', 'Judge Kaplan roundly rejected Bankman-Fried’s argument that there was no loss to former customers of FTX because the bankruptcy estate indicated those victims are poised to recoup most of their funds.', 'To say that FTX customers and creditors will be paid in full “is misleading, it is logically flawed, it is speculative,” Kaplan said.', 'FTX is now in the hands of corporate restructuring expert John J. Ray III, who oversaw the liquidation of Enron in the early 2000s.', 'Ray has stated in a letter to the court that the company Bankman-Fried left behind was “neither solvent nor safe,” and that any recovered assets would be thanks to the diligence of his team’s work over the past 18 months.']",-0.0910583903075127,"Together, they all “built something beautiful,” Bankman-Fried said.",The outcome was not a huge surprise — a prison sentence was all but guaranteed after a jury found Bankman-Fried guilty on seven counts of fraud and conspiracy in November.,-0.2162613968054453,Judge Kaplan roundly rejected Bankman-Fried’s argument that there was no loss to former customers of FTX because the bankruptcy estate indicated those victims are poised to recoup most of their funds.,"There was a risk “that this man will be in a position to do something very bad in the future,” Kaplan said. “",2024-03-31
Krispy Kreme doughnuts are coming to McDonald’s,https://edition.cnn.com/2024/03/26/business/krispy-kreme-mcdonalds/index.html,"
  Updated
        4:09 PM EDT, Tue March 26, 2024
    ","McDonald’s customers can soon pair Krispy Kreme doughnuts with their morning McCafe, in a new food partnership that seeks to expand both brands but that could wind up weakening them instead.
    
            Three types of Krispy Kreme doughnuts — original glazed, chocolate iced with sprinkles and chocolate iced “kreme” filled — will go on sale at McDonald’s restaurants starting later this year, the companies told CNN on Monday.
    
            Krispy Kreme shares jumped more than 39% on Tuesday. McDonald’s shares were flat.
    
            It’s not the first time two competitors have teamed up. For example, Wendy’s brought in Cinnabon to its breakfast lineup earlier this year. Some research suggests brand partnerships open possibilities for new customers, brand expansions and innovation. But some retail experts suggest partnerships can also be a risky move, and one that can weaken the respective brand names.
    
            Truist analysts said the Krispy Kreme doughnut delivery model will have to figure out a way to successfully service rural McDonald’s locations more than 20 miles outside of an urban center.
    
            McDonald’s has also faced pushback from customers as prices on its other menu items rise. Ian Borden, McDonald’s chief financial officer, said earlier this month that some lower-income Americans are opting to cook at home instead of dining at its restaurants. In February, CEO Chris Kempczinski addressed McDonald’s “affordability” problem and indicated the chain would cut prices on some menu items.
    
            Krispy Kreme is giving away a free glazed doughnut to guests who visit a Krispy Kreme location between 5 and 9 pm on Tuesday to celebrate the partnership.
    
            The addition of a Krispy Kreme doughnut to the McDonald’s customer’s breakfast order began as a test at 160 restaurants in Kentucky. The doughnuts will be available nationwide at participating restaurants by the end of 2026, after a phased rollout beginning later this year. Truist analysts said the long testing period reduces the risk for both parties.
    
            The doughnut will be available to purchase individually or in a pack of six, starting at breakfast, and will continue selling until they run out.
    
            There are far fewer Krispy Kreme locations than McDonald’s, which had almost 13,500 US locations in 2022. But customers can buy Krispy Kreme doughnut in other places, such as Walmart and other grocery stores. The partnership could increase the scope of Krispy Kreme, which said it has been scaling its supply chain to keep up with its promise to deliver fresh daily.
    
            “By making Kreme Krispy (sic) accessible to fans nationwide through this partnership, we expect to more than double our points of access by the end of 2026,” said Krispy Kreme President and CEO Josh Charlesworth in a statement.
    
            Krispy Kreme has been focusing its business operations on its doughnuts. The Charlotte-based company also owns Insomnia Cookies, though said in 2023 it is exploring other options such as selling the cookie brand.
    
            The company returned to the market in 2021 through an IPO. However, its stock is still trading below its IPO price of $17.
    
            “What does this mean for the company’s previous plans to expand locations? How will it impact an existing point of access which is located down the street from a McDonald’s?” Truist analysts said.",CNN,26/03/2024,"['McDonald’s customers cansoonpair Krispy Kreme doughnuts with their morning McCafe, in a new food partnership that seeks to expand both brands but that could wind up weakening them instead.', 'Three types of Krispy Kreme doughnuts — original glazed, chocolate iced with sprinkles and chocolate iced “kreme” filled— will go on sale at McDonald’s restaurants starting later this year, the companies told CNN on Monday.', 'Krispy Kreme shares jumped more than 39% on Tuesday.', 'McDonald’s shares were flat.', 'It’s not the first time two competitors have teamed up.', 'For example, Wendy’s brought in Cinnabon to its breakfast lineup earlier this year.', 'Some research suggests brand partnerships open possibilities for new customers, brand expansions and innovation.', 'But some retail experts suggest partnerships can also be a risky move, and one that can weaken the respective brand names.', 'Truist analysts said the Krispy Kreme doughnut delivery model will have to figure out a way to successfully service rural McDonald’s locations more than 20 miles outside of an urban center.', 'McDonald’s has also faced pushback from customers as prices on its other menu items rise.', 'Ian Borden, McDonald’s chief financial officer, said earlier this month that some lower-income Americans are opting to cook at home instead of dining at its restaurants.', 'In February, CEO Chris Kempczinski addressed McDonald’s “affordability” problem and indicated the chain would cut prices on some menu items.', 'Krispy Kreme is giving away a free glazed doughnut to guests who visit a Krispy Kreme location between 5 and 9 pm on Tuesday to celebrate the partnership.', 'The addition of a Krispy Kreme doughnut to the McDonald’s customer’s breakfast order began as a test at 160 restaurants in Kentucky.', 'The doughnuts will be available nationwide at participating restaurants by the end of 2026, after a phased rollout beginning later this year.', 'Truist analysts said the long testing period reduces the risk for both parties.', 'The doughnut will be available to purchase individually or in a pack of six, starting at breakfast, and will continue selling until they run out.', 'There are far fewer Krispy Kreme locations than McDonald’s, which had almost 13,500 US locations in 2022.', 'But customers can buy Krispy Kreme doughnut in other places, such as Walmart and other grocery stores.', 'The partnership could increase the scope of Krispy Kreme, which said it has been scaling its supply chain to keep up with its promise to deliver fresh daily.', '“By makingKreme Krispy (sic) accessible to fans nationwide through this partnership, we expect to more than double our points of access by the end of 2026,” said Krispy Kreme President and CEO Josh Charlesworth in a statement.', 'Krispy Kreme has been focusing its business operations on its doughnuts.', 'The Charlotte-based company also owns Insomnia Cookies, though said in 2023 it is exploring other options such as selling the cookie brand.', 'The company returned to the market in 2021 through an IPO.', 'However, its stock is still trading below its IPO price of $17.', '“What does this mean for the company’s previous plans to expand locations?', 'How will it impact an existing point of access which is located down the street from a McDonald’s?”', 'Truist analysts said.']",0.083080637964168,Krispy Kreme is giving away a free glazed doughnut to guests who visit a Krispy Kreme location between 5 and 9 pm on Tuesday to celebrate the partnership.,"In February, CEO Chris Kempczinski addressed McDonald’s “affordability” problem and indicated the chain would cut prices on some menu items.",0.0961536602540449,Krispy Kreme shares jumped more than 39% on Tuesday.,"McDonald’s customers cansoonpair Krispy Kreme doughnuts with their morning McCafe, in a new food partnership that seeks to expand both brands but that could wind up weakening them instead.",2024-03-31
It’s back: Targeted Amex card holders can get up to 30% off at Amazon,https://edition.cnn.com/cnn-underscored/deals/amazon-amex-discount-promotion,"
  
        11:21 AM EST, Wed February 14, 2024
    ","Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities. While that’s true, there’s another lesser-known use for them — redeeming them for purchases at Amazon. Right now, you may be eligible for an Amazon promotion where you can save big on Amazon purchases by redeeming as little as one Amex point.
    
            Targeted American Express card members can save as much as 30% on their next Amazon purchase, for up to $30 in savings when you use Amex points to pay for at least a portion of your purchase at checkout. However, your offer may be higher or lower.
    
            This offer is set to expire on June 30, 2024, so even if you aren’t in the market to shop at Amazon right now, you have some time to take advantage of the savings. That said, Amazon also states it will deactivate the offer after 24,167 customers have redeemed it.
    
            With many Amazon discounted offers, scoring the deal can be a little complicated. But we’re going to take you through it step by step to make sure you’re getting as much of a discount as possible when you’re shopping at Amazon.
    
            To start, you must have an American Express card that earns Membership Rewards points. Amex cards that earn other types of rewards, such as cash back or airline miles, won’t work. But there are plenty of Amex cards that earn Membership Rewards points — a small sampling of them is at the end of this story.
    
            Next, you’ll need to link your Amazon and American Express accounts. Add your American Express card as a payment method in your Amazon account, if you haven’t already. Then look for the option to enroll in “Shop with Points” under the “Your Account” tab, and click the “Enroll” button for the Amex card you just added.
    
            Once your accounts are connected, you’ll need to activate the offer by clicking on this link. Remember, this is a targeted promotion, so not everyone will be eligible for it — you could be targeted for any one of the offers or none of them. When you click on the link, if you see a message that you’re not eligible, then you’re unfortunately not targeted for this particular promotion.
    
            But even if you’re not targeted, don’t give up hope. If you just enrolled in “Shop with Points,” you may need to wait 24 hours for Amazon’s records to refresh before knowing if you’re targeted, so check back in a day or so.
    
            If you’re eligible, activate the offer by clicking on the “Activate now” button — the enrollment page will indicate your particular discount. You can then shop at Amazon as you normally would, though only products sold and shipped by Amazon are eligible for these discounts. Additionally, Amazon gift cards are excluded, though other third-party retailer gift cards sold by Amazon might be eligible.
    
            But wait! There’s one more step. When you’re ready to check out, you’ll want to make sure to select your linked American Express card as your payment method. Then you’ll need to use at least 1 point to pay for your purchase for the discount to apply.
    
            When paying with Amex Membership Rewards points at Amazon, 1 point equals 0.7 cents. That’s not the best value you can get for Amex points. Frequent flyer website The Points Guy values Membership Rewards points as high as 2 cents each when redeemed for travel.
    
            However, it’s important to note that you don’t have to pay for your entire Amazon purchase with points to get these discounts. In fact, you can use just 1 point and pay for the rest with your Amex card, and you’ll still see the discount applied to your order. However, some accounts might see that you need to redeem slightly more points — 714 to be exact — to receive the savings, so make sure to check the terms of your exact offer.
    
            To pay with the minimum number of points required, enter $0.01 in the points section at checkout, which will apply just 1 point to your payment, You can use any number of points you want, but if you don’t make this change, Amazon may automatically apply the maximum number of points to cover the entire purchase, so you’ll want to make sure to update the amount before you place the order.
    
            Once you’ve applied at least 1 point to your payment, you’ll see the discount added to your order. The discount will apply on every order you place through June 30 until you hit the total maximum in savings — which will depend on your particular offer.
    
            Let’s take a look at some examples of how you can apply this discount to your upcoming Amazon purchases, even if you don’t need anything from Amazon right at the moment.
    
            With airlines having regular delays and cancellations over the last year, placing an Apple AirTag on your luggage can be a great way to track the location of your belongings. An Apple AirTag 4 Pack is currently priced at $78.99 before taxes and shipping, but if you’re targeted for the 30% off American Express offer, that’ll bring the pack down to $55.30, or around $13.83 per AirTag before tax.
    
            Or, if you’re hoping to pick up a set of new Apple AirPods Pro 2, right now Amazon is selling them for $189.99. But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.
    
            Even if you aren’t eligible for any of these particular Amex promotions, offers like this typically resurface many times throughout the year, so keep on checking back.
    
            Amazon often runs similar promotions for other credit cards, so check out our guides to discounts for Chase and Discover card holders to see what’s available. You might also find that even if you aren’t eligible now for one of these offers, you could magically become targeted in a few weeks, so keep on checking the link to see if you’ve been granted access.
    
            Amazon has been eagerly offers some lucrative promotions over the last few years, so keep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.
    
            Also, make sure you read our guide to the best credit cards for Amazon to be sure you’re using the right card when you buy at Amazon.
    
            Looking for a travel credit card? Find out which cards CNN Underscored Money chose as the best travel credit cards currently available.",CNN,14/02/2024,"['Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities.', 'While that’s true, there’s another lesser-known use for them — redeeming them for purchases at Amazon.', 'Right now, you may be eligible for anAmazonpromotion where you can save big on Amazon purchases by redeeming as little as one Amex point.', 'Targeted American Express card members cansave as much as 30% on their next Amazon purchase, for up to $30 in savings when you use Amex points to pay for at least a portion of your purchase at checkout.', 'However, your offer may be higher or lower.', 'This offer is set to expire on June 30, 2024, so even if you aren’t in the market to shop at Amazon right now, you have some time to take advantage of the savings.', 'That said, Amazon also states it will deactivate the offer after 24,167 customers have redeemed it.', 'With many Amazon discounted offers, scoring the deal can be a little complicated.', 'But we’re going to take you through it step by step to make sure you’re getting as much of a discount as possible when you’re shopping atAmazon.', 'To start, you must have an American Express card that earns Membership Rewards points.', 'Amex cards that earn other types of rewards, such as cash back or airline miles, won’t work.', 'But there are plenty of Amex cards that earn Membership Rewards points — a small sampling of them is at the end of this story.', 'Next, you’ll need tolink your Amazon and American Express accounts.', 'Add your American Express card as a payment method in your Amazon account, if you haven’t already.', 'Then look for the option toenroll in “Shop with Points”under the “Your Account” tab, and click the “Enroll” button for the Amex card you just added.', 'Once your accounts are connected, you’ll need to activate the offer byclicking on this link.', 'Remember, this is a targeted promotion, so not everyone will be eligible for it — you could be targeted for any one of the offers or none of them.', 'When you click on the link, if you see a message that you’re not eligible, then you’re unfortunately not targeted for this particular promotion.', 'But even if you’re not targeted, don’t give up hope.', 'If you just enrolled in “Shop with Points,” you may need to wait 24 hours for Amazon’s records to refresh before knowing if you’re targeted, so check back in a day or so.', 'If you’re eligible, activate the offer byclicking on the “Activate now” button— the enrollment page will indicate your particular discount.', 'You can thenshop at Amazonas you normally would, though only products sold and shipped by Amazon are eligible for these discounts.', 'Additionally, Amazon gift cards are excluded, though otherthird-party retailer gift cardssold by Amazon might be eligible.', 'But wait!', 'There’s one more step.', 'When you’re ready to check out, you’ll want to make sure to select your linked American Express card as your payment method.', 'Then you’ll need to use at least 1 point to pay for your purchase for the discount to apply.', 'When paying with Amex Membership Rewards points at Amazon, 1 point equals 0.7 cents.', 'That’s not the best value you can get for Amex points.', 'Frequent flyer websiteThe Points Guyvalues Membership Rewards points as high as 2 cents each when redeemed for travel.', 'However, it’s important to note that you don’t have to pay for your entireAmazonpurchase with points to get these discounts.', 'In fact,you can use just 1 point and pay for the rest with your Amex card, and you’ll still see the discount applied to your order.', 'However, some accounts might see that you need to redeem slightly more points —714 to be exact —to receive the savings, so make sure to check the terms of your exact offer.', 'To pay with the minimum number of points required, enter $0.01 in the points section at checkout, which will apply just 1 point to your payment, You can use any number of points you want, but if you don’t make this change,Amazonmay automatically apply the maximum number of points to cover the entire purchase, so you’ll want to make sure to update the amount before you place the order.', 'Once you’ve applied at least 1 point to your payment, you’ll see the discount added to your order.', 'The discount will apply on every order you place through June 30 until you hit the total maximum in savings —which will depend on your particular offer.', 'Let’s take a look at some examples of how you can apply this discount to your upcomingAmazonpurchases, even if you don’t need anything from Amazon right at the moment.', 'With airlines having regular delays and cancellations over the last year, placing an Apple AirTag on your luggage can be a great way to track the location of your belongings.', 'An Apple AirTag 4 Pack is currently priced at $78.99 before taxes and shipping, but if you’re targeted for the 30% off American Express offer, that’ll bring the pack down to $55.30, or around $13.83 per AirTag before tax.', 'Or, if you’re hoping to pick up a set of new Apple AirPods Pro 2, right now Amazon is selling them for $189.99.', 'But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.', 'Even if you aren’t eligible for any of these particular Amex promotions, offers like this typically resurface many times throughout the year, so keep on checking back.', 'Amazon often runs similar promotions for other credit cards, so check out our guides to discounts for Chase and Discover card holders to see what’s available.', 'You might also find that even if you aren’t eligible now for one of these offers, you could magically become targeted in a few weeks, so keep on checking the link to see if you’ve been granted access.', 'Amazon has been eagerly offers some lucrative promotions over the last few years, sokeep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.', 'Also, make sure you read our guide to thebest credit cards for Amazonto be sure you’re using the right card when you buy at Amazon.', 'Looking for a travel credit card?', 'Find out which cardsCNN Underscored Moneychose as thebest travel credit cardscurrently available.']",0.2766683229921542,Most American Express card members typically think of their Amex points as opportunities for amazing travel opportunities.,That’s not the best value you can get for Amex points.,-0.0578338623046875,"Amazon has been eagerly offers some lucrative promotions over the last few years, sokeep your credit card accounts linked to your Amazon account, and if you’re targeted for any of these offers, make sure you use them before they expire at the end of the year.",But you can knock that down even further to as low as $159.99 before taxes if you’re targeted for this offer.,2024-03-31
Bilt’s March Rent Day promotion: Vote for your favorite benefit with the Bilt Bracket,https://edition.cnn.com/cnn-underscored/travel/bilt-rent-day-promotion,"
  Updated
        10:57 AM EST, Mon February 26, 2024
    ","The relatively new Bilt Mastercard® (see rates and fees) has been incredibly popular since its inception. With a top-notch loyalty program and the opportunity to earn points on rent with absolutely no transaction fees (up to 100,000 points per calendar year), it’s no surprise to see the card flourish over the past few years.
    
            And in addition to their strong program, Bilt Rewards — the loyalty program behind the Bilt Mastercard — also offers some favorable promotions throughout the year, with the most popular known as Rent Day.
    
            With Bilt’s Rent Day promotion — which runs the first of every month — all card members have the opportunity to earn double points on all purchases (excluding rent) as well as take advantage of their unique offer for the month. Bilt typically announces their promotions just a few days prior to Rent Day, and it’s something you’ll want to pay attention to.
    
            Bilt Rewards just released the March 1st edition of its monthly Rent Day promotion, and it is a unique one. Instead of Bilt announcing a single offer, all members will have the opportunity to have a say in the winning pick.
    
            A play off the March Madness bracket, the Bilt Bracket will run between now and Feb. 29, during which you can vote daily to help decide the Rent Day benefit. Various offers will go head-to-head, and like all brackets, the winner will proceed to the next round. The last standing offer will then be the Rent Day benefit on March 1.
    
            And similar to most other Rent Day promotions, the winning offer is only valid on the first day of the month (March 1, 2024, in this case).
    
            Let’s take a closer look at how this bracket will work and the Rent Day offer options.
    
            For four days straight — between Feb. 26 and Feb. 29 — Bilt members can vote for their favorite Rent Day benefit within the Bilt app or BiltRewards.com. There are 16 total offers to start with and the winners from each day will then proceed to the next round of the bracket.
    
            The last standing offer after the Feb. 29th vote will end up being the Rent Day benefit for all members to take advantage of on March 1.
    
            However, those with Gold or Platinum status with Bilt, will also receive the runner-up offer, giving select members two bonus opportunities on Rent Day.
    
            With 16 different offers, some are significantly better than others. Although, the best offer for you might truly depend on how you engage in the Bilt program. Check the Bilt app or website to see the full list of promotions you can vote on.
    
            For me, the offers that allow me to earn bonus points on specific purchases — such as bonus points at Bilt Dining restaurants — will be my top pick, but others might prefer the opportunity get bonus points by redeeming their Bilt points on rent, for example.
    
            Voting is incredible quick and can easily be completed alongside your morning coffee. Once you vote, you’ll also be given some insight on the winners with the percentage of members that picked each option thus far.
    
            On March 1st, Bilt members will also have the opportunity to redeem Bilt points for an exclusive game ticket and experience to the NCAA Men’s Sweet 16, Elite Eight and Final Four games. Tickets start at 15,000 Bilt points each for games taking place in Dallas, Detroit, Boston, Los Angeles and Phoenix.
    
            You’ll be able to snag a ticket starting at 12 p.m. EST on March 1, but those with higher Bilt status will receive priority. This is because those with Platinum status will have first access at 12 p.m. EST, Gold status members at 12:30 p.m. EST, Silver status members at 1 p.m. and everyone else at 1:30 p.m.
    
            Every month on Rent Day, Bilt also gives members with the Bilt Mastercard a chance to earn double points on all purchases (excluding rent).
    
            So, if you have a new restaurant you want to check out, flights to book or any other purchases to make, it could be worth waiting until March 1 to earn more points on your purchase. And if you’re dining at a restaurant that participates in Bilt Dining, you can increase your earnings up to a whopping 11 points per dollar. But remember, to earn Bilt points, you must use the card five times each statement period (see Rewards & Benefits).
    
            Bilt’s monthly Rent Day promotions are a great opportunity to maximize your points as well as jump on unique promotions. Let’s see which bonus offer wins this month.
    
            Learn more and apply now for the Bilt Mastercard.
    
            Find out which cards CNN Underscored Money chose as the best credit cards currently available.",CNN,26/02/2024,"['The relatively new Bilt Mastercard® (seerates and fees) has been incredibly popular since its inception.', 'With a top-notch loyalty program and the opportunity to earn points on rent with absolutely no transaction fees (up to 100,000 points per calendar year), it’s no surprise to see the card flourish over the past few years.', 'And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.', 'With Bilt’s Rent Day promotion —which runs the first of every month — all card members have the opportunity to earn double points on all purchases (excluding rent) as well as take advantage of their unique offer for the month.', 'Bilt typically announces their promotions just a few days prior to Rent Day, and it’s something you’ll want to pay attention to.', 'Bilt Rewards just released the March 1st edition of its monthly Rent Day promotion, and it is a unique one.', 'Instead of Bilt announcing a single offer, all members will have the opportunity to have a say in the winning pick.', 'A play off the March Madness bracket, the Bilt Bracket will run between now and Feb. 29, during which you can vote daily to help decide the Rent Day benefit.', 'Various offers will go head-to-head, and like all brackets, the winner will proceed to the next round.', 'The last standing offer will then be the Rent Day benefit on March 1.', 'And similar to most other Rent Day promotions, the winning offer is only valid on the first day of the month (March 1, 2024, in this case).', 'Let’s take a closer look at how this bracket will work and the Rent Day offer options.', 'For four days straight —between Feb. 26 and Feb. 29 —Bilt members can vote for their favorite Rent Day benefit within the Bilt app or BiltRewards.com.', 'There are 16 total offers to start with and the winners from each day will then proceed to the next round of the bracket.', 'The last standing offer after the Feb. 29th vote will end up being the Rent Day benefit for all members to take advantage of on March 1.', 'However, those with Gold or Platinum status with Bilt, will also receive the runner-up offer,giving select members two bonus opportunities on Rent Day.', 'With 16 different offers, some are significantly better than others.', 'Although, the best offer for you might truly depend on how you engage in the Bilt program.', 'Check the Bilt app or website to see the full list of promotions you can vote on.', 'For me, the offers that allow me to earn bonus points on specific purchases —such as bonus points at Bilt Dining restaurants —will be my top pick, but others might prefer the opportunity get bonus points by redeeming their Bilt points on rent, for example.', 'Voting is incredible quick and can easily be completed alongside your morning coffee.', 'Once you vote, you’ll also be given some insight on the winners with the percentage of members that picked each option thus far.', 'On March 1st, Bilt members will also have the opportunity to redeem Bilt points for an exclusive game ticket and experience to the NCAA Men’s Sweet 16, Elite Eight and Final Four games.', 'Tickets start at 15,000 Bilt points each for games taking place in Dallas, Detroit, Boston, Los Angeles and Phoenix.', 'You’ll be able to snag a ticket starting at 12 p.m. EST on March 1, but those with higher Bilt status will receive priority.', 'This is because those with Platinum status will have first access at 12 p.m. EST, Gold status members at 12:30 p.m. EST, Silver status members at 1 p.m. and everyone else at 1:30 p.m.  Every month on Rent Day, Bilt also gives members with the Bilt Mastercard a chance to earn double points on all purchases (excluding rent).', 'So, if you have a new restaurant you want to check out, flights to book or any other purchases to make, it could be worth waiting until March 1 to earn more points on your purchase.', 'And if you’re dining at a restaurant that participates in Bilt Dining, you can increase your earnings up to a whopping 11 points per dollar.', 'But remember, to earn Bilt points, you must use the card five times each statement period (see Rewards & Benefits).', 'Bilt’s monthly Rent Day promotions are a great opportunity to maximize your points as well as jump on unique promotions.', 'Let’s see which bonus offer wins this month.', 'Learn more and apply now for the Bilt Mastercard.', 'Find out which cards CNN Underscored Money chose as the best credit cardscurrently available.']",0.5132379666371525,"And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.",,0.9566513225436212,"And in addition to their strong program, Bilt Rewards —the loyalty program behind the Bilt Mastercard —also offers some favorable promotions throughout the year, with the most popular known as Rent Day.",,2024-03-31
The Baltimore bridge collapse probably caused billions in damages. Who owes what may come down to ancient laws from Greece,https://edition.cnn.com/2024/03/31/economy/the-titanic-maritime-law-baltimore-bridge/index.html,"
  Published
        10:30 AM EDT, Sun March 31, 2024
    ","The massive cargo ship crash that destroyed the Baltimore’s Francis Scott Key Bridge on Tuesday will probably cost various shipping companies and insurers billions of dollars in damages. But lawyers, legislators and business owners will need to turn to one of the oldest subjects of law to figure out who owes what.
    
            That’s because it all comes down to maritime law – an ancient, often seemingly eccentric legal field that still relies on some precedents set in the Iron Age.
    
            “Maritime law is steeped in antiquity. It goes back to the Phoenicians, it goes back to the Greeks,” Sean Pribyl, a partner at the law firm Holland & Knight, said in an interview with CNN.
    
            Maritime law is rooted in the need to settle disputes and enforce rules between different peoples, even before there was the concept of countries with definitive laws.
    
            “It’s been thousands of years of vessels going to sea and carrying cargo or passengers. Over centuries and centuries of practice, maritime law developed its own codes, and those were enshrined in more recent international conventions and then domestic laws as well around the world,” said Pribyl.
    
            From ancient Mediterranean islands to the Titanic to longshoremen on the Brooklyn docks, CNN looked into some of the historic cases that may become relevant as the ramifications of this deadly and costly crash come to light.
    
            About 3,000 years ago, primeval lawmakers on the seafaring island of Rhodes faced a conundrum.
    
            Back in 1000 BCE, Rhodians were dominating the Mediterranean with their fast-moving ships and bringing boatloads of riches back to their island. But not every voyage went as-planned – if the seas were rough, crews would sometimes have to ditch their valuable cargo to lighten their load and keep the ship afloat.
    
            The problem was that the crews often couldn’t decide whose goods to throw overboard into the water below. They could fight viciously over it, wasting the small window of time they had to save the boat and themselves. Maybe they should lose the olive oil, or the wine, or the fine cloth.
    
            But why should the oil merchant, or the wine merchant, or the cloth merchant have to suffer on their own for a decision made by the crew?
    
            So the wise legislators came to a solution – a remedy would go on to guide maritime law for millenia, eventually making its way to modern-day Baltimore, where it could play a role in the monetary ramifications of the collapsed Francis Scott Key Bridge.
    
            All of the merchants in ancient Rhodes who saw their cargo arrive safely ashore would contribute an appropriate portion of their earnings to compensate the merchants who lost their haul.
    
            In modern terms, if some cargo must be thrown over the side, the losses are borne by everybody who had cargo onboard, equally.
    
            That rule, known as general average, is still a guiding principle of maritime law. These days, it can also extend to costs related to repairs and other expenses said Pribyl, who co-authored the American Bar Associations chapter on General Average in its Damages book.
    
            That means the costs of damage to the ship and lost cargo in Baltimore could be split between the ship owner and the merchants with items on the ship.
    
            Thankfully, they have insurance.
    
            Another archaic principle, the Limitation of Liability Act of 1851, could come into play when deciding who is responsible for paying what sort of compensation for the Baltimore incident.
    
            The law was first intended to aid US merchant marines and ensure American shipowners could compete equally with those from leading seafaring nations like Great Britain. It allowed shipowners to limit their financial liability to simply the value of their vessel plus the cargo after a loss, as long as they could prove they didn’t know of a problem beforehand, protecting them in various incidents.
    
            But then the owners of the Titanic cleverly used it to limit their own liabilities in the wake of the supposedly “unsinkable” ship’s sinking in 1912.
    
            The White Star Line, the company that owned the ship, invoked the act and asked courts to limit the compensation it would have to pay to survivors and the relatives of those who perished in the ship. They argued that they should only have to pay for the value of the remaining lifeboats and their freight, which was a fraction of the total claims for loss of life, personal injury, and lost cargo.
    
            The legal action also required all claims against the company to be heard in a specific court. It effectively consolidated all lawsuits against the company into a single proceeding.
    
            So, despite hundreds of claims seeking more than $16 million in damages, White Star ended up paying just $664,000 in a settlement.
    
            That’s why this legal tenet is known colloquially as the “Titanic” Law.
    
            Since then, plenty of other shipowners have evoked the rule in their own cases.
    
            “it’s just a fundamental part of the way that the shipping business works,” said Martin Davies, director of the Maritime Law Center at Tulane University. “If something really bad happens, the ship owner can petition to limit its liability.”
    
            Davies told CNN that he would be “amazed” if the owners of the Dali ship in Baltimore, Singapore-based Grace Ocean Private, “don’t go and petition for limitation within a few weeks.”
    
            Companies impacted by the Baltimore bridge’s collapse may have trouble if they seek compensation for lost business, too. That’s because of a 1927 Supreme Court Case, Robins Dry Dock v. Flint.
    
            The case involved a dispute arising from an incident where the Brooklyn-based Robins Dry Dock & Repair Company negligently damaged a ship’s propeller that was being repaired. The ship was under a charter from its owners to Flint & Co.
    
            Because of the damage, the ship was out of commission for a period of time. Flint & Co., despite not outright owning the ship, still lost money as the ship now needed more time to be fixed.
    
            The case determined that a pure economic loss was not recoverable from the ship’s owners and operators in the absence of physical injury or a relevant clause in a contract that was agreed upon in advance.
    
            That could mean that in Baltimore, “all the business interruption losses, which will be significant, will not be recoverable from the ship,” said Davies.
    
            Some may find it strange that a group of men from the cusp of the Iron Age are still dictating modern law, but maritime lawyers are used to it.
    
            America’s forefathers even referenced this ancient code of law when writing the US Constitution, and both the Supreme Court and federal laws have validated this archaic legal framework, incorporating it into federal legislation.
    
            Which means that the “no rules in international waters” trope that has become a fixture of American media, which depicts a world where crimes in the high seas  go unpunished or where ship captains are granted broad legal powers, isn’t exactly accurate.
    
            In reality, said Davies, the law is pretty clear, well-established and possibly even boring.
    
            “Maritime law chugs along in the background, and then some kind of catastrophe happens and people realize there’s this different body of law, very different from what applies on land,” said Davies. “And then they have to find out what it is.”",CNN,31/03/2024,"['The massive cargo ship crash that destroyed the Baltimore’s Francis Scott Key Bridge on Tuesday will probably cost various shipping companies and insurers billions of dollars in damages.', 'But lawyers, legislators and business owners will need to turn to one of the oldest subjects of law to figure out who owes what.', 'That’s because it all comes down to maritime law – an ancient, often seemingly eccentric legal field that still relies on some precedents set in the Iron Age.', '“Maritime law is steeped in antiquity.', 'It goes back to the Phoenicians, it goes back to the Greeks,” Sean Pribyl, a partner at the law firm Holland & Knight, said in an interview with CNN.', 'Maritime law is rooted in the need to settle disputes and enforce rules between different peoples, even before there was the concept of countries with definitive laws.', '“It’s been thousands of years of vessels going to sea and carrying cargo or passengers.', 'Over centuries and centuries of practice, maritime law developed its own codes, and those were enshrined in more recent international conventions and then domestic laws as well around the world,” said Pribyl.', 'From ancient Mediterranean islands to the Titanic to longshoremen on the Brooklyn docks, CNN looked into some of the historic cases that may become relevant as the ramifications of this deadly and costly crash come to light.', 'About 3,000 years ago, primeval lawmakers on the seafaring island of Rhodes faced a conundrum.', 'Back in 1000 BCE, Rhodians were dominating the Mediterranean with their fast-moving ships and bringing boatloads of riches back to their island.', 'But not every voyage went as-planned – if the seas were rough, crews would sometimes have to ditch their valuable cargo to lighten their load and keep the ship afloat.', 'The problem was that the crews often couldn’t decide whose goods to throw overboard into the water below.', 'They could fight viciously over it, wasting the small window of time they had to save the boat and themselves.', 'Maybe they should lose the olive oil, or the wine, or the fine cloth.', 'But why should the oil merchant, or the wine merchant, or the cloth merchant have to suffer on their own for a decision made by the crew?', 'So the wise legislators came to a solution – a remedy would go on to guide maritime law for millenia, eventually making its way to modern-day Baltimore, where it could play a role in the monetary ramifications of the collapsed Francis Scott Key Bridge.', 'All of the merchants in ancient Rhodes who saw their cargo arrive safely ashore would contribute an appropriate portion of their earnings to compensate the merchants who lost their haul.', 'In modern terms, if some cargo must be thrown over the side, the losses are borne by everybody who had cargo onboard, equally.', 'That rule, known as general average, is still a guiding principle of maritime law.', 'These days, it can also extend to costs related to repairs and other expenses said Pribyl, who co-authored the American Bar Associations chapter on General Average in its Damages book.', 'That means the costs of damage to the ship and lost cargo in Baltimore could be split between the ship owner and the merchants with items on the ship.', 'Thankfully, they have insurance.', 'Another archaic principle, the Limitation of Liability Act of 1851, could come into play when deciding who is responsible for paying what sort of compensation for the Baltimore incident.', 'The law was first intended to aid US merchant marines and ensure American shipowners could compete equally with those from leading seafaring nations like Great Britain.', 'It allowed shipowners to limit their financial liability to simply the value of their vessel plus the cargo after a loss, as long as they could prove they didn’t know of a problem beforehand, protecting them in various incidents.', 'But then the owners of the Titanic cleverly used it to limit their own liabilities in the wake of the supposedly “unsinkable” ship’s sinking in 1912.', 'The White Star Line, the company that owned the ship, invoked the act and asked courts to limit the compensation it would have to pay to survivors and the relatives of those who perished in the ship.', 'They argued that they should only have to pay for the value of the remaining lifeboats and their freight, which was a fraction of the total claims for loss of life, personal injury, and lost cargo.', 'The legal action also required all claims against the company to be heard in a specific court.', 'It effectively consolidated all lawsuits against the company into a single proceeding.', 'So, despite hundreds of claims seeking more than $16 million in damages, White Star ended up paying just $664,000 in a settlement.', 'That’s why this legal tenet is known colloquially as the “Titanic” Law.', 'Since then, plenty of other shipowners have evoked the rule in their own cases.', '“it’s just a fundamental part of the way that the shipping business works,” said Martin Davies, director of the Maritime Law Center at Tulane University. “', 'If something really bad happens, the ship owner can petition to limit its liability.”', 'Davies told CNN that he would be “amazed” if the owners of the Dali ship in Baltimore, Singapore-based Grace Ocean Private, “don’t go and petition for limitation within a few weeks.”', 'Companies impacted by the Baltimore bridge’s collapse may have trouble if they seek compensation for lost business, too.', 'That’s because of a 1927 Supreme Court Case, Robins Dry Dock v. Flint.', 'The case involved a dispute arising from an incident where the Brooklyn-based Robins Dry Dock & Repair Company negligently damaged a ship’s propeller that was being repaired.', 'The ship was under a charter from its owners to Flint & Co.  Because of the damage, the ship was out of commission for a period of time.', 'Flint & Co., despite not outright owning the ship, still lost money as the ship now needed more time to be fixed.', 'The case determined that a pure economic loss was not recoverable from the ship’s owners and operators in the absence of physical injury or a relevant clause in a contract that was agreed upon in advance.', 'That could mean that in Baltimore, “all the business interruption losses, which will be significant, will not be recoverable from the ship,” said Davies.', 'Some may find it strange that a group of men from the cusp of the Iron Age are still dictating modern law, but maritime lawyers are used to it.', 'America’s forefathers even referenced this ancient code of law when writing the US Constitution, and both the Supreme Court and federal laws have validated this archaic legal framework, incorporating it into federal legislation.', 'Which means that the “no rules in international waters” trope that has become a fixture of American media, which depicts a world where crimes in the high seas go unpunished or where ship captains are granted broad legal powers, isn’t exactly accurate.', 'In reality, said Davies, the law is pretty clear, well-established and possibly even boring.', '“Maritime law chugs along in the background, and then some kind of catastrophe happens and people realize there’s this different body of law, very different from what applies on land,” said Davies. “', 'And then they have to find out what it is.”']",-0.0657781452644316,The law was first intended to aid US merchant marines and ensure American shipowners could compete equally with those from leading seafaring nations like Great Britain.,The massive cargo ship crash that destroyed the Baltimore’s Francis Scott Key Bridge on Tuesday will probably cost various shipping companies and insurers billions of dollars in damages.,-0.580107718706131,"In reality, said Davies, the law is pretty clear, well-established and possibly even boring.","Flint & Co., despite not outright owning the ship, still lost money as the ship now needed more time to be fixed.",2024-03-31
Troubled Chinese property giant Country Garden delays earnings,https://edition.cnn.com/2024/03/28/business/country-garden-delays-annual-result-intl-hnk/index.html,"
  Updated
        4:58 AM EDT, Fri March 29, 2024
    ","Troubled housing giant Country Garden announced late Thursday that it would delay the publication of its annual results, in the latest sign of the turmoil still coursing through China’s huge property sector.
    
            In a filing provided to the Hong Kong stock exchange, the company said it needed more time to collect information due to the complexity of the work required amid its debt restructuring.
    
            Country Garden’s inability to meet a deadline of March 31 to post earnings means its stock is likely to be suspended from trading Tuesday under Hong Kong’s stock exchange rules.
    
            The market was closed on Friday for the Easter holiday and will reopen on Tuesday.
    
            Country Garden, once China’s largest property developer, is reeling under about $194 billion worth of debt. It defaulted on its US dollar debt last year.
    
            Last month, it received a liquidation petition in Hong Kong from a creditor for non-payment of a loan worth 1.6 billion Hong Kong dollars ($204 million), according to the company.
    
            The Chinese property industry is “volatile,” which makes it harder for the company to operate, Country Garden said in the filing. Sales have plunged for the developer since last year. In February, contracted sales declined 85%, the biggest monthly drop in at least seven years.
    
            It called on its creditors to be patient with the company, adding that it continues to deliver housing projects.
    
             In 2023, the company and its joint ventures delivered over 600,000 housing units, covering 249 cities across the country, according to the filing.
    
            Country Garden’s woes echo that of another huge, and now insolvent, Chinese property giant Evergrande.
    
            It was a set of missed results from Evergrande back in 2021 and 2022 that first alerted investors to huge debts and stresses within China’s property sector, a moment that cascaded through multiple parts of the world’s second largest economy and continues to reverberate to this day.
    
            Chinese regulators have since accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent property developer at the heart of the country’s biggest ever financial fraud case.
    
            Another property giant, China Vanke, is also in trouble. The Shenzhen-based company, which ranked No.2 in sales last year, reported a 46% plunge in profit for 2023 on Friday.
    
            Earlier this month, Moody’s downgraded Vanke’s credit rating to “junk” status, citing its worsening liquidity conditions. State media reported the next day that 12 major banks, including the six largest state-owned lenders, had been in talks to provide an emergency loan to prevent the company from going the way of Evergrande and Country Garden.
    
            Beijing has been struggling to restore the country’s ailing real estate industry, which has not only undermined the confidence of homebuyers, businesses and investors, but also threatened the broader economy.
    
            “We have cut our forecasts for China’s housing market, and now expect a 5%-10% fall in new home sales in 2024,” said Fitch Ratings in a report on Friday. It will be “challenging” for China to achieve its GDP growth target of around 5% given the lingering property stress, it added.",CNN,29/03/2024,"['Troubled housing giant Country Garden announced late Thursday that it would delay the publication of its annual results, in the latest sign of the turmoil still coursing through China’s huge property sector.', 'In a filing provided to the Hong Kong stock exchange, the company said it needed more time to collect information due to the complexity of the work required amid its debt restructuring.', 'Country Garden’s inability to meet a deadline of March 31 to post earnings means its stock is likely to be suspended from trading Tuesday under Hong Kong’s stock exchange rules.', 'The market was closed on Friday for the Easter holiday and will reopen on Tuesday.', 'Country Garden, once China’s largest property developer, is reeling under about $194 billion worth of debt.', 'It defaulted on its US dollar debt last year.', 'Last month, it receiveda liquidation petitionin Hong Kong from a creditor for non-payment of a loan worth 1.6 billion Hong Kong dollars ($204 million), according to the company.', 'The Chinese property industry is “volatile,” which makes it harder for the company to operate, Country Garden said in the filing.', 'Sales have plunged for the developer since last year.', 'In February, contracted sales declined 85%, the biggest monthly drop in at least seven years.', 'It called on its creditors to be patient with the company, adding that it continues to deliver housing projects.', 'In 2023, the company and its joint ventures delivered over 600,000 housing units, covering 249 cities across the country, according to the filing.', 'Country Garden’s woes echo that of another huge, and now insolvent, Chinese property giant Evergrande.', 'It was a set of missed results from Evergrande back in 2021 and 2022 that first alerted investors to huge debts and stresses within China’s property sector, a moment that cascaded through multiple parts of the world’s second largest economy and continues to reverberate to this day.', 'Chinese regulators have since accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent property developer at the heart of the country’s biggest ever financial fraud case.', 'Another property giant, China Vanke, is also in trouble.', 'The Shenzhen-based company, which ranked No.2 in sales last year, reported a 46% plunge in profit for 2023 on Friday.', 'Earlier this month, Moody’s downgraded Vanke’s credit rating to “junk” status, citing its worsening liquidity conditions.', 'State media reported the next day that 12 major banks, including the six largest state-owned lenders, had been in talks to provide an emergency loan to prevent the company from going the way of Evergrande and Country Garden.', 'Beijing has been struggling to restore the country’sailing real estate industry, which has not only undermined the confidence of homebuyers, businesses and investors, but alsothreatened the broader economy.', '“We have cut our forecasts forChina’s housing market, and now expect a 5%-10% fall in new home sales in 2024,” said Fitch Ratings in a report on Friday.', 'It will be “challenging” for China to achieve its GDP growth target of around 5% given the lingering property stress, it added.']",-0.1736237344388718,"The Shenzhen-based company, which ranked No.2 in sales last year, reported a 46% plunge in profit for 2023 on Friday.","Chinese regulators have since accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent property developer at the heart of the country’s biggest ever financial fraud case.",-0.8538841083645821,"Chinese regulators have since accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent property developer at the heart of the country’s biggest ever financial fraud case.","The Shenzhen-based company, which ranked No.2 in sales last year, reported a 46% plunge in profit for 2023 on Friday.",2024-03-31
"Trump Media is a risky bet, whether you love it or hate it",https://edition.cnn.com/2024/03/28/investing/shorting-trump-media-risk-nightcap/index.html,"
  Updated
        10:50 AM EDT, Fri March 29, 2024
    ","Trump Media’s trading debut this week gave Donald Trump’s biggest fans a way to show their support with their wallets, albeit in a seriously risky way that few financial advisers would endorse.
    
            Naturally, Trump’s detractors may be keen to take the opposite side of that bet by setting up a short position, a.k.a. a wager that the stock’s value will fall.
    
            The short bet might look appealing on paper. After all, Trump Media, the parent company of the fledgling right-wing platform Truth Social, brings in little revenue, posts zero profit and has given no indication it has a path to profitability that would justify its current $9 billion market valuation. The stock is pretty much guaranteed to fall, right?
    
            Yes. But it may take a very long time. And it’s now the most expensive US stock to short, with borrowing rates more than 200 times the average, according to research from S3 Partners.
    
            Those who have already swallowed the high borrowing costs to short Trump Media are getting hosed. On Tuesday alone, shorts notched paper losses of $61 million, according to S3.
    
            It’s worth noting that a short bet is almost always riskier than a long one. If you buy $100 worth of shares that eventually become worthless, your loss is limited to $100.
    
            When you short a stock, you’re essentially borrowing it for a small fee and selling it high, with the promise to return to its owner later by buying it back at (you hope) a much lower price. You make money by pocketing the difference. But if the stock price keeps going up, there’s no limit to the amount you’d have to pay to replace the borrowed shares.
    
            “There is huuuuge conviction (Trump pun intended) on the short-side that there will be a significant decline in its stock price in the short term,” wrote Ihor Dusaniwsky, S3’s managing director of predictive analytics. “But…long shareholders have a much different and much more positive view” on Trump Media.
    
            Bottom line: Trump Media, trading under the ticker DJT, is a classic meme stock (if “classic” can apply to a three-year-old concept). Investors are not piling in because of the fundamentals — you don’t need an MBA to understand that $49 million in losses against $3.4 million in revenue doesn’t look like a solid business.
    
            But like GameStop, AMC and Bed Bath & Beyond before it, DJT is riding high on vibes. Trump fans are moved by a higher calling, much like the diamond-handed rocket-emoji crowd of Mass Momentum Trades Past.
    
            Whether you’re going short or long, “think of that as you’re making a political statement,” said Lawrence White, an economics professor at New York University’s Stern School of Business. “On average, it’s not going to turn out well.”
    
            He added: “Even if you’re a big believer — ‘this is a bubble, it will eventually burst’ — the issue is, eventually could be a long time. And in the interim, especially if you’re on the short side, that can be very expensive.”",CNN,29/03/2024,"['Trump Media’s trading debut this week gave Donald Trump’s biggest fans a way to show their support with their wallets, albeit in a seriously risky way that few financial advisers would endorse.', 'Naturally, Trump’s detractors may be keen to take the opposite side of that bet by setting up a short position, a.k.a.', 'a wager that the stock’s value will fall.', 'The short bet might look appealing on paper.', 'After all, Trump Media, the parent company of the fledgling right-wing platform Truth Social, brings in little revenue, posts zero profit and has given no indication it has a path to profitability that would justify its current $9 billion market valuation.', 'The stock is pretty much guaranteed to fall, right?', 'Yes.', 'But it may take a very long time.', 'And it’s now the most expensive US stock to short, with borrowing rates more than 200 times the average, according to research from S3 Partners.', 'Those who have already swallowed the high borrowing costs to short Trump Media are getting hosed.', 'On Tuesday alone, shorts notched paper losses of $61 million, according to S3.', 'It’s worth noting that a short bet is almost always riskier than a long one.', 'If you buy $100 worth of shares that eventually become worthless, your loss is limited to $100.', 'When you short a stock, you’re essentially borrowing it for a small fee and selling it high, with the promise to return to its owner later by buying it back at (you hope) a much lower price.', 'You make money by pocketing the difference.', 'But if the stock price keeps going up, there’s no limit to the amount you’d have to pay to replace the borrowed shares.', '“There is huuuuge conviction (Trump pun intended) on the short-side that there will be a significant decline in its stock price in the short term,” wrote Ihor Dusaniwsky, S3’s managing director of predictive analytics. “', 'But…long shareholders have a much different and much more positive view” on Trump Media.', 'Bottom line: Trump Media, trading under the ticker DJT, is a classic meme stock (if “classic” can apply to a three-year-old concept).', 'Investors are not piling in because of the fundamentals — you don’t need an MBA to understand that $49 million in losses against $3.4 million in revenue doesn’t look like a solid business.', 'But like GameStop, AMC and Bed Bath & Beyondbefore it, DJT is riding high on vibes.', 'Trump fans are moved by a higher calling, much like the diamond-handed rocket-emoji crowd of Mass Momentum Trades Past.', 'Whether you’re going short or long, “think of that as you’re making a political statement,” said Lawrence White, an economics professor at New York University’s Stern School of Business. “', 'On average, it’s not going to turn out well.”', 'He added: “Even if you’re a big believer — ‘this is a bubble, it will eventually burst’ — the issue is, eventually could be a long time.', 'And in the interim, especially if you’re on the short side, that can be very expensive.”']",0.162572811121731,But…long shareholders have a much different and much more positive view” on Trump Media.,"On Tuesday alone, shorts notched paper losses of $61 million, according to S3.",-0.5280365518161229,"But like GameStop, AMC and Bed Bath & Beyondbefore it, DJT is riding high on vibes.","On Tuesday alone, shorts notched paper losses of $61 million, according to S3.",2024-03-31
Easter travel warning as millions set to hit roads,https://www.bbc.co.uk/news/business-68673728,2024-03-28T00:02:33.000Z,"Drivers are being warned to expect long delays as millions of Britons set off on Easter getaway trips, with Thursday afternoon set to be the busiest. Meanwhile, airports and airlines expect numbers over the bank holiday weekend and school holidays to return to pre-pandemic levels. And rail passengers are advised to plan ahead because of engineering works. Strong winds are forecast for the south of England, forcing the closure of a number of tourist attractions. Elsewhere in the UK, spells of dry and fairly sunny weather are expected, though the low pressure is likely to mean clouds and downpours, with snow already falling in Devon. Motoring company RAC warned journeys on popular routes could take twice as long as the bank holiday weekend coincides with the start of the Easter holidays.  A survey by RAC and Transport analysis company Inrix suggested 14 million Easter getaway trips are expected to be made.  Inrix predict Thursday afternoon will see the worst congestion.  ""With Easter falling earlier than usual at the start of the school holidays, it could be carmageddon for holidaymakers,"" an RAC breakdown spokesperson said.  In particular, journeys on the M25, between the M23 for Gatwick the M1 in Hertfordshire, are expected to take over two hours - twice the usual time.  The M5 southbound between Bristol and Taunton is also likely to be congested.  Meanwhile, tourist board Visit England said 11 million people in the UK are planning an overnight trip this Easter.  Airports and airlines are expecting big numbers, in some cases above 2019 levels. Manchester Airport said it was preparing for about 320,000 passengers this weekend, 8% more than the equivalent last year. Glasgow Airport said it would have extra staff in place during ""three exceptionally busy weekends ahead"". Low-cost airline Easyjet is predicting its busiest ever Easter weekend. Travellers may have to also contend with the weather, however. Ryanair issued a warning to travellers on Thursday morning that high winds could disrupt air travel from London. Network Rail is urging people to check their journey details before they travel.  There will be disruption on some rail routes over the bank holiday as some major routes close due to engineering work.  London Euston, one of the UK's busiest railway stations, will be closed between Good Friday and Easter Monday - except for London Overground trains. It is because Network Rail engineering works between London and Milton Keynes will close part of the West Coast Main Line.  There will be replacement buses on this stretch. Avanti West Coast will operate a revised service on its network. There is more information about other changes to train services around the country on the National Rail website. The weather has also affected train travel with Great Western Railway (GWR) warning of disruption after flooding at Chipping Sodbury in south Gloucestershire forced a track line to close on Thursday.  French authorities at Dover have stepped up border monitoring following the Moscow concert hall attack. Drivers are being advised to plan ahead and leave extra time.  Around 20,000 cars are expected to travel through the port between Thursday and Easter Sunday.  People heading to the Channel Tunnel at the Port of Dover will find the traffic management system Operation Brock in place on the M20.  At peak times over the next few days, Dover has told coach operators that even with the right resources in place at the border, wait times could be up to 2.5 hours.  Eurotunnel told the BBC it was putting on extra shuttles and staff to cope with expected high numbers.  The Easter break is likely to begin with some less-than-preferable weather before calming down through the weekend, says BBC Weather presenter Chris Fawkes. Overnight rain turned to snow in parts of southwest England and Wales, giving a wintry start to Thursday. Europe is contending with Storm Nelson, which was named by Spanish forecasters, the winds of which are due to be felt in England's south. Gusts are likely to reach up to 80mph in France on Thursday, and up to 65mph Portugal, where waves up to 11 metres high will pummel the coast. Similar wind speeds may be felt in England's most exposed coastal locations, but are more likely to be around the 50mph mark in towns and villages. High winds have forced a number of tourist attractions to close early, including London's Kew Gardens, parts of Kensington Gardens, a number of National Trust properties in the south west and Dartmoor Zoo. By Good Friday the UK is set to see a mix of sunshine and showers with the potential for some heavy rain and hail, though temperatures will remain close to average. Throughout Saturday and Sunday, some showers are expected, though these are unlikely to be as widespread, and slightly warmer temperatures will mean pockets of sunshine will feel quite pleasant. By Monday wet and windy weather is likely to lash England and Wales, but Scotland and Northern Ireland look to remain pleasant with sunny spells. What are your travel plans for Easter? Email haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,28/03/2024,"['Drivers are being warned to expect long delays as millions of Britons set off on Easter getaway trips, with Thursday afternoon set to be the busiest.', 'Meanwhile, airports and airlines expect numbers over the bank holiday weekend and school holidays to return to pre-pandemic levels.', 'And rail passengers are advised to plan ahead because of engineering works.', 'Strong winds are forecast for the south of England, forcing the closure of a number of tourist attractions.', 'Elsewhere in the UK, spells of dry and fairly sunny weather are expected, though the low pressure is likely to mean clouds and downpours, with snow already falling in Devon.', 'Motoring company RAC warned journeys on popular routes could take twice as long as the bank holiday weekend coincides with the start of the Easter holidays.', 'A survey by RAC and Transport analysis company Inrix suggested 14 million Easter getaway trips are expected to be made.', 'Inrix predict Thursday afternoon will see the worst congestion. ""', 'With Easter falling earlier than usual at the start of the school holidays, it could be carmageddon for holidaymakers,"" an RAC breakdown spokesperson said.', 'In particular, journeys on the M25, between the M23 for Gatwick the M1 in Hertfordshire, are expected to take over two hours - twice the usual time.', 'The M5 southbound between Bristol and Taunton is also likely to be congested.', 'Meanwhile, tourist board Visit England said 11 million people in the UK are planning an overnight trip this Easter.', 'Airports and airlines are expecting big numbers, in some cases above 2019 levels.', 'Manchester Airport said it was preparing for about 320,000 passengers this weekend, 8% more than the equivalent last year.', 'Glasgow Airport said it would have extra staff in place during ""three exceptionally busy weekends ahead"".', 'Low-cost airline Easyjet is predicting its busiest ever Easter weekend.', 'Travellers may have to also contend with the weather, however.', 'Ryanair issued a warning to travellers on Thursday morning that high winds could disrupt air travel from London.', 'Network Rail is urging people to check their journey details before they travel.', 'There will be disruption on some rail routes over the bank holiday as some major routes close due to engineering work.', ""London Euston, one of the UK's busiest railway stations, will be closed between Good Friday and Easter Monday - except for London Overground trains."", 'It is because Network Rail engineering works between London and Milton Keynes will close part of the West Coast Main Line.', 'There will be replacement buses on this stretch.', 'Avanti West Coast will operate a revised service on its network.', 'There is more information about other changes to train services around the country on the National Rail website.', 'The weather has also affected train travel with Great Western Railway (GWR) warning of disruption after flooding at Chipping Sodbury in south Gloucestershire forced a track line to close on Thursday.', 'French authorities at Dover have stepped up border monitoring following the Moscow concert hall attack.', 'Drivers are being advised to plan ahead and leave extra time.', 'Around 20,000 cars are expected to travel through the port between Thursday and Easter Sunday.', 'People heading to the Channel Tunnel at the Port of Dover will find the traffic management system Operation Brock in place on the M20.', 'At peak times over the next few days, Dover has told coach operators that even with the right resources in place at the border, wait times could be up to 2.5 hours.', 'Eurotunnel told the BBC it was putting on extra shuttles and staff to cope with expected high numbers.', 'The Easter break is likely to begin with some less-than-preferable weather before calming down through the weekend, says BBC Weather presenter Chris Fawkes.', 'Overnight rain turned to snow in parts of southwest England and Wales, giving a wintry start to Thursday.', ""Europe is contending with Storm Nelson, which was named by Spanish forecasters, the winds of which are due to be felt in England's south."", 'Gusts are likely to reach up to 80mph in France on Thursday, and up to 65mph Portugal, where waves up to 11 metres high will pummel the coast.', ""Similar wind speeds may be felt in England's most exposed coastal locations, but are more likely to be around the 50mph mark in towns and villages."", ""High winds have forced a number of tourist attractions to close early, including London's Kew Gardens, parts of Kensington Gardens, a number of National Trust properties in the south west and Dartmoor Zoo."", 'By Good Friday the UK is set to see a mix of sunshine and showers with the potential for some heavy rain and hail, though temperatures will remain close to average.', 'Throughout Saturday and Sunday, some showers are expected, though these are unlikely to be as widespread, and slightly warmer temperatures will mean pockets of sunshine will feel quite pleasant.', 'By Monday wet and windy weather is likely to lash England and Wales, but Scotland and Northern Ireland look to remain pleasant with sunny spells.', 'What are your travel plans for Easter?', 'Email haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.096933593478194,"By Monday wet and windy weather is likely to lash England and Wales, but Scotland and Northern Ireland look to remain pleasant with sunny spells.","Inrix predict Thursday afternoon will see the worst congestion. """,-0.3549583024448818,"Airports and airlines are expecting big numbers, in some cases above 2019 levels.",The weather has also affected train travel with Great Western Railway (GWR) warning of disruption after flooding at Chipping Sodbury in south Gloucestershire forced a track line to close on Thursday.,2024-03-31
European flying car technology sold to China,https://www.bbc.co.uk/news/technology-68669296,2024-03-27T00:01:30.000Z,"The tech behind a flying car, originally developed and successfully test-flown in Europe, has been bought by a Chinese firm. Powered by a BMW engine and normal fuel, the AirCar flew for 35 minutes between two Slovakian airports in 2021, using runways for take-off and landing.  It took just over two minutes to transform from a car into an aircraft.  Now vehicles made based on its design will be used within a ""specific geographical region"" of China. Hebei Jianxin Flying Car Technology Company, headquartered in Cangzhou, has purchased exclusive rights to manufacture and use AirCar aircraft inside an undisclosed area. The firm has built its own airport and flight school after a previous acquisition from another Slovak aircraft manufacturer, said Anton Zajac, cofounder of KleinVision, the company which created AirCar. Having led the way in the  development of the EV revolution, China is now actively developing flying transport solutions. Last month a firm called Autoflight carried out a test flight of a passenger-carrying drone between the cities of Shenzhen and Zhuhai. The journey, which takes three hours by car, was completed in 20 minutes, it said - although the aircraft contained no passengers. And in 2023 the Chinese firm eHang was awarded a safety certificate by Chinese officials for its electric flying taxi. Here, the UK government has said flying taxis could become a regular feature of the skies by 2028.  But unlike these drone-like passenger aircrafts, AirCar does not take off and land vertically, and requires a runway. KleinVision declined to say how much it had sold the technology for. AirCar was issued with a certificate of airworthiness by the Slovak Transport Authority in 2022 and featured in a video published by YouTuber Mr Beast earlier this year. There are still considerable hurdles for this form of transport in terms of infrastructure, regulation and public acceptance of the technology.  ""This brave new world of personal transport is acting as a great leveller,"" said aviation consultant Steve Wright.  Global attempts to regulate the sector left ""everyone scrambling to come up with a whole new set of questions that need to be asked"".    ""In this respect the West's history can sometimes slow things down, as there is a bit of a temptation to try and squeeze these new machines into the old categories,"" Mr Wright added. ""China could well see this as an opportunity to get ahead."" Similar concerns once applied to electric cars - in which China which has become a global market leader. The sale of the Slovakian AirCar could raise questions about whether China might be poised to do the same with flying cars. Mr Wright said while prototypes like the AirCar were ""great fun"", the reality was likely to end up being more mundane ""with queues and baggage checks and whatnot"". ",BBC,27/03/2024,"['The tech behind a flying car, originally developed and successfully test-flown in Europe, has been bought by a Chinese firm.', 'Powered by a BMW engine and normal fuel, the AirCar flew for 35 minutes between two Slovakian airports in 2021, using runways for take-off and landing.', 'It took just over two minutes to transform from a car into an aircraft.', 'Now vehicles made based on its design will be used within a ""specific geographical region"" of China.', 'Hebei Jianxin Flying Car Technology Company, headquartered in Cangzhou, has purchased exclusive rights to manufacture and use AirCar aircraft inside an undisclosed area.', 'The firm has built its own airport and flight school after a previous acquisition from another Slovak aircraft manufacturer, said Anton Zajac, cofounder of KleinVision, the company which created AirCar.', 'Having led the way in the development of the EV revolution, China is now actively developing flying transport solutions.', 'Last month a firm called Autoflight carried out a test flight of a passenger-carrying drone between the cities of Shenzhen and Zhuhai.', 'The journey, which takes three hours by car, was completed in 20 minutes, it said - although the aircraft contained no passengers.', 'And in 2023 the Chinese firm eHang was awarded a safety certificate by Chinese officials for its electric flying taxi.', 'Here, the UK government has said flying taxis could become a regular feature of the skies by 2028.', 'But unlike these drone-like passenger aircrafts, AirCar does not take off and land vertically, and requires a runway.', 'KleinVision declined to say how much it had sold the technology for.', 'AirCar was issued with a certificate of airworthiness by the Slovak Transport Authority in 2022 and featured in a video published by YouTuber Mr Beast earlier this year.', 'There are still considerable hurdles for this form of transport in terms of infrastructure, regulation and public acceptance of the technology. ""', 'This brave new world of personal transport is acting as a great leveller,"" said aviation consultant Steve Wright.', 'Global attempts to regulate the sector left ""everyone scrambling to come up with a whole new set of questions that need to be asked"". ""', 'In this respect the West\'s history can sometimes slow things down, as there is a bit of a temptation to try and squeeze these new machines into the old categories,"" Mr Wright added. ""', 'China could well see this as an opportunity to get ahead.""', 'Similar concerns once applied to electric cars - in which China which has become a global market leader.', 'The sale of the Slovakian AirCar could raise questions about whether China might be poised to do the same with flying cars.', 'Mr Wright said while prototypes like the AirCar were ""great fun"", the reality was likely to end up being more mundane ""with queues and baggage checks and whatnot"".']",0.2617895401596791,"Mr Wright said while prototypes like the AirCar were ""great fun"", the reality was likely to end up being more mundane ""with queues and baggage checks and whatnot"".","The journey, which takes three hours by car, was completed in 20 minutes, it said - although the aircraft contained no passengers.",0.3180156449476878,And in 2023 the Chinese firm eHang was awarded a safety certificate by Chinese officials for its electric flying taxi.,"In this respect the West's history can sometimes slow things down, as there is a bit of a temptation to try and squeeze these new machines into the old categories,"" Mr Wright added. """,2024-03-31
New post-Brexit tariff to apply to UK cars going to Canada,https://www.bbc.co.uk/news/business-68688486,2024-03-28T18:01:21.000Z,"From Monday, any cars the UK exports to Canada will face an additional 6% tariff, or tax. The change comes after a post-Brexit agreement to continue EU trading terms expired without a new deal. The new tariffs are determined by whether the UK products exported to Canada use EU parts and materials. Limits, which had been waived, will now apply, meaning that certain exports, including cars, will not qualify for zero-tariff trade.  In 2023, 1.3% of British-built cars were exported to Canada, making it the UK's eighth largest market, according to the Society of Motor Manufacturers and Traders (SMMT), which represents the UK car industry. The car industry has expressed its concern, especially as there appears no timetable for a resumption of discussions.  The tariff was ""disappointing"", said Mike Hawes from SMMT, adding that manufacturers ""can only do so much"" to mitigate the higher costs for consumers which will result from the tariff. ""Given Canada's importance as a market for UK automotive exports, and the detriment this tariff will have on Canadian consumers, we urge all parties to be pragmatic, to resume negotiations on an upgraded trade deal,"" Mr Hawes added. These so-called ""rules of origin"" considerations also matter in the chemicals industry.  There is a wider disagreement between the UK and Canada over punitive tariffs on UK exports of cheese and the refusal of the UK to allow imports of Canadian hormone-treated beef. As a result of the disagreement, the trade secretary pulled the plug on wider free trade deal talks with Canada. Trade secretary Kemi Badenoch met her Canadian counterpart at a trade summit in February, and officials continued discussions recently without a breakthrough. A UK government source said it was a shame that Canada could not see that ""now, more than ever"" it was vital for allies to work together. ""Sadly, Canada has shown no willingness to agree an extension,"" they said. ""There's only so long you can bang your head against a brick wall when the other side isn't willing to find solutions."" Canadian farmers have lobbied the government in Ottawa to veto the ratification of the UK's membership of the trans-Pacific trade deal, the CPTPP. But Canada does appear to be pushing ahead with UK accession. However, with both the UK and Canada in the run-up to elections, it could be some time before the spat is settled. A spokesperson for the Department for Business and Trade said: ""Canada's decision not to roll over these rules of origin will increase the cost of trade and hurt businesses on both sides of the Atlantic.  ""The UK Government remains ready to work with Canada to find a solution that works for both countries, but we won't accept rowing back on the current terms"". ",BBC,28/03/2024,"['From Monday, any cars the UK exports to Canada will face an additional 6% tariff, or tax.', 'The change comes after a post-Brexit agreement to continue EU trading terms expired without a new deal.', 'The new tariffs are determined by whether the UK products exported to Canada use EU parts and materials.', 'Limits, which had been waived, will now apply, meaning that certain exports, including cars, will not qualify for zero-tariff trade.', ""In 2023, 1.3% of British-built cars were exported to Canada, making it the UK's eighth largest market, according to the Society of Motor Manufacturers and Traders (SMMT), which represents the UK car industry."", 'The car industry has expressed its concern, especially as there appears no timetable for a resumption of discussions.', 'The tariff was ""disappointing"", said Mike Hawes from SMMT, adding that manufacturers ""can only do so much"" to mitigate the higher costs for consumers which will result from the tariff. ""', 'Given Canada\'s importance as a market for UK automotive exports, and the detriment this tariff will have on Canadian consumers, we urge all parties to be pragmatic, to resume negotiations on an upgraded trade deal,"" Mr Hawes added.', 'These so-called ""rules of origin"" considerations also matter in the chemicals industry.', 'There is a wider disagreement between the UK and Canada over punitive tariffs on UK exports of cheese and the refusal of the UK to allow imports of Canadian hormone-treated beef.', 'As a result of the disagreement, the trade secretary pulled the plug on wider free trade deal talks with Canada.', 'Trade secretary Kemi Badenoch met her Canadian counterpart at a trade summit in February, and officials continued discussions recently without a breakthrough.', 'A UK government source said it was a shame that Canada could not see that ""now, more than ever"" it was vital for allies to work together. ""', 'Sadly, Canada has shown no willingness to agree an extension,"" they said. ""', 'There\'s only so long you can bang your head against a brick wall when the other side isn\'t willing to find solutions.""', ""Canadian farmers have lobbied the government in Ottawa to veto the ratification of the UK's membership of the trans-Pacific trade deal, the CPTPP."", 'But Canada does appear to be pushing ahead with UK accession.', 'However, with both the UK and Canada in the run-up to elections, it could be some time before the spat is settled.', 'A spokesperson for the Department for Business and Trade said: ""Canada\'s decision not to roll over these rules of origin will increase the cost of trade and hurt businesses on both sides of the Atlantic. ""', 'The UK Government remains ready to work with Canada to find a solution that works for both countries, but we won\'t accept rowing back on the current terms"".']",0.0429397220316586,"The UK Government remains ready to work with Canada to find a solution that works for both countries, but we won't accept rowing back on the current terms"".",There is a wider disagreement between the UK and Canada over punitive tariffs on UK exports of cheese and the refusal of the UK to allow imports of Canadian hormone-treated beef.,-0.1235244529587882,"The tariff was ""disappointing"", said Mike Hawes from SMMT, adding that manufacturers ""can only do so much"" to mitigate the higher costs for consumers which will result from the tariff. ""","A spokesperson for the Department for Business and Trade said: ""Canada's decision not to roll over these rules of origin will increase the cost of trade and hurt businesses on both sides of the Atlantic. """,2024-03-31
"Hull funeral home inquiry: 'I spent £2,700 on a fake funeral policy'",https://www.bbc.co.uk/news/uk-england-humber-68636654,2024-03-22T15:26:00.000Z,"Buyers of funeral plans from a Hull funeral home already at the centre of a police inquiry said they have been told their policies are non-existent. Rita Goldspink and Kevin Newton paid about £2,500 each for plans bought from Legacy Independent Funeral Directors in 2018 and 2012 respectively. Each has been told separately that there is no trace of their policy on the third-party insurer's database. Legacy funeral home has been contacted for comment. Two people have been bailed in a police investigation of Legacy Independent Funeral Directors that began on 6 March, following a report of ""concern for care of the deceased"". Rachel Marshall, from Hull, said the pre-paid funeral plan for her mother, Rita Goldspink, 76, had cost £2,700 in April 2018, six months after Legacy had organised her father's funeral. After news emerged of the Humberside Police investigation, Ms Marshall said she contacted the insurer and discovered they could not find ""my mum's name on their database"". She said she was later told by the insurer that she should have received a welcome pack containing details of the plan shortly after purchase. ""My mum was absolutely devastated and I was in total shock,"" said Ms Marshall.  ""All that money is gone. ""I'm gutted and have started to realise through conversations [with others that] there are more of us with these fake policies."" Kevin Newton, 69, also from Hull, said he was ""mortified"" to learn that his pre-paid funeral plan, which had cost him £2,239, was similarly untraceable. He said when he bought the third-party policy in 2012, he had received written confirmation and a receipt from Legacy.  Shortly afterwards a pack had arrived in the post, which he had believed contained official documents about his policy. However, after his family raised concerns with him last week, Mr Newton said he had phoned the third-party insurer and was told there was no trace of the policy. His daughter Kerry, 35, said: ""It's absolutely shocking because it's a lot of money for my dad to fork out and it's not like he can [afford it] again. ""I know my dad's done it so me and my brother don't have to worry about him when the time comes. It's just devastating. ""It's unforgiveable."" Another woman from Hull, who wishes to remain anonymous, said she ""can't get [her] head round"" being told there was no record of her £2,500 pre-paid funeral plan, bought from Legacy in 2016. She said she had bought the plan after using the company to arrange the funerals of both her parents, who had died three weeks apart. She too had believed a pack she received was evidence of the third-party policy. But she discovered last week the policy did not exist, the woman said. ""Initially... all I was concerned about was my mum and dad. They're supposed to be buried together in the same grave. I hope they are but I just don't know now. I'm thinking: are they there?  ""But now - finding this policy is worthless - it's just a cherry on the icing, really. I'm completely shocked. ""I mean, I'm still more troubled about mum and dad at the moment. But I know I'll never get any answers on that."" The BBC has seen documents given to all three families who bought the plans from Legacy. It is unclear whether Legacy submitted the filled-in application forms to the insurer. In a statement, the third-party insurer, Ecclesiastical Planning Services, said: ""This is a deeply distressing incident for the families affected.  ""We are unable to comment on individual cases but we are working with families who contact us to establish if they have a plan with us."" All three families said they had ""lost trust"" in the financial sector, particularly in the funeral industry, and have called for tighter regulations. The woman said: ""I think anyone setting up a funeral business should have some sort of qualification or have been trained. And there has to be regular inspections."" Ms Marshall urged anyone who had bought a pre-paid funeral plan to ""check your policy"". ""More or less everything goes on trust,"" she said. Few details about the police investigation have been revealed but a quantity of ashes and 35 bodies were recovered from Legacy's Hessle Road premises and taken to another mortuary. The families involved have been contacted, Humberside Police have said. A 46-year-old man and a 23-year-old woman were arrested on suspicion of prevention of a lawful and decent burial, fraud by false representation and fraud by abuse of position. They have since been released on bail while police inquiries continue. The force said its dedicated helpline numbers remain open. Follow BBC East Yorkshire and Lincolnshire on Facebook, X (formerly Twitter), and Instagram. Send your story ideas to eastyorkslincs.news@bbc.co.uk Are you affected by the issues raised in this story? Share your experiences by emailing haveyoursay@bbc.co.uk Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk Please include your name, age and location with any submission.  ",BBC,22/03/2024,"['Buyers of funeral plans from a Hull funeral home already at the centre of a police inquiry said they have been told their policies are non-existent.', 'Rita Goldspink and Kevin Newton paid about £2,500 each for plans bought from Legacy Independent Funeral Directors in 2018 and 2012 respectively.', ""Each has been told separately that there is no trace of their policy on the third-party insurer's database."", 'Legacy funeral home has been contacted for comment.', 'Two people have been bailed in a police investigation of Legacy Independent Funeral Directors that began on 6 March, following a report of ""concern for care of the deceased"".', ""Rachel Marshall, from Hull, said the pre-paid funeral plan for her mother, Rita Goldspink, 76, had cost £2,700 in April 2018, six months after Legacy had organised her father's funeral."", 'After news emerged of the Humberside Police investigation, Ms Marshall said she contacted the insurer and discovered they could not find ""my mum\'s name on their database"".', 'She said she was later told by the insurer that she should have received a welcome pack containing details of the plan shortly after purchase. ""', 'My mum was absolutely devastated and I was in total shock,"" said Ms Marshall. ""', 'All that money is gone. ""', 'I\'m gutted and have started to realise through conversations [with others that] there are more of us with these fake policies.""', 'Kevin Newton, 69, also from Hull, said he was ""mortified"" to learn that his pre-paid funeral plan, which had cost him £2,239, was similarly untraceable.', 'He said when he bought the third-party policy in 2012, he had received written confirmation and a receipt from Legacy.', 'Shortly afterwards a pack had arrived in the post, which he had believed contained official documents about his policy.', 'However, after his family raised concerns with him last week, Mr Newton said he had phoned the third-party insurer and was told there was no trace of the policy.', 'His daughter Kerry, 35, said: ""It\'s absolutely shocking because it\'s a lot of money for my dad to fork out and it\'s not like he can [afford it] again. ""', ""I know my dad's done it so me and my brother don't have to worry about him when the time comes."", 'It\'s just devastating. ""', 'It\'s unforgiveable.""', 'Another woman from Hull, who wishes to remain anonymous, said she ""can\'t get [her] head round"" being told there was no record of her £2,500 pre-paid funeral plan, bought from Legacy in 2016.', 'She said she had bought the plan after using the company to arrange the funerals of both her parents, who had died three weeks apart.', 'She too had believed a pack she received was evidence of the third-party policy.', 'But she discovered last week the policy did not exist, the woman said. ""', 'Initially... all I was concerned about was my mum and dad.', ""They're supposed to be buried together in the same grave."", ""I hope they are but I just don't know now."", 'I\'m thinking: are they there? ""', ""But now - finding this policy is worthless - it's just a cherry on the icing, really."", 'I\'m completely shocked. ""', ""I mean, I'm still more troubled about mum and dad at the moment."", 'But I know I\'ll never get any answers on that.""', 'The BBC has seen documents given to all three families who bought the plans from Legacy.', 'It is unclear whether Legacy submitted the filled-in application forms to the insurer.', 'In a statement, the third-party insurer, Ecclesiastical Planning Services, said: ""This is a deeply distressing incident for the families affected. ""', 'We are unable to comment on individual cases but we are working with families who contact us to establish if they have a plan with us.""', 'All three families said they had ""lost trust"" in the financial sector, particularly in the funeral industry, and have called for tighter regulations.', 'The woman said: ""I think anyone setting up a funeral business should have some sort of qualification or have been trained.', 'And there has to be regular inspections.""', 'Ms Marshall urged anyone who had bought a pre-paid funeral plan to ""check your policy"". ""', 'More or less everything goes on trust,"" she said.', ""Few details about the police investigation have been revealed but a quantity of ashes and 35 bodies were recovered from Legacy's Hessle Road premises and taken to another mortuary."", 'The families involved have been contacted, Humberside Police have said.', 'A 46-year-old man and a 23-year-old woman were arrested on suspicion of prevention of a lawful and decent burial, fraud by false representation and fraud by abuse of position.', 'They have since been released on bail while police inquiries continue.', 'The force said its dedicated helpline numbers remain open.', 'Follow BBC East Yorkshire and Lincolnshire on Facebook, X (formerly Twitter), and Instagram.', 'Send your story ideas to eastyorkslincs.news@bbc.co.uk Are you affected by the issues raised in this story?', 'Share your experiences by emailing haveyoursay@bbc.co.uk Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk Please include your name, age and location with any submission.""]",-0.1373784424526084,Share your experiences by emailing haveyoursay@bbc.co.uk Please include a contact number if you are willing to speak to a BBC journalist.,"A 46-year-old man and a 23-year-old woman were arrested on suspicion of prevention of a lawful and decent burial, fraud by false representation and fraud by abuse of position.",-0.8656735040924766,,"All three families said they had ""lost trust"" in the financial sector, particularly in the funeral industry, and have called for tighter regulations.",2024-03-31
‘I want to help people fly – and keep them safe’,https://www.bbc.co.uk/news/business-68489226,2024-03-22T00:15:02.000Z,"Student Pooja Umashankar clearly remembers when she first felt the roar of an aircraft taking off. She was 10 years old and travelling from Sri Lanka to the UK with her family. Through the window near her seat, she could see hundreds of tiny lights on the ground below.  ""It's just a piece of metal,"" she remembers marvelling, ""And it's flying now."" Today, a decade and a half later, Miss Umashankar has returned from Sri Lanka to study aircraft maintenance engineering at the University of South Wales. ""I knew that I wanted to do something that nobody had ever done in my town,"" she says. The aviation industry can't find enough people like Miss Umashankar. For years, airlines and engineering firms have struggled to hire maintenance engineers, and there is now a global shortage numbering in the tens of thousands.  This is a huge problem not least because aviation is expected to balloon in the coming decades. Industry estimates suggest that roughly 700,000 engineers will have to enter the profession between now and 2040 in order to satisfy demand.  Plus, after Boeing's recent 737 Max 9 door blowout - currently the subject of an investigation - engineers have been in especially high demand to perform increased checks on 737 Max aircraft of various models.  And trade association ADS says there are 10,000 vacancies in total across the UK's aerospace, defence, security and space industries. Miss Umashankar, who is now nearing the end of her three-year degree, says she wants to be a part of the solution. ""What motivates me is to… help people travel,"" she says. ""I want to help them fly - while being safe."" She says she has especially enjoyed working with electronics during her course but was not able to find an on-the-job training placement. However, Miss Umashankar has now started applying for full-time positions. She hopes to work for an employer that will treat her with respect and provide further training.  Not many of her colleagues will be women, she knows. But that does not deter her: ""There's such a shortage of female engineers in this field, I just feel that maybe I should be one of them."" Redressing the severe gender imbalance in the industry could help tackle the shortage, some observers say. In the UK, fewer than 10% of aerospace and aviation engineers are women. The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University. Only 2.8% of US aircraft technicians are women. ""I don't think that there are enough women that are involved in the industry to act as mentors,"" she says. Multiple engineering firms contacted by the BBC declined to specify whether they were short of aviation technicians at present, or to what extent. AAR Corporation, however, says it has raised salaries and launched a programme to help US military veterans join the workforce. More than 60 such candidates have been hired since 2019, the firm notes. ST Engineering has started a mentorship programme in Singapore and is in talks to set up a training academy in the US. Meanwhile, Lufthansa Technik is working to attract more women into the industry. ""Large-scale recruitment of apprentices is still ongoing,"" a spokeswoman adds. The current focus on training is significant, says Daniel Olufisan, training director and principal consultant at Wing Engineering, which works in the aviation industry. It is partly down to the fact that fewer aircraft engineers these days are ex-military and, therefore, not as many people with hands-on experience are entering maintenance roles, he suggests. Another key reason for the shortage is that a high number of engineers in their 60s are now retiring from the profession. Aircraft maintenance is not as glamorous as it once was, suggests Robert Mann, an industry analyst and consultant at RW Mann & Company: ""Some of the benefits that then came with working for an airline, flying on staff passes for example, just aren't there anymore."" He stresses that a dearth of engineers is no excuse to cut corners on safety. ""This is not a test flying business, this is a consumer service,"" he says. Last year, manufacturer Airbus set a target of hiring 13,000 new employees, many of whom were engineers, though in Airbus's case most were destined to work on new aircraft designs rather than maintenance. A spokeswoman confirms that the company exceeded its target and also succeeded in hiring a large proportion of engineers (25% of the total). ""It does become harder and harder to source talented professional engineers,"" acknowledges Mark Crompton, global head of employment marketing. He adds that outreach to children of school age could help encourage them to consider the career. More technology of business Airbus, like many firms, is increasing apprenticeship and internship positions to help, too. The number of such posts at Airbus climbed by 25% in 2023. But the industry as a whole is having to face up to the impact aviation is having on climate change and even more engineers are needed to develop cleaner aircraft, explains Mr Crompton. Nadeem Bandali is an aircraft maintenance engineer at Gatwick Airport. He says that when young people ask him about his job, he shows them videos of the kind of work he does to illustrate how practical it is. ""It's purely mechanical, fixing aircraft, troubleshooting aircraft systems,"" he explains.  As an example, just a few weeks ago, he and his colleagues were tasked with locating a fault in a long sensor wire that runs through the fuselage and wings of an A320. It took a few hours, but they found it and fixed it.  He is aware of the engineer shortage but says, ""I don't think safety is an issue at the moment."" Keeping planes in the air, without incident, is a worthwhile endeavour for Miss Umashankar. ""Aircraft,"" she says, ""connect the whole world into one."" ",BBC,22/03/2024,"['Student Pooja Umashankar clearly remembers when she first felt the roar of an aircraft taking off.', 'She was 10 years old and travelling from Sri Lanka to the UK with her family.', 'Through the window near her seat, she could see hundreds of tiny lights on the ground below. ""', 'It\'s just a piece of metal,"" she remembers marvelling, ""And it\'s flying now.""', 'Today, a decade and a half later, Miss Umashankar has returned from Sri Lanka to study aircraft maintenance engineering at the University of South Wales. ""', 'I knew that I wanted to do something that nobody had ever done in my town,"" she says.', ""The aviation industry can't find enough people like Miss Umashankar."", 'For years, airlines and engineering firms have struggled to hire maintenance engineers, and there is now a global shortage numbering in the tens of thousands.', 'This is a huge problem not least because aviation is expected to balloon in the coming decades.', 'Industry estimates suggest that roughly 700,000 engineers will have to enter the profession between now and 2040 in order to satisfy demand.', ""Plus, after Boeing's recent 737 Max 9 door blowout - currently the subject of an investigation - engineers have been in especially high demand to perform increased checks on 737 Max aircraft of various models."", ""And trade association ADS says there are 10,000 vacancies in total across the UK's aerospace, defence, security and space industries."", 'Miss Umashankar, who is now nearing the end of her three-year degree, says she wants to be a part of the solution. ""', 'What motivates me is to… help people travel,"" she says. ""', 'I want to help them fly - while being safe.""', 'She says she has especially enjoyed working with electronics during her course but was not able to find an on-the-job training placement.', 'However, Miss Umashankar has now started applying for full-time positions.', 'She hopes to work for an employer that will treat her with respect and provide further training.', 'Not many of her colleagues will be women, she knows.', 'But that does not deter her: ""There\'s such a shortage of female engineers in this field, I just feel that maybe I should be one of them.""', 'Redressing the severe gender imbalance in the industry could help tackle the shortage, some observers say.', 'In the UK, fewer than 10% of aerospace and aviation engineers are women.', 'The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University.', 'Only 2.8% of US aircraft technicians are women. ""', 'I don\'t think that there are enough women that are involved in the industry to act as mentors,"" she says.', 'Multiple engineering firms contacted by the BBC declined to specify whether they were short of aviation technicians at present, or to what extent.', 'AAR Corporation, however, says it has raised salaries and launched a programme to help US military veterans join the workforce.', 'More than 60 such candidates have been hired since 2019, the firm notes.', 'ST Engineering has started a mentorship programme in Singapore and is in talks to set up a training academy in the US.', 'Meanwhile, Lufthansa Technik is working to attract more women into the industry. ""', 'Large-scale recruitment of apprentices is still ongoing,"" a spokeswoman adds.', 'The current focus on training is significant, says Daniel Olufisan, training director and principal consultant at Wing Engineering, which works in the aviation industry.', 'It is partly down to the fact that fewer aircraft engineers these days are ex-military and, therefore, not as many people with hands-on experience are entering maintenance roles, he suggests.', 'Another key reason for the shortage is that a high number of engineers in their 60s are now retiring from the profession.', 'Aircraft maintenance is not as glamorous as it once was, suggests Robert Mann, an industry analyst and consultant at RW Mann & Company: ""Some of the benefits that then came with working for an airline, flying on staff passes for example, just aren\'t there anymore.""', 'He stresses that a dearth of engineers is no excuse to cut corners on safety. ""', 'This is not a test flying business, this is a consumer service,"" he says.', ""Last year, manufacturer Airbus set a target of hiring 13,000 new employees, many of whom were engineers, though in Airbus's case most were destined to work on new aircraft designs rather than maintenance."", 'A spokeswoman confirms that the company exceeded its target and also succeeded in hiring a large proportion of engineers (25% of the total). ""', 'It does become harder and harder to source talented professional engineers,"" acknowledges Mark Crompton, global head of employment marketing.', 'He adds that outreach to children of school age could help encourage them to consider the career.', 'More technology of business Airbus, like many firms, is increasing apprenticeship and internship positions to help, too.', 'The number of such posts at Airbus climbed by 25% in 2023.', 'But the industry as a whole is having to face up to the impact aviation is having on climate change and even more engineers are needed to develop cleaner aircraft, explains Mr Crompton.', 'Nadeem Bandali is an aircraft maintenance engineer at Gatwick Airport.', 'He says that when young people ask him about his job, he shows them videos of the kind of work he does to illustrate how practical it is. ""', 'It\'s purely mechanical, fixing aircraft, troubleshooting aircraft systems,"" he explains.', 'As an example, just a few weeks ago, he and his colleagues were tasked with locating a fault in a long sensor wire that runs through the fuselage and wings of an A320.', 'It took a few hours, but they found it and fixed it.', 'He is aware of the engineer shortage but says, ""I don\'t think safety is an issue at the moment.""', 'Keeping planes in the air, without incident, is a worthwhile endeavour for Miss Umashankar. ""', 'Aircraft,"" she says, ""connect the whole world into one.""']",0.1132175272645693,She hopes to work for an employer that will treat her with respect and provide further training.,"He stresses that a dearth of engineers is no excuse to cut corners on safety. """,0.1862073948508814,The number of such posts at Airbus climbed by 25% in 2023.,"The numbers are even worse across the Atlantic, says Gail Rouscher, a former aircraft maintenance engineer now at Western Michigan University.",2024-03-31
Everyone got duped by Sam Bankman-Fried's big gamble,https://www.bbc.co.uk/news/world-us-canada-67302950,2023-11-03T11:14:42.000Z,"Sam Bankman-Fried has been sentenced to 25 years for stealing billions of dollars from customers of his cryptocurrency exchange FTX. It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady.  On 7 November 2022, as his empire began its dizzying, irrevocable collapse, Bankman-Fried did what he always did: he weighed the odds.  Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried's crypto exchange, spooking customers into a multi-billion dollar bank run.  In an online chat, Bankman-Fried consulted two of his top deputies. ""To be clear you think the tweet is net bad?"" he asked them.  They considered their options. Was it possible that his rival would walk back the criticism? Was it probable that that would stem the bleeding? ""Fairly unlikely,"" Bankman-Fried wrote. Bankman-Fried faces decades in prison after guilty verdict It was the kind of calculus Bankman-Fried had been making for years, the quick equations friends said he used in nearly every situation - mulling a break-up, assessing a risky trade.  For a while, that approach seemed to work. As the boy-wonder of crypto, Bankman-Fried got rich faster than almost anyone in history, amassing an estimated $26bn in personal wealth, countless magazine covers and sweeping political influence. The flameout was even faster.  The tweet was, as discussed, net bad. Billions gushed out of the platform in less than five days. When it was all over, more than $8bn in customer funds were missing and the company was bankrupt. Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering. Over four weeks of trial, two contradictory stories emerged. In one, the former mogul was a brilliant but hapless savant, whose mistakes as CEO allowed for massive fraud to be carried out under his nose. In the other, supported by former members of his inner circle, Bankman-Fried syphoned billions of dollars of customer money, banking on the odds he'd never be caught.  Both tellings reveal how tightly the fortunes of FTX were tied to the image of its founder, whose oddball magnetism drew former presidents, celebrities, and corporate titans into his orbit and his multi-billion dollar gamble.  Bankman-Fried wasn't shy about it: he wanted to get rich. But, to hear him tell it, he wanted to make all those billions just to give them away.  An overachieving child born to two overachieving parents, Bankman-Fried and his younger brother were taught at an early age about utilitarianism, a doctrine holding that the most ethical choice is the one that does the most good for the most people.   As a student at MIT, Bankman-Fried went to a talk by Will MacAskill, a 25-year-old doctoral student at Oxford and founder of effective altruism, a utilitarian-tinged philosophy that uses maths to figure out how individuals can maximise their philanthropic impact.  To do the most good, Mr MacAskill told him, Bankman-Fried could take his considerable intellect to lucrative Wall Street, and donate most of his salary to important causes.  Bankman-Fried was sold. In 2014, he took his degree straight to Jane Street, a high-frequency trading firm, and reportedly gave away about half of his income to worthy causes.  Three years later, Bankman-Fried found an industry that could make him even richer than typical trading: crypto.  At the age of 25, he founded Alameda Research, a crypto investment firm, after noticing that prices of Bitcoin varied considerably in different countries. The arbitrage trading earned Alameda a reported $20m in just three weeks.  In 2019, he founded FTX, then a Hong Kong-based crypto exchange for international investors. Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.  Within months, daily trading volume on FTX had reached $300m. By 2021, he had debuted on the Forbes 400, the magazine's annual list of the richest Americans, with a fortune of $22.5bn.  Some have attributed his remarkable success to an unusually high tolerance for risk, a willingness to chance devastating consequences for a big reward.  ""He would be happy to flip a coin, if it came up tails and the world was destroyed,"" his ex-girlfriend and former CEO of Alameda Research Caroline Ellison said at trial. ""As long as if it came up heads the world would be more than twice as good.""  According to internal accounts, life at FTX could sometimes resemble a grown-up maths camp, filled with a selection of brilliant misfits and led by the perpetually rumpled Bankman-Fried.  ""He was super disorganised, he was always in cargo shorts, he was always sloppy,"" a former FTX employee told the BBC. ""He would walk around the office in bare feet."" Those at the top were a tight-knit group who sometimes blindly listened to Sam, the employee said. ""It could be cult-like.""  Natalie Tien, who handled public relations and Bankman-Fried's schedule at FTX for more than two years, said he was charismatic to the point that the company sometimes felt ""toxic"". ""We just trusted him 100%,"" she told the BBC. ""To a degree that we kind of worried [about] speaking up for ourselves."" It wasn't only people inside the company that were enthralled. Appearing side-by-side with Bill Clinton, Tony Blair, Gisele Bundchen and Katy Perry in shorts and ill-fitting T-shirts, he became an ambassador of sorts for the crypto industry as whole, just as it began to reach new heights.  Part of the mystique was that Bankman-Fried seemed to eschew the level of luxury his earnings could have afforded. He didn't own a yacht, his defence attorneys said at trial. He drove a beat-up Toyota Corolla. Meanwhile, he testified before Congress arguing for more regulation of the crypto market, setting him apart from many of his peers. ""In a weird way, he seemed kind of like the grown-up in the crypto world,"" said Zeke Faux, an investigative journalist and author of Number Go Up: Inside Crypto's Wild Rise and Staggering Fall. And, of course, there was his stated ultimate objective: Bankman-Fried was going to give it all away.  ""It was a great story, everybody loved it,"" said Mr Faux. ""People loved it in Congress, the VCs loved it, the bankers loved it.""  ""The problem with his story is that it was not true,"" he said.  In September of 2022, the venture capital firm Sequoia Capital ran a breathless profile of Bankman-Fried in its magazine. At the time, FTX was valued at $32bn.  In the since-deleted piece entitled FTX's SBF Has a Savior Complex, and Maybe You Should Too, author Adam Fisher described Bankman-Fried's efforts to maximise his wealth in order to maximise his impact on the world. It involved a risk, Fisher wrote. ""But the math couldn't be clearer."" ""To do the most good for the world,"" he said, ""SBF needed to find a path on which he'd be a coin toss away from going totally bust."" A month-and-a-half later, industry news site CoinDesk published a bombshell report alleging that Alameda had over half its $15bn portfolio in FTT - the crypto token printed by FTX. The disclosure raised questions about the actual value of Alameda's holdings, and the apparent conflict of interest between Alameda and FTX - ostensibly independent companies.  Then came that announcement on 6 November from industry rival, Binance CEO Changpeng Zhao, known as CZ, who said he would dump his own sizable stores of FTT.  On 11 November, the implosion of FTX was complete, the story of crypto's prodigy gone with it.  For some observers of the crypto boom, and Bankman-Fried's meteoric rise to power, the fall was not unexpected. As FTX rose to prominence, the actor Ben McKenzie, best known for his role on the television show the OC, emerged as one of the country's most vocal crypto sceptics.  In July 2022, Bankman-Fried agreed to sit down for an interview with Mr McKenzie for a book the actor was writing, titled Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.  In a cramped Manhattan hotel room, in an encounter that Mr McKenzie described as ""probably the strangest hour of my life"", Bankman-Fried tried to pitch the actor on crypto - and Sam Bankman-Fried - as a force for good in the world. ""I think he marketed himself to me as a version of his public persona, which at the time was the California wunderkind, billionaire philanthropist,"" Mr McKenzie said. It was an image that even Mr McKenzie had bought into, to an extent, he said. Until they began talking, that is. ""He had trouble just giving me straight answers to basic questions, one of which was, what does crypto currency do?"" the actor said.  Over four weeks of trial in Manhattan, Bankman-Fried's attorneys painted their client as a math nerd who was overwhelmed by his expanding empire. On the stand, now in a suit, with his hair cut short, Bankman-Fried directed some of the blame at Ms Ellison, who had pleaded guilty to fraud, for failing to ""hedge"" bets to better protect Alameda from a downturn in the market, as he had instructed her to do.  The prosecution, in turn, painted Bankman-Fried as someone whose boundless aspiration went hand-in-hand with a hubris that led Bankman-Fried to play the odds with his company.  ""The defendant was gambling with customer money,"" prosecutor Nicolas Roos argued.  Bankman-Fried's courtroom downfall was aided by former members of his inner circle, including Ms Ellison, who acted as chief executive of Alameda, as well as college roommates Adam Yedida and Gary Wang, and Nishad Singh, a childhood friend of Bankman-Fried's younger brother. They testified that while promising to safeguard customer funds and clean up the industry, Bankman-Fried was directing them to commit fraud, opening up a back door between Alameda and FTX so he could use FTX as a personal piggybank. The money fuelled his rise, as he splashed out on property, billions in investments and some $100m in political donations - not to mention helping to cover billions in debts owed by Alameda. His physical appearance, too, was contrived, Ms Ellison testified - his messy hair and cheap car deemed ""better for his image"", because it made him look more authentic than a typical trader. But that down-to-earth image belied his intense ambition, she said. ""He thought there was a 5% chance he would become president someday,"" Ms Ellison said at trial. ""Of the United States."" While many have watched the trial as a sort of comeuppance, former FTX employee Natalie Tien has looked to it for closure, and is one of the few former employees to attend the trial regularly.  On the one hand, it was a relief to realise that her own doubts and questions about some things - like extravagant spending on celebrity sponsorships - had been justified. The last time she communicated with her former boss, in December 2022, he had just been released on bail and sent her a music video of Eminem, rapping ""Without Me"" to celebrate. But the 33-year-old also felt some parts of the story - especially around his schedule and his use of private jets - were being taken ""out of context"". ""He did lie and he took the money, yes, but I don't think it's because he was greedy,"" she said. ""Because I actually saw him every day wearing crappy old T-shirts with no shoes and driving a shitty car."" ""It was not an act,"" she said.  Bankman-Fried now faces up to 110 years in prison, and an indelible reputation as one of the greatest fraudsters in US history. Lawyers working on the bankruptcy case have said they have recovered more than $7bn in missing money. ""I think it says more about us than it does about him,"" Mr McKenzie said.  ""He got so far, I think, in many ways because of his lineage, because he is the son of Stanford professors, because he did go to MIT, because he worked on Wall Street. The myth of Sam Bankman-Fried grew in relation to the myth of crypto itself, right?"" You can watch Panorama's The Downfall of the Crypto King on BBC iPlayer (UK only) With additional reporting from James Clayton ",BBC,03/11/2023,"['Sam Bankman-Fried has been sentenced to 25 years for stealing billions of dollars from customers of his cryptocurrency exchange FTX.', ""It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady."", 'On 7 November 2022, as his empire began its dizzying, irrevocable collapse, Bankman-Fried did what he always did: he weighed the odds.', ""Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried's crypto exchange, spooking customers into a multi-billion dollar bank run."", 'In an online chat, Bankman-Fried consulted two of his top deputies. ""', 'To be clear you think the tweet is net bad?""', 'he asked them.', 'They considered their options.', 'Was it possible that his rival would walk back the criticism?', 'Was it probable that that would stem the bleeding? ""', 'Fairly unlikely,"" Bankman-Fried wrote.', 'Bankman-Fried faces decades in prison after guilty verdict It was the kind of calculus Bankman-Fried had been making for years, the quick equations friends said he used in nearly every situation - mulling a break-up, assessing a risky trade.', 'For a while, that approach seemed to work.', 'As the boy-wonder of crypto, Bankman-Fried got rich faster than almost anyone in history, amassing an estimated $26bn in personal wealth, countless magazine covers and sweeping political influence.', 'The flameout was even faster.', 'The tweet was, as discussed, net bad.', 'Billions gushed out of the platform in less than five days.', 'When it was all over, more than $8bn in customer funds were missing and the company was bankrupt.', 'Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering.', 'Over four weeks of trial, two contradictory stories emerged.', 'In one, the former mogul was a brilliant but hapless savant, whose mistakes as CEO allowed for massive fraud to be carried out under his nose.', ""In the other, supported by former members of his inner circle, Bankman-Fried syphoned billions of dollars of customer money, banking on the odds he'd never be caught."", 'Both tellings reveal how tightly the fortunes of FTX were tied to the image of its founder, whose oddball magnetism drew former presidents, celebrities, and corporate titans into his orbit and his multi-billion dollar gamble.', ""Bankman-Fried wasn't shy about it: he wanted to get rich."", 'But, to hear him tell it, he wanted to make all those billions just to give them away.', 'An overachieving child born to two overachieving parents, Bankman-Fried and his younger brother were taught at an early age about utilitarianism, a doctrine holding that the most ethical choice is the one that does the most good for the most people.', 'As a student at MIT, Bankman-Fried went to a talk by Will MacAskill, a 25-year-old doctoral student at Oxford and founder of effective altruism, a utilitarian-tinged philosophy that uses maths to figure out how individuals can maximise their philanthropic impact.', 'To do the most good, Mr MacAskill told him, Bankman-Fried could take his considerable intellect to lucrative Wall Street, and donate most of his salary to important causes.', 'Bankman-Fried was sold.', 'In 2014, he took his degree straight to Jane Street, a high-frequency trading firm, and reportedly gave away about half of his income to worthy causes.', 'Three years later, Bankman-Fried found an industry that could make him even richer than typical trading: crypto.', 'At the age of 25, he founded Alameda Research, a crypto investment firm, after noticing that prices of Bitcoin varied considerably in different countries.', 'The arbitrage trading earned Alameda a reported $20m in just three weeks.', 'In 2019, he founded FTX, then a Hong Kong-based crypto exchange for international investors.', 'Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.', ""Within months, daily trading volume on FTX had reached $300m. By 2021, he had debuted on the Forbes 400, the magazine's annual list of the richest Americans, with a fortune of $22.5bn."", 'Some have attributed his remarkable success to an unusually high tolerance for risk, a willingness to chance devastating consequences for a big reward. ""', 'He would be happy to flip a coin, if it came up tails and the world was destroyed,"" his ex-girlfriend and former CEO of Alameda Research Caroline Ellison said at trial. ""', 'As long as if it came up heads the world would be more than twice as good.""', 'According to internal accounts, life at FTX could sometimes resemble a grown-up maths camp, filled with a selection of brilliant misfits and led by the perpetually rumpled Bankman-Fried. ""', 'He was super disorganised, he was always in cargo shorts, he was always sloppy,"" a former FTX employee told the BBC. ""', 'He would walk around the office in bare feet.""', 'Those at the top were a tight-knit group who sometimes blindly listened to Sam, the employee said. ""', 'It could be cult-like.""', 'Natalie Tien, who handled public relations and Bankman-Fried\'s schedule at FTX for more than two years, said he was charismatic to the point that the company sometimes felt ""toxic"". ""', 'We just trusted him 100%,"" she told the BBC. ""', 'To a degree that we kind of worried [about] speaking up for ourselves.""', ""It wasn't only people inside the company that were enthralled."", 'Appearing side-by-side with Bill Clinton, Tony Blair, Gisele Bundchen and Katy Perry in shorts and ill-fitting T-shirts, he became an ambassador of sorts for the crypto industry as whole, just as it began to reach new heights.', 'Part of the mystique was that Bankman-Fried seemed to eschew the level of luxury his earnings could have afforded.', ""He didn't own a yacht, his defence attorneys said at trial."", 'He drove a beat-up Toyota Corolla.', 'Meanwhile, he testified before Congress arguing for more regulation of the crypto market, setting him apart from many of his peers. ""', 'In a weird way, he seemed kind of like the grown-up in the crypto world,"" said Zeke Faux, an investigative journalist and author of Number Go Up: Inside Crypto\'s Wild Rise and Staggering Fall.', 'And, of course, there was his stated ultimate objective: Bankman-Fried was going to give it all away. ""', 'It was a great story, everybody loved it,"" said Mr Faux. ""', 'People loved it in Congress, the VCs loved it, the bankers loved it."" ""', 'The problem with his story is that it was not true,"" he said.', 'In September of 2022, the venture capital firm Sequoia Capital ran a breathless profile of Bankman-Fried in its magazine.', 'At the time, FTX was valued at $32bn.', ""In the since-deleted piece entitled FTX's SBF Has a Savior Complex, and Maybe You Should Too, author Adam Fisher described Bankman-Fried's efforts to maximise his wealth in order to maximise his impact on the world."", 'It involved a risk, Fisher wrote. ""', 'But the math couldn\'t be clearer."" ""', 'To do the most good for the world,"" he said, ""SBF needed to find a path on which he\'d be a coin toss away from going totally bust.""', 'A month-and-a-half later, industry news site CoinDesk published a bombshell report alleging that Alameda had over half its $15bn portfolio in FTT - the crypto token printed by FTX.', ""The disclosure raised questions about the actual value of Alameda's holdings, and the apparent conflict of interest between Alameda and FTX - ostensibly independent companies."", 'Then came that announcement on 6 November from industry rival, Binance CEO Changpeng Zhao, known as CZ, who said he would dump his own sizable stores of FTT.', ""On 11 November, the implosion of FTX was complete, the story of crypto's prodigy gone with it."", ""For some observers of the crypto boom, and Bankman-Fried's meteoric rise to power, the fall was not unexpected."", ""As FTX rose to prominence, the actor Ben McKenzie, best known for his role on the television show the OC, emerged as one of the country's most vocal crypto sceptics."", 'In July 2022, Bankman-Fried agreed to sit down for an interview with Mr McKenzie for a book the actor was writing, titled Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.', 'In a cramped Manhattan hotel room, in an encounter that Mr McKenzie described as ""probably the strangest hour of my life"", Bankman-Fried tried to pitch the actor on crypto - and Sam Bankman-Fried - as a force for good in the world. ""', 'I think he marketed himself to me as a version of his public persona, which at the time was the California wunderkind, billionaire philanthropist,"" Mr McKenzie said.', 'It was an image that even Mr McKenzie had bought into, to an extent, he said.', 'Until they began talking, that is. ""', 'He had trouble just giving me straight answers to basic questions, one of which was, what does crypto currency do?""', 'the actor said.', ""Over four weeks of trial in Manhattan, Bankman-Fried's attorneys painted their client as a math nerd who was overwhelmed by his expanding empire."", 'On the stand, now in a suit, with his hair cut short, Bankman-Fried directed some of the blame at Ms Ellison, who had pleaded guilty to fraud, for failing to ""hedge"" bets to better protect Alameda from a downturn in the market, as he had instructed her to do.', 'The prosecution, in turn, painted Bankman-Fried as someone whose boundless aspiration went hand-in-hand with a hubris that led Bankman-Fried to play the odds with his company. ""', 'The defendant was gambling with customer money,"" prosecutor Nicolas Roos argued.', ""Bankman-Fried's courtroom downfall was aided by former members of his inner circle, including Ms Ellison, who acted as chief executive of Alameda, as well as college roommates Adam Yedida and Gary Wang, and Nishad Singh, a childhood friend of Bankman-Fried's younger brother."", 'They testified that while promising to safeguard customer funds and clean up the industry, Bankman-Fried was directing them to commit fraud, opening up a back door between Alameda and FTX so he could use FTX as a personal piggybank.', 'The money fuelled his rise, as he splashed out on property, billions in investments and some $100m in political donations - not to mention helping to cover billions in debts owed by Alameda.', 'His physical appearance, too, was contrived, Ms Ellison testified - his messy hair and cheap car deemed ""better for his image"", because it made him look more authentic than a typical trader.', 'But that down-to-earth image belied his intense ambition, she said. ""', 'He thought there was a 5% chance he would become president someday,"" Ms Ellison said at trial. ""', 'Of the United States.""', 'While many have watched the trial as a sort of comeuppance, former FTX employee Natalie Tien has looked to it for closure, and is one of the few former employees to attend the trial regularly.', 'On the one hand, it was a relief to realise that her own doubts and questions about some things - like extravagant spending on celebrity sponsorships - had been justified.', 'The last time she communicated with her former boss, in December 2022, he had just been released on bail and sent her a music video of Eminem, rapping ""Without Me"" to celebrate.', 'But the 33-year-old also felt some parts of the story - especially around his schedule and his use of private jets - were being taken ""out of context"". ""', 'He did lie and he took the money, yes, but I don\'t think it\'s because he was greedy,"" she said. ""', 'Because I actually saw him every day wearing crappy old T-shirts with no shoes and driving a shitty car."" ""', 'It was not an act,"" she said.', 'Bankman-Fried now faces up to 110 years in prison, and an indelible reputation as one of the greatest fraudsters in US history.', 'Lawyers working on the bankruptcy case have said they have recovered more than $7bn in missing money. ""', 'I think it says more about us than it does about him,"" Mr McKenzie said. ""', 'He got so far, I think, in many ways because of his lineage, because he is the son of Stanford professors, because he did go to MIT, because he worked on Wall Street.', 'The myth of Sam Bankman-Fried grew in relation to the myth of crypto itself, right?""', ""You can watch Panorama's The Downfall of the Crypto King on BBC iPlayer (UK only) With additional reporting from James Clayton""]",0.0933476610366481,"People loved it in Congress, the VCs loved it, the bankers loved it."" ""","Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering.",-0.0221978939812758,"Like Elizabeth Holmes - another Silicon Valley billionaire whose star came crashing down - he was able to convince big name investors to lend the company not only cash, but credibility.","It's a spectacular downfall for Silicon Valley's dishevelled wunderkind, who rubbed elbows with celebrities like Gisele Bündchen and Tom Brady.",2024-03-31
What is a recession and how could it affect me?,https://www.bbc.co.uk/news/business-52986863,2020-06-12T00:47:29.000Z,"The UK economy fell into recession during the final three months of 2023, according to official figures. However, the Bank of England has since suggested that the downturn might already be over. Prime Minister Rishi Sunak said growing the economy was one of his five key priorities. The Office for National Statistics (ONS) publishes figures for the UK's Gross Domestic Product (GDP). This is the value of all the goods and services the UK produces. In normal times, a country's economy grows, GDP rises, and average incomes rise as a result. But sometimes the economy shrinks, GDP falls, and that's a sign that the economy is doing badly, which could hit people's pockets. The UK is in recession if GDP falls for two successive three-month periods - known as quarters.  The latest ONS figures confirm that the economy shrank 0.3% between October and December 2023.  That followed a 0.1% fall between July and September and means the economy went into recession at the end of 2023.  Across 2023 as a whole, the UK economy grew by 0.1%.  The government has never publicly said what measure should be used to assess the prime minister's pledge to ""grow the economy"", despite repeated requests. In private briefings, journalists were told it would be met if the economy was bigger in the fourth quarter of 2023 than in the previous quarter. The ONS figures show that it was not.  The last UK recession was in 2020, at the height of the coronavirus pandemic. It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record. The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.  Economic growth can mean more jobs are available and companies can pay more to employees and shareholders.  Higher wages and larger profits also generate money for the government through taxes.  It can choose to spend more on things like benefits and public services, or cut tax rates. When the economy shrinks and a country goes into recession, these things can go into reverse.  Some people might lose their jobs, and unemployment could rise. Graduates and school leavers could find it difficult to get their first job.  Others may find it harder to be promoted, or to get big enough pay rises to keep pace with price increases.  However, the pain of a recession is typically not felt equally across society, and inequality can increase.  Benefit recipients and those on fixed incomes are particularly likely to struggle, especially if the government decides to spend less on public services.  In a recession, the Bank of England - which is independent of government - typically cuts interest rates.  This makes it cheaper for businesses and households to borrow money which can boost spending and economic growth.   However, prices have been rising very quickly in the UK, and the Bank put interest rates up to tackle that inflation.   After 14 rate increases, the Bank has held interest rates at 5.25% four times in a row. When the economy is struggling to grow at the same time as there is high inflation, there can be a situation called ""stagflation"". This can be very difficult to solve, because the two issues require different solutions.  However in February 2024, Bank of England governor Andrew Bailey told MPs that there were ""distinct signs of an upturn"" in the economy and the latest recession may already be over. The UK has been one of the weaker members of the G7 group of the world's largest economies. The US economy grew by 3.3% in the fourth quarter of 2023, which was much better than expected.  That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies. It is also expected to outperform the rest of the G7 in 2024.  In October 2023, the International Monetary Fund (IMF) predicted that the UK would grow by just 0.6% in 2024.   The independent Office for Budget Responsibility (OBR) expects the UK economy to grow by 0.7% in 2024, but that is less than half of its earlier prediction of 1.8% growth. ",BBC,12/06/2020,"['The UK economy fell into recession during the final three months of 2023, according to official figures.', 'However, the Bank of England has since suggested that the downturn might already be over.', 'Prime Minister Rishi Sunak said growing the economy was one of his five key priorities.', ""The Office for National Statistics (ONS) publishes figures for the UK's Gross Domestic Product (GDP)."", 'This is the value of all the goods and services the UK produces.', ""In normal times, a country's economy grows, GDP rises, and average incomes rise as a result."", ""But sometimes the economy shrinks, GDP falls, and that's a sign that the economy is doing badly, which could hit people's pockets."", 'The UK is in recession if GDP falls for two successive three-month periods - known as quarters.', 'The latest ONS figures confirm that the economy shrank 0.3% between October and December 2023.', 'That followed a 0.1% fall between July and September and means the economy went into recession at the end of 2023.', 'Across 2023 as a whole, the UK economy grew by 0.1%.', 'The government has never publicly said what measure should be used to assess the prime minister\'s pledge to ""grow the economy"", despite repeated requests.', 'In private briefings, journalists were told it would be met if the economy was bigger in the fourth quarter of 2023 than in the previous quarter.', 'The ONS figures show that it was not.', 'The last UK recession was in 2020, at the height of the coronavirus pandemic.', 'It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record.', 'The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.', 'Economic growth can mean more jobs are available and companies can pay more to employees and shareholders.', 'Higher wages and larger profits also generate money for the government through taxes.', 'It can choose to spend more on things like benefits and public services, or cut tax rates.', 'When the economy shrinks and a country goes into recession, these things can go into reverse.', 'Some people might lose their jobs, and unemployment could rise.', 'Graduates and school leavers could find it difficult to get their first job.', 'Others may find it harder to be promoted, or to get big enough pay rises to keep pace with price increases.', 'However, the pain of a recession is typically not felt equally across society, and inequality can increase.', 'Benefit recipients and those on fixed incomes are particularly likely to struggle, especially if the government decides to spend less on public services.', 'In a recession, the Bank of England - which is independent of government - typically cuts interest rates.', 'This makes it cheaper for businesses and households to borrow money which can boost spending and economic growth.', 'However, prices have been rising very quickly in the UK, and the Bank put interest rates up to tackle that inflation.', 'After 14 rate increases, the Bank has held interest rates at 5.25% four times in a row.', 'When the economy is struggling to grow at the same time as there is high inflation, there can be a situation called ""stagflation"".', 'This can be very difficult to solve, because the two issues require different solutions.', 'However in February 2024, Bank of England governor Andrew Bailey told MPs that there were ""distinct signs of an upturn"" in the economy and the latest recession may already be over.', ""The UK has been one of the weaker members of the G7 group of the world's largest economies."", 'The US economy grew by 3.3% in the fourth quarter of 2023, which was much better than expected.', 'That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies.', 'It is also expected to outperform the rest of the G7 in 2024.', 'In October 2023, the International Monetary Fund (IMF) predicted that the UK would grow by just 0.6% in 2024.', 'The independent Office for Budget Responsibility (OBR) expects the UK economy to grow by 0.7% in 2024, but that is less than half of its earlier prediction of 1.8% growth.']",-0.0370619390386098,"That put the US at 2.5% over 2023 as a whole, the best performance of all other advanced economies.","The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.",-0.0405489714057357,"Across 2023 as a whole, the UK economy grew by 0.1%.","It only lasted for six months, although the 20.4% fall in GDP recorded between April and June 2020 was the largest on record.",2024-03-31
Sam Bankman-Fried: Disgraced 'Crypto King' to be sentenced,https://www.bbc.co.uk/news/business-68560911,2024-03-28T00:00:04.000Z,"Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes. It is certain the 32-year-old will be going to jail; what is not known is how long for. The moment has revived debate about the extent of his crimes - and what punishment might fit.  His legal team have called for leniency, but prosecutors are seeking 40 to 50 years in prison. They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX. His defence team has proposed five to 6.5 years, accusing the government of adopting ""a medieval view of punishment"" by insisting on a lengthy term behind bars for a non-violent, first-time criminal. The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents - even complete strangers - trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate. ""He has shown no remorse so why would any judge show any mercy?"" said Sunil Kavuri, a British investor who had more than $2m worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court.  FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto. It attracted millions of customers, before rumours of financial trouble sparked a run on deposits.  In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments. Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case. Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed. In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence.  They said it proved that ""money has always been available"" which ""would be impossible if [FTX's] assets had disappeared into Sam's personal pockets"".  But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since.  John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court. ""Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".  Former FTX customers interviewed by the BBC said they were offended by the blithe dismissal of their problems, and urged the judge to reject calls for leniency. ""The people who are saying this are not in a position like I'm in, where you've lost everything,"" said Arush Sehgal, a 38-year-old tech entrepreneur living in Barcelona, who, with his wife, is one of the exchange's biggest individual creditors, with about $4m worth in savings in dollars and bitcoin at FTX when it collapsed.  He is one of the customers suing over the current bankruptcy plan, which he said amounted to a ""second crime"" against Bankman-Fried's customers.  Angela Chang, of Vancouver, a 36-year-old who worked in software, said she had about $250,000 deposited in dollars with FTX when it collapsed. She said she feared the harm done to FTX customers was being discounted because they were in the crypto industry. ""People think that crypto is criminal and so they have sympathy for this guy .... But I'm not a criminal,"" she said, describing how the fall of the firm threw her into depression and left her running up credit card debt. Facing a cash crunch, she ultimately sold a portion of a claim to an investor. Columbia Law professor Daniel Richman said the scale of the crime was rarely as contested as in this case. But he said decisions are often shaped more by other issues, including a judge's own impressions of the defendant, and what it would take to deter him from further crimes.  In this case, Judge Kaplan, a veteran of the court system who has presided over a slew of high profile trials involving public figures such as Donald Trump and actor Kevin Spacey, has already proven to be sceptical of Bankman-Fried's actions, revoking his bail last year after finding he was trying to intimidate other witnesses.  ""Any judge or lawyer will tell you that one of the best things the defendant can do before being sentences is really really show he's on the right path, show some remorse and show some degree of self-knowledge as to his offence,"" Prof Richman said.  ""Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.   Since the 1980s, the US has significantly increased the length of its official recommendations for jail time for white collar criminals. Though judges frequently depart from the guidelines, introducing wide variability, ""the risk of harshness is greater than in most countries"" - particularly for high-profile cases, Prof Richman said. In her own appeal to the judge, Barbara Fried, Bankman-Fried's mother and a former law professor, noted the ""punitive nature"" of the US justice system ""which makes us an extreme outlier among democracies"".  ""I have no illusions about the redemptive power of prisons,"" she wrote. ""Being consigned to prison for decades will destroy Sam as surely as would hanging him."" ",BBC,28/03/2024,"['Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes.', 'It is certain the 32-year-old will be going to jail; what is not known is how long for.', 'The moment has revived debate about the extent of his crimes - and what punishment might fit.', 'His legal team have called for leniency, but prosecutors are seeking 40 to 50 years in prison.', 'They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX.', 'His defence team has proposed five to 6.5 years, accusing the government of adopting ""a medieval view of punishment"" by insisting on a lengthy term behind bars for a non-violent, first-time criminal.', 'The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents - even complete strangers - trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate. ""', 'He has shown no remorse so why would any judge show any mercy?""', 'said Sunil Kavuri, a British investor who had more than $2m worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court.', ""FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto."", 'It attracted millions of customers, before rumours of financial trouble sparked a run on deposits.', 'In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments.', 'Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.', 'Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed.', 'In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence.', 'They said it proved that ""money has always been available"" which ""would be impossible if [FTX\'s] assets had disappeared into Sam\'s personal pockets"".', 'But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since.', 'John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court. ""', 'Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".', 'Former FTX customers interviewed by the BBC said they were offended by the blithe dismissal of their problems, and urged the judge to reject calls for leniency. ""', 'The people who are saying this are not in a position like I\'m in, where you\'ve lost everything,"" said Arush Sehgal, a 38-year-old tech entrepreneur living in Barcelona, who, with his wife, is one of the exchange\'s biggest individual creditors, with about $4m worth in savings in dollars and bitcoin at FTX when it collapsed.', 'He is one of the customers suing over the current bankruptcy plan, which he said amounted to a ""second crime"" against Bankman-Fried\'s customers.', 'Angela Chang, of Vancouver, a 36-year-old who worked in software, said she had about $250,000 deposited in dollars with FTX when it collapsed.', 'She said she feared the harm done to FTX customers was being discounted because they were in the crypto industry. ""', 'People think that crypto is criminal and so they have sympathy for this guy .... But I\'m not a criminal,"" she said, describing how the fall of the firm threw her into depression and left her running up credit card debt.', 'Facing a cash crunch, she ultimately sold a portion of a claim to an investor.', 'Columbia Law professor Daniel Richman said the scale of the crime was rarely as contested as in this case.', ""But he said decisions are often shaped more by other issues, including a judge's own impressions of the defendant, and what it would take to deter him from further crimes."", 'In this case, Judge Kaplan, a veteran of the court system who has presided over a slew of high profile trials involving public figures such as Donald Trump and actor Kevin Spacey, has already proven to be sceptical of Bankman-Fried\'s actions, revoking his bail last year after finding he was trying to intimidate other witnesses. ""', 'Any judge or lawyer will tell you that one of the best things the defendant can do before being sentences is really really show he\'s on the right path, show some remorse and show some degree of self-knowledge as to his offence,"" Prof Richman said. ""', 'Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.', 'Since the 1980s, the US has significantly increased the length of its official recommendations for jail time for white collar criminals.', 'Though judges frequently depart from the guidelines, introducing wide variability, ""the risk of harshness is greater than in most countries"" - particularly for high-profile cases, Prof Richman said.', 'In her own appeal to the judge, Barbara Fried, Bankman-Fried\'s mother and a former law professor, noted the ""punitive nature"" of the US justice system ""which makes us an extreme outlier among democracies"". ""', 'I have no illusions about the redemptive power of prisons,"" she wrote. ""', 'Being consigned to prison for decades will destroy Sam as surely as would hanging him.""']",-0.2155700859375981,"Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,"" he said, adding that it would be ""really surprising"" for Judge Kaplan to render a sentence anything like the defence request.","Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,"" he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live ""a life of delusion"".",-0.2517248094081878,"Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.","FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto.",2024-03-31
AT&T data breach: Millions of customers caught up in major dark web leak,https://www.bbc.co.uk/news/world-us-canada-68701958,2024-03-30T23:32:01.000Z,"Personal data belonging to 73 million current or former AT&T customers has been leaked online. Information including addresses, social security numbers and passcodes was published on the dark web, the US telecoms giant said. AT&T said it had not identified evidence indicating the data had been stolen but had brought in cybersecurity experts to investigate. The company said it had reset customers' passcodes. They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"". The data involved in the breach appears to be from 2019 or earlier and is linked to 7.6 million customers and 65.4 million former account holders.   It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak. The company said in a statement that it was unclear whether the data had originated from its own systems or via a third-party supplier. AT&T's wireless 5G network covers around 290 million people across the US and the company is one of the country's largest mobile and internet services providers. In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected. Prosecutors in New York launched an investigation into that episode, which left people unable to use their phones for around 12 hours. ",BBC,30/03/2024,"['Personal data belonging to 73 million current or former AT&T customers has been leaked online.', 'Information including addresses, social security numbers and passcodes was published on the dark web, the US telecoms giant said.', 'AT&T said it had not identified evidence indicating the data had been stolen but had brought in cybersecurity experts to investigate.', ""The company said it had reset customers' passcodes."", 'They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"".', 'The data involved in the breach appears to be from 2019 or earlier and is linked to 7.6 million customers and 65.4 million former account holders.', 'It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak.', 'The company said in a statement that it was unclear whether the data had originated from its own systems or via a third-party supplier.', ""AT&T's wireless 5G network covers around 290 million people across the US and the company is one of the country's largest mobile and internet services providers."", 'In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected.', 'Prosecutors in New York launched an investigation into that episode, which left people unable to use their phones for around 12 hours.']",0.0473668899244806,"They were urged by the company to ""remain vigilant by monitoring account activity and credit reports"".","It also includes information such as full names, email addresses and dates of birth, though AT&T said financial information had not appeared in the leak.",-0.7834284603595734,,"In February, a major outage impacted tens of thousands of phone users, which prompted an apology from the firm and an offer of $5 credit for those affected.",2024-03-31
Temu U-turns on terms of cash 'giveaway' offer,https://www.bbc.co.uk/news/technology-68675652,2024-03-29T00:03:57.000Z,"Chinese e-retailer Temu has significantly changed the terms of a cash giveaway after customers expressed concerns.  Participants in the promotion - which has gone viral on social media - receive up to £50, but had to agree to permanently hand over considerable amounts of personal data. Previously, Temu had said these were ""standard terms and conditions"". But now it says it has ""tweaked"" those terms because they were ""overly broad"". Data watchdog the Information Commissioner's Office, which had been looking into concerns about Temu's offer, said it would ""continue to consider the concerns raised"". The Chinese-owned online marketplace launched in the US in 2022 and the UK last year. It has been described as ""Amazon on steroids"" by retail experts and is known for selling goods at extremely cheap prices, using the slogan ""shop like a billionaire"". But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.  The firm's giveaway gives new users 24 hours to sign up other people using a shareable link so each receive a cash reward of between £40 and £50 - paid to their PayPal accounts - or in Temu store credit. Existing Temu account holders can also participate, but appear to have to reach a higher threshold for such rewards. Thousands of users eager to cash in on the promotion have been seen posting links across social media sites. But it has also been the subject of memes and posts scrutinising the rules. The section receiving the most scrutiny states that ""except to the extent prohibited by applicable law"", participants give the company consent to use and publish their ""photo, name, likeness, voice, opinions, statements, biographical information, and/or hometown and state"" for advertising or promotional purposes. It adds this can take place in any media worldwide and ""in perpetuity"" - meaning with no fixed end date. One such post on X (formerly Twitter) with screengrabs of the campaign's usage and publicity rules has been viewed more than two million times, according to the platform's metrics. A number of other X users claimed the rules would allow Temu to sell their data or even create deepfake adverts - though those claims were strenuously denied by the retailer. But now, the fast growing, Chinese-owned retailer has changed those rules, saying ""some participants"" in the cash offer had ""expressed concern"". It said it had ""tweaked"" the terms and conditions ""to make it clear that we only ever use username and profile pictures in this promotion for referral functionality and winner announcements"". ""The previous terms and conditions were overly broad and inadvertently included promotional uses that Temu does not engage in,"" it added. ""Customer trust and satisfaction is at the heart of Temu, and we do not and will not sell customer data."" This is a U-turn compared with previous statements from the company. Previously, a Temu spokesperson had said giveaways were commonplace across many firms and different industries, and cited its e-commerce rival Shein as an example of a firm running promotions with ""nearly identical terms and conditions"". ""If these standard terms and conditions for run-of-the-mill promotional activities are newsworthy, then we urge you to be fair and report on their use by other companies instead of singling out Temu,"" the spokesperson had said. Experts had also raised concerns about the terms of the promotion. ""Giving away permission for Temu to use your 'voice' and 'biographical information' will understandably concern its customers,"" said Lisa Webb, Which? consumer law expert.  ""These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash."" She had added that ""while Temu isn't the first platform to excessively hoover up data, there are definite question marks over whether requesting permission for personal data to be used 'worldwide' is proportionate in any circumstances"". Jonathan Kirsop, data protection partner at law firm Pinsent Mason, had told BBC News it was not a wording he had seen used commonly before and the activity implied may have been ""problematic"". The previous terms could have fallen foul of UK data protection rules, which require user consent to be freely given, specific and able to be withdrawn in order for it to be relied upon as a reason for data processing. ""While not always prohibited, making the provision of services conditional on a consent to the use of personal data will often be unlawful on the basis the user may not be considered to have a free choice in delivering that consent, particularly where the data concerned is sensitive, such as biometric data,"" he said. The use of voice data - which is considered biometric data under the UK's General Data Protection Regulation (GDPR) - has a higher threshold for lawful use and consent in the UK because it carries greater risks, he added.  The data regulator, the Information Commissioner's Office, had previously said it was ""aware of reports about Temu"" and was ""considering the concerns raised."" In a fresh comment, made after Temu altered the terms and conditions, the data watchdog said: ""Organisations must be clear and transparent about how and why they collect and use people's personal information, and ensure people can make a fully informed decision as to whether to hand over their data."" ""We are aware of reports about Temu, and subsequent updates to the terms and conditions, and continue to consider the concerns raised."" Awais Rashid, professor of cyber security at the University of Bristol, had told BBC News that apps collecting a lot of data - often more than they actually need from users - had become commonplace. He said this, as well as cash incentives or long, sometimes ""indecipherable"" privacy policies and terms, can make the decision more difficult and imbalanced when deciding whether or not we as individuals should part with our data to use a service. ""Whenever there is such a deal being offered we must always look at: what is the consequence of this, and how much of our data is going to be collected, how it is going to be used, and are we comfortable with that?"" he said. Have you signed up to this offer from Temu? Share your thoughts by emailing haveyoursay@bbc.co.uk. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.  ",BBC,29/03/2024,"['Chinese e-retailer Temu has significantly changed the terms of a cash giveaway after customers expressed concerns.', 'Participants in the promotion - which has gone viral on social media - receive up to £50, but had to agree to permanently hand over considerable amounts of personal data.', 'Previously, Temu had said these were ""standard terms and conditions"".', 'But now it says it has ""tweaked"" those terms because they were ""overly broad"".', 'Data watchdog the Information Commissioner\'s Office, which had been looking into concerns about Temu\'s offer, said it would ""continue to consider the concerns raised"".', 'The Chinese-owned online marketplace launched in the US in 2022 and the UK last year.', 'It has been described as ""Amazon on steroids"" by retail experts and is known for selling goods at extremely cheap prices, using the slogan ""shop like a billionaire"".', 'But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.', ""The firm's giveaway gives new users 24 hours to sign up other people using a shareable link so each receive a cash reward of between £40 and £50 - paid to their PayPal accounts - or in Temu store credit."", 'Existing Temu account holders can also participate, but appear to have to reach a higher threshold for such rewards.', 'Thousands of users eager to cash in on the promotion have been seen posting links across social media sites.', 'But it has also been the subject of memes and posts scrutinising the rules.', 'The section receiving the most scrutiny states that ""except to the extent prohibited by applicable law"", participants give the company consent to use and publish their ""photo, name, likeness, voice, opinions, statements, biographical information, and/or hometown and state"" for advertising or promotional purposes.', 'It adds this can take place in any media worldwide and ""in perpetuity"" - meaning with no fixed end date.', ""One such post on X (formerly Twitter) with screengrabs of the campaign's usage and publicity rules has been viewed more than two million times, according to the platform's metrics."", 'A number of other X users claimed the rules would allow Temu to sell their data or even create deepfake adverts - though those claims were strenuously denied by the retailer.', 'But now, the fast growing, Chinese-owned retailer has changed those rules, saying ""some participants"" in the cash offer had ""expressed concern"".', 'It said it had ""tweaked"" the terms and conditions ""to make it clear that we only ever use username and profile pictures in this promotion for referral functionality and winner announcements"". ""', 'The previous terms and conditions were overly broad and inadvertently included promotional uses that Temu does not engage in,"" it added. ""', 'Customer trust and satisfaction is at the heart of Temu, and we do not and will not sell customer data.""', 'This is a U-turn compared with previous statements from the company.', 'Previously, a Temu spokesperson had said giveaways were commonplace across many firms and different industries, and cited its e-commerce rival Shein as an example of a firm running promotions with ""nearly identical terms and conditions"". ""', 'If these standard terms and conditions for run-of-the-mill promotional activities are newsworthy, then we urge you to be fair and report on their use by other companies instead of singling out Temu,"" the spokesperson had said.', 'Experts had also raised concerns about the terms of the promotion. ""', 'Giving away permission for Temu to use your \'voice\' and \'biographical information\' will understandably concern its customers,"" said Lisa Webb, Which?', 'consumer law expert. ""', 'These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash.""', 'She had added that ""while Temu isn\'t the first platform to excessively hoover up data, there are definite question marks over whether requesting permission for personal data to be used \'worldwide\' is proportionate in any circumstances"".', 'Jonathan Kirsop, data protection partner at law firm Pinsent Mason, had told BBC News it was not a wording he had seen used commonly before and the activity implied may have been ""problematic"".', 'The previous terms could have fallen foul of UK data protection rules, which require user consent to be freely given, specific and able to be withdrawn in order for it to be relied upon as a reason for data processing. ""', 'While not always prohibited, making the provision of services conditional on a consent to the use of personal data will often be unlawful on the basis the user may not be considered to have a free choice in delivering that consent, particularly where the data concerned is sensitive, such as biometric data,"" he said.', ""The use of voice data - which is considered biometric data under the UK's General Data Protection Regulation (GDPR) - has a higher threshold for lawful use and consent in the UK because it carries greater risks, he added."", 'The data regulator, the Information Commissioner\'s Office, had previously said it was ""aware of reports about Temu"" and was ""considering the concerns raised.""', 'In a fresh comment, made after Temu altered the terms and conditions, the data watchdog said: ""Organisations must be clear and transparent about how and why they collect and use people\'s personal information, and ensure people can make a fully informed decision as to whether to hand over their data."" ""', 'We are aware of reports about Temu, and subsequent updates to the terms and conditions, and continue to consider the concerns raised.""', 'Awais Rashid, professor of cyber security at the University of Bristol, had told BBC News that apps collecting a lot of data - often more than they actually need from users - had become commonplace.', 'He said this, as well as cash incentives or long, sometimes ""indecipherable"" privacy policies and terms, can make the decision more difficult and imbalanced when deciding whether or not we as individuals should part with our data to use a service. ""', 'Whenever there is such a deal being offered we must always look at: what is the consequence of this, and how much of our data is going to be collected, how it is going to be used, and are we comfortable with that?""', 'he said.', 'Have you signed up to this offer from Temu?', 'Share your thoughts by emailing haveyoursay@bbc.co.uk.', 'Please include a contact number if you are willing to speak to a BBC journalist.', ""You can also get in touch in the following ways: If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk."", 'Please include your name, age and location with any submission.']",0.2145968663408954,"These offers are going viral on social media, including to young people, but consumers should definitely consider whether they are comfortable giving this sensitive data away in return for cash.""","But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.",-0.9265289372868007,,"But it has faced criticism from politicians, with a US government investigation finding an ""extremely high risk"" that products on Temu could have been made with forced labour.",2024-03-31
How Temu is shaking up the world of online shopping,https://www.bbc.co.uk/news/business-68563339,2024-03-19T00:09:28.000Z,"A record 123 million Americans tuned into this year's Super Bowl.  But as well as getting the nation's biggest sporting event, a blockbuster halftime performance and several camera cutaways of Taylor Swift in the crowd, they also got six 30-second commercials for Temu - a Chinese-owned e-commerce company. The shopping giant has been criticised by politicians in the UK and US - a US government investigation finding an ""extremely high risk"" that products sold on Temu could have been made with forced labour. Temu says it ""strictly prohibits"" the use of forced, penal, or child labour by all its merchants. The company, which sells everything from clothes to electronics and furniture, first launched in the US in 2022 and later in the UK and the rest of the world. Since then, it has consistently topped global app download charts, with just under 152 million Americans using it every month, according to data gathered by analyst SimilarWeb. It's ""Amazon on steroids,"" says retail analyst Neil Saunders, and with the tagline ""shop like a billionaire"" it has exploded in popularity, shipping to around 50 countries worldwide. A typical 30-second Super Bowl commercial costs around $7m (£5.5m), during this year's event Temu had six of them.  ""It's a lot of money for a very, short commercial,"" Mr Saunders says.  ""But it is seen by an enormous number of people and we know that after that commercial Temu's downloads spiked,"" he adds.  SimilarWeb data suggests individual visitors to the platform worldwide were up by nearly a quarter on the day of the Super Bowl compared with the previous Sunday, with 8.2 million people browsing the website and app. In the same period, Amazon and Ebay's visitors were down by 5% and 2% respectively.  ""They've also spent a lot of money on micro-marketing, persuading influencers to push products and to suggest buying things on the platform via social channels like TikTok and YouTube,"" says Mr Saunders.  These influencers typically have fewer than 10,000 followers according to Ines Durand, an e-commerce expert at SimilarWeb. ""Micro-influencers have strong communities, so their endorsement means a strong trust towards these products,"" she explains. Temu is owned by Chinese giant PDD Holdings - ""a monster in Chinese e-commerce,"" according to Shaun Rein, founder of the China Market Research Group.  ""Throughout China, everyone buys products on Pinduoduo, from speakers to t-shirts or socks,"" he says.  More technology of business The company consistently trades places with rival Alibaba for the top spot of most valuable Chinese firm listed on a US stock exchange. Its current worth sits at just under $150bn (£117bn). With the Chinese consumer market under its spell, PDD Holdings expanded overseas with Temu, using the same model that had ensured its previous success. According to Mr Rein, who is based in Shanghai, the firm has become a great source of pride and patriotism. ""They're proud that Chinese companies can slay the e-commerce dragons from the United States like Amazon,"" he adds.  A quick scroll through the Temu app or website will bring up anything from steel-toecap trainers to a device designed to help the elderly and pregnant women put on socks. A menagerie of manufactured goods, almost entirely produced in factories in China, Mr Rein explains. ""Temu use an amazing, system that relies on, heavy data collection at scale,"" says Ines Durand. ""They collect data on consumer trends, the most searched and clicked products, which they give to individual manufacturers."" Ms Durand says that while Amazon sells this data to manufacturers at a premium, Temu gives it to producers free of charge - information they use to ""test the market"" with a relatively small number of products.  A third of parcels that came into the US last year under a shipping loophole known as the de minimis threshold were from Temu and competitor Shein, according to a report from US Congress. Many countries - including the UK and USA have a de minimis threshold, designed to help citizens to import goods. So as Temu's goods are shipped directly from the factory floors, cutting out the middlemen, they become essentially duty-free. More regulation may be on the horizon to close up shipping loopholes, however, according to Mickey Diaz, chief operating officer at global freight company Unique Logistics.  ""The UK has already started to look at Temu with some scrutiny, including the sale of weapons that are otherwise not allowed into the UK, which were being imported because of these loopholes,"" she explains. Temu has been criticised for its supply chains too, with UK and US politicians accusing the e-commerce giant of allowing goods produced with forced labour to be sold on its site.  Last year, Alicia Kearns MP, head of the foreign affairs select committee, told the BBC she wanted greater scrutiny of the online marketplace to make sure ""consumers are not inadvertently contributing to the Uyghur genocide"". Temu says it ""strictly prohibits"" the use of forced, penal, or child labour by all its merchants.  It told the BBC anyone doing business with it must ""comply with all regulatory standards and compliance requirements"". ""Temu's merchants, suppliers, and other third parties must pay their employees and contractors on time and comply with all applicable local wage and hours laws. ""Our current standards and practices are no different from other major e-commerce platforms trusted by consumers, and allegations in this regard are completely ungrounded,"" a spokesperson added.  Despite the controversy, analysts expect further expansion for Temu. ""We'll probably see teams start to round out its offer more, perhaps pushing into some slightly higher priced products"" predicts retail analyst Neil Saunders. According to Shaun Reid, the focus will be on grabbing an even bigger slice of the market. ""For the next two to three years, their strategy is just to grow brand awareness and market share. They don't care about profits.  ""That's exactly what happened with Pinduoduo when it launched in China. They were giving incredibly cheap deals just to grab market share."" ",BBC,19/03/2024,"[""A record 123 million Americans tuned into this year's Super Bowl."", ""But as well as getting the nation's biggest sporting event, a blockbuster halftime performance and several camera cutaways of Taylor Swift in the crowd, they also got six 30-second commercials for Temu - a Chinese-owned e-commerce company."", 'The shopping giant has been criticised by politicians in the UK and US - a US government investigation finding an ""extremely high risk"" that products sold on Temu could have been made with forced labour.', 'Temu says it ""strictly prohibits"" the use of forced, penal, or child labour by all its merchants.', 'The company, which sells everything from clothes to electronics and furniture, first launched in the US in 2022 and later in the UK and the rest of the world.', 'Since then, it has consistently topped global app download charts, with just under 152 million Americans using it every month, according to data gathered by analyst SimilarWeb.', 'It\'s ""Amazon on steroids,"" says retail analyst Neil Saunders, and with the tagline ""shop like a billionaire"" it has exploded in popularity, shipping to around 50 countries worldwide.', 'A typical 30-second Super Bowl commercial costs around $7m (£5.5m), during this year\'s event Temu had six of them. ""', 'It\'s a lot of money for a very, short commercial,"" Mr Saunders says. ""', 'But it is seen by an enormous number of people and we know that after that commercial Temu\'s downloads spiked,"" he adds.', 'SimilarWeb data suggests individual visitors to the platform worldwide were up by nearly a quarter on the day of the Super Bowl compared with the previous Sunday, with 8.2 million people browsing the website and app.', 'In the same period, Amazon and Ebay\'s visitors were down by 5% and 2% respectively. ""', 'They\'ve also spent a lot of money on micro-marketing, persuading influencers to push products and to suggest buying things on the platform via social channels like TikTok and YouTube,"" says Mr Saunders.', 'These influencers typically have fewer than 10,000 followers according to Ines Durand, an e-commerce expert at SimilarWeb. ""', 'Micro-influencers have strong communities, so their endorsement means a strong trust towards these products,"" she explains.', 'Temu is owned by Chinese giant PDD Holdings - ""a monster in Chinese e-commerce,"" according to Shaun Rein, founder of the China Market Research Group. ""', 'Throughout China, everyone buys products on Pinduoduo, from speakers to t-shirts or socks,"" he says.', 'More technology of business The company consistently trades places with rival Alibaba for the top spot of most valuable Chinese firm listed on a US stock exchange.', 'Its current worth sits at just under $150bn (£117bn).', 'With the Chinese consumer market under its spell, PDD Holdings expanded overseas with Temu, using the same model that had ensured its previous success.', 'According to Mr Rein, who is based in Shanghai, the firm has become a great source of pride and patriotism. ""', 'They\'re proud that Chinese companies can slay the e-commerce dragons from the United States like Amazon,"" he adds.', 'A quick scroll through the Temu app or website will bring up anything from steel-toecap trainers to a device designed to help the elderly and pregnant women put on socks.', 'A menagerie of manufactured goods, almost entirely produced in factories in China, Mr Rein explains. ""', 'Temu use an amazing, system that relies on, heavy data collection at scale,"" says Ines Durand. ""', 'They collect data on consumer trends, the most searched and clicked products, which they give to individual manufacturers.""', 'Ms Durand says that while Amazon sells this data to manufacturers at a premium, Temu gives it to producers free of charge - information they use to ""test the market"" with a relatively small number of products.', 'A third of parcels that came into the US last year under a shipping loophole known as the de minimis threshold were from Temu and competitor Shein, according to a report from US Congress.', 'Many countries - including the UK and USA have a de minimis threshold, designed to help citizens to import goods.', ""So as Temu's goods are shipped directly from the factory floors, cutting out the middlemen, they become essentially duty-free."", 'More regulation may be on the horizon to close up shipping loopholes, however, according to Mickey Diaz, chief operating officer at global freight company Unique Logistics. ""', 'The UK has already started to look at Temu with some scrutiny, including the sale of weapons that are otherwise not allowed into the UK, which were being imported because of these loopholes,"" she explains.', 'Temu has been criticised for its supply chains too, with UK and US politicians accusing the e-commerce giant of allowing goods produced with forced labour to be sold on its site.', 'Last year, Alicia Kearns MP, head of the foreign affairs select committee, told the BBC she wanted greater scrutiny of the online marketplace to make sure ""consumers are not inadvertently contributing to the Uyghur genocide"".', 'Temu says it ""strictly prohibits"" the use of forced, penal, or child labour by all its merchants.', 'It told the BBC anyone doing business with it must ""comply with all regulatory standards and compliance requirements"". ""', 'Temu\'s merchants, suppliers, and other third parties must pay their employees and contractors on time and comply with all applicable local wage and hours laws. ""', 'Our current standards and practices are no different from other major e-commerce platforms trusted by consumers, and allegations in this regard are completely ungrounded,"" a spokesperson added.', 'Despite the controversy, analysts expect further expansion for Temu. ""', 'We\'ll probably see teams start to round out its offer more, perhaps pushing into some slightly higher priced products"" predicts retail analyst Neil Saunders.', 'According to Shaun Reid, the focus will be on grabbing an even bigger slice of the market. ""', 'For the next two to three years, their strategy is just to grow brand awareness and market share.', 'They don\'t care about profits. ""', ""That's exactly what happened with Pinduoduo when it launched in China."", 'They were giving incredibly cheap deals just to grab market share.""']",0.2590481124794851,"Micro-influencers have strong communities, so their endorsement means a strong trust towards these products,"" she explains.","The shopping giant has been criticised by politicians in the UK and US - a US government investigation finding an ""extremely high risk"" that products sold on Temu could have been made with forced labour.",0.5463065419878278,"SimilarWeb data suggests individual visitors to the platform worldwide were up by nearly a quarter on the day of the Super Bowl compared with the previous Sunday, with 8.2 million people browsing the website and app.","In the same period, Amazon and Ebay's visitors were down by 5% and 2% respectively. """,2024-03-31